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Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Investments and cash:    
Fixed maturity securities, available-for-sale $ 70,130 $ 73,290
Fixed maturity securities, held-to-maturity 16,689 [1] 17,819
Equity securities 762 1,088
Commercial mortgage and other loans 12,360 12,527
Other investments 6,677 4,530
Cash and cash equivalents 5,098 4,306
Total investments and cash 111,716 113,560
Receivables 1,038 848
Accrued investment income 693 731
Deferred policy acquisition costs 8,819 9,132
Property and equipment, at cost less accumulated depreciation 418 445
Other 2,058 2,008
Total assets 124,742 126,724 Close
Policy liabilities:    
Future policy benefits 77,867 83,718
Unpaid policy claims 344 261
Unearned premiums 1,322 1,451
Other policyholders’ funds 5,831 6,169
Total policy liabilities 85,364 91,599
Income taxes 777 154
Payables for return of cash collateral on loaned securities 3,366 1,503
Notes payable and lease obligations 7,912 7,364
Other 3,786 4,119
Total liabilities 101,205 104,739 Close
Commitments and contingent liabilities (Note 13)
Shareholders’ equity:    
Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2024 and 2023; issued 1,356,480 shares in 2024 and 1,355,398 shares in 2023 136 136
Additional paid-in capital 2,806 2,771
Retained earnings 49,872 47,993
Accumulated other comprehensive income (loss):    
Unrealized foreign currency translation gains (losses) (4,666) (4,069)
Unrealized gains (losses) on fixed maturity securities 1,092 1,139
Unrealized gains (losses) on derivatives (26) (22)
Effect of changes in discount rate assumptions (1,495) (2,560)
Pension liability adjustment (7) (8)
Treasury stock, at average cost (24,175) (23,395)
Total shareholders’ equity 23,537 21,985 Close
Total liabilities and shareholders’ equity 124,742 126,724
Consolidated Entity Excluding Variable Interest Entities (VIE)    
Investments and cash:    
Fixed maturity securities, available-for-sale 66,452 69,578
Variable Interest Entity, Consolidated    
Investments and cash:    
Fixed maturity securities, available-for-sale 3,678 3,712
Commercial mortgage and other loans 9,947 10,150
Other investments [2] 2,443 2,381
Total assets 16,125 16,298
Policy liabilities:    
Total liabilities $ 583 $ 507
[1] Net of allowance for credit losses
[2] Consists entirely of alternative investments in limited partnerships