Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2020

Changes in Accumulated Other Comprehensive Income by Component

The following tables present the changes in each component of AOCI and the effect of reclassifications out of AOCI on the respective line items in net income.

Changes in Accumulated Other Comprehensive Income (Loss) by Component

Third Quarter 2020


	Net Unrealized Gains (Losses) on Investments with no Credit Impairment		Net Unrealized Gains (Losses) on Investments with Credit Impairment		Net Unrealized Gains (Losses) on FG VIEs’ Liabilities with Recourse due to ISCR		Cumulative Translation Adjustment		Cash Flow Hedge		Total AOCI
	(in millions)
Balance, June 30, 2020	$	427	$	(41)	$	(22)	$	(38)	$	7	$	333
Other comprehensive income (loss) before reclassifications	74		12		(1)		—		—		85
Less: Amounts reclassified from AOCI to:
Net realized investment gains (losses)	8		5		—		—		—		13
Fair value gains (losses) on FG VIEs	—		—		4		—		—		4
Total before tax	8		5		4		—		—		17
Tax (provision) benefit	(1)		(1)		(1)		—		—		(3)
Total amount reclassified from AOCI, net of tax	7		4		3		—		—		14
Net current period other comprehensive income (loss)	67		8		(4)		—		—		71
Balance, September 30, 2020	$	494	$	(33)	$	(26)	$	(38)	$	7	$	404

Changes in Accumulated Other Comprehensive Income (Loss) by Component

Third Quarter 2019


	Net Unrealized Gains (Losses) on Investments with no Credit Impairment		Net Unrealized Gains (Losses) on Investments with Credit Impairment		Net Unrealized Gains (Losses) on FG VIEs’ Liabilities with Recourse due to ISCR		Cumulative Translation Adjustment		Cash Flow Hedge		Total AOCI
	(in millions)
Balance, June 30, 2019	$	301	$	51	$	(27)	$	(38)	$	8	$	295
Other comprehensive income (loss) before reclassifications	57		(21)		(2)		—		—		34
Less: Amounts reclassified from AOCI to:
Net realized investment gains (losses)	29		(12)		—		—		—		17
Fair value gains (losses) on FG VIEs	—		—		(3)		—		—		(3)
Total before tax	29		(12)		(3)		—		—		14
Tax (provision) benefit	(5)		—		1		—		—		(4)
Total amount reclassified from AOCI, net of tax	24		(12)		(2)		—		—		10
Net current period other comprehensive income (loss)	33		(9)		—		—		—		24
Balance, September 30, 2019	$	334	$	42	$	(27)	$	(38)	$	8	$	319

Changes in Accumulated Other Comprehensive Income (Loss) by Component

Nine Months 2020


	Net Unrealized Gains (Losses) on Investments with no Credit Impairment		Net Unrealized Gains (Losses) on Investments with Credit Impairment		Net Unrealized Gains (Losses) on FG VIEs’ Liabilities with Recourse due to ISCR		Cumulative Translation Adjustment		Cash Flow Hedge		Total AOCI
	(in millions)
Balance, December 31, 2019	$	352	$	48	$	(27)	$	(38)	$	7	$	342
Effect of adoption of accounting guidance on credit losses	62		(62)		—		—		—		—
Other comprehensive income (loss) before reclassifications	102		(30)		2		—		—		74
Less: Amounts reclassified from AOCI to:
Net realized investment gains (losses)	26		(14)		—		—		—		12
Fair value gains (losses) on FG VIEs	—		—		1		—		—		1
Total before tax	26		(14)		1		—		—		13
Tax (provision) benefit	(4)		3		—		—		—		(1)
Total amount reclassified from AOCI, net of tax	22		(11)		1		—		—		12
Net current period other comprehensive income (loss)	80		(19)		1		—		—		62
Balance, September 30, 2020	$	494	$	(33)	$	(26)	$	(38)	$	7	$	404

Changes in Accumulated Other Comprehensive Income (Loss) by Component

Nine Months 2019


	Net Unrealized Gains (Losses) on Investments with no Credit Impairment		Net Unrealized Gains (Losses) on Investments with Credit Impairment		Net Unrealized Gains (Losses) on FG VIEs’ Liabilities with Recourse due to ISCR		Cumulative Translation Adjustment		Cash Flow Hedge		Total AOCI
	(in millions)
Balance, December 31, 2018	$	59	$	94	$	(31)	$	(37)	$	8	$	93
Other comprehensive income (loss) before reclassifications	312		(68)		(6)		(1)		—		237
Less: Amounts reclassified from AOCI to:
Net realized investment gains (losses)	43		(30)		—		—		—		13
Net investment income	2		14		—		—		—		16
Fair value gains (losses) on FG VIEs	—		—		(13)		—		—		(13)
Total before tax	45		(16)		(13)		—		—		16
Tax (provision) benefit	(8)		—		3		—		—		(5)
Total amount reclassified from AOCI, net of tax	37		(16)		(10)		—		—		11
Net current period other comprehensive income (loss)	275		(52)		4		(1)		—		226
Balance, September 30, 2019	$	334	$	42	$	(27)	$	(38)	$	8	$	319

Schedule of Share Repurchases

Share Repurchases


Period	Number of Shares Repurchased	Total Payments (in millions)		Average Price Paid Per Share
2019 (January 1 - March 31)	1,908,605	$	79	$	41.62
2019 (April 1 - June 30)	2,519,130	111		43.89
2019 (July 1 - September 30)	3,400,677	150		44.11
2019 (October 1 - December 31)	3,335,517	160		47.97
Total 2019	11,163,929	$	500	$	44.79
2020 (January 1 - March 31)	3,629,410	116		32.03
2020 (April 1 - June 30)	5,956,422	164		27.49
2020 (July 1- September 30)	1,857,323	40		21.72
2020 (October 1- November 5)	1,726,524	$	46	$	26.36
Total 2020	13,169,679	$	366	$	27.78