Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2022

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 into the respective lines in the condensed consolidated statements of operations.

Changes in Accumulated Other Comprehensive Income (Loss) by Component

Second Quarter 2022


	Net Unrealized Gains (Losses) on Investments with:				ISCR on FG VIEs’ Liabilities with Recourse		Cumulative Translation Adjustment		Cash Flow Hedge		Total AOCI
	No Credit Impairment		Credit Impairment
	(in millions)
Balance, March 31, 2022	$	37	$	(63)	$	(21)	$	(37)	$	6	$	(78)
Other comprehensive income (loss) before reclassifications	(261)		(48)		2		(8)		—		(315)
Less: Amounts reclassified from AOCI to:
Net realized investment gains (losses)	(23)		(5)		—		—		—		(28)
Fair value gains (losses) on FG VIEs	—		—		(1)		—		—		(1)
Total before tax	(23)		(5)		(1)		—		—		(29)
Tax (provision) benefit	4		1		1		—		—		6
Total amount reclassified from AOCI, net of tax	(19)		(4)		—		—		—		(23)
Other comprehensive income (loss)	(242)		(44)		2		(8)		—		(292)
Balance, June 30, 2022	$	(205)	$	(107)	$	(19)	$	(45)	$	6	$	(370)

Changes in Accumulated Other Comprehensive Income (Loss) by Component

Second Quarter 2021


	Net Unrealized Gains (Losses) on Investments with:				ISCR on FG VIEs’ Liabilities with Recourse		Cumulative Translation Adjustment		Cash Flow Hedge		Total AOCI
	No Credit Impairment		Credit Impairment
	(in millions)
Balance, March 31, 2021	$	458	$	(36)	$	(21)	$	(35)	$	7	$	373
Other comprehensive income (loss) before reclassifications	54		24		(2)		(1)		—		75
Less: Amounts reclassified from AOCI to:
Net realized investment gains (losses)	4		—		—		—		—		4
Fair value gains (losses) on FG VIEs	—		—		(1)		—		—		(1)
Total before tax	4		—		(1)		—		—		3
Tax (provision) benefit	(1)		—		1		—		—		—
Total amount reclassified from AOCI, net of tax	3		—		—		—		—		3
Other comprehensive income (loss)	51		24		(2)		(1)		—		72
Balance, June 30, 2021	$	509	$	(12)	$	(23)	$	(36)	$	7	$	445

Changes in Accumulated Other Comprehensive Income (Loss) by Component

Six Months 2022


	Net Unrealized Gains (Losses) on Investments with:				ISCR on FG VIEs’ Liabilities with Recourse		Cumulative Translation Adjustment		Cash Flow Hedge		Total AOCI
	No Credit Impairment		Credit Impairment
	(in millions)
Balance, December 31, 2021	$	375	$	(24)	$	(21)	$	(36)	$	6	$	300
Other comprehensive income (loss) before reclassifications	(600)		(91)		1		(9)		—		(699)
Less: Amounts reclassified from AOCI to:
Net realized investment gains (losses)	(24)		(10)		—		—		—		(34)
Fair value gains (losses) on FG VIEs	—		—		(2)		—		—		(2)
Total before tax	(24)		(10)		(2)		—		—		(36)
Tax (provision) benefit	4		2		1		—		—		7
Total amount reclassified from AOCI, net of tax	(20)		(8)		(1)		—		—		(29)
Other comprehensive income (loss)	(580)		(83)		2		(9)		—		(670)
Balance, June 30, 2022	$	(205)	$	(107)	$	(19)	$	(45)	$	6	$	(370)

Changes in Accumulated Other Comprehensive Income (Loss) by Component

Six Months 2021


	Net Unrealized Gains (Losses) on Investments with:				ISCR on FG VIEs’ Liabilities with Recourse		Cumulative Translation Adjustment		Cash Flow Hedge		Total AOCI
	No Credit Impairment		Credit Impairment
	(in millions)
Balance, December 31, 2020	$	577	$	(30)	$	(20)	$	(36)	$	7	$	498
Other comprehensive income (loss) before reclassifications	(65)		16		(4)		—		—		(53)
Less: Amounts reclassified from AOCI to:
Net realized investment gains (losses)	4		(3)		—		—		—		1
Fair value gains (losses) on FG VIEs	—		—		(2)		—		—		(2)
Total before tax	4		(3)		(2)		—		—		(1)
Tax (provision) benefit	(1)		1		1		—		—		1
Total amount reclassified from AOCI, net of tax	3		(2)		(1)		—		—		—
Other comprehensive income (loss)	(68)		18		(3)		—		—		(53)
Balance, June 30, 2021	$	509	$	(12)	$	(23)	$	(36)	$	7	$	445

Schedule of Share Repurchases

Share Repurchases


Period	Number of Shares Repurchased	Total Payments (in millions)		Average Price Paid Per Share
2021 (January 1 - March 31)	1,986,534	$	77	$	38.83
2021 (April 1 - June 30)	1,887,531	88		46.63
2021 (July 1- September 30)	2,918,993	140		47.76
2021 (October 1 - December 31)	3,725,982	191		51.47
Total 2021	10,519,040	$	496	47.19
2022 (January 1 - March 31) (1)	2,738,223	155		56.62
2022 (April 1 - June 30)	2,605,947	151		58.03
2022 (July 1 - August 3)	623,528	35		55.89
Total 2022	5,967,698	$	341	57.16

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(1) Includes $3 million of share repurchases that was prepaid in December 2021 and settled in the first quarter of 2022.