Shareholders' Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

Other Comprehensive Income

The following tables present the changes in each component of accumulated other comprehensive income (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 2023

	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, 2023	$	(254)	$	(105)	$	(24)	$	(43)	$	6	$	(420)
Other comprehensive income (loss) before reclassifications	(30)		(18)		1		1		—		(46)
Less: Amounts reclassified from AOCI to:
Net realized investment gains (losses)	1		(10)		—		—		—		(9)
Fair value gains (losses) on FG VIEs	—		—		(1)		—		—		(1)
Interest expense	—		—		—		—		1		1
Total before tax	1		(10)		(1)		—		1		(9)
Tax (provision) benefit	(1)		2		—				—		1
Total amount reclassified from AOCI, net of tax	—		(8)		(1)		—		1		(8)
Other comprehensive income (loss)	(30)		(10)		2		1		(1)		(38)
Balance, June 30, 2023	$	(284)	$	(115)	$	(22)	$	(42)	$	5	$	(458)

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

Six Months 2023

	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, 2022	$	(343)	$	(110)	$	(23)	$	(45)	$	6	$	(515)
Other comprehensive income (loss) before reclassifications	61		(17)		(1)		3		—		46
Less: Amounts reclassified from AOCI to:
Net realized investment gains (losses)	4		(15)		—		—		—		(11)
Fair value gains (losses) on FG VIEs	—		—		(2)		—		—		(2)
Interest expense	—		—		—		—		1		1
Total before tax	4		(15)		(2)		—		1		(12)
Tax (provision) benefit	(2)		3		—				—		1
Total amount reclassified from AOCI, net of tax	2		(12)		(2)		—		1		(11)
Other comprehensive income (loss)	59		(5)		1		3		(1)		57
Balance, June 30, 2023	$	(284)	$	(115)	$	(22)	$	(42)	$	5	$	(458)

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)

Share Repurchases

    As of August 8, 2023, the Company was authorized to purchase $158 million of its common shares. The Company expects to repurchase shares from time to time in the open market or in privately negotiated transactions. The timing, form and amount of the share repurchases under the program are at the discretion of management and will depend on a variety of factors, including funds available at the parent company, other potential uses for such funds, market conditions, the Company’s capital position, legal requirements and other factors. The repurchase program may be modified, extended or terminated by the Board of Directors at any time. It does not have an expiration date.

Share Repurchases

Period	Number of Shares Repurchased	Total Payments (in millions)		Average Price Paid Per Share
2022 (January 1 - March 31)	2,738,223	$	155	$	56.62
2022 (April 1 - June 30)	2,605,947	151		58.03
2022 (July 1- September 30)	1,790,395	97		53.77
2022 (October 1- December 31)	1,713,416	100		58.34
Total 2022	8,847,981	$	503	56.79
2023 (January 1 - March 31)	36,369	2		62.23
2023 (April 1 - June 30)	453,942	24		53.08
2023 (July 1 - August 8)	320,646	19		58.32
Total 2023	810,957	$	45	55.56