Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Changes in Accumulated Other Comprehensive Income by Component

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

Third Quarter 2024


	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, June 30, 2024	$	(243)	$	(96)	$	(20)	$	(38)	$	5	$	(392)
Other comprehensive income (loss) before reclassifications	147		13		(2)		—		—		158
Less: Amounts reclassified from AOCI to:
Net realized investment gains (losses)	(4)		3		—		—		—		(1)
Fair value gains (losses) on FG VIEs	—		—		(1)		—		—		(1)
Total before tax	(4)		3		(1)		—		—		(2)
Tax (provision) benefit	(1)		—		—		—		—		(1)
Total amount reclassified from AOCI, net of tax	(5)		3		(1)		—		—		(3)
Other comprehensive income (loss)	152		10		(1)		—		—		161
Balance, September 30, 2024	$	(91)	$	(86)	$	(21)	$	(38)	$	5	$	(231)

Changes in Accumulated Other Comprehensive Income (Loss) by Component

Third 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, June 30, 2023	$	(284)	$	(115)	$	(22)	$	(42)	$	5	$	(458)
Other comprehensive income (loss) before reclassifications	(115)		(14)		10		(1)		—		(120)
Less: Amounts reclassified from AOCI to:
Net realized investment gains (losses)	(2)		(7)		—		—		—		(9)
Fair value gains (losses) on CIVs	—		—		—		(6)		—		(6)
Total before tax	(2)		(7)		—		(6)		—		(15)
Tax (provision) benefit	—		1		—		1		—		2
Total amount reclassified from AOCI, net of tax	(2)		(6)		—		(5)		—		(13)
Other comprehensive income (loss)	(113)		(8)		10		4		—		(107)
Balance, September 30, 2023	$	(397)	$	(123)	$	(12)	$	(38)	$	5	$	(565)

Changes in Accumulated Other Comprehensive Income (Loss) by Component

Nine Months 2024


	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, 2023	$	(202)	$	(104)	$	(20)	$	(38)	$	5	$	(359)
Other comprehensive income (loss) before reclassifications	101		27		(3)		—		—		125
Less: Amounts reclassified from AOCI to:
Net realized investment gains (losses)	(10)		11		—		—		—		1
Fair value gains (losses) on FG VIEs	—		—		(2)		—		—		(2)
Total before tax	(10)		11		(2)		—		—		(1)
Tax (provision) benefit	—		(2)		—		—		—		(2)
Total amount reclassified from AOCI, net of tax	(10)		9		(2)		—		—		(3)
Other comprehensive income (loss)	111		18		(1)		—		—		128
Balance, September 30, 2024	$	(91)	$	(86)	$	(21)	$	(38)	$	5	$	(231)

Changes in Accumulated Other Comprehensive Income (Loss) by Component

Nine 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	(54)		(31)		9		2		—		(74)
Less: Amounts reclassified from AOCI to:
Net realized investment gains (losses)	2		(22)		—		—		—		(20)
Fair value gains (losses) on FG VIEs	—		—		(2)		—		—		(2)
Fair value gains (losses) on CIVs	—		—		—		(6)		—		(6)
Interest expense	—		—		—		—		1		1
Total before tax	2		(22)		(2)		(6)		1		(27)
Tax (provision) benefit	(2)		4		—		1		—		3
Total amount reclassified from AOCI, net of tax	—		(18)		(2)		(5)		1		(24)
Other comprehensive income (loss)	(54)		(13)		11		7		(1)		(50)
Balance, September 30, 2023	$	(397)	$	(123)	$	(12)	$	(38)	$	5	$	(565)

Schedule of Share Repurchases

Share Repurchases


Period	Number of Shares Repurchased	Total Payments (1) (in millions)		Average Price Paid Per Share (1)
2023 (January 1 - March 31)	36,369	$	2	$	62.23
2023 (April 1 - June 30)	453,942	24		53.08
2023 (July 1- September 30)	1,065,902	64		59.67
2023 (October 1- December 31)	1,659,680	109		65.83
Total 2023	3,215,893	$	199	$	61.95
2024 (January 1 - March 31)	1,539,278	129		84.07
2024 (April 1 - June 30)	1,928,328	152		78.50
2024 (July 1 - September 30)	1,658,441	131		78.87
2024 (October 1 - November 8)	692,513	58		83.61
Total 2024	5,818,560	$	470	$	80.69

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(1) Excludes commissions and excise taxes.