EQUITY

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

EQUITY

EQUITY

Preferred Stock

Preferred stock authorized, issued and outstanding was as follows:

	March 31, 2022			December 31, 2021
Series	Shares Authorized	Shares  Issued	Shares Outstanding	Shares Authorized	Shares  Issued	Shares Outstanding
Series A	32,000	32,000	32,000	32,000	32,000	32,000
Series B	20,000	20,000	20,000	20,000	20,000	20,000
Series C	12,000	12,000	12,000	12,000	12,000	12,000
Total	64,000	64,000	64,000	64,000	64,000	64,000

Dividends declared per share were as follows for the periods indicated:

	Three Months Ended March 31,
	2022		2021
Series A dividends declared	$	328	$	328
Series B dividends declared	$	—	$	—
Series C dividends declared	$	269	$	200

Common Stock

Dividends declared per share of common stock were as follows for the periods indicated:

	Three Months Ended March 31,
	2022		2021
Dividends declared	$	0.18	$	0.17

Share Repurchase

On February 9, 2022, the Company’s Board of Directors authorized a new $1.2 billion share repurchase program. Under this program, the Company may, from time to time purchase shares of its common stock through various means. The Company may choose to suspend or discontinue the repurchase program at any time. The repurchase program does not obligate the Company to purchase any particular number of shares. As of March 31, 2022, Holdings had authorized capacity of approximately $955 million remaining in its share repurchase program.

Holdings repurchased a total of 8.6 million and 14.5 million shares of its common stock at an average price of $31.96 and $29.71 per share, respectively through open market repurchases, ASRs and privately negotiated transactions during the three months ended March 31, 2022 and 2021.

During the three months ended March 31, 2022 and 2021, Holdings repurchased 7.9 million and 3.2 million shares of its common stock through open market repurchases.

Accumulated Other Comprehensive Income (Loss)

AOCI represents cumulative gains (losses) on items that are not reflected in net income (loss). The balances as of March 31, 2022 and December 31, 2021 follow:

	March 31,		December 31,
	2022		2021
	(in millions)
Unrealized gains (losses) on investments	$	(1,142)	$	2,684
Defined benefit pension plans	(626)		(669)
Foreign currency translation adjustments	(57)		(45)
Total accumulated other comprehensive income (loss)	(1,825)		1,970
Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest	(38)		(34)
Accumulated other comprehensive income (loss) attributable to Holdings	$	(1,787)	$	2,004

The components of OCI, net of taxes for the three months ended March 31, 2022 and 2021 follow:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Change in net unrealized gains (losses) on investments:
Net unrealized gains (losses) arising during the period	$	(5,080)	$	(4,059)
(Gains) losses reclassified into net income (loss) during the period (1)	264		(164)
Net unrealized gains (losses) on investments	(4,816)		(4,223)
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other	990		1,070
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(1,018) and $838)	(3,826)		(3,153)
Change in defined benefit plans:
Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost	43		33
Change in defined benefit plans (net of deferred income tax expense (benefit) of $(9) and $9)	43		33
Foreign currency translation adjustments:
Foreign currency translation gains (losses) arising during the period	(12)		(6)
Foreign currency translation adjustment	(12)		(6)
Total other comprehensive income (loss), net of income taxes	(3,795)		(3,126)
Less: Other comprehensive income (loss) attributable to noncontrolling interest	(4)		(3)
Other comprehensive income (loss) attributable to Holdings	$	(3,791)	$	(3,123)

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(1)See “Reclassification adjustments” in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $(70) million and $44 million for the three months ended March 31, 2022 and 2021, respectively.

Investment gains and losses reclassified from AOCI to net income (loss) primarily consist of realized gains (losses) on sales and credit losses of AFS securities and are included in total investment gains (losses), net on the consolidated statements of income (loss). Amounts reclassified from AOCI to net income (loss) as related to defined benefit plans primarily consist of amortization of net (gains) losses and net prior service cost (credit) recognized as a component of net periodic cost and reported in compensation and benefits in the consolidated statements of income (loss). Amounts presented in the table above are net of tax.