Shares and Stockholders’ Equity (Tables)

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Preferred stock authorized, issued and outstanding (number of shares) was as follows:



	As of March 31, 2024			As of December 31, 2023
	Shares Authorized	Shares Issued	Shares Outstanding	Shares Authorized	Shares Issued	Shares Outstanding
9.250% Fixed Rate Reset Non-Cumulative
Preferred Stock, Series C	20,000	20,000	20,000	20,000	20,000	20,000
9.000% Non-Cumulative Preferred Stock, Series D	20,000	20,000	20,000	20,000	20,000	20,000
Not designated	9,960,000	–	–	9,960,000	–	–
Total preferred shares	10,000,000	40,000	40,000	10,000,000	40,000	40,000

The per share and aggregate dividends declared for preferred stock by series (in millions except per share data) was as follows:


	For the Three Months Ended March 31,
	2024				2023
	Dividend		Aggregate		Dividend		Aggregate
Series	Per Share		Dividend		Per Share		Dividend
Series C	$	1,156.25	$	23	$	635.94	$	13
Series D	562.50		11		618.75		12
Total	$	1,718.75	$	34	$	1,254.69	$	25

Schedule of Common Stock Outstanding Roll Forward

The changes in our common stock (number of shares) were as follows:


	For the Three Months Ended March 31,
	2024	2023
Common Stock
Balance as of beginning-of-year	169,666,137	169,220,511
Stock compensation/issued for benefit plans	350,750	317,248

Balance as of end-of-period	170,016,887	169,537,759

Reconciliation of the Denominator Calculations of Basic and Diluted Earnings per Share

e (“EPS”) was as follows (in millions except per share data):


	For the Three Months Ended March 31,
	2024		2023
Net income (loss) available to common stockholders – basic	$	1,187	$	(906)
Net income (loss) available to common stockholders – diluted	$	1,191	$	(909)

Weighted-average shares, as used in basic calculation	170,049,994		169,357,846
Incremental common shares from assumed exercise or
issuance of stock-based incentive compensation awards	1,096,272		573,348
Average deferred compensation shares	688,480		553,966
Weighted-average shares, as used in diluted calculation (1)	171,834,746		170,485,160

Net income (loss) per share:
Basic	$	6.98	$	(5.35)
Diluted	6.93		(5.37)

(1) Due to reporting a net loss for the three months ended March 31, 2023, basic shares were used in the diluted EPS calculation for this period as the use of diluted shares would have resulted in a lower loss per share.

Components and Changes in AOCI

The following summarizes the components and changes in AOCI (in millions):


	For the Three Months Ended March 31,
	2024		2023
Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain
Other Investments
Balance as of beginning-of-year	$	(5,188)	$	(8,916)

Unrealized holding gains (losses) arising during the period	(1,140)		2,357
Change in foreign currency exchange rate adjustment	(103)		76

Change in future contract benefits and policyholder account balances,
net of reinsurance	891		(260)
Income tax benefit (expense)	71		(465)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	(55)		(39)


Income tax benefit (expense)	12		8
Balance as of end-of-period	$	(5,426)	$	(7,177)












Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year	$	375	$	388

Unrealized holding gains (losses) arising during the period	64		134
Change in foreign currency exchange rate adjustment	101		(67)


Income tax benefit (expense)	(35)		(15)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	24		22

Income tax benefit (expense)	(5)		(5)
Balance as of end-of-period	$	486	$	423
Market Risk Benefit Non-Performance Risk Gain (Loss)
Balance as of beginning-of-year	$	1,070	$	1,741

Adjustment arising during the period	(590)		1,306
Income tax benefit (expense)	126		(281)
Balance as of end-of-period	$	606	$	2,766
Policyholder Liability Discount Rate Remeasurement Gain (Loss)
Balance as of beginning-of-year	$	587	$	747

Adjustment arising during the period	147		(258)
Income tax benefit (expense)	(31)		56
Balance as of end-of-period	$	703	$	545
Foreign Currency Translation Adjustment
Balance as of beginning-of-year	$	(26)	$	(34)
Foreign currency translation adjustment arising during the period	(1)		3

Balance as of end-of-period	$	(27)	$	(31)
Funded Status of Employee Benefit Plans
Balance as of beginning-of-year	$	(294)	$	(278)

Adjustment arising during the period	1		(2)

Balance as of end-of-period	$	(293)	$	(280)

Schedule of Reclassifications Out of AOCI

The following summarizes the reclassifications out of AOCI (in millions) and the associated line item in the Consolidated Statements of Comprehensive Income (Loss):


	For the Three Months Ended March 31,
	2024		2023
Unrealized Gain (Loss) on Fixed Maturity AFS
Securities and Certain Other Investments
Reclassification	$	(54)	$	(39)	Realized gain (loss)

Associated change in future contract benefits	(1)		–		Benefits
Reclassification before income tax benefit (expense)	(55)		(39)		Income (loss) before taxes
Income tax benefit (expense)	12		8		Federal income tax expense (benefit)
Reclassification, net of income tax	$	(43)	$	(31)	Net income (loss)









Unrealized Gain (Loss) on Derivative Instruments



Interest rate contracts	9		6		Interest and debt expense
Foreign currency contracts	15		14		Net investment income
Foreign currency contracts	–		2		Realized gain (loss)

Reclassifications before income tax benefit (expense)	24		22		Income (loss) before taxes
Income tax benefit (expense)	(5)		(5)		Federal income tax expense (benefit)
Reclassifications, net of income tax	$	19	$	17	Net income (loss)