Shares and Stockholders’ Equity (Tables)

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

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



	As of June 30, 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 June 30,
	2024				2023
	Dividend		Aggregate		Dividend		Aggregate
Series	Per Share		Dividend		Per Share		Dividend
Series C	$	–	$	–	$	–	$	–
Series D	562.50		11		562.50		11
Total	$	562.50	$	11	$	562.50	$	11


	For the Six Months Ended June 30,
	2024				2023

	Dividend		Aggregate			Dividend		Aggregate
Series	Per Share		Dividend			Per Share		Dividend
Series C	$	1,156.25	$	23		$	635.94	$	13
Series D	1,125.00		23			1,181.25		23
Total	$	2,281.25	$	46		$	1,817.19	$	36

Schedule of Common Stock Outstanding Roll Forward

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


	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2024	2023	2024	2023
Common Stock
Balance as of beginning-of-period	170,016,887	169,537,759	169,666,137	169,220,511
Stock compensation/issued for benefit plans	171,600	93,121	522,350	410,369

Balance as of end-of-period	170,188,487	169,630,880	170,188,487	169,630,880

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

The calculation of earnings per share (“EPS”) was as follows (in millions except per share data):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Net income (loss) available to common stockholders – basic	$	884	$	500	$	2,070	$	(406)
Net income (loss) available to common stockholders – diluted	$	884	$	502	$	2,073	$	(408)

Weighted-average shares, as used in basic calculation	170,620,161		169,581,636		170,335,077		169,470,359
Incremental common shares from assumed exercise or
issuance of stock-based incentive compensation awards	1,553,402		326,870		1,324,837		450,109
Average deferred compensation shares	719,003		589,001		703,742		571,484
Weighted-average shares, as used in diluted calculation (1)	172,892,566		170,497,507		172,363,656		170,491,952

Net income (loss) per share:
Basic	$	5.18	$	2.95	$	12.16	$	(2.40)
Diluted	5.11		2.94		12.03		(2.41)

(1) Due to reporting a net loss for the six months ended June 30, 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 Six Months Ended June 30,
	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	(1,971)		803
Change in foreign currency exchange rate adjustment	(117)		120

Change in future contract benefits and policyholder account balances,
net of reinsurance	1,146		(82)
Income tax benefit (expense)	194		(199)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	(137)		(707)


Income tax benefit (expense)	29		148
Balance as of end-of-period	$	(5,828)	$	(7,715)












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

Unrealized holding gains (losses) arising during the period	178		230
Change in foreign currency exchange rate adjustment	117		(110)


Income tax benefit (expense)	(62)		(26)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	42		43

Income tax benefit (expense)	(9)		(9)
Balance as of end-of-period	$	575	$	448
Market Risk Benefit Non-Performance Risk Gain (Loss)
Balance as of beginning-of-year	$	1,070	$	1,741

Adjustment arising during the period	(841)		129
Income tax benefit (expense)	180		(28)
Balance as of end-of-period	$	409	$	1,842
Policyholder Liability Discount Rate Remeasurement Gain (Loss)
Balance as of beginning-of-year	$	587	$	747

Adjustment arising during the period	264		(116)
Income tax benefit (expense)	(56)		26
Balance as of end-of-period	$	795	$	657
Foreign Currency Translation Adjustment
Balance as of beginning-of-year	$	(26)	$	(34)
Foreign currency translation adjustment arising during the period	(1)		8

Balance as of end-of-period	$	(27)	$	(26)
Funded Status of Employee Benefit Plans
Balance as of beginning-of-year	$	(294)	$	(278)

Adjustment arising during the period	1		(32)

Balance as of end-of-period	$	(293)	$	(310)

Schedule of Reclassifications Out of AOCI

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


	For the Six Months Ended June 30,
	2024		2023
Unrealized Gain (Loss) on Fixed Maturity AFS
Securities and Certain Other Investments
Reclassification	$	(159)	$	(707)	Realized gain (loss)
Associated change in future contract benefits	22		–		Benefits
Reclassification before income tax benefit (expense)	(137)		(707)		Income (loss) before taxes
Income tax benefit (expense)	29		148		Federal income tax expense (benefit)
Reclassification, net of income tax	$	(108)	$	(559)	Net income (loss)









Unrealized Gain (Loss) on Derivative Instruments

Interest rate contracts	(1)		–		Net investment income

Interest rate contracts	15		13		Interest and debt expense
Foreign currency contracts	29		27		Net investment income
Foreign currency contracts	(1)		3		Realized gain (loss)

Reclassifications before income tax benefit (expense)	42		43		Income (loss) before taxes
Income tax benefit (expense)	(9)		(9)		Federal income tax expense (benefit)
Reclassifications, net of income tax	$	33	$	34	Net income (loss)