Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2016

Stockholders' Equity

Reconciliation of Outstanding Shares (Table)

	Series A	Series B	Common
	preferred stock	preferred stock	stock
	(in millions)
Outstanding shares as of January 1, 2015	3.0	10.0	293.9
Shares issued	—	—	2.0
Treasury stock acquired	—	—	(1.5)
Outstanding shares as of March 31, 2015	3.0	10.0	294.4
Outstanding shares as of January 1, 2016	—	—	291.4
Shares issued	—	—	1.9
Treasury stock acquired	—	—	(2.9)
Outstanding shares as of March 31, 2016	—	—	290.4

Other Comprehensive Income (Loss) (Table)

	For the three months ended March 31, 2016
	Pre-Tax		Tax		After-Tax
	(in millions)
Net unrealized gains on available-for-sale securities during the period	$	911.9	$	(312.9)	$	599.0
Reclassification adjustment for losses included in net income (1)		55.3		(19.4)		35.9
Adjustments for assumed changes in amortization patterns		(56.1)		19.6		(36.5)
Adjustments for assumed changes in policyholder liabilities		(293.1)		99.1		(194.0)
Net unrealized gains on available-for-sale securities		618.0		(213.6)		404.4
Noncredit component of impairment losses on fixed maturities, available-for-sale during the period		(7.5)		2.6		(4.9)
Adjustments for assumed changes in amortization patterns		0.8		(0.2)		0.6
Adjustments for assumed changes in policyholder liabilities		0.1		—		0.1
Noncredit component of impairment losses on fixed maturities, available-for-sale (2)		(6.6)		2.4		(4.2)
Net unrealized gains on derivative instruments during the period		5.7		(2.0)		3.7
Reclassification adjustment for gains included in net income (3)		(3.0)		0.9		(2.1)
Adjustments for assumed changes in amortization patterns		(1.4)		0.5		(0.9)
Adjustments for assumed changes in policyholder liabilities		1.0		(0.4)		0.6
Net unrealized gains on derivative instruments		2.3		(1.0)		1.3
Foreign currency translation adjustment		138.9		(9.2)		129.7
Amortization of prior service cost and actuarial loss included in net periodic benefit cost (4)		13.7		(5.7)		8.0
Net unrecognized postretirement benefit obligation		13.7		(5.7)		8.0
Other comprehensive income	$	766.3	$	(227.1)	$	539.2

	For the three months ended March 31, 2015
	Pre-Tax		Tax		After-Tax
	(in millions)
Net unrealized gains on available-for-sale securities during the period	$	283.3	$	(98.3)	$	185.0
Reclassification adjustment for gains included in net income (1)		(13.6)		4.7		(8.9)
Adjustments for assumed changes in amortization patterns		(13.3)		4.7		(8.6)
Adjustments for assumed changes in policyholder liabilities		(168.8)		58.4		(110.4)
Net unrealized gains on available-for-sale securities		87.6		(30.5)		57.1
Noncredit component of impairment losses on fixed maturities, available-for-sale during the period		21.5		(7.4)		14.1
Adjustments for assumed changes in amortization patterns		(1.3)		0.5		(0.8)
Adjustments for assumed changes in policyholder liabilities		0.2		—		0.2
Noncredit component of impairment losses on fixed maturities, available-for-sale (2)		20.4		(6.9)		13.5
Net unrealized gains on derivative instruments during the period		52.3		(18.4)		33.9
Reclassification adjustment for gains included in net income (3)		(10.1)		3.4		(6.7)
Adjustments for assumed changes in amortization patterns		10.1		(3.6)		6.5
Adjustments for assumed changes in policyholder liabilities		(9.2)		3.3		(5.9)
Net unrealized gains on derivative instruments		43.1		(15.3)		27.8
Foreign currency translation adjustment		(168.0)		35.4		(132.6)
Amortization of prior service cost and actuarial loss included in net periodic benefit cost (4)		20.3		(8.3)		12.0
Net unrecognized postretirement benefit obligation		20.3		(8.3)		12.0
Other comprehensive income (loss)	$	3.4	$	(25.6)	$	(22.2)

(1) Pre-tax reclassification adjustments relating to available-for-sale securities are reported in net realized capital gains (losses) on the consolidated statements of operations.

(2) Represents the net impact of (1) unrealized gains resulting from reclassification of previously recognized noncredit impairment losses from OCI to net realized capital gains (losses) for fixed maturities with bifurcated OTTI that had additional credit losses or fixed maturities that previously had bifurcated OTTI that have now been sold or are intended to be sold and (2) unrealized losses resulting from reclassification of noncredit impairment losses for fixed maturities with bifurcated OTTI from net realized capital gains (losses) to OCI.

(3) See Note 4, Derivative Financial Instruments – Cash Flow Hedges, for further details.

(4) Pre-tax amortization of prior service cost and actuarial loss included in net periodic benefit cost, which is comprised of amortization of prior service cost (benefit) and recognized net actuarial (gain) loss, is reported in operating expenses on the consolidated statements of operations. See Note 7, Employee and Agent Benefits – Components of Net Periodic Benefit Cost, for further details.

Accumulated Other Comprehensive Income (Loss) (Table)

			Noncredit
	Net unrealized		component of		Net unrealized		Foreign		Unrecognized		Accumulated
	gains on		impairment losses		gains on		currency		postretirement		other
	available-for-sale		on fixed maturities		derivative		translation		benefit		comprehensive
	securities		available-for-sale		instruments		adjustment		obligation		income (loss)
	(in millions)
Balances as of January 1, 2015	$	1,202.8	$	(105.1)	$	50.6	$	(686.8)	$	(411.1)	$	50.4
Other comprehensive loss during the period, net of adjustments	66.0		—		34.5		(126.3)		—		(25.8)
Amounts reclassified from AOCI	(8.9)		13.5		(6.7)		—		12.0		9.9
Other comprehensive loss	57.1		13.5		27.8		(126.3)		12.0		(15.9)
Purchase of subsidiary shares from noncontrolling interest	—		—		—		(6.5)		—		(6.5)
Balances as of March 31, 2015	$	1,259.9	$	(91.6)	$	78.4	$	(819.6)	$	(399.1)	$	28.0
Balances as of January 1, 2016	$	732.1	$	(86.0)	$	69.8	$	(1,148.2)	$	(450.2)	$	(882.5)
Other comprehensive income during the period, net of adjustments	368.5		(4.2)		3.4		126.2		—		493.9
Amounts reclassified from AOCI	35.9		—		(2.1)		—		8.0		41.8
Other comprehensive income	404.4		(4.2)		1.3		126.2		8.0		535.7
Purchase of subsidiary shares from noncontrolling interest	—		—		—		(9.3)		—		(9.3)
Balances as of March 31, 2016	$	1,136.5	$	(90.2)	$	71.1	$	(1,031.3)	$	(442.2)	$	(356.1)

Redeemable Noncontrolling Interest (Table)

Following is a reconciliation of the changes in the redeemable noncontrolling interest (in millions):

Balance as of January 1, 2015	$	58.0
Net income attributable to redeemable noncontrolling interest	2.9
Contributions from redeemable noncontrolling interest	10.1
Distributions to redeemable noncontrolling interest	(2.0)
Change in redemption value of redeemable noncontrolling interest	3.7
Foreign currency translation adjustment	(7.7)
Balance as of March 31, 2015	$	65.0
Balance as of January 1, 2016	$	85.7
Net loss attributable to redeemable noncontrolling interest	(0.2)
Redeemable noncontrolling interest of newly consolidated entities (1)	179.5
Contributions from redeemable noncontrolling interest	22.1
Distributions to redeemable noncontrolling interest	(17.1)
Purchase of subsidiary shares from redeemable noncontrolling interest	(8.1)
Change in redemption value of redeemable noncontrolling interest	(3.1)
Foreign currency translation adjustment	2.1
Balance as of March 31, 2016	$	260.9

(1)Effective January 1, 2016, certain sponsored investment funds were consolidated as a result of the implementation of new accounting guidance. See Note 2, Variable Interest Entities, for further details.