Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity

Common Stock Dividends (Table)

	For the year ended December 31,
	2023		2022		2021
Dividends declared per common share	$	2.60	$	2.56	$	2.44

Reconciliation of Outstanding Common Shares (Table)

	For the year ended December 31,
	2023	2022	2021
Beginning balance	243,549,782	261,673,076	273,258,808
Shares issued	2,469,841	4,937,910	3,034,920
Treasury stock acquired	(9,581,329)	(23,061,204)	(14,620,652)
Ending balance	236,438,294	243,549,782	261,673,076

Other Comprehensive Income (Loss) (Table)

	For the year ended December 31, 2023
	Pre-Tax		Tax		After-Tax
	(in millions)
Net unrealized gains on available-for-sale securities during the period	$	1,986.8	$	(419.8)	$	1,567.0
Reclassification adjustment for losses included in net income (1)		351.1		(73.5)		277.6
Adjustments for assumed changes in amortization patterns		(2.6)		0.6		(2.0)
Adjustments for assumed changes in policyholder liabilities		0.7		(0.2)		0.5
Net unrealized gains on available-for-sale securities		2,336.0		(492.9)		1,843.1
Net unrealized losses on derivative instruments during the period		(44.9)		9.4		(35.5)
Reclassification adjustment for gains included in net income (2)		(7.4)		1.6		(5.8)
Adjustments for assumed changes in amortization patterns		(0.9)		0.2		(0.7)
Adjustments for assumed changes in policyholder liabilities		0.2		—		0.2
Net unrealized losses on derivative instruments		(53.0)		11.2		(41.8)
Liability for future policy benefits discount rate remeasurement loss (3)		(365.9)		53.2		(312.7)
Market risk benefit nonperformance risk loss (4)		(39.2)		8.3		(30.9)
Foreign currency translation adjustment during the period		68.0		5.1		73.1
Reclassification adjustment for losses included in net income (5)		0.6		—		0.6
Foreign currency translation adjustment		68.6		5.1		73.7
Unrecognized postretirement benefit obligation during the period		(19.3)		5.2		(14.1)
Amortization of amounts included in net periodic benefit cost (6)		22.4		(5.9)		16.5
Net unrecognized postretirement benefit obligation		3.1		(0.7)		2.4
Other comprehensive income	$	1,949.6	$	(415.8)	$	1,533.8

	For the year ended December 31, 2022
	Pre-Tax		Tax		After-Tax
	(in millions)
Net unrealized losses on available-for-sale securities during the period	$	(13,158.9)	$	2,787.9	$	(10,371.0)
Reclassification adjustment for losses included in net income (1)		398.9		(87.6)		311.3
Adjustments for assumed changes in amortization patterns		(3.7)		0.7		(3.0)
Adjustments for assumed changes in policyholder liabilities		273.2		(57.3)		215.9
Net unrealized losses on available-for-sale securities		(12,490.5)		2,643.7		(9,846.8)
Net unrealized losses on derivative instruments during the period		(1.4)		0.3		(1.1)
Reclassification adjustment for gains included in net income (2)		(28.0)		5.8		(22.2)
Adjustments for assumed changes in amortization patterns		(0.1)		—		(0.1)
Adjustments for assumed changes in policyholder liabilities		0.4		(0.1)		0.3
Net unrealized losses on derivative instruments		(29.1)		6.0		(23.1)
Liability for future policy benefits discount rate remeasurement gain (3)		6,030.4		(1,251.9)		4,778.5
Market risk benefit nonperformance risk gain (4)		144.3		(30.2)		114.1
Foreign currency translation adjustment		(26.9)		4.8		(22.1)
Unrecognized postretirement benefit obligation during the period		85.8		(22.3)		63.5
Amortization of amounts included in net periodic benefit cost (6)		36.7		(9.6)		27.1
Net unrecognized postretirement benefit obligation		122.5		(31.9)		90.6
Other comprehensive loss	$	(6,249.3)	$	1,340.5	$	(4,908.8)

	For the year ended December 31, 2021
	Pre-Tax		Tax		After-Tax
	(in millions)
Net unrealized losses on available-for-sale securities during the period	$	(2,984.3)	$	675.1	$	(2,309.2)
Reclassification adjustment for losses included in net income (1)		19.4		(5.1)		14.3
Adjustments for assumed changes in amortization patterns		(0.1)		—		(0.1)
Adjustments for assumed changes in policyholder liabilities		266.9		(57.2)		209.7
Net unrealized losses on available-for-sale securities		(2,698.1)		612.8		(2,085.3)
Net unrealized gains on derivative instruments during the period		66.7		(14.0)		52.7
Reclassification adjustment for gains included in net income (2)		(25.5)		5.4		(20.1)
Adjustments for assumed changes in policyholder liabilities		1.2		(0.4)		0.8
Net unrealized gains on derivative instruments		42.4		(9.0)		33.4
Liability for future policy benefits discount rate remeasurement gain (3)		3,724.9		(885.2)		2,839.7
Market risk benefit nonperformance risk loss (4)		(0.6)		0.2		(0.4)
Foreign currency translation adjustment during the period		(259.6)		(5.6)		(265.2)
Reclassification adjustment for losses included in net income (5)		19.3		—		19.3
Foreign currency translation adjustment		(240.3)		(5.6)		(245.9)
Unrecognized postretirement benefit obligation during the period		106.5		(28.5)		78.0
Amortization of amounts included in net periodic benefit cost (6)		51.8		(14.0)		37.8
Net unrecognized postretirement benefit obligation		158.3		(42.5)		115.8
Other comprehensive income	$	986.6	$	(329.3)	$	657.3

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

(2) See Note 5, Derivative Financial Instruments, under the caption “Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations” for further details.

(3) Includes the discount rate remeasurement gain (loss) associated with the LFPB and the associated reinsurance recoverable. See Note 10, Future Policy Benefits and Claims, under the caption “Liability for Future Policy Benefits” for further details.

(4) See Note 11, Market Risk Benefits, for further details.

(5) Relates to the release of cumulative translation adjustment from the dissolution of foreign subsidiaries.

(6) Amount is comprised of amortization of prior service cost (benefit) and recognized net actuarial (gain) loss, which is reported in operating expenses on the consolidated statements of operations. See Note 15, Employee and Agent Benefits, under the caption “Components of Net Periodic Benefit Cost” for further details.

Accumulated Other Comprehensive Income (Loss) (Table)

	Net unrealized		Net unrealized		LFPB				Foreign		Unrecognized		Accumulated
	gains (losses) on		gains (losses)		discount rate		MRB		currency		postretirement		other
	available-for-sale		on derivative		remeasurement		nonperformance		translation		benefit		comprehensive
	securities (1)		instruments		gain (loss)		risk gain (loss)		adjustment		obligation		income (loss)
	(in millions)
Balances as of January 1, 2021	$	4,138.3	$	18.2	$	—	$	—	$	(1,312.9)	$	(460.5)	$	2,383.1
Other comprehensive income during the period, net of adjustments		(2,099.6)		53.5		2,839.7		(0.4)		(261.7)		78.0		609.5
Amounts reclassified from AOCI		14.3		(20.1)		—		—		19.3		37.8		51.3
Other comprehensive income		(2,085.3)		33.4		2,839.7		(0.4)		(242.4)		115.8		660.8
Effects of implementation of accounting change related to long-duration insurance contracts, net		1,827.4		5.0		(6,877.3)		(89.7)		6.6		—		(5,128.0)
Balances as of December 31, 2021		3,880.4		56.6		(4,037.6)		(90.1)		(1,548.7)		(344.7)		(2,084.1)
Other comprehensive loss during the period, net of adjustments		(10,157.9)		(0.9)		4,778.5		114.1		(22.9)		63.5		(5,225.6)
Amounts reclassified from AOCI		311.3		(22.2)		—		—		—		27.1		316.2
Other comprehensive loss		(9,846.6)		(23.1)		4,778.5		114.1		(22.9)		90.6		(4,909.4)
Adjustment for reinsurance (2)		108.3		6.2		—		—		—		—		114.5
Balances as of December 31, 2022		(5,857.9)		39.7		740.9		24.0		(1,571.6)		(254.1)		(6,879.0)
Other comprehensive income during the period, net of adjustments		1,565.5		(36.0)		(312.7)		(30.9)		73.0		(14.1)		1,244.8
Amounts reclassified from AOCI		277.6		(5.8)		—		—		0.6		16.5		288.9
Other comprehensive income		1,843.1		(41.8)		(312.7)		(30.9)		73.6		2.4		1,533.7
Balances as of December 31, 2023	$	(4,014.8)	$	(2.1)	$	428.2	$	(6.9)	$	(1,498.0)	$	(251.7)	$	(5,345.3)

(1) Net unrealized gains (losses) on available-for-sale securities for which an allowance for credit loss has been recorded were $(4.3) million, $0.3 million and $(2.1) million as of December 31, 2023, 2022 and 2021, respectively.

(2) Reflects the January 1, 2022, balance associated with our ULSG business that was ceded to Talcott Life & Annuity Re.

Redeemable Noncontrolling Interest (Table)

	For the year ended December 31,
	2023		2022		2021
	(in millions)
Beginning balance	$	262.0	$	332.5	$	255.6
Net income (loss) attributable to redeemable noncontrolling interest		23.7		(25.8)		17.5
Redeemable noncontrolling interest of deconsolidated entities (1)		(3.0)		(2.8)		(37.4)
Contributions from redeemable noncontrolling interest		43.3		67.3		166.8
Distributions to redeemable noncontrolling interest		(75.0)		(108.9)		(66.8)
Purchase of subsidiary shares from redeemable noncontrolling interest (2)		(1.6)		(1.1)		(6.1)
Change in redemption value of redeemable noncontrolling interest		(1.1)		(0.2)		3.1
Stock-based compensation attributable to redeemable noncontrolling interest		0.1		0.1		—
Other comprehensive income (loss) attributable to redeemable noncontrolling interest		0.5		0.9		(0.2)
Ending balance	$	248.9	$	262.0	$	332.5

(1) We deconsolidated certain sponsored investment funds as they no longer met the requirements for consolidation.

(2) In 2023, 2022 and 2021, we acquired an additional interest in Origin Asset Management. In 2021, we also acquired the remaining interest in Principal Innovations, Inc. and its wholly owned subsidiary, RobustWealth, Inc.