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Equity
 3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
Accumulated Other Comprehensive Income
8. Equity

Preferred Stock—We have two series of preferred stock: 6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares, Series A (Series A) and 5.625% Fixed Rate Perpetual Non-Cumulative Preference Shares, Series B (Series B) as summarized below:
 
Series A
 
Series B
Authorized, issued and outstanding
34,500

 
13,800

Liquidation preference per share
$
25,000

 
$
25,000

Dividends declared and paid per share during the period
$
396.88

 
$
351.56

Aggregate dividends declared and paid during the period (in millions)
$
13

 
$
5



Preferred stock dividends are payable on a non-cumulative basis only when, as and if declared, quarterly in arrears on the 30th day of March, June, September and December of each year. Preferred stock ranks senior to our common stock with respect to dividends, to the extent declared, and in liquidation, to the extent of the liquidation preference.

Common Stock—During the first quarter of 2020, shareholders approved amendments to our bye-laws which eliminated our multi-class share structure at closing of the share transaction with Apollo. See Note 9 – Related Parties for further information on this transaction. On February 28, 2020, all Class B shares were converted to Class A shares on a one-to-one basis. Class M shares were converted to Class A shares representing 5% of the Class M value and warrants representing 95% of the Class M value. The warrants were issued with substantially the same terms, including the same economic terms, as the Class M shares.

Our bye-laws place certain restrictions on Class A shares such that a holder of Class A shares, except for shareholders permitted by our board of directors, which include members of the Apollo Group, as defined in our bye-laws, cannot control greater than 9.9% of the total outstanding vote and if a holder of Class A shares were to control greater than 9.9%, then a holder’s voting power is automatically reduced to 9.9% and the other holders of Class A shares would vote the remainder on a prorated basis.

Share Repurchase Authorization

Our board of directors has approved authorizations of $1,567 million for the repurchase of our Class A shares under our repurchase program. We may repurchase shares in open market transactions, in privately negotiated transactions or otherwise. The size and timing of repurchases will depend on legal requirements, market and economic conditions and other factors, and are solely at our discretion. The program has no expiration date, but may be modified, suspended or terminated by the board at any time.

The following summarizes the activity on our share repurchase authorization:
 
Three months ended March 31,
(In millions)
2020
 
2019
Beginning balance at January 1
$
640

 
$
150

Repurchases
(319
)
 
(47
)
Ending balance at March 31
$
321

 
$
103



The table below shows the changes in each class of shares issued and outstanding:
(In millions)
Three months ended March 31, 2020
Class A
 
Beginning balance
143.2

Issued shares
35.9

Forfeited shares
(0.1
)
Repurchased shares
(10.4
)
Converted from Class B shares
25.4

Converted from Class M shares
0.3

Ending balance
194.3

Class B
 
Beginning balance
25.4

Converted to Class A shares
(25.4
)
Ending balance
—

Class M-1
 
Beginning balance
3.3

Converted to Class A shares
(0.2
)
Converted to warrants
(3.1
)
Ending balance
—

Class M-2
 
Beginning balance
0.8

Converted to Class A shares
0.0

Converted to warrants
(0.8
)
Ending balance
—

Class M-3
 
Beginning balance
1.0

Converted to Class A shares
0.0

Converted to warrants
(1.0
)
Ending balance
—

Class M-4
 
Beginning balance
4.0

Converted to Class A shares
(0.1
)
Converted to warrants
(3.6
)
Repurchased shares
(0.3
)
Ending balance
—




Accumulated Other Comprehensive Income (Loss)—The following provides the details of AOCI and changes in AOCI:
(In millions)
Unrealized investment gains (losses) on AFS securities without a credit allowance
 
Unrealized investment gains (losses) on AFS securities with a credit allowance
 
DAC, DSI, VOBA and future policy benefits adjustments on AFS securities
 
Unrealized gains (losses) on hedging instruments
 
Foreign currency translation and other adjustments
 
Accumulated other comprehensive income (loss)
Balance at December 31, 2019
$
3,102

 
$
—

 
$
(879
)
 
$
61

 
$
(3
)
 
$
2,281

Adoption of accounting standards
4

 
(4
)
 
(6
)
 
—

 
—

 
(6
)
Other comprehensive income (loss) before reclassifications
(5,762
)
 
(273
)
 
1,352

 
401

 
9

 
(4,273
)
Less: Reclassification adjustments for gains (losses) realized in net income (loss)1
171

 
—

 
(15
)
 
—

 
—

 
156

Less: Income tax expense (benefit)
(1,128
)
 
(53
)
 
287

 
97

 
—

 
(797
)
Less: Other comprehensive income (loss) attributable to NCI
(159
)
 
—

 
—

 
(30
)
 
6

 
(183
)
Balance at March 31, 2020
$
(1,540
)
 
$
(224
)
 
$
195

 
$
395

 
$
—

 
$
(1,174
)
 
 
 
 
 
 
 
 
 
 
 
 
1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss).

(In millions)
Unrealized investment gains (losses) on AFS securities
 
DAC, DSI, VOBA and future policy benefits adjustments on AFS securities
 
Unrealized gains (losses) on hedging instruments
 
Foreign currency translation and other adjustments
 
Accumulated other comprehensive income (loss)
Balance at December 31, 2018
$
(628
)
 
$
121

 
$
39

 
$
(4
)
 
$
(472
)
Other comprehensive income (loss) before reclassifications
1,981

 
(509
)
 
(8
)
 
—

 
1,464

Less: Reclassification adjustments for gains (losses) realized in net income (loss)1
(7
)
 
2

 
—

 
—

 
(5
)
Less: Income tax expense (benefit)
401

 
(108
)
 
(2
)
 
—

 
291

Balance at March 31, 2019
$
959

 
$
(282
)
 
$
33

 
$
(4
)
 
$
706

 
 
 
 
 
 
 
 
 
 
1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss).