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Shares and Stockholders’ Equity (Tables)
 9 Months Ended
Sep. 30, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Changes in Preferred
Preferred stock authorized, issued and outstanding (number of shares) was as follows:

As of September 30, 2024As of December 31, 2023
Shares AuthorizedShares IssuedShares OutstandingShares AuthorizedShares IssuedShares Outstanding
9.250% Fixed Rate Reset Non-Cumulative
Preferred Stock, Series C20,000 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 designated9,960,000 – – 9,960,000 – – 
Total preferred shares10,000,000 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 September 30,
20242023
DividendAggregateDividendAggregate
SeriesPer ShareDividendPer ShareDividend
Series C$1,156.25 $23 $1,156.25 $23 
Series D562.50 11 562.50 11 
Total$1,718.75 $34 $1,718.75 $34 

For the Nine Months Ended September 30,
20242023
DividendAggregateDividendAggregate
SeriesPer ShareDividendPer ShareDividend
Series C$2,312.50 $46 $1,792.19 $36 
Series D1,687.50 34 1,743.75 35 
Total$4,000.00 $80 $3,535.94 $71 
Schedule of Common Stock Outstanding Roll Forward
The changes in our common stock (number of shares) were as follows:

For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2024202320242023
Common Stock
Balance as of beginning-of-period170,188,487 169,630,880 169,666,137 169,220,511 
Stock compensation/issued for benefit
  plans		152,980 27,391 675,330 437,760 
Balance as of end-of-period170,341,467 169,658,271 170,341,467 169,658,271 
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
September 30, 		For the Nine
Months Ended
September 30,
2024202320242023
Net income (loss) available to common stockholders – basic$(562)$819 $1,508 $412 
Net income (loss) available to common stockholders – diluted$(562)$819 $1,511 $410 
Weighted-average shares, as used in basic calculation170,773,438169,645,881170,482,264169,529,509
Incremental common shares from assumed exercise or
issuance of stock-based incentive compensation awards2,075,432623,0391,575,034507,752
Average deferred compensation shares—621,582710,256588,183
  Weighted-average shares, as used in diluted calculation (1)
172,848,870170,890,502172,767,554170,625,444
Net income (loss) per share:
  Basic$(3.29)$4.82 $8.85 $2.43 
  Diluted(3.29)4.79 8.75 2.40 

(1) Due to reporting a net loss for the three months ended September 30, 2024, 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 Nine
Months Ended
September 30,
20242023
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 period1,555 (3,405)
Change in foreign currency exchange rate adjustment124 (21)
Change in future contract benefits and policyholder account balances,
net of reinsurance(382)27 
Income tax benefit (expense)(276)707 
Less:
Reclassification adjustment for gains (losses) included in net income (loss)(163)(1,145)
Income tax benefit (expense)34 240 
Balance as of end-of-period$(4,038)$(10,703)
Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year$375 $388 
Unrealized holding gains (losses) arising during the period305 231 
Change in foreign currency exchange rate adjustment(121)30 
Income tax benefit (expense)(39)(55)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)60 68 
Income tax benefit (expense)(13)(14)
Balance as of end-of-period$473 $540 
Market Risk Benefit Non-Performance Risk Gain (Loss)
Balance as of beginning-of-year$1,070 $1,741 
Adjustment arising during the period(367)(944)
Income tax benefit (expense) 78 202 
Balance as of end-of-period$781 $999 
Policyholder Liability Discount Rate Remeasurement Gain (Loss)
Balance as of beginning-of-year$587 $747 
Adjustment arising during the period(209)347 
Income tax benefit (expense) 44 (73)
Balance as of end-of-period$422 $1,021 
Foreign Currency Translation Adjustment
Balance as of beginning-of-year$(26)$(34)
Foreign currency translation adjustment arising during the period8 1 
Balance as of end-of-period$(18)$(33)
Funded Status of Employee Benefit Plans
Balance as of beginning-of-year$(294)$(278)
Adjustment arising during the period(8)(26)
Balance as of end-of-period$(302)$(304)
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 Nine
Months Ended
September 30,
20242023
Unrealized Gain (Loss) on Fixed Maturity AFS
Securities and Certain Other Investments
Reclassification$(193)$(1,175)Realized gain (loss)
Associated change in future contract benefits30 30 Benefits
Reclassification before income tax benefit (expense)(163)(1,145)Income (loss) before taxes
Income tax benefit (expense)34 247 Federal income tax expense (benefit)
Reclassification, net of income tax$(129)$(898)Net income (loss)
Unrealized Gain (Loss) on Derivative Instruments
Interest rate contracts(2)– Net investment income
Interest rate contracts20 22 Interest and debt expense
Foreign currency contracts41 42 Net investment income
Foreign currency contracts1 4 Realized gain (loss)
Reclassifications before income tax benefit (expense)60 68 Income (loss) before taxes
Income tax benefit (expense)(13)(14)Federal income tax expense (benefit)
Reclassifications, net of income tax$47 $54 Net income (loss)