Shares and Stockholders’ Equity (Tables)

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

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



	As of September 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 September 30,
	2024				2023
	Dividend		Aggregate		Dividend		Aggregate
Series	Per Share		Dividend		Per Share		Dividend
Series C	$	1,156.25	$	23	$	1,156.25	$	23
Series D	562.50		11		562.50		11
Total	$	1,718.75	$	34	$	1,718.75	$	34


	For the Nine Months Ended September 30,
	2024				2023

	Dividend		Aggregate			Dividend		Aggregate
Series	Per Share		Dividend			Per Share		Dividend
Series C	$	2,312.50	$	46		$	1,792.19	$	36
Series D	1,687.50		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,
	2024	2023	2024	2023
Common Stock
Balance as of beginning-of-period	170,188,487	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-period	170,341,467	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,
	2024		2023		2024		2023
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 calculation	170,773,438		169,645,881		170,482,264		169,529,509
Incremental common shares from assumed exercise or
issuance of stock-based incentive compensation awards	2,075,432		623,039		1,575,034		507,752
Average deferred compensation shares	—		621,582		710,256		588,183
Weighted-average shares, as used in diluted calculation (1)	172,848,870		170,890,502		172,767,554		170,625,444

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,
	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	1,555		(3,405)
Change in foreign currency exchange rate adjustment	124		(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 period	305		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 period	8		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,
	2024		2023
Unrealized Gain (Loss) on Fixed Maturity AFS
Securities and Certain Other Investments
Reclassification	$	(193)	$	(1,175)	Realized gain (loss)
Associated change in future contract benefits	30		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 contracts	20		22		Interest and debt expense
Foreign currency contracts	41		42		Net investment income
Foreign currency contracts	1		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)