Equity

9 Months Ended

Sep. 30, 2019

13. EQUITY

Capital Purchase Program ("CPP") Warrants

CPP warrants were issued in 2009 as part of a program established by the U.S. Department of the Treasury under the Emergency Economic Stabilization Act of 2008. The CPP warrants expired on June 26, 2019.

CPP warrant exercises were 0.1 million for the three months ended September 30, 2018. CPP warrant exercises were 1.9 million and 0.2 million for the nine months ended September 30, 2019 and 2018, respectively. As of December 31, 2018, the Company had 1.9 million of CPP warrants outstanding and exercisable.

Equity Repurchase Program

In February, 2019, the Company announced a $1.0 billion share repurchase authorization by the Board of Directors which is effective through December 31, 2020. Based on projected holding company resources, the Company has begun share repurchases in 2019 but anticipates using the majority of the program in 2020. Any repurchase of shares under the equity repurchase program is dependent on market conditions and other factors.

During the period October 1, 2019 to November 1, 2019, the Company repurchased approximately 0.6 million common shares for $36.



Equity Repurchase Activity and Remaining Repurchase Capacity
Three months ended	Common Shares Repurchased	Cost of Shares Repurchased		Average Price Paid per Share		Remaining Capacity Under Share Repurchase Authorization
(In millions, except for per share data)
June 30, 2019	0.5	$	27	$	53.84	$	973
September 30, 2019	1.1	$	63	$	58.50	$	910
Total	1.6	$	90