Equity

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

EQUITY

Common stock

The changes in number of common stock shares issued, held in treasury and outstanding are as follows for the periods indicated:

	Issued	Held In Treasury	Outstanding
Balance, December 31, 2023	85,310,598	19,689,885	65,620,713
Common stock acquired	—	—	—
Stock-based compensation (1)	—	(167,542)	167,542
Balance, March 31, 2024	85,310,598	19,522,343	65,788,255

	Issued	Held In Treasury	Outstanding
Balance, December 31, 2022	85,310,598	18,634,390	66,676,208
Common stock acquired	—	371,343	(371,343)
Stock-based compensation (1)	—	(235,601)	235,601
Balance, March 31, 2023	85,310,598	18,770,132	66,540,466

(1)Represents net shares issued from treasury pursuant to the Company’s equity-based compensation programs.

Common Stock Held in Treasury

Common stock held in treasury is accounted for at average cost. Gains resulting from the reissuance of common stock held in treasury are credited to additional paid-in capital. Losses resulting from the reissuance of common stock held in treasury are charged first to additional paid-in capital to the extent the Company has previously recorded gains on treasury share transactions, then to retained earnings.

On January 23, 2024, the Company’s board of directors authorized a share repurchase program for up to $500 million of its outstanding common stock. The authorization was effective immediately and does not have an expiration date. During the three months ended March 31, 2024, the Company did not repurchase any shares of common stock under this program.

Noncontrolling Interest

In 2022, Papara Financing LLC (“Papara”), a subsidiary of RGA Reinsurance Company, issued nonconvertible preferred interests to an unaffiliated third party. The membership interests in Papara consist of (1) common interests, which are held by RGA Reinsurance Company and (2) preferred interests. The preferred interests, included in noncontrolling interest, total $90 million.

Accumulated Other Comprehensive Income (Loss)

The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the three months ended March 31, 2024 and 2023 are as follows (dollars in millions):

	Accumulated Other Comprehensive Income (Loss), Net of Income Tax
	Foreign Currency Translation Adjustments		Net Unrealized Investment Gains (Losses) (1)		Pension and Postretirement Benefits		Effect of Updating Discount Rates on Future Policy Benefits		Instrument-Specific Credit Risk for Market Risk Benefits		Total
Balance, December 31, 2023	$	69	$	(3,668)	$	(29)	$	3,256	$	3	$	(369)
Other comprehensive income (loss) before reclassifications	1		(638)		(1)		842		—		204
Amounts reclassified to (from) AOCI	—		123		1		—		—		124
Deferred income tax benefit (expense)	(13)		121		—		(192)		—		(84)
Balance, March 31, 2024	$	57	$	(4,062)	$	(29)	$	3,906	$	3	$	(125)

	Accumulated Other Comprehensive Income (Loss), Net of Income Tax
	Foreign Currency Translation Adjustments		Net Unrealized Investment Gains (Losses) (1)		Pension and Postretirement Benefits		Effect of Updating Discount Rates on Future Policy Benefits		Instrument-Specific Credit Risk for Market Risk Benefits		Total
Balance, December 31, 2022	$	(115)	$	(5,497)	$	(27)	$	3,755	$	13	$	(1,871)
Other comprehensive income (loss) before reclassifications	28		1,316		5		(927)		2		424
Amounts reclassified to (from) AOCI	—		88		1		—		—		89
Deferred income tax benefit (expense)	(6)		(301)		(1)		206		(1)		(103)
Balance, March 31, 2023	$	(93)	$	(4,394)	$	(22)	$	3,034	$	14	$	(1,461)

(1)Includes cash flow hedges of $(299) and $(218) as of March 31, 2024 and December 31, 2023, respectively, and $(198) and $(205) as of March 31, 2023 and December 31, 2022, respectively. See Note 11 – “Derivative Instruments” for additional information on cash flow hedges.

The following table presents the amounts of AOCI reclassifications for the three months ended March 31, 2024 and 2023 (dollars in millions):

	Amount Reclassified from AOCI
	Three months ended March 31,				Affected Line Item in  Statements of Income
Details about AOCI Components	2024		2023
Net unrealized investment gains (losses):
Net unrealized gains (losses) on available-for-sale securities	$	(118)	$	(87)	Investment related gains (losses), net
Cash flow hedges – Interest rate	3		2		(1)
Cash flow hedges – Currency/Interest rate	(8)		(3)		(1)
Total	(123)		(88)
Provision for income taxes	24		18
Net unrealized gains (losses), net of tax	$	(99)	$	(70)
Amortization of defined benefit plan items:
Prior service cost (credit)	$	—	$	—	(2)
Actuarial gains (losses)	(1)		(1)		(2)
Total	(1)		(1)
Provision for income taxes	—		—
Amortization of defined benefit plans, net of tax	$	(1)	$	(1)
Total reclassifications for the period	$	(100)	$	(71)

(1)See Note 11 – “Derivative Instruments” for additional information on cash flow hedges.

(2)This AOCI component is included in the computation of the net periodic pension cost. See Note 14 – “Employee Benefit Plans” for additional details.