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Capital Structure (Tables)
 12 Months Ended
Dec. 31, 2023
Capital Structure  
Schedule of Total Debt Outstanding and Interest Rates for LIBOR-Linked Debt
Total debt outstanding
 As of December 31,
($ in millions)20232022
Floating Rate Senior Notes, due 2023 (1)
$— $250 
3.150% Senior Notes, due 2023 (2)
— 500 
6.750% Senior Notes due 2024 (2) (4)
350 350 
0.750% Senior Notes, due 2025 (2)
600 600 
3.280% Senior Notes, due 2026 (2)
550 550 
Due in one year through five years1,500 2,250 
1.450% Senior Notes, due 2030 (2)
600 600 
6.125% Senior Notes, due 2032 (2)
159 159 
5.250% Senior Notes due 2033 (2)
750 — 
5.350% Senior Notes due 2033 (2)
323 323 
Due after five years through ten years1,832 1,082 
5.550% Senior Notes due 2035 (2)
546 546 
5.950% Senior Notes, due 2036 (2)
386 386 
6.900% Senior Debentures, due 2038
165 165 
5.200% Senior Notes, due 2042 (2)
62 62 
4.500% Senior Notes, due 2043 (2)
500 500 
4.200% Senior Notes, due 2046 (2)
700 700 
3.850% Senior Notes, due 2049 (2)
500 500 
Floating Rate Subordinated Debentures, due 2053 (3)
500 500 
Floating Rate Subordinated Debentures, due 2053 (3)
800 800 
6.500% Junior Subordinated Debentures, due 2067
500 500 
Due after ten years
4,659 4,659 
Long-term debt total principal7,991 7,991 
Fair value adjustments (4)
7 26 
Debt issuance costs(56)(53)
Total long-term debt7,942 7,964 
Short-term debt (5)
— — 
Total debt$7,942 $7,964 
(1)2023 Floating Rate Senior Notes were not redeemable prior to the applicable maturity dates and bear interest at a floating rate equal to three-month LIBOR, reset quarterly on each interest reset date, plus 0.63% per year.
(2)Senior Notes are subject to redemption at the Company’s option in whole or in part at any time at the greater of either 100% of the principal amount plus accrued and unpaid interest to the redemption date or the discounted sum of the present values of the remaining scheduled payments of principal and interest and accrued and unpaid interest to the redemption date.
(3)2053 Subordinated Debentures became floating rate in 2023.
(4)Debt acquired as part of the National General acquisition completed on January 4, 2021.
(5)The Company classifies any borrowings which have a maturity of twelve months or less at inception as short-term debt.
Both Subordinated Debentures replaced the three-month LIBOR with the CME Term SOFR Reference Rate published for a three-month tenor plus a spread adjustment of 0.26161% effective for interest paid under the terms of each of the Subordinated Debentures after June 30, 2023, as shown in the table below.
Interest rates for LIBOR-linked debt
($ in millions)
5.100% Subordinated Debentures, due 2053
5.750% Subordinated Debentures, due 2053
Debt outstanding$500 $800 
Dividend accrual date (1)
July 15, 2023August 15, 2023
Rate following commencement date
3-month SOFR + 3.165% + 0.26161%
3-month SOFR
+ 2.938% + 0.26161%
(1)First dividend accrual date following the last published three-month LIBOR rate on June 30, 2023.
Schedule of Debt Maturities
Debt maturities for each of the next five years
and thereafter (excluding issuance costs and other)
($ in millions)
2024$350 
2025600 
2026550 
2027— 
2028— 
Thereafter6,491 
Total long-term debt principal$7,991 
Schedule of Total Preferred Stock Outstanding
Total preferred stock outstanding
As of December 31,
Aggregate liquidation preference
($ in millions)
Dividend per depository share (1)
Aggregate dividend payment ($ in millions)
2023202220232022Dividend rate202320222021202320222021
Series G (2)
— 23,000 $— $575.0 5.625 %$0.70 $1.41 $1.41 $16 
(3)
$32 $32 
Series H46,000 46,000 1,150.0 1,150.0 5.100 %1.28 1.28 1.28 59 59 59 
Series I12,000 12,000 300.0 300.0 4.750 %1.19 1.19 1.19 14 14 14 
Series J
24,000 — 600.0 — 7.375 %0.75 — — 18 — — 
National General Series (4)
— — 9 
Total82,000 81,000 $2,050 $2,025 $107 $105 $114 
(1)Each depository share represents a 1/1,000th interest in a share of preferred stock.
(2)On April 17, 2023, the Company redeemed all outstanding shares of Preferred Stock Series G.
(3)Excludes $18 million related to original issuance costs in preferred stock dividends on the Consolidated Statements of Operations and Consolidated Statements of Shareholders’ Equity as a result of the preferred stock redemptions.
(4)On February 2, 2021 and July 15, 2021, the Company redeemed all outstanding shares of National General Series A, B and D, and National General Preferred Stock Series C, respectively.