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Shareholders' Equity | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Shareholders' Equity | Shareholders’ Equity Other Comprehensive Income The following tables present the changes in each component of accumulated other comprehensive income (AOCI) and the effect of reclassifications out of AOCI into the respective lines in the condensed consolidated statements of operations. Changes in Accumulated Other Comprehensive Income (Loss) by Component Third Quarter 2023
| Net Unrealized Gains (Losses) on Investments with: |  | ISCR on FG VIEs’ Liabilities with Recourse |  | Cumulative Translation Adjustment |  | Cash Flow Hedge |  | Total AOCI
| No Credit Impairment |  | Credit Impairment |  |  |  |
| (in millions)
Balance, June 30, 2023 | $ | (284) |  |  | $ | (115) |  |  | $ | (22) |  |  | $ | (42) |  |  | $ | 5 |  |  | $ | (458) |
Other comprehensive income (loss) before reclassifications | (115) |  |  | (14) |  |  | 10 |  |  | (1) |  |  | — |  |  | (120) |
Less: Amounts reclassified from AOCI to: |  |  |  |  |  |  |  |  |  |  |
Net realized investment gains (losses) | (2) |  |  | (7) |  |  | — |  |  | — |  |  | — |  |  | (9) |
Fair value gains (losses) on CIVs | — |  |  | — |  |  | — |  |  | (6) |  |  | — |  |  | (6) |
Total before tax | (2) |  |  | (7) |  |  | — |  |  | (6) |  |  | — |  |  | (15) |
Tax (provision) benefit | — |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 2 |
Total amount reclassified from AOCI, net of tax | (2) |  |  | (6) |  |  | — |  |  | (5) |  |  | — |  |  | (13) |
Other comprehensive income (loss) | (113) |  |  | (8) |  |  | 10 |  |  | 4 |  |  | — |  |  | (107) |
Balance, September 30, 2023 | $ | (397) |  |  | $ | (123) |  |  | $ | (12) |  |  | $ | (38) |  |  | $ | 5 |  |  | $ | (565) |
Changes in Accumulated Other Comprehensive Income (Loss) by Component Third Quarter 2022
| Net Unrealized Gains (Losses) on Investments with: |  | ISCR on FG VIEs’ Liabilities with Recourse |  | Cumulative Translation Adjustment |  | Cash Flow Hedge |  | Total AOCI
| No Credit Impairment |  | Credit Impairment |  |  |  |
| (in millions)
Balance, June 30, 2022 | $ | (205) |  |  | $ | (107) |  |  | $ | (19) |  |  | $ | (45) |  |  | $ | 6 |  |  | $ | (370) |
Other comprehensive income (loss) before reclassifications | (286) |  |  | (1) |  |  | (3) |  |  | (4) |  |  | — |  |  | (294) |
Less: Amounts reclassified from AOCI to: |  |  |  |  |  |  |  |  |  |  |
Net realized investment gains (losses) | (11) |  |  | (3) |  |  | — |  |  | — |  |  | — |  |  | (14) |
Total before tax | (11) |  |  | (3) |  |  | — |  |  | — |  |  | — |  |  | (14) |
Tax (provision) benefit | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |
Total amount reclassified from AOCI, net of tax | (9) |  |  | (3) |  |  | — |  |  | — |  |  | — |  |  | (12) |
Other comprehensive income (loss) | (277) |  |  | 2 |  |  | (3) |  |  | (4) |  |  | — |  |  | (282) |
Balance, September 30, 2022 | $ | (482) |  |  | $ | (105) |  |  | $ | (22) |  |  | $ | (49) |  |  | $ | 6 |  |  | $ | (652) |
Changes in Accumulated Other Comprehensive Income (Loss) by Component Nine Months 2023
| Net Unrealized Gains (Losses) on Investments with: |  | ISCR on FG VIEs’ Liabilities with Recourse |  | Cumulative Translation Adjustment |  | Cash Flow Hedge |  | Total AOCI
| No Credit Impairment |  | Credit Impairment |  |  |  |
| (in millions)
Balance, December 31, 2022 | $ | (343) |  |  | $ | (110) |  |  | $ | (23) |  |  | $ | (45) |  |  | $ | 6 |  |  | $ | (515) |
Other comprehensive income (loss) before reclassifications | (54) |  |  | (31) |  |  | 9 |  |  | 2 |  |  | — |  |  | (74) |
Less: Amounts reclassified from AOCI to: |  |  |  |  |  |  |  |  |  |  |
Net realized investment gains (losses) | 2 |  |  | (22) |  |  | — |  |  | — |  |  | — |  |  | (20) |
Fair value gains (losses) on FG VIEs | — |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | (2) |
Fair value gains (losses) on CIVs | — |  |  | — |  |  | — |  |  | (6) |  |  | — |  |  | (6) |
Interest expense | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Total before tax | 2 |  |  | (22) |  |  | (2) |  |  | (6) |  |  | 1 |  |  | (27) |
Tax (provision) benefit | (2) |  |  | 4 |  |  | — |  |  | 1 |  |  | — |  |  | 3 |
Total amount reclassified from AOCI, net of tax | — |  |  | (18) |  |  | (2) |  |  | (5) |  |  | 1 |  |  | (24) |
Other comprehensive income (loss) | (54) |  |  | (13) |  |  | 11 |  |  | 7 |  |  | (1) |  |  | (50) |
Balance, September 30, 2023 | $ | (397) |  |  | $ | (123) |  |  | $ | (12) |  |  | $ | (38) |  |  | $ | 5 |  |  | $ | (565) |
Changes in Accumulated Other Comprehensive Income (Loss) by Component Nine Months 2022
| Net Unrealized Gains (Losses) on Investments with: |  | ISCR on FG VIEs’ Liabilities with Recourse |  | Cumulative Translation Adjustment |  | Cash Flow Hedge |  | Total AOCI
| No Credit Impairment |  | Credit Impairment |  |  |  |
| (in millions)
Balance, December 31, 2021 | $ | 375 |  |  | $ | (24) |  |  | $ | (21) |  |  | $ | (36) |  |  | $ | 6 |  |  | $ | 300 |
Other comprehensive income (loss) before reclassifications | (886) |  |  | (92) |  |  | (2) |  |  | (13) |  |  | — |  |  | (993) |
Less: Amounts reclassified from AOCI to: |  |  |  |  |  |  |  |  |  |  |
Net realized investment gains (losses) | (35) |  |  | (13) |  |  | — |  |  | — |  |  | — |  |  | (48) |
Fair value gains (losses) on FG VIEs | — |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | (2) |
Total before tax | (35) |  |  | (13) |  |  | (2) |  |  | — |  |  | — |  |  | (50) |
Tax (provision) benefit | 6 |  |  | 2 |  |  | 1 |  |  | — |  |  | — |  |  | 9 |
Total amount reclassified from AOCI, net of tax | (29) |  |  | (11) |  |  | (1) |  |  | — |  |  | — |  |  | (41) |
Other comprehensive income (loss) | (857) |  |  | (81) |  |  | (1) |  |  | (13) |  |  | — |  |  | (952) |
Balance, September 30, 2022 | $ | (482) |  |  | $ | (105) |  |  | $ | (22) |  |  | $ | (49) |  |  | $ | 6 |  |  | $ | (652) |
Share Repurchases On November 1, 2023, the Board of Directors (the Board) authorized the repurchase of an additional $300 million of its common shares. Under this and previous authorizations, as of November 7, 2023, the Company was authorized to purchase $372 million of its common shares. The Company expects to repurchase shares from time to time in the open market or in privately negotiated transactions. The timing, form and amount of the share repurchases under the program are at the discretion of management and will depend on a variety of factors, including funds available at the parent company, other potential uses for such funds, market conditions, the Company’s capital position, legal requirements and other factors. The repurchase program may be modified, extended or terminated by the Board at any time. It does not have an expiration date. Share Repurchases
Period |  | Number of Shares Repurchased |  | Total Payments (in millions) |  | Average Price Paid Per Share
2022 (January 1 - March 31) |  | 2,738,223 |  |  | $ | 155 |  |  | $ | 56.62 |
2022 (April 1 - June 30) |  | 2,605,947 |  |  | 151 |  |  | 58.03 |
2022 (July 1- September 30) |  | 1,790,395 |  |  | 97 |  |  | 53.77 |
2022 (October 1- December 31) |  | 1,713,416 |  |  | 100 |  |  | 58.34 |
Total 2022 |  | 8,847,981 |  |  | $ | 503 |  |  | 56.79 |
2023 (January 1 - March 31) |  | 36,369 |  |  | 2 |  |  | 62.23 |
2023 (April 1 - June 30) |  | 453,942 |  |  | 24 |  |  | 53.08 |
2023 (July 1 - September 30) |  | 1,065,902 |  |  | 64 |  |  | 59.67 |
2023 (October 1 - November 7) |  | 682,676 |  |  | 42 |  |  | 61.17 |
Total 2023 |  | 2,238,889 |  |  | $ | 132 |  |  | 58.83 |

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