XML 34 R21.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Shareholders' Equity | 6 Months Ended
--- | ---
Jun. 30, 2024
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 Second Quarter 2024
| 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, March 31, 2024 | $ | (231) |  |  | $ | (103) |  |  | $ | (21) |  |  | $ | (37) |  |  | $ | 5 |  |  | $ | (387) |
Other comprehensive income (loss) before reclassifications | (15) |  |  | 4 |  |  | 1 |  |  | (1) |  |  | — |  |  | (11) |
Less: Amounts reclassified from AOCI to: |  |  |  |  |  |  |  |  |  |  |
Net realized investment gains (losses) | (4) |  |  | (2) |  |  | — |  |  | — |  |  | — |  |  | (6) |
Total before tax | (4) |  |  | (2) |  |  | — |  |  | — |  |  | — |  |  | (6) |
Tax (provision) benefit | 1 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |
Total amount reclassified from AOCI, net of tax | (3) |  |  | (3) |  |  | — |  |  | — |  |  | — |  |  | (6) |
Other comprehensive income (loss) | (12) |  |  | 7 |  |  | 1 |  |  | (1) |  |  | — |  |  | (5) |
Balance, June 30, 2024 | $ | (243) |  |  | $ | (96) |  |  | $ | (20) |  |  | $ | (38) |  |  | $ | 5 |  |  | $ | (392) |
Changes in Accumulated Other Comprehensive Income (Loss) by Component Second 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, March 31, 2023 | $ | (254) |  |  | $ | (105) |  |  | $ | (24) |  |  | $ | (43) |  |  | $ | 6 |  |  | $ | (420) |
Other comprehensive income (loss) before reclassifications | (30) |  |  | (18) |  |  | 1 |  |  | 1 |  |  | — |  |  | (46) |
Less: Amounts reclassified from AOCI to: |  |  |  |  |  |  |  |  |  |  |
Net realized investment gains (losses) | 1 |  |  | (10) |  |  | — |  |  | — |  |  | — |  |  | (9) |
Fair value gains (losses) on FG VIEs | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | (1) |
Interest expense | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Total before tax | 1 |  |  | (10) |  |  | (1) |  |  | — |  |  | 1 |  |  | (9) |
Tax (provision) benefit | (1) |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 1 |
Total amount reclassified from AOCI, net of tax | — |  |  | (8) |  |  | (1) |  |  | — |  |  | 1 |  |  | (8) |
Other comprehensive income (loss) | (30) |  |  | (10) |  |  | 2 |  |  | 1 |  |  | (1) |  |  | (38) |
Balance, June 30, 2023 | $ | (284) |  |  | $ | (115) |  |  | $ | (22) |  |  | $ | (42) |  |  | $ | 5 |  |  | $ | (458) |
Changes in Accumulated Other Comprehensive Income (Loss) by Component Six Months 2024
| 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, 2023 | $ | (202) |  |  | $ | (104) |  |  | $ | (20) |  |  | $ | (38) |  |  | $ | 5 |  |  | $ | (359) |
Other comprehensive income (loss) before reclassifications | (46) |  |  | 14 |  |  | (1) |  |  | — |  |  | — |  |  | (33) |
Less: Amounts reclassified from AOCI to: |  |  |  |  |  |  |  |  |  |  |
Net realized investment gains (losses) | (6) |  |  | 8 |  |  | — |  |  | — |  |  | — |  |  | 2 |
Fair value gains (losses) on FG VIEs | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | (1) |
Total before tax | (6) |  |  | 8 |  |  | (1) |  |  | — |  |  | — |  |  | 1 |
Tax (provision) benefit | 1 |  |  | (2) |  |  | — |  |  | — |  |  | — |  |  | (1) |
Total amount reclassified from AOCI, net of tax | (5) |  |  | 6 |  |  | (1) |  |  | — |  |  | — |  |  | — |
Other comprehensive income (loss) | (41) |  |  | 8 |  |  | — |  |  | — |  |  | — |  |  | (33) |
Balance, June 30, 2024 | $ | (243) |  |  | $ | (96) |  |  | $ | (20) |  |  | $ | (38) |  |  | $ | 5 |  |  | $ | (392) |
Changes in Accumulated Other Comprehensive Income (Loss) by Component Six 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 | 61 |  |  | (17) |  |  | (1) |  |  | 3 |  |  | — |  |  | 46 |
Less: Amounts reclassified from AOCI to: |  |  |  |  |  |  |  |  |  |  |
Net realized investment gains (losses) | 4 |  |  | (15) |  |  | — |  |  | — |  |  | — |  |  | (11) |
Fair value gains (losses) on FG VIEs | — |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | (2) |
Interest expense | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Total before tax | 4 |  |  | (15) |  |  | (2) |  |  | — |  |  | 1 |  |  | (12) |
Tax (provision) benefit | (2) |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | 1 |
Total amount reclassified from AOCI, net of tax | 2 |  |  | (12) |  |  | (2) |  |  | — |  |  | 1 |  |  | (11) |
Other comprehensive income (loss) | 59 |  |  | (5) |  |  | 1 |  |  | 3 |  |  | (1) |  |  | 57 |
Balance, June 30, 2023 | $ | (284) |  |  | $ | (115) |  |  | $ | (22) |  |  | $ | (42) |  |  | $ | 5 |  |  | $ | (458) |
Share Repurchases On May 2, 2024, AGL’s Board of Directors (the Board) authorized the repurchase of an additional $300 million of its common shares. As of August 6, 2024, the Company was authorized to purchase $275 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 (1) (in millions) |  | Average Price Paid Per Share (1)
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- December 31) |  | 1,659,680 |  |  | 109 |  |  | 65.83 |
Total 2023 |  | 3,215,893 |  |  | $ | 199 |  |  | $ | 61.95 |
2024 (January 1 - March 31) |  | 1,539,278 |  |  | 129 |  |  | 84.07 |
2024 (April 1 - June 30) |  | 1,928,328 |  |  | 152 |  |  | 78.50 |
2024 (July 1 - August 6) |  | 599,497 |  |  | 48 |  |  | 79.96 |
Total 2024 |  | 4,067,103 |  |  | $ | 329 |  |  | $ | 80.82 |
____________________ (1) Excludes commissions and excise taxes.

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478448/946-505-50-6 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-6 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-16 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration