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Shareholders' Equity (Tables) | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Changes in Accumulated Other Comprehensive Income by Component | 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) |
Schedule of Share Repurchases | 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.

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