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 ImpairmentCredit 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 $(392)
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Second Quarter 2023
Net Unrealized Gains (Losses) on Investments with:ISCR on
 FG VIEs’ Liabilities with Recourse		Cumulative
Translation
Adjustment		Cash Flow 
Hedge		Total AOCI
 No Credit ImpairmentCredit Impairment
(in millions)
Balance, March 31, 2023$(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 ImpairmentCredit 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 $(392)
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Six Months 2023
Net Unrealized Gains (Losses) on Investments with:ISCR on
 FG VIEs’ Liabilities with Recourse		Cumulative
Translation
Adjustment		Cash Flow 
Hedge		Total AOCI
 No Credit ImpairmentCredit Impairment
(in millions)
Balance, December 31, 2022$(343)$(110)$(23)$(45)$6 $(515)
Other comprehensive income (loss) before reclassifications61 (17)(1)3 — 46 
Less: Amounts reclassified from AOCI to:
Net realized investment gains (losses)
4 (15)— — — (11)
Fair value gains (losses) on FG VIEs
— — (2)— — (2)
Interest expense— — — — 1 1 
Total before tax
4 (15)(2)— 1 (12)
Tax (provision) benefit
(2)3 — — — 1 
Total amount reclassified from AOCI, net of tax2 (12)(2)— 1 (11)
Other comprehensive income (loss)59 (5)1 3 (1)57 
Balance, June 30, 2023$(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
PeriodNumber of Shares RepurchasedTotal 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 20233,215,893 $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 20244,067,103 $329 $80.82 
____________________
(1)    Excludes commissions and excise taxes.