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v3.22.1

Stockholders' Equity (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2022
Stockholders' Equity |
Common Stock Dividends (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended
​ | ​ | March 31,
​ |  | 2022 |  | 2021
Dividends declared per common share | ​ | $ | 0.64 |  | $ | 0.56
​
Reconciliation of Outstanding Common Shares (Table) | ​
​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended
​ | ​ | March 31,
​ |  | 2022 |  | 2021
​ | ​ | (in millions)
Beginning balance |  | 261.7 |  | 273.3
Shares issued |  | 1.7 |  | 1.4
Treasury stock acquired |  | (11.2) |  | (2.2)
Ending balance |  | 252.2 |  | 272.5
​
Other Comprehensive Income (Loss) (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended
​ | ​ | March 31, 2022
​ |  | Pre-Tax |  | Tax |  | After-Tax
​ | ​ | (in millions)
Net unrealized losses on available-for-sale securities during the period | ​ | $ | (5,542.9) | ​ | $ | 1,175.1 | ​ | $ | (4,367.8)
Reclassification adjustment for gains included in net income (1) | ​ |  | (40.6) | ​ | ​ | 5.2 | ​ | ​ | (35.4)
Adjustments for assumed changes in amortization patterns | ​ |  | 344.9 | ​ | ​ | (72.4) | ​ | ​ | 272.5
Adjustments for assumed changes in policyholder liabilities | ​ |  | 575.6 | ​ | ​ | (118.8) | ​ | ​ | 456.8
Net unrealized losses on available-for-sale securities | ​ |  | (4,663.0) | ​ | ​ | 989.1 | ​ | ​ | (3,673.9)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized losses on derivative instruments during the period | ​ |  | (21.0) | ​ | ​ | 4.4 | ​ | ​ | (16.6)
Reclassification adjustment for gains included in net income (2) | ​ |  | (6.8) | ​ | ​ | 1.4 | ​ | ​ | (5.4)
Adjustments for assumed changes in amortization patterns | ​ |  | 2.3 | ​ | ​ | (0.5) | ​ | ​ | 1.8
Adjustments for assumed changes in policyholder liabilities | ​ |  | 5.0 | ​ | ​ | (1.1) | ​ | ​ | 3.9
Net unrealized losses on derivative instruments | ​ | ​ | (20.5) | ​ | ​ | 4.2 | ​ | ​ | (16.3)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency translation adjustment | ​ | ​ | 154.9 | ​ | ​ | (1.5) | ​ | ​ | 153.4
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of amounts included in net periodic benefit cost (3) | ​ |  | 9.0 | ​ | ​ | (2.3) | ​ | ​ | 6.7
Net unrecognized postretirement benefit obligation | ​ |  | 9.0 | ​ | ​ | (2.3) | ​ | ​ | 6.7
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive loss | ​ | $ | (4,519.6) | ​ | $ | 989.5 | ​ | $ | (3,530.1)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended
​ | ​ | March 31, 2021
​ |  | Pre-Tax |  | Tax |  | After-Tax
​ | ​ | (in millions)
Net unrealized losses on available-for-sale securities during the period | ​ | $ | (3,276.7) | ​ | $ | 700.5 | ​ | $ | (2,576.2)
Reclassification adjustment for gains included in net income (1) | ​ |  | (27.4) | ​ |  | 5.7 | ​ |  | (21.7)
Adjustments for assumed changes in amortization patterns | ​ |  | 144.6 | ​ |  | (30.4) | ​ |  | 114.2
Adjustments for assumed changes in policyholder liabilities | ​ |  | 1,415.3 | ​ |  | (305.0) | ​ |  | 1,110.3
Net unrealized losses on available-for-sale securities | ​ |  | (1,744.2) | ​ |  | 370.8 | ​ |  | (1,373.4)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized gains on derivative instruments during the period | ​ |  | 0.7 | ​ |  | (0.1) | ​ |  | 0.6
Reclassification adjustment for gains included in net income (2) | ​ |  | (4.4) | ​ |  | 0.9 | ​ |  | (3.5)
Adjustments for assumed changes in policyholder liabilities | ​ |  | 1.0 | ​ |  | (0.3) | ​ |  | 0.7
Net unrealized losses on derivative instruments | ​ |  | (2.7) | ​ |  | 0.5 | ​ |  | (2.2)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency translation adjustment | ​ | ​ | (56.1) | ​ | ​ | (0.1) | ​ | ​ | (56.2)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrecognized postretirement benefit obligation during the period | ​ | ​ | (9.1) | ​ | ​ | 1.9 | ​ | ​ | (7.2)
Amortization of amounts included in net periodic benefit cost (3) | ​ |  | 13.0 | ​ |  | (3.5) | ​ |  | 9.5
Net unrecognized postretirement benefit obligation | ​ |  | 3.9 | ​ |  | (1.6) | ​ |  | 2.3
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive loss | ​ | $ | (1,799.1) | ​ | $ | 369.6 | ​ | $ | (1,429.5)
(1) | Pre-tax reclassification adjustments relating to available-for-sale securities are reported in net realized capital gains (losses) on the consolidated statements of operations.
(2) | See Note 4, Derivative Financial Instruments, under the caption “Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations” for further details.
(3) | Amount is comprised of amortization of prior service cost (benefit) and recognized net actuarial (gain) loss, which is reported in operating expenses on the consolidated statements of operations. See Note 7, Employee and Agent Benefits, under the caption “Components of Net Periodic Benefit Cost” for further details.
Accumulated Other Comprehensive Income (Loss) (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Net unrealized | ​ | Net unrealized | ​ | Foreign | ​ | Unrecognized | ​ | Accumulated
​ | ​ | gains (losses) on | ​ | gains | ​ | currency | ​ | postretirement | ​ | other
​ | ​ | available-for-sale | ​ | on derivative | ​ | translation | ​ | benefit | ​ | comprehensive
​ |  | securities (1) |  | instruments |  | adjustment |  | obligation |  | income (loss)
​ | ​ | (in millions)
Balances as of January 1, 2021 | ​ | $ | 4,138.3 | ​ | $ | 18.2 | ​ | $ | (1,312.9) | ​ | $ | (460.5) | ​ | $ | 2,383.1
Other comprehensive loss during the period, net of adjustments | ​ |  | (1,351.7) | ​ | ​ | 1.3 | ​ | ​ | (56.0) | ​ | ​ | (7.2) | ​ | ​ | (1,413.6)
Amounts reclassified to AOCI | ​ |  | (21.7) | ​ | ​ | (3.5) | ​ | ​ | — | ​ | ​ | 9.5 | ​ | ​ | (15.7)
Other comprehensive loss | ​ |  | (1,373.4) | ​ | ​ | (2.2) | ​ | ​ | (56.0) | ​ | ​ | 2.3 | ​ | ​ | (1,429.3)
Balances as of March 31, 2021 | ​ | $ | 2,764.9 | ​ | $ | 16.0 | ​ | $ | (1,368.9) | ​ | $ | (458.2) | ​ | $ | 953.8
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balances as of January 1, 2022 | ​ | $ | 3,467.4 | ​ | $ | 51.8 | ​ | $ | (1,563.6) | ​ | $ | (344.7) | ​ | $ | 1,610.9
Other comprehensive loss during the period, net of adjustments | ​ |  | (3,638.5) | ​ | ​ | (10.9) | ​ | ​ | 152.0 | ​ | ​ | — | ​ | ​ | (3,497.4)
Amounts reclassified to AOCI | ​ |  | (35.4) | ​ | ​ | (5.4) | ​ | ​ | — | ​ | ​ | 6.7 | ​ | ​ | (34.1)
Other comprehensive loss | ​ |  | (3,673.9) | ​ | ​ | (16.3) | ​ | ​ | 152.0 | ​ | ​ | 6.7 | ​ | ​ | (3,531.5)
Balances as of March 31, 2022 | ​ | $ | (206.5) | ​ | $ | 35.5 | ​ | $ | (1,411.6) | ​ | $ | (338.0) | ​ | $ | (1,920.6)
(1) | Net unrealized gains (losses) on available-for-sale securities for which an allowance for credit loss has been recorded were $6.2 million and $(2.4) million as of March 31, 2022 and 2021, respectively.
Redeemable Noncontrolling Interest (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended
​ | ​ | March 31,
​ | ​ | 2022 | ​ | 2021
​ | ​ | (in millions)
Balance at beginning of period | ​ | $ | 332.5 | ​ | $ | 255.6
Net loss attributable to redeemable noncontrolling interest | ​ | ​ | (10.3) | ​ | ​ | (1.8)
Contributions from redeemable noncontrolling interest | ​ | ​ | 24.0 | ​ | ​ | 17.8
Distributions to redeemable noncontrolling interest | ​ | ​ | (39.6) | ​ | ​ | (16.3)
Change in redemption value of redeemable noncontrolling interest | ​ | ​ | 0.1 | ​ | ​ | 8.2
Other comprehensive income attributable to redeemable noncontrolling interest | ​ | ​ | 0.1 | ​ | ​ | —
Balance at end of period | ​ | $ | 306.8 | ​ | $ | 263.5

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