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Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2022

Stockholders' Equity

Common Stock Dividends (Table)

For the three months ended

For the six months ended

June 30,

2022

2021

2022

2021

Dividends declared per common share

0.64

0.61

1.28

1.17

Reconciliation of Outstanding Common Shares (Table)


	For the three months ended		For the six months ended
	June 30,		June 30,
	2022	2021	2022	2021

	(in millions)
Beginning balance	252.2	272.5	261.7	273.3
Shares issued	0.6	0.7	2.3	2.1
Treasury stock acquired	(2.9)	(4.2)	(14.1)	(6.4)
Ending balance	249.9	269.0	249.9	269.0

Other Comprehensive Income (Loss) (Table)

For the three months ended

For the six months ended

June 30, 2022

Pre-Tax

Tax

After-Tax

Pre-Tax

Tax

After-Tax

(in millions)

Net unrealized losses on available-for-sale securities during the period

(4,850.9)

1,025.3

(3,825.6)

(10,393.8)

2,200.4

(8,193.4)

Reclassification adjustment for losses included in net income (1)

48.1

(10.6)

37.5

7.5

(5.4)

2.1

Adjustments for assumed changes in amortization patterns

402.5

(84.5)

318.0

747.4

(156.9)

590.5

Adjustments for assumed changes in policyholder liabilities

(123.6)

26.0

(97.6)

452.0

(92.8)

359.2

Net unrealized losses on available-for-sale securities

(4,523.9)

956.2

(3,567.7)

(9,186.9)

1,945.3

(7,241.6)

Net unrealized gains (losses) on derivative instruments during the period

0.6

(0.1)

0.5

(20.4)

4.3

(16.1)

Reclassification adjustment for gains included in net income (2)

(10.6)

2.2

(8.4)

(17.4)

3.6

(13.8)

Adjustments for assumed changes in amortization patterns

3.3

(0.7)

2.6

5.6

(1.2)

4.4

Adjustments for assumed changes in policyholder liabilities

(7.8)

1.7

(6.1)

(2.8)

0.6

(2.2)

Net unrealized losses on derivative instruments

(14.5)

3.1

(11.4)

(35.0)

7.3

(27.7)

Foreign currency translation adjustment

(270.6)

(3.5)

(274.1)

(115.7)

(5.0)

(120.7)

Unrecognized postretirement benefit obligation during the period

2.1

(0.5)

1.6

2.1

(0.5)

1.6

Amortization of amounts included in net periodic benefit cost (3)

9.4

(2.7)

6.7

18.4

(5.0)

13.4

Net unrecognized postretirement benefit obligation

11.5

(3.2)

8.3

20.5

(5.5)

15.0

Other comprehensive loss

(4,797.5)

952.6

(3,844.9)

(9,317.1)

1,942.1

(7,375.0)


	For the three months ended						For the six months ended
	June 30, 2021						June 30, 2021
	Pre-Tax		Tax		After-Tax		Pre-Tax		Tax		After-Tax

	(in millions)
Net unrealized gains (losses) on available-for-sale securities during the period	$	1,361.5	$	(273.0)	$	1,088.5	$	(1,915.2)	$	427.5	$	(1,487.7)
Reclassification adjustment for (gains) losses included in net income (1)		26.2		(5.7)		20.5		(1.2)		—		(1.2)
Adjustments for assumed changes in amortization patterns		(55.5)		11.7		(43.8)		89.1		(18.7)		70.4
Adjustments for assumed changes in policyholder liabilities		(318.8)		44.5		(274.3)		1,096.5		(260.5)		836.0
Net unrealized gains (losses) on available-for-sale securities		1,013.4		(222.5)		790.9		(730.8)		148.3		(582.5)

Net unrealized gains on derivative instruments during the period		21.8		(4.6)		17.2		22.5		(4.7)		17.8
Reclassification adjustment for gains included in net income (2)		(4.7)		1.0		(3.7)		(9.1)		1.9		(7.2)
Adjustments for assumed changes in policyholder liabilities		0.4		—		0.4		1.4		(0.3)		1.1
Net unrealized gains on derivative instruments		17.5		(3.6)		13.9		14.8		(3.1)		11.7

Foreign currency translation adjustment		35.9		(0.5)		35.4		(20.2)		(0.6)		(20.8)

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		(3.4)		9.6		26.0		(6.9)		19.1
Net unrecognized postretirement benefit obligation		13.0		(3.4)		9.6		16.9		(5.0)		11.9

Other comprehensive income (loss)	$	1,079.8	$	(230.0)	$	849.8	$	(719.3)	$	139.6	$	(579.7)

(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 9, 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 April 1, 2021	$	2,764.9	$	16.0	$	(1,368.9)	$	(458.2)	$	953.8
Other comprehensive income during the period, net of adjustments		770.4		17.6		35.6		—		823.6
Amounts reclassified from AOCI		20.5		(3.7)		—		9.6		26.4
Other comprehensive income		790.9		13.9		35.6		9.6		850.0
Balances as of June 30, 2021	$	3,555.8	$	29.9	$	(1,333.3)	$	(448.6)	$	1,803.8

Balances as of April 1, 2022	$	(206.5)	$	35.5	$	(1,411.6)	$	(338.0)	$	(1,920.6)
Other comprehensive loss during the period, net of adjustments		(3,605.1)		(3.0)		(270.6)		1.6		(3,877.1)
Amounts reclassified from AOCI		37.5		(8.4)		—		6.7		35.8
Other comprehensive loss		(3,567.6)		(11.4)		(270.6)		8.3		(3,841.3)
Adjustment for reinsurance (2)		124.4		7.4		—		—		131.8
Balances as of June 30, 2022	$	(3,649.7)	$	31.5	$	(1,682.2)	$	(329.7)	$	(5,630.1)



	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		(581.3)		18.9		(20.4)		(7.2)		(590.0)
Amounts reclassified from AOCI		(1.2)		(7.2)		—		19.1		10.7
Other comprehensive loss		(582.5)		11.7		(20.4)		11.9		(579.3)
Balances as of June 30, 2021	$	3,555.8	$	29.9	$	(1,333.3)	$	(448.6)	$	1,803.8

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		(7,243.6)		(13.9)		(118.6)		1.6		(7,374.5)
Amounts reclassified from AOCI		2.1		(13.8)		—		13.4		1.7
Other comprehensive loss		(7,241.5)		(27.7)		(118.6)		15.0		(7,372.8)
Adjustment for reinsurance (2)		124.4		7.4		—		—		131.8
Balances as of June 30, 2022	$	(3,649.7)	$	31.5	$	(1,682.2)	$	(329.7)	$	(5,630.1)

(1)	Net unrealized losses on available-for-sale securities for which an allowance for credit loss has been recorded were $2.1 million and $29.3 million as of June 30, 2022 and 2021, respectively.

(2)	Reflects the January 1, 2022, balance associated with our ULSG business that was ceded to Talcott Life & Annuity Re.

Redeemable Noncontrolling Interest (Table)


	For the three months ended				For the six months ended
	June 30,				June 30,
	2022		2021		2022		2021

	(in millions)
Balance at beginning of period	$	306.8	$	263.5	$	332.5	$	255.6
Net income (loss) attributable to redeemable noncontrolling interest		(23.1)		8.6		(33.4)		6.8
Contributions from redeemable noncontrolling interest		7.0		70.2		31.0		88.0
Distributions to redeemable noncontrolling interest		(21.8)		(6.8)		(61.4)		(23.1)
Purchase of subsidiary shares from redeemable noncontrolling interest (1)		—		(5.4)		—		(5.4)
Change in redemption value of redeemable noncontrolling interest		0.3		0.4		0.4		8.6
Other comprehensive income (loss) attributable to redeemable noncontrolling interest		(0.7)		0.1		(0.6)		0.1
Balance at end of period	$	268.5	$	330.6	$	268.5	$	330.6

(1)	In second quarter 2021, we acquired the remaining interest in Principal Innovations, Inc. and its wholly owned subsidiary, RobustWealth, Inc.

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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