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v3.23.1

Stockholders' Equity (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Stockholders' Equity |
Common Stock Dividends (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended
​ | ​ | March 31,
​ |  | 2023 |  | 2022
Dividends declared per common share | ​ | $ | 0.64 |  | $ | 0.64
​
Reconciliation of Outstanding Common Shares (Table) | ​
​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended
​ | ​ | March 31,
​ |  | 2023 |  | 2022
​ | ​ | (in millions)
Beginning balance |  | 243.5 |  | 261.7
Shares issued |  | 1.7 |  | 1.7
Treasury stock acquired |  | (2.1) |  | (11.2)
Ending balance |  | 243.1 |  | 252.2
​
Other Comprehensive Income (Loss) (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended
​ | ​ | March 31, 2023
​ |  | Pre-Tax |  | Tax |  | After-Tax
​ | ​ | (in millions)
Net unrealized gains on available-for-sale securities during the period | ​ | $ | 1,280.8 | ​ | $ | (264.9) | ​ | $ | 1,015.9
Reclassification adjustment for losses included in net income (1) | ​ |  | 78.5 | ​ | ​ | (16.4) | ​ | ​ | 62.1
Adjustments for assumed changes in amortization patterns | ​ |  | 0.2 | ​ | ​ | — | ​ | ​ | 0.2
Adjustments for assumed changes in policyholder liabilities | ​ |  | (0.1) | ​ | ​ | — | ​ | ​ | (0.1)
Net unrealized gains on available-for-sale securities | ​ |  | 1,359.4 | ​ | ​ | (281.3) | ​ | ​ | 1,078.1
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized gains on derivative instruments during the period | ​ |  | 3.7 | ​ | ​ | (0.8) | ​ | ​ | 2.9
Reclassification adjustment for gains included in net income (2) | ​ |  | (3.7) | ​ | ​ | 0.8 | ​ | ​ | (2.9)
Net unrealized gains on derivative instruments | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liability for future policy benefits discount rate remeasurement loss (3) | ​ | ​ | (682.4) | ​ | ​ | 141.5 | ​ | ​ | (540.9)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Market risk benefit nonperformance risk gain (4) | ​ | ​ | 7.7 | ​ | ​ | (1.7) | ​ | ​ | 6.0
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency translation adjustment | ​ | ​ | 132.2 | ​ | ​ | (0.1) | ​ | ​ | 132.1
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of amounts included in net periodic benefit cost (5) | ​ |  | 5.1 | ​ | ​ | (1.3) | ​ | ​ | 3.8
Net unrecognized postretirement benefit obligation | ​ |  | 5.1 | ​ | ​ | (1.3) | ​ | ​ | 3.8
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive income | ​ | $ | 822.0 | ​ | $ | (142.9) | ​ | $ | 679.1
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​ | $ | (5,535.5) | ​ | $ | 1,172.0 | ​ | $ | (4,363.5)
Reclassification adjustment for gains included in net income (1) | ​ |  | (40.6) | ​ |  | 5.2 | ​ |  | (35.4)
Adjustments for assumed changes in amortization patterns | ​ |  | (0.1) | ​ |  | — | ​ |  | (0.1)
Adjustments for assumed changes in policyholder liabilities | ​ |  | 363.1 | ​ |  | (76.3) | ​ |  | 286.8
Net unrealized losses on available-for-sale securities | ​ |  | (5,213.1) | ​ |  | 1,100.9 | ​ |  | (4,112.2)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 policyholder liabilities | ​ |  | 3.9 | ​ |  | (0.7) | ​ |  | 3.2
Net unrealized losses on derivative instruments | ​ |  | (23.9) | ​ |  | 5.1 | ​ |  | (18.8)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liability for future policy benefits discount rate remeasurement gain (3) | ​ | ​ | 3,190.9 | ​ | ​ | (671.8) | ​ | ​ | 2,519.1
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Market risk benefit nonperformance risk gain (4) | ​ | ​ | 93.2 | ​ | ​ | (19.5) | ​ | ​ | 73.7
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency translation adjustment | ​ | ​ | 156.6 | ​ | ​ | (1.5) | ​ | ​ | 155.1
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of amounts included in net periodic benefit cost (5) | ​ |  | 9.0 | ​ |  | (2.3) | ​ |  | 6.7
Net unrecognized postretirement benefit obligation | ​ |  | 9.0 | ​ |  | (2.3) | ​ |  | 6.7
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive loss | ​ | $ | (1,787.3) | ​ | $ | 410.9 | ​ | $ | (1,376.4)
(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) | Includes the discount rate remeasurement gain (loss) associated with the liability for future policy benefits and the associated reinsurance recoverable. See Note 8, Future Policy Benefits and Claims, under the caption “Liability for Future Policy Benefits” for further details.
(4) | See Note 9, Market Risk Benefits, for further details.
(5) | 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 13, 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 | ​ | LFPB | ​ | ​ | ​ | ​ | Foreign | ​ | Unrecognized | ​ | Accumulated
​ | ​ | gains (losses) on | ​ | gains | ​ | discount rate | ​ | MRB | ​ | currency | ​ | postretirement | ​ | other
​ | ​ | available-for-sale | ​ | on derivative | ​ | remeasurement | ​ | nonperformance | ​ | translation | ​ | benefit | ​ | comprehensive
​ |  | securities (1) |  | instruments |  | gain (loss) |  | risk gain (loss) |  | adjustment |  | obligation |  | loss
​ | ​ | (in millions)
Balances as of January 1, 2022 | ​ | $ | 3,880.4 | ​ | $ | 56.6 | ​ | $ | (4,037.6) | ​ | $ | (90.1) | ​ | $ | (1,548.7) | ​ | $ | (344.7) | ​ | $ | (2,084.1)
Other comprehensive loss during the period, net of adjustments | ​ |  | (4,076.8) | ​ | ​ | (13.4) | ​ | ​ | 2,519.1 | ​ | ​ | 73.7 | ​ | ​ | 153.7 | ​ | ​ | — | ​ | ​ | (1,343.7)
Amounts reclassified to AOCI | ​ |  | (35.4) | ​ | ​ | (5.4) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6.7 | ​ | ​ | (34.1)
Other comprehensive loss | ​ |  | (4,112.2) | ​ | ​ | (18.8) | ​ | ​ | 2,519.1 | ​ | ​ | 73.7 | ​ | ​ | 153.7 | ​ | ​ | 6.7 | ​ | ​ | (1,377.8)
Balances as of March 31, 2022 | ​ | $ | (231.8) | ​ | $ | 37.8 | ​ | $ | (1,518.5) | ​ | $ | (16.4) | ​ | $ | (1,395.0) | ​ | $ | (338.0) | ​ | $ | (3,461.9)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balances as of January 1, 2023 | ​ | $ | (5,857.9) | ​ | $ | 39.7 | ​ | $ | 740.9 | ​ | $ | 24.0 | ​ | $ | (1,571.6) | ​ | $ | (254.1) | ​ | $ | (6,879.0)
Other comprehensive income during the period, net of adjustments | ​ |  | 1,016.0 | ​ | ​ | 2.9 | ​ | ​ | (540.9) | ​ | ​ | 6.0 | ​ | ​ | 130.7 | ​ | ​ | — | ​ | ​ | 614.7
Amounts reclassified from AOCI | ​ |  | 62.1 | ​ | ​ | (2.9) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3.8 | ​ | ​ | 63.0
Other comprehensive income | ​ |  | 1,078.1 | ​ | ​ | — | ​ | ​ | (540.9) | ​ | ​ | 6.0 | ​ | ​ | 130.7 | ​ | ​ | 3.8 | ​ | ​ | 677.7
Balances as of March 31, 2023 | ​ | $ | (4,779.8) | ​ | $ | 39.7 | ​ | $ | 200.0 | ​ | $ | 30.0 | ​ | $ | (1,440.9) | ​ | $ | (250.3) | ​ | $ | (6,201.3)
(1) | Net unrealized gains on available-for-sale securities for which an allowance for credit loss has been recorded were $0.6 million and $6.2 million as of March 31, 2023 and 2022, respectively.
Redeemable Noncontrolling Interest (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended
​ | ​ | March 31,
​ |  | 2023 |  | 2022
​ | ​ | (in millions)
Balance at beginning of period | ​ | $ | 262.0 | ​ | $ | 332.5
Net income (loss) attributable to redeemable noncontrolling interest | ​ | ​ | 4.5 | ​ | ​ | (10.3)
Redeemable noncontrolling interest of deconsolidated entities (1) | ​ | ​ | (2.4) | ​ | ​ | —
Contributions from redeemable noncontrolling interest | ​ | ​ | 19.0 | ​ | ​ | 24.0
Distributions to redeemable noncontrolling interest | ​ | ​ | (8.4) | ​ | ​ | (39.6)
Purchase of subsidiary shares from redeemable noncontrolling interest | ​ | ​ | (1.6) | ​ | ​ | —
Change in redemption value of redeemable noncontrolling interest | ​ | ​ | (0.6) | ​ | ​ | 0.1
Other comprehensive income attributable to redeemable noncontrolling interest | ​ | ​ | 0.2 | ​ | ​ | 0.1
Balance at end of period | ​ | $ | 272.7 | ​ | $ | 306.8

X
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