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Stockholders' Equity (Tables)
6 Months Ended
Jun. 30, 2024
Stockholders' Equity  
Common Stock Dividends (Table)

For the three months ended

For the six months ended

June 30, 

June 30, 

    

2024

    

2023

    

2024

    

2023

Dividends declared per common share

$

0.71

  

$

0.64

$

1.40

  

$

1.28

Reconciliation of Outstanding Common Shares (Table)

For the three months ended

For the six months ended

June 30, 

June 30, 

    

2024

    

2023

    

2024

    

2023

Beginning balance

 

235,032,781

 

243,119,187

 

236,438,294

 

243,549,782

Shares issued

 

319,208

301,522

1,834,936

1,998,654

Treasury stock acquired

 

(3,058,602)

(1,382,876)

(5,979,843)

(3,510,603)

Ending balance

 

232,293,387

242,037,833

232,293,387

242,037,833

Other Comprehensive Income (Loss) (Table)

For the three months ended

 

For the six months ended

June 30, 2024

June 30, 2024

    

Pre-Tax

    

Tax

    

After-Tax

    

Pre-Tax

    

Tax

    

After-Tax

(in millions)

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

$

(720.6)

$

159.5

$

(561.1)

$

(1,228.3)

$

267.8

$

(960.5)

Reclassification adjustment for losses included in net income (1)

 

43.8

(9.3)

34.5

87.3

(18.3)

69.0

Adjustments for assumed changes in amortization patterns

 

4.9

(1.0)

3.9

4.7

(1.0)

3.7

Adjustments for assumed changes in policyholder liabilities

 

2.5

(0.6)

1.9

10.7

(2.3)

8.4

Net unrealized losses on available-for-sale securities

 

(669.4)

148.6

(520.8)

(1,125.6)

246.2

(879.4)

Net unrealized gains on derivative instruments during the period

 

31.4

(6.6)

24.8

54.5

(11.4)

43.1

Reclassification adjustment for gains included in net income (2)

 

(0.9)

0.2

(0.7)

(1.8)

0.4

(1.4)

Adjustments for assumed changes in amortization patterns

 

(0.1)

(0.1)

(0.2)

(0.2)

Net unrealized gains on derivative instruments

30.4

(6.4)

24.0

52.5

(11.0)

41.5

Liability for future policy benefits discount rate remeasurement gain (3)

501.9

(108.4)

393.5

1,212.1

(263.9)

948.2

Market risk benefit nonperformance risk remeasurement gain (loss) (4)

1.4

(0.3)

1.1

(9.6)

2.0

(7.6)

Foreign currency translation adjustment

(58.6)

3.5

(55.1)

(175.3)

(0.8)

(176.1)

Unrecognized postretirement benefit obligation during the period

(3.0)

0.8

(2.2)

(3.0)

0.8

(2.2)

Amortization of amounts included in net periodic benefit cost (6)

 

5.3

(1.3)

4.0

10.1

(2.6)

7.5

Net unrecognized postretirement benefit obligation

 

2.3

(0.5)

1.8

7.1

(1.8)

5.3

Other comprehensive loss

$

(192.0)

$

36.5

$

(155.5)

$

(38.8)

$

(29.3)

$

(68.1)

For the three months ended

For the six months ended

June 30, 2023

June 30, 2023

    

Pre-Tax

    

Tax

    

After-Tax

    

Pre-Tax

    

Tax

    

After-Tax

(in millions)

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

$

(787.7)

$

162.7

$

(625.0)

$

493.1

$

(102.2)

$

390.9

Reclassification adjustment for losses included in net income (1)

 

105.2

 

(22.1)

83.1

183.7

(38.5)

145.2

Adjustments for assumed changes in amortization patterns

 

(0.9)

 

0.2

(0.7)

(0.7)

0.2

(0.5)

Adjustments for assumed changes in policyholder liabilities

 

0.2

 

0.2

0.1

0.1

Net unrealized gains (losses) on available-for-sale securities

 

(683.2)

 

140.8

(542.4)

676.2

(140.5)

535.7

Net unrealized losses on derivative instruments during the period

 

(6.2)

 

1.4

(4.8)

(2.5)

0.6

(1.9)

Reclassification adjustment for gains included in net income (2)

 

(1.2)

 

0.2

(1.0)

(4.9)

1.0

(3.9)

Net unrealized losses on derivative instruments

 

(7.4)

 

1.6

(5.8)

(7.4)

1.6

(5.8)

Liability for future policy benefits discount rate remeasurement gain (loss) (3)

655.0

(145.8)

509.2

(27.4)

(4.3)

(31.7)

Market risk benefit nonperformance risk remeasurement gain (loss) (4)

(7.3)

1.7

(5.6)

0.4

0.4

Foreign currency translation adjustment during the period

18.5

(8.9)

9.6

150.7

(9.0)

141.7

Reclassification adjustment for losses included in net income (5)

0.3

0.3

0.3

0.3

Foreign currency translation adjustment

18.8

(8.9)

9.9

151.0

(9.0)

142.0

Unrecognized postretirement benefit obligation during the period

(18.3)

4.7

(13.6)

(18.3)

4.7

(13.6)

Amortization of amounts included in net periodic benefit cost (6)

 

6.1

(1.6)

4.5

11.2

(2.9)

8.3

Net unrecognized postretirement benefit obligation

 

(12.2)

3.1

(9.1)

(7.1)

1.8

(5.3)

Other comprehensive income (loss)

$

(36.3)

$

(7.5)

$

(43.8)

$

785.7

$

(150.4)

$

635.3

(1)Pre-tax reclassification adjustments relating to available-for-sale securities are reported in net realized capital gains (losses) and net realized capital gains (losses) on funds withheld assets 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 LFPB 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)The 2023 pre-tax reclassification adjustment related to the release of the cumulative translation adjustment from the dissolution of a foreign subsidiary.
(6)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 12, Employee and Agent Benefits, under the caption “Components of Net Periodic Benefit Cost” for further details.
Accumulated Other Comprehensive Income (Loss) (Table)

MRB

Net unrealized

Net unrealized

LFPB

nonperformance

Foreign

Unrecognized

Accumulated

losses on

gains

discount rate

risk

currency

postretirement

other

available-for-sale

on derivative

remeasurement

remeasurement

translation

benefit

comprehensive

    

securities (1)

    

instruments

    

gain

    

gain (loss)

    

adjustment

    

obligation

    

loss

(in millions)

Balances as of April 1, 2023

$

(4,779.8)

$

39.7

$

200.0

$

30.0

$

(1,440.9)

$

(250.3)

$

(6,201.3)

Other comprehensive loss during the period, net of adjustments

 

(625.5)

(4.8)

509.2

(5.6)

9.5

(13.6)

(130.8)

Amounts reclassified from AOCI

 

83.1

(1.0)

0.3

4.5

86.9

Other comprehensive loss

 

(542.4)

(5.8)

509.2

(5.6)

9.8

(9.1)

(43.9)

Balances as of June 30, 2023

$

(5,322.2)

$

33.9

$

709.2

$

24.4

$

(1,431.1)

$

(259.4)

$

(6,245.2)

Balances as of April 1, 2024

$

(4,373.4)

$

15.4

$

982.9

$

(15.6)

$

(1,617.2)

$

(248.2)

$

(5,256.1)

Other comprehensive loss during the period, net of adjustments

 

(555.3)

24.7

393.5

1.1

(55.3)

(2.2)

(193.5)

Amounts reclassified from AOCI

 

34.5

(0.7)

4.0

37.8

Other comprehensive loss

 

(520.8)

24.0

393.5

1.1

(55.3)

1.8

(155.7)

Balances as of June 30, 2024

$

(4,894.2)

$

39.4

$

1,376.4

$

(14.5)

$

(1,672.5)

$

(246.4)

$

(5,411.8)

MRB

Net unrealized

Net unrealized

LFPB

nonperformance

Foreign

Unrecognized

Accumulated

losses on

gains (losses)

discount rate

risk

currency

postretirement

other

available-for-sale

on derivative

remeasurement

remeasurement

translation

benefit

comprehensive

    

securities (1)

    

instruments

    

gain

    

gain (loss)

    

adjustment

    

obligation

    

loss

(in millions)

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

 

390.5

(1.9)

(31.7)

0.4

140.2

(13.6)

483.9

Amounts reclassified from AOCI

 

145.2

(3.9)

0.3

8.3

149.9

Other comprehensive income

 

535.7

(5.8)

(31.7)

0.4

140.5

(5.3)

633.8

Balances as of June 30, 2023

$

(5,322.2)

$

33.9

$

709.2

$

24.4

$

(1,431.1)

$

(259.4)

$

(6,245.2)

Balances as of January 1, 2024

$

(4,014.8)

$

(2.1)

$

428.2

$

(6.9)

$

(1,498.0)

$

(251.7)

$

(5,345.3)

Other comprehensive loss during the period, net of adjustments

 

(948.4)

42.9

948.2

(7.6)

(174.5)

(2.2)

(141.6)

Amounts reclassified from AOCI

 

69.0

(1.4)

7.5

75.1

Other comprehensive loss

 

(879.4)

41.5

948.2

(7.6)

(174.5)

5.3

(66.5)

Balances as of June 30, 2024

$

(4,894.2)

$

39.4

$

1,376.4

$

(14.5)

$

(1,672.5)

$

(246.4)

$

(5,411.8)

(1)Net unrealized losses on available-for-sale securities for which an allowance for credit loss has been recorded were $2.4 million and $1.9 million as of June 30, 2024 and 2023, respectively.
Redeemable Noncontrolling Interest (Table)

For the three months ended

For the six months ended

June 30, 

June 30, 

    

2024

    

2023

    

2024

    

2023

(in millions)

Balance at beginning of period

$

370.8

$

272.7

$

248.9

$

262.0

Net income attributable to redeemable noncontrolling interest

2.8

3.6

 

0.8

 

8.1

Redeemable noncontrolling interest of deconsolidated entities (1)

(95.5)

(0.6)

(185.5)

(3.0)

Contributions from redeemable noncontrolling interest

14.9

4.3

241.1

23.3

Distributions to redeemable noncontrolling interest

(13.8)

(14.4)

 

(28.0)

 

(22.8)

Purchase of subsidiary shares from redeemable noncontrolling interest

(0.6)

(0.6)

(1.6)

Change in redemption value of redeemable noncontrolling interest

(1.0)

0.7

1.1

0.1

Stock-based compensation attributable to redeemable noncontrolling interest

0.1

0.1

Other comprehensive income (loss) attributable to redeemable noncontrolling interest

(0.3)

0.4

(0.5)

0.6

Balance at end of period

$

277.4

$

266.7

$

277.4

$

266.7

(1)We deconsolidated certain sponsored investment funds as they no longer met the requirements for consolidation.