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EQUITY
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
EQUITY EQUITY
Preferred Stock
Preferred stock authorized, issued and outstanding was as follows:
March 31, 2023December 31, 2022
SeriesShares AuthorizedShares
 Issued		Shares OutstandingShares AuthorizedShares
 Issued		Shares Outstanding
Series A 32,000 32,000 32,000 32,000 32,000 32,000 
Series B 20,000 20,000 20,000 20,000 20,000 20,000 
Series C12,000 12,000 12,000 12,000 12,000 12,000 
Total64,000 64,000 64,000 64,000 64,000 64,000 

Dividends declared per share were as follows for the periods indicated:
Three Months Ended March 31,
20232022
Series A dividends declared $328 $328 
Series B dividends declared$— $— 
Series C dividends declared$269 $269 
Common Stock
Dividends declared per share of common stock were as follows for the periods indicated:
Three Months Ended March 31,
20232022
Dividends declared$0.20 $0.18 

Share Repurchase

On February 9, 2022, the Company’s Board of Directors authorized a new $1.2 billion share repurchase program. Under this program, the Company may, from time to time purchase shares of its common stock through various means. The Company may choose to suspend or discontinue the repurchase program at any time. The repurchase program does not obligate the Company to purchase any particular number of shares. On February 9, 2023, the Company’s Board of Directors authorized a new $700 million share repurchase program. Under this program, the Company may, from time to time, purchase shares of its common stock through various means. The Company may choose to suspend or discontinue the repurchase program at any time. The repurchase program does not obligate the Company to purchase any particular number of shares. As of March 31, 2023, Holdings had authorized capacity of approximately $870 million remaining in its share repurchase program.
Holdings repurchased a total of 7.3 million and 8.6 million shares of its common stock at an average price of $29.16 and $31.96 through open market repurchases, ASRs and privately negotiated transactions during the three months ended March 31, 2023 and 2022, respectively.
During the three months ended March 31, 2023 and 2022, Holdings repurchased 4.5 million and 7.9 million shares of its common stock through open market repurchases.
In January 2023, Holdings entered into an ASR with a third-party financial institution to repurchase an aggregate of $75 million of Holdings’ common stock. Pursuant to the ASR, Holdings made a prepayment of $75 million and received initial delivery of 2 million Holdings’ shares. The ASR terminated in March 2023, at which time an additional 424,000 shares of common stock were received.
Accumulated Other Comprehensive Income (Loss)
AOCI represents cumulative gains (losses) on items that are not reflected in net income (loss). The balances as of March 31, 2023 and December 31, 2022 follow:
 
March 31,December 31,
20232022
 
(in millions)
Unrealized gains (losses) on investments$(7,917)$(9,324)
Market risk benefits - instrument-specific credit risk component1,855 668 
Liability for future policy benefits - current discount rate component213 355 
Defined benefit pension plans(629)(650)
Foreign currency translation adjustments(85)(91)
Total accumulated other comprehensive income (loss)(6,563)(9,042)
Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest(47)(50)
Accumulated other comprehensive income (loss) attributable to Holdings$(6,516)$(8,992)


The components of OCI, net of taxes for the three months ended March 31, 2023 and 2022 is as follows:

Three Months Ended March 31,
 

20232022
 
(in millions)
Change in net unrealized gains (losses) on investments:
Net unrealized gains (losses) arising during the period$1,571 $(5,080)
(Gains) losses reclassified into net income (loss) during the period (1)63 264 
Net unrealized gains (losses) on investments1,634 (4,816)
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other(8)139 
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $341 and $(1,244))
1,626 (4,677)
Change in LFPB discount rate and MRB credit risk, net of tax
Market risk benefits - changes in instrument-specific credit risk (net of deferred income tax expense (benefit) of $249 and $418)
938 1,573 
Liability for future policy benefits - changes in current discount rate (net of deferred income tax expense (benefit) of $(30) and $123)
(112)462 
Change in defined benefit plans:
Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost (3)20 43 
Change in defined benefit plans (net of deferred income tax expense (benefit) of $(6) and $(9))
20 43 
Foreign currency translation adjustments:
Foreign currency translation gains (losses) arising during the period6 (12)
Foreign currency translation adjustment6 (12)
Total other comprehensive income (loss), net of income taxes2,478 (2,611)
Less: Other comprehensive income (loss) attributable to noncontrolling interest2 (4)
Other comprehensive income (loss) attributable to Holdings$2,476 $(2,607)
______________
(1)See “reclassification adjustment” in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $(17) million and $(70) million for the three months ended March 31, 2023 and 2022, respectively.
Investment gains and losses reclassified from AOCI to net income (loss) primarily consist of realized gains (losses) on sales and credit losses of AFS securities and are included in total investment gains (losses), net on the consolidated statements of income (loss). Amounts reclassified from AOCI to net income (loss) as related to defined benefit plans
primarily consist of amortization of net (gains) losses and net prior service cost (credit) recognized as a component of net periodic cost and reported in compensation and benefits in the consolidated statements of income (loss). Amounts presented in the table above are net of tax.