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EQUITY | 3 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
EQUITY | EQUITY Preferred Stock Preferred stock authorized, issued and outstanding was as follows:
|  | March 31, 2024 |  | December 31, 2023
Series |  | Shares Authorized |  | Shares Issued |  | Shares Outstanding |  | Shares Authorized |  | Shares 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 C |  | 12,000 |  |  | 12,000 |  |  | 12,000 |  |  | 12,000 |  |  | 12,000 |  |  | 12,000 |
Total |  | 64,000 |  |  | 64,000 |  |  | 64,000 |  |  | 64,000 |  |  | 64,000 |  |  | 64,000 |
Dividends declared per share were as follows:
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |  |  |
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:
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |  |  |
Dividends declared | $ | 0.22 |  |  | $ | 0.20 |  |  |  |  |  |  |
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, 2024, Holdings had authorized capacity of approximately $1,203 million remaining in its share repurchase program. Holdings repurchased a total of 7.5 million shares of its common stock at an average price of $33.86 through open market repurchases, ASRs and privately negotiated transactions for the three months ended March 31, 2024, respectively and repurchased a total of 7.3 million shares of its common stock at an average price of $29.16 through open market repurchases, ASRs and privately negotiated transactions for the three months ended March 31, 2023, respectively. During the three months ended March 31, 2024, Holdings repurchased 4.3 million shares, respectively, of its common stock through open market repurchases. During the three months ended March 31, 2023, Holdings repurchased 4.5 million shares, respectively, of its common stock through open market repurchases. In March 2024 Holdings entered into an ASR with a third-party financial institution to repurchase an aggregate of $50 million of Holdings’ common stock, Pursuant to the ASR, Holdings made a pre-payment of $50 million and received initial delivery of 1.0 million Holdings’ shares. The ASR terminated in April 2024, at which time an additional 235,302 shares of common stock were received. In December 2023, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $95 million of Holdings’ common stock. Pursuant to the ASR, on January 4, 2024, Holdings made a pre-payment of $95 million and received initial delivery of 2.3 million shares. The ASR terminated in January 2024, at which time an additional 625,040 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, 2024 and December 31, 2023 follow:
| March 31, 2024 |  | December 31, 2023 |  |
| (in millions)
Unrealized gains (losses) on investments | $ | (7,183) |  |  | $ | (6,638) |  |  |
Market risk benefits - instrument-specific credit risk component | (601) |  |  | (633) |  |  |
Liability for future policy benefits - current discount rate component | 306 |  |  | 182 |  |  |
Defined benefit pension plans | (645) |  |  | (652) |  |  |
Foreign currency translation adjustments | (87) |  |  | (76) |  |  |
Total accumulated other comprehensive income (loss) | (8,210) |  |  | (7,817) |  |  |
Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest | (44) |  |  | (40) |  |  |
Accumulated other comprehensive income (loss) attributable to Holdings | $ | (8,166) |  |  | $ | (7,777) |  |  |
The components of OCI, net of taxes are as three months ended March 31, 2024 and 2023 follow:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023 |  |
|  |  |  |  | (in millions)
Change in net unrealized gains (losses) on investments: |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) arising during the period |  |  |  |  | $ | (543) |  |  | $ | 1,571 |  |  |
(Gains) losses reclassified into net income (loss) during the period (1) |  |  |  |  | 21 |  |  | 63 |  |  |
Net unrealized gains (losses) on investments |  |  |  |  | (522) |  |  | 1,634 |  |  |
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other |  |  |  |  | 9 |  |  | (8) |  |  |
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(133) and $341) |  |  |  |  | (513) |  |  | 1,626 |  |  |
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 $7 and $249) |  |  |  |  | 25 |  |  | 938 |  |  |
Liability for future policy benefits - changes in current discount rate (net of deferred income tax expense (benefit) of $26 and $(30) ) |  |  |  |  | 98 |  |  | (112) |  |  |
Change in defined benefit plans: |  |  |  |  |  |  |  |  |
Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost |  |  |  |  | 8 |  |  | 20 |  |  |
Change in defined benefit plans (net of deferred income tax expense (benefit) of $(2), and $(6)) |  |  |  |  | 8 |  |  | 20 |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Foreign currency translation gains (losses) arising during the period |  |  |  |  | (11) |  |  | 6 |  |  |
Foreign currency translation adjustment |  |  |  |  | (11) |  |  | 6 |  |  |
Total other comprehensive income (loss), net of income taxes |  |  |  |  | (393) |  |  | 2,478 |  |  |
Less: Other comprehensive income (loss) attributable to noncontrolling interest |  |  |  |  | (4) |  |  | 2 |  |  |
Other comprehensive income (loss) attributable to Holdings |  |  |  |  | $ | (389) |  |  | $ | 2,476 |  |  |
______________ (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 $(5) million and $(17) million for the three months ended March 31, 2024 and 2023, 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.

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