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EQUITY
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
EQUITY EQUITY
Preferred Stock
Preferred stock authorized, issued and outstanding was as follows:
September 30, 2024December 31, 2023
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:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Series A dividends declared $328 $328 $984 $984 
Series B dividends declared$— $— $619 $619 
Series C dividends declared$269 $269 $806 $806 
Common Stock
Dividends declared per share of common stock were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Dividends declared$0.24 $0.22 $0.70 $0.64 

Share Repurchase
On February 5, 2024, the Company’s Board of Directors authorized a new $1.3 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. As of September 30, 2024, Holdings had authorized capacity of approximately $706 million remaining in its share repurchase program.
Holdings repurchased a total of 6.2 million and 20.0 million shares of its common stock at an average price of $40.92 and $37.74 through open market repurchases, ASRs and privately negotiated transactions for the three and nine months ended September 30, 2024, respectively and repurchased a total of 8.3 million and 24.5 million shares of its common stock at an average price of $28.69 and $27.70 through open market repurchases, ASRs and privately negotiated transactions for the three and nine months ended September 30, 2023, respectively.
During the three and nine months ended September 30, 2024, Holdings repurchased 3.4 million and 9.8 millions shares, respectively, of its common stock through open market repurchases. During the three and nine months ended September 30, 2023, Holdings repurchased 3.4 million and 11.5 million shares, respectively, of its common stock through open market repurchases.
In September 2024, Holdings entered into an ASR with a third-party financial institution to repurchase an aggregate of $30 million of Holdings’ common stock. Pursuant to the ASR, Holdings made a pre-payment of $30 million and received initial delivery of 567,644 Holdings’ shares. The ASR terminated in October 2024, at which time an additional 133,927 shares of common stock were received.

In June 2024, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $85 million of Holdings’ common stock. Pursuant to the ASR, on July 2, 2024, Holdings made a pre-payment of $85 million and received initial delivery of 1.6 million of Holdings’ shares. The ASR terminated in August 2024, at which time an additional 366,947 shares of common stock were received.
In June 2024, Holdings entered into an ASR with a third-party financial institution to repurchase an aggregate of $35 million of Holdings’ common stock. Pursuant to the ASR, Holdings made a pre-payment of $35 million and received initial delivery of 0.7 million of Holdings’ shares. The ASR terminated in July 2024, at which time an additional 166,723 shares of common stock were received.
In March 2024, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $80 million of Holdings’ common stock. Pursuant to the ASR, on April 3, 2024, Holdings made a pre-payment of $80 million and received initial delivery of 1.7 million of Holdings’shares. The ASR terminated in May 2024, at which time an additional 466,923 shares of common stock were received.
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 of 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 of Holdings’ 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 September 30, 2024 and December 31, 2023 follow:
 September 30, 2024December 31, 2023
 
(in millions)
Unrealized gains (losses) on investments$(5,253)$(6,638)
Market risk benefits - instrument-specific credit risk component(800)(633)
Liability for future policy benefits - current discount rate component108 182 
Defined benefit pension plans(623)(652)
Foreign currency translation adjustments(60)(76)
Total accumulated other comprehensive income (loss)(6,628)(7,817)
Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest(33)(40)
Accumulated other comprehensive income (loss) attributable to Holdings$(6,595)$(7,777)
The components of OCI, net of taxes for three and nine months ended September 30, 2024 and 2023 are as follow:
Three Months Ended September 30,

Nine Months Ended September 30,
 2024202320242023
 (in millions)
Change in net unrealized gains (losses) on investments:
Net unrealized gains (losses) arising during the period$2,299 $(2,102)$1,314 $(1,231)
(Gains) losses reclassified into net income (loss) during the period (1)22 274 43 374 
Net unrealized gains (losses) on investments2,321 (1,828)1,357 (857)
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other(66)62 (23)93 
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $448, $(384), $212 and $(375))
2,255 (1,766)1,334 (764)
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 $(1), $(289), $(35) and $(63))
(5)(1,086)(133)(235)
Liability for future policy benefits - changes in current discount rate (net of deferred income tax expense (benefit) of $(60), $52, $(16) and $42 )
(223)195 (58)157 
Change in defined benefit plans:
Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost11 6 29 35 
Change in defined benefit plans (net of deferred income tax expense (benefit) of $(3), $(2), $(8), and $(9))
11 6 29 35 
Foreign currency translation adjustments:
Foreign currency translation gains (losses) arising during the period20 (16)17 (5)
Foreign currency translation adjustment20 (16)17 (5)
Total other comprehensive income (loss), net of income taxes2,058 (2,667)1,189 (812)
Less: Other comprehensive income (loss) attributable to noncontrolling interest8 (7)7 (2)
Other comprehensive income (loss) attributable to Holdings$2,050 $(2,660)$1,182 $(810)
______________
(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 $(6) million and $(11) million for the three and nine months ended September 30, 2024,respectively, and $(73) million, and $(99) million for the three and nine months ended September 30, 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.