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EQUITY
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
EQUITY EQUITY
Preferred Stock
Preferred stock authorized, issued and outstanding was as follows:
June 30, 2025December 31, 2024
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 6,613 6,613 20,000 17,773 17,773 
Series C12,000 12,000 12,000 12,000 12,000 12,000 
Total64,000 50,613 50,613 64,000 61,773 61,773 

On April 11, 2025, Holdings redeemed and retired $279 million of Series B Preferred Stock using proceeds from our Junior Subordinated Debt issuance.
Dividends declared per share were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Series A dividends declared $328 $328 $656 $656 
Series B dividends declared$619 $619 $619 $619 
Series C dividends declared$269 $269 $538 $538 
Common Stock
Dividends declared per share of common stock were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Dividends declared$0.27 $0.24 $0.51 $0.46 

Share Repurchase
On February 5, 2024, the Company’s Board of Directors (the “Board”) authorized a new $1.3 billion share repurchase program. On February 13, 2025, Holdings’s Board approved an additional $1.5 billion under Holdings’s 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 June 30, 2025, Holdings had authorized capacity of approximately $1.5 billion remaining in its share repurchase program.
Holdings repurchased a total of 4.8 million and 9.8 million shares of its common stock at an average price of $51.71 and $50.79 through open market repurchases, ASRs and privately negotiated transactions for the three and six months ended June 30, 2025, respectively and repurchased a total of 6.3 million and 13.8 million shares of its common stock at an average price of $39.21 and $36.31 through open market repurchases, ASRs and privately negotiated transactions for the three and six months ended June 30, 2024, respectively.
During the three and six months ended June 30, 2025, Holdings repurchased 2.4 million and 4.7 million shares, of its common stock through open market repurchases. During the three and six months ended June 30, 2024, Holdings repurchased 3.2 million and 6.4 million shares, of its common stock through open market repurchases.
In March 2025, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $38 million of Holdings’ common stock. Pursuant to the ASR, Holdings made a pre-payment of $38 million and received initial delivery of 567,270 of Holdings’ shares. The ASR terminated in April 2025, at which time an additional 201,068 shares of common stock were received.
In March 2025, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $102 million of Holdings’ common stock. Pursuant to the ASR, on April 2, 2025, Holdings made a pre-payment of $102 million and received initial delivery of 1.6 million of Holdings’ shares. The ASR will be terminated in April 2025, at which time 629,617 additional shares of common stock were received.
In December 2024, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $105 million of Holdings’ common stock. Pursuant to the ASR, on January 3, 2025, Holdings made a pre-payment of $105 million and received initial delivery of 1.8 million of Holdings’ shares. The ASR terminated in February 2025, at which time 274,630 additional shares of common stock were received.
In December 2024, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $32 million of Holdings’ common stock. Pursuant to the ASR, in December, Holdings made a pre-payment of $32 million and received initial delivery of 550,301 of Holdings’ shares. The ASR terminated in January 2025, at which time an additional 105,468 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 are as follows:
 
June 30, 2025December 31, 2024
 
(in millions)
Unrealized gains (losses) on investments$(6,501)$(7,334)
Market risk benefits - instrument -specific credit risk component
(601)(1,125)
Liability for future policy benefits - current discount rate component
255 372 
Defined benefit pension plans(553)(579)
Foreign currency translation adjustments(51)(88)
Total accumulated other comprehensive income (loss)(7,451)(8,754)
Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest(19)(42)
Accumulated other comprehensive income (loss) attributable to Holdings$(7,432)$(8,712)


The components of OCI, net of taxes for follows:
Three Months Ended June 30,

Six Months Ended June 30,
 2025

2024

20252024
 
(in millions)
Change in net unrealized gains (losses) on investments:
Net unrealized gains (losses) arising during the period
$335 $(443)$993 $(986)
(Gains) losses reclassified into net income (loss) during the period (1)
28 — 34 21 
Net unrealized gains (losses) on investments363 (443)1,027 (965)
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other(54)34 (109)43 
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $124, $(102), $297 and $(235))
309 (409)918 (922)
Change in LFPB discount rate and MRB credit risk, net of tax
Changes in instrument-specific credit risk - market risk benefits (net of deferred income tax expense (benefit) of $(45), $(42), $110 and $(37))
(170)(159)414 (139)
Changes in current discount rate - liability for future policy benefits (net of deferred income tax expense (benefit) of $(8), $18, $(25) and $44)
(29)67(92)165
Change in defined benefit plans:
Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost)
9 11 26 19 
Change in defined benefit plans (net of deferred income tax expense (benefit) of $3, $7, $1 and $5)
9 11 26 19 
Foreign currency translation adjustments:
Foreign currency translation gains (losses) arising during the period26 9 37 (2)
Foreign currency translation adjustment26 9 37 (2)
Total other comprehensive income (loss), net of income taxes145 (481)1,303 (879)
Three Months Ended June 30,

Six Months Ended June 30,
 2025

2024

20252024
 
(in millions)
Less: Other comprehensive income (loss) attributable to noncontrolling interest10 3 23 (1)
Other comprehensive income (loss) attributable to Holdings$135 $(484)$1,280 $(878)
______________
(1)See “reclassification adjustments” in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $(7) million, $0 million, $(9) million and $(6) million for the three and six months ended June 30, 2025 and 2024, 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.