Equity (Tables)

6 Months Ended

Jun. 30, 2024

The following table presents a rollforward of outstanding shares:


Six Months Ended June 30, 2024	Common Stock Issued	Treasury Stock	Common Stock Outstanding

Shares, beginning of year	648,148,737	(26,484,411)	621,664,326
Shares issued under long-term incentive compensation plans	2,041,112	1,229,028	3,270,140
Shares repurchased	—	(24,607,065)	(24,607,065)
Shares, end of period	650,189,849	(49,862,448)	600,327,401

Dividends Declared

Dividends


Declaration Date	Record Date	Payment Date	Dividend Paid Per Common Share





May 2, 2024	June 14, 2024	June 28, 2024	$	0.23
February 14, 2024	March 15, 2024	March 29, 2024	$	0.23

Rollforward of Accumulated Other Comprehensive Income (Loss)

The following table presents a rollforward of Accumulated other comprehensive income (loss):


(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which allowance for credit losses was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in fair value of market risk benefits attributable to changes in our own credit risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Cash Flow Hedges		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Total
Three Months Ended June 30, 2024
Balance, March 31, 2024, net of tax	$	(44)	$	(15,865)	$	(932)	$	2,638	$	127	$	(65)	$	2	$	(14,139)

Change in unrealized depreciation of investments	(12)		(1,150)		—		—		—		—		—		(1,162)
Change in fair value of market risk benefits attributable to changes in our own credit risk	—		—		202		—		—		—		—		202
Change in discount rates assumptions of certain liabilities	—		—		—		472		—		—		—		472
Change in future policy benefits and other	—		86		—		—		—		—		—		86
Change in cash flow hedges	—		—		—		—		(3)		—		—		(3)
Change in foreign currency translation adjustments	—		—		—		—		—		70		—		70


Change in deferred tax asset (liability)	3		97		(43)		(93)		1		—		—		(35)

Total other comprehensive income (loss)	(9)		(967)		159		379		(2)		70		—		(370)

Less: Noncontrolling interests	—		—		—		—		—		(1)		—		(1)
Balance, June 30, 2024, net of tax	$	(53)	$	(16,832)	$	(773)	$	3,017	$	125	$	6	$	2	$	(14,508)
Three Months Ended June 30, 2023
Balance, March 31, 2023, net of tax	$	(62)	$	(16,248)	$	(291)	$	2,443	$	153	$	(73)	$	11	$	(14,067)

Change in unrealized depreciation of investments	55		(1,827)		—		—		—		—		—		(1,772)
Change in fair value of market risk benefits attributable to changes in our own credit risk	—		—		(240)		—		—		—		—		(240)
Change in discount rates assumptions of certain liabilities	—		—		—		628		—		—		—		628
Change in future policy benefits and other	—		49		—		—		—		—		—		49
Change in cash value hedges	—		—		—		—		(8)		—		—		(8)
Change in foreign currency translation adjustments	—		—		—		—		—		28		—		28


Change in deferred tax asset (liability)	(12)		294		51		(142)		2		8		—		201

Total other comprehensive income (loss)	43		(1,484)		(189)		486		(6)		36		—		(1,114)

Less: Noncontrolling interests	—		—		—		—		—		1		—		1
Balance, June 30, 2023, net of tax	$	(19)	$	(17,732)	$	(480)	$	2,929	$	147	$	(38)	$	11	$	(15,182)


(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which allowance for credit losses was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in fair value of market risk benefits attributable to changes in our own credit risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Cash Flow Hedges		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Total
Six Months Ended June 30, 2024
Balance at December 31, 2023, net of tax	$	(79)	$	(14,650)	$	(909)	$	2,095	$	146	$	(63)	$	2	$	(13,458)

Change in unrealized depreciation of investments	33		(2,270)		—		—		—		—		—		(2,237)
Change in fair value of market risk benefits attributable to changes in our own credit risk	—		—		173		—		—		—		—		173
Change in discount rates assumptions of certain liabilities	—		—		—		1,167		—		—		—		1,167
Change in future policy benefits and other	—		(41)		—		—		—		—		—		(41)
Change in cash flow hedges	—		—		—		—		(28)		—		—		(28)
Change in foreign currency translation adjustments	—		—		—		—		—		66		—		66


Change in deferred tax asset (liability)	(7)		168		(37)		(245)		6		1		—		(114)

Total other comprehensive income (loss)	26		(2,143)		136		922		(22)		67		—		(1,014)
Other	—		(39)		—		—		1		—		—		(38)
Less: Noncontrolling interests	—		—		—		—		—		(2)		—		(2)
Balance, June 30, 2024, net of tax	$	(53)	$	(16,832)	$	(773)	$	3,017	$	125	$	6	$	2	$	(14,508)
Six Months Ended June 30, 2023
Balance, December 31, 2022, net of tax	$	(92)	$	(19,380)	$	(365)	$	2,908	$	157	$	(100)	$	9	$	(16,863)

Change in unrealized depreciation of investments	93		2,155		—		—		—		—		—		2,248
Change in fair value of market risk benefits attributable to changes in our own credit risk	—		—		(146)		—		—		—		—		(146)
Change in discount rates assumptions of certain liabilities	—		—		—		33		—		—		—		33
Change in future policy benefits and other	—		(67)		—		—		—		—		—		(67)
Change in cash value hedges	—		—		—		—		(15)		—		—		(15)
Change in foreign currency translation adjustments	—		—		—		—		—		65		—		65
Change in net actuarial loss	—		—		—		—		—		—		3		3

Change in deferred tax asset (liability)	(20)		(440)		31		(12)		5		7		(1)		(430)

Total other comprehensive income (loss)	73		1,648		(115)		21		(10)		72		2		1,691

Less: Noncontrolling interests	—		—		—		—		—		10		—		10
Balance, June 30, 2023, net of tax	$	(19)	$	(17,732)	$	(480)	$	2,929	$	147	$	(38)	$	11	$	(15,182)

Reclassification out of Accumulated Other Comprehensive Income

The following table presents the OCI reclassification adjustments for the three and six months ended June 30, 2024 and 2023, respectively:


(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in fair value of market risk benefits attributable to changes in our own credit risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Cash Flow Hedges		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Total
Three Months Ended June 30, 2024
Unrealized change arising during period	$	(14)	$	(1,665)	$	202	$	718	$	(3)	$	3	$	—	$	(759)
Less: Reclassification adjustments included in net income	(2)		(601)		—		246		—		(67)		—		(424)
Total other comprehensive income (loss), before income tax expense (benefit)	(12)		(1,064)		202		472		(3)		70		—		(335)
Less: Income tax expense (benefit)	(3)		(97)		43		93		(1)		—		—		35
Total other comprehensive income (loss), net of income tax expense (benefit)	$	(9)	$	(967)	$	159	$	379	$	(2)	$	70	$	—	$	(370)
Three Months Ended June 30, 2023
Unrealized change arising during period	$	52	$	(2,009)	$	(240)	$	628	$	(8)	$	28	$	—	$	(1,549)
Less: Reclassification adjustments included in net income	(3)		(231)		—		—		—		—		—		(234)
Total other comprehensive income (loss), before income tax expense (benefit)	55		(1,778)		(240)		628		(8)		28		—		(1,315)
Less: Income tax expense (benefit)	12		(294)		(51)		142		(2)		(8)		—		(201)
Total other comprehensive income (loss), net of income tax expense (benefit)	$	43	$	(1,484)	$	(189)	$	486	$	(6)	$	36	$	—	$	(1,114)
Six Months Ended June 30, 2024
Unrealized change arising during period	$	25	$	(3,248)	$	173	$	1,413	$	(28)	$	(1)	$	—	$	(1,666)
Less: Reclassification adjustments included in net income	(8)		(937)		—		246		—		(67)		—		(766)
Total other comprehensive income (loss), before income tax expense (benefit)	33		(2,311)		173		1,167		(28)		66		—		(900)
Less: Income tax expense (benefit)	7		(168)		37		245		(6)		(1)		—		114
Total other comprehensive income (loss), net of income tax expense (benefit)	$	26	$	(2,143)	$	136	$	922	$	(22)	$	67	$	—	$	(1,014)
Six Months Ended June 30, 2023
Unrealized change arising during period	$	76	$	1,770	$	(146)	$	33	$	(15)	$	65	$	3	$	1,786
Less: Reclassification adjustments included in net income	(17)		(318)		—		—		—		—		—		(335)
Total other comprehensive income (loss), before income tax expense (benefit)	93		2,088		(146)		33		(15)		65		3		2,121
Less: Income tax expense (benefit)	20		440		(31)		12		(5)		(7)		1		430
Total other comprehensive income (loss), net of income tax expense (benefit)	$	73	$	1,648	$	(115)	$	21	$	(10)	$	72	$	2	$	1,691

The following table presents the effect of the reclassification of significant items out of Accumulated other comprehensive income on the respective line items in the Condensed Consolidated Statements of Income (Loss)*:


	Amount Reclassified from AOCI								Affected Line Item in the Condensed Consolidated Statements of Income (Loss)
	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments	$	(2)	$	(3)	$	(8)	$	(17)		Net realized gains (losses)
Total	$	(2)	$	(3)	$	(8)	$	(17)
Unrealized appreciation (depreciation) of all other investments
Investments	$	(540)	$	(231)	$	(876)	$	(318)		Net realized gains (losses)
Sale of business	(61)		—		(61)		—			Net (gain) loss on divestitures
Total	$	(601)	$	(231)	$	(937)	$	(318)
Effect of changes in the discount rates used to measure traditional and limited-payment long duration insurance contracts
Sale of business	$	246	$	—	$	246	$	—		Net (gain) loss on divestitures
Total	$	246	$	—	$	246	$	—
Foreign Currency Translation Adjustments
Sale of business	$	(67)	$	—	$	(67)	$	—		Net (gain) loss on divestitures
Total	$	(67)	$	—	$	(67)	$	—





Total reclassifications for the period	$	(424)	$	(234)	$	(766)	$	(335)

*The following items are not reclassified out of AOCI and included in the Condensed Consolidated Statements of Income (Loss) and thus have been excluded from the table:(a) Change in fair value of MRBs attributable to changes in our own credit risk (b) Change in the discount rates used to measure traditional and limited-payment long-duration insurance contracts and (c) Fair value of liabilities under fair value option attributable to changes in our own credit risk.

Non-Redeemable Noncontrolling Interest

The following table presents a rollforward of non-redeemable noncontrolling interest:



	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Beginning balance	$	810	$	910	$	869	$	939
Net (loss) attributable to redeemable noncontrolling interest	(24)		(20)		(75)		(14)
Other comprehensive income (loss), net of tax	(1)		1		(2)		10
Changes in noncontrolling interests due to divestitures and acquisitions	—		—		1		(19)
Contributions from noncontrolling interests	32		18		53		43
Distributions to noncontrolling interests	(2)		(3)		(31)		(53)
Other	1		1		1		1
Ending balance	$	816	$	907	$	816	$	907