Stockholders' Equity (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Stockholders' Equity |
|
| Common Stock Dividends (Table) |
| | | | | | | | | | | | | | | For the three months ended | | For the six months ended | | | June 30, | | June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | | | | | | | | | Dividends declared per common share | | $ | 0.76 | | $ | 0.71 | | $ | 1.51 | | $ | 1.40 |
|
| Reconciliation of Outstanding Common Shares (Table) |
| | | | | | | | | | | For the three months ended | | For the six months ended | | | June 30, | | June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | Beginning balance | | 224,971,715 | | 235,032,781 | | 226,225,161 | | 236,438,294 | Shares issued | | 201,106 | | 319,208 | | 1,836,356 | | 1,834,936 | Treasury stock acquired | | (1,987,132) | | (3,058,602) | | (4,875,828) | | (5,979,843) | Ending balance | | 223,185,689 | | 232,293,387 | | 223,185,689 | | 232,293,387 |
|
| Other Comprehensive Income (Loss) (Table) |
| | | | | | | | | | | | | | | | | | | | | For the three months ended | | For the six months ended | | | June 30, 2025 | | June 30, 2025 | | | Pre-Tax | | Tax | | After-Tax | | Pre-Tax | | Tax | | After-Tax | | | | (in millions) | Net unrealized gains on available-for-sale securities during the period | | $ | 273.5 | | $ | (57.6) | | $ | 215.9 | | $ | 940.3 | | $ | (198.5) | | $ | 741.8 | Reclassification adjustment for losses included in net income (1) | | | 44.5 | | | (9.5) | | | 35.0 | | | 107.0 | | | (22.6) | | | 84.4 | Adjustments for assumed changes in amortization patterns | | | (0.1) | | | 0.1 | | | — | | | (0.5) | | | 0.2 | | | (0.3) | Adjustments for assumed changes in policyholder liabilities | | | (2.6) | | | 0.6 | | | (2.0) | | | 15.7 | | | (3.3) | | | 12.4 | Net unrealized gains on available-for-sale securities | | | 315.3 | | | (66.4) | | | 248.9 | | | 1,062.5 | | | (224.2) | | | 838.3 | | | | | | | | | | | | | | | | | | | | Net unrealized losses on derivative instruments during the period | | | (208.0) | | | 43.6 | | | (164.4) | | | (189.5) | | | 39.7 | | | (149.8) | Reclassification adjustment for gains included in net income (2) | | | (0.6) | | | 0.2 | | | (0.4) | | | (1.2) | | | 0.3 | | | (0.9) | Adjustments for assumed changes in amortization patterns | | | 0.1 | | | — | | | 0.1 | | | 0.1 | | | — | | | 0.1 | Net unrealized losses on derivative instruments | | | (208.5) | | | 43.8 | | | (164.7) | | | (190.6) | | | 40.0 | | | (150.6) | | | | | | | | | | | | | | | | | | | | Liability for future policy benefits discount rate remeasurement loss (3) | | | (107.2) | | | 24.7 | | | (82.5) | | | (419.6) | | | 87.3 | | | (332.3) | | | | | | | | | | | | | | | | | | | | Market risk benefit nonperformance risk remeasurement gain (loss) (4) | | | (0.5) | | | 0.1 | | | (0.4) | | | 2.2 | | | (0.5) | | | 1.7 | | | | | | | | | | | | | | | | | | | | Foreign currency translation adjustment | | | 89.6 | | | (7.3) | | | 82.3 | | | 163.7 | | | (8.0) | | | 155.7 | | | | | | | | | | | | | | | | | | | | Unrecognized postretirement benefit obligation during the period | | | (13.6) | | | 3.5 | | | (10.1) | | | (13.6) | | | 3.5 | | | (10.1) | Amortization of amounts included in net periodic benefit cost (5) | | | 4.8 | | | (1.3) | | | 3.5 | | | 8.6 | | | (2.2) | | | 6.4 | Net unrecognized postretirement benefit obligation | | | (8.8) | | | 2.2 | | | (6.6) | | | (5.0) | | | 1.3 | | | (3.7) | | | | | | | | | | | | | | | | | | | | Other comprehensive income | | $ | 79.9 | | $ | (2.9) | | $ | 77.0 | | $ | 613.2 | | $ | (104.1) | | $ | 509.1 |
| | | | | | | | | | | | | | | | | | | | | For the three months ended | | For the six months ended | | | June 30, 2024 | | June 30, 2024 | | | Pre-Tax | | Tax | | After-Tax | | Pre-Tax | | Tax | | After-Tax | | | | (in millions) | Net unrealized losses on available-for-sale securities during the period | | $ | (720.6) | | $ | 159.5 | | $ | (561.1) | | $ | (1,228.3) | | $ | 267.8 | | $ | (960.5) | Reclassification adjustment for losses included in net income (1) | | | 43.8 | | | (9.3) | | | 34.5 | | | 87.3 | | | (18.3) | | | 69.0 | Adjustments for assumed changes in amortization patterns | | | 4.9 | | | (1.0) | | | 3.9 | | | 4.7 | | | (1.0) | | | 3.7 | Adjustments for assumed changes in policyholder liabilities | | | 2.5 | | | (0.6) | | | 1.9 | | | 10.7 | | | (2.3) | | | 8.4 | Net unrealized losses on available-for-sale securities | | | (669.4) | | | 148.6 | | | (520.8) | | | (1,125.6) | | | 246.2 | | | (879.4) | | | | | | | | | | | | | | | | | | | | Net unrealized gains on derivative instruments during the period | | | 31.4 | | | (6.6) | | | 24.8 | | | 54.5 | | | (11.4) | | | 43.1 | Reclassification adjustment for gains included in net income (2) | | | (0.9) | | | 0.2 | | | (0.7) | | | (1.8) | | | 0.4 | | | (1.4) | Adjustments for assumed changes in amortization patterns | | | (0.1) | | | — | | | (0.1) | | | (0.2) | | | — | | | (0.2) | Net unrealized gains on derivative instruments | | | 30.4 | | | (6.4) | | | 24.0 | | | 52.5 | | | (11.0) | | | 41.5 | | | | | | | | | | | | | | | | | | | | Liability for future policy benefits discount rate remeasurement gain (3) | | | 501.9 | | | (108.4) | | | 393.5 | | | 1,212.1 | | | (263.9) | | | 948.2 | | | | | | | | | | | | | | | | | | | | Market risk benefit nonperformance risk remeasurement gain (loss) (4) | | | 1.4 | | | (0.3) | | | 1.1 | | | (9.6) | | | 2.0 | | | (7.6) | | | | | | | | | | | | | | | | | | | | Foreign currency translation adjustment | | | (58.6) | | | 3.5 | | | (55.1) | | | (175.3) | | | (0.8) | | | (176.1) | | | | | | | | | | | | | | | | | | | | Unrecognized postretirement benefit obligation during the period | | | (3.0) | | | 0.8 | | | (2.2) | | | (3.0) | | | 0.8 | | | (2.2) | Amortization of amounts included in net periodic benefit cost (5) | | | 5.3 | | | (1.3) | | | 4.0 | | | 10.1 | | | (2.6) | | | 7.5 | Net unrecognized postretirement benefit obligation | | | 2.3 | | | (0.5) | | | 1.8 | | | 7.1 | | | (1.8) | | | 5.3 | | | | | | | | | | | | | | | | | | | | Other comprehensive loss | | $ | (192.0) | | $ | 36.5 | | $ | (155.5) | | $ | (38.8) | | $ | (29.3) | | $ | (68.1) |
| (1) | Pre-tax reclassification adjustments relating to available-for-sale securities are reported in net realized capital gains (losses) and net realized capital gains (losses) on funds withheld assets on the consolidated statements of operations. |
| (2) | See Note 5, Derivative Financial Instruments, under the caption “Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations” for further details. |
| (3) | Includes the discount rate remeasurement gain (loss) associated with the LFPB and the associated reinsurance recoverable. See Note 9, Future Policy Benefits and Claims, under the caption “Liability for Future Policy Benefits” for further details. |
| (4) | See Note 10, Market Risk Benefits, for further details. |
| (5) | Amount is comprised of amortization of prior service cost (benefit) and recognized net actuarial (gain) loss, which is reported in operating expenses on the consolidated statements of operations. See Note 14, Employee and Agent Benefits, under the caption “Components of Net Periodic Benefit Cost” for further details. |
|
| Accumulated Other Comprehensive Income (Loss) (Table) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | MRB | | | | | | | | | Net unrealized | | Net unrealized | | LFPB | | nonperformance | | Foreign | | Unrecognized | | Accumulated | | | losses on | | gains | | discount rate | | risk | | currency | | postretirement | | other | | | available-for-sale | | on derivative | | remeasurement | | remeasurement | | translation | | benefit | | comprehensive | | | securities (1) | | instruments | | gain | | loss | | adjustment | | obligation | | loss | | | | (in millions) | Balances as of April 1, 2024 | | $ | (4,373.4) | | $ | 15.4 | | $ | 982.9 | | $ | (15.6) | | $ | (1,617.2) | | $ | (248.2) | | $ | (5,256.1) | Other comprehensive loss during the period, net of adjustments | | | (555.3) | | | 24.7 | | | 393.5 | | | 1.1 | | | (55.3) | | | (2.2) | | | (193.5) | Amounts reclassified from AOCI | | | 34.5 | | | (0.7) | | | — | | | — | | | — | | | 4.0 | | | 37.8 | Other comprehensive loss | | | (520.8) | | | 24.0 | | | 393.5 | | | 1.1 | | | (55.3) | | | 1.8 | | | (155.7) | Balances as of June 30, 2024 | | $ | (4,894.2) | | $ | 39.4 | | $ | 1,376.4 | | $ | (14.5) | | $ | (1,672.5) | | $ | (246.4) | | $ | (5,411.8) | | | | | | | | | | | | | | | | | | | | | | | Balances as of April 1, 2025 | | $ | (4,103.5) | | $ | 65.9 | | $ | 1,188.4 | | $ | (12.9) | | $ | (1,705.7) | | $ | (218.1) | | $ | (4,785.9) | Other comprehensive income during the period, net of adjustments | | | 213.9 | | | (164.3) | | | (82.5) | | | (0.4) | | | 77.9 | | | (10.1) | | | 34.5 | Amounts reclassified from AOCI | | | 35.0 | | | (0.4) | | | — | | | — | | | — | | | 3.5 | | | 38.1 | Other comprehensive income | | | 248.9 | | | (164.7) | | | (82.5) | | | (0.4) | | | 77.9 | | | (6.6) | | | 72.6 | Balances as of June 30, 2025 | | $ | (3,854.6) | | $ | (98.8) | | $ | 1,105.9 | | $ | (13.3) | | $ | (1,627.8) | | $ | (224.7) | | $ | (4,713.3) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | MRB | | | | | | | | | | | | Net unrealized | | Net unrealized | | LFPB | | nonperformance | | Foreign | | Unrecognized | | Accumulated | | | losses on | | gains (losses) | | discount rate | | risk | | currency | | postretirement | | other | | | available-for-sale | | on derivative | | remeasurement | | remeasurement | | translation | | benefit | | comprehensive | | | securities (1) | | instruments | | gain | | loss | | adjustment | | obligation | | loss | | | | (in millions) | Balances as of January 1, 2024 | | $ | (4,014.8) | | $ | (2.1) | | $ | 428.2 | | $ | (6.9) | | $ | (1,498.0) | | $ | (251.7) | | $ | (5,345.3) | Other comprehensive loss during the period, net of adjustments | | | (948.4) | | | 42.9 | | | 948.2 | | | (7.6) | | | (174.5) | | | (2.2) | | | (141.6) | Amounts reclassified from AOCI | | | 69.0 | | | (1.4) | | | — | | | — | | | — | | | 7.5 | | | 75.1 | Other comprehensive loss | | | (879.4) | | | 41.5 | | | 948.2 | | | (7.6) | | | (174.5) | | | 5.3 | | | (66.5) | Balances as of June 30, 2024 | | $ | (4,894.2) | | $ | 39.4 | | $ | 1,376.4 | | $ | (14.5) | | $ | (1,672.5) | | $ | (246.4) | | $ | (5,411.8) | | | | | | | | | | | | | | | | | | | | | | | Balances as of January 1, 2025 | | $ | (4,692.9) | | $ | 51.8 | | $ | 1,438.2 | | $ | (15.0) | | $ | (1,785.9) | | $ | (221.0) | | $ | (5,224.8) | Other comprehensive income during the period, net of adjustments | | | 753.9 | | | (149.7) | | | (332.3) | | | 1.7 | | | 158.1 | | | (10.1) | | | 421.6 | Amounts reclassified from AOCI | | | 84.4 | | | (0.9) | | | — | | | — | | | — | | | 6.4 | | | 89.9 | Other comprehensive income | | | 838.3 | | | (150.6) | | | (332.3) | | | 1.7 | | | 158.1 | | | (3.7) | | | 511.5 | Balances as of June 30, 2025 | | $ | (3,854.6) | | $ | (98.8) | | $ | 1,105.9 | | $ | (13.3) | | $ | (1,627.8) | | $ | (224.7) | | $ | (4,713.3) |
| (1) | Net unrealized losses on available-for-sale securities for which an allowance for credit loss has been recorded were $4.5 million and $2.4 million as of June 30, 2025 and 2024, respectively. |
|
| Redeemable Noncontrolling Interest (Table) |
| | | | | | | | | | | | | | | For the three months ended | | For the six months ended | | | June 30, | | June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | | | (in millions) | Balance at beginning of period | | $ | 326.7 | | $ | 370.8 | | $ | 337.7 | | $ | 248.9 | Net income attributable to redeemable noncontrolling interest | | | 25.9 | | | 2.8 | | | 37.4 | | | 0.8 | Redeemable noncontrolling interest of deconsolidated entities (1) | | | (10.4) | | | (95.5) | | | (22.9) | | | (185.5) | Contributions from redeemable noncontrolling interest | | | 58.1 | | | 14.9 | | | 88.9 | | | 241.1 | Distributions to redeemable noncontrolling interest | | | (13.3) | | | (13.8) | | | (45.1) | | | (28.0) | Purchase of subsidiary shares from redeemable noncontrolling interest | | | — | | | (0.6) | | | (1.6) | | | (0.6) | Change in redemption value of redeemable noncontrolling interest | | | — | | | (1.0) | | | — | | | 1.1 | Stock-based compensation attributable to redeemable noncontrolling interest | | | 0.1 | | | 0.1 | | | 0.1 | | | 0.1 | Other comprehensive income (loss) attributable to redeemable noncontrolling interest | | | 4.1 | | | (0.3) | | | (3.3) | | | (0.5) | Balance at end of period | | $ | 391.2 | | $ | 277.4 | | $ | 391.2 | | $ | 277.4 |
| (1) | We deconsolidated certain sponsored investment funds as they no longer met the requirements for consolidation. |
|