| Shareholders' Equity |
Shareholders’ Equity Other Comprehensive Income
The following tables present the changes in each component of accumulated other comprehensive income (AOCI) and the effect of reclassifications out of AOCI into the respective lines in the condensed consolidated statements of operations.
Changes in Accumulated Other Comprehensive Income (Loss) by Component Second Quarter 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Unrealized Gains (Losses) on Investments with: | | ISCR on
FG VIEs’ Liabilities with Recourse | | Cumulative
Translation
Adjustment | | Cash Flow
Hedge | | Total AOCI | | | No Credit Impairment | | Credit Impairment | | | | | | (in millions) | | Balance, March 31, 2025 | $ | (183) | | | $ | (78) | | | $ | (19) | | | $ | (38) | | | $ | 4 | | | $ | (314) | | | Other comprehensive income (loss) before reclassifications | 85 | | | (3) | | | — | | | 2 | | | — | | | 84 | | | Less: Amounts reclassified from AOCI to: | | | | | | | | | | | | Net realized investment gains (losses) | — | | | (3) | | | — | | | — | | | — | | | (3) | | | Fair value gains (losses) on FG VIEs | — | | | — | | | (1) | | | — | | | — | | | (1) | | Total before tax | — | | | (3) | | | (1) | | | — | | | — | | | (4) | | Tax (provision) benefit | — | | | 1 | | | — | | | — | | | — | | | 1 | | | Total amount reclassified from AOCI, net of tax | — | | | (2) | | | (1) | | | — | | | — | | | (3) | | | Other comprehensive income (loss) | 85 | | | (1) | | | 1 | | | 2 | | | — | | | 87 | | | Balance, June 30, 2025 | $ | (98) | | | $ | (79) | | | $ | (18) | | | $ | (36) | | | $ | 4 | | | $ | (227) | |
Changes in Accumulated Other Comprehensive Income (Loss) by Component Second Quarter 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Unrealized Gains (Losses) on Investments with: | | ISCR on
FG VIEs’ Liabilities with Recourse | | Cumulative
Translation
Adjustment | | Cash Flow
Hedge | | Total AOCI | | | No Credit Impairment | | Credit Impairment | | | | | | (in millions) | | Balance, March 31, 2024 | $ | (231) | | | $ | (103) | | | $ | (21) | | | $ | (37) | | | $ | 5 | | | $ | (387) | | | Other comprehensive income (loss) before reclassifications | (15) | | | 4 | | | 1 | | | (1) | | | — | | | (11) | | | Less: Amounts reclassified from AOCI to: | | | | | | | | | | | | Net realized investment gains (losses) | (4) | | | (2) | | | — | | | — | | | — | | | (6) | | | | | | | | | | | | | | Total before tax | (4) | | | (2) | | | — | | | — | | | — | | | (6) | | Tax (provision) benefit | 1 | | | (1) | | | — | | | — | | | — | | | — | | | Total amount reclassified from AOCI, net of tax | (3) | | | (3) | | | — | | | — | | | — | | | (6) | | | Other comprehensive income (loss) | (12) | | | 7 | | | 1 | | | (1) | | | — | | | (5) | | | Balance, June 30, 2024 | $ | (243) | | | $ | (96) | | | $ | (20) | | | $ | (38) | | | $ | 5 | | | $ | (392) | |
Changes in Accumulated Other Comprehensive Income (Loss) by Component Six Months 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Unrealized Gains (Losses) on Investments with: | | ISCR on
FG VIEs’ Liabilities with Recourse | | Cumulative
Translation
Adjustment | | Cash Flow
Hedge | | Total AOCI | | | No Credit Impairment | | Credit Impairment | | | | | | (in millions) | | Balance, December 31, 2024 | $ | (235) | | | $ | (99) | | | $ | (18) | | | $ | (37) | | | $ | 4 | | | $ | (385) | | | Other comprehensive income (loss) before reclassifications | 131 | | | 10 | | | (1) | | | 1 | | | — | | | 141 | | | Less: Amounts reclassified from AOCI to: | | | | | | | | | | | | Net realized investment gains (losses) | (6) | | | (13) | | | — | | | — | | | — | | | (19) | | | Fair value gains (losses) on FG VIEs | — | | | — | | | (1) | | | — | | | — | | | (1) | | Total before tax | (6) | | | (13) | | | (1) | | | — | | | — | | | (20) | | Tax (provision) benefit | — | | | 3 | | | — | | | — | | | — | | | 3 | | | Total amount reclassified from AOCI, net of tax | (6) | | | (10) | | | (1) | | | — | | | — | | | (17) | | | Other comprehensive income (loss) | 137 | | | 20 | | | — | | | 1 | | | — | | | 158 | | | Balance, June 30, 2025 | $ | (98) | | | $ | (79) | | | $ | (18) | | | $ | (36) | | | $ | 4 | | | $ | (227) | |
Changes in Accumulated Other Comprehensive Income (Loss) by Component Six Months 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Unrealized Gains (Losses) on Investments with: | | ISCR on
FG VIEs’ Liabilities with Recourse | | Cumulative
Translation
Adjustment | | Cash Flow
Hedge | | Total AOCI | | | No Credit Impairment | | Credit Impairment | | | | | | (in millions) | | Balance, December 31, 2023 | $ | (202) | | | $ | (104) | | | $ | (20) | | | $ | (38) | | | $ | 5 | | | $ | (359) | | | Other comprehensive income (loss) before reclassifications | (46) | | | 14 | | | (1) | | | — | | | — | | | (33) | | | Less: Amounts reclassified from AOCI to: | | | | | | | | | | | | Net realized investment gains (losses) | (6) | | | 8 | | | — | | | — | | | — | | | 2 | | | Fair value gains (losses) on FG VIEs | — | | | — | | | (1) | | | — | | | — | | | (1) | | Total before tax | (6) | | | 8 | | | (1) | | | — | | | — | | | 1 | | Tax (provision) benefit | 1 | | | (2) | | | — | | | — | | | — | | | (1) | | | Total amount reclassified from AOCI, net of tax | (5) | | | 6 | | | (1) | | | — | | | — | | | — | | | Other comprehensive income (loss) | (41) | | | 8 | | | — | | | — | | | — | | | (33) | | | Balance, June 30, 2024 | $ | (243) | | | $ | (96) | | | $ | (20) | | | $ | (38) | | | $ | 5 | | | $ | (392) | |
Share Repurchases
The repurchase program may be modified, extended or terminated by AGL’s Board of Directors (the Board) at any time and does not have an expiration date. On August 6, 2025, the Board authorized the repurchase of an additional $300 million of the Company’s common shares. As of August 6, 2025, the remaining amount the Company was authorized to purchase was approximately $356 million of its common shares. The Company expects to repurchase shares from time to time in the open market or in privately negotiated transactions. The timing, form and amount of the share repurchases under the program are at the discretion of management and will depend on a variety of factors, including funds available at the parent company, other potential uses for such funds, market conditions, the Company’s capital position, legal requirements and other factors. Share Repurchases | | | | | | | | | | | | | | | | | | | | | | Period | | Number of Shares Repurchased | | Total Payments (1)
(in millions) | | Average Price Paid Per Share (1) | | 2024 (January 1 - March 31) | | 1,539,278 | | | $ | 129 | | | $ | 84.07 | | | 2024 (April 1 - June 30) | | 1,928,328 | | | 152 | | | 78.50 | | | 2024 (July 1- September 30) | | 1,658,441 | | | 131 | | | 78.87 | | | 2024 (October 1- December 31) | | 1,054,727 | | | 90 | | | 86.11 | | | Total 2024 | | 6,180,774 | | | $ | 502 | | | $ | 81.28 | | | 2025 (January 1 - March 31) | | 1,335,228 | | | 120 | | | 89.72 | | | 2025 (April 1 - June 30) | | 1,537,505 | | | 131 | | | 85.03 | | | 2025 (July 1 - August 6) | | 537,550 | | | 45 | | | 84.16 | | | | | | | | | | Total 2025 | | 3,410,283 | | | $ | 296 | | | $ | 86.73 | |
____________________ (1) Excludes commissions and excise taxes.
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