v3.26.1
EQUITY
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
EQUITY EQUITY
Preferred Stock
Preferred stock authorized, issued and outstanding was as follows:
March 31, 2026December 31, 2025
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 — — 
Series C12,000 12,000 12,000 12,000 12,000 12,000 
Total64,000 44,000 44,000 64,000 44,000 44,000 

On April 11, 2025, Holdings redeemed and retired $279 million of Series B Preferred Stock using proceeds from our Junior Subordinated Debt issuance. On September 30, 2025, Holdings redeemed the remaining $165 million of Series B Preferred Stock.
Dividends declared per share were as follows:
Three Months Ended March 31,
20262025
Series A dividends declared
$
328 
$328 
Series B dividends declared
$
— 
$— 
Series C dividends declared
$
269 
$269 
Common Stock
Dividends declared per share of common stock were as follows:
Three Months Ended March 31,
20262025
Dividends declared$0.27 $0.24 
Share Repurchase
On February 13, 2025, the Company’s Board of Directors approved an additional $1.5 billion under Holdings’ share repurchase program. On September 9, 2025, the Company’s Board of Directors approved an additional $500 million under Holdings’ share repurchase program. On February 11, 2026, the Company’s Board of Directors approved an additional $1.0 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 March 31, 2026, Holdings had authorized capacity of approximately $1.9 billion remaining in its share repurchase program.
Holdings repurchased a total of 3.2 million shares of its common stock at an average price of $46.51 through open market repurchases, ASRs and privately negotiated transactions for the three months ended March 31, 2026, respectively, and repurchased a total of 5.0 million shares of its common stock at an average price of $50.55 through open market repurchases, ASRs and privately negotiated transactions for the three months ended March 31, 2025, respectively.
During the three months ended March 31, 2026, Holdings repurchased 1.0 million shares of its common stock through open market repurchases. During the three months ended March 31, 2025, Holdings repurchased 2.3 million shares of its common stock through open market repurchases.
In December 2025, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $100 million of Holdings’ common stock. Pursuant to the ASR, on January 6, 2026, Holdings made a pre-payment of $100 million and received initial delivery of 1.7 million shares. The ASR terminated in January 2026, at which time an additional 446,241 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 March 31, 2026 and December 31, 2025, follow:
 March 31, 2026December 31, 2025
 
(in millions)
Unrealized gains (losses) on investments
$
(5,511)
$(4,722)
Market risk benefits - instrument-specific credit risk component
(507)
(1,166)
Liability for future policy benefits - current discount rate component
280 
204 
Defined benefit pension plans
(525)
(563)
Foreign currency translation adjustments
(64)
(58)
Total accumulated other comprehensive income (loss)(6,327)(6,305)
Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest
(27)
(25)
Accumulated other comprehensive income (loss) attributable to Holdings$(6,300)$(6,280)
The components of OCI, net of taxes for the three months ended March 31, 2026 and 2025 are as follows:
Three Months Ended March 31,
 20262025
 (in millions)
Change in net unrealized gains (losses) on investments:
Net unrealized gains (losses) arising during the period$(713)$658 
(Gains) losses reclassified into net income (loss) during the period (1)16 6 
Net unrealized gains (losses) on investments(697)664 
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other62 (55)
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(164) and $173)
(635)609 
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 $138 and $155)
521 
584 
Liability for future policy benefits - changes in current discount rate (net of deferred income tax expense (benefit) of $16 and $(17))
60 
(63)
Change in defined benefit plans:
Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost38 17 
Change in defined benefit plans (net of deferred income tax expense (benefit) of $(10) and $2)
38 17 
Foreign currency translation adjustments:
Foreign currency translation gains (losses) arising during the period(6)11 
Foreign currency translation adjustment(6)11 
Total other comprehensive income (loss), net of income taxes(22)1,158 
Less: Other comprehensive income (loss) attributable to noncontrolling interest(2)13 
Other comprehensive income (loss) attributable to Holdings$(20)$1,145 
______________
(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 $(4) million and $(2) million for the three months ended March 31, 2026 and 2025, 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.