v3.26.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders’ Equity
The following table presents the amounts related to each component of OCI:
Three Months Ended March 31,
20262025
PretaxIncome Tax Benefit (Expense)Net of TaxPretaxIncome Tax Benefit (Expense)Net of Tax
(in millions)
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period (1)
$(492)$107 $(385)$491 $(110)$381 
Reclassification of net (gains) losses on securities included in net income (2)
(3)1 (2)(5)1 (4)
Impact of benefit reserves and reinsurance recoverables6 (1)5 (4)1 (3)
Net unrealized gains (losses) on securities(489)107 (382)482 (108)374 
Net unrealized gains (losses) on derivatives:
Net unrealized gains (losses) on derivatives arising during the period
— — — (10)2 (8)
Net unrealized gains (losses) on derivatives— — — (10)2 (8)
Effect of changes in discount rate assumptions on certain long-duration contracts83 (18)65 (38)8 (30)
Effect of changes in instrument-specific credit risk on MRBs38 (8)30 1 — 1 
Foreign currency translation(28)2 (26)52 — 52 
Total other comprehensive income (loss)$(396)$83 $(313)$487 $(98)$389 
(1) Includes impairments on Available-for-Sale securities related to factors other than credit that were recognized in OCI during the period.
(2) Reclassification amounts are recorded in Net investment income.
Other comprehensive income (loss) related to net unrealized gains (losses) on securities includes three components: (i) unrealized gains (losses) that arose from changes in the market value of securities that were held during the period; (ii) (gains) losses that were previously unrealized, but have been recognized in current period net income due to sales of Available-for-Sale securities and due to the reclassification of noncredit losses to credit losses; and (iii) other adjustments primarily consisting of changes in insurance and annuity asset and liability balances, such as benefit reserves and reinsurance recoverables, to reflect the expected impact on their carrying values had the unrealized gains (losses) been realized as of the respective balance sheet dates.
The following table presents the changes in the balances of each component of AOCI, net of tax:
Net Unrealized Gains (Losses)
on Securities		Net Unrealized Gains (Losses)
on Derivatives		Effect of Changes in Discount Rate Assumptions on Certain Long-Duration ContractsEffect of Changes in Instrument-Specific Credit Risk on MRBsDefined
Benefit Plans		Foreign Currency TranslationOtherTotal
(in millions)
Balance at January 1, 2026
$(508)$(4)$(45)$(127)$(31)$(177)$—$(892)
OCI before reclassifications(380)—6530—(26)—(311)
Amounts reclassified from AOCI(2)——————(2)
Total OCI(382)—6530—(26)—(313)
Balance at March 31, 2026
$(890)$(4)$20$(97)$(31)$(203)$—$(1,205)
Balance at January 1, 2025
$(1,452)$5$27$(147)$(45)$(295)$(1)$(1,908)
OCI before reclassifications378(8)(30)1—52—393
Amounts reclassified from AOCI(4)——————(4)
Total OCI374(8)(30)1—52—389
Balance at March 31, 2025
$(1,078)$(3)$(3)$(146)$(45)$(243)$(1)$(1,519)
For the three months ended March 31, 2026 and 2025, the Company repurchased a total of 1.6 million shares and 1.2 million shares, respectively, of its common stock for an aggregate cost of $784 million and $617 million, respectively. On April 22, 2025, the Company’s Board of Directors authorized $4.5 billion for the repurchase of the Company’s common stock through June 30, 2027. As of March 31, 2026, the Company had $1.8 billion remaining under this share repurchase authorization.
The Company may also reacquire shares of its common stock under its share-based compensation plans related to restricted stock awards and certain option exercises. The holders of restricted shares may elect to surrender a portion of their shares on the vesting date to cover their income tax obligation. These vested restricted shares are reacquired by the Company and the Company’s payment of the holders’ income tax obligations are recorded as a treasury share purchase.
For the three months ended March 31, 2026 and 2025, the Company reacquired 0.2 million shares, in both periods, of its common stock through the surrender of shares upon vesting and paid in the aggregate $84 million and $122 million, respectively, related to the holders’ income tax obligations on the vesting date. Option holders may elect to net settle their vested awards resulting in the surrender of the number of shares required to cover the strike price and tax obligation of the options exercised. These shares are reacquired by the Company and recorded as treasury shares. For the three months ended March 31, 2026 and 2025, the Company reacquired 0.1 million shares, in both periods, of its common stock through the net settlement of options for an aggregate value of $30 million and $28 million, respectively.
During the three months ended March 31, 2026 and 2025, the Company reissued 0.5 million and 0.6 million, respectively, treasury shares for restricted stock award grants, performance share units and issuance of shares vested under advisor deferred compensation plans.