v3.26.3
EQUITY (Tables)
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Schedule of Stock by Class
Preferred stock authorized, issued and outstanding was as follows:
September 30, 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 
Schedule of Dividends Declared
Preferred Stock
Preferred stock authorized, issued and outstanding was as follows:
September 30, 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 September 30,Nine Months Ended September 30,
2026202520262025
Series A dividends declared $328 $328 $984 $984 
Series B dividends declared$— $619 $— $1,238 
Series C dividends declared$269 $269 $806 $806 
Common Stock
Dividends declared per share of common stock were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Dividends declared$0.30 $0.27 $0.87 $0.78 
Share Repurchase
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 September 30, 2026, Holdings had authorized capacity of approximately $1.2 billion remaining in its share repurchase program.
Holdings repurchased a total of 4.6 million and 16.4 million shares of its common stock at an average price of $51.80 and $45.77 through open market repurchases, ASRs and privately negotiated transactions for the three and nine months ended September 30, 2026, respectively, and repurchased a total of 12.7 million and 22.5 million shares of its common stock at an average price of $53.21 and $52.16 through open market repurchases, ASRs and privately negotiated transactions for the three and nine months ended September 30, 2025, respectively.
During the three and nine months ended September 30, 2026, Holdings repurchased 4.6 million and 14.3 million shares of its common stock through open market repurchases. During the three and nine months ended September 30, 2025, Holdings repurchased 10.9 million and 15.6 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 $100 million and received initial delivery of 1.7 million shares. The ASR terminated in January 2026, at which time an additional 446,241 shares of common stock were received.
Schedule of Accumulated Other Comprehensive Income (Loss) The balances as of September 30, 2026 and December 31, 2025, follow:
September 30, 2026December 31, 2025
(in millions)
Unrealized gains (losses) on investments$(7,898)$(4,722)
Market risk benefits - instrument-specific credit risk component(400)(1,166)
Liability for future policy benefits - current discount rate component550 204 
Defined benefit pension plans(503)(563)
Foreign currency translation adjustments(62)(58)
Total accumulated other comprehensive income (loss)(8,313)(6,305)
Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest(27)(25)
Accumulated other comprehensive income (loss) attributable to Holdings$(8,286)$(6,280)
Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes
The components of OCI, net of taxes for the three and nine months ended September 30, 2026 and 2025 are as follows:
Three Months Ended September 30,

Nine Months Ended September 30,
2026202520262025
(in millions)
Change in net unrealized gains (losses) on investments:
Net unrealized gains (losses) arising during the period$(2,347)$773 $(3,069)$1,766 
(Gains) losses reclassified into net income (loss) during the period (1)21 899 55 933 
Net unrealized gains (losses) on investments(2,326)1,672 (3,014)2,699 
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other25 15 72 (94)
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(586), $154, $(746) and $451)
(2,301)1,687 (2,942)2,605 
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 $68, $(109), $161 and $1)
254 (412)605 2 
Liability for future policy benefits - changes in current discount rate (net of deferred income tax expense (benefit) of $56, $(12) $72 and $(37))
214 (47)273 (139)
Change in defined benefit plans:
Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost11 15 60 41 
Change in defined benefit plans (net of deferred income tax expense (benefit) of $(3), $(5), $(16) and $(5))
11 15 60 41 
Foreign currency translation adjustments:
Foreign currency translation gains (losses) arising during the period2 (8)(3)29 
Foreign currency translation adjustment2 (8)(3)29 
Total other comprehensive income (loss), net of income taxes(1,820)1,235 (2,007)2,538 
Less: Other comprehensive income (loss) attributable to noncontrolling interest1 (6)(1)17 
Other comprehensive income (loss) attributable to Holdings$(1,821)$1,241 $(2,006)$2,521 
______________
(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 $(6) million, $(239) million, $(15) million and $(248) million for the three and nine months ended September 30, 2026 and 2025, respectively.