Pending Disposition

6 Months Ended

Jun. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Pending Disposition

3. Disposition

In May 2014, the Company completed the sale of its wholly-owned subsidiary, MAL, for $702 million (£418 million) in net cash consideration. As a result of the sale, a loss of $633 million ($442 million, net of income tax), which includes a reduction to goodwill of $60 million ($51 million, net of income tax), was recorded for the six months ended June 30, 2014. A loss of $138 million ($99 million, net of income tax), which includes $77 million ($50 million, net of income tax) related to net investments in foreign operation hedges, was recorded for the three months ended June 30, 2014. The losses are reflected within net investment gains (losses) on the consolidated statements of operations and comprehensive income (loss). The losses on the sale were increased by net income from MAL of $42 million and $77 million for the three months and six months ended June 30, 2014, respectively. MAL’s results of operations are included in continuing operations. They were historically included in the Corporate Benefit Funding segment. See Note 2.