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CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
REVENUES        
Policy charges and fee income $ 879 $ 941 $ 1,870 $ 1,872
Premiums 244 280 533 563
Net derivative gains (losses) (6,033) (236) 3,368 (1,866)
Net investment income (loss) 1,035 976 1,651 1,991
Investment gains (losses), net:        
Credit losses on AFS debt securities and loans (31) 0 (43) 0
Other investment gains (losses), net 200 (12) 216 (23)
Total investment gains (losses), net 169 (12) 173 (23)
Investment management and service fees 1,052 1,072 2,188 2,071
Other income 124 139 280 266
Total revenues (2,530) 3,160 10,063 4,874
BENEFITS AND OTHER DEDUCTIONS        
Policyholders’ benefits 746 896 3,534 1,776
Interest credited to policyholders’ account balances 307 314 624 618
Compensation and benefits 469 512 995 1,021
Commissions and distribution-related payments 302 307 640 588
Interest expense 48 57 100 113
Amortization of deferred policy acquisition costs 183 177 1,431 375
Other operating costs and expenses 434 456 871 866
Total benefits and other deductions 2,489 2,719 8,195 5,357
Income (loss) from continuing operations, before income taxes (5,019) 441 1,868 (483)
Income tax (expense) benefit 1,077 (11) (363) 204
Net income (loss) (3,942) 430 1,505 (279)
Less: Net income (loss) attributable to the noncontrolling interest 86 67 123 133
Net income (loss) attributable to Holdings (4,028) 363 1,382 (412)
Less: Preferred stock dividends 10 0 23 0
Net income (loss) available to Holdings’ common shareholders $ (4,038) $ 363 $ 1,359 $ (412)
Net income (loss) applicable to Holdings’ common shareholders per common share:        
Basic (in usd per share) $ (8.96) $ 0.74 $ 2.98 $ (0.82)
Diluted (in usd per share) $ (8.96) $ 0.74 $ 2.97 $ (0.82)
Weighted average common shares outstanding (in millions):        
Basic (in shares) 450.4 491.1 455.8 504.5
Diluted (in shares) 450.4 491.9 457.1 504.5