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REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS

9 Months Ended

Sep. 30, 2020

Accounting Changes and Error Corrections [Abstract]

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS

The Company identified certain errors primarily related to the calculation of actuarially determined insurance contract assets and liabilities that impacted previously issued consolidated financial statements. Management evaluated these adjustments and concluded they were not material to any previously reported quarterly or annual financial statements. In order to improve the consistency and comparability of the financial statements, management revised the financial statements and related disclosures to correct these errors as shown below.

Management assessed the materiality of this change within prior period financial statements based upon SEC Staff Accounting Bulletin Number 99, Materiality, which is since codified in Accounting Standards Codification ("ASC") 250, Accounting Changes and Error Corrections. The prior period comparative financial statements that are presented herein have been revised.

The following tables present line items for prior period financial statements that have been affected by the revision. For these line items, the tables detail the amounts as previously reported, the impact upon those line items due to the revision, and the amounts as currently revised within the financial statements.


	June 30, 2020		March 31, 2020
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Balance Sheet:
ASSETS







Other invested assets	2,280		—		2,280		2,112		12		2,124





Deferred policy acquisition costs	4,182		(92)		4,090		4,809		(112)		4,697








Total Assets	$	254,110	$	(92)	$	254,018	$	240,781	$	(100)	$	240,681
LIABILITIES

Future policy benefits and other policyholders’ liabilities	41,476		30		41,506		37,968		33		38,001






Current and deferred income taxes	1,848		(26)		1,822		2,355		(28)		2,327



Total Liabilities	$	234,889	$	4	$	234,893	$	218,884	$	5	$	218,889


EQUITY




Retained earnings	12,995		(96)		12,899		17,112		(105)		17,007

Total equity attributable to Holdings	17,594		(96)		17,498		20,086		(105)		19,981

Total Equity	19,134		(96)		19,038		21,640		(105)		21,535

Total Liabilities, Redeemable Noncontrolling Interest and Equity	$	254,110	$	(92)	$	254,018	$	240,781	$	(100)	$	240,681


	December 31, 2019		December 31, 2018
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Balance Sheet:
ASSETS













Deferred policy acquisition costs	5,890		(53)		5,837		6,745		(40)		6,705



GMIB reinsurance contract asset, at fair value	2,139		—		2,139		1,732		2		1,734

Other assets	3,799		1		3,800		3,127		20		3,147


Total Assets	$	249,870	$	(52)	$	249,818	$	220,797	$	(18)	$	220,779
LIABILITIES

Future policy benefits and other policyholders’ liabilities	34,587		48		34,635		30,998		79		31,077






Current and deferred income taxes	549		(21)		528		68		(33)		35



Total Liabilities	$	234,379	$	27	$	234,406	$	205,178	$	46	$	205,224


EQUITY




Retained earnings	11,827		(83)		11,744		13,989		(52)		13,937
Accumulated other comprehensive income (loss)	840		4		844		(1,396)		(12)		(1,408)
Total equity attributable to Holdings	13,535		(79)		13,456		13,866		(64)		13,802

Total Equity	15,126		(79)		15,047		15,432		(64)		15,368

Total Liabilities, Redeemable Noncontrolling Interest and Equity	$	249,870	$	(52)	$	249,818	$	220,797	$	(18)	$	220,779


	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020
	As Previously Reported			Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Income (Loss)
REVENUES
Policy charges and fee income	$	879		$	(2)	$	877	$	1,870	$	3	$	1,873

Net derivative gains (losses)	(6,033)			(5)		(6,038)		3,368		(6)		3,362
Net investment income (loss)	1,035			(13)		1,022		1,651		—		1,651





Other Income	124			—		124		280		(1)		279
Total revenues	(2,530)			(20)		(2,550)		10,063		(4)		10,059

BENEFITS AND OTHER DEDUCTIONS
Policyholders' benefits	746			(10)		736		3,534		(22)		3,512




Amortization of deferred policy acquisition costs	183			(21)		162		1,431		34		1,465
Other operating costs and expenses	434			—		434		871		1		872
Total benefits and other deductions	2,489			(31)		2,458		8,195		13		8,208
Income (loss) from continuing operations, before income taxes	(5,019)			11		(5,008)		1,868		(17)		1,851
Income tax (expense) benefit	1,077			(2)		1,075		(363)		4		(359)
Net income (loss)	(3,942)			9		(3,933)		1,505		(13)		1,492

Net income (loss) attributable to Holdings	$	(4,028)		$	9	$	(4,019)	$	1,382	$	(13)	$	1,369

EARNINGS PER COMMON SHARE
Basic	$	(8.96)		$	0.02	$	(8.94)	$	2.98	$	(0.03)	$	2.95
Diluted	$	(8.96)		$	0.02	$	(8.94)	$	2.97	$	(0.03)	$	2.94


	Three Months Ended March 31, 2020
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Income (Loss)
REVENUES
Policy charges and fee income	$	991	$	5	$	996

Net derivative gains (losses)	9,401		(1)		9,400
Net investment income (loss)	616		13		629





Other Income	156		(1)		155
Total revenues	12,593		16		12,609

BENEFITS AND OTHER DEDUCTIONS
Policyholders' benefits	2,788		(12)		2,776




Amortization of deferred policy acquisition costs	1,248		55		1,303
Other operating costs and expenses	437		1		438
Total benefits and other deductions	5,706		44		5,750
Income (loss) from continuing operations, before income taxes	6,887		(28)		6,859
Income tax (expense) benefit	(1,440)		6		(1,434)
Net income (loss)	5,447		(22)		5,425

Net income (loss) attributable to Holdings	$	5,410	$	(22)	$	5,388

EARNINGS PER COMMON SHARE
Basic	$	11.71	$	(0.05)	$	11.66
Diluted	$	11.65	$	(0.05)	$	11.60


	Year Ended December 31, 2019		Year Ended December 31, 2018
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Income (Loss)
REVENUES
Policy charges and fee income	$	3,738	$	40	$	3,778	$	3,824	$	10	$	3,834

Net derivative gains (losses)	(4,000)		(12)		(4,012)		(231)		(19)		(250)







Total revenues	9,591		28		9,619		12,078		(9)		12,069

BENEFITS AND OTHER DEDUCTIONS
Policyholders' benefits	4,370		15		4,385		2,915		(59)		2,856
Interest credited to policyholders' account balances	1,241		22		1,263		1,090		(23)		1,067

Commissions and distribution related payments	1,242		—		1,242		1,160		5		1,165

Amortization of deferred policy acquisition costs	579		18		597		333		38		371
Other operating costs and expenses	1,892		(2)		1,890		1,809		1		1,810
Total benefits and other deductions	11,626		53		11,679		9,617		(38)		9,579
Income (loss) from continuing operations, before income taxes	(2,035)		(25)		(2,060)		2,461		29		2,490
Income tax (expense) benefit	599		(6)		593		(307)		6		(301)
Net income (loss)	(1,436)		(31)		(1,467)		2,154		35		2,189

Net income (loss) attributable to Holdings	$	(1,733)	$	(31)	$	(1,764)	$	1,820	$	35	$	1,855

EARNINGS PER COMMON SHARE
Basic	$	(3.51)	$	(0.06)	$	(3.57)	$	3.27	$	0.06	$	3.33
Diluted	$	(3.51)	$	(0.06)	$	(3.57)	$	3.27	$	0.06	$	3.33


	Three Months Ended September 30, 2019				Nine Months Ended September 30, 2019
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Income (Loss)
REVENUES
Policy charges and fee income	$	929	$	51	$	980	$	2,801	$	46	$	2,847

Net derivative gains (losses)	(451)		(2)		(453)		(2,317)		(6)		(2,323)






Other Income	142		1		143		408		1		409
Total revenues	3,028		50		3,078		7,902		41		7,943

BENEFITS AND OTHER DEDUCTIONS
Policyholders' benefits	1,757		(22)		1,735		3,533		18		3,551
Interest credited to policyholders' account balances	304		16		320		922		22		944



Amortization of deferred policy acquisition costs	85		43		128		460		29		489

Total benefits and other deductions	3,468		37		3,505		8,825		69		8,894
Income (loss) from continuing operations, before income taxes	(440)		13		(427)		(923)		(28)		(951)
Income tax (expense) benefit	124		(3)		121		328		6		334
Net income (loss)	(316)		10		(306)		(595)		(22)		(617)

Net income (loss) attributable to Holdings	$	(384)	$	10	$	(374)	$	(796)	$	(22)	$	(818)

EARNINGS PER COMMON SHARE
Basic	$	(0.78)	$	0.02	$	(0.76)	$	(1.59)	$	(0.05)	$	(1.64)
Diluted	$	(0.78)	$	0.02	$	(0.76)	$	(1.59)	$	(0.05)	$	(1.64)


	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Income (Loss)
REVENUES
Policy charges and fee income	$	941	$	(3)	$	938	$	1,872	$	(5)	$	1,867

Net derivative gains (losses)	(236)		(1)		(237)		(1,866)		(4)		(1,870)







Total revenues	3,160		(4)		3,156		4,874		(9)		4,865

BENEFITS AND OTHER DEDUCTIONS
Policyholders' benefits	896		(1)		895		1,776		40		1,816
Interest credited to policyholders' account balances	314		3		317		618		6		624



Amortization of deferred policy acquisition costs	177		(2)		175		375		(14)		361
Other operating costs and expenses	456		(1)		455		866		—		866
Total benefits and other deductions	2,719		(1)		2,718		5,357		32		5,389
Income (loss) from continuing operations, before income taxes	441		(3)		438		(483)		(41)		(524)
Income tax (expense) benefit	(11)		1		(10)		204		9		213
Net income (loss)	430		(2)		428		(279)		(32)		(311)

Net income (loss) attributable to Holdings	$	363	$	(2)	$	361	$	(412)	$	(32)	$	(444)

EARNINGS PER COMMON SHARE
Basic	$	0.74	$	—	$	0.74	$	(0.82)	$	(0.06)	$	(0.88)
Diluted	$	0.74	$	(0.01)	$	0.73	$	(0.82)	$	(0.06)	$	(0.88)


	Three Months Ended March 31, 2019
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Income (Loss)
REVENUES
Policy charges and fee income	$	931	$	(2)	$	929

Net derivative gains (losses)	(1,630)		(3)		(1,633)







Total revenues	1,714		(5)		1,709

BENEFITS AND OTHER DEDUCTIONS
Policyholders' benefits	880		41		921
Interest credited to policyholders' account balances	304		3		307



Amortization of deferred policy acquisition costs	198		(12)		186
Other operating costs and expenses	410		1		411
Total benefits and other deductions	2,638		33		2,671
Income (loss) from continuing operations, before income taxes	(924)		(38)		(962)
Income tax (expense) benefit	215		8		223
Net income (loss)	(709)		(30)		(739)

Net income (loss) attributable to Holdings	$	(775)	$	(30)	$	(805)



EARNINGS PER COMMON SHARE
Basic	$	(1.50)	$	(0.05)	$	(1.55)
Diluted	$	(1.50)	$	(0.05)	$	(1.55)


	Year Ended December 31, 2017
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statement of Income (Loss):
REVENUES
Policy charges and fee income	$	3,693	$	(7)	$	3,686

Net derivative gains (losses)	214		(23)		191







Total revenues	$	12,460	$	(30)	$	12,430

BENEFITS AND OTHER DEDUCTIONS
Policyholders' benefits	4,366		14		4,380


Commissions and distribution related payments	1,081		7		1,088

Amortization of deferred policy acquisition costs	503		12		515

Total benefits and other deductions	11,154		33		11,187
Income (loss) from continuing operations, before income taxes	1,306		(63)		1,243
Income tax (expense) benefit	(49)		7		(42)
Net income (loss)	1,257		(56)		1,201

Net income (loss) attributable to Holdings	834		(56)		778

Net income (loss) available to Holdings’ common shareholders	$	834	$	(56)	$	778

EARNINGS PER COMMON SHARE
Basic	$	1.49	$	(0.10)	$	1.39
Diluted	$	1.48	$	(0.09)	$	1.39


	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$	(3,942)	$	9	$	(3,933)	$	1,505	$	(13)	$	1,492



Other comprehensive income	1,642		—		1,642		3,083		(4)		3,079
Comprehensive income (loss)	(2,300)		9		(2,291)		4,588		(17)		4,571

Comprehensive income (loss) attributable to Holdings	$	(2,389)	$	9	$	(2,380)	$	4,470	$	(17)	$	4,453


	Three Months Ended March 31, 2020
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$	5,447	$	(22)	$	5,425

Change in unrealized gains (losses), net of reclassification adjustment	1,434		(4)		1,430

Other comprehensive income	1,441		(4)		1,437
Comprehensive income (loss)	6,888		(26)		6,862

Comprehensive income (loss) attributable to Holdings	$	6,859	$	(26)	$	6,833


	Year Ended December 31, 2019				Year Ended December 31, 2018
	As Previously Reported		Impact of Revisions			As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$	(1,436)	$	(31)		$	(1,467)	$	2,154	$	35	$	2,189
Foreign currency translation adjustment	5		—			5		(37)		5		(32)
Change in unrealized gains (losses), net of reclassification adjustment	2,242		16			2,258		(1,329)		3		(1,326)

Other comprehensive income	2,232		16			2,248		(1,177)		8		(1,169)
Comprehensive income (loss)	796		(15)			781		977		43		1,020

Comprehensive income (loss) attributable to Holdings	$	503	$	(15)		$	488	$	628	$	43	$	671


	Three Months Ended September 30, 2019				Nine Months Ended September 30, 2019
	As Previously Reported		Impact of Revisions			As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$	(316)	$	10		$	(306)	$	(595)	$	(22)	$	(617)

Change in unrealized gains (losses), net of reclassification adjustment	581		165			746		2,784		90		2,874

Other comprehensive income	587		165			752		2,857		90		2,947
Comprehensive income (loss)	271		175			446		2,262		68		2,330

Comprehensive income (loss) attributable to Holdings	$	208	$	175		$	383	$	2,068	$	68	$	2,136


	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$	430	$	(2)	$	428	$	(279)	$	(32)	$	(311)

Change in unrealized gains (losses), net of reclassification adjustment	1,369		(77)		1,292		2,203		(75)		2,128

Other comprehensive income	1,388		(77)		1,311		2,270		(75)		2,195
Comprehensive income (loss)	1,818		(79)		1,739		1,991		(107)		1,884

Comprehensive income (loss) attributable to Holdings	$	1,752	$	(79)	$	1,673	$	1,860	$	(107)	$	1,753


	Three Months Ended March 31, 2019
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$	(709)	$	(30)	$	(739)

Change in unrealized gains (losses), net of reclassification adjustment	834		2		836

Other comprehensive income	882		2		884
Comprehensive income (loss)	173		(28)		145

Comprehensive income (loss) attributable to Holdings	$	108	$	(28)	$	80


	Year Ended December 31, 2017
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Comprehensive Income:
Net income (loss)	$	1,257	$	(56)	$	1,201
Foreign currency translation adjustment	$	42	$	(3)	$	39
Change in unrealized gains (losses), net of reclassification adjustment	690		(18)		672

Other comprehensive income	832		(21)		811
Comprehensive income (loss)	2,089		(77)		2,012

Comprehensive income (loss) attributable to Holdings	1,647		(77)		1,570


	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statement of Equity:

















Retained earnings, beginning of year	$	17,112	$	(105)	$	17,007	$	11,827	$	(83)	$	11,744







Net income (loss) attributable to Holdings	(4,028)		9		(4,019)		1,382		(13)		1,369


Retained earnings, end of period	$	12,995	$	(96)	$	12,899	$	12,995	$	(96)	$	12,899






Total Holdings’ equity, end of period	$	17,594	$	(96)	$	17,498	$	17,594	$	(96)	$	17,498










Total equity, end of period	$	19,134	$	(96)	$	19,038	$	19,134	$	(96)	$	19,038


	Three Months Ended March 31, 2020
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statement of Equity:












Retained earnings, beginning of year	$	11,827	$	(83)	$	11,744





Net income (loss) attributable to Holdings	5,410		(22)		5,388

Retained earnings, end of period	$	17,112	$	(105)	$	17,007






Total Holdings’ equity, end of period	$	20,086	$	(105)	$	19,981










Total equity, end of period	$	21,640	$	(105)	$	21,535


	Year Ended December 31, 2019		Year Ended December 31, 2018
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statement of Equity:

















Retained earnings, beginning of year	$	13,989	$	(52)	$	13,937	$	12,225	$	(87)	$	12,138







Net income (loss) attributable to Holdings	(1,733)		(31)		(1,764)		1,820		35		1,855


Retained earnings, end of year	$	11,827	$	(83)	$	11,744	$	13,989	$	(52)	$	13,937
Accumulated other comprehensive income (loss), beginning of year	$	(1,396)	$	(12)	$	(1,408)	$	(108)	$	(20)	$	(128)



Other comprehensive income (loss)	2,236		16		2,252		(1,192)		8		(1,184)
Accumulated other comprehensive income (loss), end of year	$	840	$	4	$	844	$	(1,396)	$	(12)	$	(1,408)
Total Holdings’ equity, end of year	$	13,535	$	(79)	$	13,456	$	13,866	$	(64)	$	13,802










Total equity, end of year	$	15,126	$	(79)	$	15,047	$	15,432	$	(64)	$	15,368


	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statement of Equity:

















Retained earnings, beginning of year	$	13,293	$	(84)	$	13,209	$	13,989	$	(52)	$	13,937







Net income (loss) attributable to Holdings	(384)		10		(374)		(796)		(22)		(818)


Retained earnings, end of period	$	12,835	$	(74)	$	12,761	$	12,835	$	(74)	$	12,761
Accumulated other comprehensive income (loss), beginning of year	$	876	$	(87)	$	789	$	(1,396)	$	(12)	$	(1,408)



Other comprehensive income (loss)	592		165		757		2,864		90		2,954
Accumulated other comprehensive income (loss), end of period	$	1,468	$	78	$	1,546	$	1,468	$	78	$	1,546
Total Holdings’ equity, end of period	$	14,936	$	4	$	14,940	$	14,936	$	4	$	14,940










Total equity, end of period	$	16,478	$	4	$	16,482	$	16,478	$	4	$	16,482


	Three Months Ended June 30, 2019				Six Months Ended June 30, 2019
	As Previously Reported		Impact of Revisions			As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statement of Equity:










Additional paid-in capital, beginning of year	1,881		1			1,882		1,908		—		1,908




Other	(8)		(1)			(9)		(16)		—		(16)
Additional paid-in capital, end of period	$	1,901	$	—		$	1,901	$	1,901	$	—	$	1,901
Retained earnings, beginning of year	$	13,004	$	(82)		$	12,922	$	13,989	$	(52)	$	13,937







Net income (loss) attributable to Holdings	363		(2)			361		(412)		(32)		(444)


Retained earnings, end of period	$	13,293	$	(84)		$	13,209	$	13,293	$	(84)	$	13,209
Accumulated other comprehensive income (loss), beginning of year	$	(513)	$	(10)		$	(523)	$	(1,396)	$	(12)	$	(1,408)



Other comprehensive income (loss)	1,389		(77)			1,312		2,272		(75)		2,197
Accumulated other comprehensive income (loss), end of period	$	876	$	(87)		$	789	$	876	$	(87)	$	789
Total Holdings’ equity, end of period	$	14,843	$	(171)		$	14,672	$	14,843	$	(171)	$	14,672










Total equity, end of period	$	16,388	$	(171)		$	16,217	$	16,388	$	(171)	$	16,217


	Three Months Ended March 31, 2019
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statement of Equity:










Other	(8)		1		(7)
Additional paid-in capital, end of period	$	1,881	$	1	$	1,882
Retained earnings, beginning of year	$	13,989	$	(52)	$	13,937





Net income (loss) attributable to Holdings	(775)		(30)		(805)

Retained earnings, end of period	$	13,004	$	(82)	$	12,922
Accumulated other comprehensive income (loss), beginning of year	$	(1,396)	$	(12)	$	(1,408)



Other comprehensive income (loss)	883		2		885
Accumulated other comprehensive income (loss), end of period	$	(513)	$	(10)	$	(523)
Total Holdings’ equity, end of period	$	13,143	$	(91)	$	13,052










Total equity, end of period	$	14,682	$	(91)	$	14,591


	Year Ended December 31, 2017
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Equity:

















Retained earnings, beginning of year	$	11,391	$	(31)	$	11,360







Net income (loss) attributable to Holdings	834		(56)		778


Retained earnings, end of period	$	12,225	$	(87)	$	12,138
Accumulated other comprehensive income (loss), beginning of year	$	(921)	$	1	$	(920)



Other comprehensive income (loss)	813		(21)		792
Accumulated other comprehensive income (loss), end of period	$	(108)	$	(20)	$	(128)
Total Holdings’ equity, end of period	$	13,421	$	(107)	$	13,314










Total equity, end of period	$	16,518	$	(107)	$	16,411


	Six Months Ended June 30, 2020		Three Months Ended March 31, 2020
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statement of Cash Flows:
Cash flows from operating activities:
Net income (loss)	$	1,505	$	(13)	$	1,492	$	5,447	$	(22)	$	5,425
Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities:
Policy charges and fee income	(1,870)		(3)		(1,873)		(991)		(5)		(996)


Net derivative (gains) losses	(3,368)		6		(3,362)		(9,401)		1		(9,400)







Amortization and depreciation	1,506		34		1,540		1,275		55		1,330









Future policy benefits	1,828		(21)		1,807		1,936		(11)		1,925
Current and deferred income taxes	482		(4)		478		1,425		(5)		1,420
Other, net	(329)		1		(328)		(448)		(1)		(449)
Net cash provided by (used in) operating activities	$	(548)	$	—	$	(548)	$	(582)	$	12	$	(570)

























Cash flows from financing activities:
Policyholders’ account balances:







Change in collateralized pledged assets	60		—		60		44		(1)		43
Change in collateralized pledged liabilities	239		—		239		657		(11)		646

















Net cash provided by (used in) financing activities	$	2,891	$	—	$	2,891	$	(13)	$	(12)	$	(13)




Cash and cash equivalents, end of period	$	8,364	$	—	$	8,364	$	10,315	$	—	$	10,315


	Year Ended December 31, 2019				Year Ended December 31, 2018
	As Previously Reported		Impact of Revisions			As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statement of Cash Flows:
Cash flows from operating activities:
Net income (loss)	$	(1,436)	$	(31)		$	(1,467)	$	2,154	$	35	$	2,189
Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities:
Policy charges and fee income	(3,738)		(40)			(3,778)		(3,824)		(10)		(3,834)
Interest credited to policyholders' account balances	1,241		22			1,263		1,090		(23)		1,067

Net derivative (gains) losses	4,000		12			4,012		231		19		250







Amortization and depreciation	657		18			675		257		39		296








Capitalization of DAC	(754)		—			(754)		(702)		5		(697)
Future policy benefits	947		15			962		(399)		(59)		(458)
Current and deferred income taxes	(108)		6			(102)		633		(6)		627
Other, net	(162)		(2)			(164)		(222)		—		(222)
Net cash provided by (used in) operating activities	$	(216)	$	—		$	(216)	$	61	$	—	$	61


























































Cash and cash equivalents, end of year	$	4,405	$	—		$	4,405	$	4,469	$	—	$	4,469


	Nine Months Ended September 30, 2019		Six Months Ended June 30, 2019
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statement of Cash Flows:
Cash flows from operating activities:
Net income (loss)	$	(595)	$	(22)	$	(617)	$	(279)	$	(32)	$	(311)
Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities:
Policy charges and fee income	(2,801)		(46)		(2,847)		(1,872)		5		(1,867)
Interest credited to policyholders' account balances	922		22		944		618		6		624

Net derivative (gains) losses	2,317		6		2,323		1,866		4		1,870







Amortization and depreciation	535		29		564		433		(13)		420




Changes in:




Future policy benefits	925		18		943		1		40		41
Current and deferred income taxes	36		(6)		30		23		(9)		14
Other, net	(86)		(1)		(87)		(58)		(1)		(59)
Net cash provided by (used in) operating activities	$	(292)	$	—	$	(292)	$	(425)	$	—	$	(425)


























































Cash and cash equivalents, end of period	$	4,471	$	—	$	4,471	$	4,734	$	—	$	4,734


	Three Months Ended March 31, 2019
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statement of Cash Flows:
Cash flows from operating activities:
Net income (loss)	$	(709)	$	(30)	$	(739)
Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities:
Policy charges and fee income	(931)		2		(929)
Interest credited to policyholders' account balances	304		3		307

Net derivative (gains) losses	1,630		3		1,633







Amortization and depreciation	239		(12)		227









Future policy benefits	22		42		64
Current and deferred income taxes	183		(8)		175

Net cash provided by (used in) operating activities	$	(109)	$	—	$	(109)

























































Cash and cash equivalents, end of period	$	5,129	$	—	$	5,129


	Year Ended December 31, 2017
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statement of Cash Flows:
Cash flows from operating activities:
Net income (loss)	$	1,257	$	(56)	$	1,201
Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities:
Policy charges and fee income	(3,693)		7		(3,686)


Net derivative (gains) losses	(214)		23		(191)







Amortization and depreciation	399		(13)		386








Capitalization of DAC	(687)		24		(663)
Future policy benefits	1,097		14		1,111
Current and deferred income taxes	(10)		1		(9)

Net cash provided by (used in) operating activities	$	(243)	$	—	$	(243)


























































Cash and cash equivalents, end of year	$	4,814	$	—	$	4,814