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CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
REVENUES        
Policy charges and fee income $ 914 $ 980 $ 2,787 $ 2,847
Premiums 221 284 754 847
Net derivative gains (losses) (1,472) (453) 1,890 (2,323)
Net investment income (loss) 879 824 2,530 2,815
Investment gains (losses), net:        
Credit losses on AFS debt securities and loans (4) 0 (47) 0
Other investment gains (losses), net 21 199 237 176
Total investment gains (losses), net 17 199 190 176
Investment management and service fees 1,126 1,101 3,314 3,172
Other income 155 143 434 409
Total revenues 1,840 3,078 11,899 7,943
BENEFITS AND OTHER DEDUCTIONS        
Policyholders’ benefits 1,034 1,735 4,546 3,551
Interest credited to policyholders’ account balances 306 320 930 944
Compensation and benefits 503 502 1,498 1,523
Commissions and distribution-related payments 342 317 982 905
Interest expense 52 54 152 167
Amortization of deferred policy acquisition costs 90 128 1,555 489
Other operating costs and expenses 436 449 1,308 1,315
Total benefits and other deductions 2,763 3,505 10,971 8,894
Income (loss) from continuing operations, before income taxes (923) (427) 928 (951)
Income tax (expense) benefit 218 121 (141) 334
Net income (loss) (705) (306) 787 (617)
Less: Net income (loss) attributable to the noncontrolling interest 74 68 197 201
Net income (loss) attributable to Holdings (779) (374) 590 (818)
Less: Preferred stock dividends 11 0 34 0
Net income (loss) available to Holdings’ common shareholders $ (790) $ (374) $ 556 $ (818)
Net income (loss) applicable to Holdings’ common shareholders per common share:        
Basic (in usd per share) $ (1.77) $ (0.76) $ 1.23 $ (1.64)
Diluted (in usd per share) $ (1.77) $ (0.76) $ 1.22 $ (1.64)
Weighted average common shares outstanding (in millions):        
Basic (in shares) 447.5 490.4 453.0 499.8
Diluted (in shares) 447.5 490.4 454.1 499.8