Business Held for Sale and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Information Related to Businesses Held for Sale and Discontinued Operations

The following table presents summary information related to assets and liabilities classified as held for sale and income (loss) from discontinued operations for the periods presented:

	Year Ended December 31,
	2019		2018
Assets held for sale
Individual Life Transaction	$	20,069	$	20,045
2018 Transaction	—		—
Total	$	20,069	$	20,045
Liabilities held for sale
Individual Life Transaction	$	18,498	$	17,903
2018 Transaction	—		—
Total	$	18,498	$	17,903

	Year Ended December 31,
	2019			2018		2017
Income (loss) from discontinued operations, net of tax
Individual Life Transaction	$	(984	)	$	72	$	107
2018 Transaction	(82		)	457		(2,580		)
Total	$	(1,066	)	$	529	$	(2,473	)

The following table presents summary information related to cash flows from discontinued operations for the periods presented:

	Year Ended December 31,
	2019			2018			2017
Net cash provided by operating activities - discontinued operations
Individual Life Transaction	$	(102	)	$	(410	)	$	100
2018 Transaction	—			1,462			411
Total	$	(102	)	$	1,052		$	511
Net cash provided by investing activities - discontinued operations
Individual Life Transaction	$	(498	)	$	(248	)	$	(1,000	)
2018 Transaction	(128		)	34			(1,261		)
Total	$	(626	)	$	(214	)	$	(2,261	)
Net cash provided by financing activities - discontinued operations
Individual Life Transaction	$	813		$	537		$	887
2018 Transaction	—			(1,209		)	384
Total	$	813		$	(672	)	$	1,271

The following table summarizes the components of Income (loss) from discontinued operations, net of tax related to the 2018 Transaction for the years ended December 31, 2019, 2018 and 2017:

	Year Ended December 31,
	2019			2018			2017
Revenues:
Net investment income	$	—		$	510		$	1,266
Fee income	—			295			801
Premiums	—			(50		)	190
Total net realized capital losses	—			(345		)	(1,234		)
Other revenue	—			10			19
Total revenues	—			420			1,042
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders	—			442			978
Operating expenses	—			(14		)	250
Net amortization of Deferred policy acquisition costs and Value of business acquired	—			49			127
Interest expense	—			10			22
Total benefits and expenses	—			487			1,377
Income (loss) from discontinued operations before income taxes	—			(67		)	(335		)
Income tax expense (benefit)	—			(19		)	(178		)
Loss on sale, net of tax	(82		)	505			(2,423		)
Income (loss) from discontinued operations, net of tax	$	(82	)	$	457		$	(2,580	)

The following table summarizes the major categories of assets and liabilities classified as held for sale related to the Individual Life Transaction in the accompanying Consolidated Balance Sheets as of December 31, 2019 and 2018:

	As of December 31,
	2019			2018
Assets:
Investments:
Fixed maturities, available-for-sale, at fair value	$	11,483		$	9,401
Fixed maturities, at fair value using the fair value option	752			722
Mortgage loans on real estate, net of valuation allowance	1,319			1,395
Policy loans	1,005			1,019
Derivatives	304			131
Other investments(1)	430			333
Securities pledged	235			405
Total investments	15,528			13,406
Cash and cash equivalents	291			301
Short-term investments under securities loan agreements, including collateral delivered	216			391
Premium receivable and reinsurance recoverable	3,101			3,309
Deferred policy acquisition costs and Value of business acquired	607			1,143
Current income taxes	136			220
Deferred income taxes	(757		)	(452		)
Other assets(2)	570			430
Assets held in separate accounts	1,485			1,297
Write-down of businesses held for sale to fair value less cost to sell	(1,108		)	—
Total assets held for sale	$	20,069		$	20,045
Liabilities:
Future policy benefits and contract owner account balances	$	15,472		$	15,008
Payables under securities loan and repurchase agreements, including collateral held	428			455
Derivatives	77			53
Notes payable	252			222
Other liabilities	784			868
Liabilities related to separate accounts	1,485			1,297
Total liabilities held for sale	$	18,498		$	17,903

⁽¹⁾ Includes Other investments, Equity securities, Limited Partnerships/corporations and Short-term investments.

⁽²⁾ Includes Other assets and Accrued investment income.

The following table summarizes the components of Income (loss) from discontinued operations, net of tax related to the Individual Life Transaction for the years ended December 31, 2019, 2018 and 2017:

	Year Ended December 31,
	2019			2018			2017
Revenues:
Net investment income	$	665		$	649		$	672
Fee income	750			743			754
Premiums	27			27			24
Total net realized capital gains (losses)	45			(44		)	(18		)
Other revenue	(21		)	4			(8		)
Total revenues	1,466			1,379			1,424
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders	1,065			1,050			978
Operating expenses	83			96			102
Net amortization of Deferred policy acquisition costs and Value of business acquired	153			135			176
Interest expense	10			9			8
Total benefits and expenses	1,311			1,290			1,264
Income (loss) from discontinued operations before income taxes	155			89			160
Income tax expense (benefit)	31			17			53
Loss on sale, net of tax	(1,108		)	—			—
Income (loss) from discontinued operations, net of tax	$	(984	)	$	72		$	107