Business Held for Sale and Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Information Related to Businesses Held for Sale and Discontinued Operations

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 Condensed Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019:

	March 31, 2020			December 31, 2019
Assets:
Investments:
Fixed maturities, available-for-sale, at fair value	$	11,097		$	11,483
Fixed maturities, at fair value using the fair value option	747			752
Mortgage loans on real estate, net of allowance for credit losses of $3 as of 2020	1,306			1,319
Policy loans	1,006			1,005
Derivatives	148			304
Other investments(1)	423			430
Securities pledged	209			235
Total investments	14,936			15,528
Cash and cash equivalents	279			291
Short-term investments under securities loan agreements, including collateral delivered	191			216
Premium receivable and reinsurance recoverable, net allowance for credit losses of $13 as of 2020	3,102			3,101
Deferred policy acquisition costs and Value of business acquired	771			607
Current income taxes	136			136
Deferred income taxes	(664		)	(757		)
Other assets(2)	441			570
Assets held in separate accounts	1,212			1,485
Write-down of businesses held for sale to fair value less cost to sell	(1,271		)	(1,108		)
Total assets held for sale	$	19,133		$	20,069
Liabilities:
Future policy benefits and contract owner account balances	$	15,389		$	15,472
Payables under securities loan and repurchase agreements, including collateral held	265			428
Derivatives	58			77
Notes payable	252			252
Other liabilities	796			784
Liabilities related to separate accounts	1,212			1,485
Total liabilities held for sale	$	17,972		$	18,498

⁽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 three months ended March 31, 2020 and 2019:

	Three Months Ended March 31,
	2020			2019
Revenues:
Net investment income	$	169		$	157
Fee income	174			187
Premiums	7			7
Total net realized capital gains (losses)	(26		)	29
Other revenue	(2		)	—
Total revenues	322			380
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders	238			251
Operating expenses	26			24
Net amortization of Deferred policy acquisition costs and Value of business acquired	12			29
Interest expense	2			2
Total benefits and expenses	278			306
Income (loss) from discontinued operations before income taxes	44			74
Income tax expense (benefit)	9			15
Loss on sale, net of tax	(163		)	—
Income (loss) from discontinued operations, net of tax	$	(128	)	$	59

The following table presents summary information related to income (loss) from discontinued operations for the periods presented:

	Three Months Ended March 31,
	2020			2019
Income (loss) from discontinued operations, net of tax
Individual Life Transaction	$	(128	)	$	59
2018 Transaction	—			(79		)
Total	$	(128	)	$	(20	)