Business Held for Sale and Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Information Related to Businesses Held for Sale and Discontinued Operations

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

	Nine Months Ended September 30,
	2020		2019
Income (loss) from discontinued operations, net of tax
Individual Life Transaction	$	(361)	$	100
2018 Transaction	—		(82)
Total	$	(361)	$	18

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 September 30, 2020 and December 31, 2019:

	September 30, 2020		December 31, 2019
Assets:
Investments:
Fixed maturities, available-for-sale, at fair value	$	12,779	$	11,483
Fixed maturities, at fair value using the fair value option	774		752
Mortgage loans on real estate, net of allowance for credit losses of $12 as of 2020	1,264		1,319
Policy loans	996		1,005
Derivatives	314		304
Other investments(1)	337		430
Securities pledged	2		235
Total investments	16,466		15,528
Cash and cash equivalents	497		291
Short-term investments under securities loan agreements, including collateral delivered	2		216
Premium receivable and reinsurance recoverable, net allowance for credit losses of $15 as of 2020	2,838		3,101
Deferred policy acquisition costs and Value of business acquired	372		607
Current income taxes	—		136
Deferred income taxes	(794)		(757)
Other assets(2)	665		570
Assets held in separate accounts	1,473		1,485
Write-down of businesses held for sale to fair value less cost to sell	(1,339)		(1,108)
Total assets held for sale	$	20,180	$	20,069
Liabilities:
Future policy benefits and contract owner account balances	$	15,505	$	15,472
Payables under securities loan and repurchase agreements, including collateral held	209		428
Derivatives	86		77
Notes payable	219		252
Other liabilities	740		784
Liabilities related to separate accounts	1,473		1,485
Total liabilities held for sale	$	18,232	$	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 nine months ended September 30, 2020 and 2019:

	Nine Months Ended September 30,
	2020		2019
Revenues:
Net investment income	$	485	$	494
Fee income	596		574
Premiums	21		21
Total net realized capital gains (losses)	20		59
Other revenue	(13)		(18)
Total revenues	1,109		1,130
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders (1)	947		788
Operating expenses	107		58
Net amortization of Deferred policy acquisition costs and Value of business acquired (2)	215		151
Interest expense	5		8
Total benefits and expenses	1,274		1,005
Income (loss) from discontinued operations before income taxes	(165)		125
Income tax expense (benefit)	(35)		25
Loss on sale, net of tax	(231)		—
Income (loss) from discontinued operations, net of tax	$	(361)	$	100

(1) Includes loss recognition recorded in the third quarter of 2020 associated with certain blocks of reserves.

(2) Includes the impact of annual assumption updates completed in the third quarter of 2020.