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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenues:        
Premiums $ 12.0   $ 45.0  
Net investment income 267.0   812.0  
Net investment gains (losses) 119.0   (74.0)  
Insurance and investment product fees and other 46.0   139.0  
Total revenues 444.0   922.0  
Benefits and expenses:        
Benefits and other changes in policy reserves 297.0   475.0  
Acquisition and operating expenses, net of deferrals 40.0   126.0  
Amortization of intangibles 28.0   72.0  
Total benefits and expenses 365.0   673.0  
Operating income 79.0   249.0  
Interest expense (8.0)   (21.0)  
Income (loss) before income taxes 71.0   228.0  
Income tax expense (15.0)   (67.0)  
Net income (loss) 56.0   161.0 $ 115.0
Less preferred stock dividend 7.0   21.0 $ 0.0
Net income (loss) available to common shareholders $ 49.0   $ 140.0  
Net income per common share        
Basic (in USD per share) $ 0.23   $ 0.65  
Diluted (in USD per share) $ 0.23   $ 0.65  
Weighted average common shares used in computing net income per common share:        
Basic (in shares) 214,370,000   214,370,000 58,333,000
Diluted (in shares) 214,418,693   214,390,931 58,438,000
Cash dividend per common share (in dollars per share) $ 0   $ 0  
Total other-than-temporary impairments $ 0.0   $ (2.0)  
Portion of other-than-temporary impairments included in other comprehensive income 0.0   0.0  
Net other-than-temporary impairments 0.0   (2.0)  
Gains (losses) on derivatives and embedded derivatives 159.0   58.0  
Other investment gains (losses) (40.0)   (130.0)  
Net investment gains (losses) $ 119.0   $ (74.0)  
Predecessor        
Revenues:        
Premiums   $ 16.0   $ 31.0
Net investment income   261.0   765.0
Net investment gains (losses)   117.0   265.0
Insurance and investment product fees and other   41.0   129.0
Total revenues   435.0   1,190.0
Benefits and expenses:        
Benefits and other changes in policy reserves   320.0   823.0
Acquisition and operating expenses, net of deferrals   36.0   109.0
Amortization of intangibles   (14.0)   70.0
Total benefits and expenses   342.0   1,002.0
Operating income   93.0   188.0
Interest expense   (6.0)   (18.0)
Income (loss) before income taxes   87.0   170.0
Income tax expense   (26.0)   (55.0)
Net income (loss)   61.0   115.0
Less preferred stock dividend   $ 0.0   $ 0.0
Net income per common share        
Basic (in USD per share)   $ 1.06   $ 1.98
Diluted (in USD per share)   $ 1.06   $ 1.98
Weighted average common shares used in computing net income per common share:        
Basic (in shares)   58,335,216   58,332,666
Diluted (in shares)   58,478,612   58,437,832
Cash dividend per common share (in dollars per share)   $ 0.065   $ 0.195
Total other-than-temporary impairments   $ 0.0   $ (21.0)
Portion of other-than-temporary impairments included in other comprehensive income   0.0   0.0
Net other-than-temporary impairments   0.0   (21.0)
Gains (losses) on derivatives and embedded derivatives   111.0   284.0
Other investment gains (losses)   6.0   2.0
Net investment gains (losses)   $ 117.0   $ 265.0