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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenues        
Premiums $ 148 $ 143 $ 298 $ 299
Contract charges 182 193 377 460
Net investment income 473 525 944 1,151
Realized capital gains and losses:        
Total other-than-temporary impairment (“OTTI”) losses (12) (14) (22) (22)
OTTI losses reclassified to (from) other comprehensive income 3 0 3 (1)
Net OTTI losses recognized in earnings (9) (14) (19) (23)
Sales and other realized capital gains and losses 68 4 189 13
Total realized capital gains and losses 59 (10) 170 (10)
Total revenues 862 851 1,789 1,900
Costs and expenses        
Contract benefits 346 334 704 745
Interest credited to contractholder funds 174 205 365 505
Amortization of deferred policy acquisition costs 38 43 78 88
Operating costs and expenses 75 76 155 157
Restructuring and related charges 2 1 2 3
Interest expense 4 4 8 8
Total costs and expenses 639 663 1,312 1,506
Gain (loss) on disposition of operations 2 15 0 (44)
Income from operations before income tax expense 225 203 477 350
Income tax expense 75 71 174 91
Net income 150 132 303 259
Other comprehensive (loss) income, after-tax        
Change in unrealized net capital gains and losses (466) (4) (395) 321
Change in unrealized foreign currency translation adjustments (5) 0 (7) 1
Other comprehensive (loss) income, after-tax (471) (4) (402) 322
Comprehensive (loss) income $ (321) $ 128 $ (99) $ 581