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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Revenues        
Premiums $ 147 $ 150 $ 443 $ 448
Contract charges 177 180 539 557
Net investment income 408 473 1,224 1,417
Realized capital gains and losses:        
Total other-than-temporary impairment (“OTTI”) losses (39) (73) (95) (95)
OTTI losses reclassified to (from) other comprehensive income 0 6 7 9
Net OTTI losses recognized in earnings (39) (67) (88) (86)
Sales and other realized capital gains and losses 20 256 22 445
Total realized capital gains and losses (19) 189 (66) 359
Total revenues 713 992 2,140 2,781
Costs and expenses        
Contract benefits 367 353 1,046 1,057
Interest credited to contractholder funds 170 181 520 546
Amortization of deferred policy acquisition costs 24 38 98 116
Operating costs and expenses 56 56 164 211
Restructuring and related charges 0 0 1 2
Interest expense 4 4 11 12
Total costs and expenses 621 632 1,840 1,944
Gain on disposition of operations 1 2 4 2
Income from operations before income tax expense 93 362 304 839
Income tax expense 28 123 93 297
Net income 65 239 211 542
Other comprehensive income (loss), after-tax        
Change in unrealized net capital gains and losses 73 (302) 547 (697)
Change in unrealized foreign currency translation adjustments (3) 3 1 (4)
Other comprehensive income (loss), after-tax 70 (299) 548 (701)
Comprehensive income (loss) $ 135 $ (60) $ 759 $ (159)