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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues        
Premiums $ 170 $ 147 $ 339 $ 296
Contract charges 177 180 356 362
Net investment income 473 416 877 816
Realized capital gains and losses:        
Total other-than-temporary impairment (“OTTI”) losses (13) (21) (41) (56)
OTTI losses reclassified to (from) other comprehensive income 0 (1) 4 7
Net OTTI losses recognized in earnings (13) (22) (37) (49)
Sales and other realized capital gains and losses 9 21 32 2
Total realized capital gains and losses (4) (1) (5) (47)
Total revenues 816 742 1,567 1,427
Costs and expenses        
Contract benefits 364 341 718 679
Interest credited to contractholder funds 161 172 322 350
Amortization of deferred policy acquisition costs 43 37 84 74
Operating costs and expenses 68 52 137 108
Restructuring and related charges 0 1 0 1
Interest expense 2 3 3 7
Total costs and expenses 638 606 1,264 1,219
Gain on disposition of operations 2 1 4 3
Income from operations before income tax expense 180 137 307 211
Income tax expense 60 43 101 65
Net income 120 94 206 146
Other comprehensive income, after-tax        
Change in unrealized net capital gains and losses 118 233 183 474
Change in unrealized foreign currency translation adjustments 0 6 (3) 4
Other comprehensive income, after-tax 118 239 180 478
Comprehensive income $ 238 $ 333 $ 386 $ 624