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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues        
Premiums $ 172 $ 147 $ 511 $ 443
Contract charges 174 177 530 539
Net investment income 439 408 1,316 1,224
Realized capital gains and losses:        
Total other-than-temporary impairment (“OTTI”) losses (4) (39) (45) (95)
OTTI losses reclassified to (from) other comprehensive income (2) 0 2 7
Net OTTI losses recognized in earnings (6) (39) (43) (88)
Sales and other realized capital gains and losses 25 20 57 22
Total realized capital gains and losses 19 (19) 14 (66)
Total revenues 804 713 2,371 2,140
Costs and expenses        
Contract benefits 331 367 1,049 1,046
Interest credited to contractholder funds 161 170 483 520
Amortization of deferred policy acquisition costs 32 24 116 98
Operating costs and expenses 69 56 206 164
Restructuring and related charges 1 0 1 1
Interest expense 1 4 4 11
Total costs and expenses 595 621 1,859 1,840
Gain on disposition of operations 1 1 5 4
Income from operations before income tax expense 210 93 517 304
Income tax expense 70 28 171 93
Net income 140 65 346 211
Other comprehensive income, after-tax        
Change in unrealized net capital gains and losses 45 73 228 547
Change in unrealized foreign currency translation adjustments 8 (3) 5 1
Other comprehensive income, after-tax 53 70 233 548
Comprehensive income $ 193 $ 135 $ 579 $ 759