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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues        
Net investment income $ 417 $ 419 $ 728 $ 826
Realized capital gains and losses:        
Total other-than-temporary impairment (“OTTI”) losses (6) (2) (13) (2)
OTTI losses reclassified from other comprehensive income (“OCI”) 1 0 1 (1)
Net OTTI losses recognized in earnings (5) (2) (12) (3)
Sales and valuation changes on equity investments and derivatives 51 10 206 (21)
Total realized capital gains and losses 46 8 194 (24)
Total revenues 814 783 1,630 1,519
Costs and expenses        
Contract benefits 375 357 738 727
Interest credited to contractholder funds 143 152 291 300
Amortization of deferred policy acquisition costs 33 39 65 78
Operating costs and expenses 66 68 135 136
Restructuring and related charges 0 2 0 2
Interest expense 1 1 2 2
Total costs and expenses 618 619 1,231 1,245
Gain on disposition of operations 2 2 3 3
Income from operations before income tax expense 198 166 402 277
Income tax expense 41 32 81 53
Net income 157 134 321 224
Other comprehensive income (loss), after-tax        
Change in unrealized net capital gains and losses 170 (61) 516 (236)
Change in unrealized foreign currency translation adjustments (2) 5 (5) 9
Other comprehensive income (loss), after-tax 168 (56) 511 (227)
Comprehensive income (loss) 325 78 832 (3)
Premiums        
Revenues        
Revenues 170 175 341 352
Contract charges        
Revenues        
Revenues 170 173 346 349
Other revenue        
Revenues        
Revenues $ 11 $ 8 $ 21 $ 16