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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenues      
Premiums (net of reinsurance ceded of $139, $138 and $149) $ 677 $ 704 $ 690
Contract charges, Other revenue 682 695 703
Net investment income 1,411 1,585 1,777
Realized capital gains and losses:      
Total other-than-temporary impairment (“OTTI”) losses (24) (7) (46)
OTTI losses reclassified to (from) other comprehensive income (OCI) 3 (2) 1
Net OTTI losses recognized in earnings (21) (9) (45)
Sales and valuation changes on equity investments and derivatives 362 (166) 94
Total realized capital gains and losses 341 (175) 49
Total revenues 3,153 2,847 3,259
Costs and expenses      
Contract benefits (net of reinsurance ceded of $187, $249 and $208) 1,481 1,446 1,430
Interest credited to contractholder funds (net of reinsurance ceded of $40, $44 and $46) 585 601 639
Amortization of deferred policy acquisition costs 180 146 152
Operating costs and expenses 249 271 321
Restructuring and related charges 1 2 2
Interest expense 5 5 4
Total costs and expenses 2,501 2,471 2,548
Gain on disposition of operations 6 6 7
Income from operations before income tax expense 658 382 718
Income tax expense (benefit) 128 17 (278)
Net income 530 365 996
Other comprehensive income (loss), after-tax      
Change in unrealized net capital gains and losses 679 (354) 5
Change in unrealized foreign currency translation adjustments (17) 0 11
Other comprehensive income (loss), after-tax 662 (354) 16
Comprehensive income 1,192 11 1,012
Product and Service, Other [Member]      
Revenues      
Contract charges, Other revenue $ 42 $ 38 $ 40