Discontinued Operations

6 Months Ended

Jun. 30, 2013

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Discontinued Operations

Discontinued Operations

The operations of the Company's U.K. variable annuity business meet the criteria for reporting as discontinued operations in accordance with the announced sale of HLIL.

The results of operations reflected as discontinued operations in the Condensed Consolidated Statements of Operations, consisting of amounts related to HLIL and the Company's Mutual Funds business, are as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Revenues
Earned premiums	$	—		$	(2	)	$	(2	)	$	(5	)
Fee income	—			138			8			281
Net investment income (loss)
Securities available-for-sale and other	(2		)	3			(2		)	6
Equity securities, trading	—			(25		)	138			80
Total net investment income (loss)	(2		)	(22		)	136			86
Net realized capital gains (losses)	(1		)	19			(10		)	48
Total revenues	(3		)	133			132			410
Benefits, losses and expenses
Benefits, losses and loss adjustment expenses	—			1			1			2
Benefits, losses and loss adjustment expenses - returns credited on international variable annuity	—			(25		)	138			80
Amortization of DAC	—			9			—			18
Insurance operating costs and other expenses	(11		)	146			(33		)	211
Total benefits, losses and expenses	(11		)	131			106			311
Income before income taxes	8			2			26			99
Income tax expense	3			8			2			19
Income (loss) from operations of discontinued operations, net of tax	5			(6		)	24			80
Net realized capital loss on disposal, net of tax	(51		)	—			(51		)	—
Income (loss) from discontinued operations, net of tax	$	(46	)	$	(6	)	$	(27	)	$	80

[1] Includes an income tax benefit of $298 on the sale of HLIL for the three and six months ended June 30, 2013.

The carrying values of the assets and liabilities of HLIL classified as held for sale in the Condensed Consolidated Balance Sheets are as follows:

	As of June 30, 2013
Assets
Fixed maturities	$	444
Equity securities, trading	1,665
Short-term investments	2
Cash	103
Other assets	(273		)
Total assets held for sale	$	1,941
Liabilities
Other policyholder funds and benefits payable – international variable annuities	1,665
Other liabilities	(3		)
Total liabilities held for sale	$	1,662