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Condensed Consolidated Statements of Operations - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenues:        
Net investment income $ 425 $ 379 $ 1,204 $ 1,136
Fee income 177 170 526 537
Premiums 13 11 35 35
Broker-dealer commission revenue 1 42 69 128
Net realized capital gains (losses):        
Total other-than-temporary impairments (6) 0 (15) 0
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) 0 0 1 0
Net other-than-temporary impairments recognized in earnings (6) 0 (16) 0
Other net realized capital gains (losses) (38) (42) (198) (145)
Total net realized capital gains (losses) (44) (42) (214) (145)
Other revenue 6 (1) 8 1
Total revenues 578 559 1,628 1,692
Benefits and expenses:        
Interest credited and other benefits to contract owners/policyholders 227 240 625 720
Operating expenses 183 194 469 605
Broker-dealer commission expense 1 42 69 128
Net amortization of Deferred policy acquisition costs and Value of business acquired (28) 84 54 220
Total benefits and expenses 383 560 1,217 1,673
Income (loss) before income taxes 195 (1) 411 19
Income tax expense (benefit) 34 (13) 64 (21)
Net income (loss) $ 161 $ 12 $ 347 $ 40