XML 15 R4.htm IDEA: XBRL DOCUMENT v3.23.3Close
Consolidated Statements of Income (Loss) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
REVENUES        
Policy charges and fee income $ 599 $ 603 $ 1,781 $ 1,873
Premiums 267 259 823 744
Net derivative gains (losses) 615 199 (1,143) 2,216
Net investment income (loss) 1,071 842 3,097 2,357
Investment gains (losses), net:        
Credit and intent to sell losses on available for sale debt securities and loans (65) (267) (145) (266)
Other investment gains (losses), net (346) (65) (409) (624)
Total investment gains (losses), net (411) (332) (554) (890)
Investment management and service fees 1,217 1,179 3,579 3,731
Other income 266 242 775 797
Total revenues 3,624 2,992 8,358 10,828 Close
BENEFITS AND OTHER DEDUCTIONS        
Policyholders’ benefits 693 629 2,107 2,020
Remeasurement of liability for future policy benefits 49 20 46 54
Change in market risk benefits and purchased market risk benefits (817) (491) (1,772) (144)
Interest credited to policyholders’ account balances 556 378 1,520 1,001
Compensation and benefits 593 568 1,742 1,682
Commissions and distribution-related payments 405 368 1,178 1,184
Interest expense 55 51 171 148
Amortization of deferred policy acquisition costs 165 148 472 436
Other operating costs and expenses 450 496 1,339 1,613
Total benefits and other deductions 2,149 2,167 6,803 7,994 Close
Income (loss) from continuing operations, before income taxes 1,475 825 1,555 2,834 Close
Income tax (expense) benefit (340) (177) 677 (578) Close
Net income (loss) 1,135 648 2,232 2,256 Close
Less: Net income (loss) attributable to the noncontrolling interest [1] 71 54 232 165
Net income (loss) attributable to Holdings 1,064 594 2,000 2,091
Less: Preferred stock dividends 14 14 54 54
Net income (loss) available to Holdings’ common shareholders, basic 1,050 580 1,946 2,037
Net income (loss) available to Holdings’ common shareholders, diluted $ 1,050 $ 580 $ 1,946 $ 2,037
Net income (loss) applicable to Holdings’ common shareholders per common share:        
Basic (in dollars per share) $ 3.03 $ 1.55 $ 5.49 $ 5.35
Diluted (in dollars per share) $ 3.02 $ 1.54 $ 5.47 $ 5.32
Weighted average common shares outstanding (in millions):        
Basic (in shares) 346.4 374.5 354.4 380.6
Diluted (in shares) 348.0 376.8 355.9 382.9
[1] Includes redeemable noncontrolling interest. See Note 15 of the Notes to these Consolidated Financial Statements for details of redeemable noncontrolling interest.