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Consolidated Statements of Income (Loss) - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
REVENUES      
Policy charges and fee income $ 2,380 $ 2,454 $ 2,768
Premiums 1,104 994 960
Net derivative gains (losses) (2,397) 907 (7,149)
Net investment income (loss) 4,320 3,315 3,846
Investment gains (losses), net:      
Credit and intent to sell losses on available for sale debt securities and loans (220) (314) 2
Other investment gains (losses), net (493) (631) 866
Total investment gains (losses), net (713) (945) 868
Investment management and service fees 4,820 4,891 5,395
Other income 1,014 1,028 926
Total revenues 10,528 12,644 7,614 Close
BENEFITS AND OTHER DEDUCTIONS      
Policyholders’ benefits 2,754 2,716 2,788
Remeasurement of liability for future policy benefits 75 66 13
Change in market risk benefits and purchased market risk benefits (1,807) (1,280) (5,943)
Interest credited to policyholders’ account balances 2,083 1,410 1,219
Compensation and benefits 2,328 2,201 2,363
Commissions and distribution-related payments 1,590 1,567 1,662
Interest expense 228 201 244
Amortization of deferred policy acquisition costs 641 586 552
Other operating costs and expenses 1,898 2,185 2,107
Total benefits and other deductions 9,790 9,652 5,005 Close
Income (loss) from continuing operations, before income taxes 738 2,992 2,609 Close
Income tax (expense) benefit 905 (598) (439) Close
Net income (loss) 1,643 2,394 2,170 Close
Less: Net income (loss) attributable to the noncontrolling interest [1] 341 241 415
Net income (loss) attributable to Holdings 1,302 2,153 1,755
Less: Preferred stock dividends 80 80 79
Net income (loss) available to Holdings’ common shareholders, basic 1,222 2,073 1,676
Net income (loss) available to Holdings’ common shareholders, diluted $ 1,222 $ 2,073 $ 1,676
Net income (loss) applicable to Holdings’ common shareholders per common share:      
Basic (in dollars per share) $ 3.49 $ 5.49 $ 4.02
Diluted (in dollars per share) $ 3.48 $ 5.46 $ 3.98
Weighted average common shares outstanding (in millions):      
Basic (in shares) 350.1 377.6 417.4
Diluted (in shares) 351.6 379.9 421.2
[1] Includes redeemable noncontrolling interest. See Note 24 of the Notes to these Consolidated Financial Statements for details of redeemable noncontrolling interest.