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Consolidated Statements of Income (Loss) - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
REVENUES    
Policy charges and fee income $ 614 $ 588
Premiums 275 276
Net derivative gains (losses) (1,376) (841)
Net investment income (loss) 1,219 990
Investment gains (losses), net:    
Credit and intent to sell losses on available for sale debt securities and loans (20) (66)
Other investment gains (losses), net (19) (21)
Total investment gains (losses), net (39) (87)
Investment management and service fees 1,278 1,180
Other income 259 251
Total revenues 2,230 2,357 Close
BENEFITS AND OTHER DEDUCTIONS    
Policyholders’ benefits 677 730
Remeasurement of liability for future policy benefits 1 4
Change in market risk benefits and purchased market risk benefits (1,100) 20
Interest credited to policyholders’ account balances 566 463
Compensation and benefits 620 583
Commissions and distribution-related payments 437 380
Interest expense 57 61
Amortization of deferred policy acquisition costs 172 152
Other operating costs and expenses 553 423
Total benefits and other deductions 1,983 2,816 Close
Income (loss) from continuing operations, before income taxes 247 (459) Close
Income tax (expense) benefit (30) 725 Close
Net income (loss) 217 266 Close
Less: Net income (loss) attributable to the noncontrolling interest [1] 103 89
Net income (loss) attributable to Holdings 114 177
Less: Preferred stock dividends 14 14
Net income (loss) available to Holdings’ common shareholders, basic 100 163
Net income (loss) available to Holdings’ common shareholders, diluted $ 100 $ 163
Net income (loss) applicable to Holdings’ common shareholders per common share:    
Basic (in dollars per share) $ 0.30 $ 0.45
Diluted (in dollars per share) $ 0.30 $ 0.45
Weighted average common shares outstanding (in millions):    
Basic (in shares) 330.2 361.9
Diluted (in shares) 332.7 364.1
[1] Includes redeemable noncontrolling interest. See Note 14 of the Notes to these Consolidated Financial Statements for details of redeemable noncontrolling interest.