XML 18 R4.htm IDEA: XBRL DOCUMENT v3.24.2.u1Close
Consolidated Statements of Income (Loss) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
REVENUES        
Policy charges and fee income $ 617 $ 594 $ 1,231 $ 1,182
Premiums 282 280 557 556
Net derivative gains (losses) (208) (917) (1,584) (1,758)
Net investment income (loss) 1,166 1,036 2,385 2,026
Investment gains (losses), net:        
Credit and intent to sell losses on available for sale debt securities and loans (15) (14) (35) (80)
Other investment gains (losses), net (1) (42) (20) (63)
Total investment gains (losses), net (16) (56) (55) (143)
Investment management and service fees 1,240 1,182 2,518 2,362
Other income 429 258 688 509
Total revenues 3,510 2,377 5,740 4,734 Close
BENEFITS AND OTHER DEDUCTIONS        
Policyholders’ benefits 667 684 1,344 1,414
Remeasurement of liability for future policy benefits (8) (7) (7) (3)
Change in market risk benefits and purchased market risk benefits (133) (975) (1,233) (955)
Interest credited to policyholders’ account balances 605 501 1,171 964
Compensation and benefits 577 566 1,197 1,149
Commissions and distribution-related payments 463 393 900 773
Interest expense 62 55 119 116
Amortization of deferred policy acquisition costs 169 155 341 307
Other operating costs and expenses 427 466 980 889
Total benefits and other deductions 2,829 1,838 4,812 4,654 Close
Income (loss) from continuing operations, before income taxes 681 539 928 80 Close
Income tax (expense) benefit (116) 292 (146) 1,017 Close
Net income (loss) 565 831 782 1,097 Close
Less: Net income (loss) attributable to the noncontrolling interest [1] 137 72 240 161
Net income (loss) attributable to Holdings 428 759 542 936
Less: Preferred stock dividends 26 26 40 40
Net income (loss) available to Holdings’ common shareholders, basic 402 733 502 896
Net income (loss) available to Holdings’ common shareholders, diluted $ 402 $ 733 $ 502 $ 896
Net income (loss) applicable to Holdings’ common shareholders per common share:        
Basic (in dollars per share) $ 1.24 $ 2.06 $ 1.53 $ 2.50
Diluted (in dollars per share) $ 1.23 $ 2.06 $ 1.52 $ 2.49
Weighted average common shares outstanding (in millions):        
Basic (in shares) 324.2 355.2 327.2 358.5
Diluted (in shares) 327.3 356.1 330.4 360.0
[1] Includes redeemable noncontrolling interest. See Note 15 of the Notes to these Consolidated Financial Statements for details of redeemable noncontrolling interest.