Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Information on sale of Annuity subsidiaries

Details of the assets and liabilities of the Annuity subsidiaries to be sold were as follows (in millions):

	March 31, 2021		December 31, 2020
Assets of businesses to be sold:
Cash and cash equivalents	$	636	$	1,145
Fixed maturities, available for sale	34,754		34,123
Fixed maturities, trading at fair value	40		42
Equity securities	624		774
Investments accounted for using the equity method	671		646
Mortgage loans	1,244		1,251
Policy loans	148		151
Equity index call options	813		825
Other investments	180		199
Total cash and investments	39,110		39,156
Recoverables from reinsurers	6,797		6,804
Agents’ balances and premiums receivable	3		2
Deferred policy acquisition costs	531		302
Variable annuity assets (separate accounts)	666		664
Other assets	1,032		957
Total assets of discontinued annuity operations	48,139		47,885
Liabilities of businesses to be sold:
Annuity benefits accumulated	42,880		42,573
Life, accident and health reserves	601		607
Variable annuity liabilities (separate accounts)	666		664
Other liabilities	746		614
Total liabilities of discontinued annuity operations	44,893		44,458
Receivable from AFG for real estate-related investments	567		537
Reclassify AOCI	(801)		(1,071)
Net investment in annuity businesses to be sold, excluding AOCI	$	3,012	$	2,893

Details of the results of operations for the discontinued annuity operations were (in millions):

	Three months ended March 31,
	2021		2020
Net investment income	$	447	$	415
Realized gains (losses) on securities	81		(223)
Other income	32		33
Total revenues	560		225
Annuity benefits	161		276
Annuity and supplemental insurance acquisition expenses	112		113
Other expenses	46		39
Total costs and expenses	319		428
Earnings (loss) before income taxes from discontinued operations	241		(203)
Provision (credit) for income taxes on operations	48		(43)
Tax liabilities triggered by pending sale	41		—
Net earnings (loss) from discontinued operations	$	152	$	(160)

Summarized cash flows for the discontinued annuity operations were (in millions):

	Three months ended March 31,
	2021		2020
Net cash provided by operating activities	$	209	$	265
Net cash used in investing activities	(734)		(1,244)
Net cash provided by financing activities	16		612