Sale of Businesses (Tables)

9 Months Ended

Sep. 30, 2015

Summary of Operating Results of Discontinued Operations

The major assets and liability categories were as follows as of the dates indicated:

(Amounts in millions)	September 30, 2015			December 31, 2014
Assets
Investments:
Fixed maturity securities available-for-sale, at fair value	$	1,117		$	1,171
Equity securities available-for-sale, at fair value		6			7
Other invested assets		23			52
Total investments		1,146			1,230
Cash and cash equivalents		142			202
Accrued investment income		22			21
Deferred acquisition costs		168			193
Intangible assets		22			22
Reinsurance recoverable		36			32
Other assets		121			109
Assets held for sale related to discontinued operations		1,657			1,809
Fair value less pension settlement costs and closing costs impairment		(451	)		—
Total assets held for sale related to discontinued operations	$	1,206		$	1,809
Liabilities
Policyholder account balances	$	9		$	11
Liability for policy and contract claims		108			106
Unearned premiums		412			439
Other liabilities		296			322
Deferred tax liability		29			50
Liabilities held for sale related to discontinued operations	$	854		$	928

Summary operating results of discontinued operations were as follows for the periods indicated:

	Three months ended September 30,					Nine months ended September 30,
(Amounts in millions)	2015			2014		2015			2014
Revenues:
Premiums	$	169		$	184	$	517		$	557
Net investment income		21			28		63			78
Net investment gains (losses)		—			1		—			2
Insurance and investment product fees and other		—			1		—			4
Total revenues		190			214		580			641
Benefits and expenses:
Benefits and other changes in policy reserves		46			53		150			155
Acquisition and operating expenses, net of deferrals		105			113		323			340
Amortization of deferred acquisition costs and intangibles		21			30		71			90
Interest expense		7			10		22			34
Total benefits and expenses		179			206		566			619
Income (loss) before income taxes and loss on sale		11			8		14			22
Provision for income taxes		20			2		30			3
Income (loss) before loss on sale		(9	)		6		(16	)		19
Loss on sale, net of taxes		(12	)		—		(318	)		—
Income (loss) from discontinued operations, net of taxes	$	(21	)	$	6	$	(334	)	$	19