Business Held for Sale and Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Information Related to Businesses Held for Sale and Discontinued Operations

The following table presents summary information related to income (loss) from discontinued operations for the periods presented:

	Six Months Ended June 30,
	2020		2019
Income (loss) from discontinued operations, net of tax
Individual Life Transaction	$	(221)	$	104
2018 Transaction	—		(82)
Total	$	(221)	$	22

The following table summarizes the major categories of assets and liabilities classified as held for sale related to the Individual Life Transaction in the accompanying Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019:

	June 30, 2020		December 31, 2019
Assets:
Investments:
Fixed maturities, available-for-sale, at fair value	$	12,300	$	11,483
Fixed maturities, at fair value using the fair value option	800		752
Mortgage loans on real estate, net of allowance for credit losses of $14 as of 2020	1,272		1,319
Policy loans	996		1,005
Derivatives	258		304
Other investments(1)	336		430
Securities pledged	2		235
Total investments	15,964		15,528
Cash and cash equivalents	413		291
Short-term investments under securities loan agreements, including collateral delivered	2		216
Premium receivable and reinsurance recoverable, net allowance for credit losses of $16 as of 2020	3,017		3,101
Deferred policy acquisition costs and Value of business acquired	392		607
Current income taxes	137		136
Deferred income taxes	(801)		(757)
Other assets(2)	752		570
Assets held in separate accounts	1,395		1,485
Write-down of businesses held for sale to fair value less cost to sell	(1,348)		(1,108)
Total assets held for sale	$	19,923	$	20,069
Liabilities:
Future policy benefits and contract owner account balances	$	15,455	$	15,472
Payables under securities loan and repurchase agreements, including collateral held	162		428
Derivatives	69		77
Notes payable	219		252
Other liabilities	734		784
Liabilities related to separate accounts	1,395		1,485
Total liabilities held for sale	$	18,034	$	18,498

⁽¹⁾ Includes Other investments, Equity securities, Limited partnerships/corporations and Short-term investments.

⁽²⁾ Includes Other assets and Accrued investment income.

The following table summarizes the components of Income (loss) from discontinued operations, net of tax related to the Individual Life Transaction for the six months ended June 30, 2020 and 2019:

	Six Months Ended June 30,
	2020		2019
Revenues:
Net investment income	$	304	$	327
Fee income	352		371
Premiums	15		15
Total net realized capital gains (losses)	17		54
Other revenue	(9)		(4)
Total revenues	679		763
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders	553		533
Operating expenses	68		43
Net amortization of Deferred policy acquisition costs and Value of business acquired	30		51
Interest expense	4		5
Total benefits and expenses	655		632
Income (loss) from discontinued operations before income taxes	24		131
Income tax expense (benefit)	5		27
Loss on sale, net of tax	(240)		—
Income (loss) from discontinued operations, net of tax	$	(221)	$	104