Assets and Liabilities of Businesses Held for Sale

6 Months Ended

Jun. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Assets and Liabilities of Business Held for Sale

Note 5 – Assets and Liabilities of Businesses Held for Sale

On July 1, 2022, the Company completed the sale of its life, accident and supplemental benefits businesses in six countries (Hong Kong, Indonesia, New Zealand, South Korea, Taiwan and Thailand) to Chubb for approximately $5.4 billion in cash. The Company aggregated and classified the assets and liabilities of these businesses as held for sale in our Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021. The assets and liabilities of our interest in a joint venture in Türkiye were classified as held for sale in our Consolidated Balance Sheet as of December 31, 2021; however, we subsequently agreed to exclude this business from the Chubb Transaction and the assets and liabilities are no longer classified as held for sale.

The assets and liabilities of businesses held for sale were as follows:

(In millions)	June 30, 2022		December 31, 2021
Cash and cash equivalents	$	455	$	406
Investments	4,518		5,109
Deferred policy acquisition costs	2,598		2,755
Separate account assets	648		878
Goodwill, other intangible assets and all other assets	833		909
Total assets of businesses held for sale	9,052		10,057
Insurance and contractholder liabilities	4,427		4,644
Accounts payable, accrued expenses and other liabilities	420		452
Deferred tax liabilities, net	356		449
Separate account liabilities	648		878
Total liabilities of businesses held for sale	$	5,851	$	6,423

The held for sale businesses reported Gross unrealized appreciation (depreciation) on securities and derivatives of $(208) million and $137 million and Gross cumulative translation losses on foreign currencies of $366 million and $209 million in our Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021, respectively.