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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenues                      
Gross premiums and policy fees $ 1,047 $ 1,054 $ 1,026 $ 1,095 $ 1,053 $ 1,045 $ 1,009 $ 896 $ 4,222 $ 4,003 $ 4,056
Reinsurance ceded (366) (311) (326) (317) (344) (287) (360) (36) (1,320) (1,027) (1,508)
Net premiums and policy fees 681 743 700 778 709 758 649 860 2,902 2,976 2,548
Net investment income 767 753 742 720 653 740 742 754 2,982 2,889 2,825
Net gains (losses) - investments and derivatives                 150 (235) (59)
Other income 102 89 100 88 184 115 111 128 379 538 417
Total revenues 1,539 1,652 1,509 1,713 1,535 1,724 1,468 1,441 6,413 6,168 5,731
Benefits and expenses                      
Benefits and settlement expenses, net of reinsurance ceded: (2021 - $1,423; 2020 - $883; 2019 - $1,244)                 4,924 4,901 4,256
Amortization of deferred policy acquisition costs and value of business acquired                 309 208 176
Other operating expenses, net of reinsurance ceded: (2021 - $223; 2020 - $229; 2019 - $230)                 680 782 775
Goodwill impairment 129               129 0 0
Total benefits and expenses 1,555 1,593 1,308 1,586 1,433 1,564 1,294 1,600 6,042 5,891 5,207
Income (loss) before income tax (16) 59 201 127 102 160 174 (159) 371 277 524
Income tax expense (benefit)                      
Current                 132 118 387
Deferred                 (46) (75) (290)
Total income tax expense 12 10 39 25 12 29 32 (30) 86 43 97
Net income (loss) $ (28) $ 49 $ 162 $ 102 $ 90 $ 131 $ 142 $ (129) $ 285 $ 234 $ 427