CONSOLIDATED QUARTERLY RESULTS - UNAUDITED

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

CONSOLIDATED QUARTERLY RESULTS - UNAUDITED

23. CONSOLIDATED QUARTERLY RESULTS — UNAUDITED

The Company’s unaudited consolidated quarterly operating data for the years ended December 31, 2021 and 2020 is presented below. In the opinion of management, all adjustments (consisting only of normal recurring items) necessary for a fair statement of quarterly results have been reflected in the following data. It is also management’s opinion, however, that quarterly operating data for insurance enterprises are not necessarily indicative of results that may be expected in succeeding quarters or years. In order to obtain a more accurate indication of performance, there should be a review of operating results, changes in shareowner’s equity, and cash flows for a period of several quarters.

	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter(1)
	(Dollars In Millions)
For The Year Ended December 31, 2021
Gross premiums and policy fees	$	1,095	$	1,026	$	1,054	$	1,047
Reinsurance ceded		(317)		(326)		(311)		(366)
Net premiums and policy fees		778		700		743		681
Net investment income		720		742		753		767
Net gains (losses) — investments and derivatives		127		(33)		67		(11)
Other income		88		100		89		102
Total revenues		1,713		1,509		1,652		1,539
Total benefits and expenses		1,586		1,308		1,593		1,555
Income (loss) before income tax		127		201		59		(16)
Income tax expense		25		39		10		12
Net income (loss)	$	102	$	162	$	49	$	(28)

23. CONSOLIDATED QUARTERLY RESULTS — UNAUDITED – (Continued)

	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
	(Dollars In Millions)
For The Year Ended December 31, 2020 (Recast)
Gross premiums and policy fees	$	896	$	1,009	$	1,045	$	1,053
Reinsurance ceded		(36)		(360)		(287)		(344)
Net premiums and policy fees		860		649		758		709
Net investment income		754		742		740		653
Net gains (losses) — investments and derivatives		(301)		(34)		111		(11)
Other income		128		111		115		184
Total revenues		1,441		1,468		1,724		1,535
Total benefits and expenses		1,600		1,294		1,564		1,433
Income (loss) before income tax		(159)		174		160		102
Income tax (benefit) expense		(30)		32		29		12
Net income (loss)	$	(129)	$	142	$	131	$	90

(1) The Company recorded a non-cash impairment charge of $129 million Q4 2021. Refer to Note 10, Goodwill for additional information.