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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues        
Management and financial advice fees $ 1,561 $ 1,439 $ 3,043 $ 2,825
Distribution fees 430 448 873 883
Net investment income 391 372 782 703
Premiums 348 372 687 740
Other revenues 267 248 523 502
Total revenues 2,997 2,879 5,908 5,653
Banking and deposit interest expense 12 8 22 17
Total net revenues 2,985 [1] 2,871 [1] 5,886 [2] 5,636 [2]
Expenses        
Distribution expenses 832 803 1,655 1,573
Interest credited to fixed accounts 171 158 333 304
Benefits, claims, losses and settlement expenses 611 597 1,178 1,079
Amortization of deferred acquisition costs 69 87 141 197
Interest and debt expense 52 53 102 108
General and administrative expense 739 763 1,491 1,490
Total expenses 2,474 2,461 4,900 4,751
Pretax income 511 410 986 885
Income tax provision 118 75 190 186
Net income $ 393 $ 335 $ 796 $ 699
Basic        
Net income (in dollars per share) $ 2.53 $ 1.99 $ 5.09 $ 4.10
Diluted        
Net income (in dollars per share) 2.50 1.97 5.01 4.06
Cash dividends declared per common share (in dollars per share) $ 0.83 $ 0.75 $ 1.58 $ 1.42
Supplemental Disclosures        
Total other-than-temporary impairment losses on securities $ 0 $ 0 $ (1) $ (2)
Portion of loss recognized in other comprehensive income (before taxes) 0 0 0 1
Net impairment losses recognized in net investment income $ 0 $ 0 $ (1) $ (1)
[1] Includes foreign net revenues of $185 million and $166 million for the three months ended June 30, 2017 and 2016, respectively.
[2] Includes foreign net revenues of $341 million and $338 million for the six months ended June 30, 2017 and 2016, respectively.