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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues        
Management and financial advice fees $ 1,626 $ 1,464 $ 4,669 $ 4,289
Distribution fees 437 455 1,310 1,338
Net investment income 372 387 1,154 1,090
Premiums 348 374 1,035 1,114
Other revenues 210 330 733 832
Total revenues 2,993 3,010 8,901 8,663
Banking and deposit interest expense 12 12 34 29
Total net revenues 2,981 [1] 2,998 [1] 8,867 [2] 8,634 [2]
Expenses        
Distribution expenses 850 798 2,505 2,371
Interest credited to fixed accounts 176 161 509 465
Benefits, claims, losses and settlement expenses 474 855 1,652 1,934
Amortization of deferred acquisition costs 48 163 189 360
Interest and debt expense 52 52 154 160
General and administrative expense 753 731 2,244 2,221
Total expenses 2,353 2,760 7,253 7,511
Pretax income 628 238 1,614 1,123
Income tax provision 125 23 315 209
Net income $ 503 $ 215 $ 1,299 $ 914
Basic        
Net income (in dollars per share) $ 3.29 $ 1.31 $ 8.37 $ 5.43
Diluted        
Net income (in dollars per share) 3.24 1.30 8.24 5.37
Cash dividends declared per common share (in dollars per share) $ 0.83 $ 0.75 $ 2.41 $ 2.17
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 $198 million and $162 million for the three months ended September 30, 2017 and 2016, respectively.
[2] Includes foreign net revenues of $539 million and $500 million for the nine months ended September 30, 2017 and 2016, respectively.