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SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Tables)
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Condensed Statements of Operations [Table Text Block]
Schedule I — Condensed Financial Information of Registrant
Condensed Statements of Operations
(Parent Company Only)
 
Years Ended December 31,
2019
 
2018
 
2017
(in millions)
Revenues
 
 
 
 
 
Management and financial advice fees
$
(1
)
 
$
(1
)
 
$
(1
)
Net investment income
9

 
34

 
11

Other revenues
14

 
4

 
8

Gain on disposal of business
213

 
—

 
—

Total revenues
235

 
37

 
18

Banking and deposit interest expense
9

 
7

 
5

Total net revenues
226

 
30

 
13

 
 
 
 
 
 
Expenses
 
 
 
 
 
Benefits, claims, losses and settlement expenses
49

 
4

 
76

Distribution expenses
24

 
4

 
18

Interest and debt expense
126

 
120

 
116

General and administrative expense
244

 
210

 
246

Total expenses
443

 
338

 
456

Pretax loss before equity in earnings of subsidiaries
(217
)
 
(308
)
 
(443
)
Income tax benefit
(38
)
 
(73
)
 
(47
)
Loss before equity in earnings of subsidiaries
(179
)
 
(235
)
 
(396
)
Equity in earnings of subsidiaries
2,072

 
2,333

 
1,876

Net income
1,893

 
2,098

 
1,480

Other comprehensive income (loss), net of tax
553

 
(519
)
 
29

Total comprehensive income
$
2,446

 
$
1,579

 
$
1,509


See Notes to Condensed Financial Information of Registrant.
Condensed Balance Sheets [Table Text Block]
Schedule I — Condensed Financial Information of Registrant
Condensed Balance Sheets
(Parent Company Only)
 
December 31,
2019
 
2018
(in millions, except share amounts)
Assets
 
 
 
Cash and cash equivalents
$
730

 
$
476

Investments
1,430

 
467

Loans to subsidiaries
361

 
372

Due from subsidiaries
305

 
288

Receivables
5

 
5

Land, buildings, equipment, and software, net of accumulated depreciation of $952 and $1,168, respectively
207

 
237

Investments in subsidiaries
6,665

 
7,231

Other assets
1,136

 
1,209

Total assets
$
10,839

 
$
10,285

 
 
 
 
Liabilities and Shareholders’ Equity
 
 
 
Liabilities:
 
 
 
Accounts payable and accrued expenses
$
797

 
$
636

Due to subsidiaries
137

 
146

Borrowings from subsidiaries
401

 
346

Long-term debt
3,097

 
2,867

Other liabilities
678

 
702

Total liabilities
5,110

 
4,697

 
 
 
 
Shareholders’ Equity:
 
 
 
Common shares ($.01 par value; shares authorized, 1,250,000,000; shares issued, 329,842,827 and 328,537,214, respectively)
3

 
3

Additional paid-in capital
8,461

 
8,260

Retained earnings
14,279

 
12,909

Treasury shares, at cost (205,903,593 and 192,206,467 shares, respectively)
(17,276
)
 
(15,293
)
Accumulated other comprehensive income (loss), net of tax, including amounts applicable to equity investments in subsidiaries
262

 
(291
)
Total shareholders’ equity
5,729

 
5,588

Total liabilities and equity
$
10,839

 
$
10,285


See Notes to Condensed Financial Information of Registrant.
Condensed Statements of Cash Flows [Table Text Block]
Schedule I — Condensed Financial Information of Registrant
Condensed Statements of Cash Flows
(Parent Company Only)
 
Years Ended December 31,
2019
 
2018
 
2017
(in millions)
Cash Flows from Operating Activities
 
 
 
 
 
Net income
$
1,893

 
$
2,098

 
$
1,480

Equity in earnings of subsidiaries
(2,072
)
 
(2,333
)
 
(1,876
)
Dividends received from subsidiaries
2,721

 
2,093

 
1,589

Gain on disposal of business before affinity partner payment

(313
)
 
—

 
—

Other operating activities, primarily with subsidiaries
596

 
57

 
712

Net cash provided by operating activities
2,825

 
1,915

 
1,905

 
 
 
 
 
 
Cash Flows from Investing Activities
 
 
 
 
 
Available-for-Sale securities:
 
 
 
 
 
Maturities, sinking fund payments and calls
204

 
94

 
44

Purchases
(1,153
)
 
(222
)
 
(77
)
Proceeds from sale of other investments
6

 
—

 
3

Purchase of other investments
(12
)
 
—

 
—

Purchase of land, buildings, equipment and software
(42
)
 
(62
)
 
(69
)
Proceeds from disposal of business
1,138

 
—

 
—

Contributions to subsidiaries
(368
)
 
(73
)
 
(79
)
Return of capital from subsidiaries
18

 
454

 
47

Repayment of loans to subsidiaries
2,468

 
1,623

 
1,277

Issuance of loans to subsidiaries
(2,457
)
 
(1,768
)
 
(1,337
)
Other, net
(65
)
 
2

 
(91
)
Net cash provided by investing activities
(263
)
 
48

 
(282
)
 
 
 
 
 
 
Cash Flows from Financing Activities
 
 
 
 
 
Dividends paid to shareholders
(504
)
 
(506
)
 
(491
)
Repurchase of common shares
(1,943
)
 
(1,630
)
 
(1,485
)
Cash paid for purchased options with deferred premiums
(107
)
 
(20
)
 
(19
)
Issuance of long-term debt, net of issuance costs
497

 
—

 
—

Repayments of long-term debt
(313
)
 
(13
)
 
(11
)
Borrowings from subsidiaries
132

 
472

 
124

Repayments of borrowings from subsidiaries
(79
)
 
(273
)
 
(15
)
Exercise of stock options
3

 
2

 
15

Other, net
6

 
(13
)
 
(1
)
Net cash used in financing activities
(2,308
)
 
(1,981
)
 
(1,883
)
Net increase (decrease) in cash and cash equivalents
254

 
(18
)
 
(260
)
Cash and cash equivalents at beginning of year
476

 
494

 
754

Cash and cash equivalents at end of year
$
730

 
$
476

 
$
494

Supplemental Disclosures:
 
 
 
 
 
Interest paid on debt
$
123

 
$
126

 
$
128

Income taxes paid (received), net
(109
)
 
(27
)
 
(368
)
Non-cash dividends from subsidiaries
81

 
195

 
109


See Notes to Condensed Financial Information of Registrant.