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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues        
Net investment income $ 305 $ 368 $ 633 $ 765
Premiums 78 376 169 747
Other revenues 270 316 643 594
Total revenues 2,730 3,282 5,756 6,435
Banking and deposit interest expense 18 37 43 72
Total net revenues 2,712 3,245 5,713 6,363
Expenses        
Distribution expenses 940 948 1,935 1,848
Interest credited to fixed accounts 262 186 353 390
Benefits, claims, losses and settlement expenses (1,467) (584) (280) (1,254)
Amortization of deferred acquisition costs (248) 58 264 74
Interest and debt expense 41 59 87 112
General and administrative expense 776 823 1,529 1,628
Total expenses 3,238 2,658 3,888 5,306
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest (526) 587 1,825 1,057
Income tax provision 13 95 328 170
Net income $ (539) $ 492 $ 1,497 $ 887
Basic        
Net income (in dollars per share) $ (4.31) $ 3.61 $ 11.91 $ 6.46
Diluted        
Net income (in dollars per share) $ (4.31) [1] $ 3.57 $ 11.77 $ 6.38
Management and financial advice fees [Member]        
Revenues        
Revenue from Contract with Customer, Including Assessed Tax $ 1,702 $ 1,732 $ 3,472 $ 3,359
Distribution fees [Member]        
Revenues        
Revenue from Contract with Customer, Including Assessed Tax $ 375 $ 490 $ 839 $ 970
[1] Diluted shares used in this calculation represent basic shares due to the net loss. Using actual diluted shares would result in anti-dilution.