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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues        
Net investment income $ 300 $ 356 $ 933 $ 1,121
Premiums 80 374 249 1,121
Other revenues 340 347 983 941
Total revenues 3,013 3,351 8,769 9,786
Banking and deposit interest expense 10 34 53 106
Total net revenues 3,003 3,317 8,716 9,680
Expenses        
Distribution expenses 1,028 971 2,963 2,819
Interest credited to fixed accounts 170 127 523 517
Benefits, claims, losses and settlement expenses (1,104) (594) 824 (1,848)
Amortization of deferred acquisition costs 85 112 349 186
Interest and debt expense 37 52 124 164
General and administrative expense 763 820 2,292 2,448
Total expenses 3,187 2,676 7,075 7,982
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest (184) 641 1,641 1,698
Income tax provision (benefit) (44) 98 284 268
Net income $ (140) $ 543 $ 1,357 $ 1,430
Basic        
Net income (in dollars per share) $ (1.14) $ 4.09 $ 10.87 $ 10.53
Diluted        
Net income (in dollars per share) $ (1.14) [1] $ 4.04 $ 10.73 $ 10.40
Management and financial advice fees [Member]        
Revenues        
Revenue from Contract with Customer, Including Assessed Tax $ 1,893 $ 1,794 $ 5,365 $ 5,153
Distribution fees [Member]        
Revenues        
Revenue from Contract with Customer, Including Assessed Tax $ 400 $ 480 $ 1,239 $ 1,450
[1] Diluted shares used in this calculation represent basic shares due to the net loss. Using actual diluted shares would result in anti-dilution.