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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues        
Net investment income $ 278 $ 305 $ 655 $ 633
Premiums, policy and contract charges 364 272 711 667
Other revenues 75 76 146 145
Total revenues 3,420 2,730 6,775 5,756
Banking and deposit interest expense 2 18 7 43
Total net revenues 3,418 2,712 6,768 5,713
Expenses        
Distribution expenses 1,233 940 2,408 1,935
Interest credited to fixed accounts 124 262 283 353
Benefits, claims, losses and settlement expenses 404 1,467 1,057 (280)
Amortization of deferred acquisition costs 63 (248) 68 264
Interest and debt expense 43 41 85 87
General and administrative expense 830 776 1,653 1,529
Total expenses 2,697 3,238 5,554 3,888
Pretax income (loss) 721 (526) 1,214 1,825
Income tax provision 130 13 186 328
Net income (loss) $ 591 $ (539) $ 1,028 $ 1,497
Basic        
Net income (in dollars per share) $ 4.99 $ (4.31) $ 8.63 $ 11.91
Diluted        
Net income (in dollars per share) $ 4.88 $ (4.31) [1] $ 8.45 $ 11.77
Management and financial advice fees        
Revenues        
Revenue from contracts with customers $ 2,251 $ 1,702 $ 4,353 $ 3,472
Distribution fees        
Revenues        
Revenue from contracts with customers $ 452 $ 375 $ 910 $ 839
[1] Diluted shares used in this calculation represent basic shares due to the net loss. Using actual diluted shares would result in anti-dilution.