SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Parent Company Only) (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]


Schedule I — Condensed Financial Information of Registrant Condensed Statements of Operations (Parent Company Only)
	Years Ended December 31,
	2021		2020		2019
	(in millions)
Revenues
Management and financial advice fees	$	—	$	—	$	(1)
Net investment income	27		23		9
Other revenues	9		15		14
Gain on disposal of business	—		—		213
Total revenues	36		38		235
Banking and deposit interest expense	2		3		9
Total net revenues	34		35		226

Expenses
Benefits, claims, losses and settlement expenses	—		—		49
Distribution expenses	7		12		24
Interest and debt expense	102		105		126
General and administrative expense	258		198		244
Total expenses	367		315		443
Pretax loss before equity in earnings of subsidiaries	(333)		(280)		(217)
Income tax provision (benefit)	157		(87)		(38)
Loss before equity in earnings of subsidiaries	(490)		(193)		(179)
Equity in earnings of subsidiaries, net of tax	3,250		1,727		2,072
Net income	2,760		1,534		1,893
Other comprehensive income (loss), net of tax	(626)		367		553
Total comprehensive income	$	2,134	$	1,901	$	2,446

See Notes to Condensed Financial Information of Registrant.

Condensed Balance Sheets


Schedule I — Condensed Financial Information of Registrant Condensed Balance Sheets (Parent Company Only)
	December 31,
	2021		2020
	(in millions, except share amounts)
Assets
Cash and cash equivalents	$	827	$	1,071
Investments	905		877
Loans to subsidiaries	483		247
Due from subsidiaries	242		497
Receivables	4		2
Land, buildings, equipment, and software, net of accumulated depreciation of $973 and $929, respectively	193		208
Investments in subsidiaries	7,010		7,153
Other assets	1,308		1,334
Total assets	$	10,972	$	11,389

Liabilities and Shareholders’ Equity
Liabilities:
Accounts payable and accrued expenses	$	1,118	$	936
Due to subsidiaries	83		60
Borrowings from subsidiaries	446		494
Long-term debt	2,829		2,831
Other liabilities	811		1,201
Total liabilities	5,287		5,522

Shareholders’ Equity:
Common shares ($.01 par value; shares authorized, 1,250,000,000; shares issued, 334,828,117 and 332,390,132, respectively)	3		3
Additional paid-in capital	9,220		8,822
Retained earnings	17,525		15,292
Treasury shares, at cost (223,967,107 and 215,624,519 shares, respectively)	(21,066)		(18,879)
Accumulated other comprehensive income (loss), net of tax, including amounts applicable to equity investments in subsidiaries	3		629
Total shareholders’ equity	5,685		5,867
Total liabilities and equity	$	10,972	$	11,389

See Notes to Condensed Financial Information of Registrant.

Condensed Statements of Cash Flows


Schedule I — Condensed Financial Information of Registrant Condensed Statements of Cash Flows (Parent Company Only)
	Years Ended December 31,
	2021		2020		2019
	(in millions)
Cash Flows from Operating Activities
Net income	$	2,760	$	1,534	$	1,893
Equity in earnings of subsidiaries	(3,250)		(1,727)		(2,072)
Dividends received from subsidiaries	4,027		2,018		2,721
Gain on disposal of business before affinity partner payment	—		—		(313)
Other operating activities, primarily with subsidiaries	343		282		596
Net cash provided by (used in) operating activities	3,880		2,107		2,825

Cash Flows from Investing Activities
Available-for-Sale securities:
Proceeds from sales	—		922		—
Maturities, sinking fund payments and calls	93		161		204
Purchases	(82)		(15)		(1,153)
Proceeds from sale of other investments	1		—		6
Purchase of other investments	(16)		(12)		(12)
Proceeds from sale of land, buildings, equipment and software	1		2		—
Purchase of land, buildings, equipment and software	(28)		(54)		(42)

Proceeds from disposal of business	—		—		1,138
Contributions to subsidiaries	(1,291)		(416)		(368)
Return of capital from subsidiaries	39		131		18
Repayment of loans from subsidiaries	2,701		3,288		2,468
Issuance of loans to subsidiaries	(2,937)		(3,174)		(2,457)
Acquisition of surplus loans to subsidiaries	—		(500)		—
Other, net	—		—		(65)
Net cash provided by (used in) investing activities	(1,519)		333		(263)

Cash Flows from Financing Activities
Dividends paid to shareholders	(511)		(497)		(504)
Repurchase of common shares	(2,030)		(1,441)		(1,943)
Cash paid for purchased options with deferred premiums	—		—		(107)
Issuance of long-term debt, net of issuance costs	4		496		497
Repayments of long-term debt	(9)		(762)		(313)
Borrowings from subsidiaries	244		871		132
Repayments of borrowings from subsidiaries	(403)		(751)		(79)
Exercise of stock options	1		3		3
Other, net	99		(18)		6
Net cash provided by (used in) financing activities	(2,605)		(2,099)		(2,308)
Net increase (decrease) in cash and cash equivalents	(244)		341		254
Cash and cash equivalents at beginning of year	1,071		730		476
Cash and cash equivalents at end of year	$	827	$	1,071	$	730

Supplemental Disclosures:
Interest paid on debt	$	95	$	107	$	123
Income taxes paid (received), net	173		26		(109)
Non-cash dividends from subsidiaries	—		—		81
Non-cash contributions to subsidiaries	52		—		—

See Notes to Condensed Financial Information of Registrant.