XML 105 R2.htm IDEA: XBRL DOCUMENT v3.23.2
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
[1]
Revenues        
Net investment income $ 811 $ 287 [1] $ 1,509 $ 548
Premiums, policy and contract charges 383 342 [1] 745 680
Other revenues 132 124 [1] 263 247
Total revenues 4,007 3,489 [1] 7,852 7,116
Banking and deposit interest expense 131 3 [1] 234 5
Total net revenues 3,876 3,486 [1] 7,618 7,111
Benefits and expenses        
Distribution expenses 1,248 1,239 [1] 2,474 2,539
Interest credited to fixed accounts 161 145 [1] 325 286
Benefits, claims, losses and settlement expenses 327 (196) [1] 628 (164)
Remeasurement (gains) losses of future policy benefit reserves 0 1 [1] (5) (5)
Change in fair value of market risk benefits (99) 519 [1] 390 619
Amortization of deferred acquisition costs 61 67 [1] 123 132
Interest and debt expense 84 44 [1] 156 84
General and administrative expense 967 894 [1] 1,904 1,841
Total benefits and expenses 2,749 2,713 [1] 5,995 5,332
Pretax income 1,127 773 [1] 1,623 1,779
Income tax provision 237 159 [1] 316 340
Net income $ 890 $ 614 [2] $ 1,307 $ 1,439
Earnings per share        
Basic (in dollars per share) $ 8.36 $ 5.47 [1] $ 12.20 $ 12.73
Diluted (in dollars per share) $ 8.21 $ 5.37 [1] $ 11.97 $ 12.48
Management and financial advice fees        
Revenues        
Revenue from contracts with customers $ 2,199 $ 2,277 [1] $ 4,336 $ 4,736
Distribution fees        
Revenues        
Revenue from contracts with customers $ 482 $ 459 [1] $ 999 $ 905
[1] Certain prior period amounts have been restated. See Note 3 for more information.
[2] Certain prior period amounts have been restated. See Note 3 for more information.