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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
[1]
Sep. 30, 2023
Sep. 30, 2022
Revenues        
Net investment income $ 809 $ 349 $ 2,318 $ 897 [1]
Premiums, policy and contract charges 390 354 1,135 1,034 [1]
Other revenues 127 118 390 365 [1]
Total revenues 4,076 3,499 11,928 10,615 [1]
Banking and deposit interest expense 151 15 385 20 [1]
Total net revenues 3,925 3,484 11,543 10,595 [1]
Benefits and expenses        
Distribution expenses 1,297 1,198 3,771 3,737 [1]
Interest credited to fixed accounts 139 157 464 443 [1]
Benefits, claims, losses and settlement expenses 120 81 748 (83) [1]
Remeasurement (gains) losses of future policy benefit reserves (12) (1) (17) (6) [1]
Change in fair value of market risk benefits 168 (321) 558 298 [1]
Amortization of deferred acquisition costs 62 58 185 190 [1]
Interest and debt expense 84 52 240 136 [1]
General and administrative expense 950 925 2,854 2,766 [1]
Total benefits and expenses 2,808 2,149 8,803 7,481 [1]
Pretax income 1,117 1,335 2,740 3,114 [1]
Income tax provision 245 274 561 614 [1]
Net income $ 872 $ 1,061 $ 2,179 $ 2,500 [2]
Earnings per share        
Basic (in dollars per share) $ 8.31 $ 9.60 $ 20.48 $ 22.30 [1]
Diluted (in dollars per share) $ 8.14 $ 9.41 $ 20.08 $ 21.85 [1]
Management and financial advice fees        
Revenues        
Revenue from contracts with customers $ 2,287 $ 2,172 $ 6,623 $ 6,908 [1]
Distribution fees        
Revenues        
Revenue from contracts with customers $ 463 $ 506 $ 1,462 $ 1,411 [1]
[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.