Recent Accounting Pronouncements (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Standards Update and Change in Accounting Principle [Abstract]

The following table presents the effects of the adoption of the above new accounting standard to the Company’s previously reported Consolidated Balance Sheets:


	As Filed December 31, 2022		Adjustment		Post-adoption December 31, 2022		As Filed December 31, 2021		Adjustment		Post-adoption December 31, 2021
	(in millions)
Assets
Market risk benefits	$	—	$	1,015	$	1,015	$	—	$	539	$	539
Receivables (allowance for credit losses: 2022, $75; 2021, $55)	15,779		(184)		15,595		16,205		927		17,132
Deferred acquisition costs	3,160		(383)		2,777		2,782		62		2,844
Other assets	9,341		(64)		9,277		11,375		297		11,672
Total assets	$	158,468	$	384	$	158,852	$	175,910	$	1,825	$	177,735

Liabilities and Equity
Liabilities:
Policyholder account balances, future policy benefits and claims	$	36,067	$	(1,935)	$	34,132	$	35,750	$	(727)	$	35,023
Market risk benefits	—		2,118		2,118		—		3,440		3,440
Other liabilities	6,305		11		6,316		8,641		216		8,857
Total liabilities	154,855		194		155,049		169,969		2,929		172,898
Equity:
Retained earnings	19,531		387		19,918		17,525		(203)		17,322
Accumulated other comprehensive income (loss), net of tax	(2,349)		(197)		(2,546)		259		(901)		(642)
Total equity	3,613		190		3,803		5,941		(1,104)		4,837
Total liabilities and equity	$	158,468	$	384	$	158,852	$	175,910	$	1,825	$	177,735

The following table presents the effects of the adoption of the above new accounting standard to the Company’s previously reported Consolidated Statements of Operations:


	Years Ended December 31,
	As Filed 2022		Adjustment		Post-adoption 2022		As Filed 2021		Adjustment		Post-adoption 2021
	(in millions, except per share amounts)
Revenues
Distribution fees	$	1,938	$	1	$	1,939	$	1,830	$	(2)	$	1,828
Premiums, policy and contract charges	1,411		(14)		1,397		273		(52)		221
Total revenues	14,347		(13)		14,334		13,443		(54)		13,389
Total net revenues	14,271		(13)		14,258		13,431		(54)		13,377
Benefits and expenses
Distribution expenses	4,923		12		4,935		5,015		13		5,028
Benefits, claims, losses and settlement expenses	1,372		(1,130)		242		716		(872)		(156)
Remeasurement (gains) losses of future policy benefit reserves	—		1		1		—		(52)		(52)
Change in fair value of market risk benefits	—		311		311		—		(113)		(113)
Amortization of deferred acquisition costs	208		44		252		124		135		259
Total benefits and expenses	11,089		(762)		10,327		10,081		(889)		9,192
Pretax income	3,182		749		3,931		3,350		835		4,185
Income tax provision	623		159		782		590		178		768
Net income	$	2,559	$	590	$	3,149	$	2,760	$	657	$	3,417

Earnings per share
Basic	$	22.99	$	5.30	$	28.29	$	23.53	$	5.60	$	29.13
Diluted	$	22.51	$	5.19	$	27.70	$	23.00	$	5.48	$	28.48