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SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Tables) | 12 Months Ended
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Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract] |
Condensed Statements of Operations [Table Text Block] |
Schedule I — Condensed Financial Information of Registrant Condensed Statements of Operations (Parent Company Only)
| Years Ended December 31,
2019 |  | 2018 |  | 2017
(in millions)
Revenues |  |  |  |  |
Management and financial advice fees | $ | (1 | ) |  | $ | (1 | ) |  | $ | (1 | )
Net investment income | 9 |  |  | 34 |  |  | 11 |
Other revenues | 14 |  |  | 4 |  |  | 8 |
Gain on disposal of business | 213 |  |  | — |  |  | — |
Total revenues | 235 |  |  | 37 |  |  | 18 |
Banking and deposit interest expense | 9 |  |  | 7 |  |  | 5 |
Total net revenues | 226 |  |  | 30 |  |  | 13 |
Expenses |  |  |  |  |
Benefits, claims, losses and settlement expenses | 49 |  |  | 4 |  |  | 76 |
Distribution expenses | 24 |  |  | 4 |  |  | 18 |
Interest and debt expense | 126 |  |  | 120 |  |  | 116 |
General and administrative expense | 244 |  |  | 210 |  |  | 246 |
Total expenses | 443 |  |  | 338 |  |  | 456 |
Pretax loss before equity in earnings of subsidiaries | (217 | ) |  | (308 | ) |  | (443 | )
Income tax benefit | (38 | ) |  | (73 | ) |  | (47 | )
Loss before equity in earnings of subsidiaries | (179 | ) |  | (235 | ) |  | (396 | )
Equity in earnings of subsidiaries | 2,072 |  |  | 2,333 |  |  | 1,876 |
Net income | 1,893 |  |  | 2,098 |  |  | 1,480 |
Other comprehensive income (loss), net of tax | 553 |  |  | (519 | ) |  | 29 |
Total comprehensive income | $ | 2,446 |  |  | $ | 1,579 |  |  | $ | 1,509 |
See Notes to Condensed Financial Information of Registrant.
Condensed Balance Sheets [Table Text Block] |
Schedule I — Condensed Financial Information of Registrant Condensed Balance Sheets (Parent Company Only)
| December 31,
2019 |  | 2018
(in millions, except share amounts)
Assets |  |  |
Cash and cash equivalents | $ | 730 |  |  | $ | 476 |
Investments | 1,430 |  |  | 467 |
Loans to subsidiaries | 361 |  |  | 372 |
Due from subsidiaries | 305 |  |  | 288 |
Receivables | 5 |  |  | 5 |
Land, buildings, equipment, and software, net of accumulated depreciation of $952 and $1,168, respectively | 207 |  |  | 237 |
Investments in subsidiaries | 6,665 |  |  | 7,231 |
Other assets | 1,136 |  |  | 1,209 |
Total assets | $ | 10,839 |  |  | $ | 10,285 |
Liabilities and Shareholders’ Equity |  |  |
Liabilities: |  |  |
Accounts payable and accrued expenses | $ | 797 |  |  | $ | 636 |
Due to subsidiaries | 137 |  |  | 146 |
Borrowings from subsidiaries | 401 |  |  | 346 |
Long-term debt | 3,097 |  |  | 2,867 |
Other liabilities | 678 |  |  | 702 |
Total liabilities | 5,110 |  |  | 4,697 |
Shareholders’ Equity: |  |  |
Common shares ($.01 par value; shares authorized, 1,250,000,000; shares issued, 329,842,827 and 328,537,214, respectively) | 3 |  |  | 3 |
Additional paid-in capital | 8,461 |  |  | 8,260 |
Retained earnings | 14,279 |  |  | 12,909 |
Treasury shares, at cost (205,903,593 and 192,206,467 shares, respectively) | (17,276 | ) |  | (15,293 | )
Accumulated other comprehensive income (loss), net of tax, including amounts applicable to equity investments in subsidiaries | 262 |  |  | (291 | )
Total shareholders’ equity | 5,729 |  |  | 5,588 |
Total liabilities and equity | $ | 10,839 |  |  | $ | 10,285 |
See Notes to Condensed Financial Information of Registrant.
Condensed Statements of Cash Flows [Table Text Block] |
Schedule I — Condensed Financial Information of Registrant Condensed Statements of Cash Flows (Parent Company Only)
| Years Ended December 31,
2019 |  | 2018 |  | 2017
(in millions)
Cash Flows from Operating Activities |  |  |  |  |
Net income | $ | 1,893 |  |  | $ | 2,098 |  |  | $ | 1,480 |
Equity in earnings of subsidiaries | (2,072 | ) |  | (2,333 | ) |  | (1,876 | )
Dividends received from subsidiaries | 2,721 |  |  | 2,093 |  |  | 1,589 |
Gain on disposal of business before affinity partner payment | (313 | ) |  | — |  |  | — |
Other operating activities, primarily with subsidiaries | 596 |  |  | 57 |  |  | 712 |
Net cash provided by operating activities | 2,825 |  |  | 1,915 |  |  | 1,905 |
Cash Flows from Investing Activities |  |  |  |  |
Available-for-Sale securities: |  |  |  |  |
Maturities, sinking fund payments and calls | 204 |  |  | 94 |  |  | 44 |
Purchases | (1,153 | ) |  | (222 | ) |  | (77 | )
Proceeds from sale of other investments | 6 |  |  | — |  |  | 3 |
Purchase of other investments | (12 | ) |  | — |  |  | — |
Purchase of land, buildings, equipment and software | (42 | ) |  | (62 | ) |  | (69 | )
Proceeds from disposal of business | 1,138 |  |  | — |  |  | — |
Contributions to subsidiaries | (368 | ) |  | (73 | ) |  | (79 | )
Return of capital from subsidiaries | 18 |  |  | 454 |  |  | 47 |
Repayment of loans to subsidiaries | 2,468 |  |  | 1,623 |  |  | 1,277 |
Issuance of loans to subsidiaries | (2,457 | ) |  | (1,768 | ) |  | (1,337 | )
Other, net | (65 | ) |  | 2 |  |  | (91 | )
Net cash provided by investing activities | (263 | ) |  | 48 |  |  | (282 | )
Cash Flows from Financing Activities |  |  |  |  |
Dividends paid to shareholders | (504 | ) |  | (506 | ) |  | (491 | )
Repurchase of common shares | (1,943 | ) |  | (1,630 | ) |  | (1,485 | )
Cash paid for purchased options with deferred premiums | (107 | ) |  | (20 | ) |  | (19 | )
Issuance of long-term debt, net of issuance costs | 497 |  |  | — |  |  | — |
Repayments of long-term debt | (313 | ) |  | (13 | ) |  | (11 | )
Borrowings from subsidiaries | 132 |  |  | 472 |  |  | 124 |
Repayments of borrowings from subsidiaries | (79 | ) |  | (273 | ) |  | (15 | )
Exercise of stock options | 3 |  |  | 2 |  |  | 15 |
Other, net | 6 |  |  | (13 | ) |  | (1 | )
Net cash used in financing activities | (2,308 | ) |  | (1,981 | ) |  | (1,883 | )
Net increase (decrease) in cash and cash equivalents | 254 |  |  | (18 | ) |  | (260 | )
Cash and cash equivalents at beginning of year | 476 |  |  | 494 |  |  | 754 |
Cash and cash equivalents at end of year | $ | 730 |  |  | $ | 476 |  |  | $ | 494 |
Supplemental Disclosures: |  |  |  |  |
Interest paid on debt | $ | 123 |  |  | $ | 126 |  |  | $ | 128 |
Income taxes paid (received), net | (109 | ) |  | (27 | ) |  | (368 | )
Non-cash dividends from subsidiaries | 81 |  |  | 195 |  |  | 109 |
See Notes to Condensed Financial Information of Registrant.

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