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SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Tables) | 12 Months Ended
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Dec. 31, 2020
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,
2020 |  | 2019 |  | 2018
(in millions)
Revenues |  |  |  |  |
Management and financial advice fees | $ | — |  |  | $ | (1) |  |  | $ | (1) |
Net investment income | 23 |  |  | 9 |  |  | 34 |
Other revenues | 15 |  |  | 14 |  |  | 4 |
Gain on disposal of business | — |  |  | 213 |  |  | — |
Total revenues | 38 |  |  | 235 |  |  | 37 |
Banking and deposit interest expense | 3 |  |  | 9 |  |  | 7 |
Total net revenues | 35 |  |  | 226 |  |  | 30 |
Expenses |  |  |  |  |
Benefits, claims, losses and settlement expenses | — |  |  | 49 |  |  | 4 |
Distribution expenses | 12 |  |  | 24 |  |  | 4 |
Interest and debt expense | 105 |  |  | 126 |  |  | 120 |
General and administrative expense | 198 |  |  | 244 |  |  | 210 |
Total expenses | 315 |  |  | 443 |  |  | 338 |
Pretax loss before equity in earnings of subsidiaries | (280) |  |  | (217) |  |  | (308) |
Income tax benefit | (87) |  |  | (38) |  |  | (73) |
Loss before equity in earnings of subsidiaries | (193) |  |  | (179) |  |  | (235) |
Equity in earnings of subsidiaries | 1,727 |  |  | 2,072 |  |  | 2,333 |
Net income | 1,534 |  |  | 1,893 |  |  | 2,098 |
Other comprehensive income (loss), net of tax | 367 |  |  | 553 |  |  | (519) |
Total comprehensive income | $ | 1,901 |  |  | $ | 2,446 |  |  | $ | 1,579 |
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,
2020 |  | 2019
(in millions, except share amounts)
Assets |  |  |
Cash and cash equivalents | $ | 1,071 |  |  | $ | 730 |
Investments | 877 |  |  | 1,430 |
Loans to subsidiaries | 247 |  |  | 361 |
Due from subsidiaries | 497 |  |  | 305 |
Receivables | 2 |  |  | 5 |
Land, buildings, equipment, and software, net of accumulated depreciation of $929 and $952, respectively | 208 |  |  | 207 |
Investments in subsidiaries | 7,153 |  |  | 6,665 |
Other assets | 1,334 |  |  | 1,136 |
Total assets | $ | 11,389 |  |  | $ | 10,839 |
Liabilities and Shareholders’ Equity |  |  |
Liabilities: |  |  |
Accounts payable and accrued expenses | $ | 936 |  |  | $ | 797 |
Due to subsidiaries | 60 |  |  | 137 |
Borrowings from subsidiaries | 494 |  |  | 401 |
Long-term debt | 2,831 |  |  | 3,097 |
Other liabilities | 1,201 |  |  | 678 |
Total liabilities | 5,522 |  |  | 5,110 |
Shareholders’ Equity: |  |  |
Common shares ($.01 par value; shares authorized, 1,250,000,000; shares issued, 332,390,132 and 329,842,827, respectively) | 3 |  |  | 3 |
Additional paid-in capital | 8,822 |  |  | 8,461 |
Retained earnings | 15,292 |  |  | 14,279 |
Treasury shares, at cost (215,624,519 and 205,903,593 shares, respectively) | (18,879) |  |  | (17,276) |
Accumulated other comprehensive income (loss), net of tax, including amounts applicable to equity investments in subsidiaries | 629 |  |  | 262 |
Total shareholders’ equity | 5,867 |  |  | 5,729 |
Total liabilities and equity | $ | 11,389 |  |  | $ | 10,839 |
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,
2020 |  | 2019 |  | 2018
(in millions)
Cash Flows from Operating Activities |  |  |  |  |
Net income | $ | 1,534 |  |  | $ | 1,893 |  |  | $ | 2,098 |
Equity in earnings of subsidiaries | (1,727) |  |  | (2,072) |  |  | (2,333) |
Dividends received from subsidiaries | 2,018 |  |  | 2,721 |  |  | 2,093 |
Gain on disposal of business before affinity partner payment | — |  |  | (313) |  |  | — |
Other operating activities, primarily with subsidiaries | 282 |  |  | 596 |  |  | 57 |
Net cash provided by (used in) operating activities | 2,107 |  |  | 2,825 |  |  | 1,915 |
Cash Flows from Investing Activities |  |  |  |  |
Available-for-Sale securities: |  |  |  |  |
Proceeds from sales | 922 |  |  | — |  |  | — |
Maturities, sinking fund payments and calls | 161 |  |  | 204 |  |  | 94 |
Purchases | (15) |  |  | (1,153) |  |  | (222) |
Proceeds from sale of other investments | — |  |  | 6 |  |  | — |
Purchase of other investments | (12) |  |  | (12) |  |  | — |
Proceeds from sale of land, buildings, equipment and software | 2 |  |  | — |  |  | — |
Purchase of land, buildings, equipment and software | (54) |  |  | (42) |  |  | (62) |
Proceeds from disposal of business | — |  |  | 1,138 |  |  | — |
Contributions to subsidiaries | (416) |  |  | (368) |  |  | (73) |
Return of capital from subsidiaries | 131 |  |  | 18 |  |  | 454 |
Repayment of loans from subsidiaries | 3,288 |  |  | 2,468 |  |  | 1,623 |
Issuance of loans to subsidiaries | (3,174) |  |  | (2,457) |  |  | (1,768) |
Acquisition of surplus loans to subsidiaries | (500) |  |  | — |  |  | — |
Other, net | — |  |  | (65) |  |  | 2 |
Net cash provided by (used in) investing activities | 333 |  |  | (263) |  |  | 48 |
Cash Flows from Financing Activities |  |  |  |  |
Dividends paid to shareholders | (497) |  |  | (504) |  |  | (506) |
Repurchase of common shares | (1,441) |  |  | (1,943) |  |  | (1,630) |
Cash paid for purchased options with deferred premiums | — |  |  | (107) |  |  | (20) |
Issuance of long-term debt, net of issuance costs | 496 |  |  | 497 |  |  | — |
Repayments of long-term debt | (762) |  |  | (313) |  |  | (13) |
Borrowings from subsidiaries | 871 |  |  | 132 |  |  | 472 |
Repayments of borrowings from subsidiaries | (751) |  |  | (79) |  |  | (273) |
Exercise of stock options | 3 |  |  | 3 |  |  | 2 |
Other, net | (18) |  |  | 6 |  |  | (13) |
Net cash provided by (used in) financing activities | (2,099) |  |  | (2,308) |  |  | (1,981) |
Net increase (decrease) in cash and cash equivalents | 341 |  |  | 254 |  |  | (18) |
Cash and cash equivalents at beginning of year | 730 |  |  | 476 |  |  | 494 |
Cash and cash equivalents at end of year | $ | 1,071 |  |  | $ | 730 |  |  | $ | 476 |
Supplemental Disclosures: |  |  |  |  |
Interest paid on debt | $ | 107 |  |  | $ | 123 |  |  | $ | 126 |
Income taxes paid (received), net | 26 |  |  | (109) |  |  | (27) |
Non-cash dividends from subsidiaries | — |  |  | 81 |  |  | 195 |
See Notes to Condensed Financial Information of Registrant.

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