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Recent Accounting Pronouncements (Tables) | 3 Months Ended
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Mar. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract] |
Adoption of new accounting standard | 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 Post-adoption December 31, 2022 |  | As Filed December 31, 2021 |  | Adjustment |  | Post adoption 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 tables present the effects of the adoption of the above new accounting standard to the Company’s previously reported Consolidated Statements of Operations:
| Three Months Ended March 31,
As Filed 2022 |  | Adjustment |  | Post-adoption 2022 |  | As Filed 2021 |  | Adjustment |  | Post-adoption 2021
(in millions, except per share amounts)
Revenues |  |  |  |  |  |  |  |  |  |  |
Premiums, policy and contract charges | $ | 368 |  |  | $ | (30) |  |  | $ | 338 |  |  | $ | 347 |  |  | $ | (9) |  |  | $ | 338 |
Total revenues | 3,657 |  |  | (30) |  |  | 3,627 |  |  | 3,355 |  |  | (9) |  |  | 3,346 |
Total net revenues | 3,655 |  |  | (30) |  |  | 3,625 |  |  | 3,350 |  |  | (9) |  |  | 3,341 |
Benefits and expenses |  |  |  |  |  |  |  |  |  |  |
Distribution expenses | 1,297 |  |  | 3 |  |  | 1,300 |  |  | 1,175 |  |  | 3 |  |  | 1,178 |
Benefits, claims, losses and settlement expenses | 211 |  |  | (179) |  |  | 32 |  |  | 653 |  |  | (413) |  |  | 240 |
Remeasurement gains and losses of future policy benefit reserves | — |  |  | (6) |  |  | (6) |  |  | — |  |  | (40) |  |  | (40) |
Change in fair value of market risk benefits | — |  |  | 100 |  |  | 100 |  |  | — |  |  | (887) |  |  | (887) |
Amortization of deferred acquisition costs | 96 |  |  | (31) |  |  | 65 |  |  | 5 |  |  | 61 |  |  | 66 |
Total expenses | 2,732 |  |  | (113) |  |  | 2,619 |  |  | 2,857 |  |  | (1,276) |  |  | 1,581 |
Pretax income | 923 |  |  | 83 |  |  | 1,006 |  |  | 493 |  |  | 1,267 |  |  | 1,760 |
Income tax provision | 162 |  |  | 19 |  |  | 181 |  |  | 56 |  |  | 269 |  |  | 325 |
Net income | $ | 761 |  |  | $ | 64 |  |  | $ | 825 |  |  | $ | 437 |  |  | $ | 998 |  |  | $ | 1,435 |
Earnings per share |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 6.69 |  |  | $ | 0.57 |  |  | $ | 7.26 |  |  | $ | 3.65 |  |  | $ | 8.33 |  |  | $ | 11.98 |
Diluted | $ | 6.55 |  |  | $ | 0.55 |  |  | $ | 7.10 |  |  | $ | 3.58 |  |  | $ | 8.16 |  |  | $ | 11.74 |
| 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 and 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 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 |

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