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Consolidated Statements of Income (Loss) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
REVENUES        
Policy charges and fee income $ 594 $ 620 $ 1,182 $ 1,270
Premiums 280 238 556 485
Net derivative gains (losses) (917) 1,858 (1,758) 2,017
Net investment income (loss) 1,036 711 2,026 1,515
Investment gains (losses), net:        
Credit and intent to sell losses on available for sale debt securities and loans (14) (9) (80) 1
Other investment gains (losses), net (42) (223) (63) (559)
Total investment gains (losses), net (56) (232) (143) (558)
Investment management and service fees 1,182 1,197 2,362 2,552
Other income 258 298 509 555
Total revenues 2,377 4,690 4,734 7,836
BENEFITS AND OTHER DEDUCTIONS        
Policyholders’ benefits 684 589 1,414 1,391
Remeasurement of liability for future policy benefits (7) 12 (3) 34
Change in market risk benefits and purchased market risk benefits (975) 814 (955) 347
Interest credited to policyholders’ account balances 501 310 964 623
Compensation and benefits 566 518 1,149 1,114
Commissions and distribution-related payments 393 394 773 816
Interest expense 55 50 116 97
Amortization of deferred policy acquisition costs 155 145 307 288
Other operating costs and expenses 466 583 889 1,117
Total benefits and other deductions 1,838 3,415 4,654 5,827
Income (loss) from continuing operations, before income taxes 539 1,275 80 2,009
Income tax (expense) benefit 292 (264) 1,017 (401)
Net income (loss) 831 1,011 1,097 1,608
Less: Net income (loss) attributable to the noncontrolling interest [1] 72 44 161 111
Net income (loss) attributable to Holdings 759 967 936 1,497
Less: Preferred stock dividends 26 26 40 40
Net income (loss) available to Holdings’ common shareholders basic 733 941 896 1,457
Net income (loss) available to Holdings’ common shareholders diluted $ 733 $ 941 $ 896 $ 1,457
Net income (loss) applicable to Holdings’ common shareholders per common share:        
Basic (in dollars per share) $ 2.06 $ 2.48 $ 2.50 $ 3.80
Diluted (in dollars per share) $ 2.06 $ 2.47 $ 2.49 $ 3.77
Weighted average common shares outstanding (in millions):        
Basic (in shares) 355.2 378.9 358.5 383.7
Weighted-average common shares outstanding — diluted (in shares) 356.1 380.6 360.0 386.1
[1] Includes redeemable noncontrolling interest. See Note 15 of the Notes to these Consolidated Financial Statements for details of redeemable noncontrolling interest.