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Discontinued Operations (Tables) | 3 Months Ended
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Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Information on sale of Annuity subsidiaries | Details of the assets and liabilities of the Annuity subsidiaries to be sold were as follows (in millions):
| March 31, 2021 |  | December 31, 2020
Assets of businesses to be sold: |  |  |
Cash and cash equivalents | $ | 636 |  |  | $ | 1,145 |
Fixed maturities, available for sale | 34,754 |  |  | 34,123 |
Fixed maturities, trading at fair value | 40 |  |  | 42 |
Equity securities | 624 |  |  | 774 |
Investments accounted for using the equity method | 671 |  |  | 646 |
Mortgage loans | 1,244 |  |  | 1,251 |
Policy loans | 148 |  |  | 151 |
Equity index call options | 813 |  |  | 825 |
Other investments | 180 |  |  | 199 |
Total cash and investments | 39,110 |  |  | 39,156 |
Recoverables from reinsurers | 6,797 |  |  | 6,804 |
Agents’ balances and premiums receivable | 3 |  |  | 2 |
Deferred policy acquisition costs | 531 |  |  | 302 |
Variable annuity assets (separate accounts) | 666 |  |  | 664 |
Other assets | 1,032 |  |  | 957 |
Total assets of discontinued annuity operations | 48,139 |  |  | 47,885 |
Liabilities of businesses to be sold: |  |  |
Annuity benefits accumulated | 42,880 |  |  | 42,573 |
Life, accident and health reserves | 601 |  |  | 607 |
Variable annuity liabilities (separate accounts) | 666 |  |  | 664 |
Other liabilities | 746 |  |  | 614 |
Total liabilities of discontinued annuity operations | 44,893 |  |  | 44,458 |
Receivable from AFG for real estate-related investments | 567 |  |  | 537 |
Reclassify AOCI | (801) |  |  | (1,071) |
Net investment in annuity businesses to be sold, excluding AOCI | $ | 3,012 |  |  | $ | 2,893 |
Details of the results of operations for the discontinued annuity operations were (in millions):
| Three months ended March 31,
| 2021 |  | 2020
Net investment income | $ | 447 |  |  | $ | 415 |
Realized gains (losses) on securities | 81 |  |  | (223) |
Other income | 32 |  |  | 33 |
Total revenues | 560 |  |  | 225 |
Annuity benefits | 161 |  |  | 276 |
Annuity and supplemental insurance acquisition expenses | 112 |  |  | 113 |
Other expenses | 46 |  |  | 39 |
Total costs and expenses | 319 |  |  | 428 |
Earnings (loss) before income taxes from discontinued operations | 241 |  |  | (203) |
Provision (credit) for income taxes on operations | 48 |  |  | (43) |
Tax liabilities triggered by pending sale | 41 |  |  | — |
Net earnings (loss) from discontinued operations | $ | 152 |  |  | $ | (160) |
Summarized cash flows for the discontinued annuity operations were (in millions):
| Three months ended March 31,
| 2021 |  | 2020
Net cash provided by operating activities | $ | 209 |  |  | $ | 265 |
Net cash used in investing activities | (734) |  |  | (1,244) |
Net cash provided by financing activities | 16 |  |  | 612 |

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