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Discontinued Operations (Tables) | 12 Months Ended
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Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Information on sale of Annuity subsidiaries | Details of the assets and liabilities of the Annuity subsidiaries sold were as follows (in millions):
| May 31, 2021
Assets of businesses sold: |
Cash and cash equivalents | $ | 2,060 |
Investments | 38,323 |
Recoverables from reinsurers | 6,748 |
Other assets | 2,152 |
Total assets of discontinued annuity operations | 49,283 |
Liabilities of businesses sold: |
Annuity benefits accumulated | 43,690 |
Other liabilities | 1,813 |
Total liabilities of discontinued annuity operations | 45,503 |
Reclassify AOCI | (913) |
Net investment in annuity businesses sold, excluding AOCI | $ | 2,867 |
Details of the results of operations for the discontinued annuity operations were (in millions):
| Year Ended December 31, 2021 (*)
Net investment income | $ | 746 |
Realized gains on securities | 112 |
Other income | 52 |
Total revenues | 910 |
Annuity benefits | 377 |
Annuity and supplemental insurance acquisition expenses | 136 |
Other expenses | 73 |
Total costs and expenses | 586 |
Earnings before income taxes from discontinued operations | 324 |
Provision for income taxes on discontinued operations | 66 |
Net earnings from discontinued operations, net of tax | 258 |
Gain on sale of discontinued operations, net of tax | 656 |
Net earnings from discontinued operations | $ | 914 |
(*)Results through the May 31, 2021 effective date of the sale. The impact of the sale of the annuity business is shown below (in millions):
| May 31, 2021
Cash proceeds | $ | 3,571 |
Sale related expenses | (8) |
Total net proceeds | 3,563 |
Net investment in annuity businesses sold, excluding AOCI | 2,867 |
Reclassify net deferred tax asset | (199) |
Pretax gain on sale | 895 |
Income tax expense: |
Reclassify net deferred tax asset | 199 |
Tax liabilities triggered by the sale | 41 |
Other | (1) |
Total income tax expense | 239 |
Net gain on sale | $ | 656 |
Summarized cash flows for the discontinued annuity operations were (in millions):
| Year Ended December 31, 2021 (*)
Net cash provided by operating activities | $ | 67 |
Net cash used in investing activities | (1,689) |
Net cash provided by financing activities | 477 |
(*)Through the May 31, 2021 effective date of the sale.

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