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Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Federal Income Taxes [Abstract]

Income tax expense (benefit), continuing operations



	For the Years Ended December 31,
	2017			2016			2015
Current	$	210		$	88		$	212
Deferred		(1,159	)		178			64
Federal income tax expense (benefit)	$	(949	)	$	266		$	276



Reconciliation of effective tax rate differences



	For the Years Ended December 31,
	2017			2016			2015
Tax rate times pre-tax income	$	396		$	510		$	501
Effect of:
Tax-preferred investment income		(280	)		(196	)		(197	)
Tax credits		(29	)		(28	)		(26	)
Change in uncertain tax positions		(17	)		(14	)		(2	)
Excess tax benefits from share-based
compensation		(12	)		(8	)		-
Goodwill impairment		316			-			-
Deferred tax impact from the Tax Cuts
 and Jobs Act		(1,322	)		-			-
Other items		(1	)		2			-
Federal income tax expense (benefit)	$	(949	)	$	266		$	276
Effective tax rate		-84%			18%			19%



Federal income tax asset (liability)



	As of December 31,
	2017			2016
Current	$	(35	)	$	4
Deferred		(2,095	)		(2,463	)
Total federal income tax asset (liability)	$	(2,130	)	$	(2,459	)



Significant components of deferred tax assets and liabilities



	As of December 31,
	2017			2016
Deferred Tax Assets
Future contract benefits and other contract holder funds	$	795		$	1,286
Deferred gain on business sold through reinsurance		-			8
Reinsurance related embedded derivative asset		12			19
Compensation and benefit plans		182			309
Tax credits		76			85
Other		7			133
Total deferred tax assets	$	1,072		$	1,840
Deferred Tax Liabilities
DAC	$	1,080		$	1,986
VOBA		108			312
Net unrealized gain on AFS securities		1,643			1,646
Net unrealized gain on trading securities		41			68
Intangibles		9			20
Investment activity		96			108
Other		190			163
Total deferred tax liabilities	$	3,167		$	4,303
Net deferred tax asset (liability)	$	(2,095	)	$	(2,463	)



Schedule of Unrecognized Tax Benefits Roll Forward



	For the Years Ended
	December 31,
	2017			2016
Balance as of beginning-of-year	$	1		$	13
Increases for prior year tax positions		9			-
Increases for current year tax positions		1			1
Decreases for settlements with taxing authorities		-			(1	)
Decreases for expiring statutes		-			(12	)
Balance as of end-of-year	$	11		$	1



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- Definition

Disclosure of the components of the federal income tax asset or liability recognized in the entity's statement of financial position, including current and deferred tax assets and liabilities.

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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