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Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Results

The results of operations measured as the income before federal income taxes and other items by operating segments are summarized below.

			Three Months Ended June 30, 2024
			Annuity						Life						Property and Casualty						Corporate and Other						Total
			(Dollars in millions)
Revenues:
Net premiums			$	446					$	98					$	461					$	—					$	1,005
Other policy revenue			90						94						—						—						184
Net investment income			775						102						47						—						924
Investment related gains (losses)			3						—						—						(1)						2
Total revenues			1,314						294						508						(1)						2,115
Benefits, losses and expenses:
Policyholder benefits and claims incurred			483						161						386						—						1,030
Interest sensitive contract benefits			364						26						—						—						390
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired			114						11						74						—						199
Change in fair value of insurance-related derivatives and embedded derivatives			28						(7)						—						—						21
Change in fair value of market risk benefits			139						—						—						—						139
Operating expenses			80						62						68						125						335
Interest expense			—						—						—						43						43
Total benefits and expenses			1,208						253						528						168						2,157
Net income (loss) before income taxes			$	106					$	41					$	(20)					$	(169)					$	(42)

			Three Months Ended June 30, 2023
			Annuity						Life						Property and Casualty						Corporate and Other						Total
			(Dollars in millions)
Revenues:
Net premiums			$	400					$	104					$	498					$	—					$	1,002
Other policy revenue			10						93						—						—						103
Net investment income			205						80						47						10						342
Investment related gains (losses)			—						—						—						41						41
Total revenues			615						277						545						51						1,488
Benefits, losses and expenses:
Policyholder benefits and claims incurred			414						151						424						—						989
Interest sensitive contract benefits			65						51						—						—						116
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired			2						14						116						—						132
Change in fair value of insurance-related derivatives and embedded derivatives			(34)						8						—						—						(26)
Change in fair value of market risk benefits			(12)						—						—						—						(12)
Operating expenses			30						57						52						9						148
Interest expense			—						—						—						22						22
Total benefits and expenses			465						281						592						31						1,369
Net income (loss) before income taxes			$	150					$	(4)					$	(47)					$	20					$	119
			Six Months Ended June 30, 2024
			Annuity						Life						Property and Casualty						Corporate and Other						Total
			(Dollars in millions)
Revenues:
Net premiums			$	1,011					$	200					$	938					$	—					$	2,149
Other policy revenue			105						191						—						—						296
Net investment income			1,035						187						80						70						1,372
Investment related gains (losses)			3						—						—						(35)						(32)
Total revenues			2,154						578						1,018						35						3,785
Benefits, losses and expenses:
Policyholder benefits and claims incurred			1,084						326						706						—						2,116
Interest sensitive contract benefits			449						96						—						—						545
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired			120						22						218						—						360
Change in fair value of insurance-related derivatives and embedded derivatives			(12)						14						—						—						2
Change in fair value of market risk benefits			158						—						—						—						158
Operating expenses			133						128						82						95						438
Interest expense			—						—						—						65						65
Total benefits and expenses			1,932						586						1,006						160						3,684
Net income (loss) before income taxes			$	222					$	(8)					$	12					$	(125)					$	101

			Six Months Ended June 30, 2023
			Annuity						Life						Property and Casualty						Corporate and Other						Total
			(Dollars in millions)
Revenues:
Net premiums			$	560					$	214					$	1,009					$	—					$	1,783
Other policy revenue			17						183						—						—						200
Net investment income			382						161						90						33						666
Investment related gains (losses)			—						—						—						(20)						(20)
Total revenues			959						558						1,099						13						2,629
Benefits, losses and expenses:
Policyholder benefits and claims incurred			594						305						790						—						1,689
Interest sensitive contract benefits			83						122						—						—						205
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired			6						24						233						—						263
Change in fair value of insurance-related derivatives and embedded derivatives			(53)						53						—						—						—
Change in fair value of market risk benefits			(7)						—						—						—						(7)
Operating expenses			53						118						115						17						303
Interest expense			—						—						—						46						46
Total benefits and expenses			676						622						1,138						63						2,499
Net income (loss) before income taxes			$	283					$	(64)					$	(39)					$	(50)					$	130

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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X

- References

No definition available.

+ Details

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