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v3.24.3

Segment Reporting (Tables) | 9 Months Ended
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Sep. 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 September 30, 2024
| Annuity |  | Life |  | Property and Casualty |  | Corporate and Other |  | Total
| (Dollars in millions)
Revenues: |  |  |  |  |  |  |  |  |
Net premiums | $ | 331 |  |  | $ | 86 |  |  | $ | 471 |  |  | $ | — |  |  | $ | 888 |
Other policy revenue | 139 |  |  | 69 |  |  | — |  |  | — |  |  | 208 |
Net investment income | 1,008 |  |  | 62 |  |  | 41 |  |  | (87) |  |  | 1,024 |
Investment related gains (losses) | (11) |  |  | — |  |  | — |  |  | (117) |  |  | (128) |
Other income | 1 |  |  | 9 |  |  | 2 |  |  | — |  |  | 12 |
Total revenues | 1,468 |  |  | 226 |  |  | 514 |  |  | (204) |  |  | 2,004 |
Benefits, losses and expenses: |  |  |  |  |  |  |  |  |
Policyholder benefits and claims incurred | 373 |  |  | 120 |  |  | 353 |  |  | — |  |  | 846 |
Interest sensitive contract benefits | 507 |  |  | 16 |  |  | — |  |  | — |  |  | 523 |
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired | 175 |  |  | 10 |  |  | 104 |  |  | — |  |  | 289 |
Change in fair value of insurance-related derivatives and embedded derivatives | 355 |  |  | (11) |  |  | — |  |  | — |  |  | 344 |
Change in fair value of market risk benefits | 134 |  |  | — |  |  | — |  |  | — |  |  | 134 |
Operating expenses | 116 |  |  | 63 |  |  | 31 |  |  | 18 |  |  | 228 |
Interest expense | — |  |  | — |  |  | — |  |  | 49 |  |  | 49 |
Total benefits and expenses | 1,660 |  |  | 198 |  |  | 488 |  |  | 67 |  |  | 2,413 |
Net income (loss) before income taxes | $ | (192) |  |  | $ | 28 |  |  | $ | 26 |  |  | $ | (271) |  |  | $ | (409) |
| Three Months Ended September 30, 2023
| Annuity |  | Life |  | Property and Casualty |  | Corporate and Other |  | Total
| (Dollars in millions)
Revenues: |  |  |  |  |  |  |  |  |
Net premiums | $ | 154 |  |  | $ | 107 |  |  | $ | 523 |  |  | $ | — |  |  | $ | 784 |
Other policy revenue | 12 |  |  | 94 |  |  | — |  |  | — |  |  | 106 |
Net investment income | 236 |  |  | 91 |  |  | 35 |  |  | 13 |  |  | 375 |
Investment related gains (losses) | — |  |  | — |  |  | — |  |  | (12) |  |  | (12) |
Other income | — |  |  | 11 |  |  | — |  |  | — |  |  | 11 |
Total revenues | 402 |  |  | 303 |  |  | 558 |  |  | 1 |  |  | 1,264 |
Benefits, losses and expenses: |  |  |  |  |  |  |  |  |
Policyholder benefits and claims incurred | 167 |  |  | 143 |  |  | 407 |  |  | — |  |  | 717 |
Interest sensitive contract benefits | 98 |  |  | 35 |  |  | — |  |  | — |  |  | 133 |
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired | 7 |  |  | 11 |  |  | 118 |  |  | — |  |  | 136 |
Change in fair value of insurance-related derivatives and embedded derivatives | 24 |  |  | 30 |  |  | — |  |  | — |  |  | 54 |
Change in fair value of market risk benefits | (14) |  |  | — |  |  | — |  |  | — |  |  | (14) |
Operating expenses | 28 |  |  | 59 |  |  | 56 |  |  | 4 |  |  | 147 |
Interest expense | — |  |  | — |  |  | — |  |  | 27 |  |  | 27 |
Total benefits and expenses | 310 |  |  | 278 |  |  | 581 |  |  | 31 |  |  | 1,200 |
Net income (loss) before income taxes | $ | 92 |  |  | $ | 25 |  |  | $ | (23) |  |  | $ | (30) |  |  | $ | 64 |
| Nine Months Ended September 30, 2024
| Annuity |  | Life |  | Property and Casualty |  | Corporate and Other |  | Total
| (Dollars in millions)
Revenues: |  |  |  |  |  |  |  |  |
Net premiums | $ | 1,342 |  |  | $ | 286 |  |  | $ | 1,409 |  |  | $ | — |  |  | $ | 3,037 |
Other policy revenue | 244 |  |  | 260 |  |  | — |  |  | — |  |  | 504 |
Net investment income | 2,043 |  |  | 249 |  |  | 121 |  |  | (17) |  |  | 2,396 |
Investment related gains (losses) | (8) |  |  | — |  |  | — |  |  | (152) |  |  | (160) |
Other income | 1 |  |  | 9 |  |  | 2 |  |  | — |  |  | 12 |
Total revenues | 3,622 |  |  | 804 |  |  | 1,532 |  |  | (169) |  |  | 5,789 |
Benefits, losses and expenses: |  |  |  |  |  |  |  |  |
Policyholder benefits and claims incurred | 1,457 |  |  | 446 |  |  | 1,059 |  |  | — |  |  | 2,962 |
Interest sensitive contract benefits | 956 |  |  | 112 |  |  | — |  |  | — |  |  | 1,068 |
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired | 295 |  |  | 32 |  |  | 322 |  |  | — |  |  | 649 |
Change in fair value of insurance-related derivatives and embedded derivatives | 343 |  |  | 3 |  |  | — |  |  | — |  |  | 346 |
Change in fair value of market risk benefits | 292 |  |  | — |  |  | — |  |  | — |  |  | 292 |
Operating expenses | 249 |  |  | 191 |  |  | 113 |  |  | 113 |  |  | 666 |
Interest expense | — |  |  | — |  |  | — |  |  | 114 |  |  | 114 |
Total benefits and expenses | 3,592 |  |  | 784 |  |  | 1,494 |  |  | 227 |  |  | 6,097 |
Net income (loss) before income taxes | $ | 30 |  |  | $ | 20 |  |  | $ | 38 |  |  | $ | (396) |  |  | $ | (308) |
| Nine Months Ended September 30, 2023
| Annuity |  | Life |  | Property and Casualty |  | Corporate and Other |  | Total
| (Dollars in millions)
Revenues: |  |  |  |  |  |  |  |  |
Net premiums | $ | 714 |  |  | $ | 321 |  |  | $ | 1,532 |  |  | $ | — |  |  | $ | 2,567 |
Other policy revenue | 29 |  |  | 277 |  |  | — |  |  | — |  |  | 306 |
Net investment income | 618 |  |  | 231 |  |  | 125 |  |  | 46 |  |  | 1,020 |
Investment related gains (losses) | — |  |  | — |  |  | — |  |  | (32) |  |  | (32) |
Other income | — |  |  | 32 |  |  | — |  |  | — |  |  | 32 |
Total revenues | 1,361 |  |  | 861 |  |  | 1,657 |  |  | 14 |  |  | 3,893 |
Benefits, losses and expenses: |  |  |  |  |  |  |  |  |
Policyholder benefits and claims incurred | 761 |  |  | 448 |  |  | 1,197 |  |  | — |  |  | 2,406 |
Interest sensitive contract benefits | 181 |  |  | 157 |  |  | — |  |  | — |  |  | 338 |
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired | 13 |  |  | 35 |  |  | 351 |  |  | — |  |  | 399 |
Change in fair value of insurance-related derivatives and embedded derivatives | (29) |  |  | 83 |  |  | — |  |  | — |  |  | 54 |
Change in fair value of market risk benefits | (21) |  |  | — |  |  | — |  |  | — |  |  | (21) |
Operating expenses | 81 |  |  | 177 |  |  | 171 |  |  | 21 |  |  | 450 |
Interest expense | — |  |  | — |  |  | — |  |  | 73 |  |  | 73 |
Total benefits and expenses | 986 |  |  | 900 |  |  | 1,719 |  |  | 94 |  |  | 3,699 |
Net income (loss) before income taxes | $ | 375 |  |  | $ | (39) |  |  | $ | (62) |  |  | $ | (80) |  |  | $ | 194 |

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- 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 + Details
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