Additional exit related expenses

  
The following table summarizes the components of net income (loss) from discontinued operations included in the consolidated statements of operations: 

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Years Ended December 31, |
|  | 2021 |  | 2020 |  | 2019 |
| Revenues |  |  |  |  |  |
| Net earned premiums | $ | 42.6  |  |  | $ | 66.9  |  |  | $ | 61.2  |  |
| Fees and other income | 91.0  |  |  | 151.1  |  |  | 155.4  |  |
| Net investment income | 168.4  |  |  | 289.3  |  |  | 291.8  |  |
| Net realized gains (losses) on investments and fair value changes to equity securities | 4.2  |  |  | (8.0) |  |  | 9.3  |  |
| Gain on disposal of businesses (1) | 916.2  |  |  | —  |  |  | —  |  |
| Total revenues | 1,222.4  |  |  | 499.3  |  |  | 517.7  |  |
| Benefits, losses and expenses |  |  |  |  |  |
| Policyholder benefits | 172.7  |  |  | 284.4  |  |  | 269.0  |  |
| Amortization of deferred acquisition costs and value of business acquired | 46.2  |  |  | 80.5  |  |  | 84.9  |  |
| Underwriting, general and administrative expenses | 39.0  |  |  | 62.1  |  |  | 64.0  |  |
| Goodwill impairment (2) | —  |  |  | 137.8  |  |  | —  |  |
| Total benefits, losses and expenses | 257.9  |  |  | 564.8  |  |  | 417.9  |  |
| Income (loss) from discontinued operations before income taxes | 964.5  |  |  | (65.5) |  |  | 99.8  |  |
| Provision for income taxes (3) | 205.6  |  |  | 12.2  |  |  | 19.4  |  |
| Net income (loss) from discontinued operations | $ | 758.9  |  |  | $ | (77.7) |  |  | $ | 80.4  |  |

(1)Includes $774.2 million of pre-tax AOCI, primarily net unrealized gains on investments, that was recognized in earnings upon sale. (2)During the third quarter of 2020, the Company identified impairment indicators impacting the fair value of the Global Preneed reportable segment in connection with exploring strategic alternatives for the Global Preneed business. Such impairment indicators, including the evaluation of the long-term economic performance of the segment in light of further expected declines in interest rates, triggered the requirement for an interim goodwill impairment analysis in the third quarter of 2020. The fair value, which was determined using a discounted cash flow method, was lower than the carrying value, resulting in the impairment charge of the entire goodwill of $137.8 million. (3)Includes $168.2 million of tax on the AOCI that was recognized in earnings upon sale, as noted above.   
John Alden Life Insurance CompanyIn December 2021, the Company entered into an agreement to sell JALIC, a runoff business reported in the Corporate and Other segment. The transaction is expected to close in the first half of 2022, subject to regulatory approvals and other customary closing conditions. As of December 31, 2021, JALIC met the criteria for held for sale presentation as described above and, therefore, its assets and liabilities were recorded as held for sale in the consolidated balance sheet. The major classes of assets and liabilities held for sale as of December 31, 2021 included $915.8 million of future policy benefits and expenses, $881.6 million of reinsurance recoverables, $159.6 million of other investments and $117.2 million of claims and benefits payable.Sale of Collateralized Loan Obligation Asset Management PlatformIn July 2020, the Company sold its CLO asset management platform for $20.0 million in cash consideration, resulting in a net gain of $18.3 million, including costs to sell, for the year ended December 31, 2020, reported through underwriting, general and administrative expenses in the consolidated statements of operations. The Company incurred additional exit related expenses of $7.5 million for the year ended December 31, 2020, that were also included in underwriting, general and administrative expenses in the consolidated statements of operations. Prior to the sale, the CLOs were VIEs that the Company consolidated. The Company retained its direct investments in the CLOs following the sale, but deconsolidated the CLOs in third quarter 2020 since it no longer acts as collateral manager and, as a result, no longer has the power to control the CLO entities. Sale of Investment in Iké In 2014, the Company made an approximately 40% investment in Iké Grupo, Iké Asistencia and certain of their affiliates (collectively, “Iké”), a services assistance business, for which the Company paid approximately $110.0 million. At the same time, the Company also entered into a shareholders’ agreement that provided the right to acquire the remainder of Iké from the majority shareholders and the majority shareholders the right to put their interests in Iké to the Company (together, the “put/call”) in mid-2019 at a predetermined price. During 2019, the Company entered into a cooperation agreement with the majority F-22
