Accounts payable, accrued expenses and other liabilities

  
Note 5 – Assets and Liabilities of Businesses Held for Sale  
On July 1, 2022, the Company completed the sale of its life, accident and supplemental benefits businesses in six countries (Hong Kong, Indonesia, New Zealand, South Korea, Taiwan and Thailand) to Chubb for approximately $5.4 billion in cash. See Note 4 for information on the gain recognized upon sale.The Company aggregated and classified the assets and liabilities of these businesses as held for sale in our Consolidated Balance Sheet as of December 31, 2021. The assets and liabilities of our interest in a joint venture in Türkiye were also classified as held for sale in our Consolidated Balance Sheet as of December 31, 2021; however, we subsequently agreed to exclude this business from the Chubb transaction and the assets and liabilities are no longer classified as held for sale. The assets and liabilities of businesses held for sale were as follows:

|  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |
| (In millions) |  |  | December 31, 2021 |
| Cash and cash equivalents |  |  | $ | 406  |  |
| Investments |  |  | 5,109  |  |
| Deferred policy acquisition costs |  |  | 2,755  |  |
| Separate account assets |  |  | 878  |  |
| Goodwill, other intangible assets and all other assets |  |  | 909  |  |
| Total assets of businesses held for sale |  |  | 10,057  |  |
| Insurance and contractholder liabilities |  |  | 4,644  |  |
| Accounts payable, accrued expenses and other liabilities |  |  | 452  |  |
| Deferred tax liabilities, net |  |  | 449  |  |
| Separate account liabilities |  |  | 878  |  |
| Total liabilities of businesses held for sale |  |  | $ | 6,423  |  |

The held for sale businesses reported Gross unrealized appreciation on securities and derivatives of $137 million and Gross cumulative translation losses on foreign currencies of $209 million within Accumulated other comprehensive loss in our Consolidated Balance Sheet as of December 31, 2021. Note 6 – Earnings Per Share ("EPS")  
Basic and diluted earnings per share were computed as follows:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended |  |  |  |  |  |  |
|  | September 30, 2022 |  | September 30, 2021 |  |  |
| (Shares in thousands, dollars in millions, except per share amounts) | Basic |  | Effect ofDilution |  | Diluted |  | Basic |  | Effect ofDilution |  | Diluted |  |  |  |  |  |  |
| Shareholders' net income | $ | 2,757  |  |  |  |  | $ | 2,757  |  |  | $ | 1,621  |  |  |  |  | $ | 1,621  |  |  |  |  |  |  |  |
| Shares: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Weighted average | 303,854  |  |  |  |  | 303,854  |  |  | 335,166  |  |  |  |  | 335,166  |  |  |  |  |  |  |  |
| Common stock equivalents |  |  | 3,663  |  |  | 3,663  |  |  |  |  | 2,413  |  |  | 2,413  |  |  |  |  |  |  |  |
| Total shares | 303,854  |  |  | 3,663  |  |  | 307,517  |  |  | 335,166  |  |  | 2,413  |  |  | 337,579  |  |  |  |  |  |  |  |
| EPS | $ | 9.07  |  |  | $ | (0.10) |  |  | $ | 8.97  |  |  | $ | 4.84  |  |  | $ | (0.04) |  |  | $ | 4.80  |  |  |  |  |  |  |  |

  


|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Nine Months Ended |  |  |  |  |  |  |
|  | September 30, 2022 |  | September 30, 2021 |  |  |  |  |  |  |
|  |  |  |  |  |  |
| (Shares in thousands, dollars in millions, except per share amounts) | Basic |  | Effect ofDilution |  | Diluted |  | Basic |  | Effect ofDilution |  | Diluted |  |  |  |  |  |  |
| Shareholders' net income | $ | 5,499  |  |  |  |  | $ | 5,499  |  |  | $ | 4,249  |  |  |  |  | $ | 4,249  |  |  |  |  |  |  |  |
| Shares: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Weighted average | 312,434  |  |  |  |  | 312,434  |  |  | 341,583  |  |  |  |  | 341,583  |  |  |  |  |  |  |  |
| Common stock equivalents |  |  | 3,213  |  |  | 3,213  |  |  |  |  | 3,197  |  |  | 3,197  |  |  |  |  |  |  |  |
| Total shares | 312,434  |  |  | 3,213  |  |  | 315,647  |  |  | 341,583  |  |  | 3,197  |  |  | 344,780  |  |  |  |  |  |  |  |
| EPS | $ | 17.60  |  |  | $ | (0.18) |  |  | $ | 17.42  |  |  | $ | 12.44  |  |  | $ | (0.12) |  |  | $ | 12.32  |  |  |  |  |  |  |  |

  
14
