On July 2, 2018, Regions sold Regions Insurance Group, Inc. and related affiliates. The gain associated with the transaction amounted to $281 million ($196 million after-tax). In connection with the agreement, the results of the entities sold are reported in the Company's consolidated statements of income separately as discontinued operations for all periods presented.

On April 2, 2012, Regions sold Morgan Keegan and related affiliates to Raymond James. Regions Investment Management, Inc. (formerly known as Morgan Asset Management, Inc.) and Regions Trust were not included in the sale. In connection with the closing of the sale, Regions agreed to indemnify Raymond James for all litigation matters related to pre-closing activities. See Note 24 for related disclosure. Results of operations for the Morgan Keegan entities sold are presented separately as discontinued operations for all periods presented on the consolidated statements of income.

The following table represents the condensed results of operations for the Regions Insurance Group, Inc. entities sold as discontinued operations in 2018:


	Year Ended December 31, 2018
	(In millions)
Interest income	$	1
Interest expense	—
Net interest income	1
Non-interest income:
Securities gains (losses), net	(1)
Insurance commissions and fees	69
Gain on sale of business	281
Other	—
Total non-interest income	349
Non-interest expense:
Salaries and employee benefits	49
Net occupancy expense	3
Furniture and equipment expense	2
Other	16
Total non-interest expense	70
Income from discontinued operations before income taxes	280
Income tax expense	84
Income from discontinued operations, net of tax	$	196

The following table represents the condensed results of operations for both the Regions Insurance Group, Inc. entities and Morgan Keegan and Company, Inc. and related affiliates as discontinued operations:


	Year Ended December 31
	2020		2019		2018
	(In millions, except per share data)
Income from discontinued operations before income taxes	$	—	$	—	$	271
Income tax expense	—		—		80
Income from discontinued operations, net of tax	$	—	$	—	$	191
Earnings per common share from discontinued operations:
Basic	$	0.00	$	0.00	$	0.18
Diluted	$	0.00	$	0.00	$	0.17