Segments (Tables)

9 Months Ended

Sep. 30, 2020

Reconciliation of Operating Earnings Before Income Taxes from Segments to Consolidated

The summary below reconciles Adjusted operating earnings before income taxes for the segments to Income (loss) from continuing operations before income taxes for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Income (loss) from continuing operations before income taxes	$	(145)	$	149	$	(149)	$	494
Less Adjustments:
Net investment gains (losses) and related charges and adjustments	29		14		63		73
Net guaranteed benefit hedging gains (losses) and related charges and adjustments	16		(12)		(36)		(22)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment	(342)		31		(387)		80
Income (loss) attributable to noncontrolling interest	106		19		33		44
Income (loss) related to early extinguishment of debt	—		(12)		—		(12)
Immediate recognition of net actuarial gains (losses) related to pension and other post-employment benefit obligations and gains (losses) from plan amendments and curtailments	—		—		—		66
Dividend payments made to preferred shareholders	14		14		32		24
Other adjustments	(8)		(27)		(45)		(172)
Total adjustments to income (loss) from continuing operations	$	(185)	$	27	$	(340)	$	81

Adjusted operating earnings before income taxes by segment:
Retirement	$	25	$	117	$	185	$	426
Investment Management	47		46		106		121
Employee Benefits	56		57		154		144
Corporate	(88)		(98)		(254)		(278)
Total	$	40	$	122	$	190	$	413

Reconciliation of Revenue from Segments to Total Revenues

The summary below reconciles Adjusted operating revenues for the segments to Total revenues for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Total revenues	$	2,071	$	1,875	$	5,419	$	5,666

Adjustments:
Net realized investment gains (losses) and related charges and adjustments	27		16		60		71
Gains (losses) on change in fair value of derivatives related to guaranteed benefits	16		(12)		(36)		(21)
Revenues related to businesses exited or to be exited through reinsurance or divestment	399		401		1,075		1,216
Revenues attributable to noncontrolling interest	116		34		59		88
Other adjustments	80		71		205		223
Total adjustments to revenues	638		510		$	1,363	$	1,577

Adjusted operating revenues by segment:
Retirement	718		675		$	1,954	$	2,011
Investment Management	173		167		467		478
Employee Benefits	541		503		1,615		1,526
Corporate	2		20		20		74
Total	$	1,434	$	1,365	$	4,056	$	4,089

Schedule of Intersegment Revenues Included in Investment Management Segment

The Investment Management segment revenues include the following intersegment revenues, primarily consisting of asset-based management and administration fees for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Investment Management intersegment revenues	$	28	$	25	$	81	$	76

Summary of Financial Information for Segments

The summary below presents Total assets for the Company’s segments as of the dates indicated:


	September 30, 2020		December 31, 2019
Retirement	$	121,763	$	118,024
Investment Management	744		745
Employee Benefits	2,922		3,117
Corporate	23,498		25,206
Total assets, before consolidation(1)	148,927		147,092
Consolidation of investment entities	2,359		1,890
Total assets, excluding assets held for sale	151,286		148,982
Assets held for sale	20,180		20,069
Total assets	$	171,466	$	169,051

(1) Total assets, before consolidation includes the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option.