Segments (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Operating Earnings Before Income Taxes from Segments

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:


	Year Ended December 31,
	2020		2019		2018






Income (loss) from continuing operations before income taxes	$	352	$	574	$	521
Less Adjustments:
Net investment gains (losses) and related charges and adjustments	22		25		(124)
Net guaranteed benefit hedging gains (losses) and related charges and adjustments	22		(14)		62
Income (loss) related to businesses exited or to be exited through reinsurance or divestment	(342)		98		(40)
Income (loss) attributable to noncontrolling interest	157		50		145
Income (loss) related to early extinguishment of debt	—		(12)		(40)
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	2		3		(47)
Dividend payments made to preferred shareholders	36		28		—
Other adjustments	(41)		(196)		(86)
Total adjustments to income (loss) from continuing operations	(144)		(18)		(130)

Adjusted operating earnings before income taxes by segment:
Retirement	$	443	$	588	$	701
Investment Management	197		180		205
Employee Benefits	204		199		160

Corporate	(349)		(376)		(415)
Total	$	495	$	591	$	651

Schedule of Revenue from Segments

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


	Year Ended December 31,
	2020		2019		2018
Total revenues	$	7,649	$	7,478	$	7,161

Adjustments:
Net realized investment gains (losses) and related charges and adjustments	13		18		(148)
Gain (loss) on change in fair value of derivatives related to guaranteed benefits	22		(13)		63
Revenues related to businesses exited or to be exited through reinsurance or divestment	1,494		1,531		1,446
Revenues attributable to noncontrolling interest	215		109		214
Other adjustments	310		323		236
Total adjustments to revenues	2,054		1,968		1,811

Adjusted operating revenues by segment:
Retirement	$	2,717	$	2,712	$	2,727
Investment Management	702		675		683
Employee Benefits	2,155		2,026		1,849

Corporate	21		97		91
Total	$	5,595	$	5,510	$	5,350

Other Segment Information

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


	Year Ended December 31,
	2020		2019		2018
Investment management intersegment revenues	$	110	$	104	$	101

Schedule of Assets from Segments

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


	December 31, 2020		December 31, 2019
Retirement	$	129,801	$	117,999
Investment Management	1,027		745
Employee Benefits	2,917		3,117

Corporate	23,535		25,193
Total assets, before consolidation(1)	157,280		147,054
Consolidation of investment entities	2,535		1,890
Total assets, excluding assets held for sale	159,815		148,944
Assets held for sale	20,703		20,046
Total assets	$	180,518	$	168,990

(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.