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OPERATING SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2021

Summary of Financial Information for the Company's Segments

The following tables present a summary of results and reconciles pre-tax adjusted operating income (loss) to consolidated income before income tax and net income:


	For The Three Months Ended March 31,
	2021		2020
	(Dollars In Millions)
Revenues
Retail Life and Annuity	$	773	$	532
Acquisitions	789		799
Stable Value Products	81		37
Asset Protection	71		74
Corporate and Other	(1)		(1)
Total revenues	$	1,713	$	1,441
Pre-tax Adjusted Operating Income (Loss)			s
Retail Life and Annuity	$	(17)	$	(11)
Acquisitions	77		75
Stable Value Products	31		25
Asset Protection	14		12
Corporate and Other	(51)		(41)
Pre-tax adjusted operating income	54		60
Non-operating income (loss)	73		(219)
Income before income tax	127		(159)
Income tax expense	(25)		30
Net income	$	102	$	(129)

Pre-tax adjusted operating income	$	54	$	60
Adjusted operating income tax expense	(9)		(16)
After-tax adjusted operating income	45		44
Non-operating income (loss)	73		(219)
Income tax (expense) benefit on adjustments	(16)		46
Net income	$	102	$	(129)

Non-operating income (loss)
Derivative gains (losses)	$	181	$	(25)
Investment gains (losses)	(54)		(276)
VA/VUL market impacts(1)	8		—
Less: related amortization(2)	87		(59)
Less: VA GLWB economic cost	(25)		(23)
Total non-operating income (loss)	$	73	$	(219)

(1) Represents the immediate impacts on DAC, VOBA, reserves, and other non-cash items in current period results due to changes in current market conditions on estimates of profitability, which are excluded from pre-tax and after-tax adjusted operating income (loss) beginning in Q1 of 2021.
(2) Includes amortization of DAC/VOBA and benefits and settlement expenses that are impacted by realized gains (losses).


	For The Three Months Ended March 31,
	2021		2020
	(Dollars In Millions)
Net investment income
Retail Life and Annuity	$	266	$	253
Acquisitions	399		416
Stable Value Products	63		63
Asset Protection	6		8
Corporate and Other	(14)		14
Total net investment income	$	720	$	754

Amortization of DAC and VOBA
Retail Life and Annuity	$	87	$	(14)
Acquisitions	2		52
Stable Value Products	1		1
Asset Protection	15		15
Corporate and Other	—		—
Total amortization of DAC and VOBA	$	105	$	54


	Operating Segment Assets
	As of March 31, 2021
	(Dollars In Millions)
	Retail Life & Annuity		Acquisitions		Stable Value Products
Investments and other assets	$	41,555	$	54,851	$	6,525
DAC and VOBA	2,635		892		10
Other intangibles	359		32		6
Goodwill	559		24		114
Total assets	$	45,108	$	55,799	$	6,655


	Asset Protection		Corporate and Other		Total Consolidated
Investments and other assets	$	906	$	16,629	$	120,466
DAC and VOBA	170		—		3,707
Other intangibles	98		35		530
Goodwill	129		—		826
Total assets	$	1,303	$	16,664	$	125,529


	Operating Segment Assets
	As of December 31, 2020
	(Dollars In Millions)
	Retail Life & Annuity		Acquisitions		Stable Value Products
Investments and other assets	$	39,874	$	55,628	$	5,928
DAC and VOBA	2,480		762		8
Other intangibles	367		33		6
Goodwill	559		24		114
Total assets	$	43,280	$	56,447	$	6,056


	Asset Protection		Corporate and Other		Total Consolidated
Investments and other assets	$	881	$	19,813	$	122,124
DAC and VOBA	170		—		3,420
Other intangibles	101		33		540
Goodwill	129		—		826
Total assets	$	1,281	$	19,846	$	126,910