OPERATING SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

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 Year Ended December 31,
	2021		2020		2019
			(Recast)		(Recast)
	(Dollars In Millions)
Revenues
Retail Life and Annuity	$	2,823	$	2,440	$	2,161
Acquisitions		2,984		3,282		2,902
Stable Value Products		347		176		247
Asset Protection		270		275		290
Corporate and Other		(11)		(5)		131
Total revenues	$	6,413	$	6,168	$	5,731
Pre-tax Adjusted Operating Income (Loss)
Retail Life and Annuity	$	(37)	$	100	$	153
Acquisitions		314		406		347
Stable Value Products		171		90		93
Asset Protection		40		41		37
Corporate and Other		(155)		(247)		(162)
Pre-tax adjusted operating income		333		390		468
Non-operating income (loss)		38		(113)		56
Income before income tax		371		277		524
Income tax expense (benefit)		86		43		97
Net income	$	285	$	234	$	427
Pre-tax adjusted operating income	$	333	$	390	$	468
Adjusted operating income tax (expense) benefit		(51)		(66)		(86)
After-tax adjusted operating income		282		324		382
Non-operating income (loss)		38		(113)		56
Income tax (expense) benefit on adjustments		(35)		23		(11)
Net income	$	285	$	234	$	427
Non-operating income (loss)
Derivative gains (losses), net	$	48	$	(195)	$	(368)
Investment gains (losses), net		102		(40)		309
VA/VUL market impacts(1)		21		—		—
Goodwill impairment		(129)		—		—
Less: related amortization(2)		104		(30)		(24)
Less: VA GLWB economic cost		(100)		(92)		(91)
Total non-operating income (loss)	$	38	$	(113)	$	56

(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 net gains (losses).

22. OPERATING SEGMENTS – (Continued)

	For The Year Ended December 31,
	2021		2020		2019
			(Recast)		(Recast)
	(Dollars In Millions)
Net Investment Income
Retail Life and Annuity	$	1,110	$	1,015	$	945
Acquisitions		1,590		1,648		1,533
Stable Value Products		303		230		244
Asset Protection		20		23		28
Corporate and Other		(41)		(27)		75
Total net investment income	$	2,982	$	2,889	$	2,825
Amortization of DAC and VOBA
Retail Life and Annuity	$	222	$	116	$	100
Acquisitions		19		24		11
Stable Value Products		5		3		3
Asset Protection		63		65		62
Corporate and Other		—		—		—
Total amortization of DAC and VOBA	$	309	$	208	$	176

	Operating Segments
	As of December 31, 2021
	(Dollars In Millions)
	Retail Life and				Stable Value
	Annuity		Acquisitions		Products
Investments and other assets	$	44,549	$	54,561	$	8,392
DAC and VOBA		2,806		870		15
Other intangibles		334		29		5
Goodwill		430		24		114
Total assets	$	48,119	$	55,484	$	8,526

	Asset		Corporate		Total
	Protection		and Other		Consolidated
Investments and other assets	$	950	$	18,063	$	126,515
DAC and VOBA		178		—		3,869
Other intangibles		90		33		491
Goodwill		129		—		697
Total assets	$	1,347	$	18,096	$	131,572

	Operating Segment Assets
	As of December 31, 2020
	(Recast)
	(Dollars In Millions)
	Retail Life and				Stable Value
	Annuity		Acquisitions		Products
Investments and other assets	$	40,194	$	55,628	$	5,928
DAC and VOBA		2,480		762		8
Other intangibles		367		33		6
Goodwill		559		24		114
Total assets	$	43,600	$	56,447	$	6,056

22. OPERATING SEGMENTS – (Continued)

	Asset		Corporate		Total
	Protection		and Other		Consolidated
Investments and other assets	$	881	$	19,493	$	122,124
DAC and VOBA		170		—		3,420
Other intangibles		101		33		540
Goodwill		129		—		826
Total assets	$	1,281	$	19,526	$	126,910