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Segment Information
12 Months Ended
Dec. 31, 2021
Segment Information [Abstract]  
Segment Information 21. Segment Information We provide products and services and report results through our Annuities, Retirement Plan Services, Life Insurance and Group Protection segments. We also have Other Operations, which includes the financial data for operations that are not directly related to the business segments. Our reporting segments reflect the manner by which our chief operating decision makers view and manage the business. The following is a brief description of these segments and Other Operations. The Annuities segment provides tax-deferred investment growth and lifetime income opportunities for its clients by offering fixed (including indexed) and variable annuities. The Retirement Plan Services segment provides employer-sponsored defined benefit and individual retirement accounts, as well as individual and group variable annuities, group fixed annuities and mutual-fund based programs in the retirement plan marketplace. The Life Insurance segment focuses in the creation and protection of wealth through life insurance products, including term insurance, a linked-benefit product (which is a UL policy linked with riders that provide for long-term care costs), IUL and both single and survivorship versions of UL and VUL, including corporate-owned UL and VUL and bank-owned UL and VUL products. The Group Protection segment offers group non-medical insurance products, including short and long-term disability, absence management services, term life, dental, vision and accident, critical illness and hospital indemnity benefits and services to the employer marketplace through various forms of employee-paid and employer-paid plans. Other Operations includes investments related to the excess capital in our insurance subsidiaries; benefit plan obligations; the unamortized deferred gain on indemnity reinsurance related to the sale of reinsurance; the results of certain disability income business; our run-off institutional pension business, the majority of which was sold on a group annuity basis; debt costs; Spark and strategic digitization expense; and other corporate investments. Segment operating revenues and income (loss) from operations are internal measures used by our management and Board of Directors to evaluate and assess the results of our segments. Income (loss) from operations is GAAP net income excluding the after-tax effects of the following items, as applicable:  Realized gains and losses associated with the following (“excluded realized gain (loss)”): Sales or disposals and impairments of financial assets;Changes in the fair value of equity securities;Changes in the fair value of derivatives, embedded derivatives within certain reinsurance arrangements and trading securities (“gain (loss) on the mark-to-market on certain instruments”);Changes in the fair value of the derivatives we own to hedge our GDB riders within our variable annuities; Changes in the fair value of the embedded derivatives of our GLB riders reflected within variable annuity net derivative results accounted for at fair value;Changes in the fair value of the derivatives we own to hedge our GLB riders reflected within variable annuity net derivative results; andChanges in the fair value of the embedded derivative liabilities related to index options we may purchase or sell in the future to hedge contract holder index allocations applicable to future reset periods for our indexed annuity products accounted for at fair value (“indexed annuity forward-starting option”); Changes in reserves resulting from benefit ratio unlocking on our GDB and GLB riders (“benefit ratio unlocking”);Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance;Gains (losses) on modification or early extinguishment of debt;Losses from the impairment of intangible assets;Income (loss) from discontinued operations;Transaction and integration costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business; andIncome (loss) from the initial adoption of new accounting standards, regulations, and policy changes including the net impact from the Tax Cuts and Jobs Act. Operating revenues represent GAAP revenues excluding the pre-tax effects of the following items, as applicable: Excluded realized gain (loss);Revenue adjustments from the initial adoption of new accounting standards;Amortization of DFEL arising from changes in GDB and GLB benefit ratio unlocking; andAmortization of deferred gains arising from reserve changes on business sold through reinsurance. The tables below reconcile our segment measures of performance to the GAAP measures presented in our Consolidated Statements of Comprehensive Income (Loss) (in millions): For the Years Ended December 31, 2021 2020 2019 Revenues Operating revenues: Annuities$ 5,002 $ 4,455 $ 4,600 Retirement Plan Services 1,324 1,213 1,200 Life Insurance 8,137 7,516 7,438 Group Protection 4,996 4,793 4,588 Other Operations 180 185 220 Excluded realized gain (loss), pre-tax (411) (721) (794)Amortization of DFEL associated with benefit ratio unlocking, pre-tax 2 (2) 6 Total revenues$ 19,230 $ 17,439 $ 17,258 For the Years Ended December 31, 2021 2020 2019 Net Income (Loss) Income (loss) from operations: Annuities$ 1,283 $ 983 $ 954 Retirement Plan Services 235 168 172 Life Insurance 535 (34) 259 Group Protection (127) 43 238 Other Operations (375) (295) (268)Excluded realized gain (loss), after-tax (325) (570) (627)Benefit ratio unlocking, after-tax 196 194 277 Net impact from the Tax Cuts and Jobs Act - 37 17 Transaction and integration costs related to mergers, acquisitions and divestitures, after-tax (11) (15) (103)Gain (loss) on modification or early extinguishment of debt, after-tax (6) (12) (33)Net income (loss)$ 1,405 $ 499 $ 886 Other segment information (in millions) was as follows: For the Years Ended December 31, 2021 2020 2019 Net Investment Income Annuities$ 1,401 $ 1,272 $ 1,140 Retirement Plan Services 992 933 924 Life Insurance 3,209 2,823 2,658 Group Protection 366 330 307 Other Operations 147 152 194 Total net investment income$ 6,115 $ 5,510 $ 5,223 For the Years Ended December 31, 2021 2020 2019 Amortization of DAC and VOBA, Net of Interest Annuities$ 442 $ 387 $ 408 Retirement Plan Services 32 29 26 Life Insurance 1,030 785 779 Group Protection 107 114 111 Total amortization of DAC and VOBA, net of interest$ 1,611 $ 1,315 $ 1,324 For the Years Ended December 31, 2021 2020 2019 Federal Income Tax Expense (Benefit) Annuities$ 241 $ 149 $ 139 Retirement Plan Services 49 24 23 Life Insurance 122 (33) 47 Group Protection (33) 11 63 Other Operations (106) (82) (92)Excluded realized gain (loss) (86) (151) (167)Gain (loss) on early extinguishment of debt (2) (3) (9)Benefit ratio unlocking 52 51 74 Net impact from the Tax Cuts and Jobs Act - (37) (17)Transaction and integration costs related to mergers, acquisitions and divestitures (4) (5) (28)Total federal income tax expense (benefit)$ 233 $ (76)$ 33 As of December 31, 2021 2020 Assets Annuities$ 201,732 $ 184,678 Retirement Plan Services 47,625 45,372 Life Insurance 105,208 101,941 Group Protection 10,522 10,201 Other Operations 22,214 23,756 Total assets$ 387,301 $ 365,948