Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Reconciliation Of Revenue From Segments To Consolidated



	For the Three						For the Six
	Months Ended						Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
Revenues
Operating revenues:
Life Insurance	$	1,760		$	1,705		$	3,517		$	3,435
Annuities		1,190			1,097			2,331			2,244
Group Protection		1,400			1,323			2,788			2,626
Retirement Plan Services		334			315			661			633
Other Operations		46			34			90			73
Investment and reinsurance-related realized gain (loss)		(838	)		(25	)		(1,034	)		(25	)
Changes in fair value of GLB and GDB
hedge instruments, net of hedge allowance		(896	)		1,099			(1,372	)		1,173
Indexed product net derivative results		(67	)		29			(238	)		138
Total revenues	$	2,929		$	5,577		$	6,743		$	10,297

Reconciliation Of Income (Loss) From Operations By Segment To Consolidated Net Income (Loss)



	For the Three						For the Six
	Months Ended						Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
Net Income (Loss)
Income (loss) from operations:
Life Insurance	$	33		$	63		$	20		$	87
Annuities		271			294			545			612
Group Protection		109			49			180			3
Retirement Plan Services		47			55			90			113
Other Operations		(106	)		(87	)		(193	)		(168	)
MRB-related impacts, after-tax		1,585			(399	)		1,079			664
Investment and reinsurance-related realized gain (loss), after-tax ⁽¹⁾		(662	)		(20	)		(816	)		(19	)
Changes in fair value of GLB and GDB hedge
instruments, net of hedge allowance, after-tax		(708	)		868			(1,084	)		926
Indexed product net derivative results, after-tax		(53	)		23			(188	)		109
Benefit ratio unlocking, after-tax		2			(6	)		4			(6	)
Transaction and integration costs related to mergers,
acquisitions and divestitures, after-tax ⁽²⁾		(7	)		-			(7	)		-
Net income (loss)	$	511		$	840		$	(370	)	$	2,321

⁽¹⁾Includes a $493 million after-tax impairment of fixed maturity AFS securities in an unrealized loss position for the three and six months ended June 30, 2023, resulting from the Company’s intent to sell these securities as part of the previously announced Fortitude Re reinsurance transaction. Within the investment portfolio anticipated to be sold in the transaction, there are additional fixed maturity AFS securities in an unrealized gain position of approximately $374 million after-tax as of June 30, 2023. Pursuant to the applicable accounting guidance, the Company impaired the securities in a loss position down to fair market value upon entry into the agreement in the second quarter and will recognize a gain for any securities in an unrealized gain position at the time when the transaction closes. For more information, see Notes 4 and 8.

⁽²⁾Includes costs pertaining to the Fortitude Re reinsurance transaction. For more information, see Note 8.

Reconciliation Of Assets From Segments To Consolidated


	As of		As of
	June 30,		December 31,
	2023		2022
Assets
Life Insurance	$	97,306	$	94,536
Annuities		177,686		167,377
Group Protection		9,536		9,780
Retirement Plan Services		42,936		41,900
Other Operations		21,148		20,624
Total assets	$	348,612	$	334,217