Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Reconciliation Of Revenue From Segments To Consolidated



	For the Three						For the Nine
	Months Ended						Months Ended
	September 30,						September 30,
	2023			2022			2023			2022
Revenues
Operating revenues:
Annuities	$	1,197		$	1,113		$	3,528		$	3,356
Life Insurance		1,723			1,623			5,241			5,059
Group Protection		1,388			1,333			4,176			3,958
Retirement Plan Services		327			316			988			949
Other Operations		38			36			127			111
Revenue adjustments from annuity and life insurance product features		(14	)		386			(1,908	)		1,697
Credit loss-related adjustments		(27	)		(133	)		(53	)		(122	)
Investment gains (losses) ⁽¹⁾		(400	)		13			(1,126	)		6
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans		(29	)		(15	)		(27	)		(46	)
Total revenues	$	4,203		$	4,672		$	10,946		$	14,969

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



	For the Three						For the Nine
	Months Ended						Months Ended
	September 30,						September 30,
	2023			2022			2023			2022
Net Income (Loss)
Income (loss) from operations:
Annuities	$	248		$	275		$	794		$	886
Life Insurance		(173	)		(2,171	)		(153	)		(2,085	)
Group Protection		68			12			247			15
Retirement Plan Services		43			47			133			159
Other Operations		(113	)		(112	)		(306	)		(276	)
Net annuity product features, after-tax		1,045			893			850			2,591
Net life insurance product features, after-tax		85			20			(133	)		16
Credit loss-related adjustments, after-tax		(21	)		(104	)		(41	)		(96	)
Investment gains (losses), after-tax ⁽¹⁾		(306	)		10			(880	)		5
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans, after-tax		(23	)		(12	)		(21	)		(36	)
Impairment of intangibles		-			(634	)		-			(634	)
Transaction and integration costs related to mergers,
acquisitions and divestitures, after-tax ⁽²⁾		-			-			(7	)		-
Net income (loss)	$	853		$	(1,776	)	$	483		$	545

⁽¹⁾Includes a $467 million pre-tax ($369 million after-tax) and $1.1 billion pre-tax ($862 million after-tax) impairment of fixed maturity AFS securities in an unrealized loss position for the three and nine months ended September 30, 2023, respectively, 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 $164 million after-tax as of September 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 recognized additional impairment of certain of these securities during the third quarter due to higher interest rates. The Company 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
	September 30,		December 31,
	2023		2022
Assets
Annuities	$	171,598	$	167,377
Life Insurance		94,237		94,536
Group Protection		9,389		9,780
Retirement Plan Services		41,558		41,900
Other Operations		21,629		20,624
Total assets	$	338,411	$	334,217