Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated

The tables below reconcile our segment measures of performance to the GAAP measures presented in the Consolidated Statements of Comprehensive Income (Loss) (in millions):

	For the Years Ended December 31,
	2023		2022		2021
Revenues
Operating revenues:
Annuities (1)	$	3,002	$	4,482	$	4,691
Life Insurance	6,907		6,747		7,387
Group Protection	5,563		5,304		4,995
Retirement Plan Services	1,310		1,274		1,322
Other Operations (1)	(755)		156		181
Revenue adjustments from annuity and life insurance product features	(2,541)		1,009		(1,696)
Credit loss-related adjustments	(80)		(130)		110
Investment gains (losses)	(959)		20		658
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans (2)	(802)		(52)		67
Total revenues (1)	$	11,645	$	18,810	$	17,715

Reconciliation of Income (Loss) from Operations by Segment to Consolidated Net Income (Loss)

	For the Years Ended December 31,
	2023		2022		2021
Net Income (Loss)
Income (loss) from operations:
Annuities	$	1,073	$	1,161	$	1,337
Life Insurance	(159)		(2,094)		487
Group Protection	299		41		(164)
Retirement Plan Services	171		211		248
Other Operations	(411)		(486)		(371)
Net annuity product features, after-tax	52		3,266		1,600
Net life insurance product features, after-tax	(310)		21		(1)
Credit loss-related adjustments, after-tax	(63)		(103)		87
Investment gains (losses), after-tax	(744)		16		519
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans, after-tax (2)	(633)		(41)		53
Impairment of intangibles	–		(634)		–
Transaction and integration costs related to mergers, acquisitions and divestitures,
after-tax (3)	(27)		–		(11)
Gain (loss) on modification or early extinguishment of debt, after-tax	–		–		(6)
Net income (loss)	$	(752)	$	1,358	$	3,778

(1) Includes ceded insurance premiums primarily related to the Fortitude Re reinsurance transaction effective in the fourth quarter of 2023. For more information, see Note 8.

(2)     Includes primarily changes in the fair value of the embedded derivative related to the Fortitude Re reinsurance transaction effective in the fourth quarter of 2023. For more information, see Notes 6 and 8.

(3)    Includes costs pertaining to the Fortitude Re reinsurance transaction and the planned sale of our wealth management business. For more information, see Note 1 and Note 8, respectively.

Schedule of Segment Reporting Information, by Segment

We present disaggregated disclosures in the Notes below for long-duration insurance balances, applying the level of aggregation by reportable segment as follows:

Reportable Segment	Level of Aggregation
Annuities	Variable Annuities
	Fixed Annuities
	Payout Annuities
Life Insurance	Traditional Life
	UL and Other
Group Protection	Group Protection
Retirement Plan Services	Retirement Plan Services

The following provides a summary of our DAC, VOBA, DSI and DFEL amortization basis and expected amortization period by reportable segment:

Reportable Segment	Amortization Basis	Expected Amortization Period
Annuities	Total deposits paid to date on policies in force	Between 30 to 40 years
Life Insurance	Policy count of policies in force	On average 60 years
Group Protection	Group certificate contracts in force	4 years
Retirement Plan Services	Lives in force	Between 40 to 50 years

Other segment information (in millions) was as follows:

	For the Years Ended December 31,
	2023		2022		2021
Net Investment Income
Annuities	$	1,668	$	1,463	$	1,400
Life Insurance	2,712		2,587		3,207
Group Protection	339		334		365
Retirement Plan Services	1,012		976		991
Other Operations	148		155		148
Total net investment income	$	5,879	$	5,515	$	6,111

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated

	For the Years Ended December 31,
	2023		2022		2021
Federal Income Tax Expense (Benefit)
Annuities	$	140	$	185	$	255
Life Insurance	(72)		(587)		110
Group Protection	80		11		(44)
Retirement Plan Services	30		36		52
Other Operations	(115)		(116)		(105)
Net annuity product features	14		867		427
Net life insurance product features	(83)		5		—
Credit loss-related adjustments	(17)		(27)		20
Investment gains (losses)	(198)		4		141
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans	(168)		(11)		14
Transaction and integration costs related to mergers,
acquisitions and divestitures	(7)		–		(3)
Gain (loss) on modification or early extinguishment of debt	–		–		(2)
Total federal income tax expense (benefit)	$	(396)	$	367	$	865

Reconciliation of Assets from Segment to Consolidated

	As of December 31,
	2023		2022
Assets
Annuities	$	185,599	$	167,434
Life Insurance	108,932		94,568
Group Protection	9,714		9,784
Retirement Plan Services	46,793		41,914
Other Operations	21,375		20,631
Total assets	$	372,413	$	334,331