Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

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 Three Months Ended March 31,
	2024		2023
Revenues
Operating revenues:
Annuities	$	1,269	$	1,141
Life Insurance	1,541		1,757
Group Protection	1,425		1,388
Retirement Plan Services	322		328
Other Operations	27		43
Revenue adjustments from annuity and life insurance product features	(580)		(773)
Credit loss-related adjustments	(1)		(22)
Investment gains (losses)	(81)		(57)
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans (1)	194		9
Total revenues	$	4,116	$	3,814

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

	For the Three Months Ended March 31,
	2024		2023
Net Income (Loss)
Income (loss) from operations:
Annuities	$	259	$	274
Life Insurance	(35)		(13)
Group Protection	80		71
Retirement Plan Services	36		43
Other Operations	(235)		(87)
Net annuity product features, after-tax	1,141		(1,018)
Net life insurance product features, after-tax	(103)		(95)
Credit loss-related adjustments, after-tax	(1)		(18)
Investment gains (losses), after-tax	(65)		(45)
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans, after-tax (1)	153		7
Transaction and integration costs related to mergers,
acquisitions and divestitures, after-tax (2)	(8)		–
Net income (loss)	$	1,222	$	(881)

(1) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. For more information, see Note 7.

(2)     Includes costs pertaining to the planned sale of our wealth management business and the fourth quarter 2023 reinsurance transaction. For more information, see Note 1 and 7, respectively.

Reconciliation of Assets from Segment to Consolidated

Other segment information (in millions) was as follows:

	As of March 31,		As of December 31,
	2024		2023
Assets
Annuities	$	194,359	$	185,599
Life Insurance	111,102		108,932
Group Protection	9,759		9,714
Retirement Plan Services	47,728		46,793
Other Operations	20,433		21,375
Total assets	$	383,381	$	372,413