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Segment Information
 9 Months Ended
Sep. 30, 2015
Segment Reporting [Abstract]  
Segment Information[Text Block]
Segment Information
The Company’s segments are Advice & Wealth Management, Asset Management, Annuities, Protection and Corporate & Other.
Management uses segment operating measures in goal setting, as a basis for determining employee compensation and in evaluating performance on a basis comparable to that used by some securities analysts and investors. Consistent with GAAP accounting guidance for segment reporting, operating earnings is the Company’s measure of segment performance. Operating earnings should not be viewed as a substitute for GAAP income from continuing operations before income tax provision. The Company believes the presentation of segment operating earnings, as the Company measures it for management purposes, enhances the understanding of its business by reflecting the underlying performance of its core operations and facilitating a more meaningful trend analysis.
The accounting policies of the segments are the same as those of the Company, except for operating adjustments defined below, the method of capital allocation, the accounting for gains (losses) from intercompany revenues and expenses and not providing for income taxes on a segment basis.
Operating earnings is defined as operating net revenues less operating expenses. Operating net revenues and operating expenses exclude the results of discontinued operations, the market impact on IUL benefits (net of hedges and the related DAC amortization, unearned revenue amortization, and the reinsurance accrual), integration and restructuring charges and the impact of consolidating investment entities. Operating net revenues also exclude net realized investment gains or losses (net of unearned revenue amortization and the reinsurance accrual) and the market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments. Operating expenses also exclude the market impact on variable annuity guaranteed benefits (net of hedges and the related DSIC and DAC amortization) and the DAC and DSIC offset to net realized investment gains or losses. The market impact on variable annuity guaranteed benefits and IUL benefits includes changes in liability values caused by changes in financial market conditions, net of changes in associated economic hedge values. The market impact also includes certain valuation adjustments made in accordance with FASB Accounting Standards Codification 820, Fair Value Measurements and Disclosures, including the impact on liability values of discounting projected benefits to reflect a current estimate of the Company’s life insurance subsidiary’s nonperformance spread.
The following tables summarize selected financial information by segment and reconcile segment totals to those reported on the consolidated financial statements:
 
September 30, 2015
 
December 31, 2014
 
(in millions)
Assets:
 
 
 
Advice & Wealth Management
$
10,848

 
$
10,220

Asset Management
7,890

 
7,509

Annuities
93,747

 
98,535

Protection
20,358

 
20,779

Corporate & Other
12,477

 
11,767

Total assets
$
145,320

 
$
148,810


 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
 
(in millions)
Operating net revenues:
 

 
 

 
 

 
 

Advice & Wealth Management
$
1,245

 
$
1,210

 
$
3,747

 
$
3,557

Asset Management
782

 
839

 
2,421

 
2,490

Annuities
632

 
655

 
1,914

 
1,942

Protection
586

 
553

 
1,776

 
1,687

Corporate & Other
(4
)
 
(1
)
 
(12
)
 
3

Eliminations(1) (2)
(366
)
 
(357
)
 
(1,090
)
 
(1,053
)
Total segment operating revenues
2,875

 
2,899

 
8,756

 
8,626

Net realized gains (losses)
(10
)
 
4

 
5

 
10

Revenues attributable to CIEs
43

 
206

 
333

 
543

Market impact on IUL benefits, net
9

 
2

 
5

 
—

Market impact of hedges on investments
(31
)
 
—

 
(32
)
 
—

Total net revenues per consolidated statements of operations
$
2,886

 
$
3,111

 
$
9,067

 
$
9,179

(1) Represents the elimination of intersegment revenues recognized for the three months ended September 30, 2015 and 2014 in each segment as follows: Advice & Wealth Management ($259 and $250, respectively); Asset Management ($11 and $11, respectively); Annuities ($85 and $85, respectively); Protection ($10 and $11, respectively); and Corporate & Other ($1 and nil, respectively).
(2) Represents the elimination of intersegment revenues recognized for the nine months ended September 30, 2015 and 2014 in each segment as follows: Advice & Wealth Management ($770 and $740, respectively); Asset Management ($33 and $33, respectively); Annuities ($255 and $248, respectively); Protection ($31 and $31, respectively); and Corporate & Other ($1 and $1, respectively).
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
 
(in millions)
Operating earnings:
 

 
 

 
 

 
 

Advice & Wealth Management
$
219

 
$
205

 
$
649

 
$
580

Asset Management
180

 
208

 
568

 
590

Annuities
176

 
128

 
498

 
474

Protection
25

 
66

 
148

 
216

Corporate & Other
(42
)
 
(53
)
 
(161
)
 
(183
)
Total segment operating earnings
558

 
554

 
1,702

 
1,677

Net realized gains (losses)
(10
)
 
4

 
5

 
10

Net income (loss) attributable to noncontrolling interests
(45
)
 
145

 
102

 
353

Market impact on variable annuity guaranteed benefits, net
(5
)
 
9

 
(75
)
 
(60
)
Market impact on IUL benefits, net
(1
)
 
8

 
(2
)
 
9

Market impact of hedges on investments
(31
)
 
—

 
(32
)
 
—

Integration and restructuring charges
(3
)
 
—

 
(4
)
 
—

Income from continuing operations before income tax provision per consolidated statements of operations
$
463

 
$
720

 
$
1,696

 
$
1,989