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Segment Information
 9 Months Ended
Sep. 30, 2017
Segment Reporting [Abstract]  
Segment Information[Text Block]
The Company’s reporting segments are Advice & Wealth Management, Asset Management, Annuities, Protection and Corporate & Other.
Beginning in the first quarter of 2017, the long term care business, which had been reported as part of the Protection segment, is reflected in the Corporate & Other segment. The Company discontinued underwriting long term care insurance in 2002 and the transfer of this closed block to the Corporate & Other segment allows investors to better understand the performance of the Company’s on-going Protection businesses. Prior periods presented have been restated to reflect the change.
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.
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 pretax income. 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.
Operating earnings is defined as operating net revenues less operating expenses. Operating net revenues and operating expenses exclude 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 DSIC and DAC amortization offset to net realized investment gains or losses. The market impact on variable annuity guaranteed benefits and IUL benefits includes changes in embedded derivative values caused by changes in financial market conditions, net of changes in economic hedge values and unhedged items including the difference between assumed and actual underlying separate account investment performance, fixed income credit exposures, transaction costs and certain policyholder contract elections, net of related impacts on DAC and DSIC amortization. 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 embedded derivative 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,
2017
 
December 31,
2016
(in millions)
Advice & Wealth Management
$
13,407

 
$
12,654

Asset Management
8,163

 
7,254

Annuities
96,656

 
93,481

Protection
17,543

 
16,780

Corporate & Other
9,717

 
9,652

Total assets
$
145,486

 
$
139,821

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
2017
 
2016
2017
 
2016
(in millions)
Operating net revenues:
Advice & Wealth Management
$
1,383

 
$
1,272

 
$
4,026

 
$
3,720

Asset Management
778

 
740

 
2,252

 
2,203

Annuities
626

 
631

 
1,861

 
1,846

Protection
478

 
613

 
1,516

 
1,693

Corporate & Other
50

 
51

 
162

 
178

Eliminations (1)(2)
(348
)
 
(353
)
 
(1,040
)
 
(1,042
)
Total segment operating revenues
2,967

 
2,954

 
8,777

 
8,598

Net realized investment gains (losses)
(3
)
 
6

 
35

 
(5
)
Revenues attributable to CIEs
23

 
27

 
70

 
77

Market impact on IUL benefits
(5
)
 
6

 
(7
)
 
18

Market impact of hedges on investments
(1
)
 
5

 
(8
)
 
(54
)
Total net revenues per consolidated statements of operations (3)(4)
$
2,981

 
$
2,998

 
$
8,867

 
$
8,634

(1) Represents the elimination of intersegment revenues recognized for the three months ended September 30, 2017 and 2016 in each segment as follows: Advice & Wealth Management ($233 million and $244 million, respectively); Asset Management ($12 million and $12 million, respectively); Annuities ($88 million and $85 million, respectively); Protection ($16 million and $12 million, respectively); and Corporate & Other ($(1) million and nil, respectively).
(2) 
Represents the elimination of intersegment revenues recognized for the nine months ended September 30, 2017 and 2016 in each segment as follows: Advice & Wealth Management ($701 million and $727 million, respectively); Asset Management ($35 million and $33 million, respectively); Annuities ($259 million and $247 million, respectively); Protection ($46 million and $34 million, respectively); and Corporate & Other ($(1) million and $1 million, respectively).
(3) Includes foreign net revenues of $198 million and $162 million for the three months ended September 30, 2017 and 2016, respectively.
(4) 
Includes foreign net revenues of $539 million and $500 million for the nine months ended September 30, 2017 and 2016, respectively.
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
2017
 
2016
2017
 
2016
(in millions)
Operating earnings:
Advice & Wealth Management
$
298

 
$
231

 
$
837

 
$
657

Asset Management
200

 
155

 
526

 
452

Annuities
281

 
(68
)
 
562

 
202

Protection
55

 
84

 
169

 
190

Corporate & Other
(136
)
 
(145
)
 
(292
)
 
(271
)
Total segment operating earnings
698

 
257

 
1,802

 
1,230

Net realized investment gains (losses)
(3
)
 
6

 
33

 
(5
)
Net income (loss) attributable to CIEs
—

 
—

 
2

 
(1
)
Market impact on variable annuity guaranteed benefits
(55
)
 
(37
)
 
(198
)
 
(78
)
Market impact on IUL benefits
(10
)
 
7

 
(16
)
 
31

Market impact of hedges on investments
(1
)
 
5

 
(8
)
 
(54
)
Integration and restructuring charges
(1
)
 
—

 
(1
)
 
—

Pretax income per consolidated statements of operations
$
628

 
$
238

 
$
1,614

 
$
1,123