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Segment Information
 9 Months Ended
Sep. 30, 2018
Segment Reporting [Abstract]  
Segment Information[Text Block] Segment Information
The Company’s reporting segments are Advice & Wealth Management, Asset Management, Annuities, Protection and Corporate & Other. Prior period results have been restated for the retrospective adoption of the new revenue recognition accounting standard as discussed in Note 1 and Note 2.
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 adjusted 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, adjusted operating earnings is the Company’s measure of segment performance. Adjusted operating earnings should not be viewed as a substitute for GAAP pretax income. The Company believes the presentation of segment adjusted 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.
Adjusted operating earnings is defined as adjusted operating net revenues less adjusted operating expenses. Adjusted operating net revenues and adjusted 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. Adjusted 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. Adjusted operating expenses also exclude the market impact on variable annuity
guaranteed benefits (net of hedges and the related DSIC and DAC amortization), the market impact on fixed index annuity benefits (net of hedges and the related DAC amortization), and the DSIC and DAC amortization offset to net realized investment gains or losses. The market impact on variable annuity guaranteed benefits, fixed index annuity 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,
2018
 
December 31,
2017
(in millions)
Advice & Wealth Management
$
13,826

 
$
13,270

Asset Management
8,264

 
8,401

Annuities
96,260

 
98,276

Protection
17,985

 
18,039

Corporate & Other
8,856

 
9,494

Total assets
$
145,191

 
$
147,480

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
2018
 
2017
2018
 
2017
(in millions)
Adjusted operating net revenues:
 
 
 
 
 
 
 
Advice & Wealth Management
$
1,564

 
$
1,410

 
$
4,608

 
$
4,107

Asset Management
772

 
784

 
2,305

 
2,256

Annuities
628

 
626

 
1,863

 
1,861

Protection
611

 
478

 
1,663

 
1,516

Corporate & Other
47

 
50

 
160

 
162

Less: Eliminations (1)(2)
354

 
348

 
1,073

 
1,040

Total segment adjusted operating net revenues
3,268

 
3,000

 
9,526

 
8,862

Net realized gains (losses)
4

 
(3
)
 
15

 
35

Revenue attributable to CIEs
22

 
23

 
93

 
70

Market impact on IUL benefits, net
(8
)
 
(5
)
 
(5
)
 
(7
)
Market impact of hedges on investments
6

 
(1
)
 
27

 
(8
)
Total net revenues per consolidated statements of operations
$
3,292

 
$
3,014

 
$
9,656

 
$
8,952


(1) 
Represents the elimination of intersegment revenues recognized for the three months ended September 30, 2018 and 2017 in each segment as follows: Advice & Wealth Management ($235 million and $233 million, respectively); Asset Management ($13 million and $12 million, respectively); Annuities ($91 million and $88 million, respectively); Protection ($17 million and $16 million, respectively); and Corporate & Other ($(2) million and $(1) million, respectively).
(2) 
Represents the elimination of intersegment revenues recognized for the nine months ended September 30, 2018 and 2017 in each segment as follows: Advice & Wealth Management ($722 million and $701 million, respectively); Asset Management ($37 million and $35 million, respectively); Annuities ($271 million and $259 million, respectively); Protection ($46 million and $46 million, respectively); and Corporate & Other ($(3) million and $(1) million, respectively).
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
2018
 
2017
2018
 
2017
(in millions)
Adjusted operating earnings:
 
 
 
 
 
 
 
Advice & Wealth Management
$
355

 
$
299

 
$
1,021

 
$
838

Asset Management
197

 
204

 
575

 
530

Annuities
153

 
281

 
414

 
562

Protection
61

 
55

 
176

 
169

Corporate & Other
(121
)
 
(136
)
 
(242
)
 
(292
)
Total segment adjusted operating earnings
645

 
703

 
1,944

 
1,807

Net realized gains (losses)
4

 
(3
)
 
15

 
33

Net income (loss) attributable to CIEs
—

 
—

 
—

 
2

Market impact on variable annuity guaranteed benefits, net
(45
)
 
(55
)
 
(130
)
 
(198
)
Market impact on IUL benefits, net
(13
)
 
(10
)
 
(8
)
 
(16
)
Market impact of hedges on investments
6

 
(1
)
 
27

 
(8
)
Integration and restructuring charges
(9
)
 
(1
)
 
(16
)
 
(1
)
Pretax income per consolidated statements of operations
$
588

 
$
633

 
$
1,832

 
$
1,619