Segment Information (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of segment reporting information [Table Text Block]

The following tables summarize selected financial information by segment and reconcile segment totals to those reported on the consolidated financial statements:


	June 30, 2020			December 31, 2019
			(in millions)
Advice & Wealth Management	$	19,911		$	17,607
Asset Management	7,964			8,226
Annuities	99,847			98,195
Protection	17,342			16,980
Corporate & Other	9,838			10,820
Total assets	$	154,902		$	151,828


	Three Months Ended June 30,								Six Months Ended June 30,
			2020			2019			2020		2019
			(in millions)
Adjusted operating net revenues:
Advice & Wealth Management	$	1,537		$	1,653		$	3,232	$	3,207
Asset Management	668			712			1,354		1,401
Annuities	583			620			1,172		1,224
Protection	257			259			514		521
Corporate & Other	46			352			108		694
Less: Eliminations ⁽¹⁾⁽²⁾	326			349			664		682
Total segment adjusted operating net revenues	2,765			3,247			5,716		6,365
Net realized gains (losses)	(3)			—			(23)		9
Revenue attributable to consolidated investment entities	15			24			31		45
Market impact on IUL benefits, net	(66)			(8)			(11)		(25)
Mean reversion related impacts	1			—			—		—
Market impact of hedges on investments	—			(18)			—		(28)
Integration and restructuring charges	—			—			—		(3)
Total net revenues per Consolidated Statements of Operations	$	2,712		$	3,245		$	5,713	$	6,363

⁽¹⁾ Represents the elimination of intersegment revenues recognized for the three months ended June 30, 2020 and 2019 in each segment as follows: Advice & Wealth Management ($208 million and $230 million, respectively); Asset Management ($13 million and $14 million, respectively); Annuities ($90 million and $91 million, respectively); Protection ($15 million and $15 million, respectively); and Corporate & Other (nil and $(1) million, respectively).

⁽²⁾ Represents the elimination of intersegment revenues recognized for the six months ended June 30, 2020 and 2019 in each segment as follows: Advice & Wealth Management ($430 million and $449 million, respectively); Asset Management ($26 million and $27 million, respectively); Annuities ($180 million and $179 million, respectively); Protection ($29 million and $30 million, respectively); and Corporate & Other ($(1) million and $(3) million, respectively).


	Three Months Ended June 30,								Six Months Ended June 30,
			2020			2019			2020		2019
			(in millions)
Adjusted operating earnings:
Advice & Wealth Management	$	271		$	376		$	649	$	726
Asset Management	141			164			298		310
Annuities	155			129			250		257
Protection	70			65			142		139
Corporate & Other	(60)			(61)			(110)		(124)
Total segment adjusted operating earnings	577			673			1,229		1,308
Net realized gains (losses)	(2)			—			(22)		9
Net income (loss) attributable to consolidated investment entities	—			1			(2)		1
Market impact on variable annuity guaranteed benefits, net	(988)			(60)			701		(202)
Market impact on IUL benefits, net	(122)			(26)			(31)		(77)
Market impact on fixed annuity benefits, net	(3)			1			—		1
Mean reversion related impacts	14			18			(47)		54
Market impact of hedges on investments	—			(18)			—		(28)
Integration and restructuring charges	(2)			(2)			(3)		(9)
Pretax income per Consolidated Statements of Operations	$	(526)		$	587		$	1,825	$	1,057