Segment Information (Tables)

9 Months Ended

Sep. 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:


	September 30, 2020		December 31, 2019
	(in millions)
Advice & Wealth Management	$	20,558	$	17,607
Asset Management	8,143		8,226
Retirement & Protection Solutions	107,411		104,227
Corporate & Other	22,575		21,768
Total assets	$	158,687	$	151,828


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Adjusted operating net revenues:
Advice & Wealth Management	$	1,667	$	1,682	$	4,899	$	4,889
Asset Management	739		742		2,093		2,143
Retirement & Protection Solutions	781		788		2,295		2,337
Corporate & Other	132		450		412		1,340
Less: Eliminations (1)(2)	342		362		1,006		1,044
Total segment adjusted operating net revenues	2,977		3,300		8,693		9,665
Net realized gains (losses)	4		(13)		(19)		(4)
Revenue attributable to consolidated investment entities	21		22		52		67
Market impact on IUL benefits, net	1		17		(10)		(8)

Market impact of hedges on investments	—		(9)		—		(37)
Integration and restructuring charges	—		—		—		(3)
Total net revenues per Consolidated Statements of Operations	$	3,003	$	3,317	$	8,716	$	9,680

(1) Represents the elimination of intersegment revenues recognized for the three months ended September 30, 2020 and 2019 in each segment as follows: Advice & Wealth Management ($219 million and $240 million, respectively); Asset Management ($13 million and $13 million, respectively); Retirement & Protection Solutions ($110 million and $110 million, respectively); and Corporate & Other (nil and $(1) million, respectively).

(2) Represents the elimination of intersegment revenues recognized for the nine months ended September 30, 2020 and 2019 in each segment as follows: Advice & Wealth Management ($649 million and $689 million, respectively); Asset Management ($39 million and $40 million, respectively); Retirement & Protection Solutions ($319 million and $319 million, respectively); and Corporate & Other ($(1) million and $(4) million, respectively).


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Adjusted operating earnings:
Advice & Wealth Management	$	320	$	396	$	969	$	1,122
Asset Management	198		173		496		483
Retirement & Protection Solutions	(89)		165		300		545
Corporate & Other	(202)		(79)		(309)		(187)
Total segment adjusted operating earnings	227		655		1,456		1,963
Net realized gains (losses)	4		(11)		(18)		(2)
Net income (loss) attributable to consolidated investment entities	—		(1)		(2)		—
Market impact on variable annuity guaranteed benefits, net	(427)		(2)		274		(204)
Market impact on IUL benefits, net	(4)		48		(35)		(29)
Market impact on fixed annuity benefits, net	—		(1)		—		—
Mean reversion related impacts	17		(36)		(30)		18
Market impact of hedges on investments	—		(9)		—		(37)
Integration and restructuring charges	(1)		(2)		(4)		(11)
Pretax income per Consolidated Statements of Operations	$	(184)	$	641	$	1,641	$	1,698