Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

Summary of selected financial information by segment and reconciliation to consolidated


	June 30, 2021		December 31, 2020
	(in millions)
Advice & Wealth Management	$	22,040	$	21,266
Asset Management	9,220		8,406
Retirement & Protection Solutions	116,065		114,850
Corporate & Other	24,378		21,361
Total assets	$	171,703	$	165,883


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in millions)
Adjusted operating net revenues:
Advice & Wealth Management	$	1,980	$	1,537	$	3,859	$	3,232
Asset Management	879		668		1,707		1,354
Retirement & Protection Solutions	808		755		1,595		1,514
Corporate & Other	119		131		258		280
Eliminations (1)(2)	(399)		(326)		(778)		(664)
Total segment adjusted operating net revenues	3,387		2,765		6,641		5,716
Net realized gains (losses)	10		(3)		67		(23)
Revenue attributable to consolidated investment entities	16		15		50		31
Market impact on non-traditional long-duration products, net	21		(66)		26		(11)
Mean reversion related impacts	1		1		1		—
Market impact of hedges on investments	(17)		—		(17)		—
Total net revenues per Consolidated Statements of Operations	$	3,418	$	2,712	$	6,768	$	5,713

(1) Represents the elimination of intersegment revenues recognized for the three months ended June 30, 2021 and 2020 in each segment as follows: Advice & Wealth Management ($266 million and $208 million, respectively); Asset Management ($14 million and $13 million, respectively); Retirement & Protection Solutions ($118 million and $105 million, respectively); and Corporate & Other ($1 million and nil, respectively).

(2) Represents the elimination of intersegment revenues recognized for the six months ended June 30, 2021 and 2020 in each segment as follows: Advice & Wealth Management ($516 million and $430 million, respectively); Asset Management ($27 million and $26 million, respectively); Retirement & Protection Solutions ($234 million and $209 million, respectively); and Corporate & Other ($1 million and $(1) million, respectively).


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in millions)
Adjusted operating earnings:
Advice & Wealth Management	$	423	$	271	$	812	$	649
Asset Management	253		141		481		298
Retirement & Protection Solutions	182		222		365		389
Corporate & Other	(77)		(57)		(98)		(107)
Total segment adjusted operating earnings	781		577		1,560		1,229
Net realized gains (losses)	11		(2)		66		(22)
Net income (loss) attributable to consolidated investment entities	(2)		—		(3)		(2)
Market impact on non-traditional long-duration products, net	(87)		(1,113)		(483)		670
Mean reversion related impacts	42		14		98		(47)
Market impact of hedges on investments	(17)		—		(17)		—
Integration and restructuring charges	(7)		(2)		(7)		(3)
Pretax income per Consolidated Statements of Operations	$	721	$	(526)	$	1,214	$	1,825