Segment Information (Tables)

9 Months Ended

Sep. 30, 2021

Summary of selected financial information by segment and reconciliation to consolidated


	September 30, 2021		December 31, 2020
	(in millions)
Advice & Wealth Management	$	22,849	$	21,266
Asset Management	9,213		8,406
Retirement & Protection Solutions	116,986		114,850
Corporate & Other	21,678		21,361
Total assets	$	170,726	$	165,883


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in millions)
Adjusted operating net revenues:
Advice & Wealth Management	$	2,048	$	1,667	$	5,907	$	4,899
Asset Management	915		739		2,622		2,093
Retirement & Protection Solutions	834		781		2,429		2,295
Corporate & Other	113		132		371		412
Eliminations (1)(2)	(395)		(342)		(1,173)		(1,006)
Total segment adjusted operating net revenues	3,515		2,977		10,156		8,693
Net realized gains (losses)	14		4		81		(19)
Revenue attributable to consolidated investment entities	42		21		92		52
Market impact on non-traditional long-duration products, net	(1)		1		25		(10)
Mean reversion related impacts	—		—		1		—
Market impact of hedges on investments	(23)		—		(40)		—
Block transfer reinsurance transaction impacts	(644)		—		(644)		—
Total net revenues per Consolidated Statements of Operations	$	2,903	$	3,003	$	9,671	$	8,716

(1) Represents the elimination of intersegment revenues recognized for the three months ended September 30, 2021 and 2020 in each segment as follows: Advice & Wealth Management ($261 million and $219 million, respectively); Asset Management ($12 million and $13 million, respectively); Retirement & Protection Solutions ($122 million and $110 million, respectively); and Corporate & Other (nil and nil, respectively).

(2) Represents the elimination of intersegment revenues recognized for the nine months ended September 30, 2021 and 2020 in each segment as follows: Advice & Wealth Management ($777 million and $649 million, respectively); Asset Management ($39 million and $39 million, respectively); Retirement & Protection Solutions ($356 million and $319 million, respectively); and Corporate & Other ($1 million and $(1) million, respectively).


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in millions)
Adjusted operating earnings:
Advice & Wealth Management	$	459	$	320	$	1,271	$	969
Asset Management	285		198		766		496
Retirement & Protection Solutions	187		(89)		552		300
Corporate & Other	(81)		(202)		(179)		(309)
Total segment adjusted operating earnings	850		227		2,410		1,456
Net realized gains (losses)	12		4		78		(18)
Net income (loss) attributable to consolidated investment entities	2		—		(1)		(2)
Market impact on non-traditional long-duration products, net	(94)		(431)		(577)		239
Mean reversion related impacts	9		17		107		(30)
Market impact of hedges on investments	(23)		—		(40)		—
Block transfer reinsurance transaction impacts	521		—		521		—
Integration and restructuring charges	(7)		(1)		(14)		(4)
Pretax income per Consolidated Statements of Operations	$	1,270	$	(184)	$	2,484	$	1,641