Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Summary of selected financial information by segment and reconciliation to consolidated

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


	September 30, 2022		December 31, 2021
	(in millions)
Advice & Wealth Management	$	32,078	$	24,986
Asset Management	8,629		10,990
Retirement & Protection Solutions	95,017		119,469
Corporate & Other	17,630		20,534
Total assets	$	153,354	$	175,979


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(in millions)
Adjusted operating net revenues:
Advice & Wealth Management	$	2,137	$	2,048	$	6,235	$	5,907
Asset Management	823		915		2,721		2,622
Retirement & Protection Solutions	786		834		2,318		2,429
Corporate & Other	115		113		350		371
Elimination of segment revenues (1)(2)	(316)		(395)		(1,005)		(1,173)
Total segment adjusted operating net revenues	3,545		3,515		10,619		10,156
Net realized gains (losses)	(100)		14		(98)		81
Revenue attributable to consolidated investment entities	31		42		68		92
Market impact on non-traditional long-duration products, net	15		(1)		66		25
Mean reversion related impacts	—		—		(1)		1
Market impact of hedges on investments	—		(23)		—		(40)
Block transfer reinsurance transaction impacts	—		(644)		—		(644)
Total net revenues per consolidated statements of operations	$	3,491	$	2,903	$	10,654	$	9,671

1) Represents the elimination of intersegment revenues recognized for the three months ended September 30, 2022 and 2021 in each segment as follows: Advice & Wealth Management ($202 million and $261 million, respectively); Asset Management ($14 million and $12 million, respectively); Retirement & Protection Solutions ($101 million and $122 million, respectively); and Corporate & Other ($(1) million and nil, respectively).

(2) Represents the elimination of intersegment revenues recognized for the nine months ended September 30, 2022 and 2021 in each segment as follows: Advice & Wealth Management ($651 million and $777 million, respectively); Asset Management ($37 million and $39 million, respectively); Retirement & Protection Solutions ($318 million and $356 million, respectively); and Corporate & Other ($(1) million and $1 million, respectively).


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(in millions)
Adjusted operating earnings:
Advice & Wealth Management	$	595	$	459	$	1,527	$	1,271
Asset Management	191		285		698		766
Retirement & Protection Solutions	31		187		401		552
Corporate & Other	(79)		(81)		(208)		(179)
Total segment adjusted operating earnings	738		850		2,418		2,410
Net realized gains (losses)	(92)		12		(90)		78
Net income (loss) attributable to consolidated investment entities	(3)		2		(2)		(1)
Market impact on non-traditional long-duration products, net	132		(94)		571		(577)
Mean reversion related impacts	(79)		9		(299)		107
Market impact of hedges on investments	—		(23)		—		(40)
Block transfer reinsurance transaction impacts	—		521		—		521
Integration and restructuring charges	(11)		(7)		(35)		(14)
Pretax income per consolidated statements of operations	$	685	$	1,270	$	2,563	$	2,484