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Segment Information
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s four reporting segments are Advice & Wealth Management, Asset Management, Retirement & Protection Solutions and Corporate & Other.
The accounting policies of the segments are the same as those of the Company, except for operating adjustments defined below, the method of capital allocation, the accounting for gains (losses) from intercompany revenues and expenses and not providing for income taxes on a segment basis.
Management uses segment adjusted operating measures in goal setting, as a basis for determining employee compensation and in evaluating performance on a basis comparable to that used by some securities analysts and investors. Consistent with GAAP accounting guidance for segment reporting, adjusted operating earnings is the Company’s measure of segment performance. Adjusted operating earnings should not be viewed as a substitute for GAAP pretax income. The Company believes the presentation of segment adjusted operating earnings, as the Company measures it for management purposes, enhances the understanding of its business by reflecting the underlying performance of its core operations and facilitating a more meaningful trend analysis.
Effective in the third quarter of 2021, management has excluded the impacts of block transfer reinsurance transactions from the adjusted operating measures.
Adjusted operating earnings is defined as adjusted operating net revenues less adjusted operating expenses. Adjusted operating net revenues and adjusted operating expenses exclude net realized investment gains or losses (net of reinsurance accrual); the market impact on non-traditional long-duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and reinsurance accrual; mean reversion related impacts (the impact on VUL products for the difference between assumed and updated separate account investment performance on the reinsurance accrual and additional insurance benefit reserves); the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; block transfer reinsurance transaction impacts; gain or loss on disposal of a business that is not considered discontinued operations; integration and restructuring charges; and the impact of consolidating CIEs. The market impact on non-traditional long-duration products includes changes in market risk benefits and embedded derivative values caused by changes in financial market conditions, net of changes in economic hedge values and unhedged items including the difference between assumed and actual underlying separate account investment performance, fixed income credit exposures, transaction costs and certain policyholder contract elections. The market impact also includes certain valuation adjustments made in accordance with FASB Accounting Standards Codification 820, Fair Value Measurements and Disclosures, including the impact on embedded derivative values of discounting projected benefits to reflect a current estimate of the Company’s life insurance subsidiary’s nonperformance spread.
Concurrent with the adoption of ASU 2018-12, management no longer excludes adjustments for DAC, DSIC and unearned revenue amortization. Amortization of DAC, DSIC and unearned revenue for long-duration contracts are no longer impacted by markets and are now amortized on a constant-level basis.
The following tables summarize selected financial information by segment and reconcile segment totals to those reported on the consolidated financial statements:
 June 30, 2023December 31, 2022
(in millions)
Advice & Wealth Management$40,417 $35,132 
Asset Management7,446 7,967 
Retirement & Protection Solutions
104,683 98,901 
Corporate & Other17,235 16,852 
Total assets$169,781 $158,852 
 
Three Months Ended June 30,
Six Months Ended June 30,
2023202220232022
(in millions)
Adjusted operating net revenues:
Advice & Wealth Management
$2,343 $2,056 $4,608 $4,098 
Asset Management
808 881 1,607 1,898 
Retirement & Protection Solutions858 760 1,682 1,528 
Corporate & Other
148 119 274 235 
Elimination of segment revenues (1)(2)
(331)(337)(647)(689)
Total segment adjusted operating net revenues
3,826 3,479 7,524 7,070 
Adjustments:
Net realized investment gains (losses)
3 (14)6 2 
Market impact on non-traditional long-duration products1 2 1 3 
Mean reversion related impacts— (1)— (1)
Revenue attributable to consolidated investment entities46 20 87 37 
Total net revenues per consolidated statements of operations$3,876 $3,486 $7,618 $7,111 
(1) Represents the elimination of intersegment revenues recognized for the three months ended June 30, 2023 and 2022 in each segment as follows: Advice & Wealth Management ($211 million and $221 million, respectively); Asset Management ($19 million and $11 million, respectively); Retirement & Protection Solutions ($104 million and $105 million, respectively); and Corporate & Other ($(3) million and nil, respectively).
(2) Represents the elimination of intersegment revenues recognized for the six months ended June 30, 2023 and 2022 in each segment as follows: Advice & Wealth Management ($412 million and $449 million, respectively); Asset Management ($36 million and $23 million, respectively); Retirement & Protection Solutions ($206 million and $217 million, respectively); and Corporate & Other ($(7) million and nil, respectively).
 
Three Months Ended June 30,
Six Months Ended June 30,
2023202220232022
(in millions)
Adjusted operating earnings:
Advice & Wealth Management
$731 $492 $1,424 $932 
Asset Management
162 222 327 507 
Retirement & Protection Solutions189 168 383 343 
Corporate & Other
(60)(59)(134)(141)
Total segment adjusted operating earnings
1,022 823 2,000 1,641 
Adjustments:
Net realized investment gains (losses)3 (14)6 2 
Market impact on non-traditional long-duration products127 (19)(348)161 
Mean reversion related impacts
— (2)— (2)
Integration/restructuring charges(25)(14)(35)(24)
Net income (loss) attributable to consolidated investment entities
— (1)— 1 
Pretax income per consolidated statements of operations$1,127 $773 $1,623 $1,779