Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

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:


	June 30, 2023		December 31, 2022
	(in millions)
Advice & Wealth Management	$	40,417	$	35,132
Asset Management	7,446		7,967
Retirement & Protection Solutions	104,683		98,901
Corporate & Other	17,235		16,852
Total assets	$	169,781	$	158,852


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(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 Solutions	858		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 products	1		2		1		3
Mean reversion related impacts	—		(1)		—		(1)
Revenue attributable to consolidated investment entities	46		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,
	2023		2022		2023		2022
	(in millions)
Adjusted operating earnings:
Advice & Wealth Management	$	731	$	492	$	1,424	$	932
Asset Management	162		222		327		507
Retirement & Protection Solutions	189		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 products	127		(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