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Segment Information
 9 Months Ended
Sep. 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:
 September 30, 2023December 31, 2022
(in millions)
Advice & Wealth Management$41,025 $35,132 
Asset Management7,124 7,967 
Retirement & Protection Solutions
100,609 98,901 
Corporate & Other16,378 16,852 
Total assets$165,136 $158,852 
 
Three Months Ended September 30,
Nine Months Ended September 30,
2023202220232022
(in millions)
Adjusted operating net revenues:
Advice & Wealth Management
$2,407 $2,137 $7,015 $6,235 
Asset Management
826 823 2,433 2,721 
Retirement & Protection Solutions876 783 2,558 2,311 
Corporate & Other
143 115 417 350 
Elimination of segment revenues (1)(2)
(337)(316)(984)(1,005)
Total segment adjusted operating net revenues
3,915 3,542 11,439 10,612 
Adjustments:
Net realized investment gains (losses)
(38)(88)(32)(86)
Market impact on non-traditional long-duration products3 (1)4 2 
Mean reversion related impacts— — — (1)
Revenue attributable to consolidated investment entities45 31 132 68 
Total net revenues per consolidated statements of operations$3,925 $3,484 $11,543 $10,595 
(1) Represents the elimination of intersegment revenues recognized for the three months ended September 30, 2023 and 2022 in each segment as follows: Advice & Wealth Management ($217 million and $202 million, respectively); Asset Management ($21 million and $14 million, respectively); Retirement & Protection Solutions ($104 million and $101 million, respectively); and Corporate & Other ($(5) million and $(1) million, respectively).
(2) Represents the elimination of intersegment revenues recognized for the nine months ended September 30, 2023 and 2022 in each segment as follows: Advice & Wealth Management ($629 million and $651 million, respectively); Asset Management ($57 million and $37 million, respectively); Retirement & Protection Solutions ($310 million and $318 million, respectively); and Corporate & Other ($(12) million and $(1) million, respectively).
 
Three Months Ended September 30,
Nine Months Ended September 30,
2023202220232022
(in millions)
Adjusted operating earnings:
Advice & Wealth Management
$729 $595 $2,153 $1,527 
Asset Management
199 191 526 698 
Retirement & Protection Solutions100 325 483 668 
Corporate & Other
(72)(78)(206)(219)
Total segment adjusted operating earnings
956 1,033 2,956 2,674 
Adjustments:
Net realized investment gains (losses)(38)(88)(32)(86)
Market impact on non-traditional long-duration products211 405 (137)566 
Mean reversion related impacts
— (1)— (3)
Integration/restructuring charges(12)(11)(47)(35)
Net income (loss) attributable to consolidated investment entities
— (3)— (2)
Pretax income per consolidated statements of operations$1,117 $1,335 $2,740 $3,114