Segment Information (Tables)

9 Months Ended

Sep. 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:


	September 30, 2023		December 31, 2022
	(in millions)
Advice & Wealth Management	$	41,025	$	35,132
Asset Management	7,124		7,967
Retirement & Protection Solutions	100,609		98,901
Corporate & Other	16,378		16,852
Total assets	$	165,136	$	158,852


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(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 Solutions	876		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 products	3		(1)		4		2
Mean reversion related impacts	—		—		—		(1)
Revenue attributable to consolidated investment entities	45		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,
	2023		2022		2023		2022
	(in millions)
Adjusted operating earnings:
Advice & Wealth Management	$	729	$	595	$	2,153	$	1,527
Asset Management	199		191		526		698
Retirement & Protection Solutions	100		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 products	211		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