Segment Information (Tables)

12 Months Ended

Dec. 31, 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:


	December 31,
	2023		2022
	(in millions)
Advice & Wealth Management	$	42,983	$	35,132
Asset Management	7,288		7,967
Retirement & Protection Solutions	108,451		98,901
Corporate & Other	16,469		16,852
Total assets	$	175,191	$	158,852


	Years Ended December 31,
	2023		2022		2021
	(in millions)
Adjusted operating net revenues:
Advice & Wealth Management	$	9,418	$	8,461	$	8,021
Asset Management	3,278		3,506		3,682
Retirement & Protection Solutions	3,476		3,124		3,230
Corporate & Other	533		479		487
Elimination of segment revenues (1)	(1,318)		(1,316)		(1,573)
Total segment adjusted operating net revenues	15,387		14,254		13,847
Adjustments:
Net realized investment gains (losses)	(32)		(93)		87
Market impact on non-traditional long-duration products	2		(1)		1
Mean reversion related impacts	—		(1)		1
Market impact of hedges on investments	—		—		(22)
Block transfer reinsurance transaction impacts	—		—		(644)

Revenue attributable to consolidated investment entities	178		99		107

Total net revenues per consolidated statements of operations	$	15,535	$	14,258	$	13,377

(1) Represents the elimination of intersegment revenues recognized for the years ended December 31, 2023, 2022 and 2021 in each segment as follows: Advice and Wealth Management ($847, $847 and $1,043, respectively); Asset Management ($79, $52 and $50, respectively); Retirement & Protection Solutions ($411, $420 and $478, respectively); and Corporate & Other ($(19), $(3) and $2, respectively).


	Years Ended December 31,
	2023		2022		2021
	(in millions)
Adjusted operating earnings:
Advice & Wealth Management	$	2,851	$	2,192	$	1,743
Asset Management	720		844		1,096
Retirement & Protection Solutions	685		867		618
Corporate & Other	(320)		(306)		(289)
Total segment adjusted operating earnings	3,936		3,597		3,168
Adjustments:
Net realized investment gains (losses)	(32)		(93)		86
Market impact on non-traditional long-duration products	(608)		483		464
Mean reversion related impacts	—		(1)		1
Market impact of hedges on investments	—		—		(22)
Block transfer reinsurance transaction impacts	—		—		524
Integration/restructuring charges	(62)		(50)		(32)

Net income (loss) attributable to consolidated investment entities	—		(5)		(4)
Pretax income per consolidated statements of operations	$	3,234	$	3,931	$	4,185