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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
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, 2024 |  | December 31, 2023
(in millions)
Advice & Wealth Management | $ | 41,893 |  |  | $ | 42,983 |
Asset Management | 7,358 |  |  | 7,288 |
Retirement & Protection Solutions | 113,610 |  |  | 108,451 |
Corporate & Other | 16,839 |  |  | 16,469 |
Total assets | $ | 179,700 |  |  | $ | 175,191 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 | 2024 |  | 2023
|  |  |  |  | (in millions)
Adjusted operating net revenues: |  |  |  |  |  |  |
Advice & Wealth Management | $ | 2,644 |  |  | $ | 2,343 |  |  | $ | 5,204 |  |  | $ | 4,608 |
Asset Management | 848 |  |  | 808 |  |  | 1,703 |  |  | 1,607 |
Retirement & Protection Solutions | 928 |  |  | 858 |  |  | 1,840 |  |  | 1,682 |
Corporate & Other | 111 |  |  | 148 |  |  | 232 |  |  | 274 |
Elimination of segment revenues (1)(2) | (360) |  |  | (331) |  |  | (708) |  |  | (647) |
Total segment adjusted operating net revenues | 4,171 |  |  | 3,826 |  |  | 8,271 |  |  | 7,524 |
Adjustments: |  |  |  |  |  |  |
Net realized investment gains (losses) | (3) |  |  | 3 |  |  | (3) |  |  | 6 |
Market impact on non-traditional long-duration products | (1) |  |  | 1 |  |  | 1 |  |  | 1 |
Revenue attributable to consolidated investment entities | 53 |  |  | 46 |  |  | 97 |  |  | 87 |
Total net revenues per consolidated statements of operations | $ | 4,220 |  |  | $ | 3,876 |  |  | $ | 8,366 |  |  | $ | 7,618 |
(1) Represents the elimination of intersegment revenues recognized for the three months ended June 30, 2024 and 2023 in each segment as follows: Advice & Wealth Management ($236 million and $211 million, respectively); Asset Management ($23 million and $19 million, respectively); Retirement & Protection Solutions ($108 million and $104 million, respectively); and Corporate & Other ($(7) million and $(3) million, respectively). (2) Represents the elimination of intersegment revenues recognized for the six months ended June 30, 2024 and 2023 in each segment as follows: Advice & Wealth Management ($461 million and $412 million, respectively); Asset Management ($47 million and $36 million, respectively); Retirement & Protection Solutions ($214 million and $206 million, respectively); and Corporate & Other ($(14) million and $(7) million, respectively).
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 | 2024 |  | 2023
|  |  |  |  | (in millions)
Adjusted operating earnings: |  |  |  |  |  |  |
Advice & Wealth Management | $ | 822 |  |  | $ | 731 |  |  | $ | 1,584 |  |  | $ | 1,424 |
Asset Management | 218 |  |  | 162 |  |  | 424 |  |  | 327 |
Retirement & Protection Solutions | 196 |  |  | 189 |  |  | 395 |  |  | 383 |
Corporate & Other | (119) |  |  | (60) |  |  | (208) |  |  | (134) |
Total segment adjusted operating earnings | 1,117 |  |  | 1,022 |  |  | 2,195 |  |  | 2,000 |
Adjustments: |  |  |  |  |  |  |
Net realized investment gains (losses) | (3) |  |  | 3 |  |  | (3) |  |  | 6 |
Market impact on non-traditional long-duration products | (60) |  |  | 127 |  |  | 80 |  |  | (348) |
Integration/restructuring charges | — |  |  | (25) |  |  | — |  |  | (35) |
Net income (loss) attributable to consolidated investment entities | (3) |  |  | — |  |  | (2) |  |  | — |
Pretax income per consolidated statements of operations | $ | 1,051 |  |  | $ | 1,127 |  |  | $ | 2,270 |  |  | $ | 1,623 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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