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BUSINESS SEGMENT INFORMATION (Tables) | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The table below presents operating earnings (loss) by segment and Corporate and Other and a reconciliation to net income (loss) attributable to Holdings for the three and nine months ended September 30, 2022 and 2021, respectively:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |
| (in millions)
Net income (loss) attributable to Holdings | $ | 273 |  |  | $ | 672 |  |  | $ | 2,574 |  |  | $ | (693) |  |  |
Adjustments related to: |  |  |  |  |  |  |  |  |
Variable annuity product features | (114) |  |  | 172 |  |  | (2,639) |  |  | 3,632 |  |  |
Investment (gains) losses | 333 |  |  | (164) |  |  | 890 |  |  | (767) |  |  |
Net actuarial (gains) losses related to pension and other postretirement benefit obligations | 19 |  |  | 27 |  |  | 57 |  |  | 87 |  |  |
Other adjustments (1) (2) (3) | 39 |  |  | 141 |  |  | 407 |  |  | 672 |  |  |
Income tax expense (benefit) related to above adjustments | (59) |  |  | (35) |  |  | 270 |  |  | (761) |  |  |
Non-recurring tax items | 7 |  |  | 5 |  |  | 13 |  |  | 6 |  |  |
Non-GAAP Operating Earnings | $ | 498 |  |  | $ | 818 |  |  | $ | 1,572 |  |  | $ | 2,176 |  |  |
Operating earnings (loss) by segment: |  |  |  |  |  |  |  |  |
Individual Retirement | $ | 270 |  |  | $ | 316 |  |  | $ | 837 |  |  | $ | 1,093 |  |  |
Group Retirement | $ | 134 |  |  | $ | 192 |  |  | $ | 415 |  |  | $ | 514 |  |  |
Investment Management and Research | $ | 94 |  |  | $ | 134 |  |  | $ | 330 |  |  | $ | 381 |  |  |
Protection Solutions | $ | 72 |  |  | $ | 160 |  |  | $ | 208 |  |  | $ | 264 |  |  |
Corporate and Other (4) | $ | (72) |  |  | $ | 16 |  |  | $ | (218) |  |  | $ | (76) |  |  |
______________ (1)Includes separation costs of $25 million and $62 million for the three and nine months ended September 30, 2021, respectively. Separation costs were completed during 2021. (2)Includes certain gross legal expenses related to the COI litigation of $2 million, $0 million, $168 million and $180 million for the three and nine months ended September 30, 2022 and 2021, respectively. Includes policyholder benefit costs of $0 million and $75 million for the three and nine months ended September 30, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market. (3)Includes Non-GMxB related derivative hedge gains and losses of ($28) million, ($4) million, ($68) million and $140 million for the three and nine months ended September 30, 2022 and 2021, respectively. (4)Includes interest expense and financing fees of $51 million, $65 million, $156 million and $180 million for the three and nine months ended September 30, 2022 and 2021, respectively. The table below presents segment revenues for the three and nine months ended September 30, 2022 and 2021.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |
| (in millions)
Segment revenues: |  |  |  |  |  |  |  |  |
Individual Retirement (1) | $ | 1,017 |  |  | $ | 998 |  |  | $ | 3,061 |  |  | $ | 2,957 |  |  |
Group Retirement (1) | 289 |  |  | 343 |  |  | 924 |  |  | 1,018 |  |  |
Investment Management and Research (2) | 996 |  |  | 1,093 |  |  | 3,134 |  |  | 3,169 |  |  |
Protection Solutions (1) | 791 |  |  | 838 |  |  | 2,478 |  |  | 2,496 |  |  |
Corporate and Other (1) | 363 |  |  | 479 |  |  | 1,087 |  |  | 1,199 |  |  |
Adjustments related to: |  |  |  |  |  |  |  |  |
Variable annuity product features | (107) |  |  | (256) |  |  | 2,468 |  |  | (3,750) |  |  |
Investment gains (losses), net | (333) |  |  | 164 |  |  | (890) |  |  | 767 |  |  |
Other adjustments to segment revenues | (7) |  |  | (44) |  |  | (141) |  |  | (138) |  |  |
Total revenues | $ | 3,009 |  |  | $ | 3,615 |  |  | $ | 12,121 |  |  | $ | 7,718 |  |  |
______________ (1)Includes investment expenses charged by AB of $33 million, $20 million, $77 million and $59 million for the three and nine months ended September 30, 2022 and 2021, respectively, for services provided to the Company. (2)Inter-segment investment management and other fees of $41 million $32 million, $101 million and $94 million for the three and nine months ended September 30, 2022 and 2021, respectively, are included in segment revenues of the Investment Management and Research segment. The table below presents total assets by segment as of September 30, 2022 and 2021:
| September 30, 2022 |  | December 31, 2021
| (in millions)
Total assets by segment: |  |  |
Individual Retirement | $ | 119,883 |  |  | $ | 143,663 |
Group Retirement | 38,908 |  |  | 55,368 |
Investment Management and Research | 12,370 |  |  | 11,602 |
Protection Solutions | 36,998 |  |  | 50,686 |
Corporate and Other | 37,441 |  |  | 30,943 |
Total assets | $ | 245,600 |  |  | $ | 292,262 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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