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BUSINESS SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 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 years ended December 31, 2022, 2021 and 2020, respectively:

									Year Ended December 31,
															2022						2021						2020
															(in millions)
Net income (loss) attributable to Holdings															$	1,785					$	(439)					$	(648)
Adjustments related to:
Variable annuity product features (1)															(1,315)						4,145						3,912
Investment (gains) losses															945						(867)						(744)
Net actuarial (gains) losses related to pension and other postretirement benefit obligations															82						120						109
Other adjustments (2) (3) (4) (5)															552						717						952
Income tax expense (benefit) related to above adjustments (6)															(56)						(864)						(888)

									Year Ended December 31,
															2022						2021						2020
															(in millions)
Non-recurring tax items (7)															16						13						(391)
Non-GAAP Operating Earnings															$	2,009					$	2,825					$	2,302
Operating earnings (loss) by segment:
Individual Retirement															$	1,140					$	1,444					$	1,536
Group Retirement															$	525					$	631					$	491
Investment Management and Research															$	424					$	564					$	432
Protection Solutions															$	179					$	317					$	146
Corporate and Other (8)															$	(259)					$	(131)					$	(303)

______________

(1)Includes COVID-19 impact on variable annuity product features due to a first quarter 2020 assumption update of $1.5 billion and other COVID-19 related impacts of $35 million for the year ended December 31, 2020.

(2)Includes COVID-19 impact on other adjustments due to a first quarter 2020 assumption update of $1.0 billion and other COVID-19 related impacts of $86 million for the year ended December 31, 2020.

(3)Includes separation costs of $82 million and $108 million for the for the years ended December 31, 2021 and 2020, respectively. Separation costs were completed during 2021.

(4)Includes certain gross legal expenses related to the COI litigation and claims related to a commercial relationship of $218 million and $207 million for the years ended December 31, 2022 and 2021, respectively. Includes policyholder benefit costs of $75 million for the years ended December 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market. No adjustments were made for years ended December 31, 2020 operating earnings as the impact was immaterial.

(5)Includes Non-GMxB related derivative hedge gains and losses of ($34) million, $65 million and ($404) million for the years ended December 31, 2022, 2021 and 2020, respectively.

(6)Includes income taxes of $(554) million for the above COVID-19 items for the year ended December 31, 2020.

(7)Prior year includes a reduction in the reserve for uncertain tax positions resulting from the completion of an IRS examination in the year ended December 31, 2020.

(8)Includes interest expense and financing fees of $205 million, $241 million and $218 million for the years ended December 31, 2022, 2021 and 2020, respectively.

The table below presents segment revenues for the years ended December 31, 2022, 2021 and 2020.

									Year Ended December 31,
															2022						2021						2020
															(in millions)
Segment revenues:
Individual Retirement (1)															$	3,920					$	3,785					$	4,311
Group Retirement (1)															1,173						1,372						1,148
Investment Management and Research (2)															4,105						4,430						3,703
Protection Solutions (1)															3,302						3,358						3,144
Corporate and Other (1)															1,488						1,563						1,207
Adjustments related to:
Variable annuity product features															1,123						(4,268)						(2,284)
Investment gains (losses), net															(945)						867						744
Other adjustments to segment revenues (3)															(149)						(71)						442
Total revenues															$	14,017					$	11,036					$	12,415

______________

(1)Includes investment expenses charged by AB of $95 million, $128 million and $71 million for the years ended December 31, 2022, 2021 and 2020, respectively, for services provided to the Company.

(2)Inter-segment investment management and other fees of $134 million, $126 million and $113 million for the years ended December 31, 2022, 2021 and 2020, respectively, are included in segment revenues of the Investment Management and Research segment.

(3)Includes COVID-19 impact on other adjustments due to an assumption update of $46 million and other COVID-19 related impacts of ($30) million for the year ended December 31, 2020.

The table below presents total assets by segment as of December 31, 2022 and 2021:

			December 31, 2022						December 31, 2021
			(in millions)
Total assets by segment:
Individual Retirement			$	125,588					$	143,663
Group Retirement			42,656						55,368
Investment Management and Research			12,633						11,602
Protection Solutions			37,730						50,686
Corporate and Other			34,861						30,943
Total assets			$	253,468					$	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
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-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
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-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

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