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BUSINESS SEGMENT INFORMATION (Tables) | 3 Months Ended
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Mar. 31, 2023
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 months ended March 31, 2023 and 2022, respectively:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022 |  |
|  |  |  |  | (in millions)
Net income (loss) attributable to Holdings |  |  |  |  | $ | 177 |  |  | $ | 530 |  |  |
Adjustments related to: |  |  |  |  |  |  |  |  |
Variable annuity product features |  |  |  |  | 861 |  |  | (616) |  |  |
Investment (gains) losses |  |  |  |  | 87 |  |  | 326 |  |  |
Net actuarial (gains) losses related to pension and other postretirement benefit obligations |  |  |  |  | 9 |  |  | 19 |  |  |
Other adjustments (1) |  |  |  |  | 45 |  |  | 228 |  |  |
Income tax expense (benefit) related to above adjustments |  |  |  |  | (210) |  |  | 9 |  |  |
Non-recurring tax items |  |  |  |  | (605) |  |  | 3 |  |  |
Non-GAAP Operating Earnings |  |  |  |  | $ | 364 |  |  | $ | 499 |  |  |
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022 |  |
|  |  |  |  | (in millions)
Operating earnings (loss) by segment: |  |  |  |  |  |  |  |  |
Individual Retirement |  |  |  |  | $ | 200 |  |  | $ | 203 |  |  |
Group Retirement |  |  |  |  | $ | 89 |  |  | $ | 144 |  |  |
Investment Management and Research |  |  |  |  | $ | 99 |  |  | $ | 136 |  |  |
Protection Solutions |  |  |  |  | $ | (35) |  |  | $ | (3) |  |  |
Wealth Management |  |  |  |  | $ | 32 |  |  | $ | 32 |  |  |
Legacy |  |  |  |  | $ | 60 |  |  | $ | 63 |  |  |
Corporate and Other (2) |  |  |  |  | $ | (81) |  |  | $ | (76) |  |  |
______________ (1)Includes certain legal accruals related to the COI litigation of $59 million for the three months ended March 31, 2022 .Includes policyholder benefit costs of $75 million for the three months ended March 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. (2)Includes interest expense and financing fees of $67 million and $53 million for the three months ended March 31, 2023 and 2022, respectively. The table below presents segment revenues for the three months ended March 31, 2023 and 2022.
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022 |  |
|  |  |  |  | (in millions)
Segment revenues: |  |  |  |  |  |  |  |  |
Individual Retirement (1) |  |  |  |  | $ | 588 |  |  | $ | 507 |  |  |
Group Retirement (1) |  |  |  |  | 237 |  |  | 335 |  |  |
Investment Management and Research (2) |  |  |  |  | 1,009 |  |  | 1,135 |  |  |
Protection Solutions (1) |  |  |  |  | 767 |  |  | 809 |  |  |
Wealth Management (3) |  |  |  |  | 362 |  |  | 376 |  |  |
Legacy (1) |  |  |  |  | 206 |  |  | 215 |  |  |
Corporate and Other (1) |  |  |  |  | 281 |  |  | 223 |  |  |
Eliminations |  |  |  |  | (180) |  |  | (199) |  |  |
Adjustments related to: |  |  |  |  |  |  |  |  |
Variable annuity product features |  |  |  |  | (861) |  |  | 616 |  |  |
Investment gains (losses), net |  |  |  |  | (87) |  |  | (326) |  |  |
Other adjustments to segment revenues |  |  |  |  | 35 |  |  | (545) |  |  |
Total revenues |  |  |  |  | $ | 2,357 |  |  | $ | 3,146 |  |  |
______________ (1)Includes investment expenses charged by AB of $38 million and $27 million for the three months ended March 31, 2023 and 2022, respectively, for services provided to the Company. (2)Inter-segment investment management and other fees of $43 million and $33 million for the three months ended March 31, 2023 and 2022, respectively, are included in segment revenues of the Investment Management and Research segment. (3)Inter-segment distribution fees of $175 million and $193 million for the three months ended March 31, 2023 and 2022, respectively, are included in segment revenues of the Wealth Management segment. (4)Includes interest expense charged to AB of $9 million and $0 million for the three months ended March 31, 2023 and 2022, respectively. The table below presents total assets by segment as of March 31, 2023 and 2022:
| March 31, 2023 |  | December 31, 2022
| (in millions)
Total assets by segment: |  |  |
Individual Retirement | $ | 77,922 |  |  | $ | 77,641 |
Group Retirement | 44,171 |  |  | 42,421 |
Investment Management and Research | 11,864 |  |  | 12,633 |
Protection Solutions | 37,845 |  |  | 37,224 |
Wealth Management | 174 |  |  | 137 |
Legacy | 49,804 |  |  | 48,231 |
Corporate and Other | 39,720 |  |  | 34,415 |
Total assets | $ | 261,500 |  |  | $ | 252,702 |

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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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