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BUSINESS SEGMENT INFORMATION (Tables)

3 Months Ended

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

X

- 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

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