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BUSINESS SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2023 and 2022, respectively:

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
			(in millions)
Net income (loss) attributable to Holdings			$	759					$	967					$	936					$	1,497
Adjustments related to:
Variable annuity product features			(65)						(1,031)						796						(1,647)
Investment (gains) losses			56						231						143						557
Net actuarial (gains) losses related to pension and other postretirement benefit obligations			9						19						18						38
Other adjustments (1)			62						177						107						405
Income tax expense (benefit) related to above adjustments			(13)						127						(223)						136
Non-recurring tax items (3)			(367)						3						(972)						6
Non-GAAP Operating Earnings			$	441					$	493					$	805					$	992
Operating earnings (loss) by segment:
Individual Retirement			$	234					$	186					$	434					$	389
Group Retirement			$	107					$	111					$	196					$	255
Investment Management and Research			$	99					$	101					$	198					$	237
Protection Solutions			$	24					$	110					$	(11)					$	107
Wealth Management			$	42					$	24					$	74					$	56
Legacy			$	45					$	57					$	105					$	120
Corporate and Other (2)			$	(110)					$	(96)					$	(191)					$	(172)

______________

(1)Includes certain legal accruals related to the COI litigation of $35 million, $107 million, $35 million and $166 million for the three and six months ended June 30, 2023 and 2022, respectively. Includes policyholder benefit costs of $75 million for the six months ended June 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.

(2)Includes interest expense and financing fees of $57 million, $52 million, $119 million and $105 million for the three and six months ended June 30, 2023 and 2022, respectively.

(3)For the three and six months ended June 30, 2023, non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period and a decrease of the deferred tax valuation allowance of $376 million and $990 million.

The table below presents segment revenues for the three and six months ended June 30, 2023 and 2022.

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
			(in millions)
Segment revenues:
Individual Retirement (1)			$	647					$	471					$	1,235					$	978
Group Retirement (1)			267						298						504						633
Investment Management and Research (2) (4)			1,000						1,003						2,009						2,138
Protection Solutions (1)			784						789						1,551						1,598
Wealth Management (3)			391						368						753						744
Legacy (1)			203						199						409						414
Corporate and Other (1) (4)			262						200						543						423
Eliminations			(218)						(196)						(398)						(395)
Adjustments related to:
Variable annuity product features			65						1,031						(796)						1,647
Investment gains (losses), net			(56)						(231)						(143)						(557)
Other adjustments to segment revenues			(968)						758						(933)						213
Total revenues			$	2,377					$	4,690					$	4,734					$	7,836

______________

(1)Includes investment expenses charged by AB of $31 million, $27 million, $69 million and $54 million for the three and six months ended June 30, 2023 and 2022, respectively, for services provided to the Company.

(2)Inter-segment investment management and other fees of $37 million, $34 million, $80 million and $67 million for the three and six months ended June 30, 2023 and 2022, respectively, are included in segment revenues of the Investment Management and Research segment.

(3)Inter-segment distribution fees of $193 million, $190 million, $368 million and $383 million for the three and six months ended June 30, 2023 and 2022, respectively, are included in segment revenues of the Wealth Management segment.

(4)Includes interest expense charged to AB of $10 million, $0 million, $19 million and $0 million for the three and six months ended June 30, 2023 and 2022, respectively.

The table below presents total assets by segment as of June 30, 2023 and 2022:

			June 30, 2023						December 31, 2022
			(in millions)
Total assets by segment:
Individual Retirement			$	83,173					$	77,641
Group Retirement			45,969						42,421
Investment Management and Research			11,397						12,633
Protection Solutions			37,111						37,224
Wealth Management			208						137
Legacy			49,797						48,231
Corporate and Other			41,351						34,415
Total assets			$	269,006					$	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
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: 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 3: 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 4: 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

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No definition available.

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