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BUSINESS SEGMENT INFORMATION (Tables) | 12 Months Ended
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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 |  |  |  |  | $ | 2,153 |  |  | $ | 1,755 |  |  | $ | (648) |
Adjustments related to: |  |  |  |  |  |  |  |  |
Variable annuity product features (1) |  |  |  |  | (2,193) |  |  | 1,115 |  |  | 3,912 |
Investment (gains) losses |  |  |  |  | 945 |  |  | (867) |  |  | (745) |
Net actuarial (gains) losses related to pension and other postretirement benefit obligations |  |  |  |  | 82 |  |  | 120 |  |  | 109 |
Other adjustments (2) (3) (4) (5) |  |  |  |  | 605 |  |  | 628 |  |  | 952 |
Income tax expense (benefit) related to above adjustments (6) |  |  |  |  | 118 |  |  | (208) |  |  | (888) |
Non-recurring tax items (7) |  |  |  |  | 16 |  |  | 12 |  |  | (391) |
Non-GAAP Operating Earnings |  |  |  |  | $ | 1,726 |  |  | $ | 2,555 |  |  | $ | 2,301 |
Operating earnings (loss) by segment: |  |  |  |  |  |  |  |  |
Individual Retirement |  |  |  |  | $ | 762 |  |  | $ | 794 |  |  | $ | 996 |
Group Retirement |  |  |  |  | 446 |  |  | 579 |  |  | 494 |
Investment Management and Research |  |  |  |  | 424 |  |  | 564 |  |  | 432 |
Protection Solutions |  |  |  |  | 97 |  |  | 262 |  |  | 164 |
Wealth Management |  |  |  |  | 101 |  |  | 58 |  |  | 34 |
Legacy |  |  |  |  | 235 |  |  | 522 |  |  | 569 |
Corporate and Other (8) |  |  |  |  | $ | (339) |  |  | $ | (224) |  |  | $ | (387) |
______________ (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, $0 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, $242 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) |  |  |  |  | $ | 2,028 |  |  | $ | 1,989 |  |  | $ | 2,177 |
Group Retirement (1) |  |  |  |  | 1,158 |  |  | 1,371 |  |  | 1,148 |
Investment Management and Research (2) |  |  |  |  | 4,105 |  |  | 4,430 |  |  | 3,704 |
Protection Solutions (1) |  |  |  |  | 3,120 |  |  | 3,179 |  |  | 3,038 |
Wealth Management (3) |  |  |  |  | 1,446 |  |  | 1,437 |  |  | 1,180 |
Legacy (1) |  |  |  |  | 819 |  |  | 1,229 |  |  | 2,134 |
Corporate and Other (1) |  |  |  |  | 910 |  |  | 1,021 |  |  | 805 |
Elimination |  |  |  |  | (760) |  |  | (779) |  |  | (673) |
Adjustments related to: |  |  |  |  |  |  |  |  |
Variable annuity product features |  |  |  |  | (2,193) |  |  | 1,115 |  |  | 3,912 |
Investment gains (losses), net |  |  |  |  | (945) |  |  | (867) |  |  | (745) |
Other adjustments to segment revenues |  |  |  |  | 2,956 |  |  | (6,511) |  |  | (4,266) |
Total revenues |  |  |  |  | $ | 12,644 |  |  | $ | 7,614 |  |  | $ | 12,415 |
______________ (1)Includes investment expenses charged by AB of $110 million and $96 million and $84 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 20202, respectively, are included in segment revenues of the Investment Management and Research segment. (3)Inter-segment distribution fees of $736 million, $748 million and $644 million for the years ended December 31, 2022, 2021 and 2020 respectively, are included in segment revenues of the Wealth Management segment. 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 | $ | 77,641 |  |  | $ | 78,598 |
Group Retirement | 42,421 |  |  | 57,458 |
Investment Management and Research | 12,633 |  |  | 11,986 |
Protection Solutions | 37,224 |  |  | 50,089 |
Wealth Management | 137 |  |  | 140 |
Legacy | 48,231 |  |  | 64,578 |
Corporate and Other | 34,415 |  |  | 32,839 |
Total assets | $ | 252,702 |  |  | $ | 295,688 |

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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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