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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,
 202220212020
(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) losses945 (867)(745)
Net actuarial (gains) losses related to pension and other postretirement benefit obligations82 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 $996 
Group Retirement446 579 494 
Investment Management and Research424 564 432 
Protection Solutions97 262 164 
Wealth Management101 58 34 
Legacy235 522 569 
Corporate and Other (8)$(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,
 
202220212020
(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, 2022December 31, 2021
(in millions)
Total assets by segment:
Individual Retirement$77,641 $78,598 
Group Retirement42,421 57,458 
Investment Management and Research12,633 11,986 
Protection Solutions37,224 50,089 
Wealth Management137 140 
Legacy48,231 64,578 
Corporate and Other34,415 32,839 
Total assets$252,702 $295,688