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BUSINESS SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 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:

									Year Ended December 31,
															2023						2022						2021
															(in millions)
Net income (loss) attributable to Holdings															$	1,302					$	2,153					$	1,755
Adjustments related to:
Variable annuity product features (6)															607						(2,193)						1,115
Investment (gains) losses															713						945						(867)
Net actuarial (gains) losses related to pension and other postretirement benefit obligations															39						82						120
Other adjustments (1) (2) (3)															351						605						628
Income tax expense (benefit) related to above adjustments															(359)						118						(208)
Non-recurring tax items (5)															(959)						16						12
Non-GAAP Operating Earnings															$	1,694					$	1,726					$	2,555

									Year Ended December 31,
															2023						2022						2021
															(in millions)
Operating earnings (loss) by segment:
Individual Retirement															$	850					$	762					$	794
Group Retirement															$	399					$	446					$	579
Investment Management and Research															$	411					$	424					$	564
Protection Solutions															$	51					$	97					$	262
Wealth Management															$	159					$	101					$	58
Legacy															$	186					$	235					$	522
Corporate and Other (4)															$	(362)					$	(339)					$	(224)

______________

(1)Includes separation costs of $82 million for the years ended December 31, 2021. Separation costs were completed during 2021.

(2)Includes certain legal accruals related to the COI litigation of $144 million, $218 million and $207 million for the years ended December 31, 2023, 2022 and 2021, respectively. Includes policyholder benefit costs of $75 million for the year 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. Includes the impact of annual actuarial assumptions updates related to LFPB of $61 million for the year ended December 31, 2023. Prior period impact was immaterial and was not revised.

(3)Includes Non-GMxB related derivative hedge gains and losses of $26 million, $(34) million and $0 million for the years ended December 31, 2023, 2022 and 2021, respectively.

(4)Includes interest expense and financing fees of $229 million, $205 million and $242 million for the year ended December 31, 2023, 2022 and 2021, respectively.

(5)For the year ended December 31, 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 $1.0 billion.

(6)Includes the impact of favorable assumption updates of $40 million for the year ended December 31, 2023. Includes the impact of unfavorable assumption updates of $204 million for the year ended December 31, 2022.

The table below presents revenues by segment and Corporate and Other:

									Year Ended December 31,
															2023						2022						2021
															(in millions)
Segment revenues:
Individual Retirement (1)															$	2,643					$	2,028					$	1,989
Group Retirement (1)															1,021						1,158						1,371
Investment Management and Research (2)															4,117						4,105						4,430
Protection Solutions (1)															3,180						3,120						3,179
Wealth Management (3)															1,551						1,446						1,437
Legacy (1)															801						819						1,229
Corporate and Other (1)															1,118						910						1,021
Eliminations															(810)						(760)						(779)
Adjustments related to:
Variable annuity product features															(607)						2,193						1,115
Investment gains (losses), net															(713)						(945)						(867)
Other adjustments to segment revenues															(1,773)						(1,430)						(6,511)
Total revenues															$	10,528					$	12,644					$	7,614

______________

(1)Includes investment expenses charged by AB of $140 million, $110 million and $96 million for the years ended December 31, 2023, 2022 and 2021, respectively, for services provided to the Company.

(2)Inter-segment investment management and other fees of $160 million, $134 million and $126 million for the years ended December 31, 2023, 2022 and 2021, respectively, are included in segment revenues of the Investment Management and Research segment.

(3)Inter-segment distribution fees of $752 million, $736 million and $748 million for the years ended December 31, 2023, 2022 and 2021, respectively, are included in segment revenues of the Wealth Management segment.

Total assets by segment were as follows:

			December 31,
			2023						2022
			(in millions)
Total assets by segment:
Individual Retirement			$	90,805					$	77,641
Group Retirement			47,260						42,421
Investment Management and Research			11,088						12,633
Protection Solutions			38,933						37,224
Wealth Management			144						137
Legacy			49,487						48,231
Corporate and Other			39,097						34,415
Total assets			$	276,814					$	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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