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BUSINESS SEGMENT INFORMATION (Tables) | 3 Months Ended
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Mar. 31, 2024
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:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023 |  |
|  |  |  |  | (in millions)
Net income (loss) attributable to Holdings |  |  |  |  | $ | 114 |  |  | $ | 177 |  |  |
Adjustments related to: |  |  |  |  |  |  |  |  |
Variable annuity product features |  |  |  |  | 319 |  |  | 861 |  |  |
Investment (gains) losses |  |  |  |  | 39 |  |  | 87 |  |  |
Net actuarial (gains) losses related to pension and other postretirement benefit obligations |  |  |  |  | 17 |  |  | 9 |  |  |
Other adjustments (1) |  |  |  |  | 91 |  |  | 45 |  |  |
Income tax expense (benefit) related to above adjustments |  |  |  |  | (98) |  |  | (210) |  |  |
Non-recurring tax items (2) |  |  |  |  | 8 |  |  | (605) |  |  |
Non-GAAP Operating Earnings |  |  |  |  | $ | 490 |  |  | $ | 364 |  |  |
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023 |  |
|  |  |  |  | (in millions)
Operating earnings (loss) by segment: |  |  |  |  |  |  |  |  |
Individual Retirement |  |  |  |  | $ | 228 |  |  | $ | 200 |  |  |
Group Retirement |  |  |  |  | $ | 126 |  |  | $ | 89 |  |  |
Investment Management and Research |  |  |  |  | $ | 106 |  |  | $ | 99 |  |  |
Protection Solutions |  |  |  |  | $ | 41 |  |  | $ | (35) |  |  |
Wealth Management |  |  |  |  | $ | 43 |  |  | $ | 32 |  |  |
Legacy |  |  |  |  | $ | 51 |  |  | $ | 60 |  |  |
Corporate and Other (3) |  |  |  |  | $ | (105) |  |  | $ | (81) |  |  |
______________ (1)Includes certain gross legal expenses related to the cost of insurance litigation of $106 million for the three months ended March 31, 2024. (2)For the three months ended March, 31 2024, non-recurring tax items reflects the effect of uncertain tax positions for a given audit period and for the three months ended March 31, 2023 primarily includes a decrease of the deferred tax valuation allowance of $614 million. (3)Includes interest expense and financing fees of $56 million and $67 million for the three months ended March 31, 2024 and 2023, respectively. The table below presents revenues by segment and Corporate and Other:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023 |  |
|  |  |  |  | (in millions)
Segment revenues: |  |  |  |  |  |  |  |  |
Individual Retirement (1) |  |  |  |  | $ | 766 |  |  | $ | 588 |  |  |
Group Retirement (1) |  |  |  |  | 292 |  |  | 237 |  |  |
Investment Management and Research (2) |  |  |  |  | 1,093 |  |  | 1,009 |  |  |
Protection Solutions (1) |  |  |  |  | 825 |  |  | 767 |  |  |
Wealth Management (3) |  |  |  |  | 423 |  |  | 362 |  |  |
Legacy (1) |  |  |  |  | 210 |  |  | 206 |  |  |
Corporate and Other (1) |  |  |  |  | 246 |  |  | 281 |  |  |
Eliminations |  |  |  |  | (216) |  |  | (180) |  |  |
Adjustments related to: |  |  |  |  |  |  |  |  |
Variable annuity product features |  |  |  |  | (319) |  |  | (861) |  |  |
Investment gains (losses), net |  |  |  |  | (39) |  |  | (87) |  |  |
Other adjustments to segment revenues |  |  |  |  | (1,051) |  |  | 35 |  |  |
Total revenues |  |  |  |  | $ | 2,230 |  |  | $ | 2,357 |  |  |
______________ (1)Includes investment expenses charged by AB of $36 million and $38 million for the three months ended March 31, 2024 and 2023, respectively, for services provided to the Company. (2)Inter-segment investment management and other fees of $42 million and $43 million for the three months ended March 31, 2024 and 2023, respectively, are included in segment revenues of the Investment Management and Research segment. (3)Inter-segment distribution fees of $200 million and $175 million for the three months ended March 31, 2024 and 2023, respectively, are included in segment revenues of the Wealth Management segment. Total assets by segment were as follows:
| March 31, 2024 |  | December 31, 2023
| (in millions)
Total assets by segment: |  |  |
Individual Retirement | $ | 94,514 |  |  | $ | 90,805 |
Group Retirement | 49,351 |  |  | 47,260 |
Investment Management and Research | 11,276 |  |  | 11,088 |
Protection Solutions | 40,102 |  |  | 38,933 |
Wealth Management | 199 |  |  | 144 |
Legacy | 49,711 |  |  | 49,487 |
Corporate and Other | 40,424 |  |  | 39,097 |
Total assets | $ | 285,577 |  |  | $ | 276,814 |

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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 -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 + Details
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