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BUSINESS SEGMENT INFORMATION (Tables)

3 Months Ended

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

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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