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BUSINESS SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
| (in millions)
Net income (loss) attributable to Holdings | $ | 428 |  |  | $ | 759 |  |  | $ | 542 |  |  | $ | 936 |  |  |
Adjustments related to: |  |  |  |  |  |  |  |  |
Variable annuity product features | 79 |  |  | (65) |  |  | 398 |  |  | 796 |  |  |
Investment (gains) losses | 16 |  |  | 56 |  |  | 55 |  |  | 143 |  |  |
Net actuarial (gains) losses related to pension and other postretirement benefit obligations | 14 |  |  | 9 |  |  | 31 |  |  | 18 |  |  |
Other adjustments (1) (2) | (32) |  |  | 62 |  |  | 59 |  |  | 107 |  |  |
Income tax expense (benefit) related to above adjustments | (16) |  |  | (13) |  |  | (114) |  |  | (223) |  |  |
Non-recurring tax items (3) | 5 |  |  | (367) |  |  | 13 |  |  | (972) |  |  |
Non-GAAP Operating Earnings | $ | 494 |  |  | $ | 441 |  |  | $ | 984 |  |  | $ | 805 |  |  |
Operating earnings (loss) by segment: |  |  |  |  |  |  |  |  |
Individual Retirement | $ | 234 |  |  | $ | 234 |  |  | $ | 462 |  |  | $ | 434 |  |  |
Group Retirement | $ | 123 |  |  | $ | 107 |  |  | $ | 249 |  |  | $ | 196 |  |  |
Asset Management | $ | 101 |  |  | $ | 99 |  |  | $ | 207 |  |  | $ | 198 |  |  |
Protection Solutions | $ | 67 |  |  | $ | 24 |  |  | $ | 108 |  |  | $ | (11) |  |  |
Wealth Management | $ | 44 |  |  | $ | 42 |  |  | $ | 87 |  |  | $ | 74 |  |  |
Legacy | $ | 41 |  |  | $ | 45 |  |  | $ | 92 |  |  | $ | 105 |  |  |
Corporate and Other (4) | $ | (116) |  |  | $ | (110) |  |  | $ | (221) |  |  | $ | (191) |  |  |
______________ (1)Includes certain gross legal expenses related to the cost of insurance litigation of $0 million and $106 million for the three and six months ended June 30, 2024, respectively, and $35 million and $35 million for the three and six months ended June 30, 2023, respectively. (2)For the three and six months ended June 30, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings. (3)For the three and six months ended June 30, 2024, includes non-recurring tax items reflects the effect of uncertain tax positions for a given audit period and for the three and six months ended June 30, 2023 primarily includes a decrease of the deferred tax valuation allowance of $376 million and $990 million. (4)Includes interest expense and financing fees of $58 million and $114 million for the three and six months ended June 30, 2024, respectively, and $57 million and $119 million for the three and six months ended June 30, 2023, respectively. The table below presents revenues by segment and Corporate and Other:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
| (in millions)
Segment revenues: |  |  |  |  |  |  |  |  |
Individual Retirement (1) | $ | 810 |  |  | $ | 647 |  |  | $ | 1,576 |  |  | $ | 1,235 |  |  |
Group Retirement (1) | 283 |  |  | 267 |  |  | 575 |  |  | 504 |  |  |
Asset Management (2) | 1,051 |  |  | 1,000 |  |  | 2,144 |  |  | 2,009 |  |  |
Protection Solutions (1) | 834 |  |  | 784 |  |  | 1,659 |  |  | 1,551 |  |  |
Wealth Management (3) | 442 |  |  | 391 |  |  | 865 |  |  | 753 |  |  |
Legacy (1) | 200 |  |  | 203 |  |  | 410 |  |  | 409 |  |  |
Corporate and Other (1) | 228 |  |  | 262 |  |  | 474 |  |  | 543 |  |  |
Eliminations | (227) |  |  | (218) |  |  | (443) |  |  | (398) |  |  |
Adjustments related to: |  |  |  |  |  |  |  |  |
Variable annuity product features | (79) |  |  | 65 |  |  | (398) |  |  | (796) |  |  |
Investment gains (losses), net | (16) |  |  | (56) |  |  | (55) |  |  | (143) |  |  |
Other adjustments to segment revenues | (16) |  |  | (968) |  |  | (1,067) |  |  | (933) |  |  |
Total revenues | $ | 3,510 |  |  | $ | 2,377 |  |  | $ | 5,740 |  |  | $ | 4,734 |  |  |
______________ (1)Includes investment expenses charged by AB of $37 million and $73 million for the three and six months ended June 30, 2024, respectively, and $31 million and $69 million for the three and six months ended June 30, 2023, respectively, for services provided to the Company. (2)Inter-segment investment management and other fees of $(126) million and $(84) million for the three and six months ended June 30, 2024, respectively, and $37 million and $80 million for the three and six months ended June 30, 2023, respectively, are included in segment revenues of the Asset Management segment. (3)Inter-segment distribution fees of $214 million and $414 million for the three and six months ended June 30, 2024, respectively, and $193 million and $368 million for the three and six months ended June 30, 2023, respectively, are included in segment revenues of the Wealth Management segment. Total assets by segment were as follows:
| June 30, 2024 |  | December 31, 2023
| (in millions)
Total assets by segment: |  |  |
Individual Retirement | $ | 96,709 |  |  | $ | 90,805 |
Group Retirement | 49,880 |  |  | 47,260 |
Asset Management | 10,585 |  |  | 11,088 |
Protection Solutions | 40,258 |  |  | 38,933 |
Wealth Management | 237 |  |  | 144 |
Legacy | 47,765 |  |  | 49,487 |
Corporate and Other | 42,335 |  |  | 39,097 |
Total assets | $ | 287,769 |  |  | $ | 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 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: 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 3: 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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