XML 61 R47.htm IDEA: XBRL DOCUMENT v3.24.2.u1

BUSINESS SEGMENT INFORMATION (Tables)

6 Months Ended

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

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 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

Name:	us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration