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BUSINESS SEGMENT INFORMATION (Tables)
 9 Months Ended
Sep. 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 September 30,Nine Months Ended September 30,
 2024202320242023
(in millions)
Net income (loss) attributable to Holdings$(134)$1,064 $408 $2,000 
Adjustments related to:
Variable annuity product (1)
738 (1,380)1,136 (584)
Investment (gains) losses46 411 101 554 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations13 8 44 26 
Other adjustments (2) (3) (4)
— 91 59 198 
Income tax expense (benefit) related to above adjustments (167)183 (281)(40)
Non-recurring tax items (5)
5 36 18 (936)
Non-GAAP Operating Earnings$501 $413 $1,485 $1,218 
Operating earnings (loss) by segment:
Individual Retirement$225 $220 $713 $671 
Group Retirement$141 $105 $390 $301 
Asset Management$111 $99 $318 $297 
Protection Solutions$46 $34 $154 $23 
Wealth Management$50 $40 $137 $114 
Legacy$27 $31 $93 $119 
Corporate and Other (6)
$(99)$(116)$(320)$(307)
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(1)Includes the impact of favorable assumption updates of $16 million for the three and nine months ended September 30, 2024, respectively, and $40 million for the three and nine months ended September 30, 2023, respectively.
(2)Includes certain gross legal expenses related to the COI litigation of $0 million and $106 million for the three and nine months ended September 30, 2024, respectively, and $0 million and $35 million for the three and nine months ended September 30, 2023, respectively. Includes the impact of unfavorable annual actuarial assumptions updates related to LFPB of $61 million for the three and nine months ended September 30, 2023.
(3)For the nine months ended September 30, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings.
(4)For the three and nine months ended September 30, 2024, includes $78 million contingent payment gain recognized in connection with the fair value remeasurement of the contingent payment liability associated with AB’s acquisition of CarVal in 2022.
(5)For the three and nine months ended September 30, 2024, includes non-recurring tax items reflects the effect of uncertain tax positions for a given audit period and for the three and nine months ended September 30, 2023, non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period and an increase of the deferred tax valuation allowance of $20 million and a decrease of $970 million, respectively.
(6)Includes interest expense and financing fees of $57 million and $171 million for the three and nine months ended September 30, 2024, respectively, and $54 million and $173 million for the three and nine months ended September 30, 2023, respectively.
The table below presents revenues by segment and Corporate and Other:
 
Three Months Ended September 30,Nine Months Ended September 30,
 
2024202320242023
(in millions)
Segment revenues:
Individual Retirement (1)$944 $762 $2,678 $2,130 
Group Retirement (1)314 267 889 771 
Asset Management (2)1,086 1,034 3,230 3,043 
Protection Solutions (1)839 822 2,498 2,373 
Wealth Management (3)450 390 1,315 1,143 
Legacy (1)117 129 369 405 
Corporate and Other (1) (4)
246 257 720 800 
Eliminations(220)(199)(663)(597)
Adjustments related to:
Variable annuity product features(738)1,380 (1,136)584 
Investment gains (losses), net(46)(411)(101)(554)
Other adjustments to segment revenues84 (807)(983)(1,740)
Total revenues$3,076 $3,624 $8,816 $8,358 
______________
(1)Includes investment expenses charged by AB of $37 million and $110 million for the three and nine months ended September 30, 2024, respectively, and $35 million and $104 million for the three and nine months ended September 30, 2023, respectively, for services provided to the Company.
(2)Inter-segment investment management and other fees of $(41) million and $(125) million for the three and nine months ended September 30, 2024, respectively, and $40 million and $120 million for the three and nine months ended September 30, 2023, respectively, are included in segment revenues of the Asset Management segment.
(3)Inter-segment distribution fees of $212 million and $626 million for the three and nine months ended September 30, 2024, respectively, and $185 million and $553 million for the three and nine months ended September 30, 2023, respectively, are included in segment revenues of the Wealth Management segment.
(4)Includes interest expense charged to AB of $5 million and $22 million for the three and nine months ended September 30, 2024, respectively, and $10 million and $29 million for the three and nine months ended September 30, 2023, respectively.
Total assets by segment were as follows:
 
September 30, 2024December 31, 2023
(in millions)
Total assets by segment:
Individual Retirement$107,610 $93,500 
Group Retirement51,790 47,260 
Asset Management10,405 11,088 
Protection Solutions42,012 38,933 
Wealth Management291 144 
Legacy45,851 46,792 
Corporate and Other41,030 39,097 
Total assets$298,989 $276,814