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BUSINESS SEGMENT INFORMATION (Tables) | 12 Months Ended
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Dec. 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 (C&O):
| Year Ended December 31, 2024
| IR | GR | AM | PS | WM | L | C&O | Eliminations | Total
| (in millions)
Segment revenues | $ | 3,656 |  | $ | 1,194 |  | $ | 4,479 |  | $ | 3,329 |  | $ | 1,796 |  | $ | 498 |  | $ | 944 |  | $ | (906) |  | $ | 14,990 |
Benefits and other deductions |  |  |  |  |  |  |  |  |
Policyholders’ benefits | 324 |  | — |  | — |  | 1,901 |  | — |  | 1 |  | 470 |  | — |  | 2,696 |
Interest credited to policyholders’ account balances | 1,208 |  | 227 |  | — |  | 534 |  | — |  | 33 |  | 509 |  | — |  | 2,511 |
Commissions and distribution related payments | 356 |  | 170 |  | 742 |  | 172 |  | 1,133 |  | 160 |  | 20 |  | (857) |  | 1,896 |
Amortization of deferred policy acquisition costs | 460 |  | 54 |  | — |  | 125 |  | — |  | 62 |  | 10 |  | — |  | 711 |
Compensation and benefits | 48 |  | 37 |  | 1,788 |  | 137 |  | 314 |  | 30 |  | 13 |  | — |  | 2,367 |
Interest expense and financing fees | — |  | — |  | 44 |  | 1 |  | — |  | — |  | 222 |  | (26) |  | 241 |
Significant segment expenses | 2,396 |  | 488 |  | 2,574 |  | 2,870 |  | 1,447 |  | 286 |  | 1,244 |  | (883) |  | 10,422 |
Other segment items (1) | 154 |  | 100 |  | 821 |  | 243 |  | 105 |  | 60 |  | 178 |  | (23) |  | 1,638 |
Income taxes | (153) |  | (84) |  | (178) |  | (30) |  | (60) |  | (21) |  | 71 |  | — |  | (455) |
Less: Operating (earnings) loss attributable to the noncontrolling interest | — |  | — |  | 427 |  | — |  | — |  | — |  | 41 |  | — |  | 468 |
Operating earnings (loss) | $ | 953 |  | $ | 522 |  | $ | 479 |  | $ | 186 |  | $ | 184 |  | $ | 131 |  | $ | (448) |  | $ | — |  | $ | 2,007 |
_____________ (1)Other segment items include Remeasurment for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses.
| Year Ended December 31, 2023
| IR | GR | AM | PS | WM | L | C&O | Eliminations | Total
| (in millions)
Segment revenues | $ | 2,913 |  | $ | 1,021 |  | $ | 4,117 |  | $ | 3,180 |  | $ | 1,551 |  | $ | 531 |  | $ | 1,118 |  | $ | (810) |  | $ | 13,621 |
Benefits and other deductions |  |  |  |  |  |  |  |  |
Policyholders’ benefits | 299 |  | — |  | — |  | 1,975 |  | — |  | — |  | 486 |  | — |  | 2,760 |
Interest credited to policyholders’ account balances | 708 |  | 215 |  | — |  | 520 |  | — |  | 36 |  | 604 |  | — |  | 2,083 |
Commissions and distribution related payments | 262 |  | 155 |  | 610 |  | 158 |  | 968 |  | 171 |  | 18 |  | (752) |  | 1,590 |
Amortization of deferred policy acquisition costs | 388 |  | 59 |  | — |  | 120 |  | — |  | 63 |  | 11 |  | — |  | 641 |
Compensation and benefits | 57 |  | 27 |  | 1,736 |  | 116 |  | 285 |  | 28 |  | 20 |  | — |  | 2,269 |
Interest expense and financing fees | 1 |  | — |  | 54 |  | 5 |  | — |  | — |  | 229 |  | (37) |  | 252 |
Significant segment expenses | 1,715 |  | 456 |  | 2,400 |  | 2,894 |  | 1,253 |  | 298 |  | 1,368 |  | (789) |  | 9,595 |
Other segment items (1) | 138 |  | 86 |  | 831 |  | 225 |  | 88 |  | 52 |  | 162 |  | (21) |  | 1,561 |
Income taxes | (176) |  | (80) |  | (126) |  | (10) |  | (51) |  | (30) |  | 72 |  | — |  | (401) |
Less: Operating (earnings) loss attributable to the noncontrolling interest | — |  | — |  | 349 |  | — |  | — |  | — |  | 21 |  | — |  | 370 |
Operating earnings (loss) | $ | 884 |  | $ | 399 |  | $ | 411 |  | $ | 51 |  | $ | 159 |  | $ | 151 |  | $ | (361) |  | $ | — |  | $ | 1,694 |
_____________ (1)Other segment items include Remeasurment for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses.
| Year Ended December 31, 2022
| IR | GR | AM | PS | WM | L | C&O | Eliminations | Total
| (in millions)
Segment revenues | $ | 2,279 |  | $ | 1,158 |  | $ | 4,105 |  | $ | 3,120 |  | $ | 1,446 |  | $ | 568 |  | $ | 910 |  | $ | (760) |  | $ | 12,826 |
Benefits and other deductions |  |  |  |  |  |  |  |  |
Policyholders’ benefits | 222 |  | — |  | — |  | 1,896 |  | — |  | 1 |  | 509 |  | — |  | 2,628 |
Interest credited to policyholders’ account balances | 327 |  | 281 |  | — |  | 511 |  | — |  | 40 |  | 251 |  | — |  | 1,410 |
Commissions and distribution related payments | 236 |  | 154 |  | 630 |  | 142 |  | 940 |  | 186 |  | 15 |  | (736) |  | 1,567 |
Amortization of deferred policy acquisition costs | 334 |  | 59 |  | — |  | 117 |  | — |  | 65 |  | 11 |  | — |  | 586 |
Compensation and benefits | 21 |  | 18 |  | 1,647 |  | 76 |  | 313 |  | 11 |  | 23 |  | — |  | 2,109 |
Interest expense and financing fees | 1 |  | $ | 1 |  | 18 |  | 1 |  | — |  | — |  | 205 |  | — |  | 226 |
Significant segment expenses | 1,141 |  | 513 |  | 2,295 |  | 2,743 |  | 1,253 |  | 303 |  | 1,014 |  | (736) |  | 8,526 |
Other segment items (1) | 145 |  | 105 |  | 872 |  | 260 |  | 57 |  | 50 |  | 313 |  | (24) |  | 1,778 |
Income taxes | (173) |  | (94) |  | (162) |  | (20) |  | (35) |  | (38) |  | 73 |  | — |  | (449) |
Less: Operating (earnings) loss attributable to the noncontrolling interest | — |  | — |  | 352 |  | — |  | — |  | — |  | (5) |  | — |  | 347 |
Operating earnings (loss) | $ | 820 |  | $ | 446 |  | $ | 424 |  | $ | 97 |  | $ | 101 |  | $ | 177 |  | $ | (339) |  | $ | — |  | $ | 1,726 |
_____________ (1)Other segment items include Remeasurment for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses. The table below presents a reconciliation to net income (loss) attributable to Holdings:
|  |  | Year Ended December 31,
|  |  |  |  | 2024 |  | 2023 |  | 2022
|  |  |  |  | (in millions)
Net income (loss) attributable to Holdings |  |  |  |  | $ | 1,307 |  |  | $ | 1,302 |  |  | $ | 2,153 |
Adjustments related to: |  |  |  |  |  |  |  |  |
Variable annuity product (1) |  |  |  |  | 606 |  |  | 607 |  |  | (2,193) |
Investment (gains) losses |  |  |  |  | 133 |  |  | 713 |  |  | 945 |
Net actuarial (gains) losses related to pension and other postretirement benefit obligations |  |  |  |  | 60 |  |  | 39 |  |  | 82 |
Other adjustments (2) (3) (4) (6) |  |  |  |  | 93 |  |  | 351 |  |  | 605 |
Income tax expense (benefit) related to above adjustments |  |  |  |  | (187) |  |  | (359) |  |  | 118 |
Non-recurring tax items (5) |  |  |  |  | (5) |  |  | (959) |  |  | 16 |
Operating earnings (loss) |  |  |  |  | $ | 2,007 |  |  | $ | 1,694 |  |  | $ | 1,726 |
______________ (1)Includes the impact of favorable assumption updates of $16 million for the year ended December 31, 2024, respectively, and $40 million for the year ended December 31, 2023, respectively. Includes the impact of unfavorable assumption updates of $204 million for the year ended December 31, 2022. (2)Includes certain gross legal expenses related to the COI litigation of $106 million, $144 million and $218 million for the year ended December 31, 2024, 2023 and 2022, respectively. Includes policyholder benefit costs of $75 million for the year ended December 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market. Includes the impact of unfavorable annual actuarial assumptions updates related to LFPB of $61 million for the year ended December 31, 2023. (3)For the year ended December 31, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings. (4)For the year ended December 31, 2024, includes $78 million contingent payment gain recognized in connection with the fair value adjustment related to our contingent payment liability associated with our acquisition of CarVal in 2022. (5)For the year ended December 31, 2024 and 2023, respectively, non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period. A decrease of the deferred tax valuation allowance of $1.0 billion during year ended December 31, 2023. (6)Includes Non-GMxB related derivative hedge gains and losses of $6 million, $26 million and $(34) million for the years ended December 31, 2024, 2023 and 2022, respectively. The table below presents revenues by segment and C&O:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
Segment revenues: |  |  |  |  |
Individual Retirement (1) | $ | 3,656 |  |  | $ | 2,913 |  |  | $ | 2,279 |
Group Retirement (1) | 1,194 |  |  | 1,021 |  |  | 1,158 |
Asset Management (2) | 4,479 |  |  | 4,117 |  |  | 4,105 |
Protection Solutions (1) | 3,329 |  |  | 3,180 |  |  | 3,120 |
Wealth Management (3) | 1,796 |  |  | 1,551 |  |  | 1,446 |
Legacy (1) | 498 |  |  | 531 |  |  | 568 |
Corporate and Other (1) | 944 |  |  | 1,118 |  |  | 910 |
Eliminations | (906) |  |  | (810) |  |  | (760) |
Adjustments related to: |  |  |  |  |
Variable annuity product features, excluding change in MRBs (4) | (2,589) |  |  | (2,414) |  |  | 913 |
Investment gains (losses), net | (133) |  |  | (713) |  |  | (945) |
Other adjustments to segment revenues (4) | 169 |  |  | 34 |  |  | (150) |
Total revenues | $ | 12,437 |  |  | $ | 10,528 |  |  | $ | 12,644 |
______________ (1)Includes investment expenses charged by AB of $144 million, $140 million and $110 million for the years ended December 31, 2024, 2023 and 2022, respectively, for services provided to the Company. (2)Inter-segment investment management and other fees of $166 million, $160 million and $134 million for the years ended December 31, 2024, 2023 and 2022, respectively, are included in segment revenues of the Investment Management and Research segment. (3)Inter-segment distribution fees of $857 million, $752 million and $736 million for the years ended December 31, 2024, 2023 and 2022, respectively, are included in segment revenues of the Wealth Management segment. (4)Prior periods were revised to conform with current presentation. Total assets by segment were as follows:
| December 31, 2024 |  | December 31, 2023
| (in millions)
Total assets by segment: |  |  |
Individual Retirement | $ | 110,358 |  |  | $ | 90,805 |
Group Retirement | 51,269 |  |  | 47,260 |
Asset Management | 10,514 |  |  | 11,088 |
Protection Solutions | 41,583 |  |  | 38,933 |
Wealth Management | 168 |  |  | 144 |
Legacy | 42,518 |  |  | 49,487 |
Corporate and Other | 39,456 |  |  | 39,097 |
Total assets | $ | 295,866 |  |  | $ | 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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