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Segment Information | 3 Months Ended
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Mar. 31, 2023
Segment Information [Abstract] |
Segment Information | 15. Segment Information We provide products and services and report results through our Life Insurance, Annuities, Group Protection and Retirement Plan Services segments. We also have Other Operations, which includes the financial data for operations that are not directly related to the business segments. Our reporting segments reflect the manner by which our chief operating decision makers view and manage the business. A discussion of these segments and Other Operations is found in Note 21 to the Consolidated Financial Statements in our 2022 Form 10-K/A. Segment operating revenues and income (loss) from operations are internal measures used by our management and Board of Directors to evaluate and assess the results of our segments. Income (loss) from operations is GAAP net income excluding the after-tax effects of the following items, as applicable: Changes in market risk benefits (“MRBs”), including gains and losses and benefit payments (“MRB-related impacts”); Investment and reinsurance-related realized gain (loss): Changes in the carrying value of mortgage loans on real estate attributable to current expected credit losses (“CECL”) (“changes in CECL reserve for mortgage loans on real estate”); Changes in the carrying value of reinsurance-related assets attributable to CECL (“changes in CECL reserve for reinsurance-related assets”); Changes in the carrying value of fixed maturity AFS securities attributable to the estimation of credit losses (“changes in the credit loss allowance for fixed maturity AFS securities”); and Changes in the fair value of investments, including trading securities, equity securities, certain derivatives, and mortgage loans on real estate electing the fair value option, and of embedded derivatives within certain reinsurance arrangements, as well as sales or disposals of investments (“changes in investments and reinsurance-related embedded derivatives”); Changes in the fair value of the derivative instruments we hold to hedge GLB and GDB, net of fee income allocated to support the cost of hedging them (“changes in fair value of GLB and GDB hedge instruments, net of hedge allowance”); Changes in the fair value of the embedded derivative liabilities of our indexed annuity and indexed universal life insurance contracts and the associated index options we hold to hedge them, including collateral expense associated with hedge programs; (“indexed product net derivative results”); Changes in reserves resulting from benefit ratio unlocking on variable universal life insurance products with secondary guarantees (“benefit ratio unlocking”); Income (loss) from the initial adoption of new accounting standards, regulations and policy changes; Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance; Transaction and integration costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business; Gains (losses) on modification or early extinguishment of debt; Losses from the impairment of intangible assets and gains (losses) on other non-financial assets; and Income (loss) from discontinued operations. Operating revenues represent GAAP revenues excluding the pre-tax effects of the following items, as applicable: Investment and reinsurance-related realized gain (loss); Changes in fair value of GLB and GDB hedge instruments, net of hedge allowance; Indexed product net derivative results; Revenue adjustments from the initial adoption of new accounting standards; and Amortization of deferred gains arising from reserve changes on business sold through reinsurance. The tables below reconcile our segment measures of performance to the GAAP measures presented in the Consolidated Statements of Comprehensive Income (Loss) (in millions):
| For the Three |
| Months Ended |
| March 31, |
| 2023 |  | 2022 |
Revenues |  |  |  |  |  |
Operating revenues: |  |  |  |  |  |
Life Insurance | $ | 1,757 |  | $ | 1,729 |
Annuities |  | 1,141 |  |  | 1,147 |
Group Protection |  | 1,388 |  |  | 1,303 |
Retirement Plan Services |  | 328 |  |  | 318 |
Other Operations |  | 43 |  |  | 40 |
Investment and reinsurance-related |  |  |  |  |  |
realized gain (loss) |  | (196 | ) |  | 1 |
Changes in fair value of GLB and GDB |  |  |  |  |  |
hedge instruments, net of hedge |  |  |  |  |  |
allowance |  | (476 | ) |  | 72 |
Indexed product net derivative results |  | (171 | ) |  | 110 |
Total revenues | $ | 3,814 |  | $ | 4,720 |
| For the Three |
| Months Ended |
| March 31, |
| 2023 |  | 2022 |
Net Income (Loss) |  |  |  |  |  |
Income (loss) from operations: |  |  |  |  |  |
Life Insurance | $ | (13 | ) | $ | 23 |
Annuities |  | 274 |  |  | 317 |
Group Protection |  | 71 |  |  | (46 | )
Retirement Plan Services |  | 43 |  |  | 58 |
Other Operations |  | (87 | ) |  | (78 | )
MRB-related impacts, after-tax |  | (506 | ) |  | 1,062 |
Investment and reinsurance-related |  |  |  |  |  |
realized gain (loss), after-tax |  | (154 | ) |  | 1 |
Changes in fair value of GLB and GDB hedge |  |  |  |  |  |
hedge instruments, net of hedge allowance, |  |  |  |  |  |
after-tax |  | (377 | ) |  | 58 |
Indexed product net derivative results, |  |  |  |  |  |
after-tax |  | (135 | ) |  | 87 |
Benefit ratio unlocking, after-tax |  | 3 |  |  | - |
Net income (loss) | $ | (881 | ) | $ | 1,482 |
Other segment information (in millions) was as follows:
| As of |  | As of |
| March 31, |  | December 31, |
| 2023 |  | 2022 |
Assets |  |  |  |  |  |
Life Insurance | $ | 96,168 |  | $ | 94,536 |
Annuities |  | 172,978 |  |  | 167,377 |
Group Protection |  | 9,780 |  |  | 9,780 |
Retirement Plan Services |  | 42,874 |  |  | 41,900 |
Other Operations |  | 21,342 |  |  | 20,624 |
Total assets | $ | 343,142 |  | $ | 334,217 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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