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v3.23.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Information [Abstract] |
Reconciliation Of Revenue From Segments To Consolidated |
| For the Three |  |  | For the Six |
| Months Ended |  |  | Months Ended |
| June 30, |  |  | June 30, |
| 2023 |  | 2022 |  |  | 2023 |  | 2022 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenues: |  |  |  |  |  |  |  |  |  |  |  |  |
Life Insurance | $ | 1,760 |  | $ | 1,705 |  |  | $ | 3,517 |  | $ | 3,435 |
Annuities |  | 1,190 |  |  | 1,097 |  |  |  | 2,331 |  |  | 2,244 |
Group Protection |  | 1,400 |  |  | 1,323 |  |  |  | 2,788 |  |  | 2,626 |
Retirement Plan Services |  | 334 |  |  | 315 |  |  |  | 661 |  |  | 633 |
Other Operations |  | 46 |  |  | 34 |  |  |  | 90 |  |  | 73 |
Investment and reinsurance-related realized gain (loss) |  | (838 | ) |  | (25 | ) |  |  | (1,034 | ) |  | (25 | )
Changes in fair value of GLB and GDB |  |  |  |  |  |  |  |  |  |  |  |  |
hedge instruments, net of hedge allowance |  | (896 | ) |  | 1,099 |  |  |  | (1,372 | ) |  | 1,173 |
Indexed product net derivative results |  | (67 | ) |  | 29 |  |  |  | (238 | ) |  | 138 |
Total revenues | $ | 2,929 |  | $ | 5,577 |  |  | $ | 6,743 |  | $ | 10,297 |
Reconciliation Of Income (Loss) From Operations By Segment To Consolidated Net Income (Loss) |
| For the Three |  |  | For the Six |
| Months Ended |  |  | Months Ended |
| June 30, |  |  | June 30, |
| 2023 |  | 2022 |  |  | 2023 |  | 2022 |
Net Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from operations: |  |  |  |  |  |  |  |  |  |  |  |  |
Life Insurance | $ | 33 |  | $ | 63 |  |  | $ | 20 |  | $ | 87 |
Annuities |  | 271 |  |  | 294 |  |  |  | 545 |  |  | 612 |
Group Protection |  | 109 |  |  | 49 |  |  |  | 180 |  |  | 3 |
Retirement Plan Services |  | 47 |  |  | 55 |  |  |  | 90 |  |  | 113 |
Other Operations |  | (106 | ) |  | (87 | ) |  |  | (193 | ) |  | (168 | )
MRB-related impacts, after-tax |  | 1,585 |  |  | (399 | ) |  |  | 1,079 |  |  | 664 |
Investment and reinsurance-related realized gain (loss), after-tax (1) |  | (662 | ) |  | (20 | ) |  |  | (816 | ) |  | (19 | )
Changes in fair value of GLB and GDB hedge |  |  |  |  |  |  |  |  |  |  |  |  |
instruments, net of hedge allowance, after-tax |  | (708 | ) |  | 868 |  |  |  | (1,084 | ) |  | 926 |
Indexed product net derivative results, after-tax |  | (53 | ) |  | 23 |  |  |  | (188 | ) |  | 109 |
Benefit ratio unlocking, after-tax |  | 2 |  |  | (6 | ) |  |  | 4 |  |  | (6 | )
Transaction and integration costs related to mergers, |  |  |  |  |  |  |  |  |  |  |  |  |
acquisitions and divestitures, after-tax (2) |  | (7 | ) |  | - |  |  |  | (7 | ) |  | - |
Net income (loss) | $ | 511 |  | $ | 840 |  |  | $ | (370 | ) | $ | 2,321 |
(1)Includes a $493 million after-tax impairment of fixed maturity AFS securities in an unrealized loss position for the three and six months ended June 30, 2023, resulting from the Company’s intent to sell these securities as part of the previously announced Fortitude Re reinsurance transaction. Within the investment portfolio anticipated to be sold in the transaction, there are additional fixed maturity AFS securities in an unrealized gain position of approximately $374 million after-tax as of June 30, 2023. Pursuant to the applicable accounting guidance, the Company impaired the securities in a loss position down to fair market value upon entry into the agreement in the second quarter and will recognize a gain for any securities in an unrealized gain position at the time when the transaction closes. For more information, see Notes 4 and 8. (2)Includes costs pertaining to the Fortitude Re reinsurance transaction. For more information, see Note 8.
Reconciliation Of Assets From Segments To Consolidated |
| As of |  | As of
| June 30, |  | December 31,
| 2023 |  | 2022
Assets |  |  |  |  |
Life Insurance | $ | 97,306 |  | $ | 94,536
Annuities |  | 177,686 |  |  | 167,377
Group Protection |  | 9,536 |  |  | 9,780
Retirement Plan Services |  | 42,936 |  |  | 41,900
Other Operations |  | 21,148 |  |  | 20,624
Total assets | $ | 348,612 |  | $ | 334,217

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