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Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Reconciliation of Revenue from Segments to Consolidated | 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, |  |
| 2024 |  | 2023 |  |  |  |  |
Revenues |  |  |  |  |  |  |  |
Operating revenues: |  |  |  |  |  |  |  |
Annuities | $ | 1,269 |  |  | $ | 1,141 |  |  |  |  |  |
Life Insurance | 1,541 |  |  | 1,757 |  |  |  |  |  |
Group Protection | 1,425 |  |  | 1,388 |  |  |  |  |  |
Retirement Plan Services | 322 |  |  | 328 |  |  |  |  |  |
Other Operations | 27 |  |  | 43 |  |  |  |  |  |
Revenue adjustments from annuity and life insurance product features | (580) |  |  | (773) |  |  |  |  |  |
Credit loss-related adjustments | (1) |  |  | (22) |  |  |  |  |  |
Investment gains (losses) | (81) |  |  | (57) |  |  |  |  |  |
Changes in the fair value of reinsurance-related embedded derivatives, |  |  |  |  |  |  |  |
trading securities and certain mortgage loans (1) | 194 |  |  | 9 |  |  |  |  |  |
Total revenues | $ | 4,116 |  |  | $ | 3,814 |  |  |  |  |  |
Reconciliation of Income (Loss) from Operations by Segment to Consolidated Net Income (Loss) |
| For the Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |  |
Net Income (Loss) |  |  |  |  |  |  |  |
Income (loss) from operations: |  |  |  |  |  |  |  |
Annuities | $ | 259 |  |  | $ | 274 |  |  |  |  |  |
Life Insurance | (35) |  |  | (13) |  |  |  |  |  |
Group Protection | 80 |  |  | 71 |  |  |  |  |  |
Retirement Plan Services | 36 |  |  | 43 |  |  |  |  |  |
Other Operations | (235) |  |  | (87) |  |  |  |  |  |
Net annuity product features, after-tax | 1,141 |  |  | (1,018) |  |  |  |  |  |
Net life insurance product features, after-tax | (103) |  |  | (95) |  |  |  |  |  |
Credit loss-related adjustments, after-tax | (1) |  |  | (18) |  |  |  |  |  |
Investment gains (losses), after-tax | (65) |  |  | (45) |  |  |  |  |  |
Changes in the fair value of reinsurance-related embedded derivatives, |  |  |  |  |  |  |  |
trading securities and certain mortgage loans, after-tax (1) | 153 |  |  | 7 |  |  |  |  |  |
Transaction and integration costs related to mergers, |  |  |  |  |  |  |  |
acquisitions and divestitures, after-tax (2) | (8) |  |  | – |  |  |  |  |  |
Net income (loss) | $ | 1,222 |  |  | $ | (881) |  |  |  |  |  |
(1) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. For more information, see Note 7. (2) Includes costs pertaining to the planned sale of our wealth management business and the fourth quarter 2023 reinsurance transaction. For more information, see Note 1 and 7, respectively.
Reconciliation of Assets from Segment to Consolidated | Other segment information (in millions) was as follows:
| As of March 31, |  | As of December 31,
| 2024 |  | 2023
Assets |  |  |
Annuities | $ | 194,359 |  |  | $ | 185,599 |
Life Insurance | 111,102 |  |  | 108,932 |
Group Protection | 9,759 |  |  | 9,714 |
Retirement Plan Services | 47,728 |  |  | 46,793 |
Other Operations | 20,433 |  |  | 21,375 |
Total assets | $ | 383,381 |  |  | $ | 372,413 |

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