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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 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 on the Consolidated Statements of Comprehensive Income (Loss) (in millions):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenues |  |  |  |  |  |  |
Operating revenues: |  |  |  |  |  |  |
Annuities | $ | 1,209 |  |  | $ | 1,190 |  |  | $ | 2,477 |  |  | $ | 2,331 |
Life Insurance | 1,511 |  |  | 1,760 |  |  | 3,052 |  |  | 3,517 |
Group Protection | 1,441 |  |  | 1,400 |  |  | 2,867 |  |  | 2,788 |
Retirement Plan Services | 327 |  |  | 334 |  |  | 649 |  |  | 661 |
Other Operations | 39 |  |  | 46 |  |  | 66 |  |  | 90 |
Revenue adjustments from annuity and life insurance product features | 105 |  |  | (1,123) |  |  | (474) |  |  | (1,894) |
Credit loss-related adjustments | (34) |  |  | (5) |  |  | (36) |  |  | (27) |
Investment gains (losses) (1) | (230) |  |  | (668) |  |  | (311) |  |  | (726) |
Changes in the fair value of reinsurance-related embedded derivatives, |  |  |  |  |  |  |
trading securities and certain mortgage loans (2) | 201 |  |  | (5) |  |  | 395 |  |  | 3 |
Gains (losses) on other non-financial assets – sale of |  |  |  |  |  |  |
subsidiaries/businesses (3) | 584 |  |  | – |  |  | 584 |  |  | – |
Total revenues | $ | 5,153 |  |  | $ | 2,929 |  |  | $ | 9,269 |  |  | $ | 6,743 |
Reconciliation of Income (Loss) from Operations by Segment to Consolidated Net Income (Loss) |
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30, |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |  |
Net Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from operations: |  |  |  |  |  |  |  |  |  |  |  |
Annuities | $ | 297 |  |  | $ | 271 |  |  | $ | 556 |  |  | $ | 545 |  |  |  |  |  |
Life Insurance | (35) |  |  | 33 |  |  | (70) |  |  | 20 |  |  |  |  |  |
Group Protection | 130 |  |  | 109 |  |  | 210 |  |  | 180 |  |  |  |  |  |
Retirement Plan Services | 40 |  |  | 47 |  |  | 76 |  |  | 90 |  |  |  |  |  |
Other Operations | (102) |  |  | (106) |  |  | (336) |  |  | (193) |  |  |  |  |  |
Net annuity product features, after-tax | 198 |  |  | 822 |  |  | 1,337 |  |  | (195) |  |  |  |  |  |
Net life insurance product features, after-tax | 3 |  |  | (123) |  |  | (102) |  |  | (218) |  |  |  |  |  |
Credit loss-related adjustments, after-tax | (28) |  |  | (3) |  |  | (28) |  |  | (21) |  |  |  |  |  |
Investment gains (losses), after-tax (1) | (181) |  |  | (528) |  |  | (246) |  |  | (574) |  |  |  |  |  |
Changes in the fair value of reinsurance-related embedded derivatives, |  |  |  |  |  |  |  |  |  |  |  |
trading securities and certain mortgage loans, after-tax (2) | 158 |  |  | (4) |  |  | 312 |  |  | 3 |  |  |  |  |  |
Transaction and integration costs related to mergers, |  |  |  |  |  |  |  |  |  |  |  |
acquisitions and divestitures, after-tax (4) | (21) |  |  | (7) |  |  | (29) |  |  | (7) |  |  |  |  |  |
Gains (losses) on other non-financial assets – sale of |  |  |  |  |  |  |  |  |  |  |  |
subsidiaries/businesses, after-tax (3) | 436 |  |  | – |  |  | 436 |  |  | – |  |  |  |  |  |
Net income (loss) | $ | 895 |  |  | $ | 511 |  |  | $ | 2,116 |  |  | $ | (370) |  |  |  |  |  |
(1) The three and six months ended June 30, 2023, include impairments of certain fixed maturity AFS securities in an unrealized loss position, resulting from the Company’s intent to sell these securities as part of the fourth quarter 2023 reinsurance transaction. See Notes 3 and 7 for additional information. (2) 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. (3) For information on the sale of our wealth management business, including the statutory capital benefit, see Note 1. (4) Includes costs pertaining to the sale of our wealth management business and the fourth quarter 2023 reinsurance transaction. For more information, see Notes 1 and 7, respectively.
Reconciliation of Assets from Segment to Consolidated | Other segment information (in millions) was as follows:
| As of June 30, |  | As of December 31,
| 2024 |  | 2023
Assets |  |  |
Annuities | $ | 196,687 |  |  | $ | 185,599 |
Life Insurance | 111,292 |  |  | 108,932 |
Group Protection | 9,626 |  |  | 9,714 |
Retirement Plan Services | 47,714 |  |  | 46,793 |
Other Operations | 19,214 |  |  | 21,375 |
Total assets | $ | 384,533 |  |  | $ | 372,413 |

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