XML 36 R22.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Segment Information | 6 Months Ended
--- | ---
Jun. 30, 2024
Segment Reporting [Abstract] |
Segment Information | Segment Information We provide products and services and report results through our Annuities, Life Insurance, 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 CODMs view and manage the business. A discussion of these segments and Other Operations is found in Note 20 to the Consolidated Financial Statements in our 2023 Form 10-K. 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: •Items related to annuity product features, which include changes in MRBs, including gains and losses and benefit payments, changes in the fair value of the derivative instruments we hold to hedge GLB and GDB riders, net of fee income allocated to support the cost of hedging them, and changes in the fair value of the embedded derivative liabilities of our indexed annuity contracts and the associated index options we hold to hedge them, including collateral expense associated with the hedge program (collectively, “net annuity product features”); •Items related to life insurance product features, which include changes in the fair value of derivatives we hold as part of VUL hedging, changes in reserves resulting from benefit ratio unlocking associated with the impact of capital markets, and changes in the fair value of the embedded derivative liabilities of our IUL contracts and the associated index options we hold to hedge them (collectively, “net life insurance product features”); •Credit loss-related adjustments on fixed maturity AFS securities, mortgage loans on real estate and reinsurance-related assets (“credit loss-related adjustments”); •Changes in the fair value of equity securities, certain derivatives, certain other investments and realized gains (losses) on sales, disposals and impairments of financial assets (collectively, “investment gains (losses)”); •Changes in the fair value of reinsurance-related embedded derivatives, trading securities and mortgage loans on real estate electing the fair value option (“changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans”); •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: •Changes in the fair value of the derivative instruments we hold to hedge GLB and GDB riders, net of fee income allocated to support the cost of hedging them, and changes in the fair value of the embedded derivative liabilities of our indexed annuity and IUL contracts and the associated index options we hold to hedge them (collectively, “revenue adjustments from annuity and life insurance product features”); •Credit loss-related adjustments; •Investment gains (losses); •Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans; •Revenue adjustments from the initial adoption of new accounting standards; •Amortization of deferred gains arising from reserve changes on business sold through reinsurance; and •Gains (losses) on other non-financial assets. We use our prevailing corporate federal income tax rate of 21%, where applicable, net of the impacts related to dividends-received deduction and foreign tax credits and any other permanent differences for events recognized differently in our consolidated financial statements and federal income tax returns. 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 |
| 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. 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 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration