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Segment Information (Tables) | 9 Months Ended
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Sep. 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 September 30, |  | For the Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenues |  |  |  |  |  |  |
Operating revenues: |  |  |  |  |  |  |
Annuities | $ | 1,195 |  |  | $ | 1,197 |  |  | $ | 3,673 |  |  | $ | 3,528 |
Life Insurance | 1,589 |  |  | 1,723 |  |  | 4,640 |  |  | 5,241 |
Group Protection | 1,432 |  |  | 1,388 |  |  | 4,299 |  |  | 4,176 |
Retirement Plan Services | 335 |  |  | 327 |  |  | 984 |  |  | 988 |
Other Operations | 52 |  |  | 38 |  |  | 118 |  |  | 127 |
Revenue adjustments from annuity and |  |  |  |  |  |  |
life insurance product features | 149 |  |  | (14) |  |  | (325) |  |  | (1,908) |
Credit loss-related adjustments | (88) |  |  | (27) |  |  | (124) |  |  | (53) |
Investment gains (losses) (1) | (105) |  |  | (400) |  |  | (416) |  |  | (1,126) |
Changes in the fair value of reinsurance-related embedded |  |  |  |  |  |  |
derivatives, trading securities and certain mortgage loans (2) | (446) |  |  | (29) |  |  | (51) |  |  | (27) |
Gains (losses) on other non-financial assets – sale of |  |  |  |  |  |  |
subsidiaries/businesses (3) | (2) |  |  | – |  |  | 582 |  |  | – |
Total revenues | $ | 4,111 |  |  | $ | 4,203 |  |  | $ | 13,380 |  |  | $ | 10,946 |
Reconciliation of Income (Loss) from Operations by Segment to Consolidated Net Income (Loss) |
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30, |  |
| 2024 |  | 2023 (4) |  | 2024 |  | 2023 (4) |  |  |  |  |
Net Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from operations: |  |  |  |  |  |  |  |  |  |  |  |
Annuities | $ | 301 |  |  | $ | 248 |  |  | $ | 857 |  |  | $ | 794 |  |  |  |  |  |
Life Insurance | 22 |  |  | (173) |  |  | (48) |  |  | (153) |  |  |  |  |  |
Group Protection | 109 |  |  | 68 |  |  | 318 |  |  | 247 |  |  |  |  |  |
Retirement Plan Services | 44 |  |  | 43 |  |  | 120 |  |  | 133 |  |  |  |  |  |
Other Operations | (84) |  |  | (102) |  |  | (276) |  |  | (293) |  |  |  |  |  |
Net annuity product features, pre-tax | (381) |  |  | 1,322 |  |  | 1,319 |  |  | 1,076 |  |  |  |  |  |
Net life insurance product features, pre-tax | (125) |  |  | 108 |  |  | (253) |  |  | (168) |  |  |  |  |  |
Credit loss-related adjustments, pre-tax | (88) |  |  | (27) |  |  | (124) |  |  | (53) |  |  |  |  |  |
Investment gains (losses), pre-tax (1) | (105) |  |  | (400) |  |  | (416) |  |  | (1,126) |  |  |  |  |  |
Changes in the fair value of reinsurance-related |  |  |  |  |  |  |  |  |  |  |  |
embedded derivatives, trading securities and |  |  |  |  |  |  |  |  |  |  |  |
certain mortgage loans, pre-tax (2) | (446) |  |  | (29) |  |  | (51) |  |  | (27) |  |  |  |  |  |
Gains (losses) on other non-financial assets – sale of |  |  |  |  |  |  |  |  |  |  |  |
subsidiaries/businesses, pre-tax (3) | (2) |  |  | – |  |  | 582 |  |  | – |  |  |  |  |  |
Other items, pre-tax (5) (6) (7) (8) | (19) |  |  | (12) |  |  | (238) |  |  | (23) |  |  |  |  |  |
Income tax benefit (expense) related to the |  |  |  |  |  |  |  |  |  |  |  |
above pre-tax items | 246 |  |  | (193) |  |  | (202) |  |  | 76 |  |  |  |  |  |
Net income (loss) | $ | (528) |  |  | $ | 853 |  |  | $ | 1,588 |  |  | $ | 483 |  |  |  |  |  |
(1) The three and nine months ended September 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) The prior period presentation has been recast to conform to the revised definition of income (loss) from operations. (5) Includes certain legal accruals of $(12) million in the third quarter of 2023 and $(114) million primarily related to the settlement of cost of insurance litigation in the first quarter of 2024. (6) Includes severance expense related to initiatives that realign the workforce of $(3) million, $(3) million, $(49) million, $(7) million and $(16) million in the first quarter of 2023, second quarter of 2023, first quarter of 2024, second quarter of 2024 and third quarter of 2024, respectively. (7) Includes transaction and integration costs related to mergers, acquisitions and divestitures of $(9) million, $(1) million, $(10) million, $(27) million and $(2) million for the second quarter of 2023, third quarter of 2023, first quarter of 2024, second quarter of 2024 and third quarter of 2024, respectively. (8) Includes deferred compensation mark-to-market adjustment of $12 million, $(8) million, $1 million, $(13) million, $1 million and $(1) million in the first quarter of 2023, second quarter of 2023, third quarter of 2023, first quarter of 2024, second quarter of 2024 and third quarter of 2024, respectively.
Reconciliation of Assets from Segment to Consolidated | Other segment information (in millions) was as follows:
| As of September 30, |  | As of December 31,
| 2024 |  | 2023
Assets |  |  |
Annuities | $ | 202,827 |  |  | $ | 185,599 |
Life Insurance | 115,397 |  |  | 108,932 |
Group Protection | 9,216 |  |  | 9,714 |
Retirement Plan Services | 49,533 |  |  | 46,793 |
Other Operations | 19,867 |  |  | 21,375 |
Total assets | $ | 396,840 |  |  | $ | 372,413 |

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