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BUSINESS SEGMENT INFORMATION (Tables)
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment The table below presents Operating earnings (loss) by segment and Corporate and Other and a reconciliation to Net income (loss) attributable to Holdings for the three and nine months ended September 30, 2020 and 2019, respectively:
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
(in millions)
Net income (loss) attributable to Holdings$(779)$(374)$590 $(818)
Adjustments related to:
Variable annuity product features (1)1,620 1,431 473 3,167 
Investment (gains) losses(17)(199)(190)(176)
Net actuarial (gains) losses related to pension and other postretirement benefit obligations31 24 86 72 
Other adjustments (2) (3)66 73 836 200 
Income tax expense (benefit) related to above adjustments (4)(357)(278)(253)(685)
Non-recurring tax items4 (4)12 (56)
Non-GAAP Operating Earnings$568 $673 $1,554 $1,704 
Operating earnings (loss) by segment:
Individual Retirement$371 $465 $1,094 $1,206 
Group Retirement$129 $105 $325 $281 
Investment Management and Research$104 $93 $291 $250 
Protection Solutions$51 $100 $88 $207 
Corporate and Other (5)$(87)$(90)$(244)$(240)
______________
(1)Includes COVID-19 impact on Variable annuity product features due to a first quarter 2020 assumption update of $1.5 billion and other COVID-19 related impacts of $35 million for the nine months ended September 30, 2020.
(2)Includes COVID-19 impact on Other adjustments due to a first quarter 2020 assumption update of $1,049 million and other COVID-19 related impacts of $86 million for the nine months ended September 30, 2020.
(3)Include separation costs of $37 million, $39 million,$108 million and $121 million for the three and nine months ended September 30, 2020 and 2019, respectively.
(4)Includes income taxes of $554 million for the above COVID-19 items for the nine months ended September 30, 2020.
(5)Includes interest expense and financing fees of $56 million, $59 million, $164 million and $170 million for the three and nine months ended September 30, 2020 and 2019, respectively.
Segment revenues is a measure of the Company’s revenue by segment as adjusted to exclude certain items. The following table reconciles segment revenues to total revenues by excluding the following items:
•Items related to variable annuity product features, which include certain changes in the fair value of the derivatives and other securities we use to hedge these features and changes in the fair value of the embedded derivatives reflected within the net derivative results of variable annuity product features;
•Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;
•Other adjustments, which includes investment income (loss) from certain derivative instruments, excluding derivative instruments used to hedge risks associated with interest margins on interest sensitive life and annuity contracts and freestanding and embedded derivatives associated with products with GMxB features.
The table below presents segment revenues for the three and nine months ended September 30, 2020 and 2019.
 
Three Months Ended September 30,Nine Months Ended September 30,
 
2020201920202019
(in millions)
Segment revenues:
Individual Retirement (1)$1,079 $1,181 $3,352 $3,253 
Group Retirement (1)301 273 829 791 
Investment Management and Research (2)899 872 2,650 2,500 
Protection Solutions (1)751 855 2,344 2,524 
Corporate and Other (1)300 302 881 914 
Adjustments related to:
Variable annuity product features(1,512)(608)1,160 (2,244)
Investment gains (losses), net17 199 190 176 
Other adjustments to segment revenues (3)5 4 493 29 
Total revenues$1,840 $3,078 $11,899 $7,943 
______________
(1)Includes investment expenses charged by AB of $17 million, $18 million, $51 million and $57 million for the three and nine months ended September 30, 2020 and 2019, respectively, for services provided to the Company.
(2)Inter-segment investment management and other fees of $28 million, $26 million, $82 million and $77 million for the three and nine months ended September 30, 2020 and 2019, respectively, are included in segment revenues of the Investment Management and Research segment.
(3)Includes COVID-19 impact on other adjustments due to an assumption update of $46 million and other COVID-19 related impacts of $(30) million for the nine months ended September 30, 2020.
The table below presents total assets by segment as of September 30, 2020 and December 31, 2019:
 
September 30, 2020December 31, 2019
(in millions)
Total assets by segment:
Individual Retirement$129,265 $123,627 
Group Retirement47,745 43,590 
Investment Management and Research10,736 10,170 
Protection Solutions47,166 46,832 
Corporate and Other27,584 25,599 
Total assets$262,496 $249,818