BUSINESS SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2022

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 months ended March 31, 2022 and 2021, respectively:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Net income (loss) attributable to Holdings	$	573	$	(1,488)
Adjustments related to:
Variable annuity product features	(601)		2,267
Investment (gains) losses	326		(183)
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	19		34
Other adjustments (1) (2) (3)	220		524
Income tax expense (benefit) related to above adjustments	8		(555)
Non-recurring tax items	3		1
Non-GAAP Operating Earnings	$	548	$	600
Operating earnings (loss) by segment:
Individual Retirement	$	293	$	363
Group Retirement	$	150	$	151
Investment Management and Research	$	136	$	121
Protection Solutions	$	35	$	41
Corporate and Other (4)	$	(66)	$	(76)

______________

(1)Includes separation costs of $21 million for the three months ended March 31, 2021. Separation costs were completed during 2021.

(2)Includes certain legal accruals related to the COI litigation of $59 million and $180 million for the three months ended March 31, 2022 and 2021.Includes policyholder benefit costs of $75 million for the three months ended March 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market.

(3)Includes Non-GMxB related derivative hedge gains and losses of $(2) million and $244 million for the three months ended March 31, 2022 and 2021, respectively.

(4)Includes interest expense and financing fees of $53 million and $58 million for the three months ended March 31, 2022 and 2021, respectively.

The table below presents segment revenues for the three months ended March 31, 2022 and 2021.

	Three Months Ended March 31,
	2022		2021
	(in millions)
Segment revenues:
Individual Retirement (1)	$	1,022	$	980
Group Retirement (1)	334		329
Investment Management and Research (2)	1,135		1,004
Protection Solutions (1)	851		826
Corporate and Other (1)	374		334
Adjustments related to:
Variable annuity product features	631		(2,282)
Investment gains (losses), net	(326)		183
Other adjustments to segment revenues	(77)		(221)
Total revenues	$	3,944	$	1,153

______________

(1)Includes investment expenses charged by AB of $21 million and $19 million for the three months ended March 31, 2022 and 2021, respectively, for services provided to the Company.

(2)Inter-segment investment management and other fees of $28 million and $30 million for the three months ended March 31, 2022 and 2021, respectively, are included in segment revenues of the Investment Management and Research segment.

The table below presents total assets by segment as of March 31, 2022 and 2021:

	March 31, 2022		December 31, 2021
	(in millions)
Total assets by segment:
Individual Retirement	$	132,467	$	143,663
Group Retirement	53,531		55,368
Investment Management and Research	12,010		11,602
Protection Solutions	43,504		50,686
Corporate and Other	36,146		30,943
Total assets	$	277,658	$	292,262