Segments (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Reconciliation of Operating Earnings Before Income Taxes from Segments to Consolidated

The summary below reconciles Adjusted operating earnings before income taxes for the segments to Income (loss) from continuing operations before income taxes for the periods indicated:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Income (loss) from continuing operations before income taxes	$	(48)	$	243	$	(4)	$	345
Less Adjustments:
Net investment gains (losses) and related charges and adjustments	42		45		34		58
Net guaranteed benefit hedging gains (losses) and related charges and adjustments	38		(6)		(52)		(10)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment	(55)		40		(45)		49
Income (loss) attributable to noncontrolling interest	(79)		26		(73)		25
Immediate recognition of net actuarial gains (losses) related to pension and other post-employment benefit obligations and gains (losses) from plan amendments and curtailments	—		—		—		66
Dividend payments made to preferred shareholders	4		—		18		10
Other adjustments	(15)		(52)		(37)		(144)
Total adjustments to income (loss) from continuing operations	$	(65)	$	53	$	(155)	$	54
Adjusted operating earnings before income taxes by segment:
Retirement	$	37	$	180	$	160	$	309
Investment Management	20		41		59		75
Employee Benefits	36		49		98		87
Corporate	(75)		(80)		(166)		(180)
Total	$	17	$	190	$	151	$	291

Reconciliation of Revenue from Segments to Total Revenues

The summary below reconciles Adjusted operating revenues for the segments to Total revenues for the periods indicated:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Total revenues	$	1,663	$	1,969	$	3,348	$	3,791
Adjustments:
Net realized investment gains (losses) and related charges and adjustments	41		42		33		55
Gains (losses) on change in fair value of derivatives related to guaranteed benefits	38		(5)		(52)		(9)
Revenues related to businesses exited or to be exited through reinsurance or divestment	332		417		676		815
Revenues attributable to noncontrolling interest	(66)		50		(57)		54
Other adjustments	93		70		125		152
Total adjustments to revenues	438		574		$	726	$	1,067
Adjusted operating revenues by segment:
Retirement	559		688		$	1,236	$	1,336
Investment Management	129		163		294		311
Employee Benefits	530		515		1,074		1,023
Corporate	7		29		18		54
Total	$	1,225	$	1,395	$	2,622	$	2,724

Schedule of Intersegment Revenues Included in Investment Management Segment

The Investment Management segment revenues include the following intersegment revenues, primarily consisting of asset-based management and administration fees for the periods indicated:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Investment Management intersegment revenues	$	27	$	25	$	53	$	51

Summary of Financial Information for Segments

The summary below presents Total assets for the Company’s segments as of the dates indicated:

	June 30, 2020		December 31, 2019
Retirement	$	116,471	$	118,024
Investment Management	690		745
Employee Benefits	2,893		3,117
Corporate	25,342		25,206
Total assets, before consolidation(1)	145,396		147,092
Consolidation of investment entities	1,615		1,890
Total assets, excluding assets held for sale	147,011		148,982
Assets held for sale	19,923		20,069
Total assets	$	166,934	$	169,051

⁽¹⁾ Total assets, before consolidation includes the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option.