Segments (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Income (loss) from continuing operations before income taxes	$	101	$	411	$	345	$	2,477
Less Adjustments:
Net investment gains (losses) and related charges and adjustments	(5)		(1)		(144)		66
Net guaranteed benefit gains (losses) and related charges and adjustments	(8)		(3)		(27)		2
Income (loss) related to businesses exited or to be exited through reinsurance or divestment	(14)		(173)		(111)		798
Income (loss) attributable to noncontrolling interest	(138)		214		(20)		661
Income (loss) related to early extinguishment of debt	1		—		(3)		(10)
Immediate recognition of net actuarial gains (losses) related to pension and other post-employment benefit obligations and gains (losses) from plan amendments and curtailments	—		—		4		—
Dividend payments made to preferred shareholders	14		14		32		32
Other adjustments	(47)		(28)		(116)		(86)
Total adjustments to income (loss) from continuing operations	$	(197)	$	22	$	(385)	$	1,463

Adjusted operating earnings before income taxes by segment:
Wealth Solutions	$	168	$	319	$	560	$	869
Health Solutions	149		71		217		171
Investment Management	51		63		129		180
Corporate	(57)		(65)		(163)		(207)
Total including Allianz noncontrolling interest	$	311	$	388	$	743	$	1,014
Less: Earnings (loss) attributable to Allianz noncontrolling interest	12		—		12		—
Total	$	299	$	388	$	730	$	1,014

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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Total revenues	$	1,338	$	2,009	$	4,371	$	2,555

Adjustments:
Net investment gains (losses) and related charges and adjustments	(9)		(5)		(166)		(44)
Gains (losses) on change in fair value of derivatives related to guaranteed benefits	(8)		(3)		(27)		2
Revenues related to businesses exited or to be exited through reinsurance or divestment	(38)		57		(143)		(3,356)
Revenues attributable to noncontrolling interest	(130)		228		11		697
Other adjustments	30		44		66		358
Total adjustments to revenues	$	(156)	$	320	$	(258)	$	(2,343)

Adjusted operating revenues by segment:
Wealth Solutions	$	643	$	857	$	2,103	$	2,446
Health Solutions	646		606		1,933		1,796
Investment Management	192		200		542		582
Corporate	13		25		51		73
Total	$	1,494	$	1,689	$	4,629	$	4,898

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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Investment Management intersegment revenues	$	23	$	23	$	68	$	68

Summary of Financial Information for Segments

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


	September 30, 2022		December 31, 2021
Wealth Solutions	$	110,324	$	137,544
Health Solutions	2,751		3,002
Investment Management	1,532		1,226
Corporate	25,532		26,025
Total assets, before consolidation(1)	140,139		167,797
Consolidation of investment entities	3,909		3,465


Total assets	$	144,048	$	171,262

(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.