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Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
We provide products and services and report results through our Annuities, Life Insurance, Group Protection and Retirement Plan Services segments. We also have Other Operations, which includes the financial data for operations that are not directly related to the business segments. Our reporting segments reflect the manner by which our chief operating decision makers view and manage the business. The following is a brief description of these segments and Other Operations.

The Annuities segment provides tax-deferred investment growth and lifetime income opportunities for its clients by offering variable annuities (including RILA) and fixed annuities (including indexed).

The Life Insurance segment focuses on the creation and protection of wealth through life insurance products, including term insurance, both single (including UL, corporate-owned UL and VUL and bank-owned UL and VUL products) and survivorship versions of IUL and VUL products, linked-benefit products (which are UL and VUL with riders providing for long-term care costs), and critical illness and long-term care riders, which can be attached to IUL or VUL policies.

The Group Protection segment offers group non-medical insurance products and services, including short- and long-term disability, statutory disability and paid family medical leave administration and absence management services, term life, dental, vision and accident, critical illness and hospital indemnity benefits and services to the employer marketplace through various forms of employee-paid and employer-paid plans.

The Retirement Plan Services segment provides employer-sponsored defined benefit and individual retirement accounts, as well as individual and group variable annuities, group fixed annuities and mutual-fund based programs in the retirement plan marketplace.

Other Operations includes investments related to the excess capital in our insurance subsidiaries; benefit plan obligations; the results of certain disability income business; our run-off institutional pension business, the majority of which was sold on a group annuity basis; debt costs; Spark program expense; and other corporate investments.
Segment operating revenues and income (loss) from operations are internal measures used by our management and Board of Directors to evaluate and assess the results of our segments. Income (loss) from operations is GAAP net income excluding the after-tax effects of the following items, as applicable:

•Items related to annuity product features, which include changes in MRBs, including gains and losses and benefit payments, changes in the fair value of the derivative instruments we hold to hedge GLB and GDB riders, net of fee income allocated to support the cost of hedging them, and changes in the fair value of the embedded derivative liabilities of our indexed annuity contracts and the associated index options we hold to hedge them, including collateral expense associated with the hedge program (collectively, “net annuity product features”);
•Items related to life insurance product features, which include changes in the fair value of derivatives we hold as part of VUL hedging, changes in reserves resulting from benefit ratio unlocking associated with the impact of capital markets, and changes in the fair value of the embedded derivative liabilities of our IUL contracts and the associated index options we hold to hedge them (collectively, “net life insurance product features”);
•Credit loss-related adjustments on fixed maturity AFS securities, mortgage loans on real estate and reinsurance-related assets (“credit loss-related adjustments”);
•Changes in the fair value of equity securities, certain derivatives, certain other investments and realized gains (losses) on sales, disposals and impairments of financial assets (collectively, “investment gains (losses)”);
•Changes in the fair value of reinsurance-related embedded derivatives, trading securities and mortgage loans on real estate electing the fair value option (“changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans”);
•Income (loss) from the initial adoption of new accounting standards, regulations and policy changes;
•Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance;
•Transaction and integration costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business;
•Gains (losses) on modification or early extinguishment of debt;
•Losses from the impairment of intangible assets and gains (losses) on other non-financial assets; and
•Income (loss) from discontinued operations.

Operating revenues represent GAAP revenues excluding the pre-tax effects of the following items, as applicable:

•Changes in the fair value of the derivative instruments we hold to hedge GLB and GDB riders, net of fee income allocated to support the cost of hedging them, and changes in the fair value of the embedded derivative liabilities of our indexed annuity and IUL contracts and the associated index options we hold to hedge them (collectively, “revenue adjustments from annuity and life insurance product features”);
•Credit loss-related adjustments;
•Investment gains (losses);
•Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans;
•Revenue adjustments from the initial adoption of new accounting standards; and
•Amortization of deferred gains arising from reserve changes on business sold through reinsurance.

We use our prevailing corporate federal income tax rate of 21%, where applicable, net of the impacts related to dividends received deduction and foreign tax credits and any other permanent differences for events recognized differently in our financial statements and federal income tax returns.
The tables below reconcile our segment measures of performance to the GAAP measures presented in the Consolidated Statements of Comprehensive Income (Loss) (in millions):

For the Years Ended December 31,
202320222021
Revenues
Operating revenues:
Annuities (1)
$3,002 $4,482 $4,691 
Life Insurance6,907 6,747 7,387 
Group Protection5,563 5,304 4,995 
Retirement Plan Services1,310 1,274 1,322 
Other Operations (1)
(755)156 181 
Revenue adjustments from annuity and life insurance product features(2,541)1,009 (1,696)
Credit loss-related adjustments(80)(130)110 
Investment gains (losses)(959)20 658 
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans (2)
(802)(52)67 
Total revenues (1)
$11,645 $18,810 $17,715 

 
For the Years Ended December 31,
202320222021
Net Income (Loss)
Income (loss) from operations:
Annuities$1,073 $1,161 $1,337 
Life Insurance(159)(2,094)487 
Group Protection299 41 (164)
Retirement Plan Services171 211 248 
Other Operations(411)(486)(371)
Net annuity product features, after-tax52 3,266 1,600 
Net life insurance product features, after-tax(310)21 (1)
Credit loss-related adjustments, after-tax(63)(103)87 
Investment gains (losses), after-tax(744)16 519 
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans, after-tax (2)
(633)(41)53 
Impairment of intangibles– (634)– 
Transaction and integration costs related to mergers, acquisitions and divestitures,
 after-tax (3)
(27)– (11)
Gain (loss) on modification or early extinguishment of debt, after-tax– – (6)
Net income (loss)$(752)$1,358 $3,778 

(1) Includes ceded insurance premiums primarily related to the Fortitude Re reinsurance transaction effective in the fourth quarter of 2023. For more information, see Note 8.
(2)     Includes primarily changes in the fair value of the embedded derivative related to the Fortitude Re reinsurance transaction effective in the fourth quarter of 2023. For more information, see Notes 6 and 8.
(3)    Includes costs pertaining to the Fortitude Re reinsurance transaction and the planned sale of our wealth management business. For more information, see Note 1 and Note 8, respectively.
Other segment information (in millions) was as follows:

For the Years Ended December 31,
202320222021
Net Investment Income
Annuities$1,668 $1,463 $1,400 
Life Insurance2,712 2,587 3,207 
Group Protection339 334 365 
Retirement Plan Services1,012 976 991 
Other Operations148 155 148 
Total net investment income$5,879 $5,515 $6,111 

For the Years Ended December 31,
202320222021
Federal Income Tax Expense (Benefit)
Annuities$140 $185 $255 
Life Insurance(72)(587)110 
Group Protection80 11 (44)
Retirement Plan Services30 36 52 
Other Operations(115)(116)(105)
Net annuity product features14 867 427 
Net life insurance product features(83)5 — 
Credit loss-related adjustments(17)(27)20 
Investment gains (losses)(198)4 141 
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans(168)(11)14 
Transaction and integration costs related to mergers,
acquisitions and divestitures(7)– (3)
Gain (loss) on modification or early extinguishment of debt– – (2)
Total federal income tax expense (benefit)$(396)$367 $865 

As of December 31,
20232022
Assets
Annuities$185,599 $167,434 
Life Insurance108,932 94,568 
Group Protection9,714 9,784 
Retirement Plan Services46,793 41,914 
Other Operations21,375 20,631 
Total assets$372,413 $334,331