Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Reconciliation Of Revenue From Segments To Consolidated



	For the Three						For the Six
	Months Ended						Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
Revenues
Operating revenues:
Life Insurance	$	1,656		$	1,602		$	3,294		$	3,220
Annuities		1,097			1,003			2,140			2,048
Group Protection		1,400			1,323			2,787			2,626
Retirement Plan Services		328			310			650			624
Other Operations		36			28			75			65
Investment and reinsurance-related realized gain (loss)		(3,175	)		159			(3,388	)		444
GLB rider fees ceded to LNBAR		(232	)		(233	)		(465	)		(471	)
GLB and GDB hedge allowance		204			193			409			396
Indexed product net derivative results		(67	)		29			(238	)		138
Total revenues	$	1,247		$	4,414		$	5,264		$	9,090

Reconciliation Of Income (Loss) From Operations By Segment To Consolidated Net Income (Loss)



	For the Three						For the Six
	Months Ended						Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
Net Income (Loss)
Income (loss) from operations:
Life Insurance	$	32		$	11		$	-		$	-
Annuities		218			242			435			502
Group Protection		109			49			179			3
Retirement Plan Services		43			52			81			106
Other Operations		(75	)		(66	)		(127	)		(126	)
MRB-related impacts, after-tax		977			(570	)		129			(661	)
Investment and reinsurance-related realized gain (loss), after-tax ⁽¹⁾		(2,509	)		126			(2,676	)		351
GLB rider fees ceded to LNBAR, after-tax		(184	)		(184	)		(367	)		(372	)
GLB and GDB hedge allowance, after-tax		160			151			323			312
Indexed product net derivative results, after-tax		(53	)		23			(188	)		109
Benefit ratio unlocking, after-tax ⁽²⁾		333			(6	)		334			(6	)
Transaction and integration costs related to mergers,
acquisitions and divestitures, after-tax ⁽³⁾		(7	)		-			(7	)		-
Net income (loss)	$	(956	)	$	(172	)	$	(1,884	)	$	218

⁽¹⁾Includes a $2.4 billion after-tax impairment of fixed maturity AFS securities in an unrealized loss position for the three and six months ended June 30, 2023, resulting from the Company’s intent to sell these securities as part of the previously announced Fortitude Re reinsurance transaction. Within the investment portfolio anticipated to be sold in the transaction, there are additional fixed maturity AFS securities in an unrealized gain position of approximately $377 million after-tax as of June 30, 2023. Pursuant to the applicable accounting guidance, the Company impaired the securities in a loss position down to fair market value upon entry into the agreement in the second quarter and will recognize a gain for any securities in an unrealized gain position at the time when the transaction closes. For more information, see Notes 4 and 8.

⁽²⁾Includes $330 million after-tax related to the Fortitude Re reinsurance transaction.

⁽³⁾Includes costs pertaining to the Fortitude Re reinsurance transaction. For more information, see Note 8.

Reconciliation of Assets From Segments to Consolidated Balance Sheet


	As of			As of
	June 30,		December 31,
	2023			2022
Assets
Life Insurance	$	100,129		$	97,412
Annuities		179,000			165,711
Group Protection		9,570			9,828
Retirement Plan Services		43,086			42,117
Other Operations		20,988			20,595
Total assets	$	352,773		$	335,663