Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Reconciliation of Revenue from Segments to Consolidated

The tables below reconcile our segment measures of performance to the GAAP measures presented on the Consolidated Statements of Comprehensive Income (Loss) (in millions):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Revenues
Operating revenues:
Annuities	$	1,141	$	1,097	$	2,319	$	2,140
Life Insurance	1,318		1,656		2,498		3,294
Group Protection (1)	(3,051)		1,400		(1,626)		2,787
Retirement Plan Services	323		328		640		650
Other Operations	34		36		59		75
Revenue adjustments from annuity and life insurance product features	224		(23)		394		(114)
Credit loss-related adjustments	(33)		(5)		(33)		(26)
Investment gains (losses) (2)	(204)		(3,081)		(260)		(3,137)
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans	43		71		90		60
GLB rider fees ceded to LNBAR	(232)		(232)		(462)		(465)
Gains (losses) on other non-financial assets – sale of
subsidiaries/businesses (3)	481		–		481		–

Total revenues	$	44	$	1,247	$	4,100	$	5,264

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Net Income (Loss)
Income (loss) from operations:
Annuities	$	252	$	218	$	475	$	435
Life Insurance	79		32		28		–
Group Protection	129		109		209		179
Retirement Plan Services	37		43		69		81
Other Operations	(59)		(75)		(167)		(127)
Net annuity product features, after-tax	324		1,084		1,108		262
Net life insurance product features, after-tax (4)	(12)		207		(114)		112
Credit loss-related adjustments, after-tax	(27)		(4)		(28)		(21)
Investment gains (losses), after-tax (2)	(160)		(2,435)		(206)		(2,478)
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans, after-tax	34		56		71		47
GLB rider fees ceded to LNBAR, after-tax	(182)		(184)		(364)		(367)

Transaction and integration costs related to mergers,
acquisitions and divestitures, after-tax (5)	(12)		(7)		(21)		(7)
Gains (losses) on other non-financial assets – sale of
subsidiaries/businesses, after-tax (3)	358		–		358		–
Net income (loss)	$	761	$	(956)	$	1,418	$	(1,884)

(1) The three and six months ended June 30, 2024, reflect day one impacts pertaining to the second quarter 2024 reinsurance transaction. For more information, see Note 7.

(2) The three and six months ended June 30, 2023, include impairments of certain fixed maturity AFS securities in an unrealized loss position, resulting from the Company’s intent to sell these securities as part of the fourth quarter 2023 reinsurance transaction. See Notes 3 and 7 for additional information.

(3) For information on the sale of the wealth management business, see Note 1.

(4) The three and six months ended June 30, 2023, include $330 million after-tax related to the fourth quarter 2023 reinsurance transaction. For more information, see Note 7.

(5) Includes costs pertaining to the sale of the wealth management business and the fourth quarter 2023 reinsurance transaction. For more information, see Notes 1 and 7, respectively.

Reconciliation of Assets from Segment to Consolidated

Other segment information (in millions) was as follows:


	As of June 30,		As of December 31,
	2024		2023
Assets
Annuities	$	204,946	$	186,716
Life Insurance	112,686		107,529
Group Protection	13,943		9,741
Retirement Plan Services	47,830		46,969
Other Operations	19,529		23,021
Total assets	$	398,934	$	373,976