Mean reversion related impacts, net revenue

  


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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | Years Ended December 31, |
|  | 2021 |  | 2020 |  | 2019 |
|  | (in millions) |
| Adjusted operating net revenues: |  |  |  |  |  |
| Advice & Wealth Management | $ | 8,021  |  |  | $ | 6,675  |  |  | $ | 6,599  |  |
| Asset Management | 3,682  |  |  | 2,891  |  |  | 2,913  |  |
| Retirement & Protection Solutions | 3,244  |  |  | 3,094  |  |  | 3,123  |  |
| Corporate & Other | 487  |  |  | 546  |  |  | 1,477  |  |
| Elimination of intersegment revenues (1) | (1,573) |  |  | (1,377) |  |  | (1,402) |  |
| Total segment adjusted operating net revenues | 13,861  |  |  | 11,829  |  |  | 12,710  |  |
| Net realized gains (losses) | 90  |  |  | (11) |  |  | (14) |  |
| Revenue attributable to consolidated investment entities | 107  |  |  | 71  |  |  | 88  |  |
| Market impact on non-traditional long-duration products, net | 38  |  |  | 10  |  |  | —  |  |
| Mean reversion related impacts | 1  |  |  | —  |  |  | —  |  |
| Market impact of hedges on investments | (22) |  |  | —  |  |  | (35) |  |
| Block transfer reinsurance transaction impacts | (644) |  |  | —  |  |  | 8  |  |
| Integration and restructuring charges | —  |  |  | —  |  |  | (3) |  |
| Gain on disposal of business | —  |  |  | —  |  |  | 213  |  |
| Total net revenues per consolidated statements of operations | $ | 13,431  |  |  | $ | 11,899  |  |  | $ | 12,967  |  |

(1) Represents the elimination of intersegment revenues recognized for the years ended December 31, 2021, 2020 and 2019 in each segment as follows: Advice and Wealth Management ($1,043, $893 and $924, respectively); Asset Management ($50, $53 and $55, respectively); Retirement & Protection Solutions ($478, $433 and $429, respectively); and Corporate & Other ($2, $(2) and $(6), respectively).

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | Years Ended December 31, |
|  | 2021 |  | 2020 |  | 2019 |
|  | (in millions) |
| Adjusted operating earnings: |  |  |  |  |  |
| Advice & Wealth Management | $ | 1,743  |  |  | $ | 1,321  |  |  | $ | 1,509  |  |
| Asset Management | 1,096  |  |  | 697  |  |  | 661  |  |
| Retirement & Protection Solutions | 735  |  |  | 480  |  |  | 724  |  |
| Corporate & Other | (270) |  |  | (369) |  |  | (286) |  |
| Total segment adjusted operating earnings | 3,304  |  |  | 2,129  |  |  | 2,608  |  |
| Net realized gains (losses) | 87  |  |  | (10) |  |  | (12) |  |
| Net income (loss) attributable to consolidated investment entities | (4) |  |  | 4  |  |  | 1  |  |
| Market impact on non-traditional long-duration products, net | (656) |  |  | (375) |  |  | (591) |  |
| Mean reversion related impacts | 152  |  |  | 87  |  |  | 57  |  |
| Market impact of hedges on investments | (22) |  |  | —  |  |  | (35) |  |
| Block transfer reinsurance transaction impacts | 521  |  |  | —  |  |  | 8  |  |
| Integration and restructuring charges | (32) |  |  | (4) |  |  | (17) |  |
| Gain on disposal of business | —  |  |  | —  |  |  | 213  |  |
| Pretax income per consolidated statements of operations | $ | 3,350  |  |  | $ | 1,831  |  |  | $ | 2,232  |  |

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure None.Item 9A. Controls and Procedures Disclosure Controls and ProceduresWe maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) designed to provide reasonable assurance that the information required to be reported in the Exchange Act filings is recorded, processed, summarized and reported within the time periods specified in and pursuant to U.S. Securities and Exchange Commission (“SEC”) regulations, including controls and procedures designed to ensure that this information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as         150
