SEGMENT INFORMATION Segments The Companys principal operations are comprised of five divisions, which together encompass seven segments, and its Corporate and Other operations. The PGIM division consists of the PGIM segment. The U.S. Workplace Solutions division consists of the Retirement and Group Insurance segments. The U.S. Individual Solutions division consists of the Individual Annuities and Individual Life segments. The International Insurance division consists of the International Insurance segment. The Closed Block division consists of the Closed Block segment. The Closed Block division is accounted for as a divested business that is reported separately from the Divested and Run-off Businesses that are included in Corporate and Other operations. Divested and Run-off Businesses are comprised of businesses that have been, or will be, sold or exited, including businesses that have been placed in wind down status that do not qualify for discontinued operations accounting treatment under U.S. GAAP. The Companys Corporate and Other operations include corporate items and initiatives that are not allocated to business segments and businesses that have been or will be divested or placed in run-off, excluding the Closed Black division. Adjusted Operating Income The Company analyzes the operating performance of each segment using adjusted operating income. Adjusted operating income does not equate to Income (loss) before income taxes and equity in earnings of operating joint ventures or Net income (loss) as determined in accordance with U.S. GAAP but is the measure of segment profit or loss used by the Companys chief operating decision maker to evaluate segment performance and allocate resources, and consistent with authoritative guidance, is the measure of segment performance presented below. Adjusted operating income is calculated by adjusting each segments Income (loss) before income taxes and equity in earnings of operating joint ventures for the following items:  realized investment gains (losses), net, and related adjustments;  charges related to realized investment gains (losses), net;  net investment gains (losses) on assets supporting experience-rated contractholder liabilities and changes in experience-rated contractholder liabilities due to asset value changes;  divested and run-off businesses; and  equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests. These items are important to an understanding of overall results of operations. Adjusted operating income is not a substitute for income determined in accordance with U.S. GAAP, and the Companys definition of adjusted operating income may differ from that used by other companies. The Company, however, believes that the presentation of adjusted operating income as measured for management purposes enhances the understanding of results of operations by highlighting the results from ongoing operations and the underlying profitability factors of its businesses. For more information on these reconciling items, see Note 21 to the Consolidated Financial Statements included in the Companys Annual Report on Form 10-K for the year ended December 31, 2018. Reconciliation of adjusted operating income to net income (loss) The table below reconciles Adjusted operating income before income taxes to Income before income taxes and equity in earnings of operating joint ventures: Three Months Ended March 31, 2019 2018 (in millions) Adjusted operating income before income taxes by segment: PGIM $ 214 $ 232 Total PGIM division 214 232 Retirement 251 317 Group Insurance 53 55 Total U.S. Workplace Solutions division 304 372 Individual Annuities(1) 472 519 Individual Life 105 36 Total U.S. Individual Solutions division 577 555 International Insurance 922 856 Total International Insurance division 922 856 Corporate and Other operations (412 ) (294 ) Total Corporate and Other (412 ) (294 ) Total segment adjusted operating income before income taxes 1,605 1,721 Reconciling items: Realized investment gains (losses), net, and related adjustments (663 ) 87 Charges related to realized investment gains (losses), net 25 (23 ) Investment gains (losses) on assets supporting experience-rated contractholder liabilities, net 454 (403 ) Change in experience-rated contractholder liabilities due to asset value changes (403 ) 418 Divested and Run-off businesses: Closed Block division (19 ) (9 ) Other Divested and Run-off businesses 174 (72 ) Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests (33 ) (26 ) Consolidated income (loss) before income taxes and equity in earnings of operating joint ventures $ 1,140 $ 1,693 __________ (1) Individual Annuities segment results reflect DAC as if the individual annuity business is a stand-alone operation. The elimination of intersegment costs capitalized in accordance with this policy is included in consolidating adjustments within Corporate and Other operations. Reconciliation of selected financial information The table below presents total revenues and assets for the Companys reportable segments and its Corporate and Other operations for the periods and as of the dates indicated: Revenues Total Assets Three Months Ended March 31, March 31, 2019 December 31, 2018 2019 2018 (in millions) PGIM $ 870 $ 826 $ 47,987 $ 47,690 Total PGIM division 870 826 47,987 47,690 Retirement 2,639 2,089 183,175 175,525 Group Insurance 1,441 1,416 42,642 41,727 Total U.S. Workplace Solutions division 4,080 3,505 225,817 217,252 Individual Annuities 1,235 1,252 178,103 167,899 Individual Life 1,482 1,425 88,468 83,739 Total U.S. Individual Solutions division 2,717 2,677 266,571 251,638 International Insurance 6,152 6,040 230,090 222,633 Total International Insurance division 6,152 6,040 230,090 222,633 Corporate and Other operations (171 ) (173 ) 18,647 16,826 Total Corporate and Other (171 ) (173 ) 18,647 16,826 Total 13,648 12,875 789,112 756,039 Reconciling items: Realized investment gains (losses), net, and related adjustments (663 ) 87 Charges related to realized investment gains (losses), net (72 ) (71 ) Investment gains (losses) on assets supporting experience-rated contractholder liabilities, net 454 (403 ) Divested and Run-off businesses: Closed Block division 1,374 1,163 60,212 59,039 Other Divested and Run-off businesses 388 132 Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests (38 ) (26 ) Total per Unaudited Interim Consolidated Financial Statements $ 15,091 $ 13,757 $ 849,324 $ 815,078 Intersegment revenues Management has determined the intersegment revenues with reference to market rates. Intersegment revenues are eliminated in consolidation in Corporate and Other operations. The PGIM segment revenues include intersegment revenues, primarily consisting of asset-based management and administration fees, as follows: Three Months Ended March 31, 2019 2018 (in millions) PGIM segment intersegment revenues $ 180 $ 184 Segments may also enter into internal derivative contracts with other segments. For adjusted operating income, each segment accounts for the internal derivative results consistent with the manner in which that segment accounts for other similar external derivatives. Asset management and service fees The table below presents asset management and service fees, predominantly related to investment management activities, for the periods indicated: Three Months Ended March 31, 2019 2018 (in millions) Asset-based management fees $ 843 $ 862 Performance-based incentive fees 35 5 Other fees 138 159 Total asset management and service fees $ 1,016 $ 1,026