BUSINESS SEGMENT INFORMATION The Company has four reportable segments: Individual Retirement, Group Retirement, Investment Management and Research and Protection Solutions. The Company changed its segment presentation in the fourth quarter 2017. The segment disclosures are based on the intention to provide the users of the financial statements with a view of the business from the Companys perspective. As a result, the Company determined that it is more useful for a user of the financial statements to assess the historical performance on the basis which management currently evaluates the business. The reportable segments are based on the nature of the business activities. These segments reflect the manner by which the Companys chief operating decision maker views and manages the business. A brief description of these segments follows:  The Individual Retirement segment offers a diverse suite of variable annuity products which are primarily sold to affluent and high net worth individuals saving for retirement or seeking retirement income.  The Group Retirement segment offers tax-deferred investment and retirement plans to be sponsored by educational entities, municipalities and not-for-profit entities as well as small and medium-sized businesses.  The Investment Management and Research segment provides diversified investment management, research and related solutions globally to a broad range of clients through three main client channels- Institutional, Retail and Private Wealth Management and distributes its institutional research products and solutions through Bernstein Research Services.  The Protection Solutions segment includes our life insurance and group employee benefits businesses. Our life insurance business offers a variety of variable universal life, universal life and term life products to help affluent and high net worth individuals, as well as small and medium-sized business owners, with their wealth protection, wealth transfer and corporate needs. Our group employee benefits business offers a suite of dental, vision, life, and short- and long-term disability and other insurance products to small and medium-size businesses across the United States. Measurement Operating earnings (loss) is the financial measure which primarily focuses on the Companys segments results of operations as well as the underlying profitability of the Companys core business. By excluding items that can be distortive and unpredictable such as investment gains (losses) and investment income (loss) from derivative instruments, the Company believes operating earnings (loss) by segment enhances the understanding of the Companys underlying drivers of profitability and trends in the Companys segments. In the first quarter of 2018, the Company revised its Operating earnings definition as it relates to the treatment of certain elements of the profitability of its variable annuity products with indexed-linked features to align to the treatment of its variable annuity products with GMxB features. In addition, adjustments for variable annuity products with index-linked features previously included within Other adjustments in the calculation of Non-GAAP Operating Earnings are now included with the adjustments for variable annuity products with GMxB features in the broader adjustment category, Variable annuity product features. In order to improve the consistency and comparability of the financial statements, management revised the Notes to the Consolidated Financial Statements for the six months ended June 30, 2017, nine months ended September 30, 2017 and the year ended December 31, 2017 to include the revisions discussed herein. Operating earnings is calculated by adjusting each segments Net income (loss) attributable to Holdings for the following items:  Items related to Variable annuity product features which include certain changes in the fair value of the derivatives and other securities we use to hedge these features, the effect of benefit ratio unlock adjustments and changes in the fair value of the embedded derivatives reflected within Variable annuity products net derivative results ;  Investment (gains) losses, which includes other-than-temporary impairments of securities, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;  Goodwill impairment, which includes a write-down of goodwill in the first quarter of 2017.  Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;  Other adjustments, which includes restructuring costs related to severance, lease write-offs related to non-recurring restructuring activities and separation costs; and  Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period, permanent differences due to goodwill impairment, and the Tax Reform Act. Revenues derived from any customer did not exceed 10% of revenues for the three and nine months ended September 30, 2018 and 2017 . The table below presents operating earnings (loss) by segment and Corporate and Other and a reconciliation to Net income (loss) attributable to Holdings for the three and nine months ended September 30, 2018 and 2017 , respectively: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (in millions) Net income (loss) attributable to Holdings $ (496 ) $ 10 $ (118 ) $ 351 Adjustments related to: Variable annuity product features 1,403 507 1,829 738 Investment (gains) losses 36 11 (44 ) 32 Goodwill impairment    369 Net actuarial (gains) losses related to pension and other postretirement benefit obligations 24 34 182 101 Other adjustments 51 56 229 61 Income tax expense (benefit) related to above adjustments (409 ) (35 ) (461 ) (446 ) Non-recurring tax items 84 (183 ) 45 (92 ) Non-GAAP Operating Earnings $ 693 $ 400 $ 1,662 $ 1,114 Operating earnings (loss) by segment: Individual Retirement $ 434 $ 326 $ 1,207 $ 844 Group Retirement 134 85 287 193 Investment Management and Research 96 45 274 138 Protection Solutions 137 (3 ) 160 54 Corporate and Other (1) (108 ) (53 ) (266 ) (115 ) __________________ (1) Includes interest expense of $65 million , $31 million , $171 million and $104 million , for the three and nine months ended September 30, 2018 and 2017 , respectively. Segment revenues are a measure of the Companys revenue by segment as adjusted to exclude certain items. The following table reconciles segment revenues to Total revenues by excluding the following items:  Items related to variable annuity product features, which include certain changes in the fair value of the derivatives and other securities we use to hedge these features and changes in the fair value of the embedded derivatives reflected within the net derivative results of variable annuity product features;  Investment gains (losses), which include other-than-temporary impairments of securities, sales or disposals of securities/investments, realized capital gains/losses, and valuation allowances; and  Other adjustments, which includes the impact of adoption of revenue recognition standard ASC 606. The table below presents segment revenues for the three and nine months ended September 30, 2018 and 2017 : Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (in millions) Segment revenues: Individual Retirement (1) $ 1,070 $ 998 $ 2,873 $ 3,058 Group Retirement (1) 262 248 745 685 Investment Management and Research (2) 851 792 2,602 2,307 Protection Solutions (1) 774 798 2,378 2,330 Corporate and Other (1) 280 288 861 965 Adjustments related to: Variable annuity product features (2,125 ) (326 ) (2,539 ) 162 Investment gains (losses) (36 ) (11 ) 44 (32 ) Other adjustments to segment revenues 7 19 (41 ) 63 Total revenues $ 1,083 $ 2,806 $ 6,923 $ 9,538 ________________ (1) Includes investment expenses charged by AB of approximately $13 million , $15 million , $49 million and $46 million for the three and nine months ended September 30, 2018 and 2017 , respectively, for services provided to the Company. (2) Inter-segment investment management and other fees of approximately $25 million , $22 million , $75 million and $67 million for the three and nine months ended September 30, 2018 and 2017 , respectively, are included in total revenues of the Investment Management and Research segment. The table below presents Total assets by segment as of September 30, 2018 and December 31, 2017 : September 30, 2018 December 31, 2017 (in millions) Total assets by segment: Individual Retirement $ 111,890 $ 121,713 Group Retirement 43,398 38,578 Investment Management and Research (1) 10,038 10,057 Protection Solutions (1) 48,124 43,157 Corporate and Other (1) 21,001 22,110 Total assets $ 234,451 $ 235,615 ________________ (1) Amounts for December 31, 2017 as previously reported were: Investment Management and Research of $8,297 million , Protection Solutions of $43,116 million and Corporate and Other of $23,934 million .