The Companys reporting segments are Advice &amp; Wealth Management, Asset Management, Annuities, Protection and Corporate &amp; Other. The accounting policies of the segments are the same as those of the Company, except for operating adjustments defined below, the method of capital allocation, the accounting for gains (losses) from intercompany revenues and expenses and not providing for income taxes on a segment basis. Management uses segment adjusted operating measures in goal setting, as a basis for determining employee compensation and in evaluating performance on a basis comparable to that used by some securities analysts and investors. Consistent with GAAP accounting guidance for segment reporting, adjusted operating earnings is the Companys measure of segment performance. Adjusted operating earnings should not be viewed as a substitute for GAAP pretax income. The Company believes the presentation of segment adjusted operating earnings, as the Company measures it for management purposes, enhances the understanding of its business by reflecting the underlying performance of its core operations and facilitating a more meaningful trend analysis. Effective first quarter of 2019, management has excluded mean reversion related impacts from the Companys adjusted operating measures. The mean reversion related impact is defined as the impact on variable annuity and VUL products for the difference between assumed and updated separate account investment performance on DAC, DSIC, unearned revenue amortization, reinsurance accrual and additional insurance benefit reserves. Adjusted operating earnings is defined as adjusted operating net revenues less adjusted operating expenses. Adjusted operating net revenues and adjusted operating expenses exclude the market impact on IUL benefits (net of hedges and the related DAC amortization, unearned revenue amortization, and the reinsurance accrual), mean reversion related impacts (the impact on variable annuity and VUL products for the difference between assumed and updated separate account investment performance on DAC, DSIC, unearned revenue amortization, reinsurance accrual and additional insurance benefit reserves), integration and restructuring charges and the impact of consolidating investment entities. Adjusted operating net revenues also exclude net realized investment gains or losses (net of unearned revenue amortization and the reinsurance accrual) and the market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments. Adjusted operating expenses also exclude the market impact on variable annuity guaranteed benefits (net of hedges and the related DSIC and DAC amortization), the market impact on fixed index annuity benefits (net of hedges and the related DAC amortization), and the DSIC and DAC amortization offset to net realized investment gains or losses. The market impact on variable annuity guaranteed benefits, fixed index annuity benefits and IUL benefits includes changes in embedded derivative values caused by changes in financial market conditions, net of changes in economic hedge values and unhedged items including the difference between assumed and actual underlying separate account investment performance, fixed income credit exposures, transaction costs and certain policyholder contract elections, net of related impacts on DAC and DSIC amortization. The market impact also includes certain valuation adjustments made in accordance with FASB Accounting Standards Codification 820, Fair Value Measurements and Disclosures, including the impact on embedded derivative values of discounting projected benefits to reflect a current estimate of the Companys life insurance subsidiarys nonperformance spread. The following tables summarize selected financial information by segment and reconcile segment totals to those reported on the consolidated financial statements: March 31, 2020 December 31, 2019 (in millions) Advice &amp; Wealth Management $ 20,238 $ 17,607 Asset Management 7,617 8,226 Annuities 93,363 98,195 Protection 15,632 16,980 Corporate &amp; Other 8,832 10,820 Total assets $ 145,682 $ 151,828 Three Months Ended March 31, 2020 2019 (in millions) Adjusted operating net revenues: Advice &amp; Wealth Management $ 1,695 $ 1,554 Asset Management 686 689 Annuities 589 604 Protection 257 262 Corporate &amp; Other 62 342 Less: Eliminations (1) 338 333 Total segment adjusted operating net revenues 2,951 3,118 Net realized gains (losses) (20 ) 9 Revenue attributable to consolidated investment entities 16 21 Market impact on IUL benefits, net 55 (17 ) Mean reversion related impacts (1 )  Market impact of hedges on investments  (10 ) Integration and restructuring charges  (3 ) Total net revenues per Consolidated Statements of Operations $ 3,001 $ 3,118 (1) Represents the elimination of intersegment revenues recognized for the three months ended March 31, 2020 and 2019 in each segment as follows: Advice &amp; Wealth Management ( $222 million and $219 million , respectively); Asset Management ( $13 million and $13 million , respectively); Annuities ( $90 million and $88 million , respectively); Protection ( $14 million and $15 million , respectively); and Corporate &amp; Other ( $(1) million and $(2) million , respectively). Three Months Ended March 31, 2020 2019 (in millions) Adjusted operating earnings: Advice &amp; Wealth Management $ 378 $ 350 Asset Management 157 146 Annuities 95 128 Protection 72 74 Corporate &amp; Other (50 ) (63 ) Total segment adjusted operating earnings 652 635 Net realized gains (losses) (20 ) 9 Net income (loss) attributable to consolidated investment entities (2 )  Market impact on variable annuity guaranteed benefits, net 1,689 (142 ) Market impact on IUL benefits, net 91 (51 ) Market impact on fixed annuity benefits, net 3  Mean reversion related impacts (61 ) 36 Market impact of hedges on investments  (10 ) Integration and restructuring charges (1 ) (7 ) Pretax income per Consolidated Statements of Operations $ 2,351 $ 470