Segments (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Operating Earnings Before Income Taxes from Segments

The following tables reconcile Adjusted operating revenues to Total revenues and Adjusted operating earnings before income taxes to Income (loss) before income taxes for the periods indicated:

	Year Ended December 31, 2024
	Wealth Solutions		Health Solutions		Investment Management		Corporate		Total
Revenues:
External customer revenue(1)	$	1,332	$	3,438	$	920	$	22	$	5,712
Net investment income and Net gains (losses)	1,711		138		20		178		2,047
Income (loss) related to CIEs	—		—		288		3		291
Intersegment Fee income and elimination	—		—		79		(79)		—
Total revenues									8,050
Adjustments	(138)		1		(325)		(101)		(563)		(2)
Adjusted operating revenues	2,905		3,577		982		23		7,487
Less:
Interest credited and other benefits to contract owners/policyholders	849		2,602		—		—		3,451
Administrative expenses	897		525		703		—		2,125
Premium taxes, fees and assessments	—		186		—		—		186
Net commissions	255		188		—		—		443
DAC/VOBA and other intangibles amortization	84		36		—		—		120
Financing costs and preferred dividends	—		—		—		162		162
Other corporate	—		—		—		66		66
Adjusted operating earnings before income taxes including Allianz noncontrolling interest	820		40		278		(205)		933
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—		—		65		(2)		63
Adjusted operating earnings before income taxes	820		40		213		(203)		870
Plus adjustments:
Net investment gains (losses)									50
Income (loss) related to businesses exited or to be exited through reinsurance or divestment									(142)
Income (loss) attributable to noncontrolling interests									75
Dividend payments made to preferred shareholders									41
Other adjustments									(95)
Income (loss) before income taxes									$	799

(1)Includes Fee income, Premiums, and Other revenue and excludes intersegment fee income and the related elimination.

(2)Includes Net investment gains (losses) of $22, Revenues related to business exited or to be exited through reinsurance or divestment of $102, Revenues attributable to noncontrolling interests of $243, and Other adjustments of $196.

	Year Ended December 31, 2023
	Wealth Solutions		Health Solutions		Investment Management		Corporate		Total
Revenues:
External customer revenue(1)	$	1,121	$	2,948	$	831	$	60	$	4,960
Net investment income and Net gains (losses)	1,663		130		26		268		2,087
Income (loss) related to CIEs	—		—		301		—		301
Intersegment Fee income and elimination	—		—		85		(85)		—
Total revenues									7,348
Adjustments	(8)		4		(327)		(195)		(526)		(2)
Adjusted operating revenues	2,776		3,082		916		48		6,822
Less:
Interest credited and other benefits to contract owners/policyholders	895		1,896		—		—		2,790
Administrative expenses	931		506		690		—		2,127
Premium taxes, fees and assessments	—		147		—		—		147
Net commissions	229		186		—		—		415
DAC/VOBA and other intangibles amortization	90		33		—		—		123
Financing costs and preferred dividends	—		—		—		161		161
Other corporate	—		—		—		96		96
Adjusted operating earnings before income taxes including Allianz noncontrolling interest	632		315		225		(208)		964
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—		—		49		(1)		48
Adjusted operating earnings before income taxes	632		315		177		(207)		916
Plus adjustments:
Net investment gains (losses)									(15)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment									(182)
Income (loss) attributable to noncontrolling interests									104
Dividend payments made to preferred shareholders									36
Other adjustments									(180)
Income (loss) before income taxes									$	678

(1)Includes Fee income, Premiums, and Other revenue and excludes intersegment fee income and the related elimination.

(2)Includes Net investment gains (losses) of $(44), Revenues related to business exited or to be exited through reinsurance or divestment of $113, Revenues attributable to noncontrolling interests of $247, and Other adjustments of $210.

	Year Ended December 31, 2022
	Wealth Solutions		Health Solutions		Investment Management		Corporate		Total
Revenues:
External customer revenue(1)	$	1,100	$	2,448	$	663	$	102	$	4,313
Net investment income and Net gains (losses)	1,566		135		14		(120)		1,595
Income (loss) related to CIEs	—		—		22		—		22
Intersegment Fee income and elimination	—		—		91		(91)		—
Total revenues									5,930
Adjustments	111		(1)		(35)		175		250		(2)
Adjusted operating revenues	2,778		2,582		756		67		6,183
Less:
Interest credited and other benefits to contract owners/policyholders	886		1,680		—		—		2,566
Administrative expenses	867		276		570		—		1,713
Premium taxes, fees and assessments	—		126		—		—		126
Net commissions	232		167		—		—		399
DAC/VOBA and other intangibles amortization	95		29		—		—		124
Financing costs and preferred dividends	—		—		—		177		177
Other corporate	—		—		—		142		142
Adjusted operating earnings before income taxes including Allianz noncontrolling interest	697		304		186		(253)		934
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—		—		27		(1)		26
Adjusted operating earnings before income taxes	697		304		158		(251)		908
Plus adjustments:
Net investment gains (losses)									(190)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment									(138)
Income (loss) attributable to noncontrolling interests									(77)
Dividend payments made to preferred shareholders									36
Other adjustments									(111)
Income (loss) before income taxes									$	428

(1)Includes Fee income, Premiums, and Other revenue and excludes intersegment fee income and the related elimination.

(2)Includes Net investment gains (losses) of $(215), Revenues related to business exited or to be exited through reinsurance or divestment of $(123), Revenues attributable to noncontrolling interests of $(33), and Other adjustments of $121.

Schedule of Revenue from Segments

The following tables reconcile Adjusted operating revenues to Total revenues and Adjusted operating earnings before income taxes to Income (loss) before income taxes for the periods indicated:

	Year Ended December 31, 2024
	Wealth Solutions		Health Solutions		Investment Management		Corporate		Total
Revenues:
External customer revenue(1)	$	1,332	$	3,438	$	920	$	22	$	5,712
Net investment income and Net gains (losses)	1,711		138		20		178		2,047
Income (loss) related to CIEs	—		—		288		3		291
Intersegment Fee income and elimination	—		—		79		(79)		—
Total revenues									8,050
Adjustments	(138)		1		(325)		(101)		(563)		(2)
Adjusted operating revenues	2,905		3,577		982		23		7,487
Less:
Interest credited and other benefits to contract owners/policyholders	849		2,602		—		—		3,451
Administrative expenses	897		525		703		—		2,125
Premium taxes, fees and assessments	—		186		—		—		186
Net commissions	255		188		—		—		443
DAC/VOBA and other intangibles amortization	84		36		—		—		120
Financing costs and preferred dividends	—		—		—		162		162
Other corporate	—		—		—		66		66
Adjusted operating earnings before income taxes including Allianz noncontrolling interest	820		40		278		(205)		933
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—		—		65		(2)		63
Adjusted operating earnings before income taxes	820		40		213		(203)		870
Plus adjustments:
Net investment gains (losses)									50
Income (loss) related to businesses exited or to be exited through reinsurance or divestment									(142)
Income (loss) attributable to noncontrolling interests									75
Dividend payments made to preferred shareholders									41
Other adjustments									(95)
Income (loss) before income taxes									$	799

(1)Includes Fee income, Premiums, and Other revenue and excludes intersegment fee income and the related elimination.

(2)Includes Net investment gains (losses) of $22, Revenues related to business exited or to be exited through reinsurance or divestment of $102, Revenues attributable to noncontrolling interests of $243, and Other adjustments of $196.

	Year Ended December 31, 2023
	Wealth Solutions		Health Solutions		Investment Management		Corporate		Total
Revenues:
External customer revenue(1)	$	1,121	$	2,948	$	831	$	60	$	4,960
Net investment income and Net gains (losses)	1,663		130		26		268		2,087
Income (loss) related to CIEs	—		—		301		—		301
Intersegment Fee income and elimination	—		—		85		(85)		—
Total revenues									7,348
Adjustments	(8)		4		(327)		(195)		(526)		(2)
Adjusted operating revenues	2,776		3,082		916		48		6,822
Less:
Interest credited and other benefits to contract owners/policyholders	895		1,896		—		—		2,790
Administrative expenses	931		506		690		—		2,127
Premium taxes, fees and assessments	—		147		—		—		147
Net commissions	229		186		—		—		415
DAC/VOBA and other intangibles amortization	90		33		—		—		123
Financing costs and preferred dividends	—		—		—		161		161
Other corporate	—		—		—		96		96
Adjusted operating earnings before income taxes including Allianz noncontrolling interest	632		315		225		(208)		964
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—		—		49		(1)		48
Adjusted operating earnings before income taxes	632		315		177		(207)		916
Plus adjustments:
Net investment gains (losses)									(15)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment									(182)
Income (loss) attributable to noncontrolling interests									104
Dividend payments made to preferred shareholders									36
Other adjustments									(180)
Income (loss) before income taxes									$	678

(1)Includes Fee income, Premiums, and Other revenue and excludes intersegment fee income and the related elimination.

(2)Includes Net investment gains (losses) of $(44), Revenues related to business exited or to be exited through reinsurance or divestment of $113, Revenues attributable to noncontrolling interests of $247, and Other adjustments of $210.

	Year Ended December 31, 2022
	Wealth Solutions		Health Solutions		Investment Management		Corporate		Total
Revenues:
External customer revenue(1)	$	1,100	$	2,448	$	663	$	102	$	4,313
Net investment income and Net gains (losses)	1,566		135		14		(120)		1,595
Income (loss) related to CIEs	—		—		22		—		22
Intersegment Fee income and elimination	—		—		91		(91)		—
Total revenues									5,930
Adjustments	111		(1)		(35)		175		250		(2)
Adjusted operating revenues	2,778		2,582		756		67		6,183
Less:
Interest credited and other benefits to contract owners/policyholders	886		1,680		—		—		2,566
Administrative expenses	867		276		570		—		1,713
Premium taxes, fees and assessments	—		126		—		—		126
Net commissions	232		167		—		—		399
DAC/VOBA and other intangibles amortization	95		29		—		—		124
Financing costs and preferred dividends	—		—		—		177		177
Other corporate	—		—		—		142		142
Adjusted operating earnings before income taxes including Allianz noncontrolling interest	697		304		186		(253)		934
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—		—		27		(1)		26
Adjusted operating earnings before income taxes	697		304		158		(251)		908
Plus adjustments:
Net investment gains (losses)									(190)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment									(138)
Income (loss) attributable to noncontrolling interests									(77)
Dividend payments made to preferred shareholders									36
Other adjustments									(111)
Income (loss) before income taxes									$	428

(1)Includes Fee income, Premiums, and Other revenue and excludes intersegment fee income and the related elimination.

(2)Includes Net investment gains (losses) of $(215), Revenues related to business exited or to be exited through reinsurance or divestment of $(123), Revenues attributable to noncontrolling interests of $(33), and Other adjustments of $121.

Schedule of Assets from Segments

The summary below presents Total assets for the Company’s segments as of the dates indicated:

	December 31, 2024		December 31, 2023
Wealth Solutions	$	129,058	$	122,318
Health Solutions	3,490		3,336
Investment Management	1,873		1,600
Corporate	24,940		25,527
Total assets, before consolidation(1)	159,361		152,781
Consolidation of investment entities	4,528		4,304
Total assets	$	163,889	$	157,085

(1) Total assets, before consolidation includes the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option.