Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Reconciliation of Income (Loss) from Operations by Segment to Consolidated Net Income (Loss)

The tables below reconcile our internal measure of performance to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss) (in millions):


	For the Three Months Ended March 31, 2025
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating Revenues (1)	$	1,198	$	1,587	$	1,521	$	327	$	52	$	4,685
Operating Expenses (2)
Benefits and policyholder liability
remeasurement (gain) loss	28		1,002		994		–		4		2,028
Interest credited	419		287		–		170		14		890
Commissions	298		99		133		27		–		557
General and administrative expenses	125		131		222		84		68		630
Interest and debt expense	–		–		–		–		80		80
Other (3)	(12)		100		44		8		(2)		138
Total operating expenses	858		1,619		1,393		289		164		4,323
Total federal income tax expense (benefit)	50		(16)		27		4		(17)		48
Total income (loss) from operations	290		(16)		101		34		(95)		314
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax											(1,092)
Net life insurance product features, pre-tax											42
Credit loss-related adjustments, pre-tax											(28)
Investment gains (losses), pre-tax											(103)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (4)											(90)



Other items, pre-tax (5) (6) (7)											(35)
Income tax benefit (expense) related to
the above pre-tax items											270
Total net income (loss)											$	(722)

(1) See table below for reconciliation of total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss).

(2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses are included within the amounts shown.

(3) Other operating expenses include: Annuities: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and letters of credit (“LOCs”) and amortization of deferred loss on business sold through reinsurance. Life Insurance: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and LOCs; amortization of deferred loss on business sold through reinsurance and other intangible amortization. Group Protection: Taxes, licenses and fees; DAC capitalization and amortization; other intangible amortization and expenses associated with LOCs. Retirement Plan Services: Taxes, licenses and fees; DAC capitalization and amortization and expenses associated with LOCs. Other Operations: DAC capitalization and amortization; taxes, licenses and fees and reimbursements to Other Operations from the Life Insurance segment for the use of proceeds from certain issuances of senior notes that were used as long-term structured solutions, net of expenses incurred by Other Operations for its access to a financing facility and issuance of LOCs.

(4) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. For more information, see Note 7.

(5) Includes severance expense related to initiatives to realign the workforce of $(6) million.

(6) Includes transaction and integration costs related to mergers, acquisitions and divestitures of $(20) million.

(7) Includes deferred compensation mark-to-market adjustment of $(9) million.


	For the Three Months Ended March 31, 2024
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating Revenues (1)	$	1,269	$	1,541	$	1,425	$	322	$	27	$	4,584
Operating Expenses (2)
Benefits and policyholder liability
remeasurement (gain) loss	27		987		963		–		7		1,984
Interest credited	354		294		1		166		7		822
Commissions	254		113		109		23		–		499
General and administrative expenses	120		143		208		86		57		613
Interest and debt expense	–		–		–		–		81		81
Other (3)	197		54		43		6		(6)		295
Total operating expenses	952		1,591		1,324		281		146		4,294
Total federal income tax expense (benefit)	58		(15)		21		5		(23)		46
Total income (loss) from operations	259		(35)		80		36		(96)		244
Reconciliation of total income (loss) from
operations to net income (loss) (4):
Net annuity product features, pre-tax											1,450
Net life insurance product features, pre-tax											(130)
Credit loss-related adjustments, pre-tax											(1)
Investment gains (losses), pre-tax											(81)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (5)											194



Other items, pre-tax (6) (7) (8) (9)											(186)
Income tax benefit (expense) related to
the above pre-tax items											(268)
Total net income (loss)											$	1,222

(1) See table below for reconciliation of total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss).

(2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses are included within the amounts shown.

(3) Other operating expenses include: Annuities: Broker-dealer expenses; DAC and VOBA capitalization and amortization; taxes, licenses and fees and expenses associated with reserve financing and LOCs. Life Insurance: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and LOCs and other intangible amortization. Group Protection: Taxes, licenses and fees; DAC capitalization and amortization; other intangible amortization and expenses associated with LOCs. Retirement Plan Services: DAC capitalization and amortization; taxes, licenses and fees and expenses associated with LOCs. Other Operations: Taxes, licenses and fees and reimbursements to Other Operations from the Life Insurance segment for the use of proceeds from certain issuances of senior notes that were used as long-term structured solutions, net of expenses incurred by Other Operations for its access to a financing facility and issuance of LOCs.

(4) The prior period presentation was recast to conform to the revised definition of income (loss) from operations.

(5) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. For more information, see Note 7.

(6) Includes $(114) million primarily related to the settlement of cost of insurance litigation in the first quarter of 2024.

(7) Includes severance expense related to initiatives to realign the workforce of $(49) million.

(8) Includes transaction and integration costs related to mergers, acquisitions and divestitures of $(10) million.

(9) Includes deferred compensation mark-to-market adjustment of $(13) million.

Reconciliation of Revenue from Segments to Consolidated

The tables below reconcile our total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss) (in millions):


	For the Three Months Ended March 31, 2025
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating revenues	$	1,198	$	1,587	$	1,521	$	327	$	52	$	4,685
Revenue adjustments from annuity and life
insurance product features	209		18		–		–		–		227
Credit loss-related adjustments	(17)		1		(2)		(2)		(8)		(28)
Investment gains (losses)	(6)		(109)		–		(2)		14		(103)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	10		(89)		–		–		(11)		(90)


Total revenues	$	1,394	$	1,408	$	1,519	$	323	$	47	$	4,691


	For the Three Months Ended March 31, 2024
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating revenues	$	1,269	$	1,541	$	1,425	$	322	$	27	$	4,584
Revenue adjustments from annuity and life
insurance product features	(446)		(134)		–		–		–		(580)
Credit loss-related adjustments	(4)		5		–		–		(2)		(1)
Investment gains (losses)	19		(29)		–		(5)		(66)		(81)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	(3)		205		–		–		(8)		194
Total revenues	$	835	$	1,588	$	1,425	$	317	$	(49)	$	4,116

Schedule of Segment Information

We present disaggregated disclosures in the Notes below for long-duration insurance balances, applying the level of aggregation by business segment as follows:


Business Segment			Level of Aggregation
Annuities			Variable Annuities
			Fixed Annuities
			Payout Annuities
Life Insurance			Traditional Life
			UL and Other
Group Protection			Group Protection
Retirement Plan Services			Retirement Plan Services

Other business segment and Other Operations information (in millions) was as follows:


	For the Three Months Ended March 31,


		2025		2024
Net Investment Income
Annuities		$	452	$	379
Life Insurance		624		622
Group Protection		89		85
Retirement Plan Services		251		244
Other Operations		41		16
Total net investment income		$	1,457	$	1,346