XML 58 R44.htm IDEA: XBRL DOCUMENT

Segment Information (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2025
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating Revenues (1)	$	1,214	$	1,602	$	1,538	$	331	$	41	$	4,726
Operating Expenses (2)
Benefits and policyholder liability
remeasurement (gain) loss	32		956		913		–		7		1,908
Interest credited	439		289		1		174		13		916
Commissions	292		111		139		28		–		570
General and administrative expenses	126		133		227		83		57		626
Interest and debt expense	–		–		–		–		81		81
Other (3)	(13)		79		39		4		(1)		108
Total operating expenses	876		1,568		1,319		289		157		4,209
Total federal income tax expense (benefit)	51		2		46		5		(25)		79
Total income (loss) from operations	287		32		173		37		(91)		438
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax (4)											405
Net life insurance product features, pre-tax											(58)
Credit loss-related adjustments, pre-tax											(25)
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)											14



Other items, pre-tax (6) (7) (8) (9)											75
Income tax benefit (expense) related to
the above pre-tax items											(69)
Total net income (loss)											$	699

(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: DAC capitalization and amortization; taxes, licenses and fees; 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; DAC capitalization and amortization 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 changes in MRBs of $932 million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $(595) million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $68 million.

(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 severance expense related to initiatives to realign the workforce of $(2) million.

(7) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(18) million primarily related to the Bain Capital transaction.

(8) Includes deferred compensation mark-to-market adjustment of $1 million.

(9) Includes gains (losses) on early extinguishment of debt of $94 million.


	For the Three Months Ended June 30, 2024
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating Revenues (1)	$	1,209	$	1,511	$	1,441	$	327	$	39	$	4,527
Operating Expenses (2)
Benefits and policyholder liability
remeasurement (gain) loss	40		964		908		–		5		1,917
Interest credited	377		299		1		168		8		853
Commissions	269		113		113		26		–		521
General and administrative expenses	116		139		226		83		64		628
Interest and debt expense	–		–		–		–		86		86
Other (3)	56		47		28		4		(2)		133
Total operating expenses	858		1,562		1,276		281		161		4,138
Total federal income tax expense (benefit)	54		(16)		35		6		(25)		54
Total income (loss) from operations	297		(35)		130		40		(97)		335
Reconciliation of total income (loss) from
operations to net income (loss) (4):
Net annuity product features, pre-tax (5)											252
Net life insurance product features, pre-tax											4
Credit loss-related adjustments, pre-tax											(34)
Investment gains (losses), pre-tax											(230)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (6)											201

Gains (losses) on other non-financial assets –
sale of subsidiaries/businesses, pre-tax (7)											584
Other items, pre-tax (8) (9) (10)											(33)
Income tax benefit (expense) related to
the above pre-tax items											(184)
Total net income (loss)											$	895

(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; broker-dealer expenses; 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: DAC capitalization and amortization; taxes, licenses and fees; 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 changes in MRBs of $126 million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $50 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $76 million.

(6) 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.

(7) Relates to the sale of our wealth management business.

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

(9) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(27) million related to the sale of our wealth management business.

(10) Includes deferred compensation mark-to-market adjustment of $1 million.


	For the Six Months Ended June 30, 2025
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating Revenues (1)	$	2,412	$	3,188	$	3,059	$	658	$	94	$	9,411
Operating Expenses (2)
Benefits and policyholder liability
remeasurement (gain) loss	60		1,958		1,908		–		11		3,937
Interest credited	858		576		–		344		27		1,805
Commissions	590		210		272		55		–		1,127
General and administrative expenses	251		263		449		168		125		1,256
Interest and debt expense	–		–		–		–		161		161
Other (3)	(25)		179		83		11		(2)		246
Total operating expenses	1,734		3,186		2,712		578		322		8,532
Total federal income tax expense (benefit)	101		(14)		73		9		(42)		127
Total income (loss) from operations	577		16		274		71		(186)		752
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax (4)											(687)
Net life insurance product features, pre-tax											(15)
Credit loss-related adjustments, pre-tax											(53)
Investment gains (losses), pre-tax											(183)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (5)											(76)



Other items, pre-tax (6) (7) (8) (9) (10)											40
Income tax benefit (expense) related to
the above pre-tax items											199
Total net income (loss)											$	(23)

(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 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: Taxes, licenses and fees; DAC capitalization and amortization 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 changes in MRBs of $(370) million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $(321) million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $4 million.

(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 severance expense related to initiatives to realign the workforce of $(8) million.

(7) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(38) million related to the Bain Capital transaction and the sale of our wealth management business.

(8) Includes deferred compensation mark-to-market adjustment of $(8) million.

(9) Includes gains (losses) on early extinguishment of debt of $94 million.


	For the Six Months Ended June 30, 2024
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating Revenues (1)	$	2,477	$	3,052	$	2,867	$	649	$	66	$	9,111
Operating Expenses (2)
Benefits and policyholder liability
remeasurement (gain) loss	67		1,951		1,871		–		11		3,900
Interest credited	729		592		2		335		17		1,675
Commissions	523		226		222		49		–		1,020
General and administrative expenses	236		282		435		168		120		1,241
Interest and debt expense	–		–		–		–		167		167
Other (3)	253		102		71		9		(7)		428
Total operating expenses	1,808		3,153		2,601		561		308		8,431
Total federal income tax expense (benefit)	113		(31)		56		12		(50)		100
Total income (loss) from operations	556		(70)		210		76		(192)		580
Reconciliation of total income (loss) from
operations to net income (loss) (4):
Net annuity product features, pre-tax (5)											1,702
Net life insurance product features, pre-tax											(128)
Credit loss-related adjustments, pre-tax											(36)
Investment gains (losses), pre-tax											(311)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (6)											395

Gains (losses) on other non-financial assets –
sale of subsidiaries/businesses, pre-tax (7)											584
Other items, pre-tax (8) (9) (10) (11)											(219)
Income tax benefit (expense) related to
the above pre-tax items											(451)
Total net income (loss)											$	2,116

(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 changes in MRBs of $2,021 million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $(537) million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $218 million.

(6) 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.

(7) Relates to the sale of our wealth management business.

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

(9) Includes severance expense related to initiatives to realign the workforce of $(56) million.

(10) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(37) million primarily related to the sale of our wealth management business.

(11) Includes deferred compensation mark-to-market adjustment of $(12) 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 June 30, 2025
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating revenues	$	1,214	$	1,602	$	1,538	$	331	$	41	$	4,726
Revenue adjustments from annuity and life
insurance product features	(526)		(64)		–		–		–		(590)
Credit loss-related adjustments	(2)		(2)		–		(7)		(14)		(25)
Investment gains (losses)	(2)		(25)		–		(3)		(51)		(81)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	–		13		–		–		1		14


Total revenues	$	684	$	1,524	$	1,538	$	321	$	(23)	$	4,044


	For the Three Months Ended June 30, 2024
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating revenues	$	1,209	$	1,511	$	1,441	$	327	$	39	$	4,527
Revenue adjustments from annuity and life
insurance product features	126		(21)		–		–		–		105
Credit loss-related adjustments	(19)		7		–		(13)		(9)		(34)
Investment gains (losses)	9		(119)		(1)		–		(119)		(230)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	–		204		–		–		(3)		201
Gains (losses) on other non-financial assets -
sale of subsidiaries/businesses	–		–		–		–		584		584
Total revenues	$	1,325	$	1,582	$	1,440	$	314	$	492	$	5,153


	For the Six Months Ended June 30, 2025
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating revenues	$	2,412	$	3,188	$	3,059	$	658	$	94	$	9,411
Revenue adjustments from annuity and life
insurance product features	(317)		(47)		–		–		–		(364)
Credit loss-related adjustments	(19)		(1)		(2)		(9)		(22)		(53)
Investment gains (losses)	(8)		(133)		1		(6)		(37)		(183)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	10		(76)		–		–		(10)		(76)


Total revenues	$	2,078	$	2,931	$	3,058	$	643	$	25	$	8,735


	For the Six Months Ended June 30, 2024
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating revenues	$	2,477	$	3,052	$	2,867	$	649	$	66	$	9,111
Revenue adjustments from annuity and life
insurance product features	(320)		(154)		–		–		–		(474)
Credit loss-related adjustments	(23)		11		–		(13)		(11)		(36)
Investment gains (losses)	27		(148)		(1)		(5)		(184)		(311)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	(3)		409		–		–		(11)		395
Gains (losses) on other non-financial assets -
sale of subsidiaries/businesses	–		–		–		–		584		584
Total revenues	$	2,158	$	3,170	$	2,866	$	631	$	444	$	9,269

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 June 30,				For the Six Months Ended June 30,


	2025		2024		2025		2024
Net Investment Income
Annuities	$	464	$	405	$	916	$	785
Life Insurance	631		565		1,255		1,187
Group Protection	94		88		183		173
Retirement Plan Services	252		247		503		491
Other Operations	25		27		67		43
Total net investment income	$	1,466	$	1,332	$	2,924	$	2,679