XML 134 R123.htm IDEA: XBRL DOCUMENT v3.25.3
Segment Information - Reconciliation of Income (Loss) from Operations by Segment to Consolidated Net Income (Loss) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Operating revenues $ 4,780 $ 4,603 $ 14,190 $ 13,714
Interest credited 954 880 2,759 2,555
Interest and debt expense 79 86 146 253
Total federal income tax expense (benefit) 79 (175) 0 334
Reconciliation of total income (loss) from operations to net income (loss):        
Net annuity product features, pre-tax 410 (381) (277) 1,319
Net life insurance product features, pre-tax (22) (125) (37) (253)
Credit loss-related adjustments, pre-tax (38) (88) (91) (124)
Investment gains (losses), pre-tax (35) (105) (218) (416)
Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans, pre-tax (191) (446) (266) (51)
Gains (losses) on other non-financial assets – sale of subsidiaries/businesses, pre-tax   (2)   582
Other items, pre-tax (105) (19) (65) (238)
Income tax benefit (expense) related to the above pre-tax items (5) 246 194 (202)
Net income (loss) 445 (528) 423 1,588
Increase (decrease) in MRBs 337 (666) (33) 1,354
Settlement of cost of insurance litigation, before tax       (114)
Legal accruals (9)   (9)  
Severance expense for workforce realignment, before tax (5) (16) (13) (72)
Transaction and integration costs for acquisitions or divestiture, before tax   (2)   (39)
Deferred compensation mark-to-market adjustment, before tax (14) (1) (22) (13)
Gain (loss) on modification or early extinguishment of debt, pre-tax     94 0
Wealth Management Business        
Reconciliation of total income (loss) from operations to net income (loss):        
Transaction and integration costs for acquisitions or divestiture, before tax     (20)  
Captive Reinsurance Subsidiaries        
Reconciliation of total income (loss) from operations to net income (loss):        
Transaction and integration costs for acquisitions or divestiture, before tax (55)   (55)  
Bain Capital Prairie, LLC        
Reconciliation of total income (loss) from operations to net income (loss):        
Transaction and integration costs for acquisitions or divestiture, before tax     (18)  
Embedded Derivative Instruments        
Reconciliation of total income (loss) from operations to net income (loss):        
Change in fair value of derivatives 43 97 63 315
Qualifying Hedges        
Segment Reporting Information [Line Items]        
Interest and debt expense     146 253
Reconciliation of total income (loss) from operations to net income (loss):        
Change in fair value of derivatives 30 188 (307) (350)
Operating Segments and Corporate Non Segment        
Segment Reporting Information [Line Items]        
Operating revenues 4,780 4,603 14,190 13,714
Benefits and policyholder liability remeasurement (gain) loss 1,912 1,891 5,847 5,793
Interest credited 954 880 2,759 2,555
Commissions 611 547 1,738 1,566
General and administrative expenses 637 631 1,892 1,872
Interest and debt expense 79 86 240 253
Other 81 107 328 534
Total operating expenses 4,274 4,142 12,804 12,573
Total federal income tax expense (benefit) 75 69 203 170
Total income (loss) from operations 431 392 1,183 971
Other Operations        
Segment Reporting Information [Line Items]        
Operating revenues 50 52 143 118
Benefits and policyholder liability remeasurement (gain) loss 4 (3) 14 12
Interest credited 22 8 49 24
Commissions 3 0 4 0
General and administrative expenses 65 67 189 187
Interest and debt expense 79 86 240 253
Other 4 (1) 3 (10)
Total operating expenses 177 157 499 466
Total federal income tax expense (benefit) (28) (21) (74) (72)
Total income (loss) from operations (99) (84) (282) (276)
Annuities | Operating Segments        
Segment Reporting Information [Line Items]        
Operating revenues 1,270 1,195 3,682 3,673
Benefits and policyholder liability remeasurement (gain) loss 24 38 84 105
Interest credited 459 399 1,317 1,129
Commissions 327 285 917 808
General and administrative expenses 130 122 381 358
Interest and debt expense 0 0 0 0
Other (38) (8) (63) 245
Total operating expenses 902 836 2,636 2,645
Total federal income tax expense (benefit) 58 58 160 171
Total income (loss) from operations 310 301 886 857
Life Insurance | Operating Segments        
Segment Reporting Information [Line Items]        
Operating revenues 1,610 1,589 4,798 4,640
Benefits and policyholder liability remeasurement (gain) loss 961 937 2,919 2,886
Interest credited 298 302 874 894
Commissions 119 120 329 346
General and administrative expenses 134 138 397 421
Interest and debt expense 0 0 0 0
Other 74 71 253 172
Total operating expenses 1,586 1,568 4,772 4,719
Total federal income tax expense (benefit) (1) (1) (14) (31)
Total income (loss) from operations 25 22 40 (48)
Reconciliation of total income (loss) from operations to net income (loss):        
Transaction and integration costs for acquisitions or divestiture, before tax (22)   (22)  
Group Protection | Operating Segments        
Segment Reporting Information [Line Items]        
Operating revenues 1,507 1,432 4,566 4,299
Benefits and policyholder liability remeasurement (gain) loss 923 919 2,830 2,790
Interest credited 1 1 1 3
Commissions 132 114 404 336
General and administrative expenses 225 219 674 653
Interest and debt expense 0 0 0 0
Other 38 42 121 114
Total operating expenses 1,319 1,295 4,030 3,896
Total federal income tax expense (benefit) 39 28 113 85
Total income (loss) from operations 149 109 423 318
Retirement Plan Services | Operating Segments        
Segment Reporting Information [Line Items]        
Operating revenues 343 335 1,001 984
Benefits and policyholder liability remeasurement (gain) loss 0 0 0 0
Interest credited 174 170 518 505
Commissions 30 28 84 76
General and administrative expenses 83 85 251 253
Interest and debt expense 0 0 0 0
Other 3 3 14 13
Total operating expenses 290 286 867 847
Total federal income tax expense (benefit) 7 5 18 17
Total income (loss) from operations $ 46 $ 44 $ 116 $ 120