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Segment Information (Tables)

9 Months Ended

Sep. 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 September 30, 2025
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating Revenues (1)	$	1,270	$	1,610	$	1,507	$	343	$	50	$	4,780
Operating Expenses (2)
Benefits and policyholder liability
remeasurement	24		961		923		–		4		1,912
Interest credited	459		298		1		174		22		954
Commissions	327		119		132		30		3		611
General and administrative expenses	130		134		225		83		65		637
Interest and debt expense	–		–		–		–		79		79
Other (3)	(38)		74		38		3		4		81
Total operating expenses	902		1,586		1,319		290		177		4,274
Total federal income tax expense (benefit)	58		(1)		39		7		(28)		75
Total income (loss) from operations	310		25		149		46		(99)		431
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax (4)											410
Net life insurance product features, pre-tax											(22)
Credit loss-related adjustments, pre-tax											(38)
Investment gains (losses), pre-tax											(35)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (5)											(191)



Other items, pre-tax (6)(7)(8)(9)											(105)
Income tax benefit (expense) related to
the above pre-tax items											(5)
Total net income (loss)											$	445

(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; expenses associated with reserve financing and letters of credit (“LOCs”); taxes, licenses and fees 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 $337 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 $30 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $43 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 certain legal accruals of $(9) million.

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

(8) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(55) million of transaction costs related to restructuring certain captive reinsurance subsidiaries and $(22) million related to Life Insurance segment persistency optimization.

(9) Includes deferred compensation mark-to-market adjustment of $(14) million.


	For the Three Months Ended September 30, 2024
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating Revenues (1)	$	1,195	$	1,589	$	1,432	$	335	$	52	$	4,603
Operating Expenses (2)
Benefits and policyholder liability
remeasurement	38		937		919		–		(3)		1,891
Interest credited	399		302		1		170		8		880
Commissions	285		120		114		28		–		547
General and administrative expenses	122		138		219		85		67		631
Interest and debt expense	–		–		–		–		86		86
Other (3)	(8)		71		42		3		(1)		107
Total operating expenses	836		1,568		1,295		286		157		4,142
Total federal income tax expense (benefit)	58		(1)		28		5		(21)		69
Total income (loss) from operations	301		22		109		44		(84)		392
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax (4)											(381)
Net life insurance product features, pre-tax											(125)
Credit loss-related adjustments, pre-tax											(88)
Investment gains (losses), pre-tax											(105)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (5)											(446)

Gains (losses) on other non-financial assets –
sale of subsidiaries/businesses, pre-tax (6)											(2)
Other items, pre-tax (7)(8)(9)											(19)
Income tax benefit (expense) related to
the above pre-tax items											246
Total net income (loss)											$	(528)

(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: 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) Includes changes in MRBs of $(666) 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 $188 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $97 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) Relates to the sale of our wealth management business.

(7) Includes severance expense related to initiatives to realign the workforce of $(16) million.

(8) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(2) million related to the sale of our wealth management business.

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


	For the Nine Months Ended September 30, 2025
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating Revenues (1)	$	3,682	$	4,798	$	4,566	$	1,001	$	143	$	14,190
Operating Expenses (2)
Benefits and policyholder liability
remeasurement	84		2,919		2,830		–		14		5,847
Interest credited	1,317		874		1		518		49		2,759
Commissions	917		329		404		84		4		1,738
General and administrative expenses	381		397		674		251		189		1,892
Interest and debt expense	–		–		–		–		240		240
Other (3)	(63)		253		121		14		3		328
Total operating expenses	2,636		4,772		4,030		867		499		12,804
Total federal income tax expense (benefit)	160		(14)		113		18		(74)		203
Total income (loss) from operations	886		40		423		116		(282)		1,183
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax (4)											(277)
Net life insurance product features, pre-tax											(37)
Credit loss-related adjustments, pre-tax											(91)
Investment gains (losses), pre-tax											(218)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (5)											(266)



Other items, pre-tax (6)(7)(8)(9)(10)											(65)
Income tax benefit (expense) related to
the above pre-tax items											194
Total net income (loss)											$	423

(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: 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 $(33) 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 $(307) million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $63 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 certain legal accruals of $(9) million.

(7) Includes severance expense related to initiatives to realign the workforce of $(13) million.

(8) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(55) million of transaction costs related to restructuring certain captive reinsurance subsidiaries, $(22) million related to Life Insurance segment persistency optimization, $(20) million related to the sale of our wealth management business and $(18) million primarily related to the Bain Capital transaction.

(9) Includes deferred compensation mark-to-market adjustment of $(22) million.

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


	For the Nine Months Ended September 30, 2024
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating Revenues (1)	$	3,673	$	4,640	$	4,299	$	984	$	118	$	13,714
Operating Expenses (2)
Benefits and policyholder liability
remeasurement	105		2,886		2,790		–		12		5,793
Interest credited	1,129		894		3		505		24		2,555
Commissions	808		346		336		76		–		1,566
General and administrative expenses	358		421		653		253		187		1,872
Interest and debt expense	–		–		–		–		253		253
Other (3)	245		172		114		13		(10)		534
Total operating expenses	2,645		4,719		3,896		847		466		12,573
Total federal income tax expense (benefit)	171		(31)		85		17		(72)		170
Total income (loss) from operations	857		(48)		318		120		(276)		971
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax (4)											1,319
Net life insurance product features, pre-tax											(253)
Credit loss-related adjustments, pre-tax											(124)
Investment gains (losses), pre-tax											(416)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (5)											(51)

Gains (losses) on other non-financial assets –
sale of subsidiaries/businesses, pre-tax (6)											582
Other items, pre-tax (7)(8)(9)(10)											(238)
Income tax benefit (expense) related to
the above pre-tax items											(202)
Total net income (loss)											$	1,588

(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; 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: 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) Includes changes in MRBs of $1,354 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 $(350) million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $315 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) Relates to the sale of our wealth management business.

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

(8) Includes severance expense related to initiatives to realign the workforce of $(72) million.

(9) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(39) million primarily related to the sale of our wealth management business.

(10) 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 September 30, 2025
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating revenues	$	1,270	$	1,610	$	1,507	$	343	$	50	$	4,780
Revenue adjustments from annuity and life
insurance product features	73		(34)		–		–		–		39
Credit loss-related adjustments	10		(17)		(2)		(1)		(28)		(38)
Investment gains (losses)	2		(17)		(1)		–		(19)		(35)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	–		(193)		–		–		2		(191)


Total revenues	$	1,355	$	1,349	$	1,504	$	342	$	5	$	4,555


	For the Three Months Ended September 30, 2024
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating revenues	$	1,195	$	1,589	$	1,432	$	335	$	52	$	4,603
Revenue adjustments from annuity and life
insurance product features	285		(136)		–		–		–		149
Credit loss-related adjustments	(44)		(8)		(2)		(14)		(20)		(88)
Investment gains (losses)	(43)		(24)		(1)		(6)		(31)		(105)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	(7)		(455)		–		–		16		(446)
Gains (losses) on other non-financial assets -
sale of subsidiaries/businesses	–		–		–		–		(2)		(2)
Total revenues	$	1,386	$	966	$	1,429	$	315	$	15	$	4,111


	For the Nine Months Ended September 30, 2025
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating revenues	$	3,682	$	4,798	$	4,566	$	1,001	$	143	$	14,190
Revenue adjustments from annuity and life
insurance product features	(244)		(81)		–		–		–		(325)
Credit loss-related adjustments	(10)		(18)		(5)		(10)		(48)		(91)
Investment gains (losses)	(6)		(150)		–		(6)		(56)		(218)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	10		(269)		–		–		(7)		(266)


Total revenues	$	3,431	$	4,280	$	4,561	$	986	$	32	$	13,290


	For the Nine Months Ended September 30, 2024
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating revenues	$	3,673	$	4,640	$	4,299	$	984	$	118	$	13,714
Revenue adjustments from annuity and life
insurance product features	(35)		(290)		–		–		–		(325)
Credit loss-related adjustments	(67)		4		(2)		(27)		(32)		(124)
Investment gains (losses)	(16)		(172)		(2)		(12)		(214)		(416)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	(9)		(47)		–		–		5		(51)
Gains (losses) on other non-financial assets -
sale of subsidiaries/businesses	–		–		–		–		582		582
Total revenues	$	3,546	$	4,135	$	4,295	$	945	$	459	$	13,380

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 September 30,				For the Nine Months Ended September 30,


	2025		2024		2025		2024
Net Investment Income
Annuities	$	469	$	418	$	1,385	$	1,203
Life Insurance	687		623		1,950		1,817
Group Protection	98		87		281		261
Retirement Plan Services	257		253		760		744
Other Operations	33		35		102		79
Total net investment income	$	1,544	$	1,416	$	4,478	$	4,104