Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

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 Year Ended December 31, 2024
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating Revenues (1)	$	4,549	$	4,988	$	1,088	$	1,304	$	149	$	12,078
Operating Expenses (2)
Benefits and policyholder liability
remeasurement (gain) loss (3)	143		2,732		(785)		–		6		2,096
Interest credited	1,538		909		6		675		32		3,160
Commissions	1,115		442		415		104		–		2,076
General and administrative expenses	495		554		870		340		182		2,441
Interest and debt expense	–		–		–		–		185		185
Other (4)	156		194		153		16		3		522
Total operating expenses	3,447		4,831		659		1,135		408		10,480
Total federal income tax expense (benefit)	172		13		90		20		(49)		246
Total income (loss) from operations	930		144		339		149		(210)		1,352
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax											2,085
Net life insurance product features, pre-tax											(237)
Credit loss-related adjustments, pre-tax											(152)
Investment gains (losses), pre-tax											(311)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (5)											203
GLB rider fees ceded to LNBAR, pre-tax											(933)
Gains (losses) on other non-financial assets -
sale of subsidiaries/businesses, pre-tax (6)											481
Other items, pre-tax (7)(8)(9)(10)											(144)
Income tax benefit (expense) related to
the above pre-tax items											(214)
Total net income (loss)											$	2,130

(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)    Group Protection: Reflects day one impacts of the 2024 reinsurance transaction that had no income (loss) from operations impact. See Note 7 for more information.

(4)    Other operating expenses include: Annuities: DAC and VOBA capitalization and amortization; broker-dealer expenses before the sale of the wealth management business in the second quarter of 2024; 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; expenses associated with LOCs and amortization of deferred loss on business sold through reinsurance. Retirement Plan Services: DAC capitalization and amortization; taxes, licenses and fees and expenses associated with LOCs.

Other Operations: 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.

(5)    Includes primarily changes in the fair value of embedded derivatives related to affiliate reinsurance transactions. For more information, see Note 7.

(6)    For information on the sale of the wealth management business, see Note 1.

(7)    Includes certain legal accruals of $(18) million and regulatory accruals of $(12) million related to estimated state guaranty fund assessments net of estimated state premium tax recoveries associated with the Bankers Life Insurance Company and Colorado Bankers Life Insurance Company insolvencies (see “State Guaranty Fund Assessments” in Note 17 for more information).

(8)    Includes severance expense related to initiatives to realign the workforce of $(74) million.

(9)    Includes transaction and integration costs related to mergers, acquisitions and divestitures of $(29) million.

(10)    Includes deferred compensation mark-to-market adjustment of $(11) million.

	For the Year Ended December 31, 2023
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating Revenues (1)	$	2,625	$	6,362	$	5,560	$	1,290	$	(778)	$	15,059
Operating Expenses (2)
Benefits and policyholder liability
remeasurement (gain) loss (3)	(1,506)		4,103		3,732		–		(871)		5,458
Interest credited	1,254		1,242		5		665		36		3,202
Commissions	972		577		446		87		–		2,082
General and administrative expenses	469		610		846		341		193		2,459
Interest and debt expense	–		–		–		–		190		190
Other (4)	517		18		155		17		4		711
Total operating expenses	1,706		6,550		5,184		1,110		(448)		14,102
Total federal income tax expense (benefit)	79		(62)		79		25		(76)		45
Total income (loss) from operations	840		(126)		297		155		(254)		912
Reconciliation of total income (loss) from
operations to net income (loss) (5):
Net annuity product features, pre-tax											1,640
Net life insurance product features, pre-tax											187
Credit loss-related adjustments, pre-tax											(74)
Investment gains (losses), pre-tax											(4,080)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax											(22)
GLB rider fees ceded to LNBAR, pre-tax											(923)
Other items, pre-tax (6)(7)(8)(9)											(163)
Income tax benefit (expense) related to
the above pre-tax items											735
Total net income (loss)											$	(1,788)

(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)    Annuities and Other Operations: Reflects the fourth quarter 2023 reinsurance transaction ceding of in-force life-contingent payout fixed annuities and institutional pension business that had no income (loss) from operations impact. See Note 7 for more information on the transaction.

(4)    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: 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.

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

(6)    Includes certain legal accruals of $(120) million primarily attributable to a fourth quarter 2023 accrual related to the settlement of cost of insurance litigation.

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

(8)    Includes transaction and integration costs related to mergers, acquisitions and divestitures of $(34) million.

(9)    Includes deferred compensation mark-to-market adjustment of $(2) million.

	For the Year Ended December 31, 2022
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating Revenues (1)	$	4,102	$	6,344	$	5,303	$	1,257	$	133	$	17,139
Operating Expenses (2)
Benefits and policyholder liability
remeasurement (gain) loss	252		6,388		3,931		–		69		10,640
Interest credited	896		1,291		5		629		39		2,860
Commissions	1,020		708		394		79		–		2,201
General and administrative expenses	405		552		766		304		212		2,239
Interest and debt expense	–		–		–		–		137		137
Other (3)	453		(118)		156		15		5		511
Total operating expenses	3,026		8,821		5,252		1,027		462		18,588
Total federal income tax expense (benefit)	128		(544)		11		32		(57)		(430)
Total income (loss) from operations	948		(1,933)		40		198		(272)		(1,019)
Reconciliation of total income (loss) from
operations to net income (loss) (4):
Net annuity product features, pre-tax											528
Net life insurance product features, pre-tax											26
Credit loss-related adjustments, pre-tax											(129)
Investment gains (losses), pre-tax											19
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax											588
GLB rider fees ceded to LNBAR, pre-tax											(932)
Impairment of intangibles (5)											(634)
Other items, pre-tax (6)(7)											(129)
Income tax benefit (expense) related to
the above pre-tax items											7
Total net income (loss)											$	(1,675)

(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 and taxes, licenses and fees.

Other Operations: 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)    See Note 8 for more information.

(6)    Includes certain legal accruals of $(147) million.

(7)    Includes deferred compensation mark-to-market adjustment of $18 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 Year Ended December 31, 2024
	Annuities		Life Insurance		Group Protection (1)		Retirement Plan Services		Other Operations		Total
Operating revenues	$	4,549	$	4,988	$	1,088	$	1,304	$	149	$	12,078
Revenue adjustments from annuity and life
insurance product features	1,175		(253)		–		–		–		922
Credit loss-related adjustments	(71)		(10)		(4)		(32)		(35)		(152)
Investment gains (losses)	(13)		9		(8)		(70)		(229)		(311)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	104		87		(10)		–		22		203
GLB rider fees ceded to LNBAR	(932)		–		–		(1)		–		(933)
Gains (losses) on other non-financial assets -
sale of subsidiaries/businesses	–		–		–		–		481		481
Total revenues	$	4,812	$	4,821	$	1,066	$	1,201	$	388	$	12,288

(1)    Includes day one impacts pertaining to the 2024 reinsurance transaction. For more information, see Note 7.

	For the Year Ended December 31, 2023
	Annuities (1)		Life Insurance		Group Protection		Retirement Plan Services		Other Operations (1)		Total
Operating revenues	$	2,625	$	6,362	$	5,560	$	1,290	$	(778)	$	15,059
Revenue adjustments from annuity and life
insurance product features	509		(411)		–		1		–		99
Credit loss-related adjustments	(14)		(49)		(4)		(1)		(6)		(74)
Investment gains (losses)	(78)		(3,867)		(6)		(35)		(94)		(4,080)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	(76)		55		–		–		(1)		(22)
GLB rider fees ceded to LNBAR	(922)		–		–		(1)		–		(923)
Total revenues (1)	$	2,044	$	2,090	$	5,550	$	1,254	$	(879)	$	10,059

(1)    Includes ceded insurance premiums primarily related to the fourth quarter 2023 reinsurance transaction. For more information, see Note 7.

	For the Year Ended December 31, 2022
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating revenues	$	4,102	$	6,344	$	5,303	$	1,257	$	133	$	17,139
Revenue adjustments from annuity and life
insurance product features	838		34		–		–		–		872
Credit loss-related adjustments	(10)		(124)		3		(3)		5		(129)
Investment gains (losses)	(20)		83		(3)		(13)		(28)		19
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	84		508		–		–		(4)		588
GLB rider fees ceded to LNBAR	(931)		–		–		(1)		–		(932)
Total revenues	$	4,063	$	6,845	$	5,303	$	1,240	$	106	$	17,557

Schedule of Segment Reporting Information, by Segment

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

The following provides a summary of our DAC, VOBA, DSI and DFEL amortization basis and expected amortization period by segment:

Business Segment	Amortization Basis	Expected Amortization Period
Annuities	Total deposits paid to date on policies in force	Life of contract
Life Insurance	Policy count of policies in force	On average 60 years
Group Protection	Group certificate contracts in force	4 years
Retirement Plan Services	Lives in force	Life of contract or 40 years

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

	For the Years Ended December 31,
	2024		2023		2022
Net Investment Income
Annuities	$	1,820	$	1,744	$	1,387
Life Insurance	1,852		2,515		2,464
Group Protection	337		336		333
Retirement Plan Services	986		999		966
Other Operations	93		118		124
Total net investment income	$	5,088	$	5,712	$	5,274