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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)	$	1,118	$	1,211	$	1,472	$	324	$	42	$	4,167
Operating Expenses (2)
Benefits and policyholder liability
remeasurement (gain) loss	27		731		985		–		2		1,745
Interest credited	420		220		–		170		13		823
Commissions	298		88		127		27		–		540
General and administrative expenses	125		129		222		84		48		608
Interest and debt expense	–		–		–		–		40		40
Other (3)	(13)		93		29		8		–		117
Total operating expenses	857		1,261		1,363		289		103		3,873
Total federal income tax expense (benefit)	34		(19)		23		4		(6)		36
Total income (loss) from operations	227		(31)		86		31		(55)		258
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax											(473)
Net life insurance product features, pre-tax											21
Credit loss-related adjustments, pre-tax											(28)
Investment gains (losses), pre-tax											37
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (4)											(177)
GLB rider fees ceded to LNBAR, pre-tax											(232)



Other items, pre-tax (5)(6)(7)											(32)
Income tax benefit (expense) related to
the above pre-tax items											187
Total net income (loss)											$	(439)

(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; amortization of deferred loss on business sold through reinsurance; expenses associated with reserve financing and LOCs 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: 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 embedded derivatives related to affiliate reinsurance transactions. 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 $(6) million.


	For the Three Months Ended March 31, 2024
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating Revenues (1)	$	1,178	$	1,181	$	1,424	$	317	$	26	$	4,126
Operating Expenses (2)
Benefits and policyholder liability
remeasurement (gain) loss	27		739		963		–		1		1,730
Interest credited	353		222		1		166		10		752
Commissions	254		111		109		23		–		497
General and administrative expenses	120		142		209		85		38		594
Interest and debt expense	–		–		–		–		48		48
Other (3)	146		37		42		7		(1)		231
Total operating expenses	900		1,251		1,324		281		96		3,852
Total federal income tax expense (benefit)	55		(19)		21		4		(10)		51
Total income (loss) from operations	223		(51)		79		32		(60)		223
Reconciliation of total income (loss) from
operations to net income (loss) (4):
Net annuity product features, pre-tax											997
Net life insurance product features, pre-tax											(131)
Credit loss-related adjustments, pre-tax											(1)
Investment gains (losses), pre-tax											(56)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (5)											48
GLB rider fees ceded to LNBAR, pre-tax											(230)



Other items, pre-tax (6)(7)(8)(9)											(71)
Income tax benefit (expense) related to
the above pre-tax items											(122)
Total net income (loss)											$	657

(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 embedded derivatives related to affiliate reinsurance transactions. For more information, see Note 7.

(6) Includes certain legal accruals of $(3) million.

(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 $(11) million.

(9) Includes deferred compensation mark-to-market adjustment of $(8) 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	$	1,118	$	1,211	$	1,472	$	324	$	42	$	4,167
Revenue adjustments from annuity and life
insurance product features	152		18		–		–		–		170
Credit loss-related adjustments	(17)		1		(2)		(2)		(8)		(28)
Investment gains (losses)	(2)		26		–		(2)		15		37
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	(93)		(36)		(36)		–		(12)		(177)
GLB rider fees ceded to LNBAR	(232)		–		–		–		–		(232)


Total revenues	$	926	$	1,220	$	1,434	$	320	$	37	$	3,937


	For the Three Months Ended March 31, 2024
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating revenues	$	1,178	$	1,181	$	1,424	$	317	$	26	$	4,126
Revenue adjustments from annuity and life
insurance product features	302		(133)		–		–		–		169
Credit loss-related adjustments	(3)		3		–		–		(1)		(1)
Investment gains (losses)	21		(6)		–		(5)		(66)		(56)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	34		13		–		–		1		48
GLB rider fees ceded to LNBAR	(230)		–		–		–		–		(230)
Total revenues	$	1,302	$	1,058	$	1,424	$	312	$	(40)	$	4,056

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 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

The variable annuities level of aggregation includes RILA products, which are indexed variable annuities. The fixed annuities level of aggregation represents deferred fixed annuities. We have excluded amounts reported in Other Operations from our disaggregated disclosures that are attributable to the indemnity reinsurance agreements with Protective Life Insurance Company (“Protective”) and Swiss Re Life & Health America, Inc (“Swiss Re”) as these contracts are fully reinsured, run-off institutional pension business in the form of group annuity and the results of certain disability income business.

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		$	494	$	417
Life Insurance		477		467
Group Protection		87		84
Retirement Plan Services		249		241
Other Operations		34		15
Total net investment income		$	1,341	$	1,224