Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

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 Three Months Ended March 31, 2026
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating Revenues (1)	$	1,156	$	1,231	$	1,493	$	343	$	60	$	4,283
Operating Expenses (2)
Benefits and policyholder liability
remeasurement	23		711		967		–		2		1,703
Interest credited	495		228		–		170		43		936
Commissions	339		74		122		29		1		565
General and administrative expenses	132		127		229		89		38		615
Interest and debt expense	–		–		–		–		26		26
Other (3)	(42)		92		49		8		–		107
Total operating expenses	947		1,232		1,367		296		110		3,952
Total federal income tax expense (benefit)	33		(8)		27		7		(11)		48
Total income (loss) from operations	176		7		99		40		(39)		283
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax (4)											(366)
Net life insurance product features, pre-tax											21
Credit loss-related adjustments, pre-tax											(20)
Investment gains (losses), pre-tax											(6)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (5)											251
GLB rider fees ceded to LNBAR, pre-tax											(236)
Gains (losses) on other non-financial
assets, pre-tax											(2)
Other items, pre-tax (6)(7)(8)											(117)
Income tax benefit (expense) related to
the above pre-tax items											99
Total net income (loss)											$	(93)

(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: 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 $(713) million; income allocated to support the cost of hedging or future benefits of $198 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $149 million.

(5)    Includes primarily changes in the fair value of embedded derivatives related to affiliate reinsurance transactions.

(6)    Includes certain legal accruals of $(122) million.

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

(8)    Includes deferred compensation mark-to-market adjustment of $12 million.

	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	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 (4)											(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 (5)											(177)
GLB rider fees ceded to LNBAR, pre-tax											(232)
Other items, pre-tax (6)(7)(8)											(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 changes in MRBs of $(619) million; income allocated to support the cost of hedging or future benefits of $179 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $(33) million.

(5)    Includes primarily changes in the fair value of embedded derivatives related to affiliate reinsurance transactions.

(6)    Includes severance expense related to initiatives to realign the workforce of $(6) million.

(7)    Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(20) million related to the sale of the wealth management business.

(8)    Includes deferred compensation mark-to-market adjustment of $(6) 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, 2026
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating revenues	$	1,156	$	1,231	$	1,493	$	343	$	60	$	4,283
Revenue adjustments from annuity and life
insurance product features	347		24		–		–		–		371
Credit loss-related adjustments	(4)		(1)		1		(2)		(14)		(20)
Investment gains (losses)	(4)		(16)		–		(1)		15		(6)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	131		67		47		–		6		251
GLB rider fees ceded to LNBAR	(236)		–		–		–		–		(236)
Gains (losses) on other non-financial assets	–		–		–		–		(2)		(2)
Total revenues	$	1,390	$	1,305	$	1,541	$	340	$	65	$	4,641

	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

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:

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,
	2026		2025
Net Investment Income
Annuities	$	559	$	494
Life Insurance	510		481
Group Protection	91		87
Retirement Plan Services	257		249
Other Operations	56		36
Total net investment income	$	1,473	$	1,347