Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]

The following tables summarizes the Company’s reportable segment revenues, significant expenses, measure of profit and loss and reconciliations to the Company’s consolidated totals (dollars in millions):


For the year ended December 31, 2024:
	U.S. and Latin America				Canada				Europe, Middle East and Africa				Asia Pacific				Corporate and Other		Total
	Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions

Segment revenues	$	8,429	$	4,492	$	1,557	$	331	$	2,125	$	1,013	$	3,297	$	957	$	587	$	22,788
Reconciliation of revenues:
Investment and derivative gains (losses)																			(897)
Change in fair value of funds withheld embedded derivatives																			116
Funds withheld gains (losses) – investment income																			(3)
Investment income (loss) on unit-linked variable annuities																			(3)
Other revenues (1)																			106
Total consolidated revenues																			$	22,107
Less significant expenses (2):
Adjusted claims and other policy benefits	6,846		3,187		1,194		307		1,805		562		2,582		308		—
Future policy benefits remeasurement (gains) losses	(109)		1		(11)		—		48		3		34		2		—
Adjusted interest credited	119		519		1		—		—		30		—		256		150
Interest expense	—		—		—		—		—		—		—		—		303
Other expenses (3)	1,048		459		239		(2)		242		73		399		136		305
Adjusted operating income (loss) before income taxes	$	525	$	326	$	134	$	26	$	30	$	345	$	282	$	255	$	(171)	$	1,752
Reconciliation of adjusted operating income (loss) before income taxes
Investment and derivative gains (losses)																			(897)
Market risk benefits remeasurement gains (losses)																			44
Change in fair value of funds withheld embedded derivatives																			116
Funds withheld gains (losses) – investment income																			(3)
EIA embedded derivatives – interest credited																			(15)
Investment income (loss) on unit-linked variable annuities																			(3)
Interest credited on unit-linked variable annuities																			3
Interest expense on uncertain tax positions																			(1)
Other reconciling items (4)																			(16)
Income before income taxes per consolidated statements of income																			$	980

(1)Includes market valuation adjustments on surrender charges and other immaterial items.

(2)The significant expense categories and amounts align with the segment level information that is regularly provided to the CEO. Intersegment expenses are included within the amounts above.

(3)Includes policy acquisition costs and other insurance expenses and other operating expenses.

(4)Includes market valuation adjustments on surrender charges, pension risk transfer initial loss and other immaterial items.


For the year ended December 31, 2023:
	U.S. and Latin America				Canada				Europe, Middle East and Africa				Asia Pacific				Corporate and Other		Total
	Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions

Segment revenues	$	7,818	$	2,879	$	1,472	$	106	$	1,866	$	694	$	3,050	$	749	$	441	$	19,075
Reconciliation of revenues:
Investment and derivative gains (losses)																			(360)
Change in fair value of funds withheld embedded derivatives																			(163)
Funds withheld gains (losses) – investment income																			5
Investment income (loss) on unit-linked variable annuities																			(1)
Other revenues (1)																			11
Total consolidated revenues																			$	18,567
Less significant expenses (2):
Adjusted claims and other policy benefits	6,429		1,646		1,130		78		1,622		363		2,340		230		—
Future policy benefits remeasurement (gains) losses	74		(29)		22		(30)		48		(89)		(56)		(2)		—
Adjusted interest credited	75		531		1		—		—		—		—		203		61
Interest expense	—		—		—		—		—		—		—		—		257
Other expenses (3)	927		280		228		6		216		65		393		106		251
Adjusted operating income (loss) before income taxes	$	313	$	451	$	91	$	52	$	(20)	$	355	$	373	$	212	$	(128)	$	1,699
Reconciliation of adjusted operating income (loss) before income taxes
Investment and derivative gains (losses)																			(360)
Market risk benefits remeasurement gains (losses)																			10
Change in fair value of funds withheld embedded derivatives																			(163)
Funds withheld gains (losses) – investment income																			5
EIA embedded derivatives – interest credited																			6
Investment income (loss) on unit-linked variable annuities																			(1)
Interest credited on unit-linked variable annuities																			1
Interest expense on uncertain tax positions																			—
Other reconciling items (4)																			(37)
Income before income taxes per consolidated statements of income																			$	1,160

(1)Includes market valuation adjustments on surrender charges and other immaterial items.

(2)The significant expense categories and amounts align with the segment level information that is regularly provided to the CEO. Intersegment expenses are included within the amounts above.

(3)Includes policy acquisition costs and other insurance expenses and other operating expenses.

(4)Includes market valuation adjustments on surrender charges, pension risk transfer initial loss and other immaterial items.


For the year ended December 31, 2022:
	U.S. and Latin America				Canada				Europe, Middle East and Africa				Asia Pacific				Corporate and Other		Total
	Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions

Segment revenues	$	7,517	$	1,392	$	1,479	$	110	$	1,818	$	712	$	2,882	$	590	$	293	$	16,793
Reconciliation of revenues:
Investment and derivative gains (losses)																			(425)
Change in fair value of funds withheld embedded derivatives																			(173)
Funds withheld gains (losses) – investment income																			(24)
Investment income (loss) on unit-linked variable annuities																			(24)
Other revenues (1)																			80
Total consolidated revenues																			$	16,227
Less significant expenses (2):
Adjusted claims and other policy benefits	6,133		205		1,129		86		1,586		428		2,192		223		—
Future policy benefits remeasurement (gains) losses	262		(28)		(2)		(12)		(15)		(21)		100		7		—
Adjusted interest credited	69		539		—		—		—		—		—		119		32
Interest expense	—		—		—		—		—		—		—		—		191
Other expenses (3)	906		228		244		5		201		61		396		80		232
Adjusted operating income (loss) before income taxes	$	147	$	448	$	108	$	31	$	46	$	244	$	194	$	161	$	(162)	$	1,217
Reconciliation of adjusted operating income (loss) before income taxes
Investment and derivative gains (losses)																			(425)
Market risk benefits remeasurement gains (losses)																			(10)
Change in fair value of funds withheld embedded derivatives																			(173)
Funds withheld gains (losses) – investment income																			(24)
EIA embedded derivatives – interest credited																			53
Investment income (loss) on unit-linked variable annuities																			(24)
Interest credited on unit-linked variable annuities																			24
Interest expense on uncertain tax positions																			—
Other reconciling items (4)																			80
Income before income taxes per consolidated statements of income																			$	718

(1)Includes market valuation adjustments on surrender charges and other immaterial items.

(2)The significant expense categories and amounts align with the segment level information that is regularly provided to the CEO. Intersegment expenses are included within the amounts above.

(3)Includes policy acquisition costs and other insurance expenses and other operating expenses.

(4)Includes market valuation adjustments on surrender charges, pension risk transfer initial loss and other immaterial items.

Reconciliation of Assets from Segment to Consolidated [Table Text Block]


As of December 31, 2024:
	U.S. and Latin America				Canada				Europe, Middle East and Africa				Asia Pacific				Corporate and Other		Total
	Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions
Segment assets (1)(2)	$	27,190	$	29,768	$	5,069	$	5,240	$	5,029	$	7,826	$	10,488	$	21,184	$	6,881	$	118,675

(1)Capital expenditures of each reporting segment were immaterial.

(2)Asia Pacific total assets include $15.9 billion of assets from the Company’s Japan operations.


As of December 31, 2023:
	U.S. and Latin America				Canada				Europe, Middle East and Africa				Asia Pacific				Corporate and Other		Total
	Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions
Segment assets (1)(2)	$	24,320	$	28,385	$	5,111	$	219	$	4,334	$	5,656	$	9,925	$	14,680	$	4,993	$	97,623

(1)Capital expenditures of each reporting segment were immaterial.

(2)Asia Pacific total assets include $11.9 billion of assets from the Company’s Japan operations.


As of December 31, 2022:
	U.S. and Latin America				Canada				Europe, Middle East and Africa				Asia Pacific				Corporate and Other		Total
	Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions
Segment assets (1)(2)	$	22,612	$	25,203	$	4,826	$	177	$	3,652	$	5,215	$	9,254	$	12,023	$	1,942	$	84,904

(1)Capital expenditures of each reporting segment were immaterial.

(2)Asia Pacific total assets include $10.1 billion of assets from the Company’s Japan operations.

Reconciliation of Revenue from Segments to Consolidated [Table Text Block]


For the year ended December 31, 2024:
	U.S. and Latin America				Canada				Europe, Middle East and Africa				Asia Pacific				Corporate and Other		Total
	Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions

Segment revenues	$	8,429	$	4,492	$	1,557	$	331	$	2,125	$	1,013	$	3,297	$	957	$	587	$	22,788
Reconciliation of revenues:
Investment and derivative gains (losses)																			(897)
Change in fair value of funds withheld embedded derivatives																			116
Funds withheld gains (losses) – investment income																			(3)
Investment income (loss) on unit-linked variable annuities																			(3)
Other revenues (1)																			106
Total consolidated revenues																			$	22,107
Less significant expenses (2):
Adjusted claims and other policy benefits	6,846		3,187		1,194		307		1,805		562		2,582		308		—
Future policy benefits remeasurement (gains) losses	(109)		1		(11)		—		48		3		34		2		—
Adjusted interest credited	119		519		1		—		—		30		—		256		150
Interest expense	—		—		—		—		—		—		—		—		303
Other expenses (3)	1,048		459		239		(2)		242		73		399		136		305
Adjusted operating income (loss) before income taxes	$	525	$	326	$	134	$	26	$	30	$	345	$	282	$	255	$	(171)	$	1,752
Reconciliation of adjusted operating income (loss) before income taxes
Investment and derivative gains (losses)																			(897)
Market risk benefits remeasurement gains (losses)																			44
Change in fair value of funds withheld embedded derivatives																			116
Funds withheld gains (losses) – investment income																			(3)
EIA embedded derivatives – interest credited																			(15)
Investment income (loss) on unit-linked variable annuities																			(3)
Interest credited on unit-linked variable annuities																			3
Interest expense on uncertain tax positions																			(1)
Other reconciling items (4)																			(16)
Income before income taxes per consolidated statements of income																			$	980

(1)Includes market valuation adjustments on surrender charges and other immaterial items.

(2)The significant expense categories and amounts align with the segment level information that is regularly provided to the CEO. Intersegment expenses are included within the amounts above.

(3)Includes policy acquisition costs and other insurance expenses and other operating expenses.

(4)Includes market valuation adjustments on surrender charges, pension risk transfer initial loss and other immaterial items.