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Segment Information (Tables)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting [Abstract]    
Reconciliation Of Operating Profit Loss From Segments To Consolidated 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 three months ended March 31, 2025:
U.S. and Latin AmericaCanadaEurope, Middle East and AfricaAsia PacificCorporate and OtherTotal
TraditionalFinancial SolutionsTraditionalFinancial SolutionsTraditionalFinancial SolutionsTraditionalFinancial Solutions
Segment revenues$2,191 $496 $384 $107 $572 $282 $850 $321 $137 $5,340 
Reconciliation of revenues:
Investment and derivative gains (losses)(71)
Change in fair value of funds withheld embedded derivatives(11)
Funds withheld gains (losses) – investment income— 
Investment income (loss) on unit-linked variable annuities— 
Other revenues (1)
2 
Total consolidated revenues$5,260 
Less significant expenses (2):
Adjusted claims and other policy benefits1,773 200 295 91 483 167 671 145 — 
Future policy benefits remeasurement (gains) losses(25)(2)3 — (8)(3)(18)(3)— 
Adjusted interest credited29 123 — — — 6 — 84 47 
Interest expense— — — — — — — — 80 
Other expenses (3)
274 108 54 5 47 22 91 36 80 
Adjusted operating income (loss) before income taxes$140 $67 $32 $11 $50 $90 $106 $59 $(70)$485 
Reconciliation of adjusted operating income (loss) before income taxes
Investment and derivative gains (losses)(71)
Market risk benefits remeasurement gains (losses)(29)
Change in fair value of funds withheld embedded derivatives(11)
Funds withheld gains (losses) – investment income— 
Derivatives – interest credited(10)
Investment income (loss) on unit-linked variable annuities— 
Interest credited on unit-linked variable annuities— 
Interest expense on uncertain tax positions— 
Other reconciling items (4)
5 
Income before income taxes per condensed consolidated statements of income$369 
(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 three months ended March 31, 2024:
U.S. and Latin AmericaCanadaEurope, Middle East and AfricaAsia PacificCorporate and OtherTotal
TraditionalFinancial SolutionsTraditionalFinancial SolutionsTraditionalFinancial SolutionsTraditionalFinancial Solutions
Segment revenues$1,926 $2,281 $385 $27 $525 $225 $791 $189 $122 $6,471 
Reconciliation of revenues:
Investment and derivative gains (losses)(232)
Change in fair value of funds withheld embedded derivatives77 
Funds withheld gains (losses) – investment income2 
Investment income (loss) on unit-linked variable annuities(1)
Other revenues (1)
20 
Total consolidated revenues$6,337 
Less significant expenses (2):
Adjusted claims and other policy benefits1,572 1,956 283 19 424 122 586 47 — 
Future policy benefits remeasurement (gains) losses(21)2 (3)— (5)2 1 — — 
Adjusted interest credited19 135 — — — 7 — 51 30 
Interest expense— — — — — — — — 68 
Other expenses (3)
228 98 59 1 68 17 95 32 62 
Adjusted operating income (loss) before income taxes$128 $90 $46 $7 $38 $77 $109 $59 $(38)$516 
Reconciliation of adjusted operating income (loss) before income taxes
Investment and derivative gains (losses)(232)
Market risk benefits remeasurement gains (losses)35 
Change in fair value of funds withheld embedded derivatives77 
Funds withheld gains (losses) – investment income2 
Derivatives – interest credited(13)
Investment income (loss) on unit-linked variable annuities(1)
Interest credited on unit-linked variable annuities1 
Interest expense on uncertain tax positions— 
Other reconciling items (4)
(113)
Income before income taxes per condensed consolidated statements of income$272 
(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 Text Block Total assets by segment were as follows (dollars in millions):
As of March 31, 2025:
U.S. and Latin AmericaCanadaEurope, Middle East and AfricaAsia PacificCorporate and OtherTotal
TraditionalFinancial SolutionsTraditionalFinancial SolutionsTraditionalFinancial SolutionsTraditionalFinancial Solutions
Segment assets (1)(2)
$28,166 $30,363 $5,289 $4,972 $5,155 $8,507 $11,106 $23,632 $11,020 $128,210 
(1)Capital expenditures of each reporting segment were immaterial.
(2)Asia Pacific total assets include $18.5 billion of assets from the Company’s Japan operations respectively.
As of December 31, 2024:
U.S. and Latin AmericaCanadaEurope, Middle East and AfricaAsia PacificCorporate and OtherTotal
TraditionalFinancial SolutionsTraditionalFinancial SolutionsTraditionalFinancial SolutionsTraditionalFinancial 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.