Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Reconciliation Of Operating Profit Loss From Segments To Consolidated Text Block

The following tables summarize 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 June 30, 2025:
	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	$	2,320	$	419	$	406	$	108	$	608	$	367	$	889	$	374	$	187	$	5,678
Reconciliation of revenues:
Investment and derivative gains (losses)																			(77)
Change in fair value of funds withheld embedded derivatives																			3
Funds withheld gains (losses) – investment income																			2

Other revenues (1)																			(7)
Total consolidated revenues																			$	5,599
Less significant expenses (2):
Adjusted claims and other policy benefits	1,922		76		318		93		533		224		701		158		—
Future policy benefits remeasurement (gains) losses	74		(1)		2		—		6		(3)		(8)		(2)		—
Adjusted interest credited	37		130		—		—		—		7		—		93		45
Interest expense	—		—		—		—		—		—		—		—		90
Other expenses (3)	283		117		58		6		51		23		92		48		84
Adjusted operating income (loss) before income taxes	$	4	$	97	$	28	$	9	$	18	$	116	$	104	$	77	$	(32)	$	421
Reconciliation of adjusted operating income (loss) before income taxes
Investment and derivative gains (losses)																			(77)
Market risk benefits remeasurement gains (losses)																			17
Change in fair value of funds withheld embedded derivatives																			3
Funds withheld gains (losses) – investment income																			2
Derivatives – interest credited																			(2)
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)																			(23)
Income before income taxes per condensed consolidated statements of income																			$	341

(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 six months ended June 30, 2025:
	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	$	4,511	$	915	$	790	$	215	$	1,180	$	649	$	1,739	$	695	$	324	$	11,018
Reconciliation of revenues:
Investment and derivative gains (losses)																			(148)
Change in fair value of funds withheld embedded derivatives																			(8)
Funds withheld gains (losses) – investment income																			2

Other revenues (1)																			(5)
Total consolidated revenues																			$	10,859
Less significant expenses (2):
Adjusted claims and other policy benefits	3,695		276		613		184		1,016		391		1,372		303		—
Future policy benefits remeasurement (gains) losses	49		(3)		5		—		(2)		(6)		(26)		(5)		—
Adjusted interest credited	66		253		—		—		—		13		—		177		92
Interest expense	—		—		—		—		—		—		—		—		170
Other expenses (3)	557		225		112		11		98		45		183		84		164
Adjusted operating income (loss) before income taxes	$	144	$	164	$	60	$	20	$	68	$	206	$	210	$	136	$	(102)	$	906
Reconciliation of adjusted operating income (loss) before income taxes
Investment and derivative gains (losses)																			(148)
Market risk benefits remeasurement gains (losses)																			(12)
Change in fair value of funds withheld embedded derivatives																			(8)
Funds withheld gains (losses) – investment income																			2
Derivatives – interest credited																			(12)



Other reconciling items (4)																			(18)
Income before income taxes per condensed consolidated statements of income																			$	710

(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 June 30, 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	$	2,037	$	677	$	390	$	102	$	524	$	247	$	778	$	231	$	133	$	5,119
Reconciliation of revenues:
Investment and derivative gains (losses)																			(308)
Change in fair value of funds withheld embedded derivatives																			26
Funds withheld gains (losses) – investment income																			—
Investment income (loss) on unit-linked variable annuities																			(1)
Other revenues (1)																			42
Total consolidated revenues																			$	4,878
Less significant expenses (2):
Adjusted claims and other policy benefits	1,676		367		304		89		464		133		607		74		—
Future policy benefits remeasurement (gains) losses	(66)		(3)		1		—		6		2		(29)		(1)		—
Adjusted interest credited	19		126		—		—		—		9		—		49		35
Interest expense	—		—		—		—		—		—		—		—		1
Other expenses (3)	241		107		59		6		55		17		101		38		141
Adjusted operating income (loss) before income taxes	$	167	$	80	$	26	$	7	$	(1)	$	86	$	99	$	71	$	(44)	$	491
Reconciliation of adjusted operating income (loss) before income taxes
Investment and derivative gains (losses)																			(308)
Market risk benefits remeasurement gains (losses)																			8
Change in fair value of funds withheld embedded derivatives																			26
Funds withheld gains (losses) – investment income																			—
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																			1
Other reconciling items (4)																			45
Income before income taxes per condensed consolidated statements of income																			$	269

(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 six months ended June 30, 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	$	3,963	$	2,958	$	775	$	129	$	1,049	$	472	$	1,569	$	420	$	255	$	11,590
Reconciliation of revenues:
Investment and derivative gains (losses)																			(540)
Change in fair value of funds withheld embedded derivatives																			103
Funds withheld gains (losses) – investment income																			2
Investment income (loss) on unit-linked variable annuities																			(2)
Other revenues (1)																			62
Total consolidated revenues																			$	11,215
Less significant expenses (2):
Adjusted claims and other policy benefits	3,248		2,323		587		108		888		255		1,193		121		—
Future policy benefits remeasurement (gains) losses	(87)		(1)		(2)		—		1		4		(28)		(1)		—
Adjusted interest credited	38		261		—		—		—		16		—		100		65
Interest expense	—		—		—		—		—		—		—		—		139
Other expenses (3)	469		205		118		7		123		34		196		70		133
Adjusted operating income (loss) before income taxes	$	295	$	170	$	72	$	14	$	37	$	163	$	208	$	130	$	(82)	$	1,007
Reconciliation of adjusted operating income (loss) before income taxes
Investment and derivative gains (losses)																			(540)
Market risk benefits remeasurement gains (losses)																			43
Change in fair value of funds withheld embedded derivatives																			103
Funds withheld gains (losses) – investment income																			2
Derivatives – interest credited																			(7)
Investment income (loss) on unit-linked variable annuities																			(2)
Interest credited on unit-linked variable annuities																			2
Interest expense on uncertain tax positions																			1
Other reconciling items (4)																			(68)
Income before income taxes per condensed consolidated statements of income																			$	541

(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.