Segment Information (Tables)

9 Months Ended

Sep. 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 September 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	$	2,190	$	1,070	$	398	$	106	$	597	$	387	$	956	$	365	$	181	$	6,250
Reconciliation of revenues:
Investment and derivative gains (losses)																			1
Change in fair value of funds withheld embedded derivatives																			(33)
Funds withheld gains (losses) – investment income																			(19)
Investment income (loss) on unit-linked variable annuities																			(1)
Other revenues (1)																			6
Total consolidated revenues																			$	6,204
Less significant expenses (2):
Adjusted claims and other policy benefits	1,769		511		307		92		516		253		761		135		—
Future policy benefits remeasurement (gains) losses	(46)		2		(8)		—		216		(37)		(41)		(1)		—
Adjusted interest credited	61		324		1		—		—		7		—		107		47
Interest expense	—		—		—		—		—		—		—		—		98
Other segment items (3)	270		133		55		7		57		24		98		53		94
Adjusted operating income (loss) before income taxes	$	136	$	100	$	43	$	7	$	(192)	$	140	$	138	$	71	$	(58)	$	385
Reconciliation of adjusted operating income (loss) before income taxes
Investment and derivative gains (losses)																			1
Market risk benefits remeasurement gains (losses)																			1
Change in fair value of funds withheld embedded derivatives																			(33)
Funds withheld gains (losses) – investment income																			(19)
Derivatives – interest credited																			(1)
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)																			(14)
Income before income taxes per condensed consolidated statements of income																			$	320

(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 nine months ended September 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	$	6,701	$	1,985	$	1,188	$	321	$	1,777	$	1,036	$	2,695	$	1,060	$	505	$	17,268
Reconciliation of revenues:
Investment and derivative gains (losses)																			(147)
Change in fair value of funds withheld embedded derivatives																			(41)
Funds withheld gains (losses) – investment income																			(17)
Investment income (loss) on unit-linked variable annuities																			(1)
Other revenues (1)																			1
Total consolidated revenues																			$	17,063
Less significant expenses (2):
Adjusted claims and other policy benefits	5,464		787		920		276		1,532		644		2,133		438		—
Future policy benefits remeasurement (gains) losses	3		(1)		(3)		—		214		(43)		(67)		(6)		—
Adjusted interest credited	127		577		1		—		—		20		—		284		139
Interest expense	—		—		—		—		—		—		—		—		268
Other segment items (3)	827		358		167		18		155		69		281		137		258
Adjusted operating income (loss) before income taxes	$	280	$	264	$	103	$	27	$	(124)	$	346	$	348	$	207	$	(160)	$	1,291
Reconciliation of adjusted operating income (loss) before income taxes
Investment and derivative gains (losses)																			(147)
Market risk benefits remeasurement gains (losses)																			(11)
Change in fair value of funds withheld embedded derivatives																			(41)
Funds withheld gains (losses) – investment income																			(17)
Derivatives – interest credited																			(13)
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)																			(32)
Income before income taxes per condensed consolidated statements of income																			$	1,030

(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 September 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	$	2,159	$	1,003	$	385	$	99	$	550	$	256	$	819	$	270	$	168	$	5,709
Reconciliation of revenues:
Investment and derivative gains (losses)																			23
Change in fair value of funds withheld embedded derivatives																			(112)
Funds withheld gains (losses) – investment income																			1
Investment income (loss) on unit-linked variable annuities																			1
Other revenues (1)																			29
Total consolidated revenues																			$	5,651
Less significant expenses (2):
Adjusted claims and other policy benefits	1,712		654		296		90		472		148		656		90		—
Future policy benefits remeasurement (gains) losses	46		12		(4)		—		35		—		53		9		—
Adjusted interest credited	45		131		1		—		—		5		—		75		41
Interest expense	—		—		—		—		—		—		—		—		77
Other segment items (3)	277		126		62		5		61		17		99		36		68
Adjusted operating income (loss) before income taxes	$	79	$	80	$	30	$	4	$	(18)	$	86	$	11	$	60	$	(18)	$	314
Reconciliation of adjusted operating income (loss) before income taxes
Investment and derivative gains (losses)																			23
Market risk benefits remeasurement gains (losses)																			(31)
Change in fair value of funds withheld embedded derivatives																			(112)
Funds withheld gains (losses) – investment income																			1
Derivatives – interest credited																			(11)
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)																			31
Income before income taxes per condensed consolidated statements of income																			$	214

(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 nine months ended September 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	$	6,122	$	3,961	$	1,160	$	228	$	1,599	$	728	$	2,388	$	690	$	423	$	17,299
Reconciliation of revenues:
Investment and derivative gains (losses)																			(517)
Change in fair value of funds withheld embedded derivatives																			(9)
Funds withheld gains (losses) – investment income																			3
Investment income (loss) on unit-linked variable annuities																			(1)
Other revenues (1)																			91
Total consolidated revenues																			$	16,866
Less significant expenses (2):
Adjusted claims and other policy benefits	4,960		2,977		883		198		1,360		403		1,849		211		—
Future policy benefits remeasurement (gains) losses	(41)		11		(6)		—		36		4		25		8		—
Adjusted interest credited	83		392		1		—		—		21		—		175		106
Interest expense	—		—		—		—		—		—		—		—		218
Other segment items (3)	746		331		180		12		184		51		295		106		199
Adjusted operating income (loss) before income taxes	$	374	$	250	$	102	$	18	$	19	$	249	$	219	$	190	$	(100)	$	1,321
Reconciliation of adjusted operating income (loss) before income taxes
Investment and derivative gains (losses)																			(517)
Market risk benefits remeasurement gains (losses)																			12
Change in fair value of funds withheld embedded derivatives																			(9)
Funds withheld gains (losses) – investment income																			3
Derivatives – interest credited																			(18)
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 condensed consolidated statements of income																			$	755

(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.