Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

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 Year Ended December 31, 2025
	Annuities		Life Insurance		Group Protection (1)		Retirement Plan Services		Other Operations		Total
Operating Revenues (2)	$	4,568	$	4,916	$	4,745	$	1,337	$	185	$	15,751
Operating Expenses (3)
Benefits and policyholder liability
remeasurement	103		2,603		2,635		–		11		5,352
Interest credited	1,801		903		2		692		80		3,478
Commissions	1,291		326		501		115		5		2,238
General and administrative expenses	532		535		915		342		172		2,496
Interest and debt expense	–		–		–		–		146		146
Other (4)	(156)		330		136		16		3		329
Total operating expenses	3,571		4,697		4,189		1,165		417		14,039
Total federal income tax expense (benefit)	130		19		117		22		(49)		239
Total income (loss) from operations	867		200		439		150		(183)		1,473
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax (5)											1,175
Net life insurance product features, pre-tax											(80)
Credit loss-related adjustments, pre-tax											(134)
Investment gains (losses), pre-tax											(36)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (6)											(452)
GLB rider fees ceded to LNBAR, pre-tax											(941)
Gains (losses) on other non-financial
assets, pre-tax (7)											(14)
Other items, pre-tax (8)(9)(10)(11)											(154)
Income tax benefit (expense) related to
the above pre-tax items											128
Total net income (loss)											$	965

(1) Reflects the day one impact of the third quarter 2025 reinsurance transaction. For more information, see Note 7.

(2) See table below for reconciliation of total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss).

(3) 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.

(4) Other operating expenses include: Annuities: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and 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: DAC capitalization and amortization; taxes, licenses and fees; other intangible amortization; amortization of deferred loss on business sold through reinsurance and expenses associated with LOCs.

Retirement Plan Services: DAC capitalization and amortization; taxes, licenses and fees 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.

(5) Includes changes in MRBs of $218 million; income allocated to support the cost of hedging or future benefits of $687 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $270 million.

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

(7) Represents impairment of long-lived assets.

(8) Includes certain legal accruals of $(9) million and regulatory accruals of $2 million.

(9) Includes severance expense related to initiatives to realign the workforce of $(25) million.

(10) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(54) million of transaction costs related to restructuring certain captive reinsurance subsidiaries, $(25) million related to the sale of the wealth management business and $(22) million related to Life Insurance segment persistency optimization.

(11) Includes deferred compensation mark-to-market adjustment of $(21) million.


	For the Year Ended December 31, 2024
	Annuities		Life Insurance		Group Protection (1)		Retirement Plan Services		Other Operations		Total
Operating Revenues (2)	$	4,549	$	4,988	$	1,088	$	1,304	$	149	$	12,078
Operating Expenses (3)
Benefits and policyholder liability
remeasurement	143		2,732		(785)		–		6		2,096
Interest credited	1,538		909		6		675		32		3,160
Commissions	1,115		442		415		104		–		2,076
General and administrative expenses	495		554		870		340		182		2,441
Interest and debt expense	–		–		–		–		185		185
Other (4)	156		194		153		16		3		522
Total operating expenses	3,447		4,831		659		1,135		408		10,480
Total federal income tax expense (benefit)	172		13		90		20		(49)		246
Total income (loss) from operations	930		144		339		149		(210)		1,352
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax (5)											2,085
Net life insurance product features, pre-tax											(237)
Credit loss-related adjustments, pre-tax											(152)
Investment gains (losses), pre-tax											(311)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (6)											203
GLB rider fees ceded to LNBAR, pre-tax											(933)
Gains (losses) on other non-financial
assets, pre-tax (7)											481
Other items, pre-tax (8)(9)(10)(11)											(144)
Income tax benefit (expense) related to
the above pre-tax items											(214)
Total net income (loss)											$	2,130

(1) Reflects the day one impact of the second quarter 2024 reinsurance transaction. For more information, see Note 7.

(2) See table below for reconciliation of total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss).

(3) 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.

(4) Other operating expenses include: Annuities: DAC and VOBA capitalization and amortization; broker-dealer expenses before the sale of the wealth management business in the second quarter of 2024; taxes, licenses and fees; expenses associated with reserve financing and LOCs and amortization of deferred loss on business sold through reinsurance.

Life Insurance: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and LOCs; amortization of deferred loss on business sold through reinsurance 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: DAC capitalization and amortization; taxes, licenses and fees and expenses associated with LOCs.

Other Operations: 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.

(5) Includes changes in MRBs of $929 million; income allocated to support the cost of hedging or future benefits of $676 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $480 million.

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

(7) Relates to the sale of the wealth management business.

(8) Includes certain legal accruals of $(18) million and regulatory accruals of $(12) million related to estimated state guaranty fund assessments net of estimated state premium tax recoveries associated with the Bankers Life Insurance Company and Colorado Bankers Life Insurance Company insolvencies (see “State Guaranty Fund Assessments” in Note 17 for more information).

(9) Includes severance expense related to initiatives to realign the workforce of $(74) million.

(10) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(29) million primarily related to the sale of the wealth management business.

(11) Includes deferred compensation mark-to-market adjustment of $(11) million.


	For the Year Ended December 31, 2023
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating Revenues (1)	$	2,625	$	6,362	$	5,560	$	1,290	$	(778)	$	15,059
Operating Expenses (2)
Benefits and policyholder liability
remeasurement (3)	(1,506)		4,103		3,732		–		(871)		5,458
Interest credited	1,254		1,242		5		665		36		3,202
Commissions	972		577		446		87		–		2,082
General and administrative expenses	469		610		846		341		193		2,459
Interest and debt expense	–		–		–		–		190		190
Other (4)	517		18		155		17		4		711
Total operating expenses	1,706		6,550		5,184		1,110		(448)		14,102
Total federal income tax expense (benefit)	79		(62)		79		25		(76)		45
Total income (loss) from operations	840		(126)		297		155		(254)		912
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax (5)											1,640
Net life insurance product features, pre-tax											187
Credit loss-related adjustments, pre-tax											(74)
Investment gains (losses), pre-tax											(4,080)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax											(22)
GLB rider fees ceded to LNBAR, pre-tax											(923)



Other items, pre-tax (6)(7)(8)(9)											(163)
Income tax benefit (expense) related to
the above pre-tax items											735
Total net income (loss)											$	(1,788)

(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) Annuities and Other Operations: Reflects the fourth quarter 2023 reinsurance transaction ceding of in-force life-contingent payout fixed annuities and institutional pension business that had no income (loss) from operations impact. See Note 7 for more information on the transaction.

(4) Other operating expenses include:

Annuities: Broker-dealer expenses; DAC and VOBA capitalization and amortization; taxes, licenses and fees and expenses associated with reserve financing and LOCs.

Life Insurance: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and LOCs and other intangible amortization.

Group Protection: Taxes, licenses and fees; DAC capitalization and amortization; other intangible amortization and expenses associated with LOCs.

Retirement Plan Services: DAC capitalization and amortization; taxes, licenses and fees and expenses associated with LOCs.

(5) Includes changes in MRBs of $1,129 million; income allocated to support the cost of hedging or future benefits of $746 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $(235) million.

(6) Includes certain legal accruals of $(120) million primarily attributable to a fourth quarter 2023 accrual related to the settlement of cost of insurance litigation.

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

(8) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(30) million related to the fourth quarter 2023 reinsurance transaction and $(4) million related to the sale of the wealth management business.

(9) Includes deferred compensation mark-to-market adjustment of $(2) 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 Year Ended December 31, 2025
	Annuities		Life Insurance		Group Protection (1)		Retirement Plan Services		Other Operations		Total
Operating revenues	$	4,568	$	4,916	$	4,745	$	1,337	$	185	$	15,751
Revenue adjustments from annuity and life
insurance product features	955		(101)		–		–		–		854
Credit loss-related adjustments	(26)		(17)		(3)		(18)		(70)		(134)
Investment gains (losses)	(3)		73		–		(4)		(102)		(36)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	(231)		(120)		(77)		–		(24)		(452)
GLB rider fees ceded to LNBAR	(940)		–		–		(1)		–		(941)
Gains (losses) on other non-financial assets	–		–		–		–		(14)		(14)
Total revenues	$	4,323	$	4,751	$	4,665	$	1,314	$	(25)	$	15,028

(1) Reflects the day one impact of the third quarter 2025 reinsurance transaction. For more information, see Note 7.


	For the Year Ended December 31, 2024
	Annuities		Life Insurance		Group Protection (1)		Retirement Plan Services		Other Operations		Total
Operating revenues	$	4,549	$	4,988	$	1,088	$	1,304	$	149	$	12,078
Revenue adjustments from annuity and life
insurance product features	1,175		(253)		–		–		–		922
Credit loss-related adjustments	(71)		(10)		(4)		(32)		(35)		(152)
Investment gains (losses)	(13)		9		(8)		(70)		(229)		(311)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	104		87		(10)		–		22		203
GLB rider fees ceded to LNBAR	(932)		–		–		(1)		–		(933)
Gains (losses) on other non-financial assets	–		–		–		–		481		481
Total revenues	$	4,812	$	4,821	$	1,066	$	1,201	$	388	$	12,288

(1) Reflects the day one impact of the second quarter 2024 reinsurance transaction. For more information, see Note 7.


	For the Year Ended December 31, 2023
	Annuities (1)		Life Insurance		Group Protection		Retirement Plan Services		Other Operations (1)		Total
Operating revenues	$	2,625	$	6,362	$	5,560	$	1,290	$	(778)	$	15,059
Revenue adjustments from annuity and life
insurance product features	509		(411)		–		1		–		99
Credit loss-related adjustments	(14)		(49)		(4)		(1)		(6)		(74)
Investment gains (losses)	(78)		(3,867)		(6)		(35)		(94)		(4,080)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	(76)		55		–		–		(1)		(22)
GLB rider fees ceded to LNBAR	(922)		–		–		(1)		–		(923)
Total revenues (1)	$	2,044	$	2,090	$	5,550	$	1,254	$	(879)	$	10,059

(1) Includes ceded insurance premiums primarily related to the fourth quarter 2023 reinsurance transaction. For more information, see Note 7.

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:


Business 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 following provides a summary of our DAC, VOBA, DSI and DFEL amortization basis and expected amortization period by segment:


Business Segment	Amortization Basis	Expected Amortization Period
Annuities	Total deposits paid to date on policies in force	Life of contract
Life Insurance	Policy count of policies in force	On average 60 years
Group Protection	Group certificate contracts in force	4 years
Retirement Plan Services	Lives in force	Life of contract or 40 years

Other business segment and Other Operations information (in millions) was as follows:


	For the Years Ended December 31,
	2025		2024		2023
Net Investment Income
Annuities	$	2,048	$	1,820	$	1,744
Life Insurance	2,062		1,870		2,533
Group Protection	361		337		336
Retirement Plan Services	1,012		986		999
Other Operations	142		94		121
Total net investment income	$	5,625	$	5,107	$	5,733