Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets deemed to have indefinite lives are not amortized but are instead subject to impairment tests.

The changes in the carrying amount of goodwill reported in the Company’s reportable segments were as follows:


	Advice & Wealth Management		Asset Management		Retirement & Protection Solutions		Consolidated
	(in millions)
Balance at January 1, 2024	$	279	$	1,040	$	91	$	1,410

Foreign currency translation	—		(9)		—		(9)

Balance at December 31, 2024	279		1,031		91		1,401

Foreign currency translation	—		39		—		39

Balance at December 31, 2025	$	279	$	1,070	$	91	$	1,440

In 2025 and 2024, the Company completed the annual impairment evaluation for goodwill as of July 1. The Company concluded its goodwill was not impaired in either 2025 or 2024.

The carrying amount of indefinite-lived intangible assets consisted of the following:


	December 31,
	2025		2024
	(in millions)
Customer contracts	$	748	$	844
Trade names	56		65
Total	$	804	$	909

Definite-lived intangible assets consisted of the following:


	December 31, 2025						December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(in millions)
Customer relationships	$	486	$	(235)	$	251	$	370	$	(204)	$	166
Contracts	235		(227)		8		226		(218)		8
Other	406		(309)		97		357		(269)		88
Total	$	1,127	$	(771)	$	356	$	953	$	(691)	$	262

Definite-lived intangible assets acquired during the year ended December 31, 2025 were $51 million with a weighted average amortization period of 5 years. During the year ended December 31, 2025, it was determined that the useful life of certain customer contracts was no longer indefinite. Customer contracts of $98 million were reclassified from indefinite lived to definite lived customer relationships with an estimated life of 30 years to be amortized prospectively. The aggregate amortization expense for definite-lived intangible assets during the years ended December 31, 2025, 2024 and 2023 was $61 million, $56 million and $52 million, respectively.

Estimated intangible amortization expense as of December 31, 2025 for the next five years is as follows:


	(in millions)
2026	$	63
2027	51
2028	41
2029	36
2030	29