
	Year Ended December 31, 2025
	Advice & Wealth Management		Asset Management		Retirement & Protection Solutions		Corporate & Other		Total Segments		Non-operating Revenue		Total
	(in millions)
Management and financial advice fees:
Asset management fees:
Retail	$	—	$	2,170	$	—	$	—	$	2,170	$	—	$	2,170
Institutional	—		671		—		—		671		—		671
Model delivery	—		95		—		—		95		—		95
Advisory fees	6,481		—		—		—		6,481		—		6,481
Financial planning fees	496		—		—		—		496		—		496
Transaction and other fees	394		206		60		—		660		—		660
Total management and financial advice fees	7,371		3,142		60		—		10,573		—		10,573
Distribution fees:
Mutual funds	890		227		—		—		1,117		—		1,117
Insurance and annuity	1,044		157		337		—		1,538		—		1,538
Off-balance sheet brokerage cash	102		—		—		—		102		—		102
Other products	484		—		—		—		484		—		484
Total distribution fees	2,520		384		337		—		3,241		—		3,241
Other revenues	279		15		—		3		297		—		297
Total revenue from contracts with customers	10,170		3,541		397		3		14,111		—		14,111
Revenue from other sources (1)	2,002		80		3,558		457		6,097		202		6,299
Total segment gross revenues	12,172		3,621		3,955		460		20,208		202		20,410
Banking and deposit interest expense	(431)		—		—		(33)		(464)		—		(464)
Total segment net revenues	11,741		3,621		3,955		427		19,744		202		19,946
Elimination of intersegment revenues	(936)		(103)		(443)		31		(1,451)		(15)		(1,466)
Total net revenues	$	10,805	$	3,518	$	3,512	$	458	$	18,293	$	187	$	18,480


	Year Ended December 31, 2024
	Advice & Wealth Management		Asset Management		Retirement & Protection Solutions		Corporate & Other		Total Segments		Non-operating Revenue		Total
	(in millions)
Management and financial advice fees:
Asset management fees:
Retail	$	—	$	2,132	$	—	$	—	$	2,132	$	—	$	2,132
Institutional	—		618		—		—		618		—		618
Model delivery	—		82		—		—		82		—		82
Advisory fees	5,634		—		—		—		5,634		—		5,634
Financial planning fees	470		—		—		—		470		—		470
Transaction and other fees	388		207		60		—		655		—		655
Total management and financial advice fees	6,492		3,039		60		—		9,591		—		9,591
Distribution fees:
Mutual funds	821		228		—		—		1,049		—		1,049
Insurance and annuity	1,037		160		341		—		1,538		—		1,538
Off-balance sheet brokerage cash	154		—		—		—		154		—		154
Other products	441		—		—		—		441		—		441
Total distribution fees	2,453		388		341		—		3,182		—		3,182
Other revenues	255		13		—		—		268		—		268
Total revenue from contracts with customers	9,200		3,440		401		—		13,041		—		13,041
Revenue from other sources (1)	2,242		75		3,372		484		6,173		196		6,369
Total segment gross revenues	11,442		3,515		3,773		484		19,214		196		19,410
Banking and deposit interest expense	(662)		—		—		(30)		(692)		—		(692)
Total segment net revenues	10,780		3,515		3,773		454		18,522		196		18,718
Elimination of intersegment revenues	(935)		(96)		(441)		29		(1,443)		(11)		(1,454)
Total net revenues	$	9,845	$	3,419	$	3,332	$	483	$	17,079	$	185	$	17,264


	Year Ended December 31, 2023
	Advice & Wealth Management		Asset Management		Retirement & Protection Solutions		Corporate & Other		Total Segments		Non-operating Revenue		Total
	(in millions)
Management and financial advice fees:
Asset management fees:
Retail	$	—	$	1,959	$	—	$	—	$	1,959	$	—	$	1,959
Institutional	—		612		—		—		612		—		612
Model delivery	—		65		—		—		65		—		65
Advisory fees	4,687		—		—		—		4,687		—		4,687
Financial planning fees	426		—		—		—		426		—		426
Transaction and other fees	372		195		56		—		623		—		623
Total management and financial advice fees	5,485		2,831		56		—		8,372		—		8,372
Distribution fees:
Mutual funds	723		209		—		—		932		—		932
Insurance and annuity	895		154		324		—		1,373		—		1,373
Off-balance sheet brokerage cash	316		—		—		—		316		—		316
Other products	339		—		—		—		339		—		339
Total distribution fees	2,273		363		324		—		2,960		—		2,960
Other revenues	227		20		—		—		247		—		247
Total revenue from contracts with customers	7,985		3,214		380		—		11,579		—		11,579
Revenue from other sources (1)	1,994		64		3,096		553		5,707		160		5,867
Total segment gross revenues	9,979		3,278		3,476		553		17,286		160		17,446
Banking and deposit interest expense	(561)		—		—		(20)		(581)		—		(581)
Total segment net revenues	9,418		3,278		3,476		533		16,705		160		16,865
Elimination of intersegment revenues	(847)		(79)		(411)		19		(1,318)		(12)		(1,330)
Total net revenues	$	8,571	$	3,199	$	3,065	$	552	$	15,387	$	148	$	15,535