v3.26.1
BUSINESS SEGMENT INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting
The table below presents operating earnings (loss) by segment and Corporate and Other (C&O):
Three Months Ended March 31, 2026
Retirement
Asset Management
Wealth Management
Corporate & Other
Eliminations
Total
(in millions)
Segment revenues
$
1,679 
$
1,114 
$
541 
$
525 
$
(246)
$
3,613 
Benefits and other deductions
Policyholders’ benefits
70 
— 
— 
315 
— 
385 
Interest credited to policyholders’ account balances
737 
— 
— 
51 
— 
788 
Commissions and distribution related payments
171 
197 
348 
78 
(238)
556 
Amortization of deferred policy acquisition costs
160 
— 
— 
49 
— 
209 
Compensation and benefits
18 
425 
93 
32 
— 
568 
Interest expense and financing fees
— 
7 
— 
66 
(5)
68 
Significant segment expenses
1,156 
629 
441 
591 
(243)
2,574 
Other segment items (1)
73 
207 
28 
66 
(3)
371 
Income taxes
(54)
(49)
(17)
15 
— 
(105)
Less: Operating (earnings) loss attributable to the noncontrolling interest
— 
89 
— 
2 
— 
91 
Operating earnings (loss)
$
396 
$
140 
$
55 
$
(119)
$
— 
$
472 
_____________
(1)Other segment items include Remeasurement for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in the Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses.
 Three Months Ended March 31, 2025
 
Retirement
Asset ManagementWealth ManagementCorporate & OtherEliminationsTotal
(in millions)
Segment revenues
$
1,455 
$
1,088 
$
462 
$
1,009 
$
(230)
$
3,784 
Benefits and other deductions
Policyholders’ benefits
92 
— 
— 
667 
— 
759 
Interest credited to policyholders’ account balances
530 
— 
— 
133 
— 
663 
Commissions and distribution related payments
142 
201 
293 
83 
(218)
501 
Amortization of deferred policy acquisition costs
139 
— 
— 
49 
— 
188 
Compensation and benefits
31 
422 
82 
57 
— 
592 
Interest expense and financing fees
— 
7 
— 
55 
(4)
58 
Significant segment expenses
934 
630 
375 
1,044 
(222)
2,761 
Other segment items (1)
72 
185 
27 
115 
(8)
391 
Income taxes
(69)
(41)
(15)
23 
— 
(102)
Less: Operating (earnings) loss attributable to the noncontrolling interest
— 
106 
— 
3 
— 
109 
Operating earnings (loss)
$
380 
$
126 
$
45 
$
(130)
$
— 
$
421 
_____________
(1)Other segment items include Remeasurement for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in the Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses.
The table below presents a reconciliation to net income (loss) attributable to Holdings:
 Three Months Ended March 31,
 20262025
(in millions)
Net income (loss) attributable to Holdings
$
621 
$63 
Adjustments related to:
Variable annuity product (1)
(386)
211 
Investment (gains) losses
29 
14 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations
14 
11 
Other adjustments (2) (3) (4)
148 
205 
Income tax expense (benefit) related to above adjustments
41 
(92)
Non-recurring tax items
5 
9 
Operating earnings (loss)
$
472 
$421 
_____________
(1)As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million for the three months ended March 31, 2025.
(2)Includes a loss of $146 million and $165 million on Non-VA derivatives for the three months ended March 31, 2026 and 2025, respectively.
(3)For the three months ended March 31, 2025, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings.
(4)For the three months ended March 31, 2025, includes $78 million contingent payment gain recognized related to a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022.
The table below presents revenues by segment and C&O:
 
Three Months Ended March 31,
 
20262025
(in millions)
Segment revenues:
Retirement (1)
$
1,679 
$
1,455 
Asset Management (2)
1,114 
1,088 
Wealth Management (3)
541 
462 
Corporate and Other (1)
525 
1,009 
Eliminations
(246)
(230)
Adjustments related to:
Variable annuity product features, excluding change in MRBs
626 
975 
Investment gains (losses), net
(29)
(14)
Other adjustments to segment revenues
20 
(169)
Total revenues$4,230 $4,576 
______________
(1)Includes investment expenses charged by AB of $43 million and $34 million for the three months ended March 31, 2026 and 2025, respectively, for services provided to the Company.
(2)Inter-segment investment management and other fees of $47 million and $42 million for the three months ended March 31, 2026 and 2025, respectively, are included in segment revenues of the Asset Management segment.
(3)Inter-segment distribution fees of $238 million and $218 million for the three months ended March 31, 2026 and 2025, respectively, are included in segment revenues of the Wealth Management segment.
Total assets by segment were as follows:
 
March 31, 2026December 31, 2025
(in millions)
Total assets by segment:
Retirement
$
192,388 
$
196,794 
Asset Management
10,322 
10,386 
Wealth Management
250 
183 
Corporate and Other
107,422 
110,627 
Total assets
$
310,382 
$
317,990