v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s four reporting segments are Advice & Wealth Management, Asset Management, Retirement & Protection Solutions and Corporate & Other.
The accounting policies of the segments are the same as those of the Company, except for operating adjustments defined below, the method of capital allocation, the accounting for gains (losses) from intercompany revenues and expenses and not providing for income taxes on a segment basis.
Management uses segment adjusted operating measures in goal setting, as a basis for determining employee compensation and in evaluating performance on a basis comparable to that used by some securities analysts and investors. Consistent with GAAP accounting guidance for segment reporting, adjusted operating earnings is the Company’s measure of segment performance. Adjusted operating earnings should not be viewed as a substitute for GAAP pretax income. The Company believes the presentation of segment adjusted operating earnings, as the Company measures it for management purposes, enhances the understanding of its business by reflecting the underlying performance of its core operations and facilitating a more meaningful trend analysis.
Adjusted operating earnings is defined as adjusted operating net revenues less adjusted operating expenses. Adjusted operating net revenues and adjusted operating expenses exclude net realized investment gains or losses (net of reinsurance accrual); the market impact on non-traditional long-duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and reinsurance accrual; mean reversion related impacts (the impact on VUL products for the difference between assumed and updated separate account investment performance on the reinsurance accrual and additional insurance benefit reserves); the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; block transfer reinsurance transaction impacts; gain or loss on disposal of a business that is not considered discontinued operations; integration and restructuring charges; income (loss) from discontinued operations; and the impact of consolidating CIEs. The market impact on non-traditional long-duration products includes changes in market risk benefits and embedded derivative values caused by changes in financial market conditions, net of changes in economic hedge values and unhedged items including the difference between assumed and actual underlying separate account investment performance, fixed income credit exposures, transaction costs and certain policyholder contract elections. The market impact also includes certain valuation adjustments made in accordance with FASB Accounting Standards Codification 820, Fair Value Measurements and Disclosures, including the impact on embedded derivative values of discounting projected benefits to reflect a current estimate of the RiverSource Life companies’ nonperformance spread.
The following tables summarize selected financial information by segment and reconcile segment totals to those reported on the consolidated financial statements:
 March 31, 2026December 31, 2025
(in millions)
Advice & Wealth Management$40,171 $40,038 
Asset Management6,548 6,723 
Retirement & Protection Solutions
122,100 127,778 
Corporate & Other15,629 16,365 
Total assets$184,448 $190,904 

 
Three Months Ended March 31,
20262025
(in millions)
Adjusted operating net revenues:
Advice & Wealth Management
$3,175 $2,782 
Asset Management
910 846 
Retirement & Protection Solutions952 926 
Corporate & Other
103 104 
Elimination of segment revenues (1)
(366)(349)
Total segment adjusted operating net revenues
4,774 4,309 
Adjustments:
Net realized investment gains (losses)
(5)(2)
Market impact on non-traditional long-duration products2 5 
Revenue attributable to consolidated investment entities41 42 
Total net revenues per consolidated statements of operations$4,812 $4,354 
(1) Represents the elimination of intersegment revenues recognized for the three months ended March 31, 2026 and 2025 in each segment as follows: Advice & Wealth Management ($239 million and $222 million, respectively); Asset Management ($23 million and $26 million, respectively); Retirement & Protection Solutions ($108 million and $109 million, respectively); and Corporate & Other ($(4) million and $(8) million, respectively).
 
Three Months Ended March 31,
20262025
(in millions)
Adjusted operating earnings:
Advice & Wealth Management
$951 $792 
Asset Management
273 241 
Retirement & Protection Solutions190 215 
Corporate & Other
(81)(97)
Total segment adjusted operating earnings
1,333 1,151 
Adjustments:
Net realized investment gains (losses)(5)(2)
Market impact on non-traditional long-duration products(184)(460)
Net income (loss) attributable to consolidated investment entities
— (2)
Pretax income per consolidated statements of operations$1,144 $687 
Adjusted operating earnings includes the following significant expense categories:

Three Months Ended March 31, 2026
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & Other
(in millions)
Expenses:
Distribution expenses$1,770 $262 $132 $(2)
Interest credited to fixed accounts— — 93 50 
Benefits, claims, losses and settlement expenses— — 235 53 
Remeasurement (gains) losses of future policy benefit reserves— — (2)1 
Change in fair value of market risk benefits— — 155 — 
Amortization of deferred acquisition costs— 2 58 1 
Interest and debt expense15 4 10 24 
General and administrative expense439 369 81 57 
Total expenses
$2,224 $637 $762 $184 
Three Months Ended March 31, 2025
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & Other
(in millions)
Expenses:
Distribution expenses$1,554 $246 $123 $(2)
Interest credited to fixed accounts— — 92 51 
Benefits, claims, losses and settlement expenses— — 211 56 
Remeasurement (gains) losses of future policy benefit reserves— — (3)(7)
Change in fair value of market risk benefits— — 143 — 
Amortization of deferred acquisition costs— 2 57 2 
Interest and debt expense12 3 8 28 
General and administrative expense424 354 80 73 
Total expenses
$1,990 $605 $711 $201