Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

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 Three Months Ended March 31, 2026
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating Revenues (1)	$	1,283	$	1,628	$	1,554	$	346	$	57	$	4,868
Operating Expenses (2)
Benefits and policyholder liability
remeasurement	24		975		994		–		7		2,000
Interest credited	495		291		–		170		43		999
Commissions	339		112		135		29		1		616
General and administrative expenses	133		129		230		89		63		644
Interest and debt expense	–		–		–		–		81		81
Other (3)	(42)		79		53		7		4		101
Total operating expenses	949		1,586		1,412		295		199		4,441
Total federal income tax expense (benefit)	59		1		30		8		(31)		67
Total income (loss) from operations	275		41		112		43		(111)		360
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax (4)											(695)
Net life insurance product features, pre-tax											22
Credit loss-related adjustments, pre-tax											(20)
Investment gains (losses), pre-tax											(42)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (5)											179

Gains (losses) on other non-financial
assets, pre-tax											(6)
Other items, pre-tax (6)(7)(8)											(111)
Income tax benefit (expense) related to
the above pre-tax items											141
Total net income (loss)											$	(172)

(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) Other operating expenses include: Annuities: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and letters of credit (“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: taxes, licenses and fees; DAC capitalization and amortization; other intangible amortization; and expenses associated with LOCs. Retirement Plan Services: taxes, licenses and fees; DAC capitalization and amortization; and expenses associated with LOCs. Other Operations: Taxes, licenses and fees; 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; and DAC capitalization and amortization.

(4) Includes changes in MRBs of $(997) million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $177 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $125 million.

(5) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. For more information, see Note 7.

(6) Includes certain legal accruals of $(122) million.

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

(8) Includes deferred compensation mark-to-market adjustment of $18 million.


	For the Three Months Ended March 31, 2025
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating Revenues (1)	$	1,198	$	1,587	$	1,521	$	327	$	52	$	4,685
Operating Expenses (2)
Benefits and policyholder liability
remeasurement	28		1,002		994		–		4		2,028
Interest credited	419		287		–		170		14		890
Commissions	298		99		133		27		–		557
General and administrative expenses	125		131		222		84		68		630
Interest and debt expense	–		–		–		–		80		80
Other (3)	(12)		100		44		8		(2)		138
Total operating expenses	858		1,619		1,393		289		164		4,323
Total federal income tax expense (benefit)	50		(16)		27		4		(17)		48
Total income (loss) from operations	290		(16)		101		34		(95)		314
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax (4)											(1,092)
Net life insurance product features, pre-tax											42
Credit loss-related adjustments, pre-tax											(28)
Investment gains (losses), pre-tax											(103)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (5)											(90)



Other items, pre-tax (6)(7)(8)											(35)
Income tax benefit (expense) related to
the above pre-tax items											270
Total net income (loss)											$	(722)

(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) 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; 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; and expenses associated with LOCs. Retirement Plan Services: Taxes, licenses and fees; DAC capitalization and amortization; and expenses associated with LOCs. Other Operations: DAC capitalization and amortization; 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.

(4) Includes changes in MRBs of $(1,302) million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $268 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $(58) million.

(5) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. For more information, see Note 7.

(6) Includes severance expense related to initiatives to realign the workforce of $(6) million.

(7) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(20) million related to the sale of our wealth management business.

(8) Includes deferred compensation mark-to-market adjustment of $(9) 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 Three Months Ended March 31, 2026
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating revenues	$	1,283	$	1,628	$	1,554	$	346	$	57	$	4,868
Revenue adjustments from annuity and life
insurance product features	302		25		–		–		–		327
Credit loss-related adjustments	(4)		(1)		1		(2)		(14)		(20)
Investment gains (losses)	(4)		(51)		–		(1)		14		(42)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	(1)		184		–		–		(4)		179

Gains (losses) on other non-financial assets	–		–		–		–		(6)		(6)
Total revenues	$	1,576	$	1,785	$	1,555	$	343	$	47	$	5,306


	For the Three Months Ended March 31, 2025
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating revenues	$	1,198	$	1,587	$	1,521	$	327	$	52	$	4,685
Revenue adjustments from annuity and life
insurance product features	209		18		–		–		–		227
Credit loss-related adjustments	(17)		1		(2)		(2)		(8)		(28)
Investment gains (losses)	(6)		(109)		–		(2)		14		(103)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	10		(89)		–		–		(11)		(90)


Total revenues	$	1,394	$	1,408	$	1,519	$	323	$	47	$	4,691

Schedule of Segment Information

We present disaggregated disclosures in the Notes below for long-duration insurance balances, applying the level of aggregation by segment as follows:


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

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


	For the Three Months Ended March 31,


		2026		2025
Net Investment Income
Annuities		$	538	$	452
Life Insurance		659		626
Group Protection		96		89
Retirement Plan Services		260		251
Other Operations		52		44
Total net investment income		$	1,605	$	1,462