
Three Months Ended March 31, 2026	Group Benefits		RIS		Asia		Latin America		EMEA		MIM
	(In millions)
Revenues
Premiums	$	5,848	$	2,212	$	1,294	$	1,485	$	689	$	—
Universal life and investment-type product policy fees	230		109		427		419		99		—
Net investment income (1)	352		2,252		1,461		409		67		5
Other revenues	461		69		17		(7)		9		314

Expenses
Policyholder benefits and claims and policyholder dividends	5,147		3,066		1,088		1,349		337		—
Policyholder liability remeasurement (gains) losses	(2)		(20)		(15)		—		3		—
Interest credited to PABs	70		883		833		85		21		—
Other expenses:
Amortization of deferred policy acquisition costs (“DAC”), value of business acquired (“VOBA”) and negative VOBA	12		23		211		173		97		—
Interest expense on debt	1		3		—		5		—		1
Direct and allocated expenses	540		93		298		158		122		242
Other segment expenses (2)	568		36		95		206		141		13
Provision for income tax expense (benefit)	116		107		202		101		33		16
Adjusted earnings	$	439	$	451	$	487	$	229	$	110	$	47


Three Months Ended March 31, 2025	Group Benefits		RIS		Asia		Latin America		EMEA		MIM
	(In millions)
Revenues
Premiums	$	5,763	$	2,284	$	1,260	$	1,164	$	582	$	—
Universal life and investment-type product policy fees	233		104		406		340		78		—
Net investment income (1)	353		2,190		1,204		408		58		1
Other revenues	434		69		15		9		8		218

Expenses
Policyholder benefits and claims and policyholder dividends	5,183		3,120		1,037		1,091		277		—
Policyholder liability remeasurement (gains) losses	(18)		(15)		(11)		(3)		—		—
Interest credited to PABs	72		883		711		98		17		—
Other expenses:
Amortization of DAC, VOBA and negative VOBA	6		19		216		129		94		—
Interest expense on debt	1		3		—		4		—		—
Direct and allocated expenses	529		98		306		135		109		173
Other segment expenses (2)	542		34		92		176		120		9
Provision for income tax expense (benefit)	98		99		162		72		26		9
Adjusted earnings	$	370	$	406	$	372	$	219	$	83	$	28

(2)Includes pension, postretirement and postemployment benefit costs; premium taxes, other taxes, and licenses & fees; and commissions and other variable expenses. This line item is net of capitalization of DAC.


	Three Months Ended March 31,
		2026		2025
		(In millions)
Total segment adjusted earnings		$	1,763	$	1,478
Corporate & Other		(132)		(63)
Total consolidated adjusted earnings		1,631		1,415
Net investment gains (losses)		(670)		(387)
Net derivative gains (losses)		74		432
MRB remeasurement gains (losses)		(120)		(299)
Investment hedge adjustments		(84)		(103)
Depreciation of wholly-owned real estate and REJVs		(61)
Other		222		(131)
Provision for income tax (expense) benefit		170		23
Net income (loss)		$	1,162	$	950

Segment revenues:
Group		$	6,891	$	6,783
RIS		4,642		4,647
Asia		3,199		2,885
Latin America		2,306		1,921
EMEA		864		726
MIM (1)		319		219
Total segment revenues		18,221		17,181
Net investment gains (losses)		(670)		(387)
Net derivative gains (losses)		74		432
Investment hedge adjustments		(84)		(103)
Unit-linked investment income		(318)		(227)
Reinsurance activity		301		43
Corporate & Other revenue		1,461		1,646
Other		89		(16)
Total consolidated revenues		$	19,074	$	18,569