Segment Information (Tables)

The following tables summarize the Company’s reportable segment revenues, significant expenses, measure of profit and loss and reconciliations to the Company’s consolidated totals (dollars in millions):


For the three months ended March 31, 2026:
	U.S. and Latin America				Canada				Europe, Middle East and Africa				Asia Pacific				Corporate and Other		Total
	Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions

Segment revenues	$	2,215	$	1,147	$	403	$	109	$	646	$	495	$	950	$	495	$	179	$	6,639
Reconciliation of revenues:
Investment and derivative gains (losses)																			(198)
Change in fair value of funds withheld embedded derivatives																			44
Funds withheld gains (losses) – investment income																			4
Investment income (loss) on unit-linked variable annuities																			(1)
Other revenues (1)																			6
Total consolidated revenues																			$	6,494
Less significant expenses (2):
Adjusted claims and other policy benefits	1,777		597		316		93		543		347		726		222		—
Future policy benefits remeasurement (gains) losses	(6)		14		(1)		(1)		(10)		(11)		9		(1)		—
Adjusted interest credited	22		264		—		—		—		8		—		140		44
Interest expense	—		—		—		—		—		—		—		—		98
Other segment items (3)	284		154		50		7		59		23		90		69		102
Adjusted operating income (loss) before income taxes	$	138	$	118	$	38	$	10	$	54	$	128	$	125	$	65	$	(65)	$	611
Reconciliation of adjusted operating income (loss) before income taxes
Investment and derivative gains (losses)																			(198)
Market risk benefits remeasurement gains (losses)																			(22)
Change in fair value of funds withheld embedded derivatives																			44
Funds withheld gains (losses) – investment income																			4
Derivatives – interest credited																			(3)
Investment income (loss) on unit-linked variable annuities																			(1)
Interest credited on unit-linked variable annuities																			1
Interest expense on uncertain tax positions																			(1)
Other reconciling items (4)																			6
Income before income taxes per condensed consolidated statements of income																			$	441

(1)Includes market valuation adjustments on surrender charges and other immaterial items.

(2)The significant expense categories and amounts align with the segment level information that is regularly provided to the CEO. Intersegment expenses are included within the amounts above.

(3)Includes policy acquisition costs and other insurance expenses and other operating expenses.


For the three months ended March 31, 2025:
	U.S. and Latin America				Canada				Europe, Middle East and Africa				Asia Pacific				Corporate and Other		Total
	Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions

Segment revenues	$	2,191	$	496	$	384	$	107	$	572	$	282	$	850	$	321	$	137	$	5,340
Reconciliation of revenues:
Investment and derivative gains (losses)																			(71)
Change in fair value of funds withheld embedded derivatives																			(11)
Funds withheld gains (losses) – investment income																			—
Investment income (loss) on unit-linked variable annuities																			—
Other revenues (1)																			2
Total consolidated revenues																			$	5,260
Less significant expenses (2):
Adjusted claims and other policy benefits	1,773		200		295		91		483		167		671		145		—
Future policy benefits remeasurement (gains) losses	(25)		(2)		3		—		(8)		(3)		(18)		(3)		—
Adjusted interest credited	29		123		—		—		—		6		—		84		47
Interest expense	—		—		—		—		—		—		—		—		80
Other segment items (3)	274		108		54		5		47		22		91		36		80
Adjusted operating income (loss) before income taxes	$	140	$	67	$	32	$	11	$	50	$	90	$	106	$	59	$	(70)	$	485
Reconciliation of adjusted operating income (loss) before income taxes
Investment and derivative gains (losses)																			(71)
Market risk benefits remeasurement gains (losses)																			(29)
Change in fair value of funds withheld embedded derivatives																			(11)
Funds withheld gains (losses) – investment income																			—
Derivatives – interest credited																			(10)
Investment income (loss) on unit-linked variable annuities																			—
Interest credited on unit-linked variable annuities																			—
Interest expense on uncertain tax positions																			—
Other reconciling items (4)																			5
Income before income taxes per condensed consolidated statements of income																			$	369

(1)Includes market valuation adjustments on surrender charges and other immaterial items.

(2)The significant expense categories and amounts align with the segment level information that is regularly provided to the CEO. Intersegment expenses are included within the amounts above.

(3)Includes policy acquisition costs and other insurance expenses and other operating expenses.