Segment Information

Reconciliation of revenue from segments to consolidated revenues

For the three months ended June 30, 2026

 

Retirement

 

Principal

 

and Income

Asset

Benefits and

Solutions

Management

Protection

Corporate

Total

(in millions)

Revenue from contracts with external customers (1)

$

967.5

$

459.7

$

1,084.8

$

92.5

$

2,604.5

Adjustments for revenue from contracts with external customers not included in operating revenues (2)

(18.0)

—

8.0

—

(10.0)

Net investment income included in operating revenues

932.0

194.3

179.2

40.4

1,345.9

Operating revenues from equity method investments

—

54.1

—

(0.1)

54.0

Inter-segment operating revenues

(0.1)

83.3

1.9

81.5

166.6

Eliminations of inter-segment operating revenues

—

(166.6)

Segment operating revenues (3)

$

1,881.4

$

791.4

$

1,273.9

$

47.7

3,994.4

Net realized capital gains, net of related revenue adjustments

56.3

Revenues from exited business (4)

(119.7)

Adjustments related to equity method investments

(17.6)

Market risk benefit derivative settlements

(7.6)

Total revenues per consolidated statements of operations

$

3,905.8


		For the three months ended June 30, 2025
		Retirement			Principal
		and Income			Asset			Benefits and
		Solutions			Management			Protection			Corporate			Total

		(in millions)
Revenue from contracts with external customers (1)		$	888.8		$	460.8		$	1,065.3		$	62.7		$	2,477.6
Adjustments for revenue from contracts with external customers not included in operating revenues (2)			(17.1)			—			8.6			—			(8.5)
Net investment income included in operating revenues			838.5			119.1			170.5			47.5			1,175.6
Operating revenues from equity method investments			—			45.0			—			(0.1)			44.9
Inter-segment operating revenues			8.1			78.5			1.9			79.8			168.3
Eliminations of inter-segment operating revenues			—			—			—			(168.3)			(168.3)
Segment operating revenues (3)		$	1,718.3		$	703.4		$	1,246.3		$	21.6			3,689.6
Net realized capital losses, net of related revenue adjustments															(7.3)
Revenues from exited business (4)															15.9
Adjustments related to equity method investments															(15.9)
Market risk benefit derivative settlements															(11.0)
Total revenues per consolidated statements of operations														$	3,671.3

For the six months ended June 30, 2026

 

Retirement

 

Principal

 

and Income

Asset

Benefits and

Solutions

Management

Protection

Corporate

Total

(in millions)

Revenue from contracts with external customers (1)

$

1,598.3

$

915.3

$

2,174.1

$

180.1

$

4,867.8

Adjustments for revenue from contracts with external customers not included in operating revenues (2)

(35.7)

—

13.8

—

(21.9)

Net investment income included in operating revenues

1,835.0

270.4

335.4

98.8

2,539.6

Operating revenues from equity method investments

—

124.9

—

(0.2)

124.7

Inter-segment operating revenues

2.8

164.1

4.3

158.5

329.7

Eliminations of inter-segment operating revenues

—

(329.7)

Segment operating revenues (3)

$

3,400.4

$

1,474.7

$

2,527.6

$

107.5

7,510.2

Net realized capital losses, net of related revenue adjustments

(80.5)

Revenues from exited business (4)

61.8

Adjustments related to equity method investments

(41.3)

Market risk benefit derivative settlements

(15.3)

Total revenues per consolidated statements of operations

$

7,434.9


	For the six months ended June 30, 2025
	Retirement		Principal
	and Income		Asset		Benefits and
	Solutions		Management		Protection		Corporate		Total

	(in millions)
Revenue from contracts with external customers (1)	$	2,147.8	$	910.8	$	2,120.8	$	125.8	$	5,305.2
Adjustments for revenue from contracts with external customers not included in operating revenues (2)		(34.5)		—		15.4		—		(19.1)
Net investment income included in operating revenues		1,660.5		236.7		320.3		109.9		2,327.4
Operating revenues from equity method investments		—		89.6		—		(0.2)		89.4
Inter-segment operating revenues		19.7		153.1		4.0		158.9		335.7
Eliminations of inter-segment operating revenues		—		—		—		(335.7)		(335.7)
Segment operating revenues (3)	$	3,793.5	$	1,390.2	$	2,460.5	$	58.7		7,702.9
Net realized capital losses, net of related revenue adjustments										(109.0)
Revenues from exited business (4)										(172.1)
Adjustments related to equity method investments										(32.5)
Market risk benefit derivative settlements										(22.1)
Total revenues per consolidated statements of operations									$	7,367.2

(1)	Includes amounts reported in premiums and other considerations as well as fees and other revenues on the consolidated statements of operations.

(2)	Includes certain revenues associated with our exited U.S. retail fixed annuity and ULSG businesses and fees associated with net realized capital gains (losses) that are not included in segment operating revenues.

(3)	See Note 18, Revenues from Contracts with Customers, for additional detail relating to segment operating revenues.

(4)	Revenues from exited business included:


	For the three months ended				For the six months ended
	June 30,				June 30,
	2026		2025		2026		2025

	(in millions)
Change in fair value of funds withheld embedded derivative	$	(104.4)	$	20.3	$	73.0	$	(189.4)
Net realized capital gains (losses) on funds withheld assets		(8.1)		3.7		1.3		31.7
Amortization of reinsurance gain		0.7		0.6		1.3		1.1
Other impacts of exited business		(7.9)		(8.7)		(13.8)		(15.5)
Total revenues from exited business	$	(119.7)	$	15.9	$	61.8	$	(172.1)

Reconciliation of Expenses from Segments to Consolidated (Table)

For the three months ended June 30, 2026

Retirement

Principal

and Income

Asset

Benefits and

 

Solutions

 

Management

 

Protection

 

Corporate

 

Total

(in millions)

Benefits, claims and settlement expenses

$

1,100.3

$

140.8

$

704.6

$

(1.2)

 

Liability for future policy benefits remeasurement (gain) loss

4.3

(0.6)

2.3

—

Market risk benefit remeasurement gain

(2.3)

—

Dividends to policyholders

0.1

—

23.8

—

Commission expense

74.9

51.9

128.3

43.7

Capitalization of deferred acquisition costs and contract costs

(38.4)

(9.8)

(77.2)

—

Amortization of deferred acquisition costs and contract costs

22.9

9.0

65.4

—

Depreciation and amortization

20.2

13.4

4.5

3.1

Interest expense on corporate debt

—

0.3

—

45.2

Compensation and other

376.0

326.4

238.1

54.7

Total operating expenses

455.6

391.2

359.1

146.7

Total segment expenses

$

1,558.0

$

531.4

$

1,089.8

$

145.5

$

3,324.7

Net realized capital losses expense adjustments

45.6

Market risk benefit derivative settlements

(7.6)

Expenses from exited business (1)

46.8

Total expenses per consolidated statements of operations

$

3,409.5


		For the three months ended June 30, 2025
		Retirement			Principal
		and Income			Asset			Benefits and
		Solutions			Management			Protection			Corporate			Total

		(in millions)
Benefits, claims and settlement expenses		$	1,006.2		$	82.2		$	719.1		$	(0.8)
Liability for future policy benefits remeasurement gain			(3.6)			(0.6)			(3.7)			—
Market risk benefit remeasurement loss			1.8			—			—			—
Dividends to policyholders			—			—			22.9			—
Commission expense			72.5			48.2			135.7			24.9
Capitalization of deferred acquisition costs and contract costs			(40.5)			(8.4)			(74.4)			—
Amortization of deferred acquisition costs and contract costs			21.1			6.4			64.4			—
Depreciation and amortization			18.7			13.9			4.4			4.2
Interest expense on corporate debt			—			0.4			—			45.2
Compensation and other			350.0			321.0			230.3			31.3
Total operating expenses			421.8			381.5			360.4			105.6
Total segment expenses		$	1,426.2		$	463.1		$	1,098.7		$	104.8		$	3,092.8
Net realized capital losses expense adjustments															37.4
Market risk benefit derivative settlements															(11.0)
Expenses from exited business (1)															49.0
Total expenses per consolidated statements of operations														$	3,168.2

For the six months ended June 30, 2026

Retirement

Principal

 

and Income

Asset

Benefits and

Solutions

Management

Protection

Corporate

Total

(in millions)

Benefits, claims and settlement expenses

$

1,873.4

$

193.5

$

1,398.6

$

31.3

Liability for future policy benefits remeasurement (gain) loss

(1.0)

0.4

(8.3)

—

Market risk benefit remeasurement gain

(1.9)

—

Dividends to policyholders

0.1

—

54.4

—

Commission expense

143.5

102.3

270.7

86.2

Capitalization of deferred acquisition costs and contract costs

(74.1)

(19.0)

(162.5)

—

Amortization of deferred acquisition costs and contract costs

45.9

17.3

130.1

—

Depreciation and amortization

37.8

27.6

8.5

6.9

Interest expense on corporate debt

—

0.7

—

88.6

Compensation and other

751.2

680.2

482.0

116.9

Total operating expenses

904.3

809.1

728.8

298.6

Total segment expenses

$

2,774.9

$

1,003.0

$

2,173.5

$

329.9

$

6,281.3

Net realized capital losses expense adjustments

94.2

Market risk benefit derivative settlements

(15.3)

Expenses from exited business (1)

96.6

Total expenses per consolidated statements of operations

$

6,456.8


	For the six months ended June 30, 2025
	Retirement		Principal
	and Income		Asset		Benefits and
	Solutions		Management		Protection		Corporate		Total

	(in millions)
Benefits, claims and settlement expenses	$	2,360.1	$	172.8	$	1,418.4	$	22.8
Liability for future policy benefits remeasurement gain		(8.4)		(0.1)		(4.1)		—
Market risk benefit remeasurement loss		3.7		—		—		—
Dividends to policyholders		—		—		42.0		—
Commission expense		142.0		96.3		286.7		48.7
Capitalization of deferred acquisition costs and contract costs		(81.4)		(16.1)		(161.7)		—
Amortization of deferred acquisition costs and contract costs		42.2		12.2		128.4		—
Depreciation and amortization		38.1		27.8		8.7		8.3
Interest expense on corporate debt		—		0.9		—		87.4
Compensation and other		720.8		663.8		475.0		81.5
Total operating expenses		861.7		784.9		737.1		225.9
Total segment expenses	$	3,217.1	$	957.6	$	2,193.4	$	248.7	$	6,616.8
Net realized capital losses expense adjustments										65.2
Market risk benefit derivative settlements										(22.1)
Expenses from exited business (1)										175.3
Total expenses per consolidated statements of operations									$	6,835.2

(1)Expenses from exited business included:


	For the three months ended				For the six months ended
	June 30,				June 30,
	2026		2025		2026		2025

	(in millions)
Amortization of reinsurance loss	$	19.2	$	21.0	$	39.5	$	47.9
Other impacts of exited business		27.6		28.0		57.1		127.4
Total expenses from exited business	$	46.8	$	49.0	$	96.6	$	175.3

Reconciliation of Pre-tax Operating Earnings from Segments to Consolidated (Table)

For the three months ended June 30, 2026

Retirement

Principal

and Income

Asset

Benefits and

 

Solutions

 

Management

 

Protection

 

Corporate

 

Total

(in millions)

Segment pre-tax operating earnings (losses)

 

$

323.3

$

256.4

$

184.1

$

(95.0)

$

668.8

Pre-tax net realized capital gains, as adjusted (1)

10.7

Pre-tax loss from exited business (2)

(166.5)

Adjustments related to equity method investments and noncontrolling interest

(16.7)

Total income before income taxes per consolidated statements of operations

$

496.3


		For the three months ended June 30, 2025
		Retirement			Principal
		and Income			Asset			Benefits and
		Solutions			Management			Protection			Corporate			Total

		(in millions)
Segment pre-tax operating earnings (losses)		$	292.1		$	236.4		$	147.6		$	(81.2)		$	594.9
Pre-tax net realized capital losses, as adjusted (1)															(44.7)
Pre-tax loss from exited business (2)															(33.1)
Adjustments related to equity method investments and noncontrolling interest															(14.0)
Total income before income taxes per consolidated statements of operations														$	503.1

For the six months ended June 30, 2026

Retirement

Principal

 

and Income

Asset

Benefits and

Solutions

Management

Protection

Corporate

Total

(in millions)

Segment pre-tax operating earnings (losses)

$

625.4

$

464.9

$

354.1

$

(217.1)

$

1,227.3

Pre-tax net realized capital losses, as adjusted (1)

(174.7)

Pre-tax loss from exited business (2)

(34.8)

Adjustments related to equity method investments and noncontrolling interest

(39.7)

Total income before income taxes per consolidated statements of operations

$

978.1


	For the six months ended June 30, 2025
	Retirement		Principal
	and Income		Asset		Benefits and
	Solutions		Management		Protection		Corporate		Total

	(in millions)
Segment pre-tax operating earnings (losses)	$	575.8	$	423.9	$	267.1	$	(186.8)	$	1,080.0
Pre-tax net realized capital losses, as adjusted (1)										(174.2)
Pre-tax loss from exited business (2)										(347.4)
Adjustments related to equity method investments and noncontrolling interest										(26.4)
Total income before income taxes per consolidated statements of operations									$	532.0

(1)Pre-tax net realized capital gains (losses), as adjusted, is derived as follows:


		For the three months ended						For the six months ended
		June 30,						June 30,
		2026			2025			2026			2025

		(in millions)
Net realized capital gains (losses)		$	109.7		$	5.4		$	(12.4)		$	(111.7)
Derivative and hedging-related revenue adjustments			(66.1)			(37.3)			(93.5)			(50.5)
Market value adjustments to fee revenues			—			—			0.1			(0.1)
Certain variable annuity fees			17.3			16.6			34.4			33.6
Equity method investments			(1.6)			(0.2)			(0.7)			4.4
Certain real estate-related depreciation and amortization			(16.1)			—			(31.0)			—
Sponsored investment funds and other adjustments			13.1			8.2			22.6			15.3
Net realized capital gains (losses), net of related revenue adjustments			56.3			(7.3)			(80.5)			(109.0)

Amortization of actuarial balances			(6.4)			(3.1)			(12.3)			(5.0)
Capital (gains) losses distributed			(53.3)			(19.5)			(27.5)			20.0
Derivative and hedging-related expense adjustments			2.8			4.4			2.2			4.9
Market value adjustments of market risk benefits			4.6			(23.5)			(43.2)			(67.4)
Market value adjustments of embedded derivatives			6.7			4.3			(13.4)			(17.7)
Net realized capital losses, net of related expense adjustments			(45.6)			(37.4)			(94.2)			(65.2)
Pre-tax net realized capital gains (losses), as adjusted (a)		$	10.7		$	(44.7)		$	(174.7)		$	(174.2)

(a)As adjusted before noncontrolling interest capital gains (losses).

(2)Pre-tax income (loss) from exited business included:


	For the three months ended				For the six months ended
	June 30,				June 30,
	2026		2025		2026		2025

	(in millions)
Change in fair value of funds withheld embedded derivative	$	(104.4)	$	20.3	$	73.0	$	(189.4)
Net realized capital gains (losses) on funds withheld assets		(8.1)		3.7		1.3		31.7
Amortization of reinsurance loss		(18.5)		(20.4)		(38.2)		(46.8)
Other impacts of exited business		(35.5)		(36.7)		(70.9)		(142.9)
Total pre-tax loss from exited business	$	(166.5)	$	(33.1)	$	(34.8)	$	(347.4)

Pre-tax income (loss) from exited business (Table)


	For the three months ended				For the six months ended
	June 30,				June 30,
	2026		2025		2026		2025

	(in millions)
Change in fair value of funds withheld embedded derivative	$	(104.4)	$	20.3	$	73.0	$	(189.4)
Net realized capital gains (losses) on funds withheld assets		(8.1)		3.7		1.3		31.7
Amortization of reinsurance loss		(18.5)		(20.4)		(38.2)		(46.8)
Other impacts of exited business		(35.5)		(36.7)		(70.9)		(142.9)
Total pre-tax loss from exited business	$	(166.5)	$	(33.1)	$	(34.8)	$	(347.4)