Segment Information (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2026
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating Revenues (1)	$	1,341	$	1,572	$	1,576	$	353	$	84	$	4,926
Operating Expenses (2)
Benefits and policyholder liability
remeasurement	47		894		971		–		9		1,921
Interest credited	513		293		1		169		48		1,024
Commissions	329		112		133		30		1		605
General and administrative expenses	135		134		238		91		60		658
Interest and debt expense	–		–		–		–		82		82
Other (3)	(22)		75		47		6		2		108
Total operating expenses	1,002		1,508		1,390		296		202		4,398
Total federal income tax expense (benefit)	52		7		39		8		(28)		78
Total income (loss) from operations	287		57		147		49		(90)		450
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax (4)											1,497
Net life insurance product features, pre-tax											(50)
Credit loss-related adjustments, pre-tax											(37)
Investment gains (losses), pre-tax											(197)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (5)											(85)



Other items, pre-tax (6)(7)											(12)
Income tax benefit (expense) related to
the above pre-tax items											(234)
Total net income (loss)											$	1,332

(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; 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: DAC capitalization and amortization; taxes, licenses and fees; and expenses associated with LOCs. Other Operations: DAC capitalization and amortization; expenses incurred by Other Operations for its access to a financing facility and issuance of LOCs net of 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; and taxes, licenses and fees.

(4) Includes changes in MRBs of $1,450 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 $(115) million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $162 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 $(11) million.

(7) Includes deferred compensation mark-to-market adjustment of $(1) million.


	For the Three Months Ended June 30, 2025
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating Revenues (1)	$	1,214	$	1,602	$	1,538	$	331	$	41	$	4,726
Operating Expenses (2)
Benefits and policyholder liability
remeasurement	32		956		913		–		7		1,908
Interest credited	439		289		1		174		13		916
Commissions	292		111		139		28		–		570
General and administrative expenses	126		133		227		83		57		626
Interest and debt expense	–		–		–		–		81		81
Other (3)	(13)		79		39		4		(1)		108
Total operating expenses	876		1,568		1,319		289		157		4,209
Total federal income tax expense (benefit)	51		2		46		5		(25)		79
Total income (loss) from operations	287		32		173		37		(91)		438
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax (4)											405
Net life insurance product features, pre-tax											(58)
Credit loss-related adjustments, pre-tax											(25)
Investment gains (losses), pre-tax											(81)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (5)											14



Other items, pre-tax (6)(7)(8)(9)											75
Income tax benefit (expense) related to
the above pre-tax items											(69)
Total net income (loss)											$	699

(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: DAC capitalization and amortization; taxes, licenses and fees; other intangible amortization; and expenses associated with LOCs. Retirement Plan Services: DAC capitalization and amortization; taxes, licenses and fees; and expenses associated with LOCs. Other Operations: taxes, licenses and fees; DAC capitalization and amortization; 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 $932 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 $(605) million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $78 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 $(2) million.

(7) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(18) million primarily related to the Bain Capital transaction.

(8) Includes deferred compensation mark-to-market adjustment of $1 million.

(9) Includes gain on early extinguishment of debt of $94 million.


	For the Six Months Ended June 30, 2026
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating Revenues (1)	$	2,624	$	3,200	$	3,129	$	699	$	142	$	9,794
Operating Expenses (2)
Benefits and policyholder liability
remeasurement	71		1,869		1,965		–		17		3,922
Interest credited	1,008		585		1		339		90		2,023
Commissions	668		224		268		59		2		1,221
General and administrative expenses	268		263		468		181		122		1,302
Interest and debt expense	–		–		–		–		164		164
Other (3)	(64)		153		99		12		7		207
Total operating expenses	1,951		3,094		2,801		591		402		8,839
Total federal income tax expense (benefit)	111		8		69		16		(59)		145
Total income (loss) from operations	562		98		259		92		(201)		810
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax (4)											802
Net life insurance product features, pre-tax											(28)
Credit loss-related adjustments, pre-tax											(57)
Investment gains (losses), pre-tax											(239)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (5)											94

Gains (losses) on other non-financial
assets, pre-tax											(6)
Other items, pre-tax (6)(7)(8)											(123)
Income tax benefit (expense) related to
the above pre-tax items											(93)
Total net income (loss)											$	1,160

(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; 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; expenses incurred by Other Operations for its access to a financing facility and issuance of LOCs net of 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; and DAC capitalization and amortization.

(4) Includes changes in MRBs of $453 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 $62 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $287 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 $(18) million.

(8) Includes deferred compensation mark-to-market adjustment of $17 million.


	For the Six Months Ended June 30, 2025
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating Revenues (1)	$	2,412	$	3,188	$	3,059	$	658	$	94	$	9,411
Operating Expenses (2)
Benefits and policyholder liability
remeasurement	60		1,958		1,908		–		11		3,937
Interest credited	858		576		–		344		27		1,805
Commissions	590		210		272		55		–		1,127
General and administrative expenses	251		263		449		168		125		1,256
Interest and debt expense	–		–		–		–		161		161
Other (3)	(25)		179		83		11		(2)		246
Total operating expenses	1,734		3,186		2,712		578		322		8,532
Total federal income tax expense (benefit)	101		(14)		73		9		(42)		127
Total income (loss) from operations	577		16		274		71		(186)		752
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax (4)											(687)
Net life insurance product features, pre-tax											(15)
Credit loss-related adjustments, pre-tax											(53)
Investment gains (losses), pre-tax											(183)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (5)											(76)



Other items, pre-tax (6)(7)(8)(9)											40
Income tax benefit (expense) related to
the above pre-tax items											199
Total net income (loss)											$	(23)

(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: taxes, licenses and fees; DAC capitalization and amortization; 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 $(370) 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 $(337) million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $20 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 $(8) million.

(7) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(20) million related to the sale of our wealth management business and $(18) million primarily related to the Bain Capital transaction.

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

(9) Includes gain on early extinguishment of debt of $94 million.

Segment Reporting, Reconciliation of Revenue by Segment 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 June 30, 2026
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating revenues	$	1,341	$	1,572	$	1,576	$	353	$	84	$	4,926
Revenue adjustments from annuity and life
insurance product features	46		(111)		–		–		–		(65)
Credit loss-related adjustments	(17)		1		(2)		(1)		(18)		(37)
Investment gains (losses)	12		(172)		–		1		(38)		(197)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	1		(85)		–		–		(1)		(85)


Total revenues	$	1,383	$	1,205	$	1,574	$	353	$	27	$	4,542


	For the Three Months Ended June 30, 2025
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating revenues	$	1,214	$	1,602	$	1,538	$	331	$	41	$	4,726
Revenue adjustments from annuity and life
insurance product features	(526)		(64)		–		–		–		(590)
Credit loss-related adjustments	(2)		(2)		–		(7)		(14)		(25)
Investment gains (losses)	(2)		(25)		–		(3)		(51)		(81)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	–		13		–		–		1		14


Total revenues	$	684	$	1,524	$	1,538	$	321	$	(23)	$	4,044


	For the Six Months Ended June 30, 2026
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating revenues	$	2,624	$	3,200	$	3,129	$	699	$	142	$	9,794
Revenue adjustments from annuity and life
insurance product features	348		(86)		–		–		–		262
Credit loss-related adjustments	(21)		–		(1)		(3)		(32)		(57)
Investment gains (losses)	7		(223)		–		1		(24)		(239)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	(1)		100		–		–		(5)		94

Gains (losses) on other non-financial assets	–		–		–		–		(6)		(6)
Total revenues	$	2,957	$	2,991	$	3,128	$	697	$	75	$	9,848


	For the Six Months Ended June 30, 2025
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating revenues	$	2,412	$	3,188	$	3,059	$	658	$	94	$	9,411
Revenue adjustments from annuity and life
insurance product features	(317)		(47)		–		–		–		(364)
Credit loss-related adjustments	(19)		(1)		(2)		(9)		(22)		(53)
Investment gains (losses)	(8)		(133)		1		(6)		(37)		(183)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	10		(76)		–		–		(10)		(76)


Total revenues	$	2,078	$	2,931	$	3,058	$	643	$	25	$	8,735

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 June 30,				For the Six Months Ended June 30,


	2026		2025		2026		2025
Net Investment Income
Annuities	$	556	$	464	$	1,094	$	916
Life Insurance	648		636		1,307		1,263
Group Protection	98		94		194		183
Retirement Plan Services	260		252		520		503
Other Operations	63		25		115		69
Total net investment income	$	1,625	$	1,471	$	3,230	$	2,934

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details