v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues        
Net investment income $ 893 $ 891 $ 1,765 $ 1,759
Premiums, policy and contract charges 341 361 682 721
Other revenues 140 136 306 265
Total revenues 5,013 4,490 9,899 8,971
Banking and deposit interest expense 73 115 147 242
Total net revenues 4,940 4,375 9,752 8,729
Benefits and expenses        
Distribution expenses 2,116 1,596 3,889 3,208
Interest credited to fixed accounts 169 95 311 225
Benefits, claims, losses and settlement expenses 294 257 611 638
Remeasurement (gains) losses of future policy benefit reserves 1 (3) 0 (13)
Change in fair value of market risk benefits (229) (10) 149 487
Amortization of deferred acquisition costs 61 60 122 121
Interest and debt expense 84 82 164 162
General and administrative expense 1,002 947 1,920 1,863
Total benefits and expenses 3,498 3,024 7,166 6,691
Pretax income 1,442 1,351 2,586 2,038
Income tax provision 329 291 558 395
Net income $ 1,113 $ 1,060 $ 2,028 $ 1,643
Earnings per share        
Basic (in dollars per share) $ 12.12 $ 10.88 $ 21.90 $ 16.78
Diluted (in dollars per share) $ 11.98 $ 10.73 $ 21.64 $ 16.53
Management and financial advice fees        
Revenues        
Revenue from contracts with customers $ 3,066 $ 2,600 $ 6,010 $ 5,202
Distribution fees        
Revenues        
Revenue from contracts with customers $ 573 $ 502 $ 1,136 $ 1,024