v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s four reporting segments are Advice & Wealth Management, Asset Management, Retirement & Protection Solutions and Corporate & Other.
The accounting policies of the segments are the same as those of the Company, except for operating adjustments defined below, the method of capital allocation, the accounting for gains (losses) from intercompany revenues and expenses and not providing for income taxes on a segment basis.
Management uses segment adjusted operating measures in goal setting, as a basis for determining employee compensation and in evaluating performance on a basis comparable to that used by some securities analysts and investors. Consistent with GAAP accounting guidance for segment reporting, adjusted operating earnings is the Company’s measure of segment performance. Adjusted operating earnings should not be viewed as a substitute for GAAP pretax income. The Company believes the presentation of segment adjusted operating earnings, as the Company measures it for management purposes, enhances the understanding of its business by reflecting the underlying performance of its core operations and facilitating a more meaningful trend analysis.
Adjusted operating earnings is defined as adjusted operating net revenues less adjusted operating expenses. Adjusted operating net revenues and adjusted operating expenses exclude net realized investment gains or losses (net of reinsurance accrual); the market impact on non-traditional long-duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and reinsurance accrual; mean reversion related impacts (the impact on VUL products for the difference between
assumed and updated separate account investment performance on the reinsurance accrual and additional insurance benefit reserves); the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; block transfer reinsurance transaction impacts; gain or loss on disposal of a business that is not considered discontinued operations; integration and restructuring charges; income (loss) from discontinued operations; and the impact of consolidating CIEs. The market impact on non-traditional long-duration products includes changes in market risk benefits and embedded derivative values caused by changes in financial market conditions, net of changes in economic hedge values and unhedged items including the difference between assumed and actual underlying separate account investment performance, fixed income credit exposures, transaction costs and certain policyholder contract elections. The market impact also includes certain valuation adjustments made in accordance with FASB Accounting Standards Codification 820, Fair Value Measurements and Disclosures, including the impact on embedded derivative values of discounting projected benefits to reflect a current estimate of the RiverSource Life companies’ nonperformance spread.
The following tables summarize selected financial information by segment and reconcile segment totals to those reported on the consolidated financial statements:
June 30, 2026December 31, 2025
(in millions)
Advice & Wealth Management$41,511 $40,038 
Asset Management6,692 6,723 
Retirement & Protection Solutions
133,625 127,778 
Corporate & Other16,043 16,365 
Total assets$197,871 $190,904 

Three Months Ended June 30,
Six Months Ended June 30,
2026202520262025
(in millions)
Adjusted operating net revenues:
Advice & Wealth Management
$3,246 $2,807 $6,421 $5,589 
Asset Management
947 830 1,857 1,676 
Retirement & Protection Solutions975 936 1,927 1,862 
Corporate & Other
114 116 217 220 
Elimination of segment revenues (1) (2)
(383)(354)(749)(703)
Total segment adjusted operating net revenues
4,899 4,335 9,673 8,644 
Adjustments:
Net realized investment gains (losses)
5 (18)— (20)
Market impact on non-traditional long-duration products(3)4 (1)9 
Mean reversion related impacts— 1 — 1 
Revenue attributable to consolidated investment entities39 53 80 95 
Total net revenues per consolidated statements of operations$4,940 $4,375 $9,752 $8,729 
(1) Represents the elimination of intersegment revenues recognized for the three months ended June 30, 2026 and 2025 in each segment as follows: Advice & Wealth Management ($254 million and $228 million, respectively); Asset Management ($23 million and $25 million, respectively); Retirement & Protection Solutions ($110 million and $108 million, respectively); and Corporate & Other ($(4) million and $(7) million, respectively).
(2) Represents the elimination of intersegment revenues recognized for the six months ended June 30, 2026 and 2025 in each segment as follows: Advice & Wealth Management ($493 million and $450 million, respectively); Asset Management ($46 million and $51 million, respectively); Retirement & Protection Solutions ($218 million and $217 million, respectively); and Corporate & Other ($(8) million and $(15) million, respectively).
Three Months Ended June 30,
Six Months Ended June 30,
2026202520262025
(in millions)
Adjusted operating earnings:
Advice & Wealth Management
$939 $812 $1,890 $1,604 
Asset Management
274 222 547 463 
Retirement & Protection Solutions202 214 392 429 
Corporate & Other
(81)(99)(162)(196)
Total segment adjusted operating earnings
1,334 1,149 2,667 2,300 
Adjustments:
Net realized investment gains (losses)5 (18)— (20)
Market impact on non-traditional long-duration products106 219 (78)(241)
Mean reversion related impacts
1 1 1 1 
Integration/restructuring charges(1)— (1)— 
Net income (loss) attributable to consolidated investment entities
(3)— (3)(2)
Pretax income per consolidated statements of operations$1,442 $1,351 $2,586 $2,038 

Adjusted operating earnings includes the following significant expense categories:
Three Months Ended June 30, 2026
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & Other
(in millions)
Expenses:
Distribution expenses$1,829 $270 $139 $(3)
Interest credited to fixed accounts— — 94 50 
Benefits, claims, losses and settlement expenses— — 234 54 
Remeasurement (gains) losses of future policy benefit reserves— — (3)4 
Change in fair value of market risk benefits— — 162 — 
Amortization of deferred acquisition costs— 1 58 2 
Interest and debt expense15 4 10 26 
General and administrative expense463 398 79 62 
Total expenses
$2,307 $673 $773 $195 
Three Months Ended June 30, 2025
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & Other
(in millions)
Expenses:
Distribution expenses$1,546 $240 $126 $(3)
Interest credited to fixed accounts— — 93 51 
Benefits, claims, losses and settlement expenses— — 209 53 
Remeasurement (gains) losses of future policy benefit reserves— — (7)4 
Change in fair value of market risk benefits— — 153 — 
Amortization of deferred acquisition costs— 1 58 1 
Interest and debt expense14 3 11 26 
General and administrative expense435 364 79 83 
Total expenses
$1,995 $608 $722 $215 
Six Months Ended June 30, 2026
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & Other
(in millions)
Expenses:
Distribution expenses$3,599 $532 $271 $(5)
Interest credited to fixed accounts— — 187 100 
Benefits, claims, losses and settlement expenses— — 469 107 
Remeasurement (gains) losses of future policy benefit reserves— — (5)5 
Change in fair value of market risk benefits— — 317 — 
Amortization of deferred acquisition costs— 3 116 3 
Interest and debt expense30 8 20 50 
General and administrative expense902 767 160 119 
Total expenses
$4,531 $1,310 $1,535 $379 
Six Months Ended June 30, 2025
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & Other
(in millions)
Expenses:
Distribution expenses$3,100 $486 $249 $(5)
Interest credited to fixed accounts— — 185 102 
Benefits, claims, losses and settlement expenses— — 420 109 
Remeasurement (gains) losses of future policy benefit reserves— — (10)(3)
Change in fair value of market risk benefits— — 296 — 
Amortization of deferred acquisition costs— 3 115 3 
Interest and debt expense26 6 19 54 
General and administrative expense859 718 159 156 
Total expenses
$3,985 $1,213 $1,433 $416