v3.26.1
Consolidated Statements of Income (Loss) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
REVENUES        
Policy charges and fee income $ 426 $ 626 $ 855 $ 1,262
Premiums 268 260 508 564
Net derivative gains (losses) (2,055) (1,374) (1,475) (575)
Net investment income (loss) 1,397 1,355 2,681 2,603
Investment gains (losses), net:        
Credit and intent to sell losses on available-for-sale debt securities and loans (44) (54) (37) (54)
Other investment gains (losses), net (21) (17) (57) (31)
Total investment gains (losses), net (65) (71) (94) (85)
Investment management and service fees 1,328 1,272 2,655 2,557
Other income 359 294 758 612
Total revenues 1,658 2,362 5,888 6,938
BENEFITS AND OTHER DEDUCTIONS        
Policyholders’ benefits 435 787 820 1,546
Remeasurement of liability for future policy benefits (15) (13) (6) (15)
Change in market risk benefits and purchased market risk benefits (1,001) (606) (676) 66
Interest credited to policyholders’ account balances 834 796 1,604 1,474
Compensation and benefits 642 592 1,267 1,193
Commissions and distribution-related payments 562 488 1,118 989
Interest expense 56 61 118 116
Amortization of deferred policy acquisition costs 214 193 423 381
Other operating costs and expenses 424 427 826 1,377
Total benefits and other deductions 2,151 2,725 5,494 7,127
Income (loss) from continuing operations, before income taxes (493) (363) 394 (189)
Income tax (expense) benefit 140 80 (16) 56
Net income (loss) (353) (283) 378 (133)
Less: Net income (loss) attributable to the noncontrolling interest [1] 100 66 210 153
Net income (loss) attributable to Holdings (453) (349) 168 (286)
Less: Preferred stock dividends 13 18 27 32
Net income (loss) available to Holdings’ common shareholders, basic (466) (367) 141 (318)
Net income (loss) available to Holdings’ common shareholders, diluted $ (466) $ (367) $ 141 $ (318)
Net income (loss) applicable to Holdings’ common shareholders per common share:        
Basic (in dollars per share) $ (1.68) $ (1.21) $ 0.50 $ (1.04)
Diluted (in dollars per share) $ (1.68) $ (1.21) $ 0.50 $ (1.04)
Weighted average common shares outstanding (in millions):        
Basic (in shares) 278.3 303.2 279.8 305.5
Diluted (in shares) 278.3 303.2 281.6 305.5
[1] Includes redeemable noncontrolling interest. See Note 14 of the Notes to these Consolidated Financial Statements for details of redeemable noncontrolling interest.