v3.26.1
Segments (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Reconciliation of Revenue from Segments to Total Revenues
The following tables reconcile Adjusted operating revenues to Total revenues and Adjusted operating earnings before income taxes to Income (loss) before income taxes for the periods indicated:
Three Months Ended June 30, 2026
Reportable Segments
RetirementInvestment ManagementEmployee Benefits
Corporate(1)
Total
Revenues:
External customer revenue(2)
$420 $243 $792 $(7)$1,448 
Net investment income446 14 31 46 537 
Net gains (losses)
(70)5 — 25 (40)
Income (loss) related to CIEs— (55)— 6 (49)
Intersegment Fee income and elimination— 21 — (21)— 
Total revenues1,896 
Adjustments(3)
3 27 (2)(41)(13)
Adjusted operating revenues799 255 821 8 1,883 
Less:
Interest credited and other benefits to contract owners/policyholders227 — 558 — 785 
Administrative expenses275 181 140 — 596 
Premium taxes, fees and assessments— — 49 — 49 
Net commissions80 — 40 — 120 
DAC/VOBA and other intangibles amortization27 — 12 — 39 
Financing costs and preferred dividends— — — 38 38 
Other— — — 74 74 
Adjusted operating earnings before income taxes including noncontrolling interest
190 74 22 (104)183 
Less: Earnings (loss) attributable to the noncontrolling interest
— 18 — (2)16 
Adjusted operating earnings before income taxes190 57 22 (102)167 
Plus adjustments:
Net investment gains (losses)(21)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment(29)
Income (loss) attributable to noncontrolling interests(76)
Dividend payments made to preferred shareholders4 
Other adjustments(11)
Income (loss) before income taxes$34 
(1) Corporate is not a reportable segment.
(2) Includes Fee income, Premiums and Other revenue and excludes intersegment fee income and the related elimination.
(3) Includes Net investment gains (losses) of $(31), Revenues related to businesses exited or to be exited through reinsurance or divestment of $21, Revenues (loss) attributable to noncontrolling interests of $(37) and Other adjustments of $61.
Three Months Ended June 30, 2025
Reportable Segments
RetirementInvestment ManagementEmployee Benefits
Corporate(1)
Total
Revenues:
External customer revenue(2)
$380 $223 $795 $(3)$1,395 
Net investment income498 8 39 39 584 
Net gains (losses)
(61)(1)(2)23 (41)
Income (loss) related to CIEs— 37 — 6 43 
Intersegment Fee income and elimination— 21 — (21)— 
Total revenues1,981 
Adjustments(3)
7 (49)— (39)(81)
Adjusted operating revenues824 239 832 5 1,900 
Less:
Interest credited and other benefits to contract owners/policyholders232 — 529 — 761 
Administrative expenses259 174 132 — 565 
Premium taxes, fees and assessments— — 50 — 50 
Net commissions71 — 44 — 115 
DAC/VOBA and other intangibles amortization28 — 7 — 35 
Financing costs and preferred dividends— — — 32 32 
Other
— — — 40 40 
Adjusted operating earnings before income taxes including noncontrolling interest
235 65 69 (67)302 
Less: Earnings (loss) attributable to the noncontrolling interest
— 14 — (1)13 
Adjusted operating earnings before income taxes235 51 69 (67)289 
Plus adjustments:
Net investment gains (losses)(29)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment(30)
Income (loss) attributable to noncontrolling interests(5)
Dividend payments made to preferred shareholders4 
Other adjustments(41)
Income (loss) before income taxes$188 
(1) Corporate is not a reportable segment.
(2) Includes Fee income, Premiums and Other revenue and excludes intersegment fee income and the related elimination.
(3) Includes Net investment gains (losses) of $(38), Revenues related to businesses exited or to be exited through reinsurance or divestment of $30, Revenues attributable to noncontrolling interests of $35 and Other adjustments of $54.

Six Months Ended June 30, 2026
Reportable Segments
RetirementInvestment ManagementEmployee Benefits
Corporate(1)
Total
Revenues:
External customer revenue(2)
$824 $477 $1,608 $(4)$2,905 
Net investment income926 17 71 92 1,106 
Net gains (losses)(126)5 — 36 (85)
Income (loss) related to CIEs— (4)— 5 1 
Intersegment Fee income and elimination— 43 — (43)— 
Total revenues3,927 
Adjustments(3)
(4)(31)(4)(72)(112)
Adjusted operating revenues1,620 507 1,675 13 3,815 
Less:
Interest credited and other benefits to contract owners/policyholders452 — 1,096 — 1,548 
Administrative expenses561 373 285 — 1,219 
Premium taxes, fees and assessments— — 99 — 99 
Net commissions152 — 84 — 236 
DAC/VOBA and other intangibles amortization55 — 26 — 81 
Financing costs and preferred dividends— — — 86 86 
Other
— — — 95 95 
Adjusted operating earnings before income taxes including noncontrolling interest399 133 85 (167)450 
Less: Earnings (loss) attributable to the noncontrolling interest— 30 — (4)27 
Adjusted operating earnings before income taxes399 103 85 (163)424 
Plus adjustments:
Net investment gains (losses)(58)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment(55)
Income (loss) attributable to noncontrolling interests(63)
Dividend payments made to preferred shareholders21 
Other adjustments(5)
Income (loss) before income taxes$264 
(1) Corporate is not a reportable segment.
(2) Includes Fee income, Premiums and Other revenue and excludes intersegment fee income and the related elimination.
(3) Includes Net investment gains (losses) of $(53), Revenues related to businesses exited or to be exited through reinsurance or divestment of $40, Revenues attributable to noncontrolling interests of $9 and Other adjustments of $116.
Six Months Ended June 30, 2025
Reportable Segments
RetirementInvestment ManagementEmployee Benefits
Corporate(1)
Total
Revenues:
External customer revenue(2)
$761 $446 $1,602 $(3)$2,806 
Net investment income969 16 75 84 1,144 
Net gains (losses)(93)(2)(3)23 (75)
Income (loss) related to CIEs— 73 — 2 75 
Intersegment Fee income and elimination— 43 — (43)— 
Total revenues3,950 
Adjustments(3)
(15)(94)(1)(52)(162)
Adjusted operating revenues1,622 482 1,673 11 3,788 
Less:
Interest credited and other benefits to contract owners/policyholders463 — 1,081 — 1,544 
Administrative expenses519 364 271 — 1,154 
Premium taxes, fees and assessments— — 101 — 101 
Net commissions142 — 89 — 231 
DAC/VOBA and other intangibles amortization55 — 16 — 71 
Financing costs and preferred dividends— — — 80 80 
Other
— — — 62 62 
Adjusted operating earnings before income taxes including noncontrolling interest442 118 115 (131)545 
Less: Earnings (loss) attributable to the noncontrolling interest— 26 — (2)24 
Adjusted operating earnings before income taxes442 92 115 (129)521 
Plus adjustments:
Net investment gains (losses)(31)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment(69)
Income (loss) attributable to noncontrolling interests(10)
Dividend payments made to preferred shareholders21 
Other adjustments(71)
Income (loss) before income taxes$361 
(1) Corporate is not a reportable segment.
(2) Includes Fee income, Premiums and Other revenue and excludes intersegment fee income and the related elimination.
(3) Includes Net investment gains (losses) of $(44), Revenues related to businesses exited or to be exited through reinsurance or divestment of $58, Revenues attributable to noncontrolling interests of $60 and Other adjustments of $87.
Summary of Financial Information for Segments
The summary below presents Total assets for the Company's segments as of the dates indicated:
June 30, 2026December 31, 2025
Retirement
$149,730 $144,423 
Investment Management1,857 1,905 
Employee Benefits3,263 3,330 
Corporate24,319 24,749 
Total assets, before consolidation(1)
179,168 174,410 
Consolidation of investment entities3,778 4,449 
Total assets
$182,946 $178,859 
(1) Includes the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option.