v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Information, by Segment
Three Months Ended June 30, 2026Group BenefitsRISAsiaLatin
America		EMEA
MIM
(In millions)
Revenues
Premiums$5,819 $1,587 $1,237 $1,498 $698 $— 
Universal life and investment-type product policy fees242 113 441 416 98 — 
Net investment income (1)
357 2,219 1,375 587 67 2 
Other revenues451 69 20 (15)10 317 
Expenses
Policyholder benefits and claims and policyholder dividends5,053 2,466 1,030 1,471 335 — 
Policyholder liability remeasurement (gains) losses(2)3 (15)5 (5)— 
Interest credited to PABs69 908 862 101 21 — 
Other expenses:
Amortization of deferred policy acquisition costs (“DAC”), value of business acquired (“VOBA”) and negative VOBA8 24 214 186 110 — 
Interest expense on debt2 2 — 4 — 1 
Direct and allocated expenses529 86 299 171 120 227 
Other segment expenses (2)574 36 93 197 159 15 
Provision for income tax expense (benefit)
133 86 170 83 25 19 
Adjusted earnings$503 $377 $420 $268 $108 $57 
Three Months Ended June 30, 2025Group BenefitsRISAsiaLatin
America		EMEAMIM
(In millions)
Revenues
Premiums$5,801 $1,210 $1,278 $1,260 $626 $— 
Universal life and investment-type product policy fees240 102 399 371 84 — 
Net investment income (1)
345 2,166 1,204 445 61 2 
Other revenues405 70 22 3 9 237 
Expenses
Policyholder benefits and claims and policyholder dividends5,161 2,045 1,051 1,216 309 — 
Policyholder liability remeasurement (gains) losses(4)1 (12)— 4 — 
Interest credited to PABs73 903 757 96 20 — 
Other expenses:
Amortization of DAC, VOBA and negative VOBA
7 21 223 137 88 — 
Interest expense on debt1 4 — 4 — — 
Direct and allocated expenses507 89 304 143 111 158 
Other segment expenses (2)538 25 91 166 120 9 
Provision for income tax expense (benefit)107 90 143 84 28 18 
Adjusted earnings$401 $370 $346 $233 $100 $54 
Six Months Ended June 30, 2026Group
Benefits		RISAsiaLatin
America		EMEA
MIM
(In millions)
Revenues
Premiums$11,667 $3,799 $2,531 $2,983 $1,387 $— 
Universal life and investment-type product policy fees472 222 868 835 197 — 
Net investment income (1)709 4,471 2,836 996 134 7 
Other revenues912 138 37 (22)19 631 
Expenses
Policyholder benefits and claims and policyholder dividends10,200 5,532 2,118 2,820 672 — 
Policyholder liability remeasurement (gains) losses(4)(17)(30)5 (2)— 
Interest credited to PABs139 1,791 1,695 186 42 — 
Other expenses:
Amortization of DAC, VOBA and negative VOBA
20 47 425 359 207 — 
Interest expense on debt3 5 — 9 — 2 
Direct and allocated expenses1,069 179 597 329 242 469 
Other segment expenses (2)1,142 72 188 403 300 28 
Provision for income tax expense (benefit)249 193 372 184 58 35 
Adjusted earnings$942 $828 $907 $497 $218 $104 
Six Months Ended June 30, 2025Group
Benefits		RISAsiaLatin
America		EMEA
MIM
(In millions)
Revenues
Premiums$11,564 $3,494 $2,538 $2,424 $1,208 $— 
Universal life and investment-type product policy fees473 206 805 711 162 — 
Net investment income (1)
698 4,356 2,408 853 119 3 
Other revenues839 139 37 12 17 455 
Expenses
Policyholder benefits and claims and policyholder dividends10,344 5,165 2,088 2,307 586 — 
Policyholder liability remeasurement (gains) losses(22)(14)(23)(3)4 — 
Interest credited to PABs
145 1,786 1,468 194 37 — 
Other expenses:
Amortization of DAC, VOBA and negative VOBA
13 40 439 266 182 — 
Interest expense on debt2 7 — 8 — — 
Direct and allocated expenses
1,036 187 610 278 220 331 
Other segment expenses (2)
1,080 59 183 342 240 18 
Provision for income tax expense (benefit)205 189 305 156 54 27 
Adjusted earnings$771 $776 $718 $452 $183 $82 
__________________
(1)The percentage of net investment income from equity method invested assets by segment was as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Group Benefits
(1)%— %— %— %
RIS4 %4 %6 %5 %
Asia12 %10 %15 %10 %
Latin America
1 %— %1 %— %
EMEA
1 %— %1 %— %
(2)Includes pension, postretirement and postemployment benefit costs; premium taxes, other taxes, and licenses & fees; and commissions and other variable expenses. This line item is net of capitalization of DAC.
The following table presents the reconciliation of certain financial measures used in calculating segment results to those used in calculating consolidated Company results:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2026202520262025
(In millions)
Total segment adjusted earnings$1,733 $1,504 $3,496 $2,982 
Corporate & Other(129)(111)(261)(174)
Total consolidated adjusted earnings1,604 1,393 3,235 2,808 
Net investment gains (losses)(428)(273)(1,098)(660)
Net derivative gains (losses)(772)(796)(698)(364)
MRB remeasurement gains (losses)
270 277 150 (22)
Investment hedge adjustments(170)(102)(254)(205)
Depreciation of wholly-owned real estate and REJVs
(54)(115)
Other95 41 317 (90)
Provision for income tax (expense) benefit234 195 404 218 
Net income (loss) $779 $735 $1,941 $1,685 
Segment revenues:
Group Benefits$6,869 $6,791 $13,760 $13,574 
RIS3,988 3,548 8,630 8,195 
Asia3,073 2,903 6,272 5,788 
Latin America2,486 2,079 4,792 4,000 
EMEA873 780 1,737 1,506 
MIM (1)
319 239 638 458 
Total segment revenues17,608 16,340 35,829 33,521 
Net investment gains (losses)(428)(273)(1,098)(660)
Net derivative gains (losses)(772)(796)(698)(364)
Investment hedge adjustments(170)(102)(254)(205)
Unit-linked investment income
998 498 680 271 
Reinsurance activity
331 47 632 90 
Corporate & Other revenue1,467 1,581 2,928 3,227 
Other120 45 209 29 
Total consolidated revenues$19,154 $17,340 $38,228 $35,909 
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(1)Includes intersegment asset management fees of $133 million and $264 million for the three months and six months ended June 30, 2026, respectively, and $130 million and $259 million for the three months and six months ended June 30, 2025, respectively, earned in connection with management of general account investments of the Company.