v3.26.3
Consolidated Statements of Income (Loss) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
REVENUES        
Policy charges and fee income $ 488 $ 471 $ 1,343 $ 1,733
Premiums 216 258 724 822
Net derivative gains (losses) 20 (1,117) (1,455) (1,692)
Net investment income (loss) 1,350 1,343 4,031 3,946
Investment gains (losses), net:        
Credit and intent to sell losses on available-for-sale debt securities and loans (64) 11 (101) (43)
Other investment gains (losses), net (20) (1,181) (77) (1,212)
Total investment gains (losses), net (84) (1,170) (178) (1,255)
Investment management and service fees 1,407 1,316 4,062 3,873
Other income 484 349 1,242 961
Total revenues 3,881 1,450 9,769 8,388
BENEFITS AND OTHER DEDUCTIONS        
Policyholders’ benefits 357 452 1,177 1,998
Remeasurement of liability for future policy benefits 15 59 9 44
Change in market risk benefits and purchased market risk benefits (729) (353) (1,405) (287)
Interest credited to policyholders’ account balances 793 798 2,397 2,272
Compensation and benefits 723 601 1,990 1,794
Commissions and distribution-related payments 577 537 1,695 1,526
Interest expense 55 61 173 177
Amortization of deferred policy acquisition costs 230 203 653 584
Other operating costs and expenses 472 440 1,298 1,817
Total benefits and other deductions 2,493 2,798 7,987 9,925
Income (loss) from continuing operations, before income taxes 1,388 (1,348) 1,782 (1,537)
Income tax (expense) benefit (202) 133 (218) 189
Net income (loss) 1,186 (1,215) 1,564 (1,348)
Less: Net income (loss) attributable to the noncontrolling interest [1] 65 94 275 247
Net income (loss) attributable to Holdings 1,121 (1,309) 1,289 (1,595)
Less: Preferred stock dividends 14 16 41 48
Net income (loss) available to Holdings’ common shareholders, basic 1,107 (1,325) 1,248 (1,643)
Net income (loss) available to Holdings’ common shareholders, diluted $ 1,107 $ (1,325) $ 1,248 $ (1,643)
Net income (loss) applicable to Holdings’ common shareholders per common share:        
Basic (in dollars per share) $ 4.08 $ (4.47) $ 4.50 $ (5.43)
Diluted (in dollars per share) $ 4.05 $ (4.47) $ 4.47 $ (5.43)
Weighted average common shares outstanding (in millions):        
Basic (in shares) 271.4 296.2 277.0 302.4
Diluted (in shares) 273.4 296.2 278.8 302.4
[1] Includes redeemable noncontrolling interest. See Note 14 of the Notes to these Consolidated Financial Statements for details of redeemable noncontrolling interest.