Segment Information (Tables)

9 Months Ended

Sep. 30, 2026

Reconciliation Of Operating Profit Loss From Segments To Consolidated Text Block

The following tables summarize the Company’s reportable segment revenues, significant expenses, measure of profit and loss and reconciliations to the Company’s consolidated totals (dollars in millions):


For the three months ended September 30, 2026:
	U.S. and Latin America				Canada				Europe, Middle East and Africa				Asia Pacific				Corporate and Other		Total
	Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions

Segment revenues	$	2,248	$	1,903	$	410	$	116	$	598	$	531	$	953	$	680	$	230	$	7,669
Reconciliation of revenues
Investment and derivative gains (losses)																			(222)
Change in fair value of funds withheld embedded derivatives																			104
Funds withheld gains (losses) – investment income																			1
Investment income (loss) on unit-linked variable annuities																			—
Other revenues (1)																			(2)
Total consolidated revenues																			$	7,550
Less significant expenses (2):
Adjusted claims and other policy benefits	1,745		1,298		320		92		517		357		761		318		—
Future policy benefits remeasurement (gains) losses	9		1		(23)		(1)		8		(9)		(28)		3		—
Adjusted interest credited	39		269		—		—		—		5		—		170		46
Interest expense	—		—		—		—		—		—		—		—		96
Other segment items (3)	279		216		50		8		52		27		101		97		110
Adjusted operating income (loss) before income taxes	$	176	$	119	$	63	$	17	$	21	$	151	$	119	$	92	$	(22)	$	736
Reconciliation of adjusted operating income (loss) before income taxes
Investment and derivative gains (losses)																			(222)
Market risk benefits remeasurement gains (losses)																			26
Change in fair value of funds withheld embedded derivatives																			104
Funds withheld gains (losses) – investment income																			1
Derivatives – interest credited																			(4)
Investment income (loss) on unit-linked variable annuities																			—
Interest credited on unit-linked variable annuities																			—
Interest expense on uncertain tax positions																			—
Other reconciling items (4)																			(17)
Income before income taxes per condensed consolidated statements of income																			$	624

(1)Includes market valuation adjustments on surrender charges and other immaterial items.

(2)The significant expense categories and amounts align with the segment level information that is regularly provided to the CEO. Intersegment expenses are included within the amounts above.

(3)Includes policy acquisition costs and other insurance expenses and other operating expenses.

(4)Includes market valuation adjustments on surrender charges, pension risk transfer initial loss and other immaterial items.


For the nine months ended September 30, 2026:
	U.S. and Latin America				Canada				Europe, Middle East and Africa				Asia Pacific				Corporate and Other		Total
	Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions

Segment revenues	$	6,784	$	4,177	$	1,228	$	342	$	1,846	$	1,535	$	2,840	$	1,750	$	631	$	21,133
Reconciliation of revenues
Investment and derivative gains (losses)																			(601)
Change in fair value of funds withheld embedded derivatives																			147
Funds withheld gains (losses) – investment income																			(5)
Investment income (loss) on unit-linked variable annuities																			(1)
Other revenues (1)																			8
Total consolidated revenues																			$	20,681
Less significant expenses (2):
Adjusted claims and other policy benefits	5,340		2,393		964		276		1,569		1,045		2,209		714		—
Future policy benefits remeasurement (gains) losses	(18)		8		(26)		(1)		(3)		(19)		(24)		42		—
Adjusted interest credited	135		872		—		—		—		19		—		464		134
Interest expense	—		—		—		—		—		—		—		—		295
Other segment items (3)	848		513		151		22		166		78		282		253		324
Adjusted operating income (loss) before income taxes	$	479	$	391	$	139	$	45	$	114	$	412	$	373	$	277	$	(122)	$	2,108
Reconciliation of adjusted operating income (loss) before income taxes
Investment and derivative gains (losses)																			(601)
Market risk benefits remeasurement gains (losses)																			30
Change in fair value of funds withheld embedded derivatives																			147
Funds withheld gains (losses) – investment income																			(5)
Derivatives – interest credited																			(7)
Investment income (loss) on unit-linked variable annuities																			(1)
Interest credited on unit-linked variable annuities																			1
Interest expense on uncertain tax positions																			(1)
Other reconciling items (4)																			(1)
Income before income taxes per condensed consolidated statements of income																			$	1,670

(1)Includes market valuation adjustments on surrender charges and other immaterial items.

(2)The significant expense categories and amounts align with the segment level information that is regularly provided to the CEO. Intersegment expenses are included within the amounts above.

(3)Includes policy acquisition costs and other insurance expenses and other operating expenses.

(4)Includes market valuation adjustments on surrender charges, pension risk transfer initial loss and other immaterial items.


For the three months ended September 30, 2025:
	U.S. and Latin America				Canada				Europe, Middle East and Africa				Asia Pacific				Corporate and Other		Total
	Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions

Segment revenues	$	2,190	$	1,070	$	398	$	106	$	597	$	387	$	956	$	365	$	181	$	6,250
Reconciliation of revenues
Investment and derivative gains (losses)																			1
Change in fair value of funds withheld embedded derivatives																			(33)
Funds withheld gains (losses) – investment income																			(19)
Investment income (loss) on unit-linked variable annuities																			(1)
Other revenues (1)																			6
Total consolidated revenues																			$	6,204
Less significant expenses (2):
Adjusted claims and other policy benefits	1,769		511		307		92		516		253		761		135		—
Future policy benefits remeasurement (gains) losses	(46)		2		(8)		—		216		(37)		(41)		(1)		—
Adjusted interest credited	61		324		1		—		—		7		—		107		47
Interest expense	—		—		—		—		—		—		—		—		98
Other segment items (3)	270		133		55		7		57		24		98		53		94
Adjusted operating income (loss) before income taxes	$	136	$	100	$	43	$	7	$	(192)	$	140	$	138	$	71	$	(58)	$	385
Reconciliation of adjusted operating income (loss) before income taxes
Investment and derivative gains (losses)																			1
Market risk benefits remeasurement gains (losses)																			1
Change in fair value of funds withheld embedded derivatives																			(33)
Funds withheld gains (losses) – investment income																			(19)
Derivatives – interest credited																			(1)
Investment income (loss) on unit-linked variable annuities																			(1)
Interest credited on unit-linked variable annuities																			1
Interest expense on uncertain tax positions																			—
Other reconciling items (4)																			(14)
Income before income taxes per condensed consolidated statements of income																			$	320

(1)Includes market valuation adjustments on surrender charges and other immaterial items.

(2)The significant expense categories and amounts align with the segment level information that is regularly provided to the CEO. Intersegment expenses are included within the amounts above.

(3)Includes policy acquisition costs and other insurance expenses and other operating expenses.

(4)Includes market valuation adjustments on surrender charges, pension risk transfer initial loss and other immaterial items.


For the nine months ended September 30, 2025:
	U.S. and Latin America				Canada				Europe, Middle East and Africa				Asia Pacific				Corporate and Other		Total
	Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions

Segment revenues	$	6,701	$	1,985	$	1,188	$	321	$	1,777	$	1,036	$	2,695	$	1,060	$	505	$	17,268
Reconciliation of revenues
Investment and derivative gains (losses)																			(147)
Change in fair value of funds withheld embedded derivatives																			(41)
Funds withheld gains (losses) – investment income																			(17)
Investment income (loss) on unit-linked variable annuities																			(1)
Other revenues (1)																			1
Total consolidated revenues																			$	17,063
Less significant expenses (2):
Adjusted claims and other policy benefits	5,464		787		920		276		1,532		644		2,133		438		—
Future policy benefits remeasurement (gains) losses	3		(1)		(3)		—		214		(43)		(67)		(6)		—
Adjusted interest credited	127		577		1		—		—		20		—		284		139
Interest expense	—		—		—		—		—		—		—		—		268
Other segment items (3)	827		358		167		18		155		69		281		137		258
Adjusted operating income (loss) before income taxes	$	280	$	264	$	103	$	27	$	(124)	$	346	$	348	$	207	$	(160)	$	1,291
Reconciliation of adjusted operating income (loss) before income taxes
Investment and derivative gains (losses)																			(147)
Market risk benefits remeasurement gains (losses)																			(11)
Change in fair value of funds withheld embedded derivatives																			(41)
Funds withheld gains (losses) – investment income																			(17)
Derivatives – interest credited																			(13)
Investment income (loss) on unit-linked variable annuities																			(1)
Interest credited on unit-linked variable annuities																			1
Interest expense on uncertain tax positions																			—
Other reconciling items (4)																			(32)
Income before income taxes per condensed consolidated statements of income																			$	1,030

(1)Includes market valuation adjustments on surrender charges and other immaterial items.

(2)The significant expense categories and amounts align with the segment level information that is regularly provided to the CEO. Intersegment expenses are included within the amounts above.

(3)Includes policy acquisition costs and other insurance expenses and other operating expenses.

(4)Includes market valuation adjustments on surrender charges, pension risk transfer initial loss and other immaterial items.