Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Reconciliation of Income (Loss) from Operations by Segment to Consolidated Net Income (Loss)

The tables below reconcile our internal measure of performance to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss) (in millions):


	For the Year Ended December 31, 2024
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating Revenues (1)	$	4,896	$	6,248	$	5,717	$	1,321	$	160	$	18,342
Operating Expenses (2)
Benefits and policyholder liability
remeasurement (gain) loss	145		3,893		3,692		–		12		7,742
Interest credited	1,536		1,194		6		675		32		3,443
Commissions	1,115		461		462		103		–		2,141
General and administrative expenses	495		563		870		340		256		2,524
Interest and debt expense	–		–		–		–		336		336
Other (3)	217		242		149		17		(10)		615
Total operating expenses	3,508		6,353		5,179		1,135		626		16,801
Total federal income tax expense (benefit)	228		(42)		113		23		(96)		226
Total income (loss) from operations	1,160		(63)		425		163		(370)		1,315
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax											2,508
Net life insurance product features, pre-tax											(207)
Credit loss-related adjustments, pre-tax											(152)
Investment gains (losses), pre-tax											(483)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (4)											535

Gains (losses) on other non-financial assets –
sale of subsidiaries/businesses, pre-tax (5)											582
Other items, pre-tax (6) (7) (8) (9)											(270)
Income tax benefit (expense) related to
the above pre-tax items											(553)
Total net income (loss)											$	3,275

(1) See table below for reconciliation of total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss).

(2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses are included within the amounts shown.

(3) Other operating expenses include: Annuities: DAC and VOBA capitalization and amortization; broker-dealer expenses before the sale of our wealth management business in the second quarter of 2024; taxes, licenses and fees; expenses associated with reserve financing and LOCs and amortization of deferred loss on business sold through reinsurance. Life Insurance: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and LOCs; amortization of deferred loss on business sold through reinsurance and other intangible amortization. Group Protection: Taxes, licenses and fees; DAC capitalization and amortization; other intangible amortization and expenses associated with LOCs. Retirement Plan Services: DAC capitalization and amortization; taxes, licenses and fees and expenses associated with LOCs. Other Operations: Reimbursements to Other Operations from the Life Insurance segment for the use of proceeds from certain issuances of senior notes that were used as long-term structured solutions, net of expenses incurred by Other Operations for its access to a financing facility and issuance of LOCs.

(4) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. For more information, see Note 7.

(5) For information on the sale of our wealth management business, see Note 1.

(6) Includes certain legal accruals of $(129) million, primarily attributable to a first quarter 2024 accrual related to the settlement of cost of insurance litigation, and regulatory accruals of $(12) million related to estimated state guaranty fund assessments net of estimated state premium tax recoveries associated with the Bankers Life Insurance Company and Colorado Bankers Life Insurance Company insolvencies (see “State Guaranty Fund Assessments” in Note 17 for more information).

(7) Includes severance expense related to initiatives to realign the workforce of $(74) million.

(8) Includes transaction and integration costs related to mergers, acquisitions and divestitures of $(40) million.

(9) Includes deferred compensation mark-to-market adjustment of $(15) million.


	For the Year Ended December 31, 2023
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating Revenues (1)	$	3,002	$	6,907	$	5,563	$	1,310	$	(755)	$	16,027
Operating Expenses (2)
Benefits and policyholder liability
remeasurement (gain) loss (3)	(1,504)		4,583		3,732		–		(866)		5,945
Interest credited	1,252		1,290		5		665		36		3,248
Commissions	971		571		446		87		–		2,075
General and administrative expenses	471		617		846		341		258		2,533
Interest and debt expense	–		–		–		–		331		331
Other (4)	599		77		155		16		(8)		839
Total operating expenses	1,789		7,138		5,184		1,109		(249)		14,971
Total federal income tax expense (benefit)	140		(72)		80		30		(112)		66
Total income (loss) from operations	1,073		(159)		299		171		(394)		990
Reconciliation of total income (loss) from
operations to net income (loss) (5):
Net annuity product features, pre-tax											68
Net life insurance product features, pre-tax											(393)
Credit loss-related adjustments, pre-tax											(80)
Investment gains (losses), pre-tax											(959)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (6)											(802)



Other items, pre-tax (7) (8) (9) (10)											(55)
Income tax benefit (expense) related to
the above pre-tax items											479
Total net income (loss)											$	(752)

(1) See table below for reconciliation of total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss).

(2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses are included within the amounts shown.

(3) Annuities and Other Operations: Reflects the fourth quarter 2023 reinsurance transaction ceding of in-force life-contingent payout fixed annuities and institutional pension business that had no income (loss) from operations impact. See Note 7 for more information on the transaction.

(4) Other operating expenses include: Annuities: Broker-dealer expenses; DAC and VOBA capitalization and amortization; taxes, licenses and fees and expenses associated with reserve financing and LOCs. Life Insurance: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and LOCs and other intangible amortization. Group Protection: Taxes, licenses and fees; DAC capitalization and amortization; other intangible amortization and expenses associated with LOCs. Retirement Plan Services: DAC capitalization and amortization; taxes, licenses and fees and expenses associated with LOCs. Other Operations: Reimbursements to Other Operations from the Life Insurance segment for the use of proceeds from certain issuances of senior notes that were used as long-term structured solutions, net of expenses incurred by Other Operations for its access to a financing facility and issuance of LOCs.

(5) The prior period presentation was recast to conform to the revised definition of income (loss) from operations.

(6) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. For more information, see Note 7.

(7) Includes certain legal accruals of $(12) million.

(8) Includes severance expense related to initiatives to realign the workforce of $(7) million.

(9) Includes transaction and integration costs related to mergers, acquisitions and divestitures of $(34) million.

(10) Includes deferred compensation mark-to-market adjustment of $(2) million.


	For the Year Ended December 31, 2022
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating Revenues (1)	$	4,482	$	6,747	$	5,304	$	1,274	$	156	$	17,963
Operating Expenses (2)
Benefits and policyholder liability
remeasurement (gain) loss	253		6,925		3,931		–		66		11,175
Interest credited	894		1,310		5		629		39		2,877
Commissions	1,018		698		394		79		–		2,189
General and administrative expenses	408		554		766		303		267		2,298
Interest and debt expense	–		–		–		–		283		283
Other (3)	563		(59)		156		16		(5)		671
Total operating expenses	3,136		9,428		5,252		1,027		650		19,493
Total federal income tax expense (benefit)	185		(587)		11		36		(93)		(448)
Total income (loss) from operations	1,161		(2,094)		41		211		(401)		(1,082)
Reconciliation of total income (loss) from
operations to net income (loss) (4):
Net annuity product features, pre-tax											4,133
Net life insurance product features, pre-tax											26
Credit loss-related adjustments, pre-tax											(130)
Investment gains (losses), pre-tax											20
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax											(52)
Impairment of intangibles (5)											(634)


Other items, pre-tax (6) (7)											(109)
Income tax benefit (expense) related to
the above pre-tax items											(814)
Total net income (loss)											$	1,358

(1) See table below for reconciliation of total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss).

(2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses are included within the amounts shown.

(3) Other operating expenses include: Annuities: Broker-dealer expenses; DAC and VOBA capitalization and amortization; taxes, licenses and fees and expenses associated with reserve financing and LOCs. Life Insurance: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and LOCs and other intangible amortization. Group Protection: Taxes, licenses and fees; DAC capitalization and amortization; other intangible amortization and expenses associated with LOCs. Retirement Plan Services: DAC capitalization and amortization and taxes, licenses and fees. Other Operations: Reimbursements to Other Operations from the Life Insurance segment for the use of proceeds from certain issuances of senior notes that were used as long-term structured solutions, net of expenses incurred by Other Operations for its access to a financing facility and issuance of LOCs.

(4) The prior period presentation was recast to conform to the revised definition of income (loss) from operations.

(5) See Note 8 for more information.

(6) Includes certain legal accruals of $(147) million.

(7) Includes deferred compensation mark-to-market adjustment of $38 million.

Reconciliation of Revenue from Segments to Consolidated

The tables below reconcile our total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss) (in millions):


	For the Year Ended December 31, 2024
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating revenues	$	4,896	$	6,248	$	5,717	$	1,321	$	160	$	18,342
Revenue adjustments from annuity and life
insurance product features	(130)		(252)		–		–		–		(382)
Credit loss-related adjustments	(71)		(10)		(4)		(32)		(35)		(152)
Investment gains (losses)	13		(252)		(2)		(11)		(231)		(483)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	(6)		554		–		–		(13)		535
Gains (losses) on other non-financial assets -
sale of subsidiaries/businesses	–		–		–		–		582		582
Total revenues	$	4,702	$	6,288	$	5,711	$	1,278	$	463	$	18,442


	For the Year Ended December 31, 2023
	Annuities (1)		Life Insurance		Group Protection		Retirement Plan Services		Other Operations (1)		Total
Operating revenues	$	3,002	$	6,907	$	5,563	$	1,310	$	(755)	$	16,027
Revenue adjustments from annuity and life
insurance product features	(2,131)		(410)		–		–		–		(2,541)
Credit loss-related adjustments	(14)		(54)		(4)		(1)		(7)		(80)
Investment gains (losses)	(95)		(733)		(6)		(35)		(90)		(959)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	(30)		(781)		–		–		9		(802)
Total revenues (1)	$	732	$	4,929	$	5,553	$	1,274	$	(843)	$	11,645

(1) Includes ceded insurance premiums primarily related to the fourth quarter 2023 reinsurance transaction. For more information, see Note 7.


	For the Year Ended December 31, 2022
	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations		Total
Operating revenues	$	4,482	$	6,747	$	5,304	$	1,274	$	156	$	17,963
Revenue adjustments from annuity and life
insurance product features	974		35		–		–		–		1,009
Credit loss-related adjustments	(10)		(124)		3		(3)		4		(130)
Investment gains (losses)	(21)		88		(3)		(13)		(31)		20
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans	84		(1)		–		–		(135)		(52)
Total revenues	$	5,509	$	6,745	$	5,304	$	1,258	$	(6)	$	18,810

Schedule of Segment Information

We present disaggregated disclosures in the Notes below for long-duration insurance balances, applying the level of aggregation by segment as follows:


Business Segment			Level of Aggregation
Annuities			Variable Annuities
			Fixed Annuities
			Payout Annuities
Life Insurance			Traditional Life
			UL and Other
Group Protection			Group Protection
Retirement Plan Services			Retirement Plan Services

The following provides a summary of our DAC, VOBA, DSI and DFEL amortization basis and expected amortization period by segment:


Business Segment	Amortization Basis	Expected Amortization Period
Annuities	Total deposits paid to date on policies in force	Life of contract
Life Insurance	Policy count of policies in force	On average 60 years
Group Protection	Group certificate contracts in force	4 years
Retirement Plan Services	Lives in force	Life of contract or 40 years

Other business segment and Other Operations information (in millions) was as follows:


	For the Years Ended December 31,
	2024		2023		2022
Net Investment Income
Annuities	$	1,636	$	1,668	$	1,463
Life Insurance	2,434		2,712		2,587
Group Protection	348		339		334
Retirement Plan Services	997		1,012		976
Other Operations	110		148		155
Total net investment income	$	5,525	$	5,879	$	5,515