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Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Summary of selected financial information by segment and reconciliation to consolidated

The following tables summarize selected financial information by segment and reconcile segment totals to those reported on the consolidated financial statements:

			December 31,
			2024						2023
			(in millions)
Advice & Wealth Management			$	41,514					$	42,983
Asset Management			7,350						7,288
Retirement & Protection Solutions			116,609						108,451
Corporate & Other			15,930						16,469
Total assets			$	181,403					$	175,191

			Years Ended December 31,
			2024						2023						2022
			(in millions)
Adjusted operating net revenues:
Advice & Wealth Management			$	10,780					$	9,418					$	8,461
Asset Management			3,515						3,278						3,506
Retirement & Protection Solutions			3,773						3,476						3,124
Corporate & Other			454						533						479
Elimination of segment revenues (1)			(1,443)						(1,318)						(1,316)
Total segment adjusted operating net revenues			17,079						15,387						14,254
Adjustments:
Net realized investment gains (losses)			(21)						(32)						(93)
Market impact on non-traditional long-duration products			3						2						(1)
Mean reversion related impacts			—						—						(1)
Revenue attributable to consolidated investment entities			203						178						99
Total net revenues per consolidated statements of operations			$	17,264					$	15,535					$	14,258

(1) Represents the elimination of intersegment revenues recognized for the years ended December 31, 2024, 2023 and 2022 in each segment as follows: Advice and Wealth Management ($935, $847 and $847, respectively); Asset Management ($96, $79 and $52, respectively); Retirement & Protection Solutions ($441, $411 and $420, respectively); and Corporate & Other ($(29), $(19) and $(3), respectively).

			Years Ended December 31,
			2024						2023						2022
			(in millions)
Adjusted operating earnings:
Advice & Wealth Management			$	3,233					$	2,851					$	2,192
Asset Management			920						720						844
Retirement & Protection Solutions			726						685						867
Corporate & Other			(443)						(320)						(306)
Total segment adjusted operating earnings			4,436						3,936						3,597
Adjustments:
Net realized investment gains (losses)			(21)						(32)						(93)
Market impact on non-traditional long-duration products			(153)						(608)						483
Mean reversion related impacts			1						—						(1)
Integration/restructuring charges			—						(62)						(50)
Net income (loss) attributable to consolidated investment entities			4						—						(5)
Pretax income per consolidated statements of operations			$	4,267					$	3,234					$	3,931

Adjusted operating earnings includes the following significant expense categories:

			Year Ended December 31, 2024
			Advice & Wealth Management						Asset Management						Retirement & Protection Solutions						Corporate & Other
			(in millions)
Expenses:
Distribution expenses			$	5,823					$	989					$	515					$	(10)
Interest credited to fixed accounts			—						—						367						216
Benefits, claims, losses and settlement expenses			—						—						927						217
Remeasurement (gains) losses of future policy benefit reserves			—						—						(36)						(8)
Change in fair value of market risk benefits			—						—						684						—
Amortization of deferred acquisition costs			—						7						227						8
Interest and debt expense			38						7						45						108
General and administrative expense			1,686						1,592						318						366
Total expenses			$	7,547					$	2,595					$	3,047					$	897

			Year Ended December 31, 2023
			Advice & Wealth Management						Asset Management						Retirement & Protection Solutions						Corporate & Other
			(in millions)
Expenses:
Distribution expenses			$	4,888					$	925					$	464					$	(10)
Interest credited to fixed accounts			—						—						369						234
Benefits, claims, losses and settlement expenses			—						—						744						236
Remeasurement (gains) losses of future policy benefit reserves			—						—						(19)						(1)
Change in fair value of market risk benefits			—						—						628						—
Amortization of deferred acquisition costs			—						6						229						11
Interest and debt expense			27						7						51						97
General and administrative expense			1,652						1,620						325						286
Total expenses			$	6,567					$	2,558					$	2,791					$	853

			Year Ended December 31, 2022
			Advice & Wealth Management						Asset Management						Retirement & Protection Solutions						Corporate & Other
			(in millions)
Expenses:
Distribution expenses			$	4,719					$	995					$	448					$	(10)
Interest credited to fixed accounts			—						—						386						242
Benefits, claims, losses and settlement expenses			—						—						469						247
Remeasurement (gains) losses of future policy benefit reserves			—						—						1						—
Change in fair value of market risk benefits			—						—						372						—
Amortization of deferred acquisition costs			—						9						233						10
Interest and debt expense			10						5						39						70
General and administrative expense			1,540						1,653						309						226
Total expenses			$	6,269					$	2,662					$	2,257					$	785

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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- References

No definition available.

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