XML 37 R27.htm IDEA: XBRL DOCUMENT v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s four reporting segments are Advice & Wealth Management, Asset Management, Retirement & Protection Solutions and Corporate & Other.
The accounting policies of the segments are the same as those of the Company, except for operating adjustments defined below, the method of capital allocation, the accounting for gains (losses) from intercompany revenues and expenses and not providing for income taxes on a segment basis.
Management uses segment adjusted operating measures in goal setting, as a basis for determining employee compensation and in evaluating performance on a basis comparable to that used by some securities analysts and investors. Consistent with GAAP accounting guidance for segment reporting, adjusted operating earnings is the Company’s measure of segment performance. Adjusted operating earnings should not be viewed as a substitute for GAAP pretax income. The Company believes the presentation of segment adjusted operating earnings, as the Company measures it for management purposes, enhances the understanding of its business by reflecting the underlying performance of its core operations and facilitating a more meaningful trend analysis.
Adjusted operating earnings is defined as adjusted operating net revenues less adjusted operating expenses. Adjusted operating net revenues and adjusted operating expenses exclude net realized investment gains or losses (net of reinsurance accrual); the market impact on non-traditional long-duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and reinsurance accrual; mean reversion related impacts (the impact on VUL products for the difference between assumed and updated separate account investment performance on the reinsurance accrual and additional insurance benefit reserves); the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; block transfer reinsurance transaction impacts; gain or loss on disposal of a business that is not considered discontinued operations; integration and restructuring charges; income (loss) from discontinued operations; and the impact of consolidating CIEs. The market impact on non-traditional long-duration products includes changes in market risk benefits and embedded derivative values caused by changes in financial market conditions, net of changes in economic hedge values and unhedged items including the difference between assumed and actual underlying separate account investment performance, fixed income credit exposures, transaction costs and certain policyholder contract elections. The market impact also includes certain valuation adjustments made in accordance with FASB Accounting Standards Codification 820, Fair Value Measurements and Disclosures, including the impact on embedded derivative values of discounting projected benefits to reflect a current estimate of the RiverSource Life companies’ nonperformance spread.
The following tables summarize selected financial information by segment and reconcile segment totals to those reported on the consolidated financial statements:
 March 31, 2025December 31, 2024
(in millions)
Advice & Wealth Management$41,699 $41,514 
Asset Management7,221 7,350 
Retirement & Protection Solutions
113,827 116,609 
Corporate & Other16,312 15,930 
Total assets$179,059 $181,403 

 
Three Months Ended March 31,
20252024
(in millions)
Adjusted operating net revenues:
Advice & Wealth Management
$2,782 $2,560 
Asset Management
846 855 
Retirement & Protection Solutions926 912 
Corporate & Other
104 121 
Elimination of segment revenues (1)
(349)(348)
Total segment adjusted operating net revenues
4,309 4,100 
Adjustments:
Net realized investment gains (losses)
(2)— 
Market impact on non-traditional long-duration products5 2 
Revenue attributable to consolidated investment entities42 44 
Total net revenues per consolidated statements of operations$4,354 $4,146 
(1) Represents the elimination of intersegment revenues recognized for the three months ended March 31, 2025 and 2024 in each segment as follows: Advice & Wealth Management ($222 million and $225 million, respectively); Asset Management ($26 million and $24 million, respectively); Retirement & Protection Solutions ($109 million and $106 million, respectively); and Corporate & Other ($(8) million and $(7) million, respectively).
 
Three Months Ended March 31,
20252024
(in millions)
Adjusted operating earnings:
Advice & Wealth Management
$792 $762 
Asset Management
241 206 
Retirement & Protection Solutions215 199 
Corporate & Other
(97)(89)
Total segment adjusted operating earnings
1,151 1,078 
Adjustments:
Net realized investment gains (losses)(2)— 
Market impact on non-traditional long-duration products(460)140 
Net income (loss) attributable to consolidated investment entities
(2)1 
Pretax income per consolidated statements of operations$687 $1,219 
Adjusted operating earnings includes the following significant expense categories:
Three Months Ended March 31, 2025
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & Other
(in millions)
Expenses:
Distribution expenses$1,554 $246 $123 $(2)
Interest credited to fixed accounts— — 92 51 
Benefits, claims, losses and settlement expenses— — 211 56 
Remeasurement (gains) losses of future policy benefit reserves— — (3)(7)
Change in fair value of market risk benefits— — 143 — 
Amortization of deferred acquisition costs— 2 57 2 
Interest and debt expense12 3 8 28 
General and administrative expense424 354 80 73 
Total expenses
$1,990 $605 $711 $201 

Three Months Ended March 31, 2024
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & Other
(in millions)
Expenses:
Distribution expenses$1,369 $242 $124 $(2)
Interest credited to fixed accounts— — 91 55 
Benefits, claims, losses and settlement expenses— — 224 53 
Remeasurement (gains) losses of future policy benefit reserves— — (2)(2)
Change in fair value of market risk benefits— — 129 — 
Amortization of deferred acquisition costs— 2 57 2 
Interest and debt expense9 2 12 25 
General and administrative expense420 403 78 79 
Total expenses
$1,798 $649 $713 $210