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Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

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:

			March 31, 2025						December 31, 2024
			(in millions)
Advice & Wealth Management			$	41,699					$	41,514
Asset Management			7,221						7,350
Retirement & Protection Solutions			113,827						116,609
Corporate & Other			16,312						15,930
Total assets			$	179,059					$	181,403

									Three Months Ended March 31,
												2025						2024
															(in millions)
Adjusted operating net revenues:
Advice & Wealth Management															$	2,782					$	2,560
Asset Management															846						855
Retirement & Protection Solutions															926						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 products															5						2
Revenue attributable to consolidated investment entities															42						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,
												2025						2024
															(in millions)
Adjusted operating earnings:
Advice & Wealth Management															$	792					$	762
Asset Management															241						206
Retirement & Protection Solutions															215						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 Management						Asset Management						Retirement & Protection Solutions						Corporate & 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 expense			12						3						8						28
General and administrative expense			424						354						80						73
Total expenses			$	1,990					$	605					$	711					$	201

			Three Months Ended March 31, 2024
			Advice & Wealth Management						Asset Management						Retirement & Protection Solutions						Corporate & 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 expense			9						2						12						25
General and administrative expense			420						403						78						79
Total expenses			$	1,798					$	649					$	713					$	210

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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X

- References

No definition available.

+ Details

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