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Segment Information (Tables)

6 Months Ended

Jun. 30, 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:

			June 30, 2025						December 31, 2024
			(in millions)
Advice & Wealth Management			$	40,471					$	41,514
Asset Management			7,217						7,350
Retirement & Protection Solutions			120,802						116,609
Corporate & Other			16,413						15,930
Total assets			$	184,903					$	181,403

			Three Months Ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
			(in millions)
Adjusted operating net revenues:
Advice & Wealth Management			$	2,807					$	2,644					$	5,589					$	5,204
Asset Management			830						848						1,676						1,703
Retirement & Protection Solutions			936						928						1,862						1,840
Corporate & Other			116						111						220						232
Elimination of segment revenues (1)(2)			(354)						(360)						(703)						(708)
Total segment adjusted operating net revenues			4,335						4,171						8,644						8,271
Adjustments:
Net realized investment gains (losses)			(18)						(3)						(20)						(3)
Market impact on non-traditional long-duration products			4						(1)						9						1
Mean reversion related impacts			1						—						1						—
Revenue attributable to consolidated investment entities			53						53						95						97
Total net revenues per consolidated statements of operations			$	4,375					$	4,220					$	8,729					$	8,366

(1) Represents the elimination of intersegment revenues recognized for the three months ended June 30, 2025 and 2024 in each segment as follows: Advice & Wealth Management ($228 million and $236 million, respectively); Asset Management ($25 million and $23 million, respectively); Retirement & Protection Solutions ($108 million and $108 million, respectively); and Corporate & Other ($(7) million and $(7) million, respectively).

(2) Represents the elimination of intersegment revenues recognized for the six months ended June 30, 2025 and 2024 in each segment as follows: Advice & Wealth Management ($450 million and $461 million, respectively); Asset Management ($51 million and $47 million, respectively); Retirement & Protection Solutions ($217 million and $214 million, respectively); and Corporate & Other ($(15) million and $(14) million, respectively).

			Three Months Ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
			(in millions)
Adjusted operating earnings:
Advice & Wealth Management			$	812					$	822					$	1,604					$	1,584
Asset Management			222						218						463						424
Retirement & Protection Solutions			214						196						429						395
Corporate & Other			(99)						(119)						(196)						(208)
Total segment adjusted operating earnings			1,149						1,117						2,300						2,195
Adjustments:
Net realized investment gains (losses)			(18)						(3)						(20)						(3)
Market impact on non-traditional long-duration products			219						(60)						(241)						80
Mean reversion related impacts			1						—						1						—
Net income (loss) attributable to consolidated investment entities			—						(3)						(2)						(2)
Pretax income per consolidated statements of operations			$	1,351					$	1,051					$	2,038					$	2,270

Adjusted operating earnings includes the following significant expense categories:

			Three Months Ended June 30, 2025
			Advice & Wealth Management						Asset Management						Retirement & Protection Solutions						Corporate & Other
			(in millions)
Expenses:
Distribution expenses			$	1,546					$	240					$	126					$	(3)
Interest credited to fixed accounts			—						—						93						51
Benefits, claims, losses and settlement expenses			—						—						209						53
Remeasurement (gains) losses of future policy benefit reserves			—						—						(7)						4
Change in fair value of market risk benefits			—						—						153						—
Amortization of deferred acquisition costs			—						1						58						1
Interest and debt expense			14						3						11						26
General and administrative expense			435						364						79						83
Total expenses			$	1,995					$	608					$	722					$	215

			Three Months Ended June 30, 2024
			Advice & Wealth Management						Asset Management						Retirement & Protection Solutions						Corporate & Other
			(in millions)
Expenses:
Distribution expenses			$	1,403					$	244					$	129					$	(2)
Interest credited to fixed accounts			—						—						93						54
Benefits, claims, losses and settlement expenses			—						—						226						57
Remeasurement (gains) losses of future policy benefit reserves			—						—						(5)						(3)
Change in fair value of market risk benefits			—						—						142						—
Amortization of deferred acquisition costs			—						1						57						3
Interest and debt expense			10						1						12						26
General and administrative expense			409						384						78						95
Total expenses			$	1,822					$	630					$	732					$	230

			Six Months Ended June 30, 2025
			Advice & Wealth Management						Asset Management						Retirement & Protection Solutions						Corporate & Other
			(in millions)
Expenses:
Distribution expenses			$	3,100					$	486					$	249					$	(5)
Interest credited to fixed accounts			—						—						185						102
Benefits, claims, losses and settlement expenses			—						—						420						109
Remeasurement (gains) losses of future policy benefit reserves			—						—						(10)						(3)
Change in fair value of market risk benefits			—						—						296						—
Amortization of deferred acquisition costs			—						3						115						3
Interest and debt expense			26						6						19						54
General and administrative expense			859						718						159						156
Total expenses			$	3,985					$	1,213					$	1,433					$	416

			Six Months Ended June 30, 2024
			Advice & Wealth Management						Asset Management						Retirement & Protection Solutions						Corporate & Other
			(in millions)
Expenses:
Distribution expenses			$	2,772					$	486					$	253					$	(4)
Interest credited to fixed accounts			—						—						184						109
Benefits, claims, losses and settlement expenses			—						—						450						110
Remeasurement (gains) losses of future policy benefit reserves			—						—						(7)						(5)
Change in fair value of market risk benefits			—						—						271						—
Amortization of deferred acquisition costs			—						3						114						5
Interest and debt expense			19						3						24						51
General and administrative expense			829						787						156						174
Total expenses			$	3,620					$	1,279					$	1,445					$	440

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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