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v3.25.3

Segment Information (Tables) | 9 Months Ended
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Sep. 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:
| September 30, 2025 |  | December 31, 2024
(in millions)
Advice & Wealth Management | $ | 39,994 |  |  | $ | 41,514 |
Asset Management | 7,213 |  |  | 7,350 |
Retirement & Protection Solutions | 126,646 |  |  | 116,609 |
Corporate & Other | 16,233 |  |  | 15,930 |
Total assets | $ | 190,086 |  |  | $ | 181,403 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 | 2025 |  | 2024
| (in millions)
Adjusted operating net revenues: |  |  |  |  |  |  |
Advice & Wealth Management | $ | 2,990 |  |  | $ | 2,742 |  |  | $ | 8,579 |  |  | $ | 7,946 |
Asset Management | 906 |  |  | 882 |  |  | 2,582 |  |  | 2,585 |
Retirement & Protection Solutions | 1,102 |  |  | 973 |  |  | 2,964 |  |  | 2,813 |
Corporate & Other | 104 |  |  | 115 |  |  | 324 |  |  | 347 |
Elimination of segment revenues (1)(2) | (369) |  |  | (367) |  |  | (1,072) |  |  | (1,075) |
Total segment adjusted operating net revenues | 4,733 |  |  | 4,345 |  |  | 13,377 |  |  | 12,616 |
Adjustments: |  |  |  |  |  |  |
Net realized investment gains (losses) | 11 |  |  | (6) |  |  | (9) |  |  | (9) |
Market impact on non-traditional long-duration products | 1 |  |  | 5 |  |  | 10 |  |  | 6 |
Mean reversion related impacts | (1) |  |  | — |  |  | — |  |  | — |
Revenue attributable to consolidated investment entities | 47 |  |  | 53 |  |  | 142 |  |  | 150 |
Total net revenues per consolidated statements of operations | $ | 4,791 |  |  | $ | 4,397 |  |  | $ | 13,520 |  |  | $ | 12,763 |
(1) Represents the elimination of intersegment revenues recognized for the three months ended September 30, 2025 and 2024 in each segment as follows: Advice & Wealth Management ($239 million and $237 million, respectively); Asset Management ($27 million and $24 million, respectively); Retirement & Protection Solutions ($113 million and $113 million, respectively); and Corporate & Other ($(10) million and $(7) million, respectively). (2) Represents the elimination of intersegment revenues recognized for the nine months ended September 30, 2025 and 2024 in each segment as follows: Advice & Wealth Management ($689 million and $698 million, respectively); Asset Management ($78 million and $71 million, respectively); Retirement & Protection Solutions ($330 million and $327 million, respectively); and Corporate & Other ($(25) million and $(21) million, respectively).
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 | 2025 |  | 2024
| (in millions)
Adjusted operating earnings: |  |  |  |  |  |  |
Advice & Wealth Management | $ | 881 |  |  | $ | 826 |  |  | $ | 2,485 |  |  | $ | 2,410 |
Asset Management | 260 |  |  | 245 |  |  | 723 |  |  | 669 |
Retirement & Protection Solutions | 217 |  |  | 118 |  |  | 646 |  |  | 513 |
Corporate & Other | (116) |  |  | (143) |  |  | (312) |  |  | (351) |
Total segment adjusted operating earnings | 1,242 |  |  | 1,046 |  |  | 3,542 |  |  | 3,241 |
Adjustments: |  |  |  |  |  |  |
Net realized investment gains (losses) | 11 |  |  | (6) |  |  | (9) |  |  | (9) |
Market impact on non-traditional long-duration products | (82) |  |  | (402) |  |  | (323) |  |  | (322) |
Mean reversion related impacts | — |  |  | 1 |  |  | 1 |  |  | 1 |
Net income (loss) attributable to consolidated investment entities | 3 |  |  | 6 |  |  | 1 |  |  | 4 |
Pretax income per consolidated statements of operations | $ | 1,174 |  |  | $ | 645 |  |  | $ | 3,212 |  |  | $ | 2,915 |
Adjusted operating earnings includes the following significant expense categories:
| Three Months Ended September 30, 2025
| Advice & Wealth Management |  | Asset Management |  | Retirement & Protection Solutions |  | Corporate & Other
| (in millions)
Expenses: |  |  |  |  |  |  |
Distribution expenses | $ | 1,656 |  |  | $ | 254 |  |  | $ | 134 |  |  | $ | (2) |
Interest credited to fixed accounts | — |  |  | — |  |  | 95 |  |  | 51 |
Benefits, claims, losses and settlement expenses | — |  |  | — |  |  | 256 |  |  | 53 |
Remeasurement (gains) losses of future policy benefit reserves | — |  |  | — |  |  | (9) |  |  | 31 |
Change in fair value of market risk benefits | — |  |  | — |  |  | 257 |  |  | — |
Amortization of deferred acquisition costs | — |  |  | 2 |  |  | 56 |  |  | 2 |
Interest and debt expense | 14 |  |  | 3 |  |  | 11 |  |  | 27 |
General and administrative expense | 439 |  |  | 387 |  |  | 85 |  |  | 58 |
Total expenses | $ | 2,109 |  |  | $ | 646 |  |  | $ | 885 |  |  | $ | 220 |
| Three Months Ended September 30, 2024
| Advice & Wealth Management |  | Asset Management |  | Retirement & Protection Solutions |  | Corporate & Other
| (in millions)
Expenses: |  |  |  |  |  |  |
Distribution expenses | $ | 1,488 |  |  | $ | 250 |  |  | $ | 131 |  |  | $ | (3) |
Interest credited to fixed accounts | — |  |  | — |  |  | 92 |  |  | 55 |
Benefits, claims, losses and settlement expenses | — |  |  | — |  |  | 253 |  |  | 56 |
Remeasurement (gains) losses of future policy benefit reserves | — |  |  | — |  |  | (25) |  |  | 3 |
Change in fair value of market risk benefits | — |  |  | — |  |  | 257 |  |  | — |
Amortization of deferred acquisition costs | — |  |  | 2 |  |  | 57 |  |  | — |
Interest and debt expense | 9 |  |  | 2 |  |  | 11 |  |  | 32 |
General and administrative expense | 419 |  |  | 383 |  |  | 79 |  |  | 115 |
Total expenses | $ | 1,916 |  |  | $ | 637 |  |  | $ | 855 |  |  | $ | 258 |
| Nine Months Ended September 30, 2025
| Advice & Wealth Management |  | Asset Management |  | Retirement & Protection Solutions |  | Corporate & Other
| (in millions)
Expenses: |  |  |  |  |  |  |
Distribution expenses | $ | 4,756 |  |  | $ | 740 |  |  | $ | 383 |  |  | $ | (7) |
Interest credited to fixed accounts | — |  |  | — |  |  | 280 |  |  | 153 |
Benefits, claims, losses and settlement expenses | — |  |  | — |  |  | 676 |  |  | 162 |
Remeasurement (gains) losses of future policy benefit reserves | — |  |  | — |  |  | (19) |  |  | 28 |
Change in fair value of market risk benefits | — |  |  | — |  |  | 553 |  |  | — |
Amortization of deferred acquisition costs | — |  |  | 5 |  |  | 171 |  |  | 5 |
Interest and debt expense | 40 |  |  | 9 |  |  | 30 |  |  | 81 |
General and administrative expense | 1,298 |  |  | 1,105 |  |  | 244 |  |  | 214 |
Total expenses | $ | 6,094 |  |  | $ | 1,859 |  |  | $ | 2,318 |  |  | $ | 636 |
| Nine Months Ended September 30, 2024
| Advice & Wealth Management |  | Asset Management |  | Retirement & Protection Solutions |  | Corporate & Other
| (in millions)
Expenses: |  |  |  |  |  |  |
Distribution expenses | $ | 4,260 |  |  | $ | 736 |  |  | $ | 384 |  |  | $ | (7) |
Interest credited to fixed accounts | — |  |  | — |  |  | 276 |  |  | 164 |
Benefits, claims, losses and settlement expenses | — |  |  | — |  |  | 703 |  |  | 166 |
Remeasurement (gains) losses of future policy benefit reserves | — |  |  | — |  |  | (32) |  |  | (2) |
Change in fair value of market risk benefits | — |  |  | — |  |  | 528 |  |  | — |
Amortization of deferred acquisition costs | — |  |  | 5 |  |  | 171 |  |  | 5 |
Interest and debt expense | 28 |  |  | 5 |  |  | 35 |  |  | 83 |
General and administrative expense | 1,248 |  |  | 1,170 |  |  | 235 |  |  | 289 |
Total expenses | $ | 5,536 |  |  | $ | 1,916 |  |  | $ | 2,300 |  |  | $ | 698 |

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- 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 + Details
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