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Segment Information (Tables)

9 Months Ended

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

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.

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