Segment Information

Reconciliation of revenue from segments to consolidated revenues

For the year ended December 31, 2024

Retirement

Principal

and Income

Asset

Benefits and

Solutions

Management

Protection

Corporate

Total

(in millions)

Revenue from contracts with external customers (1)

$

4,957.8

$

1,824.5

$

4,142.5

$

240.9

$

11,165.7

Adjustments for revenue from contracts with external customers not included in operating revenues (2)

(74.7)

—

25.1

—

(49.6)

Net investment income included in operating revenues

3,040.5

426.7

613.6

200.4

4,281.2

Operating revenues from equity method investments

—

235.4

—

(0.4)

235.0

Inter-segment operating revenues

52.5

303.8

7.8

285.5

649.6

Eliminations of inter-segment operating revenues

—

(649.6)

Segment operating revenues (3)

$

7,976.1

$

2,790.4

$

4,789.0

$

76.8

15,632.3

Net realized capital gains, net of related revenue adjustments

102.7

Revenues from exited business (4)

513.3

Adjustments related to equity method investments

(74.8)

Market risk benefit derivative settlements

(45.8)

Total revenues per consolidated statements of operations

$

16,127.7


	For the year ended December 31, 2023
	Retirement		Principal
	and Income		Asset		Benefits and
	Solutions		Management		Protection		Corporate		Total

	(in millions)
Revenue from contracts with external customers (1)	$	4,647.5	$	1,775.5	$	3,938.1	$	204.7	$	10,565.8
Adjustments for revenue from contracts with external customers not included in operating revenues (2)		(80.6)		—		12.7		—		(67.9)
Net investment income included in operating revenues		2,648.1		492.7		584.4		220.8		3,946.0
Operating revenues from equity method investments		—		216.3		—		—		216.3
Inter-segment operating revenues		35.2		297.8		16.1		202.6		551.7
Eliminations of inter-segment operating revenues		—		—		—		(551.7)		(551.7)
Segment operating revenues (3)	$	7,250.2	$	2,782.3	$	4,551.3	$	76.4		14,660.2
Net realized capital gains, net of related revenue adjustments										57.9
Revenues from exited business (4)										(927.5)
Adjustments related to equity method investments										(78.9)
Market risk benefit derivative settlements										(45.9)
Total revenues per consolidated statements of operations									$	13,665.8


	For the year ended December 31, 2022
	Retirement		Principal
	and Income		Asset		Benefits and
	Solutions		Management		Protection		Corporate		Total

	(in millions)
Revenue from contracts with external customers (1)	$	3,667.1	$	1,889.4	$	3,713.2	$	206.7	$	9,476.4
Adjustments for revenue from contracts with external customers not included in operating revenues (2)		(89.2)		—		—		—		(89.2)
Net investment income included in operating revenues		2,322.1		783.7		592.2		113.0		3,811.0
Operating revenues from equity method investments		—		202.2		—		—		202.2
Inter-segment operating revenues		(0.8)		306.0		(2.6)		214.2		516.8
Eliminations of inter-segment operating revenues		—		—		—		(516.8)		(516.8)
Segment operating revenues (3)	$	5,899.2	$	3,181.3	$	4,302.8	$	17.1		13,400.4
Net realized capital losses, net of related revenue adjustments										(189.6)
Revenues from exited business (4)										4,414.8
Adjustments related to equity method investments										(54.5)
Market risk benefit derivative settlements										(35.0)
Total revenues per consolidated statements of operations									$	17,536.1

(1)	Includes amounts reported in premiums and other considerations as well as fees and other revenues on the consolidated statement of operations.

(2)	Includes certain revenues associated with our exited U.S. retail fixed annuity and ULSG businesses and fees associated with net realized capital gains (losses) that are not included in segment operating revenue.

(3)	See Note 21, Revenues from Contracts with Customers, for additional detail relating to segment operating revenues.

(4)	Revenues from exited business included:

Reconciliation of Expenses from Segments to Consolidated (Table)

For the year ended December 31, 2024

Retirement

Principal

and Income

Asset

Benefits and

Solutions

Management

Protection

Corporate

Total

(in millions)

Benefits, claims and settlement expenses

$

5,147.7

$

362.2

$

2,638.4

$

5.7

Liability for future policy benefits remeasurement (gain) loss

(4.9)

1.0

154.5

—

Market risk benefit remeasurement loss

32.2

—

Dividends to policyholders

0.2

—

99.7

—

Commission expense

268.6

189.7

537.4

80.2

Capitalization of deferred acquisition costs and contract costs

(143.2)

(31.2)

(316.2)

—

Amortization of deferred acquisition costs and contract costs

80.4

32.6

253.0

—

Depreciation and amortization

80.5

66.4

21.0

18.8

Interest expense on corporate debt

—

3.3

—

166.9

Compensation and other

1,458.9

1,290.8

938.0

176.4

Total operating expenses

1,745.2

1,551.6

1,433.2

442.3

Total segment expenses

$

6,920.4

$

1,914.8

$

4,325.8

$

448.0

$

13,609.0

Net realized capital losses expense adjustments

245.0

Market risk benefit derivative settlements

(45.8)

Expenses from exited business (1)

429.9

Total expenses per consolidated statements of operations

$

14,238.1


	For the year ended December 31, 2023
	Retirement		Principal
	and Income		Asset		Benefits and
	Solutions		Management		Protection		Corporate		Total

	(in millions)
Benefits, claims and settlement expenses	$	4,624.0	$	422.9	$	2,576.3	$	9.4
Liability for future policy benefits remeasurement (gain) loss		(68.0)		0.9		16.0		—
Market risk benefit remeasurement loss		3.7		—		—		—
Dividends to policyholders		0.2		—		89.0		—
Commission expense		201.4		178.0		496.7		67.2
Capitalization of deferred acquisition costs and contract costs		(93.7)		(28.1)		(307.5)		—
Amortization of deferred acquisition costs and contract costs		78.6		31.8		247.6		—
Depreciation and amortization		85.3		76.0		23.9		17.7
Interest expense on corporate debt		—		3.7		—		171.6
Compensation and other		1,367.3		1,272.8		871.7		187.7
Total operating expenses		1,638.9		1,534.2		1,332.4		444.2
Total segment expenses	$	6,198.8	$	1,958.0	$	4,013.7	$	453.6	$	12,624.1
Net realized capital losses expense adjustments										146.5
Market risk benefit derivative settlements										(45.9)
Expenses from exited business (1)										202.3
Total expenses per consolidated statements of operations									$	12,927.0


	For the year ended December 31, 2022
	Retirement		Principal
	and Income		Asset		Benefits and
	Solutions		Management		Protection		Corporate		Total

	(in millions)
Benefits, claims and settlement expenses	$	3,290.5	$	758.9	$	2,453.4	$	23.6
Liability for future policy benefits remeasurement gain		(11.1)		(4.7)		(43.8)		—
Market risk benefit remeasurement loss		3.1		—		—		—
Dividends to policyholders		0.2		—		94.6		—
Commission expense		189.2		193.7		447.1		77.4
Capitalization of deferred acquisition costs and contract costs		(86.5)		(34.1)		(306.6)		—
Amortization of deferred acquisition costs and contract costs		77.4		29.1		236.8		—
Depreciation and amortization		86.2		74.6		23.7		18.4
Interest expense on corporate debt		0.1		7.5		—		165.6
Compensation and other		1,391.0		1,245.7		827.3		139.3
Total operating expenses		1,657.4		1,516.5		1,228.3		400.7
Total segment expenses	$	4,940.1	$	2,270.7	$	3,732.5	$	424.3	$	11,367.6
Net realized capital losses expense adjustments										61.8
Market risk benefit derivative settlements										(35.0)
Expenses from exited business (1)										154.7
Total expenses per consolidated statements of operations									$	11,549.1

Reconciliation of Pre-tax Operating Earnings from Segments to Consolidated (Table)

For the year ended December 31, 2024

Retirement

Principal

and Income

Asset

Benefits and

Solutions

Management

Protection

Corporate

Total

(in millions)

Segment pre-tax operating earnings (losses)

$

1,056.2

$

861.2

$

463.2

$

(375.6)

$

2,005.0

Pre-tax net realized capital losses, as adjusted (1)

(142.3)

Pre-tax income from exited business (2)

83.4

Adjustments related to equity method investments and noncontrolling interest

(56.5)

Total income before income taxes per consolidated statements of operations

$

1,889.6


	For the year ended December 31, 2023
	Retirement		Principal
	and Income		Asset		Benefits and
	Solutions		Management		Protection		Corporate		Total

	(in millions)
Segment pre-tax operating earnings (losses)	$	1,051.4	$	817.7	$	537.6	$	(396.8)	$	2,009.9
Pre-tax net realized capital losses, as adjusted (1)										(88.6)
Pre-tax loss from exited business (2)										(1,129.8)
Adjustments related to equity method investments and noncontrolling interest										(52.7)
Total income before income taxes per consolidated statements of operations									$	738.8


	For the year ended December 31, 2022
	Retirement		Principal
	and Income		Asset		Benefits and
	Solutions		Management		Protection		Corporate		Total

	(in millions)
Segment pre-tax operating earnings (losses)	$	959.1	$	902.7	$	570.3	$	(469.4)	$	1,962.7
Pre-tax net realized capital losses, as adjusted (1)										(251.4)
Pre-tax income from exited business (2)										4,260.1
Adjustments related to equity method investments and noncontrolling interest										15.6
Total income before income taxes per consolidated statements of operations									$	5,987.0

Pre-tax income (loss) from exited business (Table)


	For the year ended December 31,
	2024		2023		2022

	(in millions)
Change in fair value of funds withheld embedded derivative	$	447.4	$	(1,085.7)	$	3,652.8
Net realized capital gains on funds withheld assets		87.7		165.0		749.4
Strategic review costs and impacts		—		—		40.4
Amortization of reinsurance loss		(589.6)		(68.7)		(56.7)
Other impacts of reinsured business		137.9		(140.4)		(125.8)
Total pre-tax income (loss) from exited business	$	83.4	$	(1,129.8)	$	4,260.1

Income tax expense (benefit) related to exited business (Table)


	For the year ended December 31,
	2024		2023		2022

	(in millions)

Change in fair value of funds withheld embedded derivative	$	94.0	$	(228.0)	$	767.1
Net realized capital gains on funds withheld assets		18.4		34.6		157.4
Strategic review costs and impacts (a)		—		(0.9)		70.3
Amortization of reinsurance loss		(123.8)		(14.4)		(12.0)
Other impacts of reinsured business		29.0		(29.4)		(26.4)
Total income tax expense (benefit) related to exited business	$	17.6	$	(238.1)	$	956.4

(a)

Includes Global Intangible Low-Taxed Income allocated to exited business.