Segment Information

Reconciliation of revenue from segments to consolidated revenues

For the three months ended March 31, 2025

Retirement

Principal

and Income

Asset

Benefits and

Solutions

Management

Protection

Corporate

Total

(in millions)

Revenue from contracts with external customers (1)

$

1,259.0

$

450.0

$

1,055.5

$

63.1

$

2,827.6

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

(17.4)

—

6.8

—

(10.6)

Net investment income included in operating revenues

822.0

117.6

149.8

62.4

1,151.8

Operating revenues from equity method investments

—

44.6

—

(0.1)

44.5

Inter-segment operating revenues

11.6

74.6

2.1

79.1

167.4

Eliminations of inter-segment operating revenues

—

(167.4)

Segment operating revenues (3)

$

2,075.2

$

686.8

$

1,214.2

$

37.1

4,013.3

Net realized capital losses, net of related revenue adjustments

(101.7)

Revenues from exited business (4)

(188.0)

Adjustments related to equity method investments

(16.6)

Market risk benefit derivative settlements

(11.1)

Total revenues per consolidated statements of operations

$

3,695.9


	For the three months ended March 31, 2024
	Retirement		Principal
	and Income		Asset		Benefits and
	Solutions		Management		Protection		Corporate		Total

	(in millions)
Revenue from contracts with external customers (1)	$	1,212.3	$	437.5	$	1,027.9	$	58.7	$	2,736.4
Adjustments for revenue from contracts with external customers not included in operating revenues (2)		(19.4)		—		3.3		—		(16.1)
Net investment income included in operating revenues		726.8		95.0		152.5		61.5		1,035.8
Operating revenues from equity method investments		—		48.7		—		(0.1)		48.6
Inter-segment operating revenues		12.7		74.1		2.2		56.2		145.2
Eliminations of inter-segment operating revenues		—		—		—		(145.2)		(145.2)
Segment operating revenues (3)	$	1,932.4	$	655.3	$	1,185.9	$	31.1		3,804.7
Net realized capital gains, net of related revenue adjustments										31.0
Revenues from exited business (4)										242.3
Adjustments related to equity method investments										(13.4)
Market risk benefit derivative settlements										(11.3)
Total revenues per consolidated statements of operations									$	4,053.3

(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 19, 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 three months ended March 31, 2025

Retirement

Principal

and Income

Asset

Benefits and

Solutions

Management

Protection

Corporate

Total

(in millions)

Benefits, claims and settlement expenses

$

1,353.9

$

90.6

$

699.3

$

23.6

Liability for future policy benefits remeasurement (gain) loss

(4.8)

0.5

(0.4)

—

Market risk benefit remeasurement loss

1.9

—

Dividends to policyholders

—

19.1

—

Commission expense

69.5

48.1

151.0

23.8

Capitalization of deferred acquisition costs and contract costs

(40.9)

(7.7)

(87.3)

—

Amortization of deferred acquisition costs and contract costs

21.1

5.8

64.0

—

Depreciation and amortization

19.4

13.9

4.3

4.1

Interest expense on corporate debt

—

0.5

—

42.2

Compensation and other

370.8

342.8

244.7

50.2

Total operating expenses

439.9

403.4

376.7

120.3

Total segment expenses

$

1,790.9

$

494.5

$

1,094.7

$

143.9

$

3,524.0

Net realized capital losses expense adjustments

27.8

Market risk benefit derivative settlements

(11.1)

Expenses from exited business (1)

126.3

Total expenses per consolidated statements of operations

$

3,667.0


	For the three months ended March 31, 2024
	Retirement		Principal
	and Income		Asset		Benefits and
	Solutions		Management		Protection		Corporate		Total

	(in millions)
Benefits, claims and settlement expenses	$	1,243.3	$	74.5	$	681.9	$	10.2
Liability for future policy benefits remeasurement (gain) loss		(2.4)		—		6.3		—
Market risk benefit remeasurement loss		0.1		—		—		—
Dividends to policyholders		—		—		29.3		—
Commission expense		58.8		45.5		141.8		17.6
Capitalization of deferred acquisition costs and contract costs		(29.2)		(6.9)		(86.4)		—
Amortization of deferred acquisition costs and contract costs		20.0		8.0		62.6		—
Depreciation and amortization		20.7		17.5		5.9		4.6
Interest expense on corporate debt		—		1.0		—		41.7
Compensation and other		358.9		326.6		232.7		45.6
Total operating expenses		429.2		391.7		356.6		109.5
Total segment expenses	$	1,670.2	$	466.2	$	1,074.1	$	119.7	$	3,330.2
Net realized capital losses expense adjustments										62.6
Market risk benefit derivative settlements										(11.3)
Expenses from exited business (1)										44.7
Total expenses per consolidated statements of operations									$	3,426.2

(1)Expenses from exited business included:


	For the three months ended March 31,
	2025		2024

	(in millions)
Amortization of reinsurance loss	$	26.9	$	11.2
Other impacts of exited business		99.4		33.5
Total expenses from exited business	$	126.3	$	44.7

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

For the three months March 31, 2025

Retirement

Principal

and Income

Asset

Benefits and

Solutions

Management

Protection

Corporate

Total

(in millions)

Segment pre-tax operating earnings (losses)

$

283.7

$

187.5

$

119.5

$

(105.6)

$

485.1

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

(129.5)

Pre-tax loss from exited business (2)

(314.3)

Adjustments related to equity method investments and noncontrolling interest

(12.4)

Total income before income taxes per consolidated statements of operations

$

28.9


	For the three months March 31, 2024
	Retirement		Principal
	and Income		Asset		Benefits and
	Solutions		Management		Protection		Corporate		Total

	(in millions)
Segment pre-tax operating earnings (losses)	$	262.2	$	187.1	$	111.8	$	(88.9)	$	472.2
Pre-tax net realized capital losses, as adjusted (1)										(31.6)
Pre-tax income from exited business (2)										197.6
Adjustments related to equity method investments and noncontrolling interest										(11.1)
Total income before income taxes per consolidated statements of operations									$	627.1

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


	For the three months ended March 31,
	2025		2024

	(in millions)
Change in fair value of funds withheld embedded derivative	$	(209.7)	$	197.0
Net realized capital gains on funds withheld assets		28.0		47.5
Amortization of reinsurance loss		(26.4)		(10.1)
Other impacts of exited business		(106.2)		(36.8)
Total pre-tax income (loss) from exited business	$	(314.3)	$	197.6