Segment Information

Reconciliation of revenue from segments to consolidated revenues

For the three months ended September 30, 2025

Retirement

Principal

and Income

Asset

Benefits and

Solutions

Management

Protection

Corporate

Total

(in millions)

Revenue from contracts with external customers (1)

$

1,033.5

$

471.8

$

1,083.7

$

70.5

$

2,659.5

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

(17.7)

—

5.8

—

(11.9)

Net investment income included in operating revenues

861.3

106.3

168.6

45.6

1,181.8

Operating revenues from equity method investments

—

68.7

—

(0.1)

68.6

Inter-segment operating revenues

9.1

80.3

2.4

77.9

169.7

Eliminations of inter-segment operating revenues

—

(169.7)

Segment operating revenues (3)

$

1,886.2

$

727.1

$

1,260.5

$

24.2

3,898.0

Net realized capital gains, net of related revenue adjustments

87.5

Revenues from exited business (4)

(271.3)

Adjustments related to equity method investments

(22.5)

Market risk benefit derivative settlements

(10.1)

Total revenues per consolidated statements of operations

$

3,681.6


	For the three months ended September 30, 2024
	Retirement		Principal
	and Income		Asset		Benefits and
	Solutions		Management		Protection		Corporate		Total

	(in millions)
Revenue from contracts with external customers (1)	$	932.1	$	458.5	$	1,051.5	$	60.6	$	2,502.7
Adjustments for revenue from contracts with external customers not included in operating revenues (2)		(18.4)		—		4.2		—		(14.2)
Net investment income included in operating revenues		765.7		127.7		156.4		59.0		1,108.8
Operating revenues from equity method investments		—		73.9		—		(0.1)		73.8
Inter-segment operating revenues		7.0		80.0		1.4		81.0		169.4
Eliminations of inter-segment operating revenues		—		—		—		(169.4)		(169.4)
Segment operating revenues (3)	$	1,686.4	$	740.1	$	1,213.5	$	31.1		3,671.1
Net realized capital gains, net of related revenue adjustments										119.1
Revenues from exited business (4)										(741.0)
Adjustments related to equity method investments										(26.0)
Market risk benefit derivative settlements										(11.6)
Total revenues per consolidated statements of operations									$	3,011.6

For the nine months ended September 30, 2025

Retirement

Principal

and Income

Asset

Benefits and

Solutions

Management

Protection

Corporate

Total

(in millions)

Revenue from contracts with external customers (1)

$

3,181.3

$

1,382.6

$

3,204.5

$

196.3

$

7,964.7

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

(52.2)

—

21.2

—

(31.0)

Net investment income included in operating revenues

2,521.8

343.0

488.9

155.5

3,509.2

Operating revenues from equity method investments

—

158.3

—

(0.3)

158.0

Inter-segment operating revenues

28.8

233.4

6.4

236.8

505.4

Eliminations of inter-segment operating revenues

—

(505.4)

Segment operating revenues (3)

$

5,679.7

$

2,117.3

$

3,721.0

$

82.9

11,600.9

Net realized capital losses, net of related revenue adjustments

(21.5)

Revenues from exited business (4)

(443.4)

Adjustments related to equity method investments

(55.0)

Market risk benefit derivative settlements

(32.2)

Total revenues per consolidated statements of operations

$

11,048.8


	For the nine months ended September 30, 2024
	Retirement		Principal
	and Income		Asset		Benefits and
	Solutions		Management		Protection		Corporate		Total

	(in millions)
Revenue from contracts with external customers (1)	$	3,592.3	$	1,349.9	$	3,107.6	$	176.2	$	8,226.0
Adjustments for revenue from contracts with external customers not included in operating revenues (2)		(56.7)		—		15.5		—		(41.2)
Net investment income included in operating revenues		2,238.3		324.9		458.0		163.6		3,184.8
Operating revenues from equity method investments		—		179.2		—		(0.3)		178.9
Inter-segment operating revenues		39.2		226.2		5.5		205.0		475.9
Eliminations of inter-segment operating revenues		—		—		—		(475.9)		(475.9)
Segment operating revenues (3)	$	5,813.1	$	2,080.2	$	3,586.6	$	68.6		11,548.5
Net realized capital gains, net of related revenue adjustments										173.3
Revenues from exited business (4)										(253.9)
Adjustments related to equity method investments										(57.9)
Market risk benefit derivative settlements										(34.3)
Total revenues per consolidated statements of operations									$	11,375.7

(1)	Includes amounts reported in premiums and other considerations as well as fees and other revenues on the consolidated statements 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 September 30, 2025

Retirement

Principal

and Income

Asset

Benefits and

Solutions

Management

Protection

Corporate

Total

(in millions)

Benefits, claims and settlement expenses

$

1,144.0

$

60.9

$

705.0

$

(1.1)

Liability for future policy benefits remeasurement (gain) loss

(10.5)

(0.8)

72.8

—

Market risk benefit remeasurement loss

0.9

—

Dividends to policyholders

0.1

—

29.9

—

Commission expense

74.9

50.9

132.4

26.9

Capitalization of deferred acquisition costs and contract costs

(41.1)

(9.7)

(74.3)

—

Amortization of deferred acquisition costs and contract costs

21.8

12.7

63.9

—

Depreciation and amortization

18.3

13.7

4.3

3.8

Interest expense on corporate debt

—

0.3

—

45.0

Compensation and other

367.4

320.0

240.0

43.5

Total operating expenses

441.3

387.9

366.3

119.2

Total segment expenses

$

1,575.8

$

448.0

$

1,174.0

$

118.1

$

3,315.9

Net realized capital losses expense adjustments

80.0

Market risk benefit derivative settlements

(10.1)

Expenses from exited business (1)

47.4

Total expenses per consolidated statements of operations

$

3,433.2


	For the three months ended September 30, 2024
	Retirement		Principal
	and Income		Asset		Benefits and
	Solutions		Management		Protection		Corporate		Total

	(in millions)
Benefits, claims and settlement expenses	$	984.6	$	81.8	$	679.7	$	(1.4)
Liability for future policy benefits remeasurement (gain) loss		(2.4)		0.2		97.1		—
Market risk benefit remeasurement loss		24.8		—		—		—
Dividends to policyholders		—		—		14.9		—
Commission expense		74.2		48.1		131.7		19.6
Capitalization of deferred acquisition costs and contract costs		(44.3)		(8.1)		(75.7)		—
Amortization of deferred acquisition costs and contract costs		19.8		8.3		63.7		—
Depreciation and amortization		20.6		16.4		4.9		4.6
Interest expense on corporate debt		—		0.9		—		41.7
Compensation and other		363.0		319.3		232.8		37.3
Total operating expenses		433.3		384.9		357.4		103.2
Total segment expenses	$	1,440.3	$	466.9	$	1,149.1	$	101.8	$	3,158.1
Net realized capital losses expense adjustments										90.8
Market risk benefit derivative settlements										(11.6)
Expenses from exited business (1)										68.1
Total expenses per consolidated statements of operations									$	3,305.4

For the nine months ended September 30, 2025

Retirement

Principal

and Income

Asset

Benefits and

Solutions

Management

Protection

Corporate

Total

(in millions)

Benefits, claims and settlement expenses

$

3,504.1

$

233.7

$

2,123.4

$

21.7

Liability for future policy benefits remeasurement (gain) loss

(18.9)

(0.9)

68.7

—

Market risk benefit remeasurement loss

4.6

—

Dividends to policyholders

0.1

—

71.9

—

Commission expense

216.9

147.2

419.1

75.6

Capitalization of deferred acquisition costs and contract costs

(122.5)

(25.8)

(236.0)

—

Amortization of deferred acquisition costs and contract costs

64.0

24.9

192.3

—

Depreciation and amortization

56.4

41.5

13.0

12.1

Interest expense on corporate debt

—

1.2

—

132.4

Compensation and other

1,088.2

983.8

715.0

125.0

Total operating expenses

1,303.0

1,172.8

1,103.4

345.1

Total segment expenses

$

4,792.9

$

1,405.6

$

3,367.4

$

366.8

$

9,932.7

Net realized capital losses expense adjustments

145.2

Market risk benefit derivative settlements

(32.2)

Expenses from exited business (1)

222.7

Total expenses per consolidated statements of operations

$

10,268.4


	For the nine months ended September 30, 2024
	Retirement		Principal
	and Income		Asset		Benefits and
	Solutions		Management		Protection		Corporate		Total

	(in millions)
Benefits, claims and settlement expenses	$	3,718.7	$	260.1	$	1,990.0	$	6.8
Liability for future policy benefits remeasurement (gain) loss		(5.2)		0.1		151.7		—
Market risk benefit remeasurement loss		27.8		—		—		—
Dividends to policyholders		0.1		—		68.0		—
Commission expense		194.9		138.8		405.4		56.9
Capitalization of deferred acquisition costs and contract costs		(102.0)		(20.6)		(239.9)		—
Amortization of deferred acquisition costs and contract costs		59.9		25.2		189.1		—
Depreciation and amortization		60.9		50.2		16.0		13.6
Interest expense on corporate debt		—		2.7		—		125.1
Compensation and other		1,081.9		967.4		697.8		131.7
Total operating expenses		1,295.6		1,163.7		1,068.4		327.3
Total segment expenses	$	5,037.0	$	1,423.9	$	3,278.1	$	334.1	$	10,073.1
Net realized capital losses expense adjustments										198.2
Market risk benefit derivative settlements										(34.3)
Expenses from exited business (1)										361.5
Total expenses per consolidated statements of operations									$	10,598.5

(1)Expenses from exited business included:


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2025		2024		2025		2024

	(in millions)
Amortization of reinsurance loss	$	18.8	$	47.0	$	66.7	$	476.7
Other impacts of exited business		28.6		21.1		156.0		(115.2)
Total expenses from exited business	$	47.4	$	68.1	$	222.7	$	361.5

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

For the three months September 30, 2025

Retirement

Principal

and Income

Asset

Benefits and

Solutions

Management

Protection

Corporate

Total

(in millions)

Segment pre-tax operating earnings (losses)

$

310.3

$

274.7

$

86.5

$

(91.6)

$

579.9

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

7.5

Pre-tax loss from exited business (2)

(318.7)

Adjustments related to equity method investments and noncontrolling interest

(20.3)

Total income before income taxes per consolidated statements of operations

$

248.4


	For the three months September 30, 2024
	Retirement		Principal
	and Income		Asset		Benefits and
	Solutions		Management		Protection		Corporate		Total

	(in millions)
Segment pre-tax operating earnings (losses)	$	246.1	$	268.7	$	64.4	$	(79.4)	$	499.8
Pre-tax net realized capital gains, as adjusted (1)										28.3
Pre-tax loss from exited business (2)										(809.1)
Adjustments related to equity method investments and noncontrolling interest										(12.8)
Total loss before income taxes per consolidated statements of operations									$	(293.8)

For the nine months ended September 30, 2025

Retirement

Principal

and Income

Asset

Benefits and

Solutions

Management

Protection

Corporate

Total

(in millions)

Segment pre-tax operating earnings (losses)

$

886.1

$

698.6

$

353.6

$

(278.4)

$

1,659.9

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

(166.7)

Pre-tax loss from exited business (2)

(666.1)

Adjustments related to equity method investments and noncontrolling interest

(46.7)

Total income before income taxes per consolidated statements of operations

$

780.4


	For the nine months ended September 30, 2024
	Retirement		Principal
	and Income		Asset		Benefits and
	Solutions		Management		Protection		Corporate		Total

	(in millions)
Segment pre-tax operating earnings (losses)	$	776.1	$	645.2	$	308.5	$	(271.7)	$	1,458.1
Pre-tax net realized capital losses, as adjusted (1)										(24.9)
Pre-tax loss from exited business (2)										(615.4)
Adjustments related to equity method investments and noncontrolling interest										(40.6)
Total income before income taxes per consolidated statements of operations									$	777.2

(1)Pre-tax net realized capital gains (losses), as adjusted, is derived as follows:


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2025		2024		2025		2024

	(in millions)
Net realized capital gains (losses)	$	85.7	$	77.4	$	(26.0)	$	61.3
Derivative and hedging-related revenue adjustments		(25.7)		17.3		(76.2)		52.4
Market value adjustments to fee revenues		—		—		(0.1)		0.1
Certain variable annuity fees		17.2		17.7		50.8		53.9
Equity method investments		1.2		0.3		5.6		(13.6)
Sponsored investment funds and other adjustments		9.1		6.4		24.4		19.2
Net realized capital gains (losses), net of related revenue adjustments		87.5		119.1		(21.5)		173.3

Amortization of actuarial balances		(4.3)		(0.3)		(9.3)		(0.6)
Capital gains distributed		(59.0)		(41.5)		(39.0)		(133.5)
Derivative and hedging-related expense adjustments		(3.4)		(2.6)		1.5		(2.8)
Market value adjustments of market risk benefits		(13.2)		(40.8)		(80.6)		(45.6)
Market value adjustments of embedded derivatives		(0.1)		(5.6)		(17.8)		(15.7)
Net realized capital losses, net of related expense adjustments		(80.0)		(90.8)		(145.2)		(198.2)
Pre-tax net realized capital gains (losses), as adjusted (a)	$	7.5	$	28.3	$	(166.7)	$	(24.9)

(a)As adjusted before noncontrolling interest capital gains (losses).

(2)Pre-tax income (loss) from exited business included:


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2025		2024		2025		2024

	(in millions)
Change in fair value of funds withheld embedded derivative	$	(265.9)	$	(776.8)	$	(455.3)	$	(346.9)
Net realized capital gains (losses) on funds withheld assets		(0.2)		39.4		31.5		105.9
Amortization of reinsurance loss		(18.3)		(46.4)		(65.1)		(474.0)
Other impacts of exited business		(34.3)		(25.3)		(177.2)		99.6
Total pre-tax loss from exited business	$	(318.7)	$	(809.1)	$	(666.1)	$	(615.4)

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


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2025		2024		2025		2024

	(in millions)
Change in fair value of funds withheld embedded derivative	$	(265.9)	$	(776.8)	$	(455.3)	$	(346.9)
Net realized capital gains (losses) on funds withheld assets		(0.2)		39.4		31.5		105.9
Amortization of reinsurance loss		(18.3)		(46.4)		(65.1)		(474.0)
Other impacts of exited business		(34.3)		(25.3)		(177.2)		99.6
Total pre-tax loss from exited business	$	(318.7)	$	(809.1)	$	(666.1)	$	(615.4)