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Consolidated Statements of Income (Loss) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
REVENUES      
Policy charges and fee income $ 2,495 $ 2,380 $ 2,454
Premiums 1,162 1,104 994
Net derivative gains (losses) (2,551) (2,397) 907
Net investment income (loss) 4,896 4,320 3,315
Investment gains (losses), net:      
Credit and intent to sell losses on available for sale debt securities and loans (82) (220) (314)
Other investment gains (losses), net (51) (493) (631)
Total investment gains (losses), net (133) (713) (945)
Investment management and service fees 5,263 4,820 4,891
Other income 1,305 1,014 1,028
Total revenues 12,437 10,528 12,644
BENEFITS AND OTHER DEDUCTIONS      
Policyholders’ benefits 2,696 2,754 2,716
Remeasurement of liability for future policy benefits 6 75 66
Change in market risk benefits and purchased market risk benefits (1,971) (1,807) (1,280)
Interest credited to policyholders’ account balances 2,499 2,083 1,410
Compensation and benefits 2,441 2,328 2,201
Commissions and distribution-related payments 1,896 1,590 1,567
Interest expense 226 228 201
Amortization of deferred policy acquisition costs 711 641 586
Other operating costs and expenses 1,822 1,898 2,185
Total benefits and other deductions 10,326 9,790 9,652
Income (loss) from continuing operations, before income taxes 2,111 738 2,992
Income tax (expense) benefit (288) 905 (598)
Net income (loss) 1,823 1,643 2,394
Less: Net income (loss) attributable to the noncontrolling interest [1] 516 341 241
Net income (loss) attributable to Holdings 1,307 1,302 2,153
Less: Preferred stock dividends 80 80 80
Net income (loss) available to Holdings’ common shareholders, basic 1,227 1,222 2,073
Net income (loss) available to Holdings’ common shareholders, diluted $ 1,227 $ 1,222 $ 2,073
Net income (loss) applicable to Holdings’ common shareholders per common share:      
Basic (in dollars per share) $ 3.82 $ 3.49 $ 5.49
Diluted (in dollars per share) $ 3.78 $ 3.48 $ 5.46
Weighted average common shares outstanding (in millions):      
Basic (in shares) 321.2 350.1 377.6
Diluted (in shares) 324.8 351.6 379.9
[1] Includes redeemable noncontrolling interest. See Note 24 of the Notes to these Consolidated Financial Statements for details of redeemable noncontrolling interest.