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BUSINESS SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The table below presents operating earnings (loss) by segment and Corporate and Other (C&O):

			Year Ended December 31, 2024
			IR			GR			AM			PS			WM			L			C&O			Eliminations			Total
			(in millions)
Segment revenues			$	3,656		$	1,194		$	4,479		$	3,329		$	1,796		$	498		$	944		$	(906)		$	14,990
Benefits and other deductions
Policyholders’ benefits			324			—			—			1,901			—			1			470			—			2,696
Interest credited to policyholders’ account balances			1,208			227			—			534			—			33			509			—			2,511
Commissions and distribution related payments			356			170			742			172			1,133			160			20			(857)			1,896
Amortization of deferred policy acquisition costs			460			54			—			125			—			62			10			—			711
Compensation and benefits			48			37			1,788			137			314			30			13			—			2,367
Interest expense and financing fees			—			—			44			1			—			—			222			(26)			241
Significant segment expenses			2,396			488			2,574			2,870			1,447			286			1,244			(883)			10,422
Other segment items (1)			154			100			821			243			105			60			178			(23)			1,638
Income taxes			(153)			(84)			(178)			(30)			(60)			(21)			71			—			(455)
Less: Operating (earnings) loss attributable to the noncontrolling interest			—			—			427			—			—			—			41			—			468
Operating earnings (loss)			$	953		$	522		$	479		$	186		$	184		$	131		$	(448)		$	—		$	2,007

_____________

(1)Other segment items include Remeasurment for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses.

			Year Ended December 31, 2023
			IR			GR			AM			PS			WM			L			C&O			Eliminations			Total
			(in millions)
Segment revenues			$	2,913		$	1,021		$	4,117		$	3,180		$	1,551		$	531		$	1,118		$	(810)		$	13,621
Benefits and other deductions
Policyholders’ benefits			299			—			—			1,975			—			—			486			—			2,760
Interest credited to policyholders’ account balances			708			215			—			520			—			36			604			—			2,083
Commissions and distribution related payments			262			155			610			158			968			171			18			(752)			1,590
Amortization of deferred policy acquisition costs			388			59			—			120			—			63			11			—			641
Compensation and benefits			57			27			1,736			116			285			28			20			—			2,269
Interest expense and financing fees			1			—			54			5			—			—			229			(37)			252
Significant segment expenses			1,715			456			2,400			2,894			1,253			298			1,368			(789)			9,595
Other segment items (1)			138			86			831			225			88			52			162			(21)			1,561
Income taxes			(176)			(80)			(126)			(10)			(51)			(30)			72			—			(401)
Less: Operating (earnings) loss attributable to the noncontrolling interest			—			—			349			—			—			—			21			—			370
Operating earnings (loss)			$	884		$	399		$	411		$	51		$	159		$	151		$	(361)		$	—		$	1,694

_____________

(1)Other segment items include Remeasurment for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses.

			Year Ended December 31, 2022
			IR			GR			AM			PS			WM			L			C&O			Eliminations			Total
			(in millions)
Segment revenues			$	2,279		$	1,158		$	4,105		$	3,120		$	1,446		$	568		$	910		$	(760)		$	12,826
Benefits and other deductions
Policyholders’ benefits			222			—			—			1,896			—			1			509			—			2,628
Interest credited to policyholders’ account balances			327			281			—			511			—			40			251			—			1,410
Commissions and distribution related payments			236			154			630			142			940			186			15			(736)			1,567
Amortization of deferred policy acquisition costs			334			59			—			117			—			65			11			—			586
Compensation and benefits			21			18			1,647			76			313			11			23			—			2,109
Interest expense and financing fees			1			$	1		18			1			—			—			205			—			226
Significant segment expenses			1,141			513			2,295			2,743			1,253			303			1,014			(736)			8,526
Other segment items (1)			145			105			872			260			57			50			313			(24)			1,778
Income taxes			(173)			(94)			(162)			(20)			(35)			(38)			73			—			(449)
Less: Operating (earnings) loss attributable to the noncontrolling interest			—			—			352			—			—			—			(5)			—			347
Operating earnings (loss)			$	820		$	446		$	424		$	97		$	101		$	177		$	(339)		$	—		$	1,726

_____________

(1)Other segment items include Remeasurment for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses.

The table below presents a reconciliation to net income (loss) attributable to Holdings:

									Year Ended December 31,
															2024						2023						2022
															(in millions)
Net income (loss) attributable to Holdings															$	1,307					$	1,302					$	2,153
Adjustments related to:
Variable annuity product (1)															606						607						(2,193)
Investment (gains) losses															133						713						945
Net actuarial (gains) losses related to pension and other postretirement benefit obligations															60						39						82
Other adjustments (2) (3) (4) (6)															93						351						605
Income tax expense (benefit) related to above adjustments															(187)						(359)						118
Non-recurring tax items (5)															(5)						(959)						16
Operating earnings (loss)															$	2,007					$	1,694					$	1,726

______________

(1)Includes the impact of favorable assumption updates of $16 million for the year ended December 31, 2024, respectively, and $40 million for the year ended December 31, 2023, respectively. Includes the impact of unfavorable assumption updates of $204 million for the year ended December 31, 2022.

(2)Includes certain gross legal expenses related to the COI litigation of $106 million, $144 million and $218 million for the year ended December 31, 2024, 2023 and 2022, respectively. Includes policyholder benefit costs of $75 million for the year ended December 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life

settlement market. Includes the impact of unfavorable annual actuarial assumptions updates related to LFPB of $61 million for the year ended December 31, 2023.

(3)For the year ended December 31, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings.

(4)For the year ended December 31, 2024, includes $78 million contingent payment gain recognized in connection with the fair value adjustment related to our contingent payment liability associated with our acquisition of CarVal in 2022.

(5)For the year ended December 31, 2024 and 2023, respectively, non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period. A decrease of the deferred tax valuation allowance of $1.0 billion during year ended December 31, 2023.

(6)Includes Non-GMxB related derivative hedge gains and losses of $6 million, $26 million and $(34) million for the years ended December 31, 2024, 2023 and 2022, respectively.

The table below presents revenues by segment and C&O:

			Year Ended December 31,
			2024						2023						2022
			(in millions)
Segment revenues:
Individual Retirement (1)			$	3,656					$	2,913					$	2,279
Group Retirement (1)			1,194						1,021						1,158
Asset Management (2)			4,479						4,117						4,105
Protection Solutions (1)			3,329						3,180						3,120
Wealth Management (3)			1,796						1,551						1,446
Legacy (1)			498						531						568
Corporate and Other (1)			944						1,118						910
Eliminations			(906)						(810)						(760)
Adjustments related to:
Variable annuity product features, excluding change in MRBs (4)			(2,589)						(2,414)						913
Investment gains (losses), net			(133)						(713)						(945)
Other adjustments to segment revenues (4)			169						34						(150)
Total revenues			$	12,437					$	10,528					$	12,644

______________

(1)Includes investment expenses charged by AB of $144 million, $140 million and $110 million for the years ended December 31, 2024, 2023 and 2022, respectively, for services provided to the Company.

(2)Inter-segment investment management and other fees of $166 million, $160 million and $134 million for the years ended December 31, 2024, 2023 and 2022, respectively, are included in segment revenues of the Investment Management and Research segment.

(3)Inter-segment distribution fees of $857 million, $752 million and $736 million for the years ended December 31, 2024, 2023 and 2022, respectively, are included in segment revenues of the Wealth Management segment.

(4)Prior periods were revised to conform with current presentation.

Total assets by segment were as follows:

			December 31, 2024						December 31, 2023
			(in millions)
Total assets by segment:
Individual Retirement			$	110,358					$	90,805
Group Retirement			51,269						47,260
Asset Management			10,514						11,088
Protection Solutions			41,583						38,933
Wealth Management			168						144
Legacy			42,518						49,487
Corporate and Other			39,456						39,097
Total assets			$	295,866					$	276,814

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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- References

No definition available.

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