XML 124 R111.htm IDEA: XBRL DOCUMENT v3.25.1
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS - Income Statement (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
REVENUES                          
Premiums $ 304 $ 312 $ 282 $ 285 $ 263 $ 277 $ 567 $ 553 $ 879 $ 816 $ 1,172 $ 1,095  
Net investment income (loss) 1,248 1,308 1,167 1,210 1,069 1,034 2,377 2,034 3,685 3,103 4,881 4,270 $ 3,333
Investment management and service fees 1,285   1,240 1,278     2,518            
Other income 318 300 425 258 281 249 683 488 983 769 1,298 1,005 1,010
Total revenues 4,576 3,073 3,507 2,230 3,633 2,363 5,737 4,718 8,810 8,351 12,425 10,460 12,644
BENEFITS AND OTHER DEDUCTIONS                          
Policyholders’ benefits 759     677 694         2,108     2,701
Remeasurement of liability for future policy benefits (2) (1) (7) 5 83   (2)   (3) 80 (6) 86  
Change in market risk benefits and purchased market risk benefits 672 97 (132) (1,088) (819) (986) (1,220) (945) (1,123) (1,764) (1,940) (1,815) (1,233)
Interest credited to policyholders’ account balances 678 701 599 579 552 498 1,178 948 1,879 1,500 2,493 2,041 1,415
Compensation and benefits 601     620 593 565   1,144   1,737 2,451 2,323 2,190
Amortization of deferred policy acquisition costs 188     172                  
Other operating costs and expenses 950   428 552 450 467 980 890   1,340     2,176
Total benefits and other deductions 4,402 3,084 2,826 2,011 2,178 1,824 4,837 4,644 7,921 6,822 10,349 9,746 9,669
Income (loss) from continuing operations, before income taxes 174 (11) 681 219 1,455 539 900 74 889 1,529 2,076 714 2,975
Income tax (expense) benefit (24) 39 (116) (24) (336) 293 (140) 1,019 (101) 683 (280) 910 (594)
Net income (loss) 150 28 565 195 1,119 832 760 1,093 788 2,212 1,796 1,624 2,381
Less: Net income (loss) attributable to the noncontrolling interest 87 [1] 160 137 103 [1] 71 72 240 161 400 232 516 341  
Net income (loss) attributable to Holdings 63 (132) 428 92 1,048 760 520 932 388 1,980 1,280 1,283 2,140
Less: Preferred stock dividends 14 14 26 14 14 26 40 40 54 54 80 80  
Net income (loss) available to Holdings’ common shareholders, basic 49 (146) 402 78     480   334   1,200 1,203 $ 2,060
Net income (loss) available to Holdings’ common shareholders, diluted $ 49 $ (146) $ 402 $ 78 $ 1,034 $ 734 $ 480 $ 892 $ 334 $ 1,926 $ 1,200 $ 1,203  
EARNINGS PER COMMON SHARE                          
Basic (in dollars per share) $ 0.16 $ (0.46) $ 1.24 $ 0.24 $ 2.98 $ 2.07 $ 1.47 $ 2.49 $ 1.03 $ 5.43 $ 3.74 $ 3.44 $ 5.46
Diluted (in dollars per share) $ 0.16 $ (0.46) $ 1.23 $ 0.23 $ 2.97 $ 2.06 $ 1.45 $ 2.48 $ 1.02 $ 5.41 $ 3.69 $ 3.42 $ 5.42
Basic (in shares) 307.8 318.2 324.2 330.2 346.4 355.2 327.2 358.5 324.2 354.4 321.2 350.1 377.6
Diluted (in shares) 311.9 318.2 327.3 332.7 348.0 356.1 330.4 360.0 327.7 355.9 324.8 351.6 379.9
As Previously 
Reported                          
REVENUES                          
Premiums   $ 313 $ 282 $ 275 $ 267 $ 280 $ 557 $ 556 $ 870 $ 823 $ 1,162 $ 1,104  
Net investment income (loss)   1,309 1,166 1,219 1,071 1,036 2,385 2,026 3,694 3,097 4,896 4,320 $ 3,315
Investment management and service fees     1,240       2,518            
Other income   301 429 259 266 258 688 509 989 775 1,305 1,014 1,028
Total revenues   3,076 3,510 2,230 3,624 2,377 5,740 4,734 8,816 8,358 12,437 10,528 12,644
BENEFITS AND OTHER DEDUCTIONS                          
Policyholders’ benefits         693         2,107     2,716
Remeasurement of liability for future policy benefits   16 (8) 1 49   (7)   9 46 6 75  
Change in market risk benefits and purchased market risk benefits   79 (133) (1,100) (817) (975) (1,233) (955) (1,154) (1,772) (1,971) (1,807) (1,280)
Interest credited to policyholders’ account balances   708 605 566 556 501 1,171 964 1,879 1,520 2,499 2,083 1,410
Compensation and benefits         593 566   1,149   1,742 2,441 2,328 2,201
Other operating costs and expenses     427 553 450 466 980 889   1,339     2,185
Total benefits and other deductions   3,090 2,829 1,983 2,149 1,838 4,812 4,654 7,902 6,803 10,326 9,790 9,652
Income (loss) from continuing operations, before income taxes   (14) 681 247 1,475 539 928 80 914 1,555 2,111 738 2,992
Income tax (expense) benefit   40 (116) (30) (340) 292 (146) 1,017 (106) 677 (288) 905 (598)
Net income (loss)   26 565 217 1,135 831 782 1,097 808 2,232 1,823 1,643 2,394
Less: Net income (loss) attributable to the noncontrolling interest   160 137 103 71 72 240 161 400 232 516 341  
Net income (loss) attributable to Holdings   (134) 428 114 1,064 759 542 936 408 2,000 1,307 1,302 2,153
Less: Preferred stock dividends   14 26 14 14 26 40 40 54 54 80 80  
Net income (loss) available to Holdings’ common shareholders, basic   (148) 402 100     502   354   1,227 1,222 2,073
Net income (loss) available to Holdings’ common shareholders, diluted   $ (148) $ 402 $ 100 $ 1,050 $ 733 $ 502 $ 896 $ 354 $ 1,946 $ 1,227 $ 1,222 $ 2,073
EARNINGS PER COMMON SHARE                          
Basic (in dollars per share)   $ (0.47) $ 1.24 $ 0.30 $ 3.03 $ 2.06 $ 1.53 $ 2.50 $ 1.09 $ 5.49 $ 3.82 $ 3.49 $ 5.49
Diluted (in dollars per share)   $ (0.47) $ 1.23 $ 0.30 $ 3.02 $ 2.06 $ 1.52 $ 2.49 $ 1.08 $ 5.47 $ 3.78 $ 3.48 $ 5.46
Basic (in shares)   318.2 324.2 330.2 346.4 355.2 327.2 358.5 324.2 354.4 321.2 350.1 377.6
Diluted (in shares)   318.2 327.3 332.7 348.0 356.1 330.4 360.0 327.7 355.9 324.8 351.6 379.9
Impact of Revisions                          
REVENUES                          
Premiums   $ (1) $ 0 $ 10 $ (4) $ (3) $ 10 $ (3) $ 9 $ (7) $ 10 $ (9)  
Net investment income (loss)   (1) 1 (9) (2) (2) (8) 8 (9) 6 (15) (50) $ 18
Investment management and service fees     0       0            
Other income   (1) (4) (1) 15 (9) (5) (21) (6) (6) (7) (9) (18)
Total revenues   (3) (3) 0 9 (14) (3) (16) (6) (7) (12) (68) 0
BENEFITS AND OTHER DEDUCTIONS                          
Policyholders’ benefits         1         1     (15)
Remeasurement of liability for future policy benefits   (17) 1 4 34   5   (12) 34 (12) 11  
Change in market risk benefits and purchased market risk benefits   18 1 12 (2) (11) 13 10 31 8 31 (8) 47
Interest credited to policyholders’ account balances   (7) (6) 13 (4) (3) 7 (16) 0 (20) (6) (42) 5
Compensation and benefits         0 (1)   (5)   (5) 10 (5) (11)
Other operating costs and expenses     1 (1) 0 1 0 1   1     (9)
Total benefits and other deductions   (6) (3) 28 29 (14) 25 (10) 19 19 23 (44) 17
Income (loss) from continuing operations, before income taxes   3 0 (28) (20) 0 (28) (6) (25) (26) (35) (24) (17)
Income tax (expense) benefit   (1) 0 6 4 1 6 2 5 6 8 5 4
Net income (loss)   2 0 (22) (16) 1 (22) (4) (20) (20) (27) (19) (13)
Less: Net income (loss) attributable to the noncontrolling interest   0 0 0 0 0 0 0 0 0 0 0  
Net income (loss) attributable to Holdings   2 0 (22) (16) 1 (22) (4) (20) (20) (27) (19) (13)
Less: Preferred stock dividends   0 0 0 0 0 0 0 0 0 0 0  
Net income (loss) available to Holdings’ common shareholders, basic   2 0 (22)     (22)   (20)   (27) (19) $ (13)
Net income (loss) available to Holdings’ common shareholders, diluted   $ 2 $ 0 $ (22) $ (16) $ 1 $ (22) $ (4) $ (20) $ (20) $ (27) $ (19)  
EARNINGS PER COMMON SHARE                          
Basic (in dollars per share)   $ 0.01 $ 0 $ (0.06) $ (0.05) $ 0.01 $ (0.06) $ (0.01) $ (0.06) $ (0.06) $ (0.08) $ (0.05) $ (0.03)
Diluted (in dollars per share)   $ 0.01 $ 0 $ (0.07) $ (0.05) $ 0 $ (0.07) $ (0.01) $ (0.06) $ (0.06) $ (0.09) $ (0.06) $ (0.04)
Basic (in shares)   0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Diluted (in shares)   0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
[1] Includes redeemable noncontrolling interest. See Note 15 of the Notes to these Consolidated Financial Statements for details of redeemable noncontrolling interest.