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BUSINESS SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2025

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):

			Three Months Ended March 31, 2025
			IR			GR			AM			PS			WM			L			C&O			Eliminations			Total
			(in millions)
Segment revenues			$	997		$	316		$	1,088		$	826		$	463		$	120		$	204		$	(230)		$	3,784
Benefits and other deductions
Policyholders’ benefits			92			—			—			556			—			—			111			—			759
Interest credited to policyholders’ account balances			365			63			—			121			—			7			107			—			663
Commissions and distribution related payments			98			43			201			42			293			36			6			(218)			501
Amortization of deferred policy acquisition costs			124			15			—			32			—			15			2			—			188
Compensation and benefits			18			12			422			38			82			7			13			—			592
Interest expense and financing fees			—			—			7			2			—			—			53			(4)			58
Significant segment expenses			697			133			630			791			375			65			292			(222)			2,761
Other segment items (1)			45			30			185			54			27			27			31			(8)			391
Income taxes			(39)			(23)			(41)			3			(15)			(4)			17			—			(102)
Less: Operating (earnings) loss attributable to the noncontrolling interest			—			—			106			1			—			—			2			—			109
Operating earnings (loss)			$	216		$	130		$	126		$	(17)		$	46		$	24		$	(104)		$	—		$	421

_____________

(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.

			Three Months Ended March 31, 2024
			IR			GR			AM			PS			WM			L			C&O			Eliminations			Total
			(in millions)
Segment revenues			$	840		$	291		$	1,093		$	824		$	423		$	129		$	255		$	(216)		$	3,639
Benefits and other deductions
Policyholders’ benefits			77			—			—			487			—			—			113			—			677
Interest credited to policyholders’ account balances			248			52			—			128			—			9			142			—			579
Commissions and distribution related payments			77			44			173			40			260			40			3			(200)			437
Amortization of deferred policy acquisition costs			109			15			—			30			—			16			2			—			172
Compensation and benefits			17			10			447			36			78			9			2			—			599
Interest expense and financing fees			—			—			17			—			—			—			56			(10)			63
Significant segment expenses			528			121			637			721			338			74			318			(210)			2,527
Other segment items (1)			34			25			208			52			27			16			61			(6)			417
Income taxes			(40)			(21)			(44)			(7)			(15)			(6)			23			—			(110)
Less: Operating (earnings) loss attributable to the noncontrolling interest			—			—			98			—			—			—			10			—			108
Operating earnings (loss)			$	238		$	124		$	106		$	44		$	43		$	33		$	(111)		$	—		$	477

_____________

(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:

									Three Months Ended March 31,
															2025						2024
															(in millions)
Net income (loss) attributable to Holdings															$	63					$	92
Adjustments related to:
Variable annuity product (1)															211						330
Investment (gains) losses															14						39
Net actuarial (gains) losses related to pension and other postretirement benefit obligations															11						17
Other adjustments (2)															205						91
Income tax expense (benefit) related to above adjustments															(92)						(100)
Non-recurring tax items															9						8
Operating earnings (loss)															$	421					$	477

_____________

(1)As a result of the novation of certain Legacy VA policies completed during the first quarter, the Company recorded a loss of $499 million for the three months ended March 31, 2025.

(2)Includes a loss of $165 million on Non-GMxB derivatives, including our statutory capital hedging program for the three months ended March 31, 2025 and includes certain gross legal expenses related to the COI litigation of $106 million for the three months ended March 31, 2024.

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

			Three Months Ended March 31,
			2025						2024
			(in millions)
Segment revenues:
Individual Retirement (1)			$	997					$	840
Group Retirement (1)			316						291
Asset Management (2)			1,088						1,093
Protection Solutions (1)			826						824
Wealth Management (3)			463						423
Legacy (1)			120						129
Corporate and Other (1)			204						255
Eliminations			(230)						(216)
Adjustments related to:
Variable annuity product features, excluding change in MRBs (4)			975						(1,419)
Investment gains (losses), net			(14)						(39)
Other adjustments to segment revenues (4)			(169)						49
Total revenues			$	4,576					$	2,230

______________

(1)Includes investment expenses charged by AB of $34 million and $36 million for the three months ended March 31, 2025 and 2024, respectively, for services provided to the Company.

(2)Inter-segment investment management and other fees of $42 million and $42 million for the three months ended March 31, 2025 and 2024, respectively, are included in segment revenues of the Asset Management segment.

(3)Inter-segment distribution fees of $218 million and $200 million for the three months ended March 31, 2025 and 2024, 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:

			March 31, 2025						December 31, 2024
			(in millions)
Total assets by segment:
Individual Retirement			$	118,123					$	110,358
Group Retirement			50,353						51,269
Asset Management			10,845						10,514
Protection Solutions			41,725						41,583
Wealth Management			191						168
Legacy			34,955						42,373
Corporate and Other			31,174						39,462
Total assets			$	287,366					$	295,727

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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X

- References

No definition available.

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