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BUSINESS SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2025
			IR			GR			AM			PS			WM			L			C&O			Eliminations			Total
			(in millions)
Segment revenues			$	1,006		$	309		$	1,094		$	825		$	471		$	100		$	226		$	(230)		$	3,801
Benefits and other deductions
Policyholders’ benefits			76			—			—			603			—			—			108			—			787
Interest credited to policyholders’ account balances			408			68			—			145			—			9			175			—			805
Commissions and distribution related payments			101			44			197			41			296			29			2			(222)			488
Amortization of deferred policy acquisition costs			127			16			—			32			—			15			3			—			193
Compensation and benefits			6			9			429			27			82			5			11			—			569
Interest expense and financing fees			—			—			9			—			—			—			69			(6)			72
Significant segment expenses			718			137			635			848			378			58			368			(228)			2,914
Other segment items (1)			31			23			196			46			24			8			32			(2)			358
Income taxes			(42)			(25)			(48)			11			(18)			(6)			36			—			(92)
Less: Operating (earnings) loss attributable to the noncontrolling interest			—			—			84			—			—			—			1			—			85
Operating earnings (loss)			$	215		$	124		$	131		$	(58)		$	51		$	28		$	(139)		$	—		$	352

_____________

(1)Other segment items include Remeasurement 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 June 30, 2024
			IR			GR			AM			PS			WM			L			C&O			Eliminations			Total
			(in millions)
Segment revenues			$	888		$	283		$	1,051		$	834		$	442		$	117		$	230		$	(227)		$	3,618
Benefits and other deductions
Policyholders’ benefits			78			—			—			473			—			—			116			—			667
Interest credited to policyholders’ account balances			281			56			—			128			—			8			125			—			598
Commissions and distribution related payments			80			45			180			43			282			40			7			(214)			463
Amortization of deferred policy acquisition costs			111			8			—			32			—			15			3			—			169
Compensation and benefits			14			8			420			37			78			7			(1)			—			563
Interest expense and financing fees			—			—			12			—			—			—			58			(7)			63
Significant segment expenses			564			117			612			713			360			70			308			(221)			2,523
Other segment items (1)			38			21			201			38			21			15			47			(6)			375
Income taxes			(40)			(20)			(42)			(12)			(17)			(4)			16			—			(119)
Less: Operating (earnings) loss attributable to the noncontrolling interest			—			—			95			(1)			—			—			12			—			106
Operating earnings (loss)			$	246		$	125		$	101		$	72		$	44		$	28		$	(121)		$	—		$	495

_____________

(1)Other segment items include Remeasurement 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.

			Six Months Ended June 30, 2025
			IR			GR			AM			PS			WM			L			C&O			Eliminations			Total
			(in millions)
Segment revenues			$	2,003		$	625		$	2,182		$	1,651		$	934		$	220		$	430		$	(460)		$	7,585
Benefits and other deductions
Policyholders’ benefits			168			—			—			1,159			—			—			219			—			1,546
Interest credited to policyholders’ account balances			773			131			—			266			—			16			282			—			1,468
Commissions and distribution related payments			199			87			398			83			589			65			8			(440)			989
Amortization of deferred policy acquisition costs			251			31			—			64			—			30			5			—			381
Compensation and benefits			24			21			851			65			164			12			24			—			1,161
Interest expense and financing fees			—			—			16			2			—			—			122			(10)			130
Significant segment expenses			1,415			270			1,265			1,639			753			123			660			(450)			5,675
Other segment items (1)			76			53			381			100			51			35			63			(10)			749
Income taxes			(81)			(48)			(89)			14			(33)			(10)			53			—			(194)
Less: Operating (earnings) loss attributable to the noncontrolling interest			—			—			190			1			—			—			3			—			194
Operating earnings (loss)			$	431		$	254		$	257		$	(75)		$	97		$	52		$	(243)		$	—		$	773

_____________

(1)Other segment items include Remeasurement 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.

			Six Months Ended June 30, 2024
			IR			GR			AM			PS			WM			L			C&O			Eliminations			Total
			(in millions)
Segment revenues			$	1,728		$	574		$	2,144		$	1,658		$	865		$	246		$	485		$	(443)		$	7,257
Benefits and other deductions
Policyholders’ benefits			155			—			—			960			—			—			229			—			1,344
Interest credited to policyholders’ account balances			529			108			—			256			—			17			267			—			1,177
Commissions and distribution related payments			157			89			353			83			542			80			10			(414)			900
Amortization of deferred policy acquisition costs			220			23			—			62			—			31			5			—			341
Compensation and benefits			31			18			867			73			156			16			1			—			1,162
Interest expense and financing fees			—			—			29			—			—			—			114			(17)			126
Significant segment expenses			1,092			238			1,249			1,434			698			144			626			(431)			5,050
Other segment items (1)			72			46			409			90			48			31			108			(12)			792
Income taxes			(80)			(41)			(86)			(19)			(32)			(10)			39			—			(229)
Less: Operating (earnings) loss attributable to the noncontrolling interest			—			—			193			(1)			—			—			22			—			214
Operating earnings (loss)			$	484		$	249		$	207		$	116		$	87		$	61		$	(232)		$	—		$	972

_____________

(1)Other segment items include Remeasurement 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 June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
			(in millions)
Net income (loss) attributable to Holdings			$	(349)					$	428					$	(286)					$	520
Adjustments related to:
Variable annuity product (1)			934						81						1,145						411
Investment (gains) losses			71						16						85						55
Net actuarial (gains) losses related to pension and other postretirement benefit obligations			11						14						22						31
Other adjustments (2)			(137)						(33)						68						58
Income tax expense (benefit) related to above adjustments			(185)						(16)						(277)						(116)
Non-recurring tax items			7						5						16						13
Operating earnings (loss)			$	352					$	495					$	773					$	972

_____________

(1)As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million for the six months ended June 30, 2025.

(2)Includes a gain of $198 million and $33 million on Non-VA derivatives for the three and six months ended June 30, 2025, respectively. Also includes $14 million of expense related to a disputed billing practice of an AB third-party service provider for the

three and six months ended June 30, 2025, respectively, and certain gross legal expenses related to the COI litigation of $106 million for the six months ended June 30, 2024.

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

			Three Months Ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
			(in millions)
Segment revenues:
Individual Retirement (1)			$	1,006					$	888					$	2,003					$	1,728
Group Retirement (1)			309						283						625						574
Asset Management (2)			1,094						1,051						2,182						2,144
Protection Solutions (1)			825						834						1,651						1,658
Wealth Management (3)			471						442						934						865
Legacy (1)			100						117						220						246
Corporate and Other (1)			226						230						430						485
Eliminations			(230)						(227)						(460)						(443)
Adjustments related to:
Variable annuity product features, excluding change in MRBs (4)			(1,549)						(210)						(574)						(1,629)
Investment gains (losses), net			(71)						(16)						(85)						(55)
Other adjustments to segment revenues (4)			181						115						12						164
Total revenues			$	2,362					$	3,507					$	6,938					$	5,737

______________

(1)Includes investment expenses charged by AB of $42 million and $76 million for the three and six months ended June 30, 2025, respectively, and $37 million and $73 million for the three and six months ended June 30, 2024, respectively, for services provided to the Company.

(2)Inter-segment investment management and other fees of $44 million and $86 million for the three and six months ended June 30, 2025, respectively, and $42 million and $84 million for the three and six months ended June 30, 2024, respectively, are included in segment revenues of the Asset Management segment.

(3)Inter-segment distribution fees of $222 million and $440 million for the three and six months ended June 30, 2025, respectively, and $214 million and $414 million for the three and six months ended June 30, 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:

			June 30, 2025						December 31, 2024
			(in millions)
Total assets by segment:
Individual Retirement			$	118,774					$	110,358
Group Retirement			53,804						51,269
Asset Management			10,705						10,514
Protection Solutions			43,693						41,583
Wealth Management			222						168
Legacy			36,368						42,373
Corporate and Other			39,522						39,462
Total assets			$	303,088					$	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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- References

No definition available.

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