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BUSINESS SEGMENT INFORMATION (Tables) | 9 Months Ended
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Sep. 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 September 30, 2025
| Retirement | Asset Management | Wealth Management | Corporate & Other | Eliminations | Total
| (in millions)
Segment revenues | $ | 1,588 |  | $ | 1,144 |  | $ | 499 |  | $ | 741 |  | $ | (235) |  | $ | 3,737 |
Benefits and other deductions |  |  |  |  |  |
Policyholders’ benefits | 73 |  | — |  | — |  | 438 |  | — |  | 511 |
Interest credited to policyholders’ account balances | 685 |  | — |  | — |  | 96 |  | — |  | 781 |
Commissions and distribution related payments | 153 |  | 209 |  | 320 |  | 82 |  | (227) |  | 537 |
Amortization of deferred policy acquisition costs | 153 |  | — |  | — |  | 50 |  | — |  | 203 |
Compensation and benefits | 15 |  | 447 |  | 82 |  | 33 |  | — |  | 577 |
Interest expense and financing fees | — |  | 7 |  | — |  | 61 |  | (3) |  | 65 |
Significant segment expenses | 1,079 |  | 663 |  | 402 |  | 760 |  | (230) |  | 2,674 |
Other segment items (1) | 70 |  | 188 |  | 19 |  | 144 |  | (5) |  | 416 |
Income taxes | (38) |  | (46) |  | (19) |  | 8 |  | — |  | (95) |
Less: Operating (earnings) loss attributable to the noncontrolling interest | — |  | 93 |  | — |  | 4 |  | — |  | 97 |
Operating earnings (loss) | $ | 401 |  | $ | 154 |  | $ | 59 |  | $ | (159) |  | $ | — |  | $ | 455 |
_____________ (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 September 30, 2024
| Retirement | Asset Management | Wealth Management | Corporate & Other | Eliminations | Total
| (in millions)
Segment revenues | $ | 1,439 |  | $ | 1,086 |  | $ | 449 |  | $ | 1,020 |  | $ | (221) |  | $ | 3,773 |
Benefits and other deductions |  |  |  |  |  |
Policyholders’ benefits | 83 |  | — |  | — |  | 580 |  | — |  | 663 |
Interest credited to policyholders’ account balances | 520 |  | — |  | — |  | 150 |  | — |  | 670 |
Commissions and distribution related payments | 136 |  | 192 |  | 281 |  | 88 |  | (212) |  | 485 |
Amortization of deferred policy acquisition costs | 135 |  | — |  | — |  | 49 |  | — |  | 184 |
Compensation and benefits | 19 |  | 428 |  | 79 |  | 29 |  | — |  | 555 |
Interest expense and financing fees | — |  | 8 |  | — |  | 57 |  | (5) |  | 60 |
Significant segment expenses | 893 |  | 628 |  | 360 |  | 953 |  | (217) |  | 2,617 |
Other segment items (1) | 62 |  | 205 |  | 24 |  | 107 |  | (4) |  | 394 |
Income taxes | (68) |  | (42) |  | (16) |  | 4 |  | — |  | (122) |
Less: Operating (earnings) loss attributable to the noncontrolling interest | — |  | 100 |  | — |  | 23 |  | — |  | 123 |
Operating earnings (loss) | $ | 416 |  | $ | 111 |  | $ | 49 |  | $ | (59) |  | $ | — |  | $ | 517 |
_____________ (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.
| Nine Months Ended September 30, 2025
| Retirement | Asset Management | Wealth Management | Corporate & Other | Eliminations | Total
| (in millions)
Segment revenues | $ | 4,527 |  | $ | 3,326 |  | $ | 1,430 |  | $ | 2,734 |  | $ | (695) |  | $ | 11,322 |
Benefits and other deductions |  |  |  |  |  |
Policyholders’ benefits | 241 |  | — |  | — |  | 1,816 |  | — |  | 2,057 |
Interest credited to policyholders’ account balances | 1,847 |  | — |  | — |  | 402 |  | — |  | 2,249 |
Commissions and distribution related payments | 440 |  | 607 |  | 909 |  | 237 |  | (667) |  | 1,526 |
Amortization of deferred policy acquisition costs | 435 |  | — |  | — |  | 149 |  | — |  | 584 |
Compensation and benefits | 61 |  | 1,298 |  | 246 |  | 133 |  | — |  | 1,738 |
Interest expense and financing fees | 1 |  | 23 |  | — |  | 184 |  | (13) |  | 195 |
Significant segment expenses | 3,025 |  | 1,928 |  | 1,155 |  | 2,921 |  | (680) |  | 8,349 |
Other segment items (1) | 197 |  | 569 |  | 69 |  | 345 |  | (15) |  | 1,165 |
Income taxes | (176) |  | (135) |  | (52) |  | 74 |  | — |  | (289) |
Less: Operating (earnings) loss attributable to the noncontrolling interest | — |  | 283 |  | — |  | 8 |  | — |  | 291 |
Operating earnings (loss) | $ | 1,129 |  | $ | 411 |  | $ | 154 |  | $ | (466) |  | $ | — |  | $ | 1,228 |
_____________ (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.
| Nine Months Ended September 30, 2024
| Retirement | Asset Management | Wealth Management | Corporate & Other | Eliminations | Total
| (in millions)
Segment revenues | $ | 4,055 |  | $ | 3,230 |  | $ | 1,312 |  | $ | 3,097 |  | $ | (664) |  | $ | 11,030 |
Benefits and other deductions |  |  |  |  |  |
Policyholders’ benefits | 238 |  | — |  | — |  | 1,769 |  | — |  | 2,007 |
Interest credited to policyholders’ account balances | 1,400 |  | — |  | — |  | 447 |  | — |  | 1,847 |
Commissions and distribution related payments | 383 |  | 545 |  | 823 |  | 260 |  | (626) |  | 1,385 |
Amortization of deferred policy acquisition costs | 378 |  | — |  | — |  | 147 |  | — |  | 525 |
Compensation and benefits | 68 |  | 1,295 |  | 235 |  | 119 |  | — |  | 1,717 |
Interest expense and financing fees | — |  | 37 |  | — |  | 171 |  | (22) |  | 186 |
Significant segment expenses | 2,467 |  | 1,877 |  | 1,058 |  | 2,913 |  | (648) |  | 7,667 |
Other segment items (1) | 180 |  | 614 |  | 71 |  | 337 |  | (16) |  | 1,186 |
Income taxes | (200) |  | (128) |  | (48) |  | 25 |  | — |  | (351) |
Less: Operating (earnings) loss attributable to the noncontrolling interest | — |  | 293 |  | — |  | 44 |  | — |  | 337 |
Operating earnings (loss) | $ | 1,208 |  | $ | 318 |  | $ | 135 |  | $ | (172) |  | $ | — |  | $ | 1,489 |
_____________ (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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
| (in millions)
Net income (loss) attributable to Holdings | $ | (1,309) |  |  | $ | (132) |  |  | $ | (1,595) |  |  | $ | 388 |  |  |
Adjustments related to: |  |  |  |  |  |  |  |  |
Variable annuity product (1) | 978 |  |  | 756 |  |  | 2,123 |  |  | 1,167 |  |  |
Investment (gains) losses (2) | 1,170 |  |  | 46 |  |  | 1,255 |  |  | 101 |  |  |
Net actuarial (gains) losses related to pension and other postretirement benefit obligations | 19 |  |  | 13 |  |  | 41 |  |  | 44 |  |  |
Other adjustments (3) | (164) |  |  | 1 |  |  | (96) |  |  | 59 |  |  |
Income tax expense (benefit) related to above adjustments | (437) |  |  | (172) |  |  | (714) |  |  | (288) |  |  |
Non-recurring tax items | 198 |  |  | 5 |  |  | 214 |  |  | 18 |  |  |
Operating earnings (loss) | $ | 455 |  |  | $ | 517 |  |  | $ | 1,228 |  |  | $ | 1,489 |  |  |
_____________ (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 nine months ended September 30, 2025. (2)Includes $1.1 billion as a result of the assets transferred related to the reinsurance agreement with RGA for the three and nine months ended September 30, 2025. See Note 20 of the Notes to these Consolidated Financial Statements for further details. (3)Includes a gain of $230 million and $262 million on Non-VA derivatives for the three and nine months ended September 30, 2025, respectively. Also includes $(8) million and $6 million of expense related to a disputed billing practice of an AB third-party service provider for the three and nine months ended September 30, 2025, respectively, and certain gross legal expenses related to the COI litigation of $0 million and $106 million for the three and nine months ended September 30, 2024. The table below presents revenues by segment and C&O:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
| (in millions)
Segment revenues: |  |  |  |  |  |  |  |  |
Retirement (1) | $ | 1,588 |  |  | $ | 1,439 |  |  | $ | 4,527 |  |  | $ | 4,055 |  |  |
Asset Management (2) | 1,144 |  |  | 1,086 |  |  | 3,326 |  |  | 3,230 |  |  |
Wealth Management (3) | 499 |  |  | 449 |  |  | 1,430 |  |  | 1,312 |  |  |
Corporate and Other (1) | 741 |  |  | 1,020 |  |  | 2,734 |  |  | 3,097 |  |  |
Eliminations | (235) |  |  | (221) |  |  | (695) |  |  | (664) |  |  |
Adjustments related to: |  |  |  |  |  |  |  |  |
Variable annuity product features, excluding change in MRBs (4) | (1,314) |  |  | (628) |  |  | (1,888) |  |  | (2,257) |  |  |
Investment gains (losses), net | (1,170) |  |  | (46) |  |  | (1,255) |  |  | (101) |  |  |
Other adjustments to segment revenues (4) | 197 |  |  | (26) |  |  | 209 |  |  | 138 |  |  |
Total revenues | $ | 1,450 |  |  | $ | 3,073 |  |  | $ | 8,388 |  |  | $ | 8,810 |  |  |
______________ (1)Includes investment expenses charged by AB of $39 million and $115 million for the three and nine months ended September 30, 2025, respectively, and $37 million and $110 million for the three and nine months ended September 30, 2024, respectively, for services provided to the Company. (2)Inter-segment investment management and other fees of $44 million and $130 million for the three and nine months ended September 30, 2025, respectively, and $41 million and $125 million for the three and nine months ended September 30, 2024, respectively, are included in segment revenues of the Asset Management segment. (3)Inter-segment distribution fees of $227 million and $667 million for the three and nine months ended September 30, 2025, respectively, and $212 million and $626 million for the three and nine months ended September 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:
| September 30, 2025 |  | December 31, 2024
| (in millions)
Total assets by segment: |  |  |
Retirement | $ | 193,110 |  |  | $ | 173,796 |
Asset Management | 10,166 |  |  | 10,137 |
Wealth Management | 289 |  |  | 168 |
Corporate and Other | 110,844 |  |  | 111,626 |
Total assets | $ | 314,409 |  |  | $ | 295,727 |

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- 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 + Details
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