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BUSINESS SEGMENT INFORMATION (Tables)

9 Months Ended

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

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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