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Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Reconciliation of Income (Loss) from Operations by Segment to Consolidated Net Income (Loss)

The tables below reconcile our internal measure of performance to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss) (in millions):

			For the Year Ended December 31, 2024
			Annuities						Life Insurance						Group Protection						Retirement Plan Services						Other Operations						Total
Operating Revenues (1)			$	4,896					$	6,248					$	5,717					$	1,321					$	160					$	18,342
Operating Expenses (2)
Benefits and policyholder liability
remeasurement (gain) loss			145						3,893						3,692						–						12						7,742
Interest credited			1,536						1,194						6						675						32						3,443
Commissions			1,115						461						462						103						–						2,141
General and administrative expenses			495						563						870						340						256						2,524
Interest and debt expense			–						–						–						–						336						336
Other (3)			217						242						149						17						(10)						615
Total operating expenses			3,508						6,353						5,179						1,135						626						16,801
Total federal income tax expense (benefit)			228						(42)						113						23						(96)						226
Total income (loss) from operations			1,160						(63)						425						163						(370)						1,315
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax																																	2,508
Net life insurance product features, pre-tax																																	(207)
Credit loss-related adjustments, pre-tax																																	(152)
Investment gains (losses), pre-tax																																	(483)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (4)																																	535
Gains (losses) on other non-financial assets –
sale of subsidiaries/businesses, pre-tax (5)																																	582
Other items, pre-tax (6) (7) (8) (9)																																	(270)
Income tax benefit (expense) related to
the above pre-tax items																																	(553)
Total net income (loss)																																	$	3,275

(1)    See table below for reconciliation of total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss).

(2)    The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses are included within the amounts shown.

(3)    Other operating expenses include: Annuities: DAC and VOBA capitalization and amortization; broker-dealer expenses before the sale of our wealth management business in the second quarter of 2024; taxes, licenses and fees; expenses associated with reserve financing and LOCs and amortization of deferred loss on business sold through reinsurance. Life Insurance: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and LOCs; amortization of deferred loss on business sold through reinsurance and other intangible amortization. Group Protection: Taxes, licenses and fees; DAC capitalization and amortization; other intangible amortization and expenses associated with LOCs. Retirement Plan Services: DAC capitalization and amortization; taxes, licenses and fees and expenses associated with LOCs. Other Operations: Reimbursements to Other Operations from the Life Insurance segment for the use of proceeds from certain issuances of senior notes that were used as long-term structured solutions, net of expenses incurred by Other Operations for its access to a financing facility and issuance of LOCs.

(4)    Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. For more information, see Note 7.

(5)    For information on the sale of our wealth management business, see Note 1.

(6)    Includes certain legal accruals of $(129) million, primarily attributable to a first quarter 2024 accrual related to the settlement of cost of insurance litigation, and regulatory accruals of $(12) million related to estimated state guaranty fund assessments net of estimated state premium tax recoveries associated with the Bankers Life Insurance Company and Colorado Bankers Life Insurance Company insolvencies (see “State Guaranty Fund Assessments” in Note 17 for more information).

(7)    Includes severance expense related to initiatives to realign the workforce of $(74) million.

(8)    Includes transaction and integration costs related to mergers, acquisitions and divestitures of $(40) million.

(9)    Includes deferred compensation mark-to-market adjustment of $(15) million.

			For the Year Ended December 31, 2023
			Annuities						Life Insurance						Group Protection						Retirement Plan Services						Other Operations						Total
Operating Revenues (1)			$	3,002					$	6,907					$	5,563					$	1,310					$	(755)					$	16,027
Operating Expenses (2)
Benefits and policyholder liability
remeasurement (gain) loss (3)			(1,504)						4,583						3,732						–						(866)						5,945
Interest credited			1,252						1,290						5						665						36						3,248
Commissions			971						571						446						87						–						2,075
General and administrative expenses			471						617						846						341						258						2,533
Interest and debt expense			–						–						–						–						331						331
Other (4)			599						77						155						16						(8)						839
Total operating expenses			1,789						7,138						5,184						1,109						(249)						14,971
Total federal income tax expense (benefit)			140						(72)						80						30						(112)						66
Total income (loss) from operations			1,073						(159)						299						171						(394)						990
Reconciliation of total income (loss) from
operations to net income (loss) (5):
Net annuity product features, pre-tax																																	68
Net life insurance product features, pre-tax																																	(393)
Credit loss-related adjustments, pre-tax																																	(80)
Investment gains (losses), pre-tax																																	(959)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (6)																																	(802)
Other items, pre-tax (7) (8) (9) (10)																																	(55)
Income tax benefit (expense) related to
the above pre-tax items																																	479
Total net income (loss)																																	$	(752)

(1)    See table below for reconciliation of total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss).

(2)    The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses are included within the amounts shown.

(3)    Annuities and Other Operations: Reflects the fourth quarter 2023 reinsurance transaction ceding of in-force life-contingent payout fixed annuities and institutional pension business that had no income (loss) from operations impact. See Note 7 for more information on the transaction.

(4)    Other operating expenses include: Annuities: Broker-dealer expenses; DAC and VOBA capitalization and amortization; taxes, licenses and fees and expenses associated with reserve financing and LOCs. Life Insurance: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and LOCs and other intangible amortization. Group Protection: Taxes, licenses and fees; DAC capitalization and amortization; other intangible amortization and expenses associated with LOCs. Retirement Plan Services: DAC capitalization and amortization; taxes, licenses and fees and expenses associated with LOCs. Other Operations: Reimbursements to Other Operations from the Life Insurance segment for the use of proceeds from certain issuances of senior notes that were used as long-term structured solutions, net of expenses incurred by Other Operations for its access to a financing facility and issuance of LOCs.

(5)    The prior period presentation was recast to conform to the revised definition of income (loss) from operations.

(6)    Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. For more information, see Note 7.

(7)    Includes certain legal accruals of $(12) million.

(8)    Includes severance expense related to initiatives to realign the workforce of $(7) million.

(9)    Includes transaction and integration costs related to mergers, acquisitions and divestitures of $(34) million.

(10)    Includes deferred compensation mark-to-market adjustment of $(2) million.

			For the Year Ended December 31, 2022
			Annuities						Life Insurance						Group Protection						Retirement Plan Services						Other Operations						Total
Operating Revenues (1)			$	4,482					$	6,747					$	5,304					$	1,274					$	156					$	17,963
Operating Expenses (2)
Benefits and policyholder liability
remeasurement (gain) loss			253						6,925						3,931						–						66						11,175
Interest credited			894						1,310						5						629						39						2,877
Commissions			1,018						698						394						79						–						2,189
General and administrative expenses			408						554						766						303						267						2,298
Interest and debt expense			–						–						–						–						283						283
Other (3)			563						(59)						156						16						(5)						671
Total operating expenses			3,136						9,428						5,252						1,027						650						19,493
Total federal income tax expense (benefit)			185						(587)						11						36						(93)						(448)
Total income (loss) from operations			1,161						(2,094)						41						211						(401)						(1,082)
Reconciliation of total income (loss) from
operations to net income (loss) (4):
Net annuity product features, pre-tax																																	4,133
Net life insurance product features, pre-tax																																	26
Credit loss-related adjustments, pre-tax																																	(130)
Investment gains (losses), pre-tax																																	20
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax																																	(52)
Impairment of intangibles (5)																																	(634)
Other items, pre-tax (6) (7)																																	(109)
Income tax benefit (expense) related to
the above pre-tax items																																	(814)
Total net income (loss)																																	$	1,358

(1)    See table below for reconciliation of total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss).

(2)    The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses are included within the amounts shown.

(3)    Other operating expenses include: Annuities: Broker-dealer expenses; DAC and VOBA capitalization and amortization; taxes, licenses and fees and expenses associated with reserve financing and LOCs. Life Insurance: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and LOCs and other intangible amortization. Group Protection: Taxes, licenses and fees; DAC capitalization and amortization; other intangible amortization and expenses associated with LOCs. Retirement Plan Services: DAC capitalization and amortization and taxes, licenses and fees. Other Operations: Reimbursements to Other Operations from the Life Insurance segment for the use of proceeds from certain issuances of senior notes that were used as long-term structured solutions, net of expenses incurred by Other Operations for its access to a financing facility and issuance of LOCs.

(4)    The prior period presentation was recast to conform to the revised definition of income (loss) from operations.

(5)    See Note 8 for more information.

(6)    Includes certain legal accruals of $(147) million.

(7)    Includes deferred compensation mark-to-market adjustment of $38 million.

Reconciliation of Revenue from Segments to Consolidated

The tables below reconcile our total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss) (in millions):

			For the Year Ended December 31, 2024
			Annuities						Life Insurance						Group Protection						Retirement Plan Services						Other Operations						Total
Operating revenues			$	4,896					$	6,248					$	5,717					$	1,321					$	160					$	18,342
Revenue adjustments from annuity and life
insurance product features			(130)						(252)						–						–						–						(382)
Credit loss-related adjustments			(71)						(10)						(4)						(32)						(35)						(152)
Investment gains (losses)			13						(252)						(2)						(11)						(231)						(483)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans			(6)						554						–						–						(13)						535
Gains (losses) on other non-financial assets -
sale of subsidiaries/businesses			–						–						–						–						582						582
Total revenues			$	4,702					$	6,288					$	5,711					$	1,278					$	463					$	18,442

			For the Year Ended December 31, 2023
			Annuities (1)						Life Insurance						Group Protection						Retirement Plan Services						Other Operations (1)						Total
Operating revenues			$	3,002					$	6,907					$	5,563					$	1,310					$	(755)					$	16,027
Revenue adjustments from annuity and life
insurance product features			(2,131)						(410)						–						–						–						(2,541)
Credit loss-related adjustments			(14)						(54)						(4)						(1)						(7)						(80)
Investment gains (losses)			(95)						(733)						(6)						(35)						(90)						(959)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans			(30)						(781)						–						–						9						(802)
Total revenues (1)			$	732					$	4,929					$	5,553					$	1,274					$	(843)					$	11,645

(1)    Includes ceded insurance premiums primarily related to the fourth quarter 2023 reinsurance transaction. For more information, see Note 7.

			For the Year Ended December 31, 2022
			Annuities						Life Insurance						Group Protection						Retirement Plan Services						Other Operations						Total
Operating revenues			$	4,482					$	6,747					$	5,304					$	1,274					$	156					$	17,963
Revenue adjustments from annuity and life
insurance product features			974						35						–						–						–						1,009
Credit loss-related adjustments			(10)						(124)						3						(3)						4						(130)
Investment gains (losses)			(21)						88						(3)						(13)						(31)						20
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans			84						(1)						–						–						(135)						(52)
Total revenues			$	5,509					$	6,745					$	5,304					$	1,258					$	(6)					$	18,810

Schedule of Segment Information

We present disaggregated disclosures in the Notes below for long-duration insurance balances, applying the level of aggregation by segment as follows:

Business Segment			Level of Aggregation
Annuities			Variable Annuities
			Fixed Annuities
			Payout Annuities
Life Insurance			Traditional Life
			UL and Other
Group Protection			Group Protection
Retirement Plan Services			Retirement Plan Services

The following provides a summary of our DAC, VOBA, DSI and DFEL amortization basis and expected amortization period by segment:

Business Segment			Amortization Basis			Expected Amortization Period
Annuities			Total deposits paid to date on policies in force			Life of contract
Life Insurance			Policy count of policies in force			On average 60 years
Group Protection			Group certificate contracts in force			4 years
Retirement Plan Services			Lives in force			Life of contract or 40 years

Other business segment and Other Operations information (in millions) was as follows:

			For the Years Ended December 31,
			2024						2023						2022
Net Investment Income
Annuities			$	1,636					$	1,668					$	1,463
Life Insurance			2,434						2,712						2,587
Group Protection			348						339						334
Retirement Plan Services			997						1,012						976
Other Operations			110						148						155
Total net investment income			$	5,525					$	5,879					$	5,515

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