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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2025
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 Three Months Ended June 30, 2025
| Annuities |  | Life Insurance |  | Group Protection |  | Retirement Plan Services |  | Other Operations |  | Total
Operating Revenues (1) | $ | 1,214 |  |  | $ | 1,602 |  |  | $ | 1,538 |  |  | $ | 331 |  |  | $ | 41 |  |  | $ | 4,726 |
Operating Expenses (2) |  |  |  |  |  |  |  |  |  |  |
Benefits and policyholder liability |  |  |  |  |  |  |  |  |  |  |
remeasurement (gain) loss | 32 |  |  | 956 |  |  | 913 |  |  | – |  |  | 7 |  |  | 1,908 |
Interest credited | 439 |  |  | 289 |  |  | 1 |  |  | 174 |  |  | 13 |  |  | 916 |
Commissions | 292 |  |  | 111 |  |  | 139 |  |  | 28 |  |  | – |  |  | 570 |
General and administrative expenses | 126 |  |  | 133 |  |  | 227 |  |  | 83 |  |  | 57 |  |  | 626 |
Interest and debt expense | – |  |  | – |  |  | – |  |  | – |  |  | 81 |  |  | 81 |
Other (3) | (13) |  |  | 79 |  |  | 39 |  |  | 4 |  |  | (1) |  |  | 108 |
Total operating expenses | 876 |  |  | 1,568 |  |  | 1,319 |  |  | 289 |  |  | 157 |  |  | 4,209 |
Total federal income tax expense (benefit) | 51 |  |  | 2 |  |  | 46 |  |  | 5 |  |  | (25) |  |  | 79 |
Total income (loss) from operations | 287 |  |  | 32 |  |  | 173 |  |  | 37 |  |  | (91) |  |  | 438 |
Reconciliation of total income (loss) from |  |  |  |  |  |  |  |  |  |  |
operations to net income (loss): |  |  |  |  |  |  |  |  |  |  |
Net annuity product features, pre-tax (4) |  |  |  |  |  |  |  |  |  |  | 405 |
Net life insurance product features, pre-tax |  |  |  |  |  |  |  |  |  |  | (58) |
Credit loss-related adjustments, pre-tax |  |  |  |  |  |  |  |  |  |  | (25) |
Investment gains (losses), pre-tax |  |  |  |  |  |  |  |  |  |  | (81) |
Changes in the fair value of |  |  |  |  |  |  |  |  |  |  |
reinsurance-related embedded |  |  |  |  |  |  |  |  |  |  |
derivatives, trading securities and |  |  |  |  |  |  |  |  |  |  |
certain mortgage loans, pre-tax (5) |  |  |  |  |  |  |  |  |  |  | 14 |
Other items, pre-tax (6) (7) (8) (9) |  |  |  |  |  |  |  |  |  |  | 75 |
Income tax benefit (expense) related to |  |  |  |  |  |  |  |  |  |  |
the above pre-tax items |  |  |  |  |  |  |  |  |  |  | (69) |
Total net income (loss) |  |  |  |  |  |  |  |  |  |  | $ | 699 |
(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; taxes, licenses and fees; expenses associated with reserve financing and letters of credit (“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: DAC capitalization and amortization; taxes, licenses and fees; 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: Taxes, licenses and fees; DAC capitalization and amortization and 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 changes in MRBs of $932 million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $(595) million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $68 million. (5) 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. (6) Includes severance expense related to initiatives to realign the workforce of $(2) million. (7) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(18) million primarily related to the Bain Capital transaction. (8) Includes deferred compensation mark-to-market adjustment of $1 million. (9) Includes gains (losses) on early extinguishment of debt of $94 million.
| For the Three Months Ended June 30, 2024
| Annuities |  | Life Insurance |  | Group Protection |  | Retirement Plan Services |  | Other Operations |  | Total
Operating Revenues (1) | $ | 1,209 |  |  | $ | 1,511 |  |  | $ | 1,441 |  |  | $ | 327 |  |  | $ | 39 |  |  | $ | 4,527 |
Operating Expenses (2) |  |  |  |  |  |  |  |  |  |  |
Benefits and policyholder liability |  |  |  |  |  |  |  |  |  |  |
remeasurement (gain) loss | 40 |  |  | 964 |  |  | 908 |  |  | – |  |  | 5 |  |  | 1,917 |
Interest credited | 377 |  |  | 299 |  |  | 1 |  |  | 168 |  |  | 8 |  |  | 853 |
Commissions | 269 |  |  | 113 |  |  | 113 |  |  | 26 |  |  | – |  |  | 521 |
General and administrative expenses | 116 |  |  | 139 |  |  | 226 |  |  | 83 |  |  | 64 |  |  | 628 |
Interest and debt expense | – |  |  | – |  |  | – |  |  | – |  |  | 86 |  |  | 86 |
Other (3) | 56 |  |  | 47 |  |  | 28 |  |  | 4 |  |  | (2) |  |  | 133 |
Total operating expenses | 858 |  |  | 1,562 |  |  | 1,276 |  |  | 281 |  |  | 161 |  |  | 4,138 |
Total federal income tax expense (benefit) | 54 |  |  | (16) |  |  | 35 |  |  | 6 |  |  | (25) |  |  | 54 |
Total income (loss) from operations | 297 |  |  | (35) |  |  | 130 |  |  | 40 |  |  | (97) |  |  | 335 |
Reconciliation of total income (loss) from |  |  |  |  |  |  |  |  |  |  |
operations to net income (loss) (4): |  |  |  |  |  |  |  |  |  |  |
Net annuity product features, pre-tax (5) |  |  |  |  |  |  |  |  |  |  | 252 |
Net life insurance product features, pre-tax |  |  |  |  |  |  |  |  |  |  | 4 |
Credit loss-related adjustments, pre-tax |  |  |  |  |  |  |  |  |  |  | (34) |
Investment gains (losses), pre-tax |  |  |  |  |  |  |  |  |  |  | (230) |
Changes in the fair value of |  |  |  |  |  |  |  |  |  |  |
reinsurance-related embedded |  |  |  |  |  |  |  |  |  |  |
derivatives, trading securities and |  |  |  |  |  |  |  |  |  |  |
certain mortgage loans, pre-tax (6) |  |  |  |  |  |  |  |  |  |  | 201 |
Gains (losses) on other non-financial assets – |  |  |  |  |  |  |  |  |  |  |
sale of subsidiaries/businesses, pre-tax (7) |  |  |  |  |  |  |  |  |  |  | 584 |
Other items, pre-tax (8) (9) (10) |  |  |  |  |  |  |  |  |  |  | (33) |
Income tax benefit (expense) related to |  |  |  |  |  |  |  |  |  |  |
the above pre-tax items |  |  |  |  |  |  |  |  |  |  | (184) |
Total net income (loss) |  |  |  |  |  |  |  |  |  |  | $ | 895 |
(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; 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: DAC capitalization and amortization; taxes, licenses and fees; 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: Taxes, licenses and fees and 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) Includes changes in MRBs of $126 million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $50 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $76 million. (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) Relates to the sale of our wealth management business. (8) Includes severance expense related to initiatives to realign the workforce of $(7) million. (9) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(27) million related to the sale of our wealth management business. (10) Includes deferred compensation mark-to-market adjustment of $1 million.
| For the Six Months Ended June 30, 2025
| Annuities |  | Life Insurance |  | Group Protection |  | Retirement Plan Services |  | Other Operations |  | Total
Operating Revenues (1) | $ | 2,412 |  |  | $ | 3,188 |  |  | $ | 3,059 |  |  | $ | 658 |  |  | $ | 94 |  |  | $ | 9,411 |
Operating Expenses (2) |  |  |  |  |  |  |  |  |  |  |
Benefits and policyholder liability |  |  |  |  |  |  |  |  |  |  |
remeasurement (gain) loss | 60 |  |  | 1,958 |  |  | 1,908 |  |  | – |  |  | 11 |  |  | 3,937 |
Interest credited | 858 |  |  | 576 |  |  | – |  |  | 344 |  |  | 27 |  |  | 1,805 |
Commissions | 590 |  |  | 210 |  |  | 272 |  |  | 55 |  |  | – |  |  | 1,127 |
General and administrative expenses | 251 |  |  | 263 |  |  | 449 |  |  | 168 |  |  | 125 |  |  | 1,256 |
Interest and debt expense | – |  |  | – |  |  | – |  |  | – |  |  | 161 |  |  | 161 |
Other (3) | (25) |  |  | 179 |  |  | 83 |  |  | 11 |  |  | (2) |  |  | 246 |
Total operating expenses | 1,734 |  |  | 3,186 |  |  | 2,712 |  |  | 578 |  |  | 322 |  |  | 8,532 |
Total federal income tax expense (benefit) | 101 |  |  | (14) |  |  | 73 |  |  | 9 |  |  | (42) |  |  | 127 |
Total income (loss) from operations | 577 |  |  | 16 |  |  | 274 |  |  | 71 |  |  | (186) |  |  | 752 |
Reconciliation of total income (loss) from |  |  |  |  |  |  |  |  |  |  |
operations to net income (loss): |  |  |  |  |  |  |  |  |  |  |
Net annuity product features, pre-tax (4) |  |  |  |  |  |  |  |  |  |  | (687) |
Net life insurance product features, pre-tax |  |  |  |  |  |  |  |  |  |  | (15) |
Credit loss-related adjustments, pre-tax |  |  |  |  |  |  |  |  |  |  | (53) |
Investment gains (losses), pre-tax |  |  |  |  |  |  |  |  |  |  | (183) |
Changes in the fair value of |  |  |  |  |  |  |  |  |  |  |
reinsurance-related embedded |  |  |  |  |  |  |  |  |  |  |
derivatives, trading securities and |  |  |  |  |  |  |  |  |  |  |
certain mortgage loans, pre-tax (5) |  |  |  |  |  |  |  |  |  |  | (76) |
Other items, pre-tax (6) (7) (8) (9) (10) |  |  |  |  |  |  |  |  |  |  | 40 |
Income tax benefit (expense) related to |  |  |  |  |  |  |  |  |  |  |
the above pre-tax items |  |  |  |  |  |  |  |  |  |  | 199 |
Total net income (loss) |  |  |  |  |  |  |  |  |  |  | $ | (23) |
(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; 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: Taxes, licenses and fees; DAC capitalization and amortization and expenses associated with LOCs. Other Operations: Taxes, licenses and fees; DAC capitalization and amortization and 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 changes in MRBs of $(370) million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $(321) million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $4 million. (5) 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. (6) Includes severance expense related to initiatives to realign the workforce of $(8) million. (7) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(38) million related to the Bain Capital transaction and the sale of our wealth management business. (8) Includes deferred compensation mark-to-market adjustment of $(8) million. (9) Includes gains (losses) on early extinguishment of debt of $94 million.
| For the Six Months Ended June 30, 2024
| Annuities |  | Life Insurance |  | Group Protection |  | Retirement Plan Services |  | Other Operations |  | Total
Operating Revenues (1) | $ | 2,477 |  |  | $ | 3,052 |  |  | $ | 2,867 |  |  | $ | 649 |  |  | $ | 66 |  |  | $ | 9,111 |
Operating Expenses (2) |  |  |  |  |  |  |  |  |  |  |
Benefits and policyholder liability |  |  |  |  |  |  |  |  |  |  |
remeasurement (gain) loss | 67 |  |  | 1,951 |  |  | 1,871 |  |  | – |  |  | 11 |  |  | 3,900 |
Interest credited | 729 |  |  | 592 |  |  | 2 |  |  | 335 |  |  | 17 |  |  | 1,675 |
Commissions | 523 |  |  | 226 |  |  | 222 |  |  | 49 |  |  | – |  |  | 1,020 |
General and administrative expenses | 236 |  |  | 282 |  |  | 435 |  |  | 168 |  |  | 120 |  |  | 1,241 |
Interest and debt expense | – |  |  | – |  |  | – |  |  | – |  |  | 167 |  |  | 167 |
Other (3) | 253 |  |  | 102 |  |  | 71 |  |  | 9 |  |  | (7) |  |  | 428 |
Total operating expenses | 1,808 |  |  | 3,153 |  |  | 2,601 |  |  | 561 |  |  | 308 |  |  | 8,431 |
Total federal income tax expense (benefit) | 113 |  |  | (31) |  |  | 56 |  |  | 12 |  |  | (50) |  |  | 100 |
Total income (loss) from operations | 556 |  |  | (70) |  |  | 210 |  |  | 76 |  |  | (192) |  |  | 580 |
Reconciliation of total income (loss) from |  |  |  |  |  |  |  |  |  |  |
operations to net income (loss) (4): |  |  |  |  |  |  |  |  |  |  |
Net annuity product features, pre-tax (5) |  |  |  |  |  |  |  |  |  |  | 1,702 |
Net life insurance product features, pre-tax |  |  |  |  |  |  |  |  |  |  | (128) |
Credit loss-related adjustments, pre-tax |  |  |  |  |  |  |  |  |  |  | (36) |
Investment gains (losses), pre-tax |  |  |  |  |  |  |  |  |  |  | (311) |
Changes in the fair value of |  |  |  |  |  |  |  |  |  |  |
reinsurance-related embedded |  |  |  |  |  |  |  |  |  |  |
derivatives, trading securities and |  |  |  |  |  |  |  |  |  |  |
certain mortgage loans, pre-tax (6) |  |  |  |  |  |  |  |  |  |  | 395 |
Gains (losses) on other non-financial assets – |  |  |  |  |  |  |  |  |  |  |
sale of subsidiaries/businesses, pre-tax (7) |  |  |  |  |  |  |  |  |  |  | 584 |
Other items, pre-tax (8) (9) (10) (11) |  |  |  |  |  |  |  |  |  |  | (219) |
Income tax benefit (expense) related to |  |  |  |  |  |  |  |  |  |  |
the above pre-tax items |  |  |  |  |  |  |  |  |  |  | (451) |
Total net income (loss) |  |  |  |  |  |  |  |  |  |  | $ | 2,116 |
(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; taxes, licenses and fees and expenses associated with LOCs. Other Operations: Taxes, licenses and fees and 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) Includes changes in MRBs of $2,021 million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $(537) million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $218 million. (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) Relates to the sale of our wealth management business. (8) Includes $(114) million primarily related to the settlement of cost of insurance litigation in the first quarter of 2024. (9) Includes severance expense related to initiatives to realign the workforce of $(56) million. (10) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(37) million primarily related to the sale of our wealth management business. (11) Includes deferred compensation mark-to-market adjustment of $(12) 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 Three Months Ended June 30, 2025
| Annuities |  | Life Insurance |  | Group Protection |  | Retirement Plan Services |  | Other Operations |  | Total
Operating revenues | $ | 1,214 |  |  | $ | 1,602 |  |  | $ | 1,538 |  |  | $ | 331 |  |  | $ | 41 |  |  | $ | 4,726 |
Revenue adjustments from annuity and life |  |  |  |  |  |  |  |  |  |  |
insurance product features | (526) |  |  | (64) |  |  | – |  |  | – |  |  | – |  |  | (590) |
Credit loss-related adjustments | (2) |  |  | (2) |  |  | – |  |  | (7) |  |  | (14) |  |  | (25) |
Investment gains (losses) | (2) |  |  | (25) |  |  | – |  |  | (3) |  |  | (51) |  |  | (81) |
Changes in the fair value of reinsurance- |  |  |  |  |  |  |  |  |  |  |
related embedded derivatives, trading |  |  |  |  |  |  |  |  |  |  |
securities and certain mortgage loans | – |  |  | 13 |  |  | – |  |  | – |  |  | 1 |  |  | 14 |
Total revenues | $ | 684 |  |  | $ | 1,524 |  |  | $ | 1,538 |  |  | $ | 321 |  |  | $ | (23) |  |  | $ | 4,044 |
| For the Three Months Ended June 30, 2024
| Annuities |  | Life Insurance |  | Group Protection |  | Retirement Plan Services |  | Other Operations |  | Total
Operating revenues | $ | 1,209 |  |  | $ | 1,511 |  |  | $ | 1,441 |  |  | $ | 327 |  |  | $ | 39 |  |  | $ | 4,527 |
Revenue adjustments from annuity and life |  |  |  |  |  |  |  |  |  |  |
insurance product features | 126 |  |  | (21) |  |  | – |  |  | – |  |  | – |  |  | 105 |
Credit loss-related adjustments | (19) |  |  | 7 |  |  | – |  |  | (13) |  |  | (9) |  |  | (34) |
Investment gains (losses) | 9 |  |  | (119) |  |  | (1) |  |  | – |  |  | (119) |  |  | (230) |
Changes in the fair value of reinsurance- |  |  |  |  |  |  |  |  |  |  |
related embedded derivatives, trading |  |  |  |  |  |  |  |  |  |  |
securities and certain mortgage loans | – |  |  | 204 |  |  | – |  |  | – |  |  | (3) |  |  | 201 |
Gains (losses) on other non-financial assets - |  |  |  |  |  |  |  |  |  |  |
sale of subsidiaries/businesses | – |  |  | – |  |  | – |  |  | – |  |  | 584 |  |  | 584 |
Total revenues | $ | 1,325 |  |  | $ | 1,582 |  |  | $ | 1,440 |  |  | $ | 314 |  |  | $ | 492 |  |  | $ | 5,153 |
| For the Six Months Ended June 30, 2025
| Annuities |  | Life Insurance |  | Group Protection |  | Retirement Plan Services |  | Other Operations |  | Total
Operating revenues | $ | 2,412 |  |  | $ | 3,188 |  |  | $ | 3,059 |  |  | $ | 658 |  |  | $ | 94 |  |  | $ | 9,411 |
Revenue adjustments from annuity and life |  |  |  |  |  |  |  |  |  |  |
insurance product features | (317) |  |  | (47) |  |  | – |  |  | – |  |  | – |  |  | (364) |
Credit loss-related adjustments | (19) |  |  | (1) |  |  | (2) |  |  | (9) |  |  | (22) |  |  | (53) |
Investment gains (losses) | (8) |  |  | (133) |  |  | 1 |  |  | (6) |  |  | (37) |  |  | (183) |
Changes in the fair value of reinsurance- |  |  |  |  |  |  |  |  |  |  |
related embedded derivatives, trading |  |  |  |  |  |  |  |  |  |  |
securities and certain mortgage loans | 10 |  |  | (76) |  |  | – |  |  | – |  |  | (10) |  |  | (76) |
Total revenues | $ | 2,078 |  |  | $ | 2,931 |  |  | $ | 3,058 |  |  | $ | 643 |  |  | $ | 25 |  |  | $ | 8,735 |
| For the Six Months Ended June 30, 2024
| Annuities |  | Life Insurance |  | Group Protection |  | Retirement Plan Services |  | Other Operations |  | Total
Operating revenues | $ | 2,477 |  |  | $ | 3,052 |  |  | $ | 2,867 |  |  | $ | 649 |  |  | $ | 66 |  |  | $ | 9,111 |
Revenue adjustments from annuity and life |  |  |  |  |  |  |  |  |  |  |
insurance product features | (320) |  |  | (154) |  |  | – |  |  | – |  |  | – |  |  | (474) |
Credit loss-related adjustments | (23) |  |  | 11 |  |  | – |  |  | (13) |  |  | (11) |  |  | (36) |
Investment gains (losses) | 27 |  |  | (148) |  |  | (1) |  |  | (5) |  |  | (184) |  |  | (311) |
Changes in the fair value of reinsurance- |  |  |  |  |  |  |  |  |  |  |
related embedded derivatives, trading |  |  |  |  |  |  |  |  |  |  |
securities and certain mortgage loans | (3) |  |  | 409 |  |  | – |  |  | – |  |  | (11) |  |  | 395 |
Gains (losses) on other non-financial assets - |  |  |  |  |  |  |  |  |  |  |
sale of subsidiaries/businesses | – |  |  | – |  |  | – |  |  | – |  |  | 584 |  |  | 584 |
Total revenues | $ | 2,158 |  |  | $ | 3,170 |  |  | $ | 2,866 |  |  | $ | 631 |  |  | $ | 444 |  |  | $ | 9,269 |
Schedule of Segment Information | We present disaggregated disclosures in the Notes below for long-duration insurance balances, applying the level of aggregation by business 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
Other business segment and Other Operations information (in millions) was as follows:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net Investment Income |  |  |  |  |  |  |
Annuities | $ | 464 |  |  | $ | 405 |  |  | $ | 916 |  |  | $ | 785 |
Life Insurance | 631 |  |  | 565 |  |  | 1,255 |  |  | 1,187 |
Group Protection | 94 |  |  | 88 |  |  | 183 |  |  | 173 |
Retirement Plan Services | 252 |  |  | 247 |  |  | 503 |  |  | 491 |
Other Operations | 25 |  |  | 27 |  |  | 67 |  |  | 43 |
Total net investment income | $ | 1,466 |  |  | $ | 1,332 |  |  | $ | 2,924 |  |  | $ | 2,679 |

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