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Segments
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segments Segments
On August 5, 2025, the Company announced it would return to using its prior segment names — Retirement and Employee Benefits, replacing Wealth Solutions and Health Solutions, respectively. The naming convention better reflects and aligns with the services and solutions the Company provides today in the client markets served by those segments. The change in names did not affect the amounts reported by segment in the Company's financial statements.

The Company will continue to provide its products and services through three segments: Retirement, Investment Management and Employee Benefits. The Chief Executive Officer of the Company is the chief operating decision maker ("CODM") who assesses performance and makes final resource allocation decisions for the three operating segments. The CODM assesses segment performance by measuring Adjusted operating earnings before income taxes against internally developed annual targets, rolling quarterly forecasts, industry peers and investor expectations.
The Retirement segment provides tax-deferred, employer-sponsored retirement plans and administrative services to corporate, education, healthcare, other non-profit and government entities, and stable value products to institutional clients where the Company may or may not be providing defined contribution products and services, as well as individual retirement accounts ("IRAs"), other retail financial products and comprehensive financial services to individual customers.

The Investment Management segment provides investment products and retirement solutions across a broad range of geographies, market sectors, investment styles and capitalization spectrums. Products and services are offered to institutional clients, including public, corporate and union retirement plans, endowments and foundations and insurance companies, as well as individual investors and general accounts of the Company's insurance subsidiaries and are distributed through the Company's direct sales force, consultant channel and intermediary partners (such as banks, broker-dealers and independent financial advisers).

The Employee Benefits segment provides stop loss, group life, voluntary employee-paid and disability products to mid-sized and large businesses as well as benefit administration software solutions to employers and health plans.

Corporate adjusted operating earnings before income taxes include corporate operations, corporate level assets and financial obligations, financing and interest expenses, dividend payments made to preferred shareholders, other items not allocated or directly related to the Company's segments, such as certain expenses of employee benefit plans, certain adjustments to short-term and long-term incentive accruals, intercompany eliminations, and investment income in excess of amounts attributable to the segments.

Measurement

Adjusted operating earnings before income taxes is a meaningful measure used by management to evaluate its business and segment performance. This measure enhances the understanding of the Company’s financial results by focusing on the operating performance and trends of the underlying core business segments. It excludes results from exited businesses and items that tend to be highly variable from period to period based on capital market conditions or other factors which distort the ability to make a meaningful evaluation of the Company's segments. The Company uses the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as it does for the directly comparable U.S. GAAP measure Income (loss) before income taxes. Adjusted operating earnings before income taxes does not replace Income (loss) before income taxes as the U.S. GAAP measure of the Company’s consolidated results of operations. Therefore, the Company believes that it is useful to evaluate both measures when reviewing the Company’s financial and operating performance. Each segment’s Adjusted operating earnings before income taxes is calculated by adjusting Income (loss) before income taxes for the following items:
•Net investment gains (losses), which include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the fair value option unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations, and changes in the fair value of derivative instruments, excluding gains (losses) associated with swap settlements and accrued interest. It also includes changes in the fair value of derivatives related to managed custody guarantees, net of related reserve increases (decreases), less the estimated cost of these benefits, changes in nonperformance spread, and changes in market risk benefits;
•Income (loss) related to businesses exited or to be exited through reinsurance or divestment, which includes gains and (losses) associated with transactions to exit blocks of business, amortization of intangible assets and residual run-off activity;
•Income (loss) attributable to noncontrolling interests to which the Company is not economically entitled, such as Allianz's stake in the results of VIM Holdings LLC (referred to as redeemable noncontrolling interest or the noncontrolling interest) or the attribution of results from consolidated VIEs or VOEs;
•Dividend payments made to preferred shareholders are included as reductions to reflect the Adjusted operating earnings before income taxes that are available to common shareholders;
•Other adjustments may include the following items:
◦Income (loss) related to early extinguishment of debt;
◦Impairment of goodwill and intangible assets as these represent losses related to infrequent events and do not reflect normal, cash-settled expenses;
◦Amortization of acquisition-related intangible assets as well as contingent consideration fair value adjustments incurred in connection with certain acquisitions;
◦Expected return on plan assets net of interest costs associated with the Company's qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of the Company's pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments. These amounts do not reflect cash-settled expenses; and
◦Other items not indicative of normal operations or performance of the Company's segments or that may be related to events such as capital or organizational restructurings, including certain costs related to debt and equity offerings, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate.

Adjusted operating revenues is a measure of the Company's segment revenues. Each segment's Adjusted operating revenues are calculated by adjusting Total revenues to exclude the following items:
•Net investment gains (losses);
•Revenues related to businesses exited or to be exited through reinsurance or divestment;
•Revenues attributable to noncontrolling interests, which represents the attribution of results from consolidated VIEs or VOEs; and
•Other adjustments that primarily reflect fee income earned by the Company's broker-dealers for sales of nonproprietary products, which are reflected net of commission expense in the Company's segments’ operating revenues, other items where the income is passed on to third parties and the elimination of intercompany investment expenses included in Adjusted operating revenues.

Significant Expenses

•Administrative expenses are compensation, technology and other general costs, net of amounts capitalized and exclude commission expenses.
•Premium taxes, fees and assessments are taxes on paid premium and third-party fees correlated to business volumes.
•Net commissions are commissions paid net of amounts deferred.
The following tables reconcile Adjusted operating revenues to Total revenues and Adjusted operating earnings before income taxes to Income (loss) before income taxes for the periods indicated:
Three Months Ended September 30, 2025
RetirementInvestment ManagementEmployee BenefitsCorporateTotal
Revenues:
External customer revenue(1)
$409 $237 $789 $— $1,435 
Net investment income
500 3 42 38 583 
Net gains (losses)
(36)2 — 13 (21)
Income (loss) related to CIEs— 132 — (1)131 
Intersegment Fee income and elimination— 21 — (21)— 
Total revenues2,128 
Adjustments(2)
(20)(138)(2)(26)(186)
Adjusted operating revenues853 257 829 3 1,942 
Less:
Interest credited and other benefits to contract owners/policyholders235 — 546 — 781 
Administrative expenses254 177 134 — 565 
Premium taxes, fees and assessments— — 52 — 52 
Net commissions74 — 39 — 113 
DAC/VOBA and other intangibles amortization28 — 12 — 40 
Financing costs and preferred dividends— — — 47 47 
Other corporate— — — 37 37 
Adjusted operating earnings before income taxes including noncontrolling interest
261 80 47 (81)307 
Less: Earnings (loss) attributable to the noncontrolling interest
— 18 — (1)17 
Adjusted operating earnings before income taxes261 62 47 (80)290 
Plus adjustments:
Net investment gains (losses)(16)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment(52)
Income (loss) attributable to noncontrolling interests80 
Dividend payments made to preferred shareholders16 
Other adjustments(11)
Income (loss) before income taxes$307 
(1) Includes Fee income, Premiums and Other revenue and excludes intersegment fee income and the related elimination.
(2) Total adjustments include Net investment gains (losses) of $(9), Revenues related to businesses exited or to be exited through reinsurance or divestment of $28, Revenues attributable to noncontrolling interests of $115 and Other adjustments of $50.
Three Months Ended September 30, 2024
RetirementInvestment ManagementEmployee BenefitsCorporateTotal
Revenues:
External customer revenue(1)
$343 $229 $858 $9 $1,439 
Net investment income
420 8 36 42 506 
Net gains (losses)
(38)— (4)28 (14)
Income (loss) related to CIEs— 24 — 1 25 
Intersegment Fee income and elimination— 20 — (20)— 
Total revenues1,956 
Adjustments(2)
2 (38)2 (54)(89)
Adjusted operating revenues726 243 892 6 1,867 
Less:
Interest credited and other benefits to contract owners/policyholders210 — 634 — 845 
Administrative expenses219 171 130 — 520 
Premium taxes, fees and assessments— — 47 — 47 
Net commissions65 — 49 — 114 
DAC/VOBA and other intangibles amortization21 — 8 — 29 
Financing costs and preferred dividends— — — 46 46 
Other corporate— — — 20 20 
Adjusted operating earnings before income taxes including noncontrolling interest
211 72 23 (60)245 
Less: Earnings (loss) attributable to the noncontrolling interest
— 17 — (1)16 
Adjusted operating earnings before income taxes211 55 23 (59)230 
Plus adjustments:
Net investment gains (losses)(33)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment(52)
Income (loss) attributable to noncontrolling interests(16)
Dividend payments made to preferred shareholders16 
Other adjustments(28)
Income (loss) before income taxes$116 
(1) Includes Fee income, Premiums and Other revenue and excludes intersegment fee income and the related elimination.
(2) Total adjustments include Net investment gains (losses) of $(33), Revenues related to businesses exited or to be exited through reinsurance or divestment of $52, Revenues attributable to noncontrolling interests of $19 and Other adjustments of $50.
Nine Months Ended September 30, 2025
RetirementInvestment ManagementEmployee BenefitsCorporateTotal
Revenues:
External customer revenue(1)
$1,170 $683 $2,391 $(3)$4,241 
Net investment income1,469 19 118 121 1,727 
Net gains (losses)(129)— (3)36 (96)
Income (loss) related to CIEs— 205 — 1 206 
Intersegment Fee income and elimination— 64 — (64)— 
Total revenues6,078 
Adjustments(2)
(35)(231)(4)(77)(347)
Adjusted operating revenues2,475 740 2,502 14 5,731 
Less:
Interest credited and other benefits to contract owners/policyholders698 — 1,627 — 2,325 
Administrative expenses773 541 405 — 1,719 
Premium taxes, fees and assessments— — 152 — 152 
Net commissions216 — 129 — 345 
DAC/VOBA and other intangibles amortization84 — 28 — 112 
Financing costs and preferred dividends— — — 127 127 
Other corporate— — — 99 99 
Adjusted operating earnings before income taxes including noncontrolling interest703 199 162 (212)852 
Less: Earnings (loss) attributable to the noncontrolling interest— 44 — (3)41 
Adjusted operating earnings before income taxes703 155 162 (208)811 
Plus adjustments:
Net investment gains (losses)(46)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment(122)
Income (loss) attributable to noncontrolling interests70 
Dividend payments made to preferred shareholders37 
Other adjustments(82)
Income (loss) before income taxes$668 
(1) Includes Fee income, Premiums and Other revenue and excludes intersegment fee income and the related elimination.
(2) Total adjustments include Net investment gains (losses) of $(53), Revenues related to businesses exited or to be exited through reinsurance or divestment of $86, Revenues attributable to noncontrolling interests of $177 and Other adjustments of $137.
Nine Months Ended September 30, 2024
RetirementInvestment ManagementEmployee BenefitsCorporateTotal
Revenues:
External customer revenue(1)
$986 $664 $2,585 $10 $4,245 
Net investment income1,301 17 108 127 1,553 
Net gains (losses)5 1 (3)22 25 
Income (loss) related to CIEs— 216 — 1 217 
Intersegment Fee income and elimination— 59 — (59)— 
Total revenues6,040 
Adjustments(2)
(116)(245)(1)(87)(449)
Adjusted operating revenues2,176 711 2,689 15 5,591 
Less:
Interest credited and other benefits to contract owners/policyholders640 — 1,839 — 2,478 
Administrative expenses673 522 395 — 1,589 
Premium taxes, fees and assessments— — 138 — 138 
Net commissions189 — 151 — 340 
DAC/VOBA and other intangibles amortization64 — 25 — 89 
Financing costs and preferred dividends— — — 124 124 
Other corporate— — — 69 69 
Adjusted operating earnings before income taxes including noncontrolling interest611 189 142 (178)764 
Less: Earnings (loss) attributable to the noncontrolling interest— 43 — (3)40 
Adjusted operating earnings before income taxes611 147 142 (175)724 
Plus adjustments:
Net investment gains (losses)50 
Income (loss) related to businesses exited or to be exited through reinsurance or divestment(121)
Income (loss) attributable to noncontrolling interests51 
Dividend payments made to preferred shareholders37 
Other adjustments(63)
Income (loss) before income taxes$679 
(1) Includes Fee income, Premiums and Other revenue and excludes intersegment fee income and the related elimination.
(2) Total adjustments include Net investment gains (losses) of $30, Revenues related to businesses exited or to be exited through reinsurance or divestment of $89, Revenues attributable to noncontrolling interests of $186 and Other adjustments of $144.
The summary below presents Total assets for the Company's segments as of the dates indicated:
September 30, 2025December 31, 2024
Retirement
$143,768 $129,058 
Investment Management1,864 1,873 
Employee Benefits3,465 3,490 
Corporate24,046 24,940 
Total assets, before consolidation(1)
173,143 159,361 
Consolidation of investment entities4,305 4,528 
Total assets
$177,448 $163,889 
(1) Includes the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option.