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Segment Reporting | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Segment Reporting | 27. Segment Reporting Management organizes the business into four reporting segments: •Annuity - consists of fixed, fixed index, and variable annuity products as well as PRT contracts. Products are primarily sold through independent agents, brokers, and financial institutions, along with multiple-line and career agents. •Life - consists of whole, term, universal, indexed and variable life insurance. Products are primarily sold through career, multiple-line, and independent agents as well as direct marketing channels. •Property and Casualty - consists of personal, agricultural and targeted commercial coverages and credit-related property insurance. Products are primarily sold through multiple-line and independent agents or managing general agents. There are also small amounts of Health insurance, consisting of Medicare Supplement, stop-loss, other supplemental health products and credit disability insurance. Products are typically distributed through independent agents and managing general underwriters. •Corporate and Other - consists of net investment income from investments and certain expenses not allocated to the insurance segments and revenues and related expenses from non-insurance operations. All revenues and expenses specifically attributable to policy transactions are recorded directly to the appropriate operating segment. Revenues and expenses not specifically attributable to policy transactions are allocated to each segment as follows: •Recurring income from bonds and mortgage loans is allocated based on the assets allocated to each segment at the average yield available from these assets. •Net investment income from all other assets is allocated to the insurance segments in accordance with the amount of capital allocated to each segment, with the remainder recorded in the Corporate and Other segment. •Expenses are charged to segments through direct identification and allocations based upon various factors. The results of operations measured as the income before federal income taxes and other items by operating segments are summarized below.
| Three Months Ended September 30, 2024
| Annuity |  | Life |  | Property and Casualty |  | Corporate and Other |  | Total
| (Dollars in millions)
Revenues: |  |  |  |  |  |  |  |  |
Net premiums | $ | 331 |  |  | $ | 86 |  |  | $ | 471 |  |  | $ | — |  |  | $ | 888 |
Other policy revenue | 139 |  |  | 69 |  |  | — |  |  | — |  |  | 208 |
Net investment income | 1,008 |  |  | 62 |  |  | 41 |  |  | (87) |  |  | 1,024 |
Investment related gains (losses) | (11) |  |  | — |  |  | — |  |  | (117) |  |  | (128) |
Other income | 1 |  |  | 9 |  |  | 2 |  |  | — |  |  | 12 |
Total revenues | 1,468 |  |  | 226 |  |  | 514 |  |  | (204) |  |  | 2,004 |
Benefits, losses and expenses: |  |  |  |  |  |  |  |  |
Policyholder benefits and claims incurred | 373 |  |  | 120 |  |  | 353 |  |  | — |  |  | 846 |
Interest sensitive contract benefits | 507 |  |  | 16 |  |  | — |  |  | — |  |  | 523 |
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired | 175 |  |  | 10 |  |  | 104 |  |  | — |  |  | 289 |
Change in fair value of insurance-related derivatives and embedded derivatives | 355 |  |  | (11) |  |  | — |  |  | — |  |  | 344 |
Change in fair value of market risk benefits | 134 |  |  | — |  |  | — |  |  | — |  |  | 134 |
Operating expenses | 116 |  |  | 63 |  |  | 31 |  |  | 18 |  |  | 228 |
Interest expense | — |  |  | — |  |  | — |  |  | 49 |  |  | 49 |
Total benefits and expenses | 1,660 |  |  | 198 |  |  | 488 |  |  | 67 |  |  | 2,413 |
Net income (loss) before income taxes | $ | (192) |  |  | $ | 28 |  |  | $ | 26 |  |  | $ | (271) |  |  | $ | (409) |
| Three Months Ended September 30, 2023
| Annuity |  | Life |  | Property and Casualty |  | Corporate and Other |  | Total
| (Dollars in millions)
Revenues: |  |  |  |  |  |  |  |  |
Net premiums | $ | 154 |  |  | $ | 107 |  |  | $ | 523 |  |  | $ | — |  |  | $ | 784 |
Other policy revenue | 12 |  |  | 94 |  |  | — |  |  | — |  |  | 106 |
Net investment income | 236 |  |  | 91 |  |  | 35 |  |  | 13 |  |  | 375 |
Investment related gains (losses) | — |  |  | — |  |  | — |  |  | (12) |  |  | (12) |
Other income | — |  |  | 11 |  |  | — |  |  | — |  |  | 11 |
Total revenues | 402 |  |  | 303 |  |  | 558 |  |  | 1 |  |  | 1,264 |
Benefits, losses and expenses: |  |  |  |  |  |  |  |  |
Policyholder benefits and claims incurred | 167 |  |  | 143 |  |  | 407 |  |  | — |  |  | 717 |
Interest sensitive contract benefits | 98 |  |  | 35 |  |  | — |  |  | — |  |  | 133 |
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired | 7 |  |  | 11 |  |  | 118 |  |  | — |  |  | 136 |
Change in fair value of insurance-related derivatives and embedded derivatives | 24 |  |  | 30 |  |  | — |  |  | — |  |  | 54 |
Change in fair value of market risk benefits | (14) |  |  | — |  |  | — |  |  | — |  |  | (14) |
Operating expenses | 28 |  |  | 59 |  |  | 56 |  |  | 4 |  |  | 147 |
Interest expense | — |  |  | — |  |  | — |  |  | 27 |  |  | 27 |
Total benefits and expenses | 310 |  |  | 278 |  |  | 581 |  |  | 31 |  |  | 1,200 |
Net income (loss) before income taxes | $ | 92 |  |  | $ | 25 |  |  | $ | (23) |  |  | $ | (30) |  |  | $ | 64 |
| Nine Months Ended September 30, 2024
| Annuity |  | Life |  | Property and Casualty |  | Corporate and Other |  | Total
| (Dollars in millions)
Revenues: |  |  |  |  |  |  |  |  |
Net premiums | $ | 1,342 |  |  | $ | 286 |  |  | $ | 1,409 |  |  | $ | — |  |  | $ | 3,037 |
Other policy revenue | 244 |  |  | 260 |  |  | — |  |  | — |  |  | 504 |
Net investment income | 2,043 |  |  | 249 |  |  | 121 |  |  | (17) |  |  | 2,396 |
Investment related gains (losses) | (8) |  |  | — |  |  | — |  |  | (152) |  |  | (160) |
Other income | 1 |  |  | 9 |  |  | 2 |  |  | — |  |  | 12 |
Total revenues | 3,622 |  |  | 804 |  |  | 1,532 |  |  | (169) |  |  | 5,789 |
Benefits, losses and expenses: |  |  |  |  |  |  |  |  |
Policyholder benefits and claims incurred | 1,457 |  |  | 446 |  |  | 1,059 |  |  | — |  |  | 2,962 |
Interest sensitive contract benefits | 956 |  |  | 112 |  |  | — |  |  | — |  |  | 1,068 |
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired | 295 |  |  | 32 |  |  | 322 |  |  | — |  |  | 649 |
Change in fair value of insurance-related derivatives and embedded derivatives | 343 |  |  | 3 |  |  | — |  |  | — |  |  | 346 |
Change in fair value of market risk benefits | 292 |  |  | — |  |  | — |  |  | — |  |  | 292 |
Operating expenses | 249 |  |  | 191 |  |  | 113 |  |  | 113 |  |  | 666 |
Interest expense | — |  |  | — |  |  | — |  |  | 114 |  |  | 114 |
Total benefits and expenses | 3,592 |  |  | 784 |  |  | 1,494 |  |  | 227 |  |  | 6,097 |
Net income (loss) before income taxes | $ | 30 |  |  | $ | 20 |  |  | $ | 38 |  |  | $ | (396) |  |  | $ | (308) |
| Nine Months Ended September 30, 2023
| Annuity |  | Life |  | Property and Casualty |  | Corporate and Other |  | Total
| (Dollars in millions)
Revenues: |  |  |  |  |  |  |  |  |
Net premiums | $ | 714 |  |  | $ | 321 |  |  | $ | 1,532 |  |  | $ | — |  |  | $ | 2,567 |
Other policy revenue | 29 |  |  | 277 |  |  | — |  |  | — |  |  | 306 |
Net investment income | 618 |  |  | 231 |  |  | 125 |  |  | 46 |  |  | 1,020 |
Investment related gains (losses) | — |  |  | — |  |  | — |  |  | (32) |  |  | (32) |
Other income | — |  |  | 32 |  |  | — |  |  | — |  |  | 32 |
Total revenues | 1,361 |  |  | 861 |  |  | 1,657 |  |  | 14 |  |  | 3,893 |
Benefits, losses and expenses: |  |  |  |  |  |  |  |  |
Policyholder benefits and claims incurred | 761 |  |  | 448 |  |  | 1,197 |  |  | — |  |  | 2,406 |
Interest sensitive contract benefits | 181 |  |  | 157 |  |  | — |  |  | — |  |  | 338 |
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired | 13 |  |  | 35 |  |  | 351 |  |  | — |  |  | 399 |
Change in fair value of insurance-related derivatives and embedded derivatives | (29) |  |  | 83 |  |  | — |  |  | — |  |  | 54 |
Change in fair value of market risk benefits | (21) |  |  | — |  |  | — |  |  | — |  |  | (21) |
Operating expenses | 81 |  |  | 177 |  |  | 171 |  |  | 21 |  |  | 450 |
Interest expense | — |  |  | — |  |  | — |  |  | 73 |  |  | 73 |
Total benefits and expenses | 986 |  |  | 900 |  |  | 1,719 |  |  | 94 |  |  | 3,699 |
Net income (loss) before income taxes | $ | 375 |  |  | $ | (39) |  |  | $ | (62) |  |  | $ | (80) |  |  | $ | 194 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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