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Segment Reporting
 9 Months Ended
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
AnnuityLife
Property
and Casualty
Corporate
and Other
Total
(Dollars in millions)
Revenues:
Net premiums$331 $86 $471 $— $888 
Other policy revenue139 69 — — 208 
Net investment income1,008 62 41 (87)1,024 
Investment related gains (losses)(11)— — (117)(128)
Other income1 9 2 — 12 
Total revenues1,468 226 514 (204)2,004 
Benefits, losses and expenses:
Policyholder benefits and claims incurred373 120 353 — 846 
Interest sensitive contract benefits507 16 — — 523 
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired175 10 104 — 289 
Change in fair value of insurance-related derivatives and embedded derivatives355 (11)— — 344 
Change in fair value of market risk benefits134 — — — 134 
Operating expenses116 63 31 18 228 
Interest expense— — — 49 49 
Total benefits and expenses1,660 198 488 67 2,413 
Net income (loss) before income taxes$(192)$28 $26 $(271)$(409)
Three Months Ended September 30, 2023
AnnuityLifeProperty
and Casualty		Corporate
and Other		Total
(Dollars in millions)
Revenues:
Net premiums$154 $107 $523 $— $784 
Other policy revenue12 94 — — 106 
Net investment income236 91 35 13 375 
Investment related gains (losses)— — — (12)(12)
Other income— 11 — — 11 
Total revenues402 303 558 1 1,264 
Benefits, losses and expenses:
Policyholder benefits and claims incurred167 143 407 — 717 
Interest sensitive contract benefits98 35 — — 133 
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired7 11 118 — 136 
Change in fair value of insurance-related derivatives and embedded derivatives24 30 — — 54 
Change in fair value of market risk benefits(14)— — — (14)
Operating expenses28 59 56 4 147 
Interest expense— — — 27 27 
Total benefits and expenses310 278 581 31 1,200 
Net income (loss) before income taxes$92 $25 $(23)$(30)$64 
Nine Months Ended September 30, 2024
AnnuityLifeProperty
and Casualty		Corporate
and Other		Total
(Dollars in millions)
Revenues:
Net premiums$1,342 $286 $1,409 $— $3,037 
Other policy revenue244 260 — — 504 
Net investment income2,043 249 121 (17)2,396 
Investment related gains (losses)(8)— — (152)(160)
Other income1 9 2 — 12 
Total revenues3,622 804 1,532 (169)5,789 
Benefits, losses and expenses:
Policyholder benefits and claims incurred1,457 446 1,059 — 2,962 
Interest sensitive contract benefits956 112 — — 1,068 
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired295 32 322 — 649 
Change in fair value of insurance-related derivatives and embedded derivatives343 3 — — 346 
Change in fair value of market risk benefits292 — — — 292 
Operating expenses249 191 113 113 666 
Interest expense— — — 114 114 
Total benefits and expenses3,592 784 1,494 227 6,097 
Net income (loss) before income taxes$30 $20 $38 $(396)$(308)
Nine Months Ended September 30, 2023
AnnuityLifeProperty
and Casualty		Corporate
and Other		Total
(Dollars in millions)
Revenues:
Net premiums$714 $321 $1,532 $— $2,567 
Other policy revenue29 277 — — 306 
Net investment income618 231 125 46 1,020 
Investment related gains (losses)— — — (32)(32)
Other income— 32 — — 32 
Total revenues1,361 861 1,657 14 3,893 
Benefits, losses and expenses:
Policyholder benefits and claims incurred761 448 1,197 — 2,406 
Interest sensitive contract benefits181 157 — — 338 
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired13 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 expenses81 177 171 21 450 
Interest expense— — — 73 73 
Total benefits and expenses986 900 1,719 94 3,699 
Net income (loss) before income taxes$375 $(39)$(62)$(80)$194