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Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Results

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

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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X

- References

No definition available.

+ Details

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