Revenue
Cost
Profit
| Item | Category | Value | YoY |
|---|---|---|---|
| Total revenues | revenue | 2.90B | -22.61% |
| Total benefits and expenses | cost | 3.30B | -12.34% |
| Market risk benefits gains (losses), net | revenue | 1.67B | -25.65% |
| Operating costs and other expenses, net of deferrals | cost | 735.00M | 8.57% |
| Interest credited on other contract holder funds, net of deferrals and amortization | cost | 315.00M | 9.38% |
| Amortization of deferred acquisition costs | cost | 281.00M | 2.18% |
| Death, other policy benefits and change in policy reserves, net of deferrals | cost | 258.00M | 5.74% |
| Interest expense | cost | 25.00M | 0.00% |
| Liability for future policy benefit, remeasurement gain (loss) | revenue | 18.00M | 50.00% |
| Segment | Value | YoY |
|---|---|---|
| Retail Annuities | 1.44B | 10.67% |
| Closed Life And Annuity Blocks | 280.00M | -15.15% |
| Institutional Products | 143.00M | 23.28% |
| Others | 1.04B | -48.18% |
| Item | Category | Value | YoY |
|---|---|---|---|
| Debt securities, available-for-sale, net of allowance for credit losses of $17 and $11 at march 31, 2026 and december 31, 2025, respectively (amortized cost: 2026 $52,356; 2025 $50,491) | assets | 48.60B | |
| Mortgage loans, net of allowance for credit losses of $159 and $133 at march 31, 2026 and december 31, 2025, respectively | assets | 10.25B | |
| Policy loans | assets | 4.43B | |
| Debt securities, at fair value under fair value option | assets | 3.35B | |
| Other invested assets | assets | 3.25B | |
| Freestanding derivative instruments | assets | 701.00M | |
| Equity securities | assets | 243.00M | |
| Mortgage loans, at fair value under fair value option | assets | 196.00M | |
| Total investments | assets | 71.01B | |
| Separate account assets | assets | 223.45B | |
| Reinsurance recoverable, net of allowance for credit losses of $30 and $30 at march 31, 2026 and december 31, 2025, respectively | assets | 18.93B | |
| Deferred acquisition costs | assets | 11.63B | |
| Market risk benefit assets, at fair value | assets | 6.70B | |
| Cash and cash equivalents | assets | 5.54B | |
| Other assets | assets | 905.00M | |
| Accrued investment income | assets | 636.00M | |
| Deferred income taxes, net | assets | 610.00M | |
| Reinsurance recoverable on market risk benefits, at fair value | assets | 121.00M | |
| Total assets | assets | 339.54B | |
| Total liabilities | liabilities | 329.64B | |
| Noncontrolling interests | liabilities | 9.90B | |
| Separate account liabilities | liabilities | 223.45B | |
| Other contract holder funds | liabilities | 68.70B | |
| Funds withheld payable under reinsurance treaties | liabilities | 14.51B | |
| Reserves for future policy benefits and claims payable | liabilities | 10.71B | |
| Market risk benefit liabilities, at fair value | liabilities | 3.97B | |
| Other liabilities | liabilities | 2.54B | |
| Debt carrying value | liabilities | 2.03B | |
| Repurchase agreements and securities lending payable | liabilities | 505.00M | |
| Obligation to return securities received as collateral | liabilities | 343.00M | |
| Fair value | liabilities | 238.00M | |
| Noncontrolling interests | liabilities | 404.00M | |
| Total shareholders' equity | equity | 9.50B | |
| Accumulated other comprehensive income (loss), net of tax expense (benefit) of $(287) and $(377) at march 31, 2026 and december 31, 2025, respectively | equity | 2.73B | |
| Treasury stock, common, value | equity | 1.67B | |
| Aggregate | equity | 13.89B | |
| Retained earnings | equity | 6.97B | |
| Additional paid-in capital | equity | 6.39B | |
| Series a non-cumulative preferred stock and additional paid in capital, $1.00 par value per share: 24,000 shares authorized; 22,000 shares issued and outstanding at march 31, 2026 and december 31, 2025; liquidation preference $25,000 per share (see note 19) | equity | 533.00M | |
| Common stock; 1,000,000,000 shares authorized, $0.01 par value per share and 70,270,752 and 66,825,632 shares issued and outstanding at march 31, 2026 and december 31, 2025, respectively (see note 19) | equity | 1.00M |
| Item | Value |
|---|---|
| Market risk benefits gains (losses), net | 1.67B |
| Interest credited on other contract holder funds, gross | 315.00M |
| Net gains (losses) on funds withheld payable under reinsurance treaties | 159.00M |
| Increase (decrease) in funds held under reinsurance agreements | 120.00M |
| Share-based compensation | 60.00M |
| Net realized investment gains (losses) | 47.00M |
| Increase (decrease) in deferred policy acquisition costs | 26.00M |
| Deferred income tax expense (benefit) | 19.00M |
| Liability for future policy benefit, remeasurement gain (loss) | 18.00M |
| Increase (decrease) in accrued investment income receivable | -2.00M |
| Accretion (amortization) of discounts and premiums, investments | -14.00M |
| Mortality expense and surrender charges | -127.00M |
| Increase decrease in future policy benefits | -129.00M |
| Net gains (losses) on hedging instruments | -330.00M |
| Increase (decrease) in other operating assets and liabilities, net | -367.00M |
| Net income (loss) | -420.00M |
| Item | Value |
|---|---|
| Debt securities | 2.35B |
| Mortgage loans | 463.00M |
| Equity securities | 16.00M |
| Payment for (proceeds from) other investing activity | -58.00M |
| Payments for (proceeds from) derivative instruments and collateral on investments | -471.00M |
| Payments to acquire finance receivables | -724.00M |
| Payments to acquire debt securities | -4.01B |
| Item | Value |
|---|---|
| Deposits | 7.33B |
| Net transfers from (to) separate accounts | 5.40B |
| Issuance of treasury stock | 500.00M |
| Contributions from partners of consolidated investments | 108.00M |
| Issuance of debt of consolidated investment entities | 96.00M |
| Repayments of other debt | -4.00M |
| Payments of pre-capitalized trust securities issuance costs | -7.00M |
| Payments of ordinary dividends, preferred stock and preference stock | -11.00M |
| Repayments of long-term debt | -35.00M |
| Payments of ordinary dividends, common stock | -64.00M |
| Settlements related to deferred premium on derivatives | -154.00M |
| Payments for repurchase of common stock | -227.00M |
| Proceeds from (payments on) repurchase agreements and securities lending | -531.00M |
| Withdrawal from contract holders funds | -11.19B |
| Item | Value |
|---|---|
| Cash and cash equivalents, beginning of period | 5.70B |
| Cash and cash equivalents, end of period | 5.54B |
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