v3.25.2
Reserves for Future Policy Benefits and Contract Owner Account Balances
 6 Months Ended
Jun. 30, 2025
Reserves for Future Policy Benefits and Contract Owner Balances [Abstract]  
Liability for Future Policy Benefits and Unpaid Claims Disclosure
6.     Reserves for Contract Owner Account Balances

The following table presents a rollforward of Contract owner account balances for the periods indicated:
Deferred Group and Individual Annuity
June 30, 2025December 31, 2024
Balance at January 1$25,031 $25,991 
Additions related to business acquisitions(1)
3,458 — 
Deposits1,588 2,435 
Fee income(29)(50)
Surrenders, withdrawals and benefits(2,490)(4,368)
Net transfers (from) to the general account(2)
392 313 
Interest credited391 710 
Balance at end of period
$28,341 $25,031 

Weighted-average crediting rate2.8 %2.8 %
Net amount at risk(3)
$54 $86 
Cash surrender value$27,995 $24,669 
(1) In addition, $0.3 billion of acquired other investment contracts during the current year from OneAmerica Financial are reported in Other in the table below.
(2) Net transfers (from) to the general account includes transfers of $(551) and $(1,150) for 2025 and 2024, respectively, related to VRIAC-managed institutional/mutual fund plan assets in trust that are not reflected on the Condensed Consolidated Balance Sheets.
(3) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date and is calculated at a contract level. Where a contract has both a living and a death benefit, the Company calculates NAR at a contract level and aggregates the higher of the two values together.

The following table shows a reconciliation of the Contract owner account balances for deferred group and individual annuities to the Future policy benefits and contract owner accounts balances on the Condensed Consolidated Balance Sheets for the periods indicated:
June 30, 2025December 31, 2024
Deferred group and individual annuity (Contract owner account balances)
$28,341 $25,031 
Non-putable funding agreements
872 721 
Other (Future policy benefits and Contract owner account balances)(1)
3,764 3,516 
Ending balance$32,977 $29,268 
(1) Primarily related to reinsured business and other investments contracts.
The following table summarizes detail on the differences between the interest rate being credited to contract holders as of the periods indicated, and the respective guaranteed minimum interest rates ("GMIRs"):
Account Value(1)
Excess of crediting rate over GMIR
At GMIR
Up to 0.50% Above GMIR
0.51% - 1.00%
Above GMIR
1.01% - 1.50% Above GMIR
1.51% - 2.00% Above GMIR
More than 2.00% Above GMIR
Total
As of June 30, 2025
Up to 1.00%
$62 $3,968 $4,027 $2,086 $2,213 $1,683 $14,039 
1.01% - 2.00%
120 54 42 3 — 1 220 
2.01% - 3.00%
5,867 202 2 34 — — 6,105 
3.01% - 4.00%
8,129 — — — — — 8,129 
4.01% and Above
4 — — — — — 4 
Renewable beyond 12 months (MYGA)(2)
320 — — — 2 — 322 
Total discretionary rate setting products$14,502$4,224$4,071$2,123$2,215$1,684$28,819
As of December 31, 2024
Up to 1.00%
$8$4,010$3,671$1,688$1,533$925$11,835 
1.01% - 2.00%
11056444—1215 
2.01% - 3.00%
5,833311———5,865 
3.01% - 4.00%
7,291—————7,291 
4.01% and Above
4—————4 
Renewable beyond 12 months (MYGA)(2)
341———2—343 
Total discretionary rate setting products$13,587$4,097$3,716$1,692$1,535$926$25,553
(1) The table includes contracts acquired as a result of the OneAmerica Financial's acquisition completed in the first quarter of 2025. Includes only the account values for investment spread products with GMIRs and discretionary crediting rates, net of policy loans. Excludes Stabilizer products, which are fee based.
(2) Represents multi year guaranteed annuity ("MYGA") contracts with renewal dates after June 30, 2025 and December 31, 2024 on which the Company is required to credit interest above the contractual GMIR for at least the next twelve months.