v3.25.4
Future Policy Benefits - Balances of changes in liability for future policy benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Present value of expected net premiums        
Balance, beginning of year $ 9,158 $ 9,352 $ 12,645  
Effect of changes in discount rate assumptions (AOCI) 858 1,526 1,938  
Reclassified to Liabilities held-for-sale   4,287    
Beginning balance at original discount rate 10,016 15,165 14,583  
Effect of changes in cash flow assumptions   (177) (68) $ 55
Effect of actual variances from expected experience   (33) 13 82
Adjusted beginning of year balance 9,806 15,110 14,720  
Issuances 719 910 1,277  
Interest accrual 386 417 483  
Net premium collected (1,190) (1,266) (1,582)  
Foreign exchange impact   (46) 265  
Other 7 (1) 2  
Dispositions   (5,108)    
Ending balance at original discount rate 9,728 10,016 15,165  
Effect of changes in discount rate assumptions (AOCI) (538) (858) (1,526)  
Reclassified to Liabilities held-for-sale     (4,287)  
Balance, end of year 9,190 9,158 9,352  
Present value of expected future policy benefits        
Balance, beginning of year 57,009 58,237 55,506  
Effect of changes in discount rate assumptions (AOCI) 6,630 5,217 7,310  
Reclassification due to reinsurance recapture   0    
Reclassified to Liabilities held-for-sale   5,119    
Beginning balance at original discount rate 63,639 68,573 62,816  
Effect of changes in cash flow assumptions   (124) (104) 138
Effect of actual variances from expected experience   (59) (5) 130
Adjusted beginning of year balance 63,456 68,464 63,084  
Issuances 5,017 3,879 6,800  
Interest accrual 2,857 2,809 2,664  
Benefit payments (4,604) (4,486) (4,665)  
Foreign exchange impact 702 (222) 704  
Other 0 (9) (14)  
Dispositions   (6,796)    
Ending balance at original discount rate 67,428 63,639 68,573  
Effect of changes in discount rate assumptions (AOCI) (5,836) (6,630) (5,217)  
Reclassified to Liabilities held-for-sale     5,119  
Balance, end of year 61,592 57,009 58,237  
Net liability for future policy benefits, end of period 52,402 47,851 48,885  
Liability for future policy benefits for certain participating contracts 1,234 1,275 1,313  
Liability for universal life policies 4,295 4,088 3,786  
Deferred profit liability 2,531 2,494 2,511  
Other reconciling items 509 564 613  
Future policy benefits for life and accident and health insurance contracts 60,971 56,272 57,108  
Less: Reinsurance recoverable: (20,817) (21,105) (22,748)  
Net liability for future policy benefits after reinsurance recoverable 40,154 35,167 34,360  
Previously Reported        
Present value of expected future policy benefits        
Beginning balance at original discount rate 63,639      
Ending balance at original discount rate   63,639    
Individual Retirement        
Present value of expected net premiums        
Balance, beginning of year 0 0 0  
Effect of changes in discount rate assumptions (AOCI) 0 0 0  
Reclassified to Liabilities held-for-sale   0    
Beginning balance at original discount rate 0 0 0  
Effect of changes in cash flow assumptions   0 0 0
Effect of actual variances from expected experience   0 0 0
Adjusted beginning of year balance 0 0 0  
Issuances 0 0 0  
Interest accrual 0 0 0  
Net premium collected 0 0 0  
Foreign exchange impact   0 0  
Other 0 0 0  
Dispositions   0    
Ending balance at original discount rate 0 0 0  
Effect of changes in discount rate assumptions (AOCI) 0 0 0  
Reclassified to Liabilities held-for-sale     0  
Balance, end of year 0 0 0  
Present value of expected future policy benefits        
Balance, beginning of year 1,130 1,149 1,031  
Effect of changes in discount rate assumptions (AOCI) 145 116 145  
Reclassification due to reinsurance recapture   0    
Reclassified to Liabilities held-for-sale   0    
Beginning balance at original discount rate 1,275 1,265 1,176  
Effect of changes in cash flow assumptions   0 0 0
Effect of actual variances from expected experience   (23) (23) 1
Adjusted beginning of year balance 1,252 1,242 1,177  
Issuances 93 96 151  
Interest accrual 50 55 46  
Benefit payments (118) (118) (109)  
Foreign exchange impact 0 0 0  
Other 6 0 0  
Dispositions   0    
Ending balance at original discount rate 1,283 1,275 1,265  
Effect of changes in discount rate assumptions (AOCI) (110) (145) (116)  
Reclassified to Liabilities held-for-sale     0  
Balance, end of year 1,173 1,130 1,149  
Net liability for future policy benefits, end of period 1,173 1,130 1,149  
Liability for future policy benefits for certain participating contracts 0 0 0  
Liability for universal life policies 0 0 0  
Deferred profit liability 32 37 64  
Other reconciling items 14 16 18  
Future policy benefits for life and accident and health insurance contracts 1,219 1,183 1,231  
Less: Reinsurance recoverable: (5) (4) (4)  
Net liability for future policy benefits after reinsurance recoverable $ 1,214 $ 1,179 $ 1,227  
Weighted average liability duration of the liability for future policy benefits (in years) 7 years 3 months 18 days 7 years 6 months 7 years 10 months 24 days  
Individual Retirement | Previously Reported        
Present value of expected future policy benefits        
Beginning balance at original discount rate $ 1,275      
Ending balance at original discount rate   $ 1,275    
Group Retirement        
Present value of expected net premiums        
Balance, beginning of year 0 0 $ 0  
Effect of changes in discount rate assumptions (AOCI) 0 0 0  
Reclassified to Liabilities held-for-sale   0    
Beginning balance at original discount rate 0 0 0  
Effect of changes in cash flow assumptions   0 0 0
Effect of actual variances from expected experience   0 0 0
Adjusted beginning of year balance 0 0 0  
Issuances 0 0 0  
Interest accrual 0 0 0  
Net premium collected 0 0 0  
Foreign exchange impact   0 0  
Other 0 0 0  
Dispositions   0    
Ending balance at original discount rate 0 0 0  
Effect of changes in discount rate assumptions (AOCI) 0 0 0  
Reclassified to Liabilities held-for-sale     0  
Balance, end of year 0 0 0  
Present value of expected future policy benefits        
Balance, beginning of year 202 217 211  
Effect of changes in discount rate assumptions (AOCI) 3 (3) 2  
Reclassification due to reinsurance recapture   102    
Reclassified to Liabilities held-for-sale   0    
Beginning balance at original discount rate 307 214 213  
Effect of changes in cash flow assumptions   0 0 0
Effect of actual variances from expected experience   (2) (3) (2)
Adjusted beginning of year balance 305 211 211  
Issuances 10 13 18  
Interest accrual 15 11 11  
Benefit payments (42) (25) (26)  
Foreign exchange impact 0 0 0  
Other (2) (5) 0  
Dispositions   0    
Ending balance at original discount rate 286 307 214  
Effect of changes in discount rate assumptions (AOCI) 5 (3) 3  
Reclassified to Liabilities held-for-sale     0  
Balance, end of year 291 202 217  
Net liability for future policy benefits, end of period 291 202 217  
Liability for future policy benefits for certain participating contracts 0 0 0  
Liability for universal life policies 0 0 0  
Deferred profit liability 20 11 10  
Other reconciling items 0 0 0  
Future policy benefits for life and accident and health insurance contracts 311 213 227  
Less: Reinsurance recoverable: 0 0 0  
Net liability for future policy benefits after reinsurance recoverable $ 311 $ 213 $ 227  
Weighted average liability duration of the liability for future policy benefits (in years) 5 years 10 months 24 days 6 years 4 months 24 days 6 years 9 months 18 days  
Group Retirement | Previously Reported        
Present value of expected future policy benefits        
Beginning balance at original discount rate $ 205      
Ending balance at original discount rate   $ 205    
Life Insurance        
Present value of expected net premiums        
Balance, beginning of year 8,287 8,379 $ 11,654  
Effect of changes in discount rate assumptions (AOCI) 797 1,482 1,872  
Reclassified to Liabilities held-for-sale   4,287    
Beginning balance at original discount rate 9,084 14,148 13,526  
Effect of changes in cash flow assumptions   (169) (57) 34
Effect of actual variances from expected experience   (34) 16 62
Adjusted beginning of year balance 8,881 14,107 13,622  
Issuances 684 910 1,277  
Interest accrual 348 375 437  
Net premium collected (1,051) (1,153) (1,464)  
Foreign exchange impact   (46) 265  
Other 7 (1) 11  
Dispositions   (5,108)    
Ending balance at original discount rate 8,869 9,084 14,148  
Effect of changes in discount rate assumptions (AOCI) (504) (797) (1,482)  
Reclassified to Liabilities held-for-sale     (4,287)  
Balance, end of year 8,365 8,287 8,379  
Present value of expected future policy benefits        
Balance, beginning of year 16,947 17,531 21,179  
Effect of changes in discount rate assumptions (AOCI) 1,720 2,745 3,424  
Reclassification due to reinsurance recapture   0    
Reclassified to Liabilities held-for-sale   5,119    
Beginning balance at original discount rate 18,667 25,395 24,603  
Effect of changes in cash flow assumptions   (129) (24) 62
Effect of actual variances from expected experience   (42) 35 122
Adjusted beginning of year balance 18,496 25,406 24,787  
Issuances 673 895 1,266  
Interest accrual 796 836 908  
Benefit payments (1,502) (1,615) (1,921)  
Foreign exchange impact 0 (61) 345  
Other 7 2 10  
Dispositions   (6,796)    
Ending balance at original discount rate 18,470 18,667 25,395  
Effect of changes in discount rate assumptions (AOCI) (1,261) (1,720) (2,745)  
Reclassified to Liabilities held-for-sale     5,119  
Balance, end of year 17,209 16,947 17,531  
Net liability for future policy benefits, end of period 8,844 8,660 9,152  
Liability for future policy benefits for certain participating contracts 11 12 13  
Liability for universal life policies 4,241 4,034 3,731  
Deferred profit liability 26 23 19  
Other reconciling items 391 441 485  
Future policy benefits for life and accident and health insurance contracts 13,513 13,170 13,400  
Less: Reinsurance recoverable: (668) (664) (719)  
Net liability for future policy benefits after reinsurance recoverable $ 12,845 $ 12,506 $ 12,681  
Weighted average liability duration of the liability for future policy benefits (in years) 10 years 3 months 18 days 10 years 8 months 12 days 12 years 9 months 18 days  
Life Insurance | Previously Reported        
Present value of expected future policy benefits        
Beginning balance at original discount rate $ 18,667      
Ending balance at original discount rate   $ 18,667    
Institutional Markets        
Present value of expected net premiums        
Balance, beginning of year 0 0 $ 0  
Effect of changes in discount rate assumptions (AOCI) 0 0 0  
Reclassified to Liabilities held-for-sale   0    
Beginning balance at original discount rate 0 0 0  
Effect of changes in cash flow assumptions   0 0 0
Effect of actual variances from expected experience   0 0 0
Adjusted beginning of year balance 0 0 0  
Issuances 0 0 0  
Interest accrual 0 0 0  
Net premium collected 0 0 0  
Foreign exchange impact   0 0  
Other 0 0 0  
Dispositions   0    
Ending balance at original discount rate 0 0 0  
Effect of changes in discount rate assumptions (AOCI) 0 0 0  
Reclassified to Liabilities held-for-sale     0  
Balance, end of year 0 0 0  
Present value of expected future policy benefits        
Balance, beginning of year 19,487 18,482 12,464  
Effect of changes in discount rate assumptions (AOCI) 3,206 1,906 2,634  
Reclassification due to reinsurance recapture   259    
Reclassified to Liabilities held-for-sale   0    
Beginning balance at original discount rate 22,952 20,388 15,098  
Effect of changes in cash flow assumptions   9 (41) 0
Effect of actual variances from expected experience   14 (3) 15
Adjusted beginning of year balance 22,975 20,344 15,113  
Issuances 4,198 2,842 5,339  
Interest accrual 1,029 897 664  
Benefit payments (1,467) (1,229) (1,087)  
Foreign exchange impact 702 (161) 359  
Other 0 0 0  
Dispositions   0    
Ending balance at original discount rate 27,437 22,952 20,388  
Effect of changes in discount rate assumptions (AOCI) (3,290) (3,206) (1,906)  
Reclassified to Liabilities held-for-sale     0  
Balance, end of year 24,147 19,487 18,482  
Net liability for future policy benefits, end of period 24,147 19,487 18,482  
Liability for future policy benefits for certain participating contracts 0 0 0  
Liability for universal life policies 0 0 0  
Deferred profit liability 1,684 1,587 1,543  
Other reconciling items 0 0 0  
Future policy benefits for life and accident and health insurance contracts 25,831 21,074 20,025  
Less: Reinsurance recoverable: (47) (41) (39)  
Net liability for future policy benefits after reinsurance recoverable $ 25,784 $ 21,033 $ 19,986  
Weighted average liability duration of the liability for future policy benefits (in years) 10 years 10 months 24 days 11 years 2 months 12 days 12 years 1 month 6 days  
Institutional Markets | Previously Reported        
Present value of expected future policy benefits        
Beginning balance at original discount rate $ 22,693      
Ending balance at original discount rate   $ 22,693    
Corporate & Other        
Present value of expected net premiums        
Balance, beginning of year 871 973 $ 991  
Effect of changes in discount rate assumptions (AOCI) 61 44 66  
Reclassified to Liabilities held-for-sale   0    
Beginning balance at original discount rate 932 1,017 1,057  
Effect of changes in cash flow assumptions   (8) (11) 21
Effect of actual variances from expected experience   1 (3) 20
Adjusted beginning of year balance 925 1,003 1,098  
Issuances 35 0 0  
Interest accrual 38 42 46  
Net premium collected (139) (113) (118)  
Foreign exchange impact   0 0  
Other 0 0 (9)  
Dispositions   0    
Ending balance at original discount rate 859 932 1,017  
Effect of changes in discount rate assumptions (AOCI) (34) (61) (44)  
Reclassified to Liabilities held-for-sale     0  
Balance, end of year 825 871 973  
Present value of expected future policy benefits        
Balance, beginning of year 19,243 20,858 20,621  
Effect of changes in discount rate assumptions (AOCI) 1,556 453 1,105  
Reclassification due to reinsurance recapture   (361)    
Reclassified to Liabilities held-for-sale   0    
Beginning balance at original discount rate 20,438 21,311 21,726  
Effect of changes in cash flow assumptions   (4) (39) 76
Effect of actual variances from expected experience   (6) (11) $ (6)
Adjusted beginning of year balance 20,428 21,261 21,796  
Issuances 43 33 26  
Interest accrual 967 1,010 1,035  
Benefit payments (1,475) (1,499) (1,522)  
Foreign exchange impact 0 0 0  
Other (11) (6) (24)  
Dispositions   0    
Ending balance at original discount rate 19,952 20,438 21,311  
Effect of changes in discount rate assumptions (AOCI) (1,180) (1,556) (453)  
Reclassified to Liabilities held-for-sale     0  
Balance, end of year 18,772 19,243 20,858  
Net liability for future policy benefits, end of period 17,947 18,372 19,885  
Liability for future policy benefits for certain participating contracts 1,223 1,263 1,300  
Liability for universal life policies 54 54 55  
Deferred profit liability 769 836 875  
Other reconciling items 104 107 110  
Future policy benefits for life and accident and health insurance contracts 20,097 20,632 22,225  
Less: Reinsurance recoverable: (20,097) (20,396) (21,986)  
Net liability for future policy benefits after reinsurance recoverable $ 0 $ 236 $ 239  
Weighted average liability duration of the liability for future policy benefits (in years) 10 years 2 months 12 days 10 years 7 months 6 days 11 years 6 months  
Corporate & Other | Previously Reported        
Present value of expected future policy benefits        
Beginning balance at original discount rate $ 20,799      
Ending balance at original discount rate   $ 20,799