v3.25.4
Separate Account Assets and Liabilities
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
Separate Account Assets and Liabilities 11. Separate Account Assets and Liabilities
We report variable contracts within the separate accounts when investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contract holder and the separate account meets additional accounting criteria to qualify for separate account treatment. The assets supporting the variable portion of variable annuity and variable universal life contracts that qualify for separate account treatment are carried at fair value and are reported as separate account assets, with an equivalent summary total reported as separate account liabilities. The assets of insulated accounts are legally segregated and are not subject to claims that arise from any of our other businesses.
Policy values for variable products and investment contracts are expressed in terms of investment units. Each unit is linked to an asset portfolio. The value of a unit increases or decreases based on the value of the linked asset portfolio. The current liability at any time is the sum of the current unit value of all investment units in the separate accounts, plus any liabilities for MRBs.
Amounts assessed against the policyholders for mortality, administrative and other services are included in policy fees. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to policyholders of such separate accounts are offset within the same line in the Consolidated Statements of Income (Loss).
For discussion of the fair value measurement of guaranteed benefits that are accounted for as MRBs, see Note 4.
The following table presents fair value of separate account investment options:
Group RetirementLife
Insurance		Institutional
Markets		Corporate and OtherTotal
(in millions)
December 31, 2025
Equity funds
$30,683 $1,027 $721 $26,073 $58,504 
Bond funds
3,160 48 1,398 4,165 8,771 
Balanced funds
6,055 59 2,660 17,903 26,677 
Money market funds
803 15 178 637 1,633 
Total$40,701 $1,149 $4,957 $48,778 $95,585 
December 31, 2024
Equity funds
$30,097 $945 $676 $26,822 $58,540 
Bond funds
3,070 46 1,302 4,092 8,510 
Balanced funds
5,666 53 2,207 17,230 25,156 
Money market funds
839 15 154 674 1,682 
Total$39,672 $1,059 $4,339 $48,818 $93,888 
The following table presents the balances and changes in separate account liabilities:
Group
 Retirement		Life
Insurance		Institutional
Markets		Corporate and OtherTotal
(in millions)
Year Ended December 31, 2025
Separate accounts balance, beginning of year$39,672 $1,059 $4,339 $48,818 $93,888 
Premiums and deposits1,371 32 637 1,435 3,475 
Policy charges(470)(45)(122)(1,224)(1,861)
Surrenders and withdrawals(4,429)(41)(279)(5,381)(10,130)
Benefit payments(689)(11)(19)(993)(1,712)
Investment performance5,798 162 364 6,057 12,381 
Net transfers from (to) general account and other(552)(7)37 66 (456)
Separate accounts balance, end of period$40,701 $1,149 $4,957 $48,778 $95,585 
Cash surrender value*
$40,612 $1,132 $4,954 $47,955 $94,653 
Year Ended December 31, 2024
Separate accounts balance, beginning of year$38,188 $932 $3,992 $47,893 $91,005 
Premiums and deposits1,441 34 123 1,350 2,948 
Policy charges(475)(47)(98)(1,157)(1,777)
Surrenders and withdrawals(4,223)(34)(91)(5,267)(9,615)
Benefit payments(674)(12)(23)(965)(1,674)
Investment performance5,751 192 387 6,875 13,205 
Net transfers from (to) general account and other(336)(6)49 89 (204)
Separate accounts balance, end of period$39,672 $1,059 $4,339 $48,818 $93,888 
Cash surrender value*
$39,576 $1,040 $4,336 $47,920 $92,872 
Year Ended December 31, 2023
Separate accounts balance, beginning of year$34,361 $799 $4,515 $45,178 $84,853 
Premiums and deposits1,374 36 41 1,408 2,859 
Policy charges(441)(49)(93)(1,241)(1,824)
Surrenders and withdrawals(3,047)(25)(721)(3,744)(7,537)
Benefit payments(557)(7)(68)(844)(1,476)
Investment performance6,666 181 287 6,933 14,067 
Net transfers from (to) general account and other(168)(3)31 203 63 
Separate accounts balance, end of period$38,188 $932 $3,992 $47,893 $91,005 
Cash surrender value*
$37,992 $911 $3,994 $46,911 $89,808 
*The cash surrender value represents the amount of the contract holder’s account balance distributable at the balance sheet date less applicable surrender charges.
Separate account liabilities primarily represent the contract holder's account balance in separate account assets and will be equal and offsetting to total separate account assets.