v3.25.4
Policyholder Contract Deposits and Other Policyholder Funds
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
Policyholder Contract Deposits and Other Policyholder Funds
13. Policyholder Contract Deposits and Other Policyholder Funds
POLICYHOLDER CONTRACT DEPOSITS
The liability for Policyholder contract deposits is primarily recorded at accumulated value (deposits received and net transfers from separate accounts, plus accrued interest credited, less withdrawals and assessed fees). Deposits collected on investment-oriented products are not reflected as revenues. They are recorded directly to Policyholder contract deposits upon receipt. Amounts assessed against the contract holders for mortality, administrative, and other services are included as Policy fees in revenues.
In addition to liabilities for universal life, fixed annuities, fixed options within variable annuities, annuities without life contingencies, funding agreements and GICs, policyholder contract deposits also include our liability for (i) index-linked interest credited features accounted for as embedded derivatives at fair value, (ii) annuities issued in a structured settlement arrangement with no life contingency and (iii) certain contracts we have elected to account for at fair value. Changes in the fair value of the embedded derivatives related to policy index-linked interest credited features and the fair value of derivatives hedging these liabilities are recognized in realized gains and losses.
For additional information on index credits accounted for as embedded derivatives, see Note 4.
The following table presents the balances and changes in Policyholder contract deposits account balances(a):
Individual
Retirement		Group
Retirement		Life
Insurance		Institutional
Markets
Corporate and other
Total
(in millions, except for average crediting rate)
Year Ended December 31, 2025
Policyholder contract deposits account balance, beginning of year$100,230 $39,246 $10,338 $18,026 $8,375 $176,215 
Reclassification due to reinsurance recapture
— — — 14 (14)— 
Deposits20,641 4,715 1,606 6,079 1,865 34,906 
Policy charges(233)(507)(1,496)(79)(692)(3,007)
Surrenders and withdrawals(10,597)(8,687)(292)(254)(6,062)(25,892)
Benefit payments(2,765)(2,176)(254)(1,701)(1,437)(8,333)
Net transfers from (to) separate account— 4,539 33 (281)5,467 9,758 
Interest credited4,559 1,276 480 951 218 7,484 
Other, including foreign exchange(33)1 25 (9)9 (7)
Policyholder contract deposits account balance, end of year111,802 38,407 10,440 22,746 7,729 191,124 
Other reconciling items(b)
(2,209)(270)95 137 (1)(2,248)
Policyholder contract deposits$109,593 $38,137 $10,535 $22,883 $7,728 $188,876 
Weighted average crediting rate3.63 %3.25 %4.47 %4.78 %2.75 %
Cash surrender value(c)
$104,997 $37,527 $9,332 $2,620 $6,164 $160,640 
Individual
Retirement		Group
Retirement		Life
Insurance		Institutional
Markets
Corporate and other
Total
(in millions, except for average crediting rate)Individual
Retirement		Group
Retirement		Life
Insurance		Institutional
Markets
Corporate and other
Total
Year Ended December 31, 2024
Policyholder contract deposits account balance, beginning of year$89,113 $41,299 $10,231 $13,649 $9,116 $163,408 
Deposits21,219 4,840 1,636 5,449 1,591 34,735 
Policy charges(182)(511)(1,508)(69)(610)(2,880)
Surrenders and withdrawals(10,846)(9,271)(309)(110)(6,039)(26,575)
Benefit payments(2,877)(2,274)(277)(1,809)(1,430)(8,667)
Net transfers from (to) separate account— 4,076 27 20 5,499 9,622 
Interest credited3,822 1,298 519 717 240 6,596 
Other, including foreign exchange
(19)(211)19 179 8 (24)
Policyholder contract deposits account balance, end of year100,230 39,246 10,338 18,026 8,375 176,215 
Other reconciling items(b)
(2,258)(307)56 (11)— (2,520)
Policyholder contract deposits$97,972 $38,939 $10,394 $18,015 $8,375 $173,695 
Weighted average crediting rate3.29 %3.15 %4.49 %4.63 %2.78 %
Cash surrender value(c)
$93,083 $38,283 $9,147 $2,594 $6,646 $149,753 
Year Ended December 31, 2023
Policyholder contract deposits account balance, beginning of year$83,247 $43,395 $10,224 $11,734 $9,894 $158,494 
Deposits16,340 5,352 1,632 3,813 1,892 29,029 
Policy charges(149)(477)(1,524)(67)(755)(2,972)
Surrenders and withdrawals(9,683)(8,310)(256)(722)(4,435)(23,406)
Benefit payments(2,718)(2,518)(281)(2,405)(1,352)(9,274)
Net transfers from (to) separate account— 2,705 3 792 3,617 7,117 
Interest credited2,101 1,141 413 507 255 4,417 
Other, including foreign exchange
(25)11 20 (3)— 3 
Policyholder contract deposits account balance, end of year89,113 41,299 10,231 13,649 9,116 163,408 
Other reconciling items(b)
(1,429)(230)208 93 — (1,358)
Policyholder contract deposits$87,684 $41,069 $10,439 $13,742 $9,116 $162,050 
Weighted average crediting rate2.82 %2.91 %4.41 %4.08 %2.70 %
Cash surrender value(c)
$83,176 $40,210 $9,026 $2,583 $7,221 $142,216 
(a)Transactions between the general account and the separate account are presented in this table on a gross basis (e.g., a policyholder's funds are initially deposited into the general account and then simultaneously transferred to the separate account), and thus, did not impact the ending balance of policyholder contract deposits.
(b)Reconciling items principally relate to MRBs that are bifurcated and reported separately, and changes in the fair value of embedded derivatives of $1.9 billion, $859 million and $1.5 billion that are recorded in policyholder contract deposits as of December 31, 2025, 2024 and 2023, respectively.
(c)Cash surrender value is related to the portion of policyholder contract deposits that have a defined cash surrender value (e.g. GICs do not have a cash surrender value).
For information related to net amount at risk, refer to the table that presents the balances of and changes in MRBs in Note 14.
The following table presents Policyholder contract deposits account balance by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums:
December 31, 2025At Guaranteed Minimum1 Basis Point - 50 Basis Points AboveMore than 50 Basis Points Above Minimum GuaranteeTotal
(in millions, except percentage of total)
Individual RetirementRange of Guaranteed Minimum Credited Rate
<=1%
$2,688 $1,235 $37,495 $41,418 
> 1% - 2%
1,947 45 797 2,789 
> 2% - 3%
5,766 139 4,007 9,912 
> 3% - 4%
5,014 32 4 5,050 
> 4% - 5%
383 — 4 387 
> 5%
30 — 2 32 
Total$15,828 $1,451 $42,309 $59,588 
Group RetirementRange of Guaranteed Minimum Credited Rate
<=1%
$1,924 $1,345 $9,523 $12,792 
> 1% - 2%
2,950 497 876 4,323 
> 2% - 3%
9,690 370 184 10,244 
> 3% - 4%
512 — — 512 
> 4% - 5%
5,961 — — 5,961 
> 5%
121 — — 121 
Total$21,158 $2,212 $10,583 $33,953 
Life InsuranceRange of Guaranteed Minimum Credited Rate
<=1%
$— $— $— $— 
> 1% - 2%
— 112 360 472 
> 2% - 3%
10 166 1,696 1,872 
> 3% - 4%
1,127 408 26 1,561 
> 4% - 5%
2,601 — — 2,601 
> 5%
200 — — 200 
Total$3,938 $686 $2,082 $6,706 
Corporate and OtherRange of Guaranteed Minimum Credited Rate
<=1%
$2,652 $— $1 $2,653 
> 1% - 2%
693 1 37 731 
> 2% - 3%
1,334 22 63 1,419 
> 3% - 4%
449 1 519 969 
> 4% - 5%
187 — 3 190 
> 5%
9 — — 9 
Total$5,324 $24 $623 $5,971 
Total*$46,248 $4,373 $55,597 $106,218 
Percentage of total44%4%52%100%
December 31, 2024At Guaranteed Minimum
1 Basis Point - 50 Basis Points Above
More than 50 Basis Points Above Minimum Guarantee
Total
(in millions, except percentage of total)
Individual RetirementRange of Guaranteed Minimum Credited Rate
<=1%
$2,736 $1,442 $34,128 $38,306 
> 1% - 2%
2,324 20 1,062 3,406 
> 2% - 3%
5,781 11 2,643 8,435 
> 3% - 4%
5,648 34 4 5,686 
> 4% - 5%
404 — 4 408 
> 5%
37 5 3 45 
Total$16,930 $1,512 $37,844 $56,286 
Group RetirementRange of Guaranteed Minimum Credited Rate
<=1%
$2,027 $1,477 $8,772 $12,276 
> 1% - 2%
3,215 671 827 4,713 
> 2% - 3%
10,693 308 114 11,115 
> 3% - 4%
552 — — 552 
> 4% - 5%
6,288 — — 6,288 
> 5%
131 — — 131 
Total$22,906 $2,456 $9,713 $35,075 
Life InsuranceRange of Guaranteed Minimum Credited Rate
<=1%
$— $— $— $— 
> 1% - 2%
— 110 363 473 
> 2% - 3%
9 386 1,528 1,923 
> 3% - 4%
1,167 436 23 1,626 
> 4% - 5%
2,722 — — 2,722 
> 5%
208 — — 208 
Total$4,106 $932 $1,914 $6,952 
Corporate and OtherRange of Guaranteed Minimum Credited Rate
<=1%
$3,049 $1 $2 $3,052 
> 1% - 2%
780 2 39 821 
> 2% - 3%
1,292 2 70 1,364 
> 3% - 4%
482 1 552 1,035 
> 4% - 5%
193 — 3 196 
> 5%
10 — — 10 
Total$5,806 $6 $666 $6,478 
Total*$49,748 $4,906 $50,137 $104,791 
Percentage of total47%5%48%100%
*Excludes policyholder contract deposits account balances that are not subject to guaranteed minimum crediting rates.
Funding Agreements
Under a funding agreement-backed notes issuance program, an unaffiliated, non-consolidated statutory trust issues medium-term notes to investors, which are secured by funding agreements issued to the trust by one of our companies through our Institutional Markets segment.
USL is a member of the FHLB of New York, while VALIC and AGL are members of the FHLB of Dallas. Membership with both FHLBs provides us with collateralized borrowing opportunities, primarily as an additional source of liquidity or for other uses deemed appropriate by management, e.g., earning a spread on deposits. Our ownership in the FHLB stock is reported in Other invested assets within the Consolidated Balance Sheets. Pursuant to the membership terms, we elected to pledge such stock to the FHLB as collateral for our obligations under agreements with the FHLB.
Our net borrowing capacity under such facilities with FHLB of Dallas and FHLB of New York as of December 31, 2025 is $5.1 billion. As of December 31, 2025, we pledged $11.9 billion as collateral to the FHLB, including assets backing funding agreements.
Corebridge issued the following funding agreements to the FHLB of Dallas and FHLB of New York; these obligations are reported in Policyholder contract deposits in the Consolidated Balance Sheets:
The following table presents details concerning our funding agreements as of December 31, 2025:
December 31, 2025Payments due by period
(in millions)Gross Amounts
2026
2027-2028
2029-2030
ThereafterStated Interest rates
FHLB Facility
FHLB of Dallas$3,305$254$3,051$—$—
 DNA Auction* + 22 bps
FHLB of Dallas2,027—1,506521—
3.53% to 4.77%
FHLB of New York525——525—
 1Dy USD SOFR +59bp
$5,857$254$4,557$1,046$—
*    Discount Note Advance (“DNA”) Auction is based on either a 4-Week or 3-Month tenor, depending on contractual terms of each borrowing.
OTHER POLICYHOLDER FUNDS
Other policyholder funds include unearned revenue reserve (“URR”), consisting of front-end loads on investment-oriented contracts, representing those policy loads that are non-level and typically higher in initial policy years than in later policy years. Amortization of URR is recorded in Policy fees.
URR for investment-oriented contracts are generally deferred and amortized into income using the same assumptions and factors used to amortize DAC (i.e., on a constant level basis). Changes in future assumptions are applied by adjusting the amortization rate prospectively. The Company has elected to implicitly account for actual experience, whether favorable or unfavorable, in its amortization of URR (i.e., policy fees) each period.
Other policyholder funds also include provisions for future dividends to participating policyholders, accrued in accordance with all applicable regulatory or contractual provisions. Participating life business represented approximately 0.4% and 0.4% of gross insurance in force at December 31, 2025 and December 31, 2024, respectively and 1.1%, 1.0% and 0.9% of gross premiums and other considerations in 2025, 2024 and 2023, respectively. The amount of annual dividends to be paid is approved locally by the Corebridge Boards of Directors. Provisions for future dividend payments are computed by jurisdiction, reflecting local regulations. The portions of current and prior net income and of current unrealized appreciation of investments that can inure to our benefit are restricted in some cases by the insurance contracts and by the local insurance regulations of the jurisdictions in which the policies are in force.
Certain products are subject to experience adjustments. These include group life and group medical products, credit life contracts, accident and health insurance contracts/riders attached to life policies and, to a limited extent, reinsurance agreements with other direct insurers. Ultimate premiums from these contracts are estimated and recognized as revenue with the unearned portions of the premiums recorded as liabilities in Other policyholder funds. Experience adjustments vary according to the type of contract and the territory in which the policy is in force and are subject to local regulatory guidance.
The following table presents a rollforward of the unearned revenue reserve for the years ended December 31, 2025, 2024 and 2023:
Life
Insurance		Institutional
Markets		Corporate and OtherTotal
(in millions)
Year Ended December 31, 2025
Balance, beginning of year$1,821 $1 $84 $1,906 
Revenue deferred166 16 — 182 
Amortization(111)— (8)(119)
Balance, end of year$1,876 $17 $76 $1,969 
Other reconciling items*990 
Other policyholder funds$2,959 
Year Ended December 31, 2024
Balance, beginning of year$1,770 $1 $94 $1,865 
Revenue deferred161 — — 161 
Amortization(110)— (10)(120)
Balance, end of year$1,821 $1 $84 $1,906 
Other reconciling items*967 
Other policyholder funds$2,873 
Year Ended December 31, 2023
Balance, beginning of year$1,727 $2 $105 $1,834 
Revenue deferred153 — — 153 
Amortization(110)(1)(11)(122)
Balance, end of year$1,770 $1 $94 $1,865 
Other reconciling items*997 
Other policyholder funds$2,862 
*Other reconciling items include policyholders' dividend accumulations, provisions for future dividends to participating policyholders, dividends to policyholders and any similar items.