| Schedule of Fair Value of Separate Account Investment Options |
The following table presents fair value of separate account investment options: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Group Retirement | | Life
Insurance | | Institutional
Markets | | Corporate and Other | | Total | | (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 | |
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| Schedule of Balances and Changes in Separate Account Liabilities |
The following table presents the balances and changes in separate account liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Group
Retirement | | Life
Insurance | | Institutional
Markets | | Corporate and Other | | Total | | (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 deposits | | | 1,371 | | | 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 performance | | | 5,798 | | | 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 deposits | | | 1,441 | | | 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 performance | | | 5,751 | | | 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 deposits | | | 1,374 | | | 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 performance | | | 6,666 | | | 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.
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