Future Policy Benefits (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Liability for Future Policy Benefits

The following tables present the balances and changes in the liability for future policy benefits and a reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Consolidated Balance Sheets:


	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions, except for liability durations)
Year Ended December 31, 2025
Present value of expected net premiums
Balance, beginning of year	$	—	$	—	$	8,287	$	—	$	871	$	9,158
Effect of changes in discount rate assumptions (AOCI)	—		—		797		—		61		858


Beginning balance at original discount rate	—		—		9,084		—		932		10,016
Effect of changes in cash flow assumptions	—		—		(169)		—		(8)		(177)
Effect of actual variances from expected experience	—		—		(34)		—		1		(33)
Adjusted beginning of year balance	—		—		8,881		—		925		9,806
Issuances	—		—		684		—		35		719
Interest accrual	—		—		348		—		38		386
Net premium collected	—		—		(1,051)		—		(139)		(1,190)

Other	—		—		7		—		—		7
Ending balance at original discount rate	—		—		8,869		—		859		9,728
Effect of changes in discount rate assumptions (AOCI)	—		—		(504)		—		(34)		(538)
Balance, end of year	$	—	$	—	$	8,365	$	—	$	825	$	9,190

Present value of expected future policy benefits
Balance, beginning of year	$	1,130	$	202	$	16,947	$	19,487	$	19,243	$	57,009
Effect of changes in discount rate assumptions (AOCI)	145		3		1,720		3,206		1,556		6,630
Reclassification due to reinsurance recapture	—		102		—		259		(361)		—

Beginning balance at original discount rate	1,275		307		18,667		22,952		20,438		63,639
Effect of changes in cash flow assumptions(a)	—		—		(129)		9		(4)		(124)
Effect of actual variances from expected experience(a)	(23)		(2)		(42)		14		(6)		(59)
Adjusted beginning of year balance	1,252		305		18,496		22,975		20,428		63,456
Issuances	93		10		673		4,198		43		5,017
Interest accrual	50		15		796		1,029		967		2,857
Benefit payments	(118)		(42)		(1,502)		(1,467)		(1,475)		(4,604)
Foreign exchange impact	—		—		—		702		—		702
Other	6		(2)		7		—		(11)		—
Ending balance at original discount rate	1,283		286		18,470		27,437		19,952		67,428
Effect of changes in discount rate assumptions (AOCI)	(110)		5		(1,261)		(3,290)		(1,180)		(5,836)
Balance, end of year	$	1,173	$	291	$	17,209	$	24,147	$	18,772	$	61,592
Net liability for future policy benefits, end of period	1,173		291		8,844		24,147		17,947		52,402
Liability for future policy benefits for certain participating contracts	—		—		11		—		1,223		1,234
Liability for universal life policies(b)	—		—		4,241		—		54		4,295


Deferred profit liability	32		20		26		1,684		769		2,531
Other reconciling items(c)	14		—		391		—		104		509
Future policy benefits for life and accident and health insurance contracts	1,219		311		13,513		25,831		20,097		60,971
Less: Reinsurance recoverable:	(5)		—		(668)		(47)		(20,097)		(20,817)
Net liability for future policy benefits after reinsurance recoverable	$	1,214	$	311	$	12,845	$	25,784	$	—	$	40,154
Weighted average liability duration of the liability for future policy benefits (years)(d)	7.3		5.9		10.3		10.9		10.2


	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions, except for liability durations)
Year Ended December 31, 2024
Present value of expected net premiums
Balance, beginning of year	$	—	$	—	$	8,379	$	—	$	973	$	9,352
Effect of changes in discount rate assumptions (AOCI)	—		—		1,482		—		44		1,526
Reclassified to Liabilities held-for-sale	—		—		4,287		—		—		4,287
Beginning balance at original discount rate	—		—		14,148		—		1,017		15,165
Effect of changes in cash flow assumptions	—		—		(57)		—		(11)		(68)
Effect of actual variances from expected experience	—		—		16		—		(3)		13
Adjusted beginning of year balance	—		—		14,107		—		1,003		15,110
Issuances	—		—		910		—		—		910
Interest accrual	—		—		375		—		42		417
Net premium collected	—		—		(1,153)		—		(113)		(1,266)
Foreign exchange impact	—		—		(46)		—		—		(46)
Other	—		—		(1)		—		—		(1)
Dispositions	—		—		(5,108)		—		—		(5,108)
Ending balance at original discount rate	—		—		9,084		—		932		10,016
Effect of changes in discount rate assumptions (AOCI)	—		—		(797)		—		(61)		(858)
Balance, end of year	$	—	$	—	$	8,287	$	—	$	871	$	9,158

Present value of expected future policy benefits
Balance, beginning of year	$	1,149	$	217	$	17,531	$	18,482	$	20,858	$	58,237
Effect of changes in discount rate assumptions (AOCI)	116		(3)		2,745		1,906		453		5,217
Reclassified to Liabilities held-for-sale	—		—		5,119		—		—		5,119
Beginning balance at original discount rate	1,265		214		25,395		20,388		21,311		68,573
Effect of changes in cash flow assumptions(a)	—		—		(24)		(41)		(39)		(104)
Effect of actual variances from expected experience(a)	(23)		(3)		35		(3)		(11)		(5)
Adjusted beginning of year balance	1,242		211		25,406		20,344		21,261		68,464
Issuances	96		13		895		2,842		33		3,879
Interest accrual	55		11		836		897		1,010		2,809
Benefit payments	(118)		(25)		(1,615)		(1,229)		(1,499)		(4,486)
Foreign exchange impact	—		—		(61)		(161)		—		(222)
Other	—		(5)		2		—		(6)		(9)
Dispositions	—		—		(6,796)		—		—		(6,796)
Ending balance at original discount rate	1,275		205		18,667		22,693		20,799		63,639
Effect of changes in discount rate assumptions (AOCI)	(145)		(3)		(1,720)		(3,206)		(1,556)		(6,630)
Balance, end of year	$	1,130	$	202	$	16,947	$	19,487	$	19,243	$	57,009
Net liability for future policy benefits, end of year	1,130		202		8,660		19,487		18,372		47,851
Liability for future policy benefits for certain participating contracts	—		—		12		—		1,263		1,275
Liability for universal life policies(b)	—		—		4,034		—		54		4,088


Deferred profit liability	37		11		23		1,587		836		2,494
Other reconciling items(c)	16		—		441		—		107		564
Future policy benefits for life and accident and health insurance contracts	1,183		213		13,170		21,074		20,632		56,272
Less: Reinsurance recoverable:	(4)		—		(664)		(41)		(20,396)		(21,105)
Net liability for future policy benefits after reinsurance recoverable	$	1,179	$	213	$	12,506	$	21,033	$	236	$	35,167
Weighted average liability duration of the liability for future policy benefits (years)(d)	7.5		6.4		10.7		11.2		10.6


	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions, except for liability durations)
Year Ended December 31, 2023
Present value of expected net premiums
Balance, beginning of year	$	—	$	—	$	11,654	$	—	$	991	$	12,645
Effect of changes in discount rate assumptions (AOCI)	—		—		1,872		—		66		1,938
Beginning balance at original discount rate	—		—		13,526		—		1,057		14,583
Effect of changes in cash flow assumptions	—		—		34		—		21		55
Effect of actual variances from expected experience	—		—		62		—		20		82
Adjusted beginning of year balance	—		—		13,622		—		1,098		14,720
Issuances	—		—		1,277		—		—		1,277
Interest accrual	—		—		437		—		46		483
Net premium collected	—		—		(1,464)		—		(118)		(1,582)
Foreign exchange impact	—		—		265		—		—		265
Other	—		—		11		—		(9)		2
Ending balance at original discount rate	—		—		14,148		—		1,017		15,165
Effect of changes in discount rate assumptions (AOCI)	—		—		(1,482)		—		(44)		(1,526)
Reclassified to Liabilities held-for-sale	—		—		(4,287)		—		—		(4,287)
Balance, end of year	$	—	$	—	$	8,379	$	—	$	973	$	9,352

Present value of expected future policy benefits
Balance, beginning of year	$	1,031	$	211	$	21,179	$	12,464	$	20,621	$	55,506
Effect of changes in discount rate assumptions (AOCI)	145		2		3,424		2,634		1,105		7,310
Beginning balance at original discount rate	1,176		213		24,603		15,098		21,726		62,816
Effect of changes in cash flow assumptions(a)	—		—		62		—		76		138
Effect of actual variances from expected experience(a)	1		(2)		122		15		(6)		130
Adjusted beginning of year balance	1,177		211		24,787		15,113		21,796		63,084
Issuances	151		18		1,266		5,339		26		6,800
Interest accrual	46		11		908		664		1,035		2,664
Benefit payments	(109)		(26)		(1,921)		(1,087)		(1,522)		(4,665)
Foreign exchange impact	—		—		345		359		—		704
Other	—		—		10		—		(24)		(14)
Ending balance at original discount rate	1,265		214		25,395		20,388		21,311		68,573
Effect of changes in discount rate assumptions (AOCI)	(116)		3		(2,745)		(1,906)		(453)		(5,217)
Reclassified to Liabilities held-for-sale	—		—		(5,119)		—		—		(5,119)
Balance, end of year	$	1,149	$	217	$	17,531	$	18,482	$	20,858	$	58,237
Net liability for future policy benefits, end of year	1,149		217		9,152		18,482		19,885		48,885
Liability for future policy benefits for certain participating contracts	—		—		13		—		1,300		1,313
Liability for universal life policies(b)	—		—		3,731		—		55		3,786


Deferred profit liability	64		10		19		1,543		875		2,511
Other reconciling items(c)	18		—		485		—		110		613
Future policy benefits for life and accident and health insurance contracts	1,231		227		13,400		20,025		22,225		57,108
Less: Reinsurance recoverable:	(4)		—		(719)		(39)		(21,986)		(22,748)
Net liability for future policy benefits after reinsurance recoverable	$	1,227	$	227	$	12,681	$	19,986	$	239	$	34,360

Weighted average liability duration of the liability for future policy benefits (years) (d)(e)	7.9		6.8		12.8		12.1		11.5

Effect of changes in cash flow assumptions and variances from actual experience are partially offset by changes in the deferred profit liability.

(b)Additional details can be found in the table that presents the balances and changes in the liability for universal life policies.

(c)Other reconciling items primarily include the Accident and Health as well as Group Benefits (short-duration) contracts.

(d)The weighted average liability durations are calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level, utilizing the segment level weighted average interest rates and current discount rate, which can be found in the table below.

(e)Includes balances that were reclassified to Liabilities held-for-sale in the Consolidated Balance Sheets.

The following table presents the amount of undiscounted expected future benefit payments and undiscounted and discounted expected gross premiums for future policy benefits for nonparticipating contracts:


		Years Ended December 31,
(in millions)		2025		2024		2023
Individual Retirement	Undiscounted expected future benefits and expense	$	1,865	$	1,836	$	1,827
	Undiscounted expected future gross premiums	$	—	$	—	$	—

Group Retirement	Undiscounted expected future benefits and expense	$	411	$	303	$	313
	Undiscounted expected future gross premiums	$	—	$	—	$	—

Life Insurance*	Undiscounted expected future benefits and expense	$	29,350	$	31,027	$	40,489
	Undiscounted expected future gross premiums	$	19,225	$	21,729	$	30,458
	Discounted expected future gross premiums (at current discount rate)	$	13,135	$	14,296	$	20,188
Institutional Markets	Undiscounted expected future benefits and expense	$	54,691	$	43,212	$	38,253
	Undiscounted expected future gross premiums	$	—	$	—	$	—

Corporate and other	Undiscounted expected future benefits and expense	$	39,729	$	41,969	$	43,375
	Undiscounted expected future gross premiums	$	1,804	$	1,973	$	2,146
	Discounted expected future gross premiums (at current discount rate)	$	1,238	$	1,307	$	1,444

*2023 includes balances related to AIG Life U.K. that have been reclassified to Liabilities held-for-sale in the Consolidated Balance Sheets at September 30, 2023.

The following table presents the amount of revenue and interest recognized in the Consolidated Statements of Income (Loss) for future policy benefits for nonparticipating contracts:


	Gross Premiums						Interest Accretion
	Years Ended December 31,						Years Ended December 31,
(in millions)	2025		2024		2023		2025		2024		2023
Individual Retirement	$	93	$	105	$	171	$	50	$	55	$	46
Group Retirement	9		12		19		15		11		11
Life Insurance	1,854		1,999		2,393		448		461		471
Institutional Markets	4,302		2,930		5,638		1,029		897		664
Corporate and Other	234		234		246		929		968		989
Total	$	6,492	$	5,280	$	8,467	$	2,471	$	2,392	$	2,181

The following table presents the weighted-average interest rate for future policy benefits for nonparticipating contracts:


	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate and Other



December 31, 2025
Weighted-average interest rate, original discount rate	3.93	%	5.22	%	4.70	%	4.60	%	4.80	%
Weighted-average interest rate, current discount rate	5.22	%	5.02	%	5.47	%	5.66	%	5.48	%

December 31, 2024
Weighted-average interest rate, original discount rate	3.80	%	5.18	%	4.70	%	4.31	%	4.87	%
Weighted-average interest rate, current discount rate	5.50	%	5.43	%	5.64	%	5.62	%	5.62	%
December 31, 2023
Weighted-average interest rate, original discount rate *	3.73	%	5.15	%	4.10	%	4.14	%	4.86	%
Weighted-average interest rate, current discount rate *	5.05	%	5.02	%	5.04	%	4.96	%	5.08	%

* Weighted-average interest rates for Life Insurance include balances that have been reclassified to Liabilities held-for-sale.

The following table presents the balances and changes in the liability for universal life policies:


	Years Ended December 31,
	2025						2024						2023
	Life Insurance		Corporate and Other		Total		Life Insurance		Corporate and Other		Total		Life Insurance		Corporate and Other		Total
(in millions, except duration of liability)


Balance, beginning of year	$	4,034	$	54	$	4,088	$	3,731	$	55	$	3,786	$	3,300	$	55	$	3,355
Effect of changes in assumptions	54		—		54		38		—		38		(41)		—		(41)
Effect of changes in experience	406		(4)		402		365		(4)		361		319		(4)		315
Adjusted beginning balance	$	4,494	$	50	$	4,544	$	4,134	$	51	$	4,185	$	3,578	$	51	$	3,629

Assessments	653		2		655		586		1		587		671		2		673
Excess benefits paid	(1,124)		—		(1,124)		(902)		—		(902)		(943)		—		(943)
Interest accrual	163		2		165		161		2		163		132		2		134
Other	(9)		—		(9)		(5)		—		(5)		(9)		—		(9)
Changes related to unrealized appreciation (depreciation) of investments	64		—		64		60		—		60		302		—		302
Balance, end of year	$	4,241	$	54	$	4,295	$	4,034	$	54	$	4,088	$	3,731	$	55	$	3,786
Less: Reinsurance recoverable	(166)		(54)		(220)		(156)		(54)		(210)		(164)		—		(164)
Balance, end of year net of Reinsurance recoverable	$	4,075	$	—	$	4,075	$	3,878	$	—	$	3,878	$	3,567	$	55	$	3,622

Weighted average duration of liability *	26.2		8.6				23.9		8.9				25.4		9.2

*The weighted average duration of liabilities is calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level, utilizing the segment level weighted average interest rates, which can be found in the table below.

The following table presents the amount of revenue and interest recognized in the Consolidated Statements of Income (Loss) for the liability for universal life policies:


	Gross Assessments						Interest Accretion
	Years Ended December 31,						Years Ended December 31,
(in millions)	2025		2024		2023		2025		2024		2023





Life Insurance	$	1,070	$	994	$	1,109	$	163	$	161	$	132

Corporate and Other	37		39		37		2		2		2
Total	$	1,107	$	1,033	$	1,146	$	165	$	163	$	134

The following table presents the calculation of weighted average interest rate for the liability for universal life policies:


December 31,	2025				2024				2023
	Life Insurance		Corporate and Other		Life Insurance		Corporate and Other		Life Insurance		Corporate and Other



Weighted-average interest rate	3.97	%	4.20	%	4.12	%	4.20	%	3.92	%	4.20	%

The weighted average interest rates are calculated using projected future net liability cash flows that are aggregated to the segment level, and are represented as an annual rate.

The following table presents details concerning our universal life policies:


	Years Ended December 31,
(in millions, except for attained age of contract holders)	2025		2024
Account value	$	4,242	$	3,988
Net amount at risk	$	78,295	$	75,886
Average attained age of contract holders	54		53

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)			—
Deposits	20,641			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 credited	4,559			1,276			480			951			218			7,484
Other, including foreign exchange	(33)			1			25			(9)			9			(7)
Policyholder contract deposits account balance, end of year	111,802			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 rate	3.63		%	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
Deposits	21,219			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 credited	3,822			1,298			519			717			240			6,596
Other, including foreign exchange	(19)			(211)			19			179			8			(24)
Policyholder contract deposits account balance, end of year	100,230			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 rate	3.29		%	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
Deposits	16,340			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 credited	2,101			1,141			413			507			255			4,417
Other, including foreign exchange	(25)			11			20			(3)			—			3
Policyholder contract deposits account balance, end of year	89,113			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 rate	2.82		%	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).

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, 2025		At 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 Retirement	Range 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 Retirement	Range 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 Insurance	Range 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 Other	Range 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 total		44%		4%		52%		100%


December 31, 2024		At 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 Retirement	Range 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 Retirement	Range 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 Insurance	Range 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 Other	Range 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 total		47%		5%		48%		100%

*Excludes policyholder contract deposits account balances that are not subject to guaranteed minimum crediting rates.

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 Other		Total
(in millions)


Year Ended December 31, 2025
Balance, beginning of year	$	1,821	$	1	$	84	$	1,906
Revenue deferred	166		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 deferred	161		—		—		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 deferred	153		—		—		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.