v3.25.4
Policyholder Contract Deposits and Other Policyholder Funds (Tables)
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
Schedule of Policyholder Contract Deposits
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 OtherTotal
(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 rate1,275 307 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 balance1,252 305 18,496 22,975 20,428 63,456 
Issuances93 10 673 4,198 43 5,017 
Interest accrual50 15 796 1,029 967 2,857 
Benefit payments(118)(42)(1,502)(1,467)(1,475)(4,604)
Foreign exchange impact— — — 702 — 702 
Other6 (2)7 — (11)— 
Ending balance at original discount rate1,283 286 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 period1,173 291 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 liability32 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 contracts1,219 311 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 $— $40,154 
Weighted average liability duration of the liability for future policy benefits (years)(d)
7.35.910.310.910.2
Individual
Retirement		Group
Retirement		Life
Insurance		Institutional
Markets		Corporate and OtherTotal
(in millions, except for liability durations)
Year Ended December 31, 2024
Present value of expected net premiums
Balance, beginning of year$— $— $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 rate1,265 214 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 balance1,242 211 25,406 20,344 21,261 68,464 
Issuances96 13 895 2,842 33 3,879 
Interest accrual55 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 rate1,275 205 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 year1,130 202 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 liability37 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 contracts1,183 213 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 $35,167 
Weighted average liability duration of the liability for future policy benefits (years)(d)
7.56.410.711.210.6
Individual
Retirement		Group
Retirement		Life
Insurance		Institutional
Markets		Corporate and OtherTotal
(in millions, except for liability durations)
Year Ended December 31, 2023
Present value of expected net premiums
Balance, beginning of year$— $— $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 rate1,176 213 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 balance1,177 211 24,787 15,113 21,796 63,084 
Issuances151 18 1,266 5,339 26 6,800 
Interest accrual46 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 rate1,265 214 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 year1,149 217 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 liability64 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 contracts1,231 227 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)
7.96.812.812.111.5
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)202520242023
Individual RetirementUndiscounted expected future benefits and expense$1,865 $1,836 $1,827 
Undiscounted expected future gross premiums$— $— $— 
Group RetirementUndiscounted 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 MarketsUndiscounted 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 PremiumsInterest Accretion
Years Ended December 31,Years Ended December 31,
(in millions)202520242023202520242023
Individual Retirement$93 $105 $171 $50 $55 $46 
Group Retirement9 12 19 15 11 11 
Life Insurance1,854 1,999 2,393 448 461 471 
Institutional Markets
4,302 2,930 5,638 1,029 897 664 
Corporate and Other234 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,
202520242023
Life
Insurance		Corporate and OtherTotalLife
Insurance		Corporate and OtherTotalLife
Insurance		Corporate and OtherTotal
(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 assumptions54 — 54 38 — 38 (41)— (41)
Effect of changes in experience406 (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 
Assessments653 2 655 586 1 587 671 2 673 
Excess benefits paid(1,124)— (1,124)(902)— (902)(943)— (943)
Interest accrual163 2 165 161 2 163 132 2 134 
Other(9)— (9)(5)— (5)(9)— (9)
Changes related to unrealized appreciation (depreciation) of investments64 — 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 *
26.28.623.98.925.49.2
*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 AssessmentsInterest Accretion
Years Ended December 31,Years Ended December 31,
(in millions)202520242023202520242023
Life Insurance$1,070 $994 $1,109 $163 $161 $132 
Corporate and Other37 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 31,202520242023
Life
Insurance		Corporate and OtherLife
Insurance		Corporate and OtherLife
Insurance		Corporate and Other
Weighted-average interest rate3.97 %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)20252024
Account value$4,242$3,988
Net amount at risk$78,295$75,886
Average attained age of contract holders5453
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).
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.
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.
Schedule of Insurance Activity, Funding Arrangements
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.