
	Individual Retirement		Group Retirement		Corporate and Other		Total
(in millions, except for attained age of contract holders)

Year Ended December 31, 2025
Balance, beginning of year	$	3,757	$	278	$	309	$	4,344
Effect of changes in our own credit risk	(224)		(69)		(587)		(880)
Balance, beginning of year, before effect of changes in our own credit risk	$	3,533	$	209	$	(278)	$	3,464
Issuances	880		48		6		934
Interest accrual	205		16		(12)		209
Attributed fees	—		59		745		804
Expected claims	—		(1)		(67)		(68)
Effect of changes in interest rates	(233)		(25)		(6)		(264)
Effect of changes in interest rate volatility	18		(4)		(85)		(71)
Effect of changes in equity markets	(26)		(43)		(850)		(919)
Effect of changes in equity index volatility	—		5		26		31
Actual outcome different from model expected outcome	93		(18)		185		260
Effect of changes in future expected policyholder behavior	76		(9)		—		67
Effect of changes in other future expected assumptions	16		4		(44)		(24)
Other, including foreign exchange	—		—		—		—
Balance, end of year before effect of changes in our own credit risk	4,562		241		(380)		4,423
Effect of changes in our own credit risk	556		105		729		1,390

Balance, end of year	5,118		346		349		5,813
Less: Reinsured MRB, end of year	—		—		(896)		(896)
Net Liability Balance after reinsurance recoverable	$	5,118	$	346	$	(547)	$	4,917
Net amount at risk
GMDB only	$	—	$	94	$	510	$	604
GMWB only	$	695	$	63	$	—	$	758
Combined*	$	56	$	12	$	349	$	417
Weighted average attained age of contract holders	68		64		73


	Individual Retirement		Group Retirement		Corporate and Other		Total
(in millions, except for attained age of contract holders)	Individual Retirement		Group Retirement		Corporate and Other		Total

Year Ended December 31, 2024
Balance, beginning of year	$	3,128	$	308	$	1,434	$	4,870
Effect of changes in our own credit risk	(292)		(88)		(780)		(1,160)
Balance, beginning of year, before effect of changes in our own credit risk	$	2,836	$	220	$	654	$	3,710
Issuances	924		53		1		978
Interest accrual	151		13		9		173
Attributed fees	—		60		677		737
Expected claims	—		(2)		(65)		(67)
Effect of changes in interest rates	(463)		(76)		(493)		(1,032)
Effect of changes in interest rate volatility	(10)		3		8		1
Effect of changes in equity markets	(4)		(94)		(1,030)		(1,128)
Effect of changes in equity index volatility	—		—		(2)		(2)
Actual outcome different from model expected outcome	(67)		9		65		7
Effect of changes in future expected policyholder behavior	148		26		—		174
Effect of changes in other future expected assumptions	18		—		(102)		(84)
Other, including foreign exchange	—		(3)		—		(3)
Balance, end of year before effect of changes in our own credit risk	3,533		209		(278)		3,464
Effect of changes in our own credit risk	224		69		587		880

Balance, end of year	3,757		278		309		4,344
Less: Reinsured MRB, end of year	—		—		(60)		(60)
Net liability balance after reinsurance recoverable	$	3,757	$	278	$	249	$	4,284
Net amount at risk
GMDB only	$	—	$	118	$	584	$	702
GMWB only	$	210	$	16	$	—	$	226
Combined*	$	65	$	12	$	368	$	445
Weighted average attained age of contract holders	68		64		72

Year Ended December 31, 2023
Balance, beginning of year	$	2,059	$	296	$	1,679	$	4,034
Effect of changes in our own credit risk	17		(24)		(458)		(465)
Balance, beginning of year, before effect of changes in our own credit risk	$	2,076	$	272	$	1,221	$	3,569
Issuances	680		37		1		718
Interest accrual	112		15		44		171
Attributed fees	—		63		803		866
Expected claims	—		(3)		(91)		(94)
Effect of changes in interest rates	(29)		(13)		(110)		(152)
Effect of changes in interest rate volatility	4		(3)		(73)		(72)
Effect of changes in equity markets	(11)		(109)		(1,225)		(1,345)
Effect of changes in equity index volatility	(1)		(5)		(13)		(19)
Actual outcome different from model expected outcome	11		7		177		195
Effect of changes in future expected policyholder behavior	(2)		1		1		—
Effect of changes in other future expected assumptions	(4)		(39)		(81)		(124)
Other, including foreign exchange	—		(3)		—		(3)
Balance, end of year before effect of changes in our own credit risk	2,836		220		654		3,710
Effect of changes in our own credit risk	292		88		780		1,160
Effect of changes in counterparty credit risk	—		—		—		—
Balance, end of year	3,128		308		1,434		4,870


Less: Reinsured MRB, end of year	—		—		(77)		(77)
Net liability balance after reinsurance recoverable	$	3,128	$	308	$	1,357	$	4,793
Net amount at risk
GMDB only	$	—	$	160	$	758	$	918
GMWB only	$	152	$	13	$	—	$	165
Combined*	$	54	$	18	$	957	$	1,029
Weighted average attained age of contract holders	68		64		71