v3.25.4
Separate Accounts
 12 Months Ended
Dec. 31, 2025
Separate Accounts Disclosure [Abstract]  
Separate Accounts Separate Accounts
The following table presents the fair value of separate account assets (in millions) reported on the Consolidated Balance Sheets by major investment category:

As of December 31,
20252024
Mutual funds and collective investment trusts:
Equity funds:
Domestic$84,274 $77,740 
International18,262 16,282 
Other equity funds1,505 1,403 
Balanced funds46,561 45,683 
Bond funds24,164 23,399 
Money market funds2,096 1,931 
Other funds1,491 1,321 
Exchange-traded funds323 336 
Fixed maturity AFS securities164 161 
Cash and invested cash35 12 
Other investments1,217 170 
Total separate account assets$180,092 $168,438 

The following table reconciles separate account liabilities (in millions) to the Consolidated Balance Sheets:

As of December 31,
20252024
Variable Annuities$122,945 $117,998 
UL and Other34,038 28,841 
Retirement Plan Services23,047 21,541 
Other Operations (1)
62 58 
Total separate account liabilities$180,092 $168,438 

(1) Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements
with Protective ($53 million and $49 million as of December 31, 2025 and 2024, respectively) that are excluded from the following tables.
The following table summarizes the balances of and changes in separate account liabilities (in millions):

As of or For the Year Ended
December 31, 2025		As of or For the Year Ended
December 31, 2024
Variable AnnuitiesUL and OtherRetirement Plan ServicesVariable AnnuitiesUL and OtherRetirement Plan Services
Balance as of beginning-of-year$117,998 $28,841 $21,541 $113,356 $25,150 $19,699 
Gross deposits6,034 2,646 2,282 4,765 1,483 2,302 
Withdrawals(16,524)(867)(3,746)(14,074)(477)(3,378)
Policyholder assessments(2,650)(1,000)(186)(2,639)(995)(182)
Change in market performance15,922 4,600 3,242 15,548 3,876 3,072 
Net transfers from (to) general account2,165 (182)(86)1,042 (196)28 
Balance as of end-of-year$122,945 $34,038 $23,047 $117,998 $28,841 $21,541 
Cash surrender value$121,531 $31,613 $23,033 $116,612 $26,435 $21,526