| Policyholder Account Balance |
Policyholder Account Balances The following table reconciles policyholder account balances (in millions) to the Consolidated Balance Sheets:
| | | | | | | | | | | | | As of December 31, | | 2025 | | 2024 | | Variable Annuities | $ | 40,060 | | | $ | 35,267 | | | Fixed Annuities | 28,710 | | | 25,941 | | | UL and Other | 35,663 | | | 36,242 | | | Retirement Plan Services | 23,843 | | | 23,619 | | Other (1) | 7,628 | | | 4,749 | | | Total policyholder account balances | $ | 135,904 | | | $ | 125,818 | |
(1) Represents policyholder account balances reported primarily in Other Operations attributable to the indemnity reinsurance agreements with Protective ($3.5 billion and $4.4 billion as of December 31, 2025 and 2024, respectively) and funding agreements ($3.7 billion and none as of December 31, 2025 and 2024, respectively). See “Funding Agreements” below for more information. The following table summarizes the balances and changes in policyholder account balances (in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | As of or For the Year Ended December 31, 2025 | | Variable Annuities | | Fixed Annuities | | UL and Other | | Retirement
Plan
Services | | | | Balance as of beginning-of-year | $ | 35,267 | | $ | 25,941 | | $ | 36,242 | | $ | 23,619 | | Gross deposits | 6,450 | | 4,698 | | 3,544 | | 4,065 | | Withdrawals | (2,777) | | (3,085) | | (1,479) | | (5,071) | | Policyholder assessments | (3) | | (59) | | (4,412) | | (17) | | Net transfers from (to) separate account | (1,517) | | – | | 183 | | 540 | | Interest credited | 838 | | 929 | | 1,430 | | 707 | | Change in fair value of embedded derivative | | | | | | | | | instruments and other | 1,802 | | 286 | | 155 | | – | | Balance as of end-of-year | $ | 40,060 | | $ | 28,710 | | $ | 35,663 | | $ | 23,843 | | | | | | | | | | Weighted-average crediting rate | 2.3 | % | | 3.4 | % | | 4.0 | % | | 3.0 | % | Net amount at risk (1)(2) | $ | 1,639 | | $ | 354 | | $ | 290,111 | | $ | 2 | | Cash surrender value | 38,706 | | 27,418 | | 31,329 | | 23,806 |
| | | | | | | | | | | | | | | | | | | | | | | | | As of or For the Year Ended December 31, 2024 | | Variable Annuities | | Fixed Annuities | | UL and Other | | Retirement
Plan
Services | | | | Balance as of beginning-of-year | $ | 29,141 | | | $ | 25,330 | | | $ | 36,784 | | | $ | 23,784 | | | Gross deposits | 4,756 | | | 4,226 | | | 3,605 | | | 3,407 | | | Withdrawals | (1,321) | | | (4,825) | | | (1,438) | | | (4,495) | | | Policyholder assessments | (1) | | | (61) | | | (4,480) | | | (14) | | | Net transfers from (to) separate account | (477) | | | – | | | 196 | | | 251 | | | Interest credited | 695 | | | 802 | | | 1,459 | | | 686 | | | Change in fair value of embedded derivative | | | | | | | | | instruments and other | 2,474 | | | 469 | | | 116 | | | – | | | Balance as of end-of-year | $ | 35,267 | | | $ | 25,941 | | | $ | 36,242 | | | $ | 23,619 | | | | | | | | | | | Weighted-average crediting rate | 2.1 | % | | 3.1 | % | | 4.0 | % | | 2.9 | % | Net amount at risk (1)(2) | $ | 1,962 | | | $ | 240 | | | $ | 295,984 | | | $ | 3 | | | Cash surrender value | 34,018 | | | 24,845 | | | 31,992 | | | 23,586 | |
(1) NAR is the current guaranteed minimum benefit in excess of the current account balance as of the balance sheet date. For GLBs, the guaranteed minimum benefit is calculated based on the present value of GLB payments. Our variable annuity products may offer more than one type of guaranteed benefit rider to a policyholder. In instances where more than one guaranteed benefit rider exists in a contract, the guaranteed benefit rider that provides the highest NAR is used in the calculation. (2) Calculation is based on total account balances and includes both policyholder account balances and separate account balances. The following table presents policyholder account balances (in millions) by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between the interest being credited to policyholders and the respective guaranteed contract minimums:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | At
Guaranteed
Minimum | | 1-50
Basis
Points
Above | | 51-100
Basis
Points
Above | | 101-150
Basis
Points
Above | | Greater
Than 150
Basis
Points
Above | | Total | | Range of Guaranteed | | Minimum Crediting Rate | | Variable Annuities | | | | | | | | | | | | Up to 1.00% | $ | – | | | $ | – | | | $ | – | | | $ | – | | | $ | – | | | $ | – | | 1.01% - 2.00% | 5 | | | – | | | – | | | – | | | 4 | | | 9 | | 2.01% - 3.00% | 464 | | | – | | | – | | | – | | | – | | | 464 | | 3.01% - 4.00% | 1,115 | | | – | | | – | | | – | | | – | | | 1,115 | | 4.01% and above | 5 | | | – | | | – | | | – | | | – | | | 5 | | Other (1) | – | | | – | | | – | | | – | | | – | | | 38,467 | | | Total | $ | 1,589 | | | $ | – | | | $ | – | | | $ | – | | | $ | 4 | | | $ | 40,060 | | | | | | | | | | | | | | | Fixed Annuities | | | | | | | | | | | | Up to 1.00% | $ | 123 | | | $ | 768 | | | $ | 393 | | | $ | 133 | | | $ | 2,212 | | | $ | 3,629 | | 1.01% - 2.00% | 188 | | | 210 | | | 120 | | | 70 | | | 8,221 | | | 8,809 | | 2.01% - 3.00% | 1,282 | | | 104 | | | 1 | | | 2 | | | 59 | | | 1,448 | | 3.01% - 4.00% | 812 | | | – | | | – | | | – | | | – | | | 812 | | 4.01% and above | 157 | | | – | | | – | | | – | | | – | | | 157 | | Other (1) | – | | | – | | | – | | | – | | | – | | | 13,855 | | | Total | $ | 2,562 | | | $ | 1,082 | | | $ | 514 | | | $ | 205 | | | $ | 10,492 | | | $ | 28,710 | | | | | | | | | | | | | | | UL and Other | | | | | | | | | | | | Up to 1.00% | $ | 256 | | | $ | – | | | $ | 239 | | | $ | 36 | | | $ | 753 | | | $ | 1,284 | | 1.01% - 2.00% | 529 | | | – | | | – | | | – | | | 2,711 | | | 3,240 | | 2.01% - 3.00% | 6,309 | | | 10 | | | 178 | | | – | | | – | | | 6,497 | | 3.01% - 4.00% | 13,918 | | | – | | | 1 | | | – | | | – | | | 13,919 | | 4.01% and above | 3,463 | | | – | | | – | | | – | | | – | | | 3,463 | | Other (1) | – | | | – | | | – | | | – | | | – | | | 7,260 | | | Total | $ | 24,475 | | | $ | 10 | | | $ | 418 | | | $ | 36 | | | $ | 3,464 | | | $ | 35,663 | | | | | | | | | | | | | | | Retirement Plan Services | | | | | | | | | | | | Up to 1.00% | $ | 622 | | | $ | 441 | | | $ | 708 | | | $ | 3,449 | | | $ | 6,919 | | | $ | 12,139 | | 1.01% - 2.00% | 481 | | | 814 | | | 1,711 | | | 467 | | | 561 | | | 4,034 | | 2.01% - 3.00% | 1,694 | | | 27 | | | 496 | | | 3 | | | – | | | 2,220 | | 3.01% - 4.00% | 3,825 | | | 98 | | | 7 | | | 10 | | | – | | | 3,940 | | 4.01% and above | 1,510 | | | – | | | – | | | – | | | – | | | 1,510 | | | Total | $ | 8,132 | | | $ | 1,380 | | | $ | 2,922 | | | $ | 3,929 | | | $ | 7,480 | | | $ | 23,843 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2024 | | At
Guaranteed
Minimum | | 1-50
Basis
Points
Above | | 51-100
Basis
Points
Above | | 101-150
Basis
Points
Above | | Greater
Than 150
Basis
Points
Above | | Total | | Range of Guaranteed | | Minimum Crediting Rate | | Variable Annuities | | | | | | | | | | | | Up to 1.00% | $ | – | | | $ | – | | | $ | – | | | $ | – | | | $ | – | | | $ | – | | 1.01% - 2.00% | 3 | | | – | | | – | | | – | | | 7 | | | 10 | | 2.01% - 3.00% | 511 | | | – | | | – | | | – | | | – | | | 511 | | 3.01% - 4.00% | 1,231 | | | – | | | – | | | – | | | – | | | 1,231 | | 4.01% and above | 8 | | | – | | | – | | | – | | | – | | | 8 | | Other (1) | – | | | – | | | – | | | – | | | – | | | 33,507 | | | Total | $ | 1,753 | | | $ | – | | | $ | – | | | $ | – | | | $ | 7 | | | $ | 35,267 | | | | | | | | | | | | | | | Fixed Annuities | | | | | | | | | | | | Up to 1.00% | $ | 298 | | | $ | 801 | | | $ | 540 | | | $ | 255 | | | $ | 2,319 | | | $ | 4,213 | | 1.01% - 2.00% | 235 | | | 174 | | | 150 | | | 218 | | | 4,728 | | | 5,505 | | 2.01% - 3.00% | 1,570 | | | 27 | | | 1 | | | 2 | | | 37 | | | 1,637 | | 3.01% - 4.00% | 1,518 | | | – | | | – | | | – | | | – | | | 1,518 | | 4.01% and above | 170 | | | – | | | – | | | – | | | – | | | 170 | | Other (1) | – | | | – | | | – | | | – | | | – | | | 12,898 | | | Total | $ | 3,791 | | | $ | 1,002 | | | $ | 691 | | | $ | 475 | | | $ | 7,084 | | | $ | 25,941 | | | | | | | | | | | | | | | UL and Other | | | | | | | | | | | | Up to 1.00% | $ | 264 | | | $ | – | | | $ | 226 | | | $ | 122 | | | $ | 486 | | | $ | 1,098 | | 1.01% - 2.00% | 543 | | | – | | | – | | | – | | | 2,974 | | | 3,517 | | 2.01% - 3.00% | 6,600 | | | 10 | | | 151 | | | – | | | – | | | 6,761 | | 3.01% - 4.00% | 14,725 | | | – | | | 1 | | | – | | | – | | | 14,726 | | 4.01% and above | 3,564 | | | – | | | – | | | – | | | – | | | 3,564 | | Other (1) | – | | | – | | | – | | | – | | | – | | | 6,576 | | | Total | $ | 25,696 | | | $ | 10 | | | $ | 378 | | | $ | 122 | | | $ | 3,460 | | | $ | 36,242 | | | | | | | | | | | | | | | Retirement Plan Services | | | | | | | | | | | | Up to 1.00% | $ | 524 | | | $ | 305 | | | $ | 735 | | | $ | 3,332 | | | $ | 5,551 | | | $ | 10,447 | | 1.01% - 2.00% | 470 | | | 1,001 | | | 1,890 | | | 942 | | | 588 | | | 4,891 | | 2.01% - 3.00% | 2,195 | | | 28 | | | 85 | | | 1 | | | – | | | 2,309 | | 3.01% - 4.00% | 4,272 | | | 111 | | | 8 | | | 12 | | | – | | | 4,403 | | 4.01% and above | 1,569 | | | – | | | – | | | – | | | – | | | 1,569 | | | Total | $ | 9,030 | | | $ | 1,445 | | | $ | 2,718 | | | $ | 4,287 | | | $ | 6,139 | | | $ | 23,619 | |
(1) Consists of indexed account balances that include the fair value of embedded derivative instruments, non-life contingent payout annuity account balances, short-term dollar cost averaging annuities business and policy loans.
Funding Agreements
The following summarizes the types of funding agreements issued by us:
FABN Program
We established a $5.0 billion FABN program in 2024 pursuant to which we may issue unsecured funding agreements to an unaffiliated and unconsolidated special purpose statutory trust (the “Trust”) that will then issue medium-term notes for which payment of interest and principal is secured by such funding agreement. We had funding agreements issued under the program totaling $1.5 billion as of December 31, 2025, compared to none as of December 31, 2024, with original maturities ranging from three to five years.
FABR Funding Agreements
We may issue funding agreements in connection with FABRs. Under an FABR, an unaffiliated and unconsolidated special-purpose entity enters into a repurchase agreement with a bank and uses the proceeds of the repurchase agreement to purchase funding agreements from us that are secured by portfolios of assets pledged to the special-purpose entity. We had secured funding agreements issued totaling $800 million as of December 31, 2025, compared to none as of December 31, 2024, with original maturities of five years. See “Assets Pledged as Collateral” in Note 3 for information on pledged assets.
FHLB Funding Agreements We are a member of the FHLB of Indianapolis (“FHLBI”) and, through membership, have the ability to issue funding agreements. We had FHLB funding agreements outstanding of $1.5 billion as of December 31, 2025, compared to none as of December 31, 2024, with original maturities of one year or less. The funding agreements are secured by a portfolio of assets pledged to the FHLB. See “Assets Pledged as Collateral” in Note 3 for information on pledged assets.
|