v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Investments:    
Fixed maturity available-for-sale securities, at fair value $ 87,586 $ 81,900
Trading securities 1,660 2,005
Equity securities 629 294
Mortgage loans on real estate, net of allowance for credit losses 22,338 20,940
Policy loans 2,617 2,465
Derivative investments 9,945 9,512
Other investments 7,812 6,935
Total investments 132,587 124,051
Cash and invested cash 7,946 4,505
Deferred acquisition costs, value of business acquired and deferred sales inducements 12,637 12,426
Reinsurance recoverables, net of allowance for credit losses 48,607 48,943
Deposit assets, net of allowance for credit losses 34,819 30,537
Market risk benefit assets 4,753 4,860
Accrued investment income 1,013 993
Goodwill 1,144 1,144
Other assets 9,394 9,529
Separate account assets 180,092 168,438
Total assets 432,992 405,426
Liabilities    
Policyholder account balances 135,904 125,818
Future contract benefits 42,360 40,002
Funds withheld reinsurance liabilities 30,930 26,810
Market risk benefit liabilities 1,118 1,046
Deferred front-end loads 7,605 6,750
Payables for collateral on investments 7,953 9,876
Short-term debt 0 24
Long-term debt 1,426 2,173
Other liabilities 13,618 13,977
Separate account liabilities 180,092 168,438
Total liabilities 421,006 394,914
Contingencies and Commitments (See Note 17)
Stockholder’s Equity    
Common stock – 10,000,000 shares authorized, issued and outstanding 14,041 13,015
Retained earnings (deficit) (100) (173)
Accumulated other comprehensive income (loss) (1,955) (2,330)
Total stockholder’s equity 11,986 10,512
Total liabilities and stockholder’s equity $ 432,992 $ 405,426