v3.25.4
Transactions with Affiliates (Tables)
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Schedule of Transactions with Affiliates
The following summarizes transactions with affiliates (in millions) and the associated line item on the Consolidated Balance Sheets:

As of December 31,
20252024
Assets with affiliates:
Inter-company notes$365 $905 Fixed maturity AFS securities
Assumed reinsurance contracts1 1 Policy loans
Deferred acquisition costs, value of business
Ceded net of assumed reinsurance contracts(318)(251)acquired and deferred sales inducements
Accrued inter-company interest receivable 5 6 Accrued investment income
Reinsurance recoverables, net of allowance
Ceded reinsurance contracts 20,847 20,468 for credit losses
Deposit assets, net of allowance for
Ceded reinsurance contracts9,642 7,896 credit losses
Ceded reinsurance contracts 449 415 Other assets
Cash management agreement1,859 1,798 Other assets
Service agreement receivable 1 1 Other assets
Liabilities with affiliates:
Assumed reinsurance contracts 15 15 Future contract benefits
Assumed reinsurance contracts 332 344 Policyholder account balances
Cash management agreement– 24 Short-term debt
Inter-company long-term debt 1,426 2,173 Long-term debt
Ceded reinsurance contracts21,745 19,143 Funds withheld reinsurance liabilities
Ceded reinsurance contracts 2,477 2,547 Other liabilities
Accrued inter-company interest payable 2 5 Other liabilities
Service agreement payable 54 59 Other liabilities
Assumed/ceded reinsurance contracts4,043 4,226 Other liabilities
Equity with affiliates:
Accumulated other comprehensive income – 931 1,267 Accumulated other comprehensive
assumed/ceded reinsurance contractsincome (loss)
The following summarizes transactions with affiliates (in millions) and the associated line item on the Consolidated Statements of Comprehensive Income (Loss):

For the Years Ended December 31,
202520242023
Revenues with affiliates:
Premiums and fees received on assumed (paid on
ceded) reinsurance contracts $(2,263)$(5,427)$(498)Insurance premiums and fee income
Fees for management of general account (85)(97)(156)Net investment income
Net investment income on ceded funds
withheld treaties(242)(260)(238)Net investment income
Net investment income on inter-company notes 44 63 65 Net investment income
Cash management agreement activity69 59 11 Net investment income
Realized gains (losses) on ceded reinsurance
contracts:
Reinsurance-related settlements9 305 1,717 Realized gain (loss)
Other gains (losses)(341)289 (9)Realized gain (loss)
Amortization of deferred gain on reinsurance
contracts183 167 17 Other revenues
Other revenues(714)(475)(171)Other revenues
Benefits and expenses with affiliates:
(Recoveries) benefits on ceded reinsurance
contracts(2,580)(5,844)(507)Benefits
Interest credited on assumed reinsurance contracts
(interest recoveries on ceded reinsurance contracts)(222)(229)12 Interest credited
Market risk benefit (gain) loss
on ceded reinsurance contracts149 1,740 1,129 Market risk benefit (gain) loss
Policyholder liability remeasurement (gain) loss Policyholder liability remeasurement
on ceded reinsurance contracts92 209 – (gain) loss
Ceded reinsurance contracts (159)(76)(13)Commissions and other expenses
Amortization of deferred loss on reinsurance contracts
contracts15 5 – Commissions and other expenses
Service agreement payments (receipts)(6)(7)(17)Commissions and other expenses
Interest expense on inter-company debt 118 146 148 Interest and debt expense