v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Investments:    
Debt Securities, available-for-sale, net of allowance for credit losses of $17 and $11 at March 31, 2026 and December 31, 2025, respectively (amortized cost: 2026 $52,356; 2025 $50,491) $ 48,597 $ 47,321
Debt Securities, at fair value under fair value option 3,351 3,470
Equity securities, at fair value 243 172
Mortgage loans, net of allowance for credit losses of $159 and $133 at March 31, 2026 and December 31, 2025, respectively 10,248 9,887
Mortgage loans, at fair value under fair value option 196 324
Policy loans (including $3,556 and $3,537 at fair value under the fair value option at March 31, 2026 and December 31, 2025, respectively) 4,431 4,426
Freestanding derivative instruments 701 448
Other invested assets 3,246 3,185
Total investments 71,013 69,233
Cash and cash equivalents 5,539 5,704
Accrued investment income 636 634
Deferred acquisition costs 11,634 11,660
Reinsurance recoverable, net of allowance for credit losses of $30 and $30 at March 31, 2026 and December 31, 2025, respectively 18,926 19,518
Reinsurance recoverable on market risk benefits, at fair value 121 118
Market risk benefit assets, at fair value 6,701 7,867
Deferred income taxes, net 610 719
Other assets 905 637
Separate account assets 223,452 236,496
Total assets 339,537 352,586
Liabilities    
Reserves for future policy benefits and claims payable 10,706 10,896
Other contract holder funds 68,703 67,663
Market risk benefit liabilities, at fair value 3,971 3,754
Funds withheld payable under reinsurance treaties (including $3,744 and $3,723 at fair value under the fair value option at March 31, 2026 and December 31, 2025, respectively) 14,511 14,960
Long-term debt 2,027 2,030
Repurchase agreements and securities lending payable 505 1,036
Collateral payable for derivative instruments 343 58
Separate account liabilities 223,452 236,496
Total liabilities 329,637 342,244
Commitments, Contingencies, and Guarantees (see Note 16)
Equity    
Series A non-cumulative preferred stock and additional paid in capital, $1.00 par value per share: 24,000 shares authorized; 22,000 shares issued and outstanding at March 31, 2026 and December 31, 2025; liquidation preference $25,000 per share (see Note 19) 533 533
Common stock; 1,000,000,000 shares authorized, $0.01 par value per share and 70,270,752 and 66,825,632 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively (see Note 19) 1 1
Additional paid-in capital 6,393 6,063
Treasury stock, at cost; 24,217,563 and 27,662,683 shares at March 31, 2026 and December 31, 2025, respectively (1,671) (1,645)
Accumulated other comprehensive income (loss), net of tax expense (benefit) of $(287) and $(377) at March 31, 2026 and December 31, 2025, respectively (2,728) (2,470)
Retained earnings 6,968 7,471
Total shareholders' equity 9,496 9,953
Noncontrolling interests 404 389
Total equity 9,900 10,342
Total liabilities and equity 339,537 352,586
Freestanding derivatives    
Liabilities    
Freestanding derivative instruments 238 257
Related Party    
Liabilities    
Other Liabilities 2,543 2,578
Nonrelated Party    
Liabilities    
Other Liabilities $ 2,638 $ 2,516