v3.26.1
Reserves for Future Policy Benefits and Claims Payable (Tables)
 3 Months Ended
Mar. 31, 2026
Insurance [Abstract]  
Schedule of Reserves for Future Policy Benefits and Claims Payable Balances
The following table summarizes the Company’s reserves for future policy benefits and claims payable balances (in millions):
March 31,December 31,
20262025
Reserves for future policy benefits
Payout Annuities$1,156 $1,169 
Closed Block Life3,464 3,580 
Closed Block Annuity3,533 3,647 
Reserves for future policy benefits8,153 8,396 
Additional liabilities
Closed Block Life1,175 1,195 
Other future policy benefits and claims payable1,378 1,305 
Reserves for future policy benefits and claims payable$10,706 $10,896 
Schedule of Balances of and Changes in Liability for Future Policy Benefits, and Revenue and Interest Recognized
The following tables present the roll-forward of components of reserves for future policy benefits (in millions):
Present Value of Expected Net Premiums
Three Months Ended March 31,Year Ended December 31,
20262025
PayoutClosed BlockClosed BlockPayoutClosed BlockClosed Block
AnnuitiesLifeAnnuityAnnuitiesLifeAnnuity
Balance, beginning of period$— $998 $— $— $847 $— 
Beginning of period cumulative effect of changes in discount rate assumptions— 86 — — 125 — 
Beginning balance at original discount rate— 1,084 — — 972 — 
Effect of changes in cash flow assumptions— — — — 232 — 
Effect of actual variances from expected experience— (8)— — (33)— 
Balance adjusted for variances from expectation— 1,076 — — 1,171 — 
Issuances— 1 — — 2 — 
Interest accrual— 10 — — 35 — 
Net premiums collected— (32)— — (124)— 
Ending balance at original discount rate— 1,055 — — 1,084 — 
End of period cumulative effect of changes in discount rate assumptions— (97)— — (86)— 
Balance, end of period$— $958 $— $— $998 $— 
The following table presents the weighted average duration of the reserves for future policy benefits. The weighted average duration represents average cohort-level duration weighted by the benefit reserves amount:

PayoutClosed BlockClosed Block
AnnuitiesLifeAnnuity
March 31, 2026
Weighted average duration (years)6.26.76.4
December 31, 2025
Weighted average duration (years)6.26.86.5
The following table presents the amount of undiscounted and discounted expected future gross premiums and expected future benefit payments for future policy benefits for non-participating traditional and limited-payment insurance contracts (in millions). The discounted premiums are calculated using the current discount rate, while the undiscounted cash flows represent the gross cash flows before any discounting is applied:

March 31, 2026December 31, 2025
UndiscountedDiscountedUndiscountedDiscounted
Payout Annuities
Expected future benefit payments$1,557 $1,050 $1,547 $1,059 
Expected future gross premiums— — — — 
Closed Block Life
Expected future benefit payments6,720 4,540 6,875 4,696 
Expected future gross premiums3,711 2,332 3,810 2,429 
Closed Block Annuity
Expected future benefit payments4,530 2,999 4,618 3,101 
Expected future gross premiums$— $— $— $— 

The following table presents the amount of revenue and interest related to non-participating traditional and limited-pay insurance contracts recognized in the Condensed Consolidated Income Statements (in millions):

Gross PremiumsInterest Expense
Three Months Ended March 31, 2026Year Ended December 31, 2025Three Months Ended March 31, 2026Year Ended December 31, 2025
Payout Annuities$6 $67 $12 $47 
Closed Block Life67 295 29 115 
Closed Block Annuity1 (2)40 169 
Total$74 $360 $81 $331 

The following table presents the weighted average interest rate for the reserves for future policy benefits at the cohort level for the locked-in discount rate (interest accretion rate), and current discount rate, weighted by the cohort's benefit reserve amount:

March 31, 2026December 31, 2025
Payout Annuities
Interest accretion rate4.29 %4.26 %
Current discount rate5.36 %5.10 %
Closed Block Life
Interest accretion rate3.08 %3.08 %
Current discount rate5.51 %5.31 %
Closed Block Annuity
Interest accretion rate4.40 %4.40 %
Current discount rate5.41 %5.16 %
Schedule of Market Risk Benefit, Activity
Components of the Company’s reinsurance recoverable on market risk benefits were as follows (in millions):

March 31,December 31,
20262025
Variable annuity$43 $41 
Other product lines78 77 
Total$121 $118 
The following table presents a roll-forward of Closed Block Life additional liabilities for annuitization, death and other insurance benefits (in millions):

Three Months Ended March 31, 2026Year Ended December 31, 2025
Balance, beginning of period$1,195 $1,184 
Beginning of period cumulative effect of changes in shadow adjustments14 23 
Beginning balance excluding shadow1,209 1,207 
Effect of changes in cash flow assumptions— 5 
Effect of actual variances from expected experience5 33 
Interest accrual14 58 
Net assessments collected(32)(94)
Ending balance excluding shadow1,196 1,209 
End of period cumulative effect of changes in shadow adjustments(21)(14)
Balance, end of period$1,175 $1,195 

The following table presents the weighted average duration of Closed Block Life additional liabilities for annuitization, death and other insurance benefits. The weighted average duration represents average cohort-level duration weighted by the benefit reserves amount:

March 31, 2026December 31, 2025
Weighted average duration (years)8.78.7

The following table presents assessments and interest expense of Closed Block Life additional liabilities for annuitization, death and other insurance benefits recognized in the Condensed Consolidated Income Statements (in millions):

AssessmentsInterest Expense
Three Months Ended March 31, 2026Year Ended December 31, 2025Three Months Ended March 31, 2026Year Ended December 31, 2025
Additional liability for annuitization, death and other insurance benefits$(32)$(94)$14 $58 

The following table presents the weighted average current discount rate of Closed Block Life additional liabilities for annuitization, death and other insurance benefits, applied at the cohort level weighted by reserve benefit amount:

March 31, 2026December 31, 2025
Weighted average current discount rate5.00 %5.00 %
The following table presents the reconciliation of the market risk benefits balance in the Condensed Consolidated Balance Sheets (in millions):

March 31, 2026December 31, 2025
VariableOtherVariableOther
AnnuitiesProduct LinesTotalAnnuitiesProduct LinesTotal
Market risk benefit - (assets)$(6,698)$(3)$(6,701)$(7,863)$(4)$(7,867)
Market risk benefit - liabilities3,764 207 3,971 3,598 156 3,754 
Market risk benefit - net (asset) liability$(2,934)$204 $(2,730)$(4,265)$152 $(4,113)