v3.26.1
Separate Account Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2026
Separate Accounts Disclosure [Abstract]  
Schedule of Roll forward of the Separate Account Balance
The following table presents the roll-forward of the separate account balance for variable annuities (in millions):

Three Months Ended March 31, 2026Year Ended December 31, 2025
Balance as of beginning of period$236,406$228,851
Deposits (1)
2,3179,998
Surrenders, withdrawals and benefits (1)
(6,955)(27,633)
Net transfer from (to) general account(134)(372)
Investment performance(7,603)28,278
Policy charges and other(666)(2,716)
Balance as of end of period, gross$223,365$236,406
Cash surrender value (2)
$218,733$231,711
(1) Excludes certain internal exchanges.
(2) Cash surrender value represents the amount of the contract holder’s account balances distributable at the balance sheet date less applicable surrender charges.
The following table presents the roll-forward of the net MRB (assets) liabilities for variable annuities (dollars in millions):

Three Months Ended March 31, 2026Year Ended December 31, 2025
Net MRB balance, beginning of period$(4,265)$(5,176)
Beginning of period cumulative effect of changes in non-performance risk(17)314 
Net MRB balance, beginning of period, before effect of changes in non-performance risk(4,282)(4,862)
Effect of changes in interest rates(407)(72)
Effect of fund performance671 (3,518)
Effect of changes in equity index volatility551 509 
Effect of expected policyholder behavior215 758 
Effect of actual policyholder behavior different from expected110 572 
Effect of time508 1,957 
Effect of changes in assumptions3 374 
Net MRB balance, end of period, before effect of changes in non-performance risk(2,631)(4,282)
End of period cumulative effect of changes in non-performance risk(303)17 
Net MRB balance, end of period, gross(2,934)(4,265)
Reinsurance recoverable on market risk benefits at fair value, end of period(43)(41)
Net MRB balance, end of period, net of reinsurance(2,977)(4,306)
Weighted average attained age (years) (1)
7170
Net amount at risk (2)
$7,193 $5,471 
(1) Weighted-average attained age is defined as the average age of policyholders weighted by account value.
(2) Net amount at risk (NAR) is defined as of the valuation date for each contract as the greater of Death Benefit NAR (DBNAR) and Living Benefit NAR (LBNAR), as applicable, where DBNAR is the GMDB benefit base in excess of the account value, and LBNAR is the actuarial present value of guaranteed living benefits in excess of the account value.
Schedule of Roll forward of the Separate Account Balance in the Consolidated Balance Sheet
The following table presents the reconciliation of the separate account balance in the Condensed Consolidated Balance Sheets (in millions):

March 31, 2026December 31, 2025
Variable Annuities$223,365$236,406
Other Product Lines8790
Total$223,452$236,496
Schedule of Separate Account Balances
The following table presents aggregate fair value of assets, by major investment asset category, supporting separate accounts (in millions):
March 31, 2026December 31, 2025
Variable Annuities By Fund Type
Equity$160,973 $171,046 
Bond19,110 19,711 
Balanced40,841 43,317 
Money Market2,441 2,332 
Total Variable Annuities223,365 236,406 
Other Product Lines87 90 
Total Separate Accounts$223,452 $236,496