v3.26.1
Policyholder Account Balances
 3 Months Ended
Mar. 31, 2026
Policyholder Account Balance [Abstract]  
Policyholder Account Balances (9) Policyholder Account Balances
The following table sets forth our liabilities for policyholder account balances as of the dates indicated:
(Amounts in millions)March 31,
2026		December 31,
2025
Life insurance$6,970 $6,993 
Fixed annuities3,173 3,278 
Variable annuities411 420 
Funding agreements167 — 
Fixed indexed annuity embedded derivatives (1)
130 138 
Indexed universal life embedded derivatives (1)
13 14 
Additional insurance liabilities (2)
2,993 2,986 
Other14 14 
Total policyholder account balances$13,871 $13,843 
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(1)See note 5 for additional information.
(2)Represents additional liabilities related to death or other insurance benefits that are recorded within policyholder account balances and are considered long-duration insurance contracts. See note 10 for additional information.
The contracts underlying the minimum guarantees, such as GMWBs and guaranteed annuitization benefits, are considered “in the money” if the present value of the contractholder’s benefits is greater than the account value, or commonly referred to as the net amount at risk. For GMWBs and guaranteed annuitization benefits, the only way the contractholder can monetize the excess of the benefits over the account value of the contract is through lifetime withdrawals or lifetime income payments after annuitization. For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current GMDB in excess of the current account balance at the balance sheet date.
The following tables present the balances of and changes in policyholder account balances as of and for the periods indicated:
March 31, 2026
(Dollar amounts in millions)Life
insurance		Fixed
annuities		Variable
annuities
Beginning balance as of January 1$6,993 $3,278 $420 
Issuances— — — 
Premiums received107 4 4 
Policy charges(142)(1)(1)
Surrenders and withdrawals(30)(80)(10)
Benefit payments(34)(64)(12)
Net transfers from (to) separate accounts— — 2 
Interest credited74 28 1 
Other2 8 7 
Ending balance as of March 31$6,970 $3,173 $411 
Weighted-average crediting rate3.9%3.0%3.3%
Net amount at risk (1)
$39,202 $32 $365 
Cash surrender value$3,982 $2,398 $411 
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(1)The net amount at risk presented for fixed and variable annuity products contains both general and separate accounts, including amounts related to annuitization and other insurance benefits classified as MRBs.
December 31, 2025
(Dollar amounts in millions)Life
insurance		Fixed
annuities		Variable
annuities
Beginning balance as of January 1$7,235 $3,789 $467 
Issuances— — — 
Premiums received447 16 13 
Policy charges(582)(5)(5)
Surrenders and withdrawals(152)(373)(44)
Benefit payments(243)(304)(60)
Net transfers from (to) separate accounts— — 2 
Interest credited297 125 4 
Other(9)30 43 
Ending balance as of December 31$6,993 $3,278 $420 
Weighted-average crediting rate3.9%3.0%3.3%
Net amount at risk (1)
$39,712 $34 $354 
Cash surrender value$4,021 $2,490 $420 
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(1)The net amount at risk presented for fixed and variable annuity products contains both general and separate accounts, including amounts related to annuitization and other insurance benefits classified as MRBs.
The following tables present policyholder account balances by range of guaranteed minimum crediting rate and the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums as of the dates indicated:
March 31, 2026
(Amounts in millions)At guaranteed
minimum
1–50 basis
points above
51–150 basis
points above
Greater than
150 basis
points above
Total (1)
Less than 2.00%
$120 $35 $12 $— $167 
2.00%–2.99%
694 1 — — 695 
3.00%–3.99%
1,595 570 1,073 91 3,329 
4.00% and greater
2,157 21 23 — 2,201 
Total$4,566 $627 $1,108 $91 $6,392 
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(1)Excludes universal life insurance and investment contracts of $4,162 million that have an equity market component to their crediting strategy.
December 31, 2025
(Amounts in millions)At guaranteed
minimum
1–50 basis
points above
51–150 basis
points above
Greater than
150 basis
points above
Total (1)
Less than 2.00%
$111 $39 $23 $— $173 
2.00%–2.99%
720 1 — — 721 
3.00%–3.99%
1,627 579 1,081 85 3,372 
4.00% and greater
2,189 20 23 — 2,232 
Total$4,647 $639 $1,127 $85 $6,498 
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(1)Excludes universal life insurance and investment contracts of $4,193 million that have an equity market component to their crediting strategy.