v3.26.1
Separate Accounts
3 Months Ended
Mar. 31, 2026
Separate Accounts Disclosure [Abstract]  
Separate Accounts (12) Separate Accounts
The following table presents the balances of and changes in separate account liabilities, which are primarily comprised of variable annuity products, as of and for the periods indicated:
(Amounts in millions)March 31, 2026December 31, 2025
Beginning balance as of January 1$4,369 $4,438 
Premiums and deposits11 32 
Policy charges(24)(99)
Surrenders and withdrawals(110)(391)
Benefit payments(53)(213)
Investment performance(97)605 
Net transfers from (to) general account(2)(2)
Other charges(1)(1)
Ending balance$4,093 $4,369 
Cash surrender value (1)
$4,091 $4,367 
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(1)Cash surrender value represents the amount of the contractholders’ account balances that was distributable less certain surrender charges.
Separate Account Assets
The following table presents the aggregate fair value of assets, by major investment asset category, supporting separate accounts as of the dates indicated:
(Amounts in millions)March 31, 2026December 31, 2025
Equity funds$1,924 $2,077 
Balanced funds1,713 1,809 
Bond funds274 291 
Money market funds182 192 
Total$4,093 $4,369