Market Risk Benefits

3 Months Ended

Mar. 31, 2026

LIABILITY FOR FUTURE POLICY BENEFITS

Liability for Future Policy Benefits primarily consists of the following sub-components, which are discussed in greater detail below:

•Benefit Reserves;

•Deferred Profit Liability (“DPL”); and

•Additional Insurance Reserves (“AIR”)

Benefit Reserves

The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.


	Three Months Ended March 31, 2026
	Present Value of Expected Net Premiums
			Individual Life		International Businesses		Corporate and Other		Total
	Retirement		Term Life				Long-Term Care
	(in millions)
Balance, BOP	$	87,431	$	10,637	$	41,359	$	2,868	$	142,295
Effect of cumulative changes in discount rate assumptions, BOP	14,178		280		3,431		64		17,953
Balance at original discount rate, BOP	101,609		10,917		44,790		2,932		160,248

Effect of actual variances from expected experience and other activity	17		(75)		(306)		21		(343)
Adjusted balance, BOP	101,626		10,842		44,484		2,953		159,905
Issuances	1,587		206		525		0		2,318
Net premiums / considerations collected	(3,082)		(339)		(1,749)		(82)		(5,252)
Interest accrual	927		131		349		35		1,442
Foreign currency adjustment	(1,977)		0		(168)		0		(2,145)
Other adjustments	0		(16)		28		0		12
Balance at original discount rate, EOP	99,081		10,824		43,469		2,906		156,280
Effect of cumulative changes in discount rate assumptions, EOP	(17,517)		(409)		(4,016)		(103)		(22,045)
Balance, EOP	$	81,564	$	10,415	$	39,453	$	2,803	134,235
Other businesses, EOP									112
Total balance, EOP									$	134,347


	Three Months Ended March 31, 2026
	Present Value of Expected Future Policy Benefits
			Individual Life		International Businesses		Corporate and Other		Total
	Retirement		Term Life				Long-Term Care
	(in millions)
Balance, BOP	$	167,704	$	19,166	$	125,543	$	11,660	$	324,073
Effect of cumulative changes in discount rate assumptions, BOP	17,769		602		26,267		1,435		46,073
Balance at original discount rate, BOP	185,473		19,768		151,810		13,095		370,146

Effect of actual variances from expected experience and other activity	26		(95)		(309)		20		(358)
Adjusted balance, BOP	185,499		19,673		151,501		13,115		369,788
Issuances	1,587		206		525		0		2,318
Interest accrual	1,846		237		1,172		157		3,412
Benefit payments	(3,849)		(375)		(2,844)		(100)		(7,168)
Foreign currency adjustment	(1,991)		0		(790)		0		(2,781)
Other adjustments	91		(7)		80		0		164
Balance at original discount rate, EOP	183,183		19,734		149,644		13,172		365,733
Effect of cumulative changes in discount rate assumptions, EOP	(22,213)		(874)		(29,712)		(1,726)		(54,525)
Balance, EOP	$	160,970	$	18,860	$	119,932	$	11,446	311,208
Other businesses, EOP									1,483
Total balance, EOP									$	312,691


	Three Months Ended March 31, 2026
	Net Liability for Future Policy Benefits - Benefit Reserves
			Individual Life		International Businesses		Corporate and Other		Total
	Retirement		Term Life				Long-Term Care
	(in millions)
Balance, EOP, pre-flooring	$	79,406	$	8,445	$	80,479	$	8,643	$	176,973
Flooring impact, EOP	156		2		91		0		249
Balance, EOP, post-flooring	79,562		8,447		80,570		8,643		177,222
Less: Reinsurance recoverables	5,089		618		292		0		5,999
Balance after reinsurance recoverables, EOP, post-flooring	$	74,473	$	7,829	$	80,278	$	8,643	171,223
Other businesses, EOP(1)									1,317
Total balance after reinsurance recoverables, EOP									$	172,540


	Three Months Ended March 31, 2025
	Present Value of Expected Net Premiums
			Individual Life		International Businesses		Corporate and Other		Total(2)
	Retirement(2)		Term Life				Long-Term Care
	(in millions)
Balance, BOP	$	72,526	$	10,724	$	45,851	$	2,854	$	131,955
Effect of cumulative changes in discount rate assumptions, BOP	14,545		578		2,599		132		17,854
Balance at original discount rate, BOP	87,071		11,302		48,450		2,986		149,809

Effect of actual variances from expected experience and other activity	22		(62)		(303)		19		(324)
Adjusted balance, BOP	87,093		11,240		48,147		3,005		149,485
Issuances	4,148		201		768		0		5,117
Net premiums / considerations collected	(1,559)		(340)		(1,893)		(80)		(3,872)
Interest accrual	824		133		368		36		1,361
Foreign currency adjustment	2,777		0		1,264		0		4,041
Other adjustments	0		1		43		0		44
Balance at original discount rate, EOP	93,283		11,235		48,697		2,961		156,176
Effect of cumulative changes in discount rate assumptions, EOP	(16,053)		(460)		(3,029)		(102)		(19,644)
Balance, EOP	$	77,230	$	10,775	$	45,668	$	2,859	136,532
Other businesses, EOP									93
Total balance, EOP									$	136,625


	Three Months Ended March 31, 2025
	Present Value of Expected Future Policy Benefits
			Individual Life		International Businesses		Corporate and Other		Total(2)
	Retirement(2)		Term Life				Long-Term Care
	(in millions)
Balance, BOP	$	151,679	$	18,996	$	135,485	$	11,178	$	317,338
Effect of cumulative changes in discount rate assumptions, BOP	20,199		1,134		17,834		1,548		40,715
Balance at original discount rate, BOP	171,878		20,130		153,319		12,726		358,053

Effect of actual variances from expected experience and other activity	0		(70)		(337)		19		(388)
Adjusted balance, BOP	171,878		20,060		152,982		12,745		357,665
Issuances	4,148		201		768		0		5,117
Interest accrual	1,727		238		1,173		153		3,291
Benefit payments	(3,647)		(392)		(2,208)		(87)		(6,334)
Foreign currency adjustment	2,806		0		4,169		0		6,975
Other adjustments	32		0		105		0		137
Balance at original discount rate, EOP	176,944		20,107		156,989		12,811		366,851
Effect of cumulative changes in discount rate assumptions, EOP	(20,916)		(920)		(21,001)		(1,525)		(44,362)
Balance, EOP	$	156,028	$	19,187	$	135,988	$	11,286	322,489
Other businesses, EOP(1)									1,493
Total balance, EOP									$	323,982


	Three Months Ended March 31, 2025
	Net Liability for Future Policy Benefits - Benefit Reserves
			Individual Life		International Businesses		Corporate and Other		Total(2)
	Retirement(2)		Term Life				Long-Term Care
	(in millions)
Balance, EOP, pre-flooring	$	78,798	$	8,411	$	90,320	$	8,427	$	185,956
Flooring impact, EOP	75		0		41		0		116
Balance, EOP, post-flooring	78,873		8,411		90,361		8,427		186,072
Less: Reinsurance recoverables	5,050		655		353		0		6,058
Balance after reinsurance recoverables, EOP, post-flooring	$	73,823	$	7,756	$	90,008	$	8,427	180,014
Other businesses, EOP(1)									1,341
Total balance after reinsurance recoverables, EOP									$	181,355

__________

(1)Reflects balance after reinsurance recoverables of $54 million and $59 million at March 31, 2026 and 2025, respectively.

(2)Prior period amounts have been updated to conform to current period presentation.

The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated:


	Three Months Ended March 31, 2026

				Individual Life			International Businesses			Corporate and Other
	Retirement			Term Life						Long-Term Care
	($ in millions)
Undiscounted expected future gross premiums	$	170,594		$	22,983		$	100,069		$	6,316
Discounted expected future gross premiums (at original discount rate)	$	106,657		$	15,529		$	77,692		$	4,281
Discounted expected future gross premiums (at current discount rate)	$	87,531		$	14,999		$	70,888		$	4,140
Undiscounted expected future benefits and expenses	$	298,309		$	30,521		$	246,815		$	29,421
Weighted-average duration of the liability in years (at original discount rate)	8			9			17			16
Weighted-average duration of the liability in years (at current discount rate)	8			9			13			14
Weighted-average interest rate (at original discount rate)	4.83		%	5.11		%	3.06		%	4.91		%
Weighted-average interest rate (at current discount rate)	5.57		%	5.48		%	4.77		%	5.98		%


	Three Months Ended March 31, 2025

				Individual Life			International Businesses			Corporate and Other
	Retirement(1)			Term Life						Long-Term Care
	($ in millions)
Undiscounted expected future gross premiums	$	158,816		$	22,905		$	109,182		$	6,725
Discounted expected future gross premiums (at original discount rate)	$	100,852		$	15,602		$	85,647		$	4,494
Discounted expected future gross premiums (at current discount rate)	$	83,236		$	15,008		$	80,722		$	4,349
Undiscounted expected future benefits and expenses	$	285,003		$	31,022		$	258,029		$	29,618
Weighted-average duration of the liability in years (at original discount rate)	8			10			17			17
Weighted-average duration of the liability in years (at current discount rate)	8			9			15			15
Weighted-average interest rate (at original discount rate)	4.75		%	5.13		%	3.00		%	4.91		%
Weighted-average interest rate (at current discount rate)	5.49		%	5.44		%	3.89		%	5.84		%

__________

(1)Prior period amounts have been updated to conform to current period presentation.

For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter, such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss respectively.

For the first three months of 2026, there was a $54 million charge to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts. The unfavorable impact in the first three months of 2026 is primarily due to new pension risk transfer business sold in Retirement, for which the present value of expected benefits at the required discount rate exceeds the premium paid.

For the first three months of 2025, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts.

Deferred Profit Liability

The balances of and changes in DPL as of and for the period indicated are as follows:


	Three Months Ended March 31, 2026
	Deferred Profit Liability
			International Businesses		Total
	Retirement
	(in millions)
Balance, BOP, post-flooring	$	5,419	$	10,225	$	15,644
Less: Flooring impact, BOP	0		2		2
Balance, BOP, pre-flooring	5,419		10,223		15,642

Effect of actual variances from expected experience and other activity	24		(30)		(6)
Adjusted balance, BOP	5,443		10,193		15,636
Profits deferred	5		641		646
Interest accrual	56		93		149
Amortization	(138)		(536)		(674)
Foreign currency adjustment	(5)		(14)		(19)
Other adjustments	0		13		13
Balance, EOP, pre-flooring	5,361		10,390		15,751
Flooring impact, EOP	0		2		2
Balance, EOP, post-flooring	5,361		10,392		15,753
Less: Reinsurance recoverables	390		44		434
Balance after reinsurance recoverables, EOP, post-flooring	$	4,971	$	10,348	15,319
Other businesses					157
Total balance after reinsurance recoverables, EOP					$	15,476


	Three Months Ended March 31, 2025
	Deferred Profit Liability
			International Businesses
	Retirement(1)				Total(1)
	(in millions)
Balance, BOP, post-flooring	$	5,683	$	9,354	$	15,037
Less: Flooring impact, BOP	0		2		2
Balance, BOP, pre-flooring	5,683		9,352		15,035

Effect of actual variances from expected experience and other activity	12		(11)		1
Adjusted balance, BOP	5,695		9,341		15,036
Profits deferred	31		666		697
Interest accrual	59		84		143
Amortization	(147)		(522)		(669)
Foreign currency adjustment	8		202		210
Other adjustments	0		13		13
Balance, EOP, pre-flooring	5,646		9,784		15,430
Flooring impact, EOP	0		2		2
Balance, EOP, post-flooring	5,646		9,786		15,432
Less: Reinsurance recoverables	389		41		430
Balance after reinsurance recoverables, EOP, post-flooring	$	5,257	$	9,745	15,002
Other businesses					149
Total balance after reinsurance recoverables, EOP					$	15,151

_________

(1)Prior period amounts have been updated to conform to current period presentation.

Additional Insurance Reserves

AIR represents the additional liability for annuitization, death, or other insurance benefits, including guaranteed minimum death benefits (“GMDB”) and guaranteed minimum income benefits (“GMIB”) contract features, that are above and beyond the contractholder’s account balance for certain long-duration life contracts.

The following table shows a rollforward of AIR balances for guaranteed universal life products within the U.S. Legacy Products segment, which is the only line of business that contains a material AIR balance, for the periods indicated, along with a reconciliation to the Company’s total AIR balance:


	Three Months Ended March 31,
	2026		2025(1)
	(in millions)
Balance, including amounts in AOCI, BOP, post-flooring	$	17,904	$	16,205
Flooring impact and amounts in AOCI	315		460
Balance, excluding amounts in AOCI, BOP, pre-flooring	18,219		16,665

Effect of actual variances from expected experience and other activity	19		6
Adjusted balance, BOP	18,238		16,671
Assessments collected(2)	279		259
Interest accrual	151		139
Benefits paid	(74)		(49)
Other adjustments	(4)		0
Balance, excluding amounts in AOCI, EOP, pre-flooring	18,590		17,020
Flooring impact and amounts in AOCI	(324)		(402)
Balance, including amounts in AOCI, EOP, post-flooring	18,266		16,618
Less: Reinsurance recoverables	10,814		9,660
Balance after reinsurance recoverables, including amounts in AOCI, EOP	7,452		6,958
Other businesses(3)	268		110
Total balance after reinsurance recoverables	$	7,720	$	7,068

__________

(1)Prior period amounts have been updated to conform to current period presentation.

(2)Represents the portion of gross assessments required to fund the future policy benefits.

(3)Reflects balance after reinsurance recoverables of $211 million and $146 million at March 31, 2026 and 2025, respectively.


	Three Months Ended March 31,
	2026		2025(1)
Weighted-average duration of the liability in years (at original discount rate)	21		21
Weighted-average interest rate (at original discount rate)	3.33	%	3.38	%

__________

(1)Prior period amounts have been updated to conform to current period presentation.

Future Policy Benefits Reconciliation

The following table presents the reconciliation of the ending balances from above rollforwards, Benefit Reserves, DPL, and AIR including other liabilities, gross of related reinsurance recoverable, to the total liability for Future Policy Benefits on the Company’s Consolidated Statement of Financial Position as of the periods indicated:


	Three Months Ended March 31,
	2026		2025
	(in millions)
Benefit reserves, EOP, post-flooring	$	178,593	$	187,472
Deferred Profit Liability EOP, post-flooring	15,910		15,581
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring	18,745		16,874
Subtotal of amounts disclosed above	213,248		219,927
Other Future Policy Benefits reserves(1)	49,222		50,042
Total Future Policy Benefits	$	262,470	$	269,969

__________

(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including Closed Block liabilities, unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.

Revenue and Interest Expense

The following tables present revenue and interest expense related to Benefit Reserves, DPL, and AIR in the Company’s Consolidated Statement of Operations as of the periods indicated:


	Three Months Ended March 31, 2026
	Revenues(1)
			Individual Life		U.S. Legacy Products		International Businesses		Other Businesses		Total
	Retirement		Term Life		Guaranteed Universal Life
	(in millions)
Benefit reserves	$	3,236	$	486	$	0	$	2,705	$	151	$	6,578
Deferred profit liability	53		0		0		(182)		(2)		(131)
Additional insurance reserves	45		0		385		51		547		1,028
Total	$	3,334	$	486	$	385	$	2,574	$	696	$	7,475


	Three Months Ended March 31, 2025
	Revenues(1)
			Individual Life		U.S. Legacy Products(2)		International Businesses		Other Businesses(2)		Total
	Retirement(2)		Term Life		Guaranteed Universal Life
	(in millions)
Benefit reserves	$	1,679	$	468	$	0	$	2,970	$	141	$	5,258
Deferred profit liability	45		0		0		(230)		0		(185)
Additional insurance reserves	0		0		357		0		478		835
Total	$	1,724	$	468	$	357	$	2,740	$	619	$	5,908


	Three Months Ended March 31, 2026
	Interest Expense
			Individual Life		U.S. Legacy Products		International Businesses		Other Businesses		Total
	Retirement		Term Life		Guaranteed Universal Life
	(in millions)
Benefit reserves	$	918	$	106	$	0	$	823	$	133	$	1,980
Deferred profit liability	56		0		0		93		2		151
Additional insurance reserves	1		0		151		0		3		155
Total	$	975	$	106	$	151	$	916	$	138	$	2,286


	Three Months Ended March 31, 2025
	Interest Expense
			Individual Life		U.S. Legacy Products(2)		International Businesses		Other Businesses(2)		Total
	Retirement(2)		Term Life		Guaranteed Universal Life
	(in millions)
Benefit reserves	$	903	$	105	$	0	$	805	$	128	$	1,941
Deferred profit liability	58		0		0		84		2		144
Additional insurance reserves	0		0		139		0		5		144
Total	$	961	$	105	$	139	$	889	$	135	$	2,229

__________

(1)Represents gross premiums for benefit reserves, gross premiums, excluding impact of foreign currency adjustments for DPL and gross assessments for AIR.

(2)Prior period amounts have been updated to conform to current period presentation.

POLICYHOLDERS’ ACCOUNT BALANCES

The balances of and changes in policyholders’ account balances as of and for the periods ended are as follows:


	Three Months Ended March 31, 2026
				Group Insurance			Individual Life			U.S. Legacy Products						International Businesses			Total
	Retirement			Life/Disability			Variable/Universal Life			Annuities			Guaranteed Universal Life
	($ in millions)
Balance, beginning of period	$	80,975		$	4,763		$	15,480		$	3,715		$	12,788		$	60,946		$	178,667
Deposits	5,851			58			386			31			332			1,829			8,487
Interest credited	539			33			93			18			92			281			1,056
Acquisitions and dispositions	0			0			0			0			0			0			0
Policy charges	(44)			(73)			(133)			0			(384)			(180)			(814)
Surrenders and withdrawals	(2,384)			(256)			(457)			(165)			(24)			(633)			(3,919)
Benefit payments	(219)			0			(10)			(35)			(32)			(621)			(917)
Net transfers (to) from separate account	(23)			3			217			11			0			0			208
Change in market value and other adjustments(1)	(1,561)			0			(73)			0			0			(3)			(1,637)
Foreign currency adjustment	(11)			0			0			0			0			(198)			(209)
Balance, end of period	$	83,123		$	4,528		$	15,503		$	3,575		$	12,772		$	61,421		180,922


Closed Block Division																			4,240
Unearned revenue reserve, unearned expense credit, and additional interest reserve																			6,956
Other(2)																			13
Total Policyholders’ account balance																			$	192,131
Weighted-average crediting rate	2.63		%	2.82		%	2.40		%	1.93		%	2.88		%	1.84		%	2.35		%
Net amount at risk(3)	$	0		$	75,147		$	273,818		$	0		$	148,490		$	29,692		$	527,147
Cash surrender value(4)	$	79,736		$	3,596		$	10,931		$	3,398		$	11,608		$	56,012		$	165,281


	Three Months Ended March 31, 2025
				Group Insurance			Individual Life(5)			U.S. Legacy Products(5)						International Businesses			Total
	Retirement(5)			Life/Disability			Variable/Universal Life			Annuities			Guaranteed Universal Life
	($ in millions)
Balance, beginning of period	$	60,869		$	4,974		$	14,902		$	4,324		$	12,694		$	54,270		$	152,033
Deposits	5,019			120			341			29			350			2,357			8,216
Interest credited	404			35			107			27			91			92			756
Acquisitions and Dispositions	0			0			0			0			0			0			0
Policy charges	(29)			(89)			(130)			(1)			(384)			(149)			(782)
Surrenders and withdrawals	(1,659)			(452)			(414)			(188)			(32)			(382)			(3,127)
Benefit payments	(194)			0			(23)			(28)			(30)			(496)			(771)
Net transfers (to) from separate account	31			(13)			143			2			0			0			163
Change in market value and other adjustments(1)	(1,461)			0			11			0			0			(4)			(1,454)
Foreign currency adjustment	0			0			0			0			0			857			857
Balance, end of period	$	62,980		$	4,575		$	14,937		$	4,165		$	12,689		$	56,545		155,891


Closed Block Division																			4,324
Unearned revenue reserve, unearned expense credit, and additional interest reserve																			6,220
Other(2)																			3,843
Total Policyholders’ account balance																			$	170,278
Weighted-average crediting rate	2.62		%	2.94		%	2.88		%	2.50		%	2.87		%	0.66		%	1.96		%
Net amount at risk(3)	$	1		$	74,477		$	256,477		$	0		$	148,707		$	29,251		$	508,913
Cash surrender value(4)	$	60,231		$	3,658		$	12,549		$	3,808		$	11,424		$	50,581		$	142,251

__________

(1)Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.

(2)Includes $1,070 million and $5,040 million of the Full Service Retirement business’s account balances reinsured to Empower for March 31, 2026 and 2025, respectively.

(3)The net amount at risk calculation includes both general account and separate account balances.

(4)Cash surrender value represents the amount of the contractholder’s account balances distributable at the balance sheet date less certain surrender charges.

(5)Prior period amounts have been updated to conform to current period presentation.

“Policyholders’ account balances” for Retirement, International Businesses and Corporate and Other includes the Company’s Funding Agreement-Backed Notes (“FABN”) and Funding Agreement-Backed Commercial Paper (“FACP”) programs, which totaled $9,867 million and $5,639 million at March 31, 2026 and 2025, respectively. Under this program, which have maximum authorized amount of $15 billion of medium-term notes and $6 billion of commercial paper, Delaware statutory trusts issue short-term commercial paper and/or medium-term notes to investors that are secured by funding agreements issued to the trusts by The Prudential Insurance Company of America (“PICA”). The outstanding commercial paper and notes have fixed or floating interest rates that range from 0.0% to 5.6% and original maturities ranging from two months to ten years. Included in the amounts at March 31, 2026 and 2025 are funding agreements which secure the medium-term note liability, which are carried at amortized cost, of $6,193 million and $3,467 million, respectively, and short-term note liability of $3,145 million and $2,008 million, respectively, and Retail Note liability of $567 million and $187 million, respectively.

“Policyholders’ account balances” for Retirement also includes collateralized funding agreements issued to the Federal Home Loan Bank of New York (“FHLBNY”) totaling $2,628 million as of both March 31, 2026 and 2025. These obligations, which are carried at amortized cost, have fixed interest rates that range from 1.925% to 4.510% and original maturities of seven years.

The Company issues variable life and universal life insurance contracts which may also include a “no-lapse guarantee” where the Company contractually guarantees to the contractholder a death benefit even when the account value drops to zero, as long as the “no-lapse guarantee” premium is paid.

The net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to,

the assumptions used in the original pricing of these products, including contractholder mortality, contract lapses, and premium pattern, as well as interest rate and equity market returns.

The Company also issues annuity contracts that provide certain death benefit and/or living benefit guarantees and are accounted for as MRBs. See Note 11 for additional information, including the net amount at risk associated with these guarantees.

The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points (“bps”), between rates being credited to policyholders and the respective guaranteed minimums are as follows:


	March 31, 2026
Range of Guaranteed Minimum Crediting Rate(1)	At guaranteed minimum		1 - 50 bps above guaranteed minimum		51 - 150 bps above guaranteed minimum		Greater than 150 bps above guaranteed minimum		Total
	(in millions)
Retirement
Less than 1.00%	$	221	$	8	$	21	$	1,808	$	2,058
1.00% - 1.99%	1,841		36		158		46		2,081
2.00% - 2.99%	184		1,738		635		6		2,563
3.00% - 4.00%	6,248		5		12		3		6,268
Greater than 4.00%	6,818		0		0		0		6,818
Total	$	15,312	$	1,787	$	826	$	1,863	$	19,788
Group Insurance - Life / Disability
Less than 1.00%	$	0	$	0	$	0	$	813	$	813
1.00% - 1.99%	4		0		0		2		6
2.00% - 2.99%	39		0		0		0		39
3.00% - 4.00%	1,423		5		73		4		1,505
Greater than 4.00%	3		0		0		0		3
Total	$	1,469	$	5	$	73	$	819	$	2,366
Individual Life - Variable / Universal Life
Less than 1.00%	$	0	$	0	$	361	$	0	$	361
1.00% - 1.99%	475		283		0		407		1,165
2.00% - 2.99%	232		145		116		282		775
3.00% - 4.00%	2,101		329		989		252		3,671
Greater than 4.00%	4,791		0		0		0		4,791
Total	$	7,599	$	757	$	1,466	$	941	$	10,763
U.S. Legacy Products - Annuities
Less than 1.00%	$	237	$	77	$	472	$	8	$	794
1.00% - 1.99%	136		550		41		0		727
2.00% - 2.99%	447		19		7		0		473
3.00% - 4.00%	1,699		16		8		0		1,723
Greater than 4.00%	140		0		0		0		140
Total	$	2,659	$	662	$	528	$	8	$	3,857
U.S. Legacy Products - Guaranteed Universal Life
Less than 1.00%	$	0	$	0	$	0	$	0	$	0
1.00% - 1.99%	18		0		0		3,178		3,196
2.00% - 2.99%	27		0		4,037		289		4,353
3.00% - 4.00%	2,989		1,109		663		0		4,761
Greater than 4.00%	462		0		0		0		462
Total	$	3,496	$	1,109	$	4,700	$	3,467	$	12,772
International Businesses
Less than 1.00%	$	3,540	$	23	$	0	$	0	$	3,563
1.00% - 1.99%	14,165		78		0		0		14,243
2.00% - 2.99%	7,690		277		29		0		7,996
3.00% - 4.00%	10,607		0		0		0		10,607
Greater than 4.00%	19,534		0		0		0		19,534
Total	$	55,536	$	378	$	29	$	0	$	55,943


	March 31, 2025
Range of Guaranteed Minimum Crediting Rate(1)	At guaranteed minimum		1 - 50 bps above guaranteed minimum		51 - 150 bps above guaranteed minimum		Greater than 150 bps above guaranteed minimum		Total
	(in millions)
Retirement(2)
Less than 1.00%	$	441	$	3	$	13	$	1,062	$	1,519
1.00% - 1.99%	1,961		59		167		70		2,257
2.00% - 2.99%	177		456		553		15		1,201
3.00% - 4.00%	6,344		6		11		3		6,364
Greater than 4.00%	3,238		0		0		0		3,238
Total	$	12,161	$	524	$	744	$	1,150	$	14,579
Group Insurance - Life / Disability
Less than 1.00%	$	0	$	0	$	0	$	800	$	800
1.00% - 1.99%	0		0		0		2		2
2.00% - 2.99%	45		0		0		0		45
3.00% - 4.00%	1,453		0		50		9		1,512
Greater than 4.00%	3		0		0		0		3
Total	$	1,501	$	0	$	50	$	811	$	2,362
Individual Life - Variable / Universal Life(2)
Less than 1.00%	$	0	$	0	$	0	$	347	$	347
1.00% - 1.99%	295		0		359		387		1,041
2.00% - 2.99%	272		132		162		255		821
3.00% - 4.00%	2,707		76		1,140		41		3,964
Greater than 4.00%	4,858		0		0		0		4,858
Total	$	8,132	$	208	$	1,661	$	1,030	$	11,031
U.S. Legacy Products - Annuities(2)
Less than 1.00%	$	191	$	337	$	604	$	0	$	1,132
1.00% - 1.99%	137		364		39		0		540
2.00% - 2.99%	458		9		4		0		471
3.00% - 4.00%	1,873		53		8		0		1,934
Greater than 4.00%	162		0		0		0		162
Total	$	2,821	$	763	$	655	$	0	$	4,239
U.S. Legacy Products - Guaranteed Universal Life(2)
Less than 1.00%	$	0	$	0	$	0	$	0	$	0
1.00% - 1.99%	15		0		1,723		1,191		2,929
2.00% - 2.99%	26		1,415		2,584		165		4,190
3.00% - 4.00%	3,267		1,648		170		0		5,085
Greater than 4.00%	485		0		0		0		485
Total	$	3,793	$	3,063	$	4,477	$	1,356	$	12,689
International Businesses
Less than 1.00%	$	16,363	$	43	$	78	$	3,282	$	19,766
1.00% - 1.99%	10,725		30		0		0		10,755
2.00% - 2.99%	4,615		268		27		0		4,910
3.00% - 4.00%	6,807		0		0		0		6,807
Greater than 4.00%	9,727		0		0		0		9,727
Total	$	48,237	$	341	$	105	$	3,282	$	51,965

__________

(1)Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products.

(2)Prior period amounts have been updated to conform to current period presentation.

Unearned Revenue Reserve (“URR”)

The balance of and changes in URR as of and for the periods ended are as follows:


	Three Months Ended March 31, 2026
	Individual Life		U.S. Legacy Products		International Businesses
	Variable/ Universal Life		Guaranteed Universal Life				Total
	(in millions)
Balance, beginning of period	$	3,809	$	2,047	$	666	$	6,522
Unearned revenue	150		61		47		258
Amortization expense	(46)		(21)		(9)		(76)
Other adjustments	0		0		0		0
Foreign currency adjustment	0		0		(7)		(7)
Balance, end of period	$	3,913	$	2,087	$	697	6,697
Other							72
Total unearned revenue reserve balance							$	6,769


	Three Months Ended March 31, 2025
	Individual Life(1)		U.S. Legacy Products(1)		International Businesses
	Variable/ Universal Life		Guaranteed Universal Life				Total
	(in millions)
Balance, beginning of period	$	3,389	$	1,856	$	505	$	5,750
Unearned revenue	147		68		50		265
Amortization expense	(46)		(18)		(7)		(71)
Other adjustments	0		0		0		0
Foreign currency adjustment	0		0		17		17
Balance, end of period	$	3,490	$	1,906	$	565	5,961
Other							62
Total unearned revenue reserve balance							$	6,023

__________

(1)Prior period amounts have been updated to conform to current period presentation.

MARKET RISK BENEFITS

The following tables show a rollforward for the lines of business that contain material MRB balances, along with a reconciliation to the Company’s total MRB balance:


	Three Months Ended March 31, 2026
			U.S. Legacy Products		Total
	Retirement		Annuities
	(in millions)
Balance, BOP	$	290	$	2,794	$	3,084
Effect of cumulative changes in NPR	(29)		506		477
Balance, BOP, before effect of changes in NPR	261		3,300		3,561
Attributed fees collected	25		227		252
Claims paid	(1)		(17)		(18)
Interest accrual	3		34		37
Actual in force different from expected	1		4		5
Effect of changes in interest rates	11		146		157
Effect of changes in equity markets	42		299		341

Issuances	40		3		43



Other adjustments	1		0		1
Balance, EOP, before effect of changes in NPR	383		3,996		4,379
Effect of cumulative changes in NPR	(16)		(671)		(687)
Balance, EOP	367		3,325		3,692
Less: Reinsured MRBs	0		870		870
Balance, EOP, net of reinsurance	$	367	$	2,455	2,822
Other businesses					12
Total net MRB balance					$	2,834


	Three Months Ended March 31, 2025(1)
			U.S. Legacy Products		Total
	Retirement		Annuities
	(in millions)
Balance, BOP	$	91	$	2,657	$	2,748
Effect of cumulative changes in NPR	(16)		689		673
Balance, BOP, before effect of changes in NPR	75		3,346		3,421
Attributed fees collected	11		254		265
Claims paid	0		(20)		(20)
Interest accrual	1		40		41
Actual in force different from expected	1		18		19
Effect of changes in interest rates	7		425		432
Effect of changes in equity markets	14		226		240

Issuances	20		3		23



Other adjustments(1)	10		0		10
Balance, EOP, before effect of changes in NPR	139		4,292		4,431
Effect of cumulative changes in NPR	(1)		(840)		(841)
Balance, EOP	138		3,452		3,590
Less: Reinsured MRBs	0		735		735
Balance, EOP, net of reinsurance	$	138	$	2,717	2,855
Other businesses					27
Total net MRB balance					$	2,882

_________

(1)Prior period amounts have been updated to conform to current presentation.

The Company issues certain variable annuity insurance contracts where the Company contractually guarantees to the contractholder a return of no less than (1) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return, and/or (2) the highest anniversary contract value on a specified date adjusted for any withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods.

The Company also issues indexed annuity contracts for which the return is tied to the return of specific indices where the Company contractually guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals upon death. In certain of these indexed annuity contracts, the Company also contractually guarantees to the contractholder withdrawal benefits payable during specific periods.

For guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, contract lapses and contractholder mortality.

For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, timing of annuitization, contract lapses and contractholder mortality.

For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance.

For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including equity market returns, interest rates, market volatility and contractholder behavior.

The following tables present accompanying information to the rollforward tables above.


	March 31, 2026
			U.S. Legacy Products
	Retirement		Annuities
	($ in millions)
Net amount at risk(2)	$	667	$	9,002
Weighted-average attained age of contractholders	73		72


	March 31, 2025(1)
			U.S. Legacy Products
	Retirement		Annuities
	($ in millions)
Net amount at risk(2)	$	0	$	9,717
Weighted-average attained age of contractholders	73		71

__________

(1)Prior period amounts have been updated to conform to current period presentation.

(2)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.

The tables below reconcile MRB asset and liability positions as of the following dates:


	March 31, 2026
			U.S. Legacy Products		Other Businesses		Total
	Retirement		Annuities
	(in millions)


MRB Assets	$	34	$	2,132	$	0	$	2,166



MRB Liabilities	401		4,587		12		5,000

Net Liability	$	367	$	2,455	$	12	$	2,834


	March 31, 2025(1)
			U.S. Legacy Products		Other Businesses		Total
	Retirement		Annuities
	(in millions)


MRB Assets	$	31	$	2,106	$	2	$	2,139



MRB Liabilities	169		4,823		29		5,021

Net Liability	$	138	$	2,717	$	27	$	2,882

_________

(1)Prior period amounts have been updated to conform to current presentation.