v3.26.1
Liability For Future Policy Benefits (Tables)
 3 Months Ended
Mar. 31, 2026
Insurance [Abstract]  
Liability for Future Policy Benefit, Activity
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 LifeInternational BusinessesCorporate and OtherTotal
Retirement
Term LifeLong-Term Care
(in millions)
Balance, BOP$87,431 $10,637 $41,359 $2,868 $142,295 
Effect of cumulative changes in discount rate assumptions, BOP14,178 280 3,431 64 17,953 
Balance at original discount rate, BOP101,609 10,917 44,790 2,932 160,248 
Effect of actual variances from expected experience and other activity17 (75)(306)21 (343)
Adjusted balance, BOP101,626 10,842 44,484 2,953 159,905 
Issuances1,587 206 525 0 2,318 
Net premiums / considerations collected(3,082)(339)(1,749)(82)(5,252)
Interest accrual927 131 349 35 1,442 
Foreign currency adjustment(1,977)0 (168)0 (2,145)
Other adjustments0 (16)28 0 12 
Balance at original discount rate, EOP99,081 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, EOP112 
Total balance, EOP$134,347 
Three Months Ended March 31, 2026
Present Value of Expected Future Policy Benefits

Individual LifeInternational BusinessesCorporate and OtherTotal
Retirement
Term LifeLong-Term Care
(in millions)
Balance, BOP$167,704 $19,166 $125,543 $11,660 $324,073 
Effect of cumulative changes in discount rate assumptions, BOP17,769 602 26,267 1,435 46,073 
Balance at original discount rate, BOP185,473 19,768 151,810 13,095 370,146 
Effect of actual variances from expected experience and other activity26 (95)(309)20 (358)
Adjusted balance, BOP185,499 19,673 151,501 13,115 369,788 
Issuances1,587 206 525 0 2,318 
Interest accrual1,846 237 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 adjustments91 (7)80 0 164 
Balance at original discount rate, EOP183,183 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, EOP1,483 
Total balance, EOP$312,691 

Three Months Ended March 31, 2026
Net Liability for Future Policy Benefits - Benefit Reserves

Individual LifeInternational BusinessesCorporate and OtherTotal
Retirement
Term LifeLong-Term Care
(in millions)
Balance, EOP, pre-flooring$79,406 $8,445 $80,479 $8,643 $176,973 
Flooring impact, EOP156 2 91 0 249 
Balance, EOP, post-flooring79,562 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 LifeLong-Term Care
(in millions)
Balance, BOP$72,526 $10,724 $45,851 $2,854 $131,955 
Effect of cumulative changes in discount rate assumptions, BOP14,545 578 2,599 132 17,854 
Balance at original discount rate, BOP87,071 11,302 48,450 2,986 149,809 
Effect of actual variances from expected experience and other activity22 (62)(303)19 (324)
Adjusted balance, BOP87,093 11,240 48,147 3,005 149,485 
Issuances4,148 201 768 0 5,117 
Net premiums / considerations collected(1,559)(340)(1,893)(80)(3,872)
Interest accrual824 133 368 36 1,361 
Foreign currency adjustment2,777 0 1,264 0 4,041 
Other adjustments0 1 43 0 44 
Balance at original discount rate, EOP93,283 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, EOP93 
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 LifeLong-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 activity0 (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 LifeLong-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 LifeInternational BusinessesCorporate and Other
Retirement
Term LifeLong-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) 891716
Weighted-average duration of the liability in years (at current discount rate) 891314
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 LifeLong-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) 8101717
Weighted-average duration of the liability in years (at current discount rate) 891515
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.
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 BusinessesTotal
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.
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 AOCI315 460 
Balance, excluding amounts in AOCI, BOP, pre-flooring18,219 16,665 
Effect of actual variances from expected experience and other activity19 6 
Adjusted balance, BOP18,238 16,671 
Assessments collected(2)
279 259 
Interest accrual151 139 
Benefits paid(74)(49)
Other adjustments(4)0 
Balance, excluding amounts in AOCI, EOP, pre-flooring18,590 17,020 
Flooring impact and amounts in AOCI(324)(402)
Balance, including amounts in AOCI, EOP, post-flooring18,266 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) 2121
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.
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,
20262025
(in millions)
Benefit reserves, EOP, post-flooring$178,593 $187,472 
Deferred Profit Liability EOP, post-flooring15,910 15,581 
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring18,745 16,874 
Subtotal of amounts disclosed above213,248 219,927 
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.
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 liability53 0 0 (182)(2)(131)
Additional insurance reserves45 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 liability45 0 0 (230)0 (185)
Additional insurance reserves0 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 BusinessesOther BusinessesTotal
Retirement
Term Life
Guaranteed Universal Life
(in millions)
Benefit reserves$918 $106 $0 $823 $133 $1,980 
Deferred profit liability56 0 0 93 2 151 
Additional insurance reserves1 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 liability58 0 0 84 2 144 
Additional insurance reserves0 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.