| Policyholder Account Balance |
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.
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| Policyholder Account Balance, Guaranteed Minimum Crediting Rate |
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.
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| Additional Liability, Long-Duration Insurance |
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.
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