Market Risk Benefits (Tables)

3 Months Ended

Mar. 31, 2026

Market Risk Benefits In Asset and Liability Positions

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 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.