v3.26.1
Closed Block (Tables)
 3 Months Ended
Mar. 31, 2026
Closed Block Disclosure [Abstract]  
Schedule of Closed Block Liabilities and Assets Closed Block liabilities and assets designated to the Closed Block, as well as maximum future earnings to be recognized from these liabilities and assets, are as follows:
March 31,
2026		December 31,
2025
 (in millions)
Closed Block liabilities
Future policy benefits$41,229 $41,484 
Policyholders’ dividends payable689 669 
Policyholders’ dividend obligation80 571 
Policyholders’ account balances4,240 4,273 
Other Closed Block liabilities3,233 3,030 
Total Closed Block liabilities49,471 50,027 
Closed Block assets
Fixed maturities, available-for-sale, at fair value28,205 28,721 
Fixed maturities, trading, at fair value541 581 
Equity securities, at fair value1,494 1,593 
Commercial mortgage and other loans7,450 7,464 
Policy loans3,185 3,217 
Other invested assets4,706 4,538 
Short-term investments264 255 
Total investments45,845 46,369 
Cash and cash equivalents697 726 
Accrued investment income403 388 
Other Closed Block assets281 279 
Total Closed Block assets47,226 47,762 
Excess of reported Closed Block liabilities over Closed Block assets2,245 2,265 
Portion of above representing accumulated other comprehensive income (loss):
Net unrealized investment gains (losses)(1,573)(1,230)
Allocated to policyholder dividend obligation1,407 1,064 
Future earnings to be recognized from Closed Block assets and Closed Block liabilities$2,079 $2,099 
Schedule of Closed Block Dividend Obligation
Information regarding the policyholder dividend obligation is as follows:

Three Months Ended
March 31, 2026
 (in millions)
Balance, December 31, 2025$571 
Impact from earnings allocable to policyholder dividend obligation(148)
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation(343)
Balance, March 31, 2026$80 
Schedule of Closed Block Revenues Benefits Expenses
Closed Block revenues and benefits and expenses are as follows for the periods indicated:


Three Months Ended
March 31,
 20262025
 (in millions)
Revenues
Premiums$403 $417 
Net investment income531 493 
Realized investment gains (losses), net(28)(57)
Other income (loss)(26)(34)
Total Closed Block revenues880 819 
Benefits and Expenses
Policyholders’ benefits572 601 
Interest credited to policyholders’ account balances28 28 
Dividends to policyholders215 127 
General and administrative expenses60 78 
Total Closed Block benefits and expenses875 834 
Closed Block revenues, net of Closed Block benefits and expenses, before income taxes5 (15)
Income tax expense (benefit)(14)(36)
Closed Block revenues, net of Closed Block benefits and expenses and income taxes$19 $21