We report variable contracts within the separate accounts when investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contract holder and the separate account meets additional accounting criteria to qualify for separate account treatment. The assets supporting the variable portion of variable annuity and variable universal life contracts that qualify for separate account treatment are carried at fair value and are reported as separate account assets, with an equivalent summary total reported as separate account liabilities. The assets of insulated accounts are legally segregated and are not subject to claims that arise from any of our other businesses.

Policy values for variable products and investment contracts are expressed in terms of investment units. Each unit is linked to an asset portfolio. The value of a unit increases or decreases based on the value of the linked asset portfolio. The current liability at any time is the sum of the current unit value of all investment units in the separate accounts, plus any liabilities for MRBs.

Amounts assessed against the policyholders for mortality, administrative and other services are included in policy fees. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to policyholders of such separate accounts are offset within the same line in the Condensed Consolidated Statements of Income (Loss).


	Group Retirement		Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions)
March 31, 2026
Equity funds	$	28,855	$	972	$	698	$	24,522	$	55,047
Bond funds	3,116		47		1,388		3,983		8,534
Balanced funds	5,781		58		2,716		16,830		25,385
Money market funds	766		15		154		619		1,554
Total	$	38,518	$	1,092	$	4,956	$	45,954	$	90,520

December 31, 2025
Equity funds	$	30,683	$	1,027	$	721	$	26,073	$	58,504
Bond funds	3,160		48		1,398		4,165		8,771
Balanced funds	6,055		59		2,660		17,903		26,677
Money market funds	803		15		178		637		1,633
Total	$	40,701	$	1,149	$	4,957	$	48,778	$	95,585


	Group Retirement		Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions)
Three Months Ended March 31, 2026
Separate accounts balance, beginning of year	$	40,701	$	1,149	$	4,957	$	48,778	$	95,585
Premiums and deposits	337		8		20		407		772
Policy charges	(118)		(11)		(27)		(293)		(449)
Surrenders and withdrawals	(1,165)		(8)		(54)		(1,447)		(2,674)
Benefit payments	(154)		(2)		(10)		(263)		(429)
Investment performance	(960)		(42)		67		(1,251)		(2,186)
Net transfers from (to) general account and other	(123)		(2)		3		23		(99)
Separate accounts balance, end of period	$	38,518	$	1,092	$	4,956	$	45,954	$	90,520
Cash surrender value*	$	38,434	$	1,074	$	4,956	$	45,194	$	89,658


	Group Retirement		Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions)
Three Months Ended March 31, 2025
Separate accounts balance, beginning of year	$	39,672	$	1,059	$	4,339	$	48,818	$	93,888
Premiums and deposits	358		8		32		334		732
Policy charges	(116)		(12)		(27)		(299)		(454)
Surrenders and withdrawals	(1,024)		(12)		(78)		(1,314)		(2,428)
Benefit payments	(164)		(3)		(3)		(230)		(400)
Investment performance	(1,238)		(44)		14		(914)		(2,182)
Net transfers from (to) general account and other	(108)		—		5		17		(86)
Separate accounts balance, end of period	$	37,380	$	996	$	4,282	$	46,412	$	89,070
Cash surrender value*	$	37,288	$	976	$	4,284	$	45,554	$	88,102

*The cash surrender value represents the amount of the contract holder’s account balance distributable at the balance sheet date less applicable surrender charges.

Separate account liabilities primarily represent the contract holder's account balance in separate account assets and will be equal and offsetting to total separate account assets.