v3.26.1
Future Policy Benefits (Tables)
 3 Months Ended
Mar. 31, 2026
Insurance [Abstract]  
Schedule of Liability for Future Policy Benefits
The following tables present the balances and changes in the liability for future policy benefits and a reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Condensed Consolidated Balance Sheets:
Individual
Retirement		Group
Retirement		Life
Insurance		Institutional
Markets		Corporate and OtherTotal
(in millions, except for liability durations)
Three Months Ended March 31, 2026
Present value of expected net premiums
Balance, beginning of year$— $— $8,365 $— $825 $9,190 
Effect of changes in discount rate assumptions (AOCI)— — 504 — 34 538 
Beginning balance at original discount rate— — 8,869 — 859 9,728 
Effect of actual variances from expected experience— — 4 — (4)— 
Adjusted beginning of year balance— — 8,873 — 855 9,728 
Issuances— — 171 — 6 177 
Interest accrual— — 86 — 9 95 
Net premium collected— — (265)— (31)(296)
Other— — — — — — 
Ending balance at original discount rate— — 8,865 — 839 9,704 
Effect of changes in discount rate assumptions (AOCI)— — (602)— (44)(646)
Balance, end of period$— $— $8,263 $— $795 $9,058 
Present value of expected future policy benefits
Balance, beginning of year$1,173 $291 $17,209 $24,147 $18,772 $61,592 
Effect of changes in discount rate assumptions (AOCI)110 (5)1,261 3,290 1,180 5,836 
Beginning balance at original discount rate1,283 286 18,470 27,437 19,952 67,428 
Effect of actual variances from expected experience(a)
(9)— 5 9 (6)(1)
Adjusted beginning of year balance1,274 286 18,475 27,446 19,946 67,427 
Issuances14 2 170 20 9 215 
Interest accrual13 4 197 296 235 745 
Benefit payments(30)(11)(404)(422)(365)(1,232)
Foreign exchange impact— — — (246)— (246)
Other— — — — — — 
Ending balance at original discount rate1,271 281 18,438 27,094 19,825 66,909 
Effect of changes in discount rate assumptions (AOCI)(121)2 (1,510)(3,973)(1,485)(7,087)
Balance, end of period$1,150 $283 $16,928 $23,121 $18,340 $59,822 
Net liability for future policy benefits, end of period1,150 283 8,665 23,121 17,545 50,764 
Liability for future policy benefits for certain participating contracts— — 11 — 1,211 1,222 
Liability for universal life policies(b)
— — 4,190 — 54 4,244 
Deferred profit liability31 20 26 1,641 756 2,474 
Other reconciling items(c)
14 — 380 — 106 500 
Future policy benefits for life and accident and health insurance contracts1,195 303 13,272 24,762 19,672 59,204 
Less: Reinsurance recoverable:(5)— (656)(52)(19,672)(20,385)
Net liability for future policy benefits after reinsurance recoverable$1,190 $303 $12,616 $24,710 $— $38,819 
Weighted average liability duration of the liability for future policy benefits (years)(d)
7.25.910.110.710.1
Individual
Retirement		Group
Retirement		Life
Insurance		Institutional
Markets		Corporate and OtherTotal
(in millions, except for liability durations)
Three Months Ended March 31, 2025
Present value of expected net premiums
Balance, beginning of year$— $— $8,287 $— $871 $9,158 
Effect of changes in discount rate assumptions (AOCI)— — 797 — 61 858 
Reclassified due to reinsurance recapture
— — — — — — 
Beginning balance at original discount rate— — 9,084 — 932 10,016 
Effect of actual variances from expected experience— — (1)— — (1)
Adjusted beginning of year balance— — 9,083 — 932 10,015 
Issuances— — 154 — — 154 
Interest accrual— — 89 — 10 99 
Net premium collected— — (260)— (27)(287)
Other— — — — — — 
Ending balance at original discount rate— — 9,066 — 915 9,981 
Effect of changes in discount rate assumptions (AOCI)— — (686)— (50)(736)
Balance, end of period$— $— $8,380 $— $865 $9,245 
Present value of expected future policy benefits
Balance, beginning of year$1,130 $202 $16,947 $19,487 $19,243 $57,009 
Effect of changes in discount rate assumptions (AOCI)145 3 1,720 3,206 1,556 6,630 
Reclassified due to reinsurance recapture
— 102 — 259 (361)— 
Beginning balance at original discount rate1,275 307 18,667 22,952 20,438 63,639 
Effect of actual variances from expected experience(a)
(8)2 2 5 (15)(14)
Adjusted beginning of year balance1,267 309 18,669 22,957 20,423 63,625 
Issuances19 3 153 490 8 673 
Interest accrual12 4 200 238 241 695 
Benefit payments(29)(11)(395)(340)(375)(1,150)
Foreign exchange impact— — — 288 — 288 
Other(1)(2)— — (1)(4)
Ending balance at original discount rate1,268 303 18,627 23,633 20,296 64,127 
Effect of changes in discount rate assumptions (AOCI)(127)1 (1,482)(3,404)(1,253)(6,265)
Balance, end of period$1,141 $304 $17,145 $20,229 $19,043 $57,862 
Net liability for future policy benefits, end of year1,141 304 8,765 20,229 18,178 48,617 
Liability for future policy benefits for certain participating contracts— — 12 — 1,250 1,262 
Liability for universal life policies(b)
— — 4,095 — 54 4,149 
Deferred profit liability36 23 23 1,615 811 2,508 
Other reconciling items(c)
15 — 429 — 106 550 
Future policy benefits for life and accident and health insurance contracts1,192 327 13,324 21,844 20,399 57,086 
Less: Reinsurance recoverable:(4)— (665)(40)(20,161)(20,870)
Net liability for future policy benefits after reinsurance recoverable$1,188 $327 $12,659 $21,804 $238 $36,216 
Weighted average liability duration of the liability for future policy benefits (years)(d)
7.46.010.711.010.6
Effect of changes in cash flow assumptions and variances from actual experience are partially offset by changes in the deferred profit liability.
(b)Additional details can be found in the table that presents the balances and changes in the liability for universal life policies.
(c)Other reconciling items primarily include the Accident and Health as well as Group Benefits (short-duration) contracts.
(d)The weighted average liability durations are calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level, utilizing the segment level weighted average interest rates and current discount rate, which can be found in the table below.
The following table presents the amount of undiscounted expected future benefit payments and undiscounted and discounted expected gross premiums for future policy benefits for nonparticipating contracts:
Three Months Ended March 31,
(in millions)20262025
Individual RetirementUndiscounted expected future benefits and expense$1,853 $1,831 
Undiscounted expected future gross premiums$— $— 
Group RetirementUndiscounted expected future benefits and expense$404 $438 
Undiscounted expected future gross premiums$— $— 
Life Insurance
Undiscounted expected future benefits and expense$28,973 $30,663 
Undiscounted expected future gross premiums$18,782 $21,252 
Discounted expected future gross premiums (at current discount rate)$12,682 $14,159 
Institutional MarketsUndiscounted expected future benefits and expense$53,779 $44,348 
Undiscounted expected future gross premiums$— $— 
Corporate and other
Undiscounted expected future benefits and expense$39,509 $40,826 
Undiscounted expected future gross premiums$1,765 $1,932 
Discounted expected future gross premiums (at current discount rate)$1,198 $1,297 
The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of Income (Loss) for future policy benefits for nonparticipating contracts:
Gross PremiumsInterest Accretion
Three Months Ended March 31,Three Months Ended March 31,
(in millions)2026202520262025
Individual Retirement$15 $17 $13 $12 
Group Retirement1 4 4 4 
Life Insurance449 455 111 111 
Institutional Markets
23 509 296 238 
Corporate and Other55 55 226 231 
Total$543 $1,040 $650 $596 
The following table presents the weighted-average interest rate for future policy benefits for nonparticipating contracts:
Individual
Retirement		Group
Retirement		Life
Insurance		Institutional
Markets		Corporate and Other
March 31, 2026
Weighted-average interest rate, original discount rate 3.98 %5.20 %4.70 %4.59 %4.87 %
Weighted-average interest rate, current discount rate 5.42 %5.24 %5.65 %5.98 %5.65 %
March 31, 2025
Weighted-average interest rate, original discount rate
3.85 %5.29 %4.70 %4.31 %4.87 %
Weighted-average interest rate, current discount rate
5.31 %5.22 %5.51 %5.68 %5.48 %
The following table presents the balances and changes in the liability for universal life policies:
Three Months Ended March 31,
20262025
Life
Insurance		Corporate and OtherTotalLife
Insurance		Corporate and OtherTotal
(in millions, except duration of liability)
Balance, beginning of year$4,241 $54 $4,295 $4,034 $54 $4,088 
Effect of changes in experience91 (1)90 152 (1)151 
Adjusted beginning balance$4,332 $53 $4,385 $4,186 $53 $4,239 
Assessments163 — 163 163 — 163 
Excess benefits paid(297)— (297)(328)— (328)
Interest accrual41 1 42 39 1 40 
Other1 — 1 2 — 2 
Changes related to unrealized appreciation (depreciation) of investments(50)— (50)33 — 33 
Balance, end of period$4,190 $54 $4,244 $4,095 $54 $4,149 
Less: Reinsurance recoverable(162)(54)(216)(152)(54)(206)
Balance, end of period, net of Reinsurance recoverable$4,028 $— $4,028 $3,943 $— $3,943 
Weighted average duration of liability *
26.78.624.58.8
*The weighted average duration of liabilities is calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level, utilizing the segment level weighted average interest rates, which can be found in the table below.
The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of Income (Loss) for the liability for universal life policies:
Gross AssessmentsInterest Accretion
Three Months Ended March 31,Three Months Ended March 31,
(in millions)2026202520262025
Life Insurance$259 $276 $41 $39 
Corporate and Other10 9 1 1 
Total$269 $285 $42 $40 
The following table presents the calculation of weighted average interest rate for the liability for universal life policies:
March 31,20262025
Life
Insurance		Corporate and OtherLife
Insurance		Corporate and Other
Weighted-average interest rate3.93 %4.20 %4.08 %4.20 %
The weighted average interest rates are calculated using projected future net liability cash flows that are aggregated to the segment level, and are represented as an annual rate.
The following table presents details concerning our universal life policies:
Three Months Ended March 31,
(in millions, except for attained age of contract holders)20262025
Account value$4,323$4,054
Net amount at risk$78,630$76,533
Average attained age of contract holders5453
The following table presents the balances and changes in Policyholder contract deposits account balances(a):
Individual
Retirement		Group
Retirement		Life
Insurance		Institutional
Markets
Corporate and other
Total
(in millions, except for average crediting rate)
Three Months Ended March 31, 2026
Policyholder contract deposits account balance, beginning of year$111,802 $38,407 $10,440 $22,746 $7,729 $191,124 
Deposits4,353 1,107 395 1,058 509 7,422 
Policy charges(59)(125)(370)(17)(161)(732)
Surrenders and withdrawals(3,184)(2,158)(63)(55)(1,615)(7,075)
Benefit payments(671)(505)(62)(303)(360)(1,901)
Net transfers from (to) separate account— 1,202 5 59 1,401 2,667 
Interest credited1,141 286 129 271 49 1,876 
Other, including foreign exchange(8)— 11 (12)3 (6)
Policyholder contract deposits account balance, end of period113,374 38,214 10,485 23,747 7,555 193,375 
Other reconciling items(b)
(3,078)(341)42 78 — (3,299)
Policyholder contract deposits$110,296 $37,873 $10,527 $23,825 $7,555 $190,076 
Weighted average crediting rate3.71 %3.23 %4.34 %4.77 %2.60 %
Cash surrender value(c)
$106,048 $37,314 $9,374 $2,633 $6,033 $161,402 
Three Months Ended March 31, 2025
Policyholder contract deposits account balance, beginning of year$100,230 $39,246 $10,338 $18,026 $8,375 $176,215 
Reclassification due to reinsurance recapture
— — — 14 (14)— 
Deposits4,305 1,143 406 1,445 427 7,726 
Policy charges(49)(124)(375)(18)(167)(733)
Surrenders and withdrawals(2,339)(2,109)(65)(78)(1,483)(6,074)
Benefit payments(687)(503)(65)(362)(347)(1,964)
Net transfers from (to) separate account— 1,023 11 64 1,334 2,432 
Interest credited993 304 118 217 56 1,688 
Other, including foreign exchange
(6)— 17 (7)6 10 
Policyholder contract deposits account balance, end of period102,447 38,980 10,385 19,301 8,187 179,300 
Other reconciling items(b)
(2,831)(334)103 74 — (2,988)
Policyholder contract deposits$99,616 $38,646 $10,488 $19,375 $8,187 $176,312 
Weighted average crediting rate3.43 %3.15 %4.33 %4.75 %2.71 %
Cash surrender value(c)
$95,527 $38,060 $9,191 $2,598 $6,502 $151,878 
(a)Transactions between the general account and the separate account are presented in this table on a gross basis (e.g., a policyholder's funds are initially deposited into the general account and then simultaneously transferred to the separate account), and thus, did not impact the ending balance of policyholder contract deposits.
(b)Reconciling items principally relate to MRBs that are bifurcated and reported separately, and changes in the fair value of embedded derivatives of $(649) million and $(222) million that are recorded in policyholder contract deposits as of March 31, 2026 and 2025, respectively.
(c)Cash surrender value is related to the portion of policyholder contract deposits that have a defined cash surrender value (e.g. GICs do not have a cash surrender value).
The following table presents Policyholder contract deposits account balance by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums:
March 31, 2026At Guaranteed Minimum1 Basis Point - 50 Basis Points AboveMore than 50 Basis Points Above Minimum GuaranteeTotal
(in millions, except percentage of total)
Individual RetirementRange of Guaranteed Minimum Credited Rate
<=1%
$2,601 $1,256 $37,708 $41,565 
> 1% - 2%
1,869 47 726 2,642 
> 2% - 3%
5,638 145 4,221 10,004 
> 3% - 4%
4,886 31 4 4,921 
> 4% - 5%
376 — 4 380 
> 5%
30 — 1 31 
Total$15,400 $1,479 $42,664 $59,543 
Group RetirementRange of Guaranteed Minimum Credited Rate
<=1%
$1,891 $1,533 $9,407 $12,831 
> 1% - 2%
2,952 432 851 4,235 
> 2% - 3%
9,656 243 164 10,063 
> 3% - 4%
503 — — 503 
> 4% - 5%
5,896 — — 5,896 
> 5%
120 — — 120 
Total$21,018 $2,208 $10,422 $33,648 
Life InsuranceRange of Guaranteed Minimum Credited Rate
<=1%
$— $— $— $— 
> 1% - 2%
— 113 359 472 
> 2% - 3%
10 163 1,682 1,855 
> 3% - 4%
1,071 451 27 1,549 
> 4% - 5%
2,567 — — 2,567 
> 5%
198 — — 198 
Total$3,846 $727 $2,068 $6,641 
Corporate and OtherRange of Guaranteed Minimum Credited Rate
<=1%
$2,558 $— $1 $2,559 
> 1% - 2%
666 1 35 702 
> 2% - 3%
1,354 6 60 1,420 
> 3% - 4%
440 1 511 952 
> 4% - 5%
185 — 3 188 
> 5%
9 — — 9 
Total$5,212 $8 $610 $5,830 
Total*$45,476 $4,422 $55,764 $105,662 
Percentage of total43%4%53%100%
March 31, 2025At Guaranteed Minimum
1 Basis Point - 50 Basis Points Above
More than 50 Basis Points Above Minimum Guarantee
Total
(in millions, except percentage of total)
Individual RetirementRange of Guaranteed Minimum Credited Rate
<=1%
$2,923 $1,161 $34,400 $38,484 
> 1% - 2%
2,226 41 1,047 3,314 
> 2% - 3%
6,145 138 2,910 9,193 
> 3% - 4%
5,479 34 4 5,517 
> 4% - 5%
403 — 4 407 
> 5%
31 — 3 34 
Total$17,207 $1,374 $38,368 $56,949 
Group RetirementRange of Guaranteed Minimum Credited Rate
<=1%
$2,000 $1,516 $8,881 $12,397 
> 1% - 2%
3,239 534 828 4,601 
> 2% - 3%
10,426 351 128 10,905 
> 3% - 4%
541 — — 541 
> 4% - 5%
6,239 — — 6,239 
> 5%
130 — — 130 
Total$22,575 $2,401 $9,837 $34,813 
Life InsuranceRange of Guaranteed Minimum Credited Rate
<=1%
$— $— $— $— 
> 1% - 2%
— 111 364 475 
> 2% - 3%
12 177 1,723 1,912 
> 3% - 4%
1,171 420 24 1,615 
> 4% - 5%
2,696 — — 2,696 
> 5%
207 — — 207 
Total$4,086 $708 $2,111 $6,905 
Corporate and OtherRange of Guaranteed Minimum Credited Rate
<=1%
$2,943 $1 $2 $2,946 
> 1% - 2%
763 2 40 805 
> 2% - 3%
1,293 2 68 1,363 
> 3% - 4%
475 1 543 1,019 
> 4% - 5%
192 — 3 195 
> 5%
9 — — 9 
Total$5,675 $6 $656 $6,337 
Total*$49,543 $4,489 $50,972 $105,004 
Percentage of total47%4%49%100%
*Excludes policyholder contract deposits account balances that are not subject to guaranteed minimum crediting rates.
The following table presents a rollforward of the unearned revenue reserve for the three months ended March 31, 2026 and 2025:
Life
Insurance		Institutional
Markets		Corporate and OtherTotal
(in millions)
Three Months Ended March 31, 2026
Balance, beginning of year$1,876 $17 $76 $1,969 
Revenue deferred42 — — 42 
Amortization(28)— (2)(30)
Balance, end of period$1,890 $17 $74 $1,981 
Other reconciling items*992 
Other policyholder funds$2,973 
Three Months Ended March 31, 2025
Balance, beginning of year$1,821 $1 $84 $1,906 
Revenue deferred41 1 — 42 
Amortization(28)— (2)(30)
Balance, end of period$1,834 $2 $82 $1,918 
Other reconciling items*971 
Other policyholder funds$2,889 
*Other reconciling items include policyholders' dividend accumulations, provisions for future dividends to participating policyholders, dividends to policyholders and any similar items.