v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Investments and cash:    
Fixed maturity securities, available-for-sale $ 63,228 $ 64,121
Fixed maturity securities, held-to-maturity 15,752 [1] 16,120
Equity securities 851 887
Commercial mortgage and other loans 9,770 9,765
Other investments 7,937 6,622
Cash and cash equivalents 5,654 6,245
Total investments and cash 103,192 103,760
Receivables 947 835
Accrued investment income 695 718
Deferred policy acquisition costs 8,976 9,034
Property and equipment, at cost less accumulated depreciation 354 351
Other 2,116 1,772
Total assets 116,280 116,470
Policy liabilities:    
Future policy benefits 59,519 62,320
Unpaid policy claims 522 495
Unearned premiums 1,318 1,323
Other policyholders’ funds 5,423 5,445
Total policy liabilities 66,782 69,583
Income taxes 1,753 1,368
Payables for return of cash collateral on loaned securities 6,414 3,989
Notes payable and lease obligations 7,908 8,409
Other 3,462 3,631
Total liabilities 86,319 86,980
Commitments and contingent liabilities (Note 13)
Shareholders’ equity:    
Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2026 and 2025; issued 1,358,762 shares in 2026 and 1,357,909 shares in 2025 136 136
Additional paid-in capital 3,064 3,024
Retained earnings 55,702 54,682
Accumulated other comprehensive income (loss):    
Unrealized foreign currency translation gains (losses) (4,961) (4,847)
Unrealized gains (losses) on fixed maturity securities (2,665) (1,809)
Unrealized gains (losses) on derivatives (16) (13)
Effect of changes in discount rate assumptions 9,458 8,035
Pension liability adjustment 85 86
Treasury stock, at average cost (30,842) (29,804)
Total shareholders’ equity 29,961 29,490
Total liabilities and shareholders’ equity 116,280 116,470
Consolidated Entity Excluding Variable Interest Entities (VIE)    
Investments and cash:    
Fixed maturity securities, available-for-sale 59,683 60,485
Variable Interest Entity, Consolidated    
Investments and cash:    
Fixed maturity securities, available-for-sale 3,545 3,636
Commercial mortgage and other loans 7,907 7,896
Other investments [2] 2,331 2,320
Cash and cash equivalents 975  
Total assets 13,826 13,897
Policy liabilities:    
Total liabilities $ 806 $ 765
[1] Net of allowance for credit losses
[2] Consists entirely of alternative investments in limited partnerships, which represent VIEs where the Company is not the primary beneficiary and therefore are not consolidated