| POLICYHOLDER ACCOUNT BALANCES |
POLICYHOLDER ACCOUNT BALANCES The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets:
| | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | | (in millions) | | | Policyholders’ account balance reconciliation | | | | | Retirement | | | | | | SCS | $ | 80,254 | | | $ | 80,752 | | | | EQUI-VEST Individual | 1,785 | | | 1,819 | | | | EQUI-VEST Group | 10,882 | | | 10,968 | | | | Momentum | 457 | | | 489 | | | | GMxB Core | (64) | | | (52) | | | | Corporate and Other | | | | | | Universal Life | 4,894 | | | 4,924 | | | | Variable Universal Life | 5,214 | | | 5,165 | | | | GMxB Legacy | 222 | | | 222 | | | Other (1) | 11,471 | | | 11,150 | | | | Balance (exclusive of Funding Agreements) | 115,115 | | | 115,437 | | | Funding Agreements | 17,547 | | | 17,996 | | | | Balance, end of period | $ | 132,662 | | | $ | 133,433 | | |
_____________ (1)Primarily reflects products Retirement Payout, Retirement Other, Indexed Universal Life, Investment Edge, Group Pension and Closed Block. The following table summarizes the balances and changes in policyholder’s account balances: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2026 | | | | Retirement | | Corporate and Other | | |
| GMxB Core | | SCS (1) | | EQUI-VEST Individual | EQUI-VEST Group | | Momentum | | Universal Life | | Variable Universal Life | | GMxB Legacy | | | | (Dollars in millions) | | | | Balance, beginning of period | $ | (52) | | | $ | 80,752 | | | $ | 1,819 | | $ | 10,968 | | | $ | 489 | | | $ | 4,924 | | | $ | 5,165 | | | $ | 222 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Premiums received | 30 | | | 190 | | | 9 | | 144 | | | 10 | | | 139 | | | 22 | | | — | | | | | Policy charges | (3) | | | (22) | | | — | | (1) | | | — | | | (161) | | | (69) | | | 14 | | | | | Surrenders and withdrawals | (8) | | | (1,706) | | | (55) | | (336) | | | (29) | | | (18) | | | (1) | | | (15) | | | | | Benefit payments | — | | | (113) | | | (12) | | (16) | | | — | | | (43) | | | (27) | | | (4) | | | | | Net transfers from (to) separate account | (33) | | | 3,043 | | | 11 | | 74 | | | (16) | | | — | | | 85 | | | 1 | | | | | Interest credited (2) | 2 | | | (1,890) | | | 13 | | 49 | | | 3 | | | 53 | | | 39 | | | 3 | | | | Other (4) | — | | | — | | | — | | — | | | — | | | — | | | — | | | 1 | | | | | Balance, end of period | $ | (64) | | | $ | 80,254 | | | $ | 1,785 | | $ | 10,882 | | | $ | 457 | | | $ | 4,894 | | | $ | 5,214 | | | $ | 222 | | | | | | | | | | | | | | | | | | | | | | Weighted-average crediting rate | 1.88% | | N/A | | 3.00% | 2.66% | | 2.29% | | 3.84% | | 3.68% | | 2.78% | | | | Net amount at risk (3) | $ | 3,096 | | | $ | 52 | | | $ | 101 | | $ | 17 | | | $ | — | | | $ | 30,593 | | | $ | 118,130 | | | $ | 15,393 | | | | | Cash surrender value | $ | 174 | | | $ | 76,608 | | | $ | 1,779 | | $ | 10,841 | | | $ | 457 | | | $ | 3,283 | | | $ | 3,203 | | | $ | 411 | | | |
______________ (1)SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account. (2)SCS and EQUI-VEST Group includes amounts related to the change in embedded derivative. (3)For life insurance products, the net amount at risk is the death benefit less account value for the policyholder. For variable annuity products, the net amount at risk is the maximum GMxB NAR for the policyholder. (4)Includes the PAB from the policies novated to Venerable, as described in Note 1 of the Notes to these Consolidated Financial Statements. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2025 | | Retirement | | Corporate and Other |
| GMxB Core | | SCS (1) | | EQUI-VEST Individual | | EQUI-VEST Group | | Momentum | | Universal Life | | Variable Universal Life | | GMxB Legacy | | (Dollars in millions) | | Balance, beginning of period | $ | (4) | | $ | 65,267 | | $ | 2,037 | | $ | 11,158 | | $ | 527 | | $ | 5,065 | | $ | 4,982 | | $ | 226 | | | | | | | | | | | | | | | | | | Premiums received | 50 | | 2 | | 10 | | 144 | | 15 | | 154 | | 31 | | 3 | | Policy charges | (5) | | (11) | | — | | (1) | | — | | (171) | | (69) | | 14 | | Surrenders and withdrawals | (7) | | (1,242) | | (65) | | (349) | | (31) | | (21) | | (1) | | (18) | | Benefit payments | — | | (80) | | (15) | | (18) | | (1) | | (66) | | (32) | | (4) | | Net transfers from (to) separate account | (54) | | 3,450 | | 7 | | 134 | | (3) | | — | | 47 | | 4 | | Interest credited (2) | 2 | | (2,490) | | 14 | | 53 | | 3 | | 54 | | 32 | | 2 | | Other | — | | — | | — | | — | | — | | — | | — | | 33 | | Balance, end of period | $ | (18) | | $ | 64,896 | | $ | 1,988 | | $ | 11,121 | | $ | 510 | | $ | 5,015 | | $ | 4,990 | | $ | 260 | | | | | | | | | | | | | | | | | | Weighted-average crediting rate | 2.02% | | N/A | | 2.99% | | 2.72% | | 2.49% | | 3.83% | | 3.69% | | 2.78% | | Net amount at risk (3) | $ | 3,112 | | $ | 46 | | $ | 105 | | $ | 16 | | $ | — | | $ | 32,764 | | $ | 117,812 | | $ | 16,915 | | Cash surrender value | $ | 219 | | $ | 61,623 | | $ | 1,982 | | $ | 11,012 | | $ | 511 | | $ | 3,349 | | $ | 3,157 | | $ | 463 |
______________ (1)SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account. (2)SCS and EQUI-VEST includes amounts related to the change in embedded derivative. (3)For life insurance products, the net amount at risk is the death benefit less account value for the policyholder. For variable annuity products, the net amount at risk is the maximum GMxB NAR for the policyholder. The following table presents the account values by range of guaranteed minimum crediting rates and the related range of the difference in basis points, between rates being credited policyholders and the respective guaranteed minimums: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | | | | | | Product
| | Range of Guaranteed Minimum Crediting Rate | | At Guaranteed Minimum | | 1 Basis Point - 50 Basis Points Above | | 51 Basis Points - 150 Basis Points Above | | Greater Than 150 Basis Points Above | | Total | | | | | | | | ( in millions) | | | | | | | Retirement | | | | | | | | GMxB Core | | 0.00% - 1.50% | | $ | — | | | $ | 10 | | | $ | 132 | | | $ | — | | | $ | 142 | | | | | | | | | 1.51% - 2.50% | | 26 | | | — | | | — | | | — | | | 26 | | | | | | | | | Greater than 2.50% | | 9 | | | — | | | — | | | — | | | 9 | | | | | | | | | Total | | $ | 35 | | | $ | 10 | | | $ | 132 | | | $ | — | | | $ | 177 | | | | | | | | | | | | | | | | | | | | | | | | | | | | EQUI-VEST Individual | | 0.00% - 1.50% | | $ | — | | | $ | — | | | $ | 219 | | | $ | — | | | $ | 219 | | | | | | | | | 1.51% - 2.50% | | 11 | | | 18 | | | — | | | — | | | 29 | | | | | | | | | Greater than 2.50% | | 1,537 | | | — | | | — | | | — | | | 1,537 | | | | | | | | | Total | | $ | 1,548 | | | $ | 18 | | | $ | 219 | | | $ | — | | | $ | 1,785 | | | | | | | | | | | | | | | EQUI-VEST
Group | | 0.00% - 1.50% | | $ | 75 | | | $ | 610 | | | $ | 2,514 | | | $ | 141 | | | $ | 3,340 | | | | | | | | | 1.51% - 2.50% | | 337 | | | — | | | — | | | — | | | 337 | | | | | | | | | Greater than 2.50% | | 5,708 | | | — | | | — | | | — | | | 5,708 | | | | | | | | | Total | | $ | 6,120 | | | $ | 610 | | | $ | 2,514 | | | $ | 141 | | | $ | 9,385 | | | | | | | | | | | | | | | | Momentum | | 0.00% - 1.50% | | $ | — | | | $ | 11 | | | $ | 256 | | | $ | 48 | | | $ | 315 | | | | | | | | | 1.51% - 2.50% | | 87 | | | — | | | — | | | — | | | 87 | | | | | | | | | Greater than 2.50% | | 49 | | | — | | | 5 | | | — | | | 54 | | | | | | | | | Total | | $ | 136 | | | $ | 11 | | | $ | 261 | | | $ | 48 | | | $ | 456 | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate and Other | | | | | | | | Universal Life | | 0.00% - 1.50% | | $ | — | | | $ | — | | | $ | — | | | $ | 6 | | | $ | 6 | | | | | | | | | 1.51% - 2.50% | | — | | | 82 | | | 279 | | | 667 | | | 1,028 | | | | | | | | | Greater than 2.50% | | 3,135 | | | 699 | | | — | | | — | | | 3,834 | | | | | | | | | Total | | $ | 3,135 | | | $ | 781 | | | $ | 279 | | | $ | 673 | | | $ | 4,868 | | | | | | | | | | | | | | | | Variable Universal Life | | 0.00% - 1.50% | | $ | 18 | | | $ | — | | | $ | 141 | | | $ | 68 | | | $ | 227 | | | | | | | | | 1.51% - 2.50% | | 43 | | | 321 | | | 324 | | | — | | | 688 | | | | | | | | | Greater than 2.50% | | 3,692 | | | 78 | | | — | | | — | | | 3,770 | | | | | | | | | Total | | $ | 3,753 | | | $ | 399 | | | $ | 465 | | | $ | 68 | | | $ | 4,685 | | | | | | | | | | | | | | | | GMxB Legacy | | 0.00% - 1.50% | | $ | — | | | $ | 56 | | | $ | 2 | | | $ | — | | | $ | 58 | | | | | | | | | 1.51% - 2.50% | | 16 | | | — | | | — | | | — | | | 16 | | | | | | | | | Greater than 2.50% | | 337 | | | — | | | — | | | — | | | 337 | | | | | | | | | Total | | $ | 353 | | | $ | 56 | | | $ | 2 | | | $ | — | | | $ | 411 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | Product | | Range of Guaranteed Minimum Crediting Rate | | At Guaranteed Minimum | | 1 Basis Point - 50 Basis Points Above | | 51 Basis Points - 150 Basis Points Above | | Greater Than 150 Basis Points Above | | Total | | ( in millions) | | Retirement | | GMxB Core | | 0.00% - 1.50% | | $ | — | | | $ | 10 | | | $ | 138 | | | $ | — | | | $ | 148 | | | 1.51% - 2.50% | | 11 | | | — | | | — | | | — | | | 11 | | | Greater than 2.50% | | 27 | | | — | | | — | | | — | | | 27 | | | Total | | $ | 38 | | | $ | 10 | | | $ | 138 | | | $ | — | | | $ | 186 | | | | | | | | | | | | | | | | EQUI-VEST Individual | | 0.00% - 1.50% | | $ | — | | | $ | 27 | | | $ | 154 | | | $ | — | | | $ | 181 | | | 1.51% - 2.50% | | 11 | | | 61 | | | — | | | — | | | 72 | | | Greater than 2.50% | | 1,565 | | | — | | | — | | | — | | | 1,565 | | | Total | | $ | 1,576 | | | $ | 88 | | | $ | 154 | | | $ | — | | | $ | 1,818 | | | | | | | | | | | | | | | | EQUI-VEST Group | | 0.00% - 1.50% | | $ | 1 | | | $ | 927 | | | $ | 2,247 | | | $ | 194 | | | $ | 3,369 | | | 1.51% - 2.50% | | 339 | | | — | | | — | | | — | | | 339 | | | Greater than 2.50% | | 5,762 | | | — | | | — | | | — | | | 5,762 | | | Total | | $ | 6,102 | | | $ | 927 | | | $ | 2,247 | | | $ | 194 | | | $ | 9,470 | | | | | | | | | | | | | | | | Momentum | | 0.00% - 1.50% | | $ | — | | | $ | 12 | | | $ | 283 | | | $ | 47 | | | $ | 342 | | | 1.51% - 2.50% | | 90 | | | — | | | — | | | — | | | 90 | | | Greater than 2.50% | | 52 | | | — | | | 5 | | | — | | | 57 | | | Total | | $ | 142 | | | $ | 12 | | | $ | 288 | | | $ | 47 | | | $ | 489 | | | | | | | | | | | | | | | Corporate and Other | | Universal Life | | 0.00% - 1.50% | | $ | — | | | $ | — | | | $ | — | | | $ | 6 | | | $ | 6 | | | 1.51% - 2.50% | | — | | | 83 | | | 279 | | | 664 | | | 1,026 | | | Greater than 2.50% | | 3,175 | | | 689 | | | — | | | — | | | 3,864 | | | Total | | $ | 3,175 | | | $ | 772 | | | $ | 279 | | | $ | 670 | | | $ | 4,896 | | | | | | | | | | | | | | | | Variable Universal Life | | 0.00% - 1.50% | | $ | 17 | | | $ | 2 | | | $ | 132 | | | $ | 66 | | | $ | 217 | | | 1.51% - 2.50% | | 39 | | | 373 | | | 257 | | | — | | | 669 | | | Greater than 2.50% | | 3,678 | | | 81 | | | — | | | — | | | 3,759 | | | Total | | $ | 3,734 | | | $ | 456 | | | $ | 389 | | | $ | 66 | | | $ | 4,645 | | | | GMxB Legacy | | 0.00% - 1.50% | | $ | — | | | $ | 58 | | | $ | 2 | | | $ | — | | | $ | 60 | | | | 1.51% - 2.50% | | 16 | | | — | | | — | | | — | | | 16 | | | | Greater than 2.50% | | 351 | | | — | | | — | | | — | | | 351 | | | | Total | | $ | 367 | | | $ | 58 | | | $ | 2 | | | $ | — | | | $ | 427 | |
Separate Account - Summary The following table reconciles the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheets: | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | (in millions) | | Separate Account Reconciliation | | | | Retirement | | | | | GMxB Core | $ | 29,457 | | | $ | 30,720 | | | EQUI-VEST Individual | 4,516 | | | 4,836 | | | Investment Edge | 5,186 | | | 5,312 | | | EQUI-VEST Group | 32,461 | | | 33,714 | | | Momentum | 4,945 | | | 5,174 | | Corporate and Other | | | | | Variable Universal Life | 19,625 | | | 20,383 | | | GMxB Legacy | 26,275 | | | 28,209 | | | Other (1) | 8,005 | | | 8,196 | | | Total | $ | 130,470 | | | $ | 136,544 | |
______________ (1)Primarily reflects Corporate and Other products and Retirement products including Association and Retirement Other. The following table presents the balances of and changes in Separate Account liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2026 | | Retirement | | Corporate and Other | | GMxB Core | | EQUI-VEST Individual | | Investment Edge | | EQUI-VEST Group | | Momentum | | VUL | | GMxB Legacy | | (in millions) | | Balance, beginning of period | $ | 30,720 | | | $ | 4,836 | | | $ | 5,312 | | | $ | 33,714 | | | $ | 5,174 | | | $ | 20,383 | | | $ | 28,209 | | | | | | | | | | | | | | | | | Premiums and deposits | 535 | | | 24 | | | 497 | | | 632 | | | 147 | | | 339 | | | 43 | | | Policy charges | (120) | | | (1) | | | — | | | (5) | | | (6) | | | (144) | | | (127) | | | Surrenders and withdrawals | (1,025) | | | (128) | | | (154) | | | (808) | | | (264) | | | (173) | | | (814) | | | Benefit payments | (72) | | | (17) | | | (13) | | | (16) | | | (3) | | | (36) | | | (164) | | | Investment performance (1) | (614) | | | (187) | | | (119) | | | (982) | | | (119) | | | (659) | | | (765) | | Net transfers from (to) General Account | 33 | | | (11) | | | (337) | | | (74) | | | 16 | | | (85) | | | (1) | | Other charges (2) | — | | | — | | | — | | | — | | | — | | | — | | | (106) | | | Balance, end of period | $ | 29,457 | | | $ | 4,516 | | | $ | 5,186 | | | $ | 32,461 | | | $ | 4,945 | | | $ | 19,625 | | | $ | 26,275 | | | | | | | | | | | | | | | | | Cash surrender value | $ | 28,602 | | | $ | 4,488 | | | $ | 5,104 | | | $ | 32,153 | | | $ | 4,940 | | | $ | 19,105 | | | $ | 26,082 | |
_____________ (1)Investment performance is reflected net of M&E fees. (2)Other charges include the Separate Account value novated to Venerable, as described in Note 1 of the Notes to these Consolidated Financial Statements. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2025 | | Retirement | | Corporate and Other | | GMxB Core | | EQUI-VEST Individual | | Investment Edge | | EQUI-VEST Group | | Momentum | | VUL | | GMxB Legacy | | (in millions) | | Balance, beginning of period | $ | 30,411 | | | $ | 4,782 | | | $ | 4,885 | | | $ | 30,546 | | | $ | 4,813 | | | $ | 18,176 | | | $ | 33,199 | | | Premiums and deposits | 506 | | | 25 | | | 413 | | | 615 | | | 168 | | | 332 | | | 55 | | | Policy charges | (118) | | | (1) | | | — | | | (5) | | | (6) | | | (147) | | | (139) | | | Surrenders and withdrawals | (999) | | | (130) | | | (122) | | | (675) | | | (236) | | | (190) | | | (852) | | | Benefit payments | (82) | | | (18) | | | (6) | | | (15) | | | (4) | | | (27) | | | (185) | | | Investment performance (1) | (571) | | | (207) | | | (95) | | | (1,104) | | | (101) | | | (633) | | | (850) | | Net transfers from (to) General Account | 54 | | | (7) | | | (355) | | | (133) | | | 3 | | | (47) | | | (4) | | Other charges | — | | | — | | | — | | | — | | | — | | | — | | | (3,816) | | | Balance, end of period | $ | 29,201 | | | $ | 4,444 | | | $ | 4,720 | | | $ | 29,229 | | | $ | 4,637 | | | $ | 17,464 | | | $ | 27,408 | | | | | | | | | | | | | | | | | Cash surrender value | $ | 28,349 | | | $ | 4,413 | | | $ | 4,632 | | | $ | 28,835 | | | $ | 4,631 | | | $ | 17,108 | | | $ | 27,200 | |
______________ (1)Investment performance is reflected net of M&E fees. The following table presents the aggregate fair value of Separate Account assets by major asset category: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | | | Retirement | | | | | Corporate & Other | | Total | | | | | | | | | Legacy | | Life | | Other | | | | | (in millions) | | Asset Type | | | | | | | | | | | | | | | | | Debt securities | | | $ | 15 | | | | | | $ | — | | | $ | 41 | | | $ | 13 | | | $ | 69 | | | Common Stock | | | 594 | | | | | | — | | | 68 | | | 1,783 | | | 2,445 | | | Mutual Funds | | | 79,793 | | | | | | 26,285 | | | 20,071 | | | 578 | | | 126,727 | | | Bonds and Notes | | | 6 | | | | | | — | | | 92 | | | 1,131 | | | 1,229 | | | Total | | | $ | 80,408 | | | | | | | $ | 26,285 | | | $ | 20,272 | | | $ | 3,505 | | | $ | 130,470 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | | Retirement | | | | | | Corporate & Other | | Total | | | | | | | | | Legacy | | Life | | Other | | | | | (in millions) | | Asset Type | | | | | | | | | | | | | | | | | Debt securities | | | $ | 16 | | | | | | | $ | — | | | $ | 43 | | | $ | 12 | | | $ | 71 | | | Common Stock | | | 573 | | | | | | | — | | | 73 | | | 1,863 | | | 2,509 | | | Mutual Funds | | | 82,973 | | | | | | | 28,276 | | | 20,870 | | | 632 | | | 132,751 | | | Bonds and Notes | | | 8 | | | | | | | — | | | 91 | | | 1,114 | | | 1,213 | | | Total | | | $ | 83,570 | | | | | | | $ | 28,276 | | | $ | 21,077 | | | $ | 3,621 | | | $ | 136,544 | |
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