v3.26.1
LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS (Tables)
 3 Months Ended
Mar. 31, 2026
Insurance [Abstract]  
Schedule of Policyholder Account Balance and Liability for Unpaid Claims and Claims Adjustment Expense
The following table reconciles the net liability for future policy benefits and liability of death benefits to the liability for future policy benefits in the consolidated balance sheets:
March 31, 2026December 31, 2025
(in millions)
Reconciliation
Term
$
1,209 
$
1,241 
Payout
5,243 
5,243 
Group Pension - Benefit Reserve & DPL
417 
432 
Health
1,274 
1,316 
UL
1,347 
1,328 
Subtotal
9,490 
9,560 
  Whole Life Closed Block and Open Block products
4,913 
4,980 
Other (1)
933 
936 
Future policyholder benefits total
15,336 
15,476 
  Other policyholder funds and dividends payable
2,105 
2,184 
Total
$
17,441 
$
17,660 
_____________
(1)Primarily consists of future policy benefits related to Protective Life and Annuity, Assumed Life and Disability, Group Life Run off, Variable Interest Sensitive Life rider and EB.
Schedule of Policyholder Account Balance
The following table summarizes balances and changes in the liability for future policy benefits for nonparticipating traditional and limited pay contracts:
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
Retirement
Corporate & Other
Retirement
Corporate & Other
PayoutTermGroup PensionHealthPayoutTermGroup PensionHealth
(in millions)
Present Value of Expected Net Premiums
Balance, beginning of period$— $1,818 $— $(23)$— $1,932 $— $(25)
Beginning balance at original discount rate— 1,802 — (24)— 1,959 — (26)
Effect of changes in cash flow assumptions— — — — — — — — 
Effect of actual variances from expected experience— (26)— — — (29)— (2)
Adjusted beginning of period balance— 1,776 — (24)— 1,930 — (28)
Issuances— 8 — — — 11 — — 
Interest accrual— 22 — — — 24 — — 
Net premiums collected— (42)— 1 — (46)— 1 
Ending Balance at original discount rate— 1,764 — (23)— 1,919 — (27)
Effect of changes in discount rate assumptions— (16)— 1 — (7)— 1 
Balance, end of period$— $1,748 $— $(22)$— $1,912 $— $(26)
Present Value of Expected Future Policy Benefits
Balance, beginning of period
$
5,243 
$
3,058 
$
432 
$
1,293 
$5,050 $3,216 $460 $1,337 
Beginning balance of original discount rate
5,402 
2,991 
472 
1,458 
5,390 3,215 514 1,555 
Effect of changes in cash flow assumptions (1)
(15)
— 
— 
— 
(468)— — — 
Effect of actual variances from expected experience
— 
(38)
— 
(1)
(1)(39)— (6)
Adjusted beginning of period balance5,387 2,953 472 1,457 4,921 3,176 514 1,549 
Issuances
172 
8 
— 
— 
201 11 — — 
Interest accrual
52 
37 
4 
12 
51 40 5 13 
Benefits payments
(141)
(58)
(14)
(36)
(127)(58)(16)(38)
Ending Balance at original discount rate
5,470 
2,940 
462 
1,433 
5,046 3,169 503 1,524 
Effect of changes in discount rate assumptions
(227)
16 
(45)
(181)
(264)34 (49)(197)
Balance, end of period
$
5,243 
$
2,956 
$
417 
$
1,252 
$4,782 $3,203 $454 $1,327 
Impact of flooring LFPB at zero
— 
1 
— 
— 
— 1 — — 
Net liability for future policy benefits
5,243 
1,209 
417 
1,274 
4,782 
1,292 
454 
1,353 
Less: Reinsurance recoverable
(1,206)
(916)
— 
(991)
(960)6 — (1,060)
Net liability for future policy benefits, after reinsurance recoverable
$
4,037 
$
293 
$
417 
$
283 
$3,822 $1,298 $454 $293 
Weighted-average duration of liability for future policyholder benefits (years)7.46.86.88.17.76.86.98.3
______________
(1)Includes the net income impact due to novation as described in Note 1.
The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets:

March 31, 2026December 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 CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentumUniversal LifeVariable Universal LifeGMxB 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 CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentumUniversal LifeVariable Universal LifeGMxB 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 reconciles the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheets:
March 31, 2026December 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 CoreEQUI-VEST IndividualInvestment EdgeEQUI-VEST GroupMomentumVULGMxB 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 CoreEQUI-VEST IndividualInvestment EdgeEQUI-VEST GroupMomentumVULGMxB 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.
Schedule of Liability for Future Policy Benefits, Undiscounted and Discounted Expected Gross Premiums and Expected Future Benefits and Expenses
The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses related to nonparticipating traditional and limited payment contracts:
March 31, 2026December 31, 2025
(in millions)
Term
Expected future benefit payments and expenses (undiscounted)
$
5,123 
$
5,214 
Expected future gross premiums (undiscounted)
6,153 
6,250 
Expected future benefit payments and expenses (discounted; AOCI basis)
2,956 
3,058 
Expected future gross premiums (discounted; AOCI basis)
3,316 
3,424 
Payout
Expected future benefit payments and expenses (undiscounted)
7,785 
7,683 
Expected future gross premiums (undiscounted)
— 
— 
Expected future benefit payments and expenses (discounted; AOCI basis)
5,123 
5,127 
Expected future gross premiums (discounted; AOCI basis)
— 
— 
Group Pension
Expected future benefit payments and expenses (undiscounted)
565 
578 
Expected future gross premiums (undiscounted)
— 
— 
Expected future benefit payments and expenses (discounted; AOCI basis)
397 
412 
Expected future gross premiums (discounted; AOCI basis)
— 
— 
Health
Expected future benefit payments and expenses (undiscounted)
1,950 
1,987 
Expected future gross premiums (undiscounted)
58 
60 
Expected future benefit payments and expenses (discounted; AOCI basis)
1,245 
1,280 
Expected future gross premiums (discounted; AOCI basis)
$
46 
$
48 
Schedule of Liability for Future Policy Benefits, Revenue and Interest Accretion
The table below summarizes the revenue and interest related to nonparticipating traditional and limited payment contracts:
Three Months Ended March 31,
2026202520262025
Gross PremiumInterest Accretion
(in millions)
Revenue and Interest Accretion
Term
$
76 
$
83 
$
15 
$
16 
Payout
43 
67 
54 
53 
Group Pension
— 
— 
4 
5 
Health
2 
2 
13 
13 
Total
$
121 
$
152 
$
86 
$
87 
Schedule of Liability for Future Policy Benefits, Weighted Average Interest Rates
The following table provides the weighted average interest rates for the liability for future policy benefits:
March 31, 2026December 31, 2025
Weighted Average Interest Rate
Term
Interest accretion rate
5.6 
%
5.6 
%
Current discount rate
5.1 
%
4.9 
%
Payout
Interest accretion rate
4.6 
%
4.5 
%
Current discount rate
5.2 
%
5.0 
%
Group Pension
Interest accretion rate
3.4 
%
3.4 
%
Current discount rate
5.1 
%
4.8 
%
Health
Interest accretion rate
3.4 
%
3.4 
%
Current discount rate
5.3 
%
5.0 
%
Schedule of Balances of and Changes in Additional Liabilities Related to Insurance Guarantees
The following table provides the balance, changes in and the weighted average durations of the additional insurance liabilities:
Three Months Ended March 31,
20262025
Corporate and Other
UL
(in millions)
Balance, beginning of period
$
1,328 
$
1,246 
Beginning balance before AOCI adjustments
1,347 
1,302 
Effect of changes in interest rate & cash flow assumptions and model changes
— 
— 
Effect of actual variances from expected experience
— 
5 
Adjusted beginning of period balance
1,347 
1,307 
Interest accrual
15 
14 
Net assessments collected
16 
17 
Benefit payments
(15)
(22)
Ending balance before shadow reserve adjustments
1,363 
1,316 
Effect of reserve adjustment recorded in AOCI
(16)
(52)
Balance, end of period
$
1,347 
$
1,264 
Net liability for additional liability
$
1,347 
$
1,264 
Less: Reinsurance recoverable
(1,113)
— 
Net liability for additional liability, after reinsurance recoverable
$
234 
$
1,264 
Weighted-average duration of additional liability - death benefit (years)18.419.3
The following tables provide the revenue, interest and weighted average interest rates, related to the additional insurance liabilities:
Three Months Ended March 31,
2026202520262025
AssessmentsInterest Accretion
(in millions)
Revenue and Interest Accretion
UL
$
139 
$
145 
$
15 
$
14 
Total
$
139 
$
145 
$
15 
$
14 
March 31, 2026December 31, 2025
Weighted Average Interest Rate
UL
4.5 
%
4.5 
%
Interest accretion rate
4.5 
%
4.5 
%