v3.26.1
Separate Account Assets and Liabilities
 3 Months Ended
Mar. 31, 2026
Insurance [Abstract]  
Separate Account Assets and Liabilities Separate Account Assets and Liabilities
Aggregate fair value of separate account assets, by major asset category, consisted of the following:
March 31, 2026December 31, 2025
(in millions)
Variable annuities and variable universal life:
Mutual funds$74,139 $77,645 
Unitized pooled pension funds:
Property/real estate1,701 1,755 
Equity securities417 454 
Debt securities111 116 
Cash and cash equivalents78 56 
Other20 18 
Total$76,466 $80,044 
The balances of and changes in separate account liabilities were as follows:
Variable AnnuitiesVariable Universal Life
Unitized Pooled Pension Funds
Total
(in millions)
Balance at January 1, 2026
$66,471 $11,174 $2,399 $80,044 
Premiums and deposits259 136 20 415 
Policy charges(314)(82)(1)(397)
Surrenders and other benefits(1,931)(118)(34)(2,083)
Investment return(1,254)(225)(15)(1,494)
Net transfer from (to) general account6 18 — 24 
Other charges— — (43)(43)
Balance at March 31, 2026
$63,237 $10,903 $2,326 $76,466 
Cash surrender value$62,152 $10,183 $2,326 $74,661 
Variable AnnuitiesVariable Universal Life
Unitized Pooled Pension Funds
Total
(in millions)
Balance at January 1, 2025
$65,737 $9,839 $2,538 $78,114 
Premiums and deposits996 526 83 1,605 
Policy charges(1,318)(321)(5)(1,644)
Surrenders and other benefits(7,347)(413)(583)(8,343)
Investment return8,373 1,495 179 10,047 
Net transfer from (to) general account30 48 — 78 
Other charges— — 187 187 
Balance at December 31, 2025
$66,471 $11,174 $2,399 $80,044 
Cash surrender value$65,338 $10,463 $2,399 $78,200