Policyholder Account Balances, Future Policy Benefits and Claims (Tables)

3 Months Ended

Mar. 31, 2026

Policyholder Account Balance [Abstract]

Policyholder account balances, future policy benefits and claims

Policyholder account balances, future policy benefits and claims consisted of the following:


	March 31, 2026		December 31, 2025
	(in millions)
Policyholder account balances
Policyholder account balances	$	36,988	$	37,005

Future policy benefits
Reserve for future policy benefits	7,426		7,601
Deferred profit liability	135		130
Additional liabilities for insurance guarantees	1,510		1,500
Other insurance and annuity liabilities	124		78
Total future policy benefits	9,195		9,309
Policy claims and other policyholders’ funds	218		184
Total policyholder account balances, future policy benefits and claims	$	46,401	$	46,498

Balances of and changes in policyholder account balances

The balances of and changes in policyholder account balances were as follows:


	Variable Annuities			Structured Variable Annuities			Fixed Annuities			Fixed Indexed Annuities			Non-Life Contingent Payout Annuities
	(in millions, except percentages)
Balance at January 1, 2026	$	3,320		$	21,504		$	4,918		$	289		$	435
Contract deposits	13			902			8			—			21
Policy charges	(3)			(1)			—			—			—
Surrenders and other benefits	(111)			(286)			(147)			(13)			(25)

Net transfer from (to) separate account liabilities	(5)			—			—			—			—
Variable account index-linked adjustments	—			(482)			—			—			—
Interest credited	26			1			46			3			3
Balance at March 31, 2026	$	3,240		$	21,638		$	4,825		$	279		$	434

Weighted-average crediting rate	3.3		%	1.9		%	3.9		%	2.1		%	N/A

Cash surrender value (1)	$	3,223		$	20,582		$	4,824		$	263		N/A

	Universal Life Insurance			Variable Universal Life Insurance			Indexed Universal Life Insurance			Other Life Insurance			Total, All Products
	(in millions, except percentages)
Balance at January 1, 2026	$	1,349		$	1,705		$	3,048		$	437		$	37,005
Contract deposits	26			80			38			—			1,088
Policy charges	(41)			(23)			(30)			—			(98)
Surrenders and other benefits	(14)			(23)			(16)			(14)			(649)

Net transfer from (to) separate account liabilities	—			(34)			—			—			(39)
Variable account index-linked adjustments	—			—			—			—			(482)
Interest credited	11			17			52			4			163
Balance at March 31, 2026	$	1,331		$	1,722		$	3,092		$	427		$	36,988

Weighted-average crediting rate	3.6		%	3.9		%	3.0		%	4.0		%
Net amount at risk	$	7,858		$	57,545		$	12,947		$	117
Cash surrender value (1)	$	1,229		$	1,113		$	2,696		$	269


	Variable Annuities			Structured Variable Annuities			Fixed Annuities			Fixed Indexed Annuities			Non-Life Contingent Payout Annuities
	(in millions, except percentages)
Balance at January 1, 2025	$	3,680		$	16,330		$	5,369		$	305		$	447
Contract deposits	57			3,816			35			—			73
Policy charges	(13)			(4)			—			—			—
Surrenders and other benefits	(486)			(846)			(677)			(26)			(99)

Net transfer from (to) separate account liabilities	(31)			—			—			—			—
Variable account index-linked adjustments	—			2,206			—			—			—
Interest credited	113			2			191			10			14
Balance at December 31, 2025	$	3,320		$	21,504		$	4,918		$	289		$	435

Weighted-average crediting rate	3.3		%	1.9		%	3.8		%	2.1		%	N/A

Cash surrender value (1)	$	3,302		$	20,582		$	4,916		$	272		N/A

	Universal Life Insurance			Variable Universal Life Insurance			Indexed Universal Life Insurance			Other Life Insurance			Total, All Products
	(in millions, except percentages)
Balance at January 1, 2025	$	1,405		$	1,647		$	2,894		$	465		$	32,542
Contract deposits	138			318			165			—			4,602
Policy charges	(169)			(91)			(123)			—			(400)
Surrenders and other benefits	(72)			(102)			(71)			(45)			(2,424)

Net transfer from (to) separate account liabilities	—			(132)			—			—			(163)
Variable account index-linked adjustments	—			—			—			—			2,206
Interest credited	47			65			183			17			642
Balance at December 31, 2025	$	1,349		$	1,705		$	3,048		$	437		$	37,005

Weighted-average crediting rate	3.6		%	3.9		%	3.0		%	4.0		%
Net amount at risk	$	7,944		$	57,269		$	13,040		$	121
Cash surrender value (1)	$	1,241		$	1,109		$	2,640		$	274

(1) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. For variable annuities and VUL, the cash surrender value shown is the proportion of the total cash surrender value related to their fixed account liabilities.

Account values by guaranteed minimum interest rates

The following tables present the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of guaranteed minimum interest rates (“GMIRs”) and the range of the difference between rates credited to policyholders and contractholders as of March 31, 2026 and December 31, 2025 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated. Rates are reset at management’s discretion, subject to guaranteed minimums.


March 31, 2026
					Account Values with Crediting Rates
	Range of Guaranteed Minimum Crediting Rates				At Guaranteed Minimum		1-49 bps above Guaranteed Minimum		50-99 bps above Guaranteed Minimum		100-150 bps above Guaranteed Minimum		Greater than 150 bps above Guaranteed Minimum		Total
					(in millions, except percentages)
Fixed accounts of variable annuities	1	%	–	1.99%	$	5	$	57	$	82	$	19	$	—	$	163
	2	%	–	2.99%	86		8		—		—		—		94
	3	%	–	3.99%	1,638		—		—		1		—		1,639
	4	%	–	5.00%	1,298		—		—		—		—		1,298
	Total				$	3,027	$	65	$	82	$	20	$	—	$	3,194

Fixed accounts of structured variable annuities	1	%	–	1.99%	$	—	$	50	$	14	$	1	$	—	$	65
	2	%	–	2.99%	36		—		—		—		—		36
	3	%	–	3.99%	1		—		—		—		—		1
	4	%	–	5.00%	—		—		—		—		—		—
	Total				$	37	$	50	$	14	$	1	$	—	$	102

Fixed annuities	1	%	–	1.99%	$	—	$	159	$	138	$	109	$	17	$	423
	2	%	–	2.99%	12		16		2		—		—		30
	3	%	–	3.99%	2,057		1		—		—		—		2,058
	4	%	–	5.00%	2,307		—		—		—		—		2,307
	Total				$	4,376	$	176	$	140	$	109	$	17	$	4,818

Non-indexed accounts of fixed indexed annuities	1	%	–	1.99%	$	—	$	1	$	4	$	13	$	—	$	18
	2	%	–	2.99%	—		—		—		—		—		—
	3	%	–	3.99%	—		—		—		—		—		—
	4	%	–	5.00%	—		—		—		—		—		—
	Total				$	—	$	1	$	4	$	13	$	—	$	18

Universal life insurance	1	%	–	1.99%	$	—	$	—	$	—	$	—	$	—	$	—
	2	%	–	2.99%	47		6		18		4		1		76
	3	%	–	3.99%	779		—		5		6		—		790
	4	%	–	5.00%	435		4		—		—		—		439
	Total				$	1,261	$	10	$	23	$	10	$	1	$	1,305


					Account Values with Crediting Rates
	Range of Guaranteed Minimum Crediting Rates				At Guaranteed Minimum			1-49 bps above Guaranteed Minimum			50-99 bps above Guaranteed Minimum			100-150 bps above Guaranteed Minimum			Greater than 150 bps above Guaranteed Minimum			Total
					(in millions, except percentages)
Fixed accounts of variable universal life insurance	1	%	–	1.99%	$	—		$	—		$	2		$	2		$	55		$	59
	2	%	–	2.99%	1			15			2			1			14			33
	3	%	–	3.99%	96			1			5			14			—			116
	4	%	–	5.00%	520			23			—			—			—			543
	Total				$	617		$	39		$	9		$	17		$	69		$	751

Non-indexed accounts of indexed universal life insurance	1	%	–	1.99%	$	—		$	—		$	—		$	—		$	2		$	2
	2	%	–	2.99%	—			—			—			137			—			137
	3	%	–	3.99%	—			—			—			—			—			—
	4	%	–	5.00%	—			—			—			—			—			—
	Total				$	—		$	—		$	—		$	137		$	2		$	139

Other life insurance	1	%	–	1.99%	$	—		$	—		$	—		$	—		$	—		$	—
	2	%	–	2.99%	—			—			—			—			—			—
	3	%	–	3.99%	23			—			—			—			—			23
	4	%	–	5.00%	245			—			—			—			—			245
	Total				$	268		$	—		$	—		$	—		$	—		$	268

Total	1	%	–	1.99%	$	5		$	267		$	240		$	144		$	74		$	730
	2	%	–	2.99%	182			45			22			142			15			406
	3	%	–	3.99%	4,594			2			10			21			—			4,627
	4	%	–	5.00%	4,805			27			—			—			—			4,832
	Total				$	9,586		$	341		$	272		$	307		$	89		$	10,595

Percentage of total account values that reset in:
Next 12 months					100.0		%	99.9		%	99.9		%	100.0		%	99.9		%	100.0		%
> 12 months to 24 months					—			—			—			—			—			—
> 24 months					—			0.1			0.1			—			0.1			—
Total					100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%


December 31, 2025
					Account Values with Crediting Rates
	Range of Guaranteed Minimum Crediting Rates				At Guaranteed Minimum		1-49 bps above Guaranteed Minimum		50-99 bps above Guaranteed Minimum		100-150 bps above Guaranteed Minimum		Greater than 150 bps above Guaranteed Minimum		Total
					(in millions, except percentages)
Fixed accounts of variable annuities	1	%	–	1.99%	$	7	$	62	$	82	$	20	$	—	$	171
	2	%	–	2.99%	89		8		—		—		—		97
	3	%	–	3.99%	1,686		—		—		1		—		1,687
	4	%	–	5.00%	1,321		—		—		—		—		1,321
	Total				$	3,103	$	70	$	82	$	21	$	—	$	3,276

Fixed accounts of structured variable annuities	1	%	–	1.99%	$	—	$	26	$	26	$	1	$	—	$	53
	2	%	–	2.99%	16		—		—		—		—		16
	3	%	–	3.99%	1		—		—		—		—		1
	4	%	–	5.00%	—		—		—		—		—		—
	Total				$	17	$	26	$	26	$	1	$	—	$	70

Fixed annuities	1	%	–	1.99%	$	—	$	182	$	143	$	103	$	19	$	447
	2	%	–	2.99%	13		16		2		—		—		31
	3	%	–	3.99%	2,116		1		1		—		—		2,118
	4	%	–	5.00%	2,312		—		—		—		—		2,312
	Total				$	4,441	$	199	$	146	$	103	$	19	$	4,908

Non-indexed accounts of fixed indexed annuities	1	%	–	1.99%	$	—	$	2	$	4	$	13	$	—	$	19
	2	%	–	2.99%	—		—		—		—		—		—
	3	%	–	3.99%	—		—		—		—		—		—
	4	%	–	5.00%	—		—		—		—		—		—
	Total				$	—	$	2	$	4	$	13	$	—	$	19

Universal life insurance	1	%	–	1.99%	$	—	$	—	$	—	$	—	$	—	$	—
	2	%	–	2.99%	47		6		19		2		1		75
	3	%	–	3.99%	789		—		4		7		—		800
	4	%	–	5.00%	442		5		—		—		—		447
	Total				$	1,278	$	11	$	23	$	9	$	1	$	1,322

Fixed accounts of variable universal life insurance	1	%	–	1.99%	$	—	$	—	$	3	$	1	$	48	$	52
	2	%	–	2.99%	1		16		2		1		14		34
	3	%	–	3.99%	98		1		3		14		—		116
	4	%	–	5.00%	524		25		—		—		—		549
	Total				$	623	$	42	$	8	$	16	$	62	$	751


					Account Values with Crediting Rates
	Range of Guaranteed Minimum Crediting Rates				At Guaranteed Minimum			1-49 bps above Guaranteed Minimum			50-99 bps above Guaranteed Minimum			100-150 bps above Guaranteed Minimum			Greater than 150 bps above Guaranteed Minimum			Total
					(in millions, except percentages)
Non-indexed accounts of indexed universal life insurance	1	%	–	1.99%	$	—		$	—		$	—		$	—		$	2		$	2
	2	%	–	2.99%	—			—			—			135			—			135
	3	%	–	3.99%	—			—			—			—			—			—
	4	%	–	5.00%	—			—			—			—			—			—
	Total				$	—		$	—		$	—		$	135		$	2		$	137

Other life insurance	1	%	–	1.99%	$	—		$	—		$	—		$	—		$	—		$	—
	2	%	–	2.99%	—			—			—			—			—			—
	3	%	–	3.99%	24			—			—			—			—			24
	4	%	–	5.00%	249			—			—			—			—			249
	Total				$	273		$	—		$	—		$	—		$	—		$	273

Total	1	%	–	1.99%	$	7		$	272		$	258		$	138		$	69		$	744
	2	%	–	2.99%	166			46			23			138			15			388
	3	%	–	3.99%	4,714			2			8			22			—			4,746
	4	%	–	5.00%	4,848			30			—			—			—			4,878
	Total				$	9,735		$	350		$	289		$	298		$	84		$	10,756

Percentage of total account values that reset in:
Next 12 months					100.0		%	100.0		%	99.9		%	100.0		%	99.8		%	100.0		%
> 12 months to 24 months					—			—			—			—			—			—
> 24 months					—			—			0.1			—			0.2			—
Total					100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%

Balances of and changes in liability for future policy benefits, and Revenue and interest recognized

The following tables summarize the balances of and changes in the liability for future policy benefits:


	Life Contingent Payout Annuities			Term and Whole Life Insurance			Disability Income Insurance			Long Term Care Insurance			Total, All Products
	(in millions, except percentages)
Present Value of Expected Net Premiums:
Balance at January 1, 2026	$	—		$	813		$	33		$	988		$	1,834
Beginning balance at original discount rate	—			836			37			977			1,850
Effect of changes in cash flow assumptions	—			—			—			—			—
Effect of actual variances from expected experience	—			(13)			—			(6)			(19)
Adjusted beginning of year balance	$	—		$	823		$	37		$	971		$	1,831
Issuances	27			15			3			—			45
Interest accrual	—			10			—			12			22
Net premiums collected	(27)			(19)			—			(33)			(79)
Derecognition (lapses)	—			—			—			—			—
Ending balance at original discount rate	$	—		$	829		$	40		$	950		$	1,819
Effect of changes in discount rate assumptions	—			(39)			(5)			(4)			(48)
Balance at March 31, 2026	$	—		$	790		$	35		$	946		$	1,771

Present Value of Future Policy Benefits:
Balance at January 1, 2026	$	1,273		$	1,378		$	499		$	6,277		$	9,427
Beginning balance at original discount rate	1,318			1,380			478			6,322			9,498
Effect of changes in cash flow assumptions	—			—			—			—			—
Effect of actual variances from expected experience	(5)			(17)			(1)			(7)			(30)
Adjusted beginning of year balance	$	1,313		$	1,363		$	477		$	6,315		$	9,468
Issuances	27			15			3			—			45
Interest accrual	14			18			7			78			117
Benefit payments	(42)			(20)			(10)			(107)			(179)
Derecognition (lapses)	—			—			—			—			—
Ending balance at original discount rate	$	1,312		$	1,376		$	477		$	6,286		$	9,451
Effect of changes in discount rate assumptions	(65)			(33)			11			(175)			(262)
Balance at March 31, 2026	$	1,247		$	1,343		$	488		$	6,111		$	9,189

Adjustment due to reserve flooring	$	—		$	8		$	—		$	—		$	8

Net liability for future policy benefits	$	1,247		$	561		$	453		$	5,165		$	7,426
Less: reinsurance recoverable	672			401			21			2,593			3,687
Net liability for future policy benefits, after reinsurance recoverable	$	575		$	160		$	432		$	2,572		$	3,739

Discounted expected future gross premiums	$	—		$	1,910		$	785		$	1,128		$	3,823
Expected future gross premiums	$	—		$	3,293		$	1,110		$	1,513		$	5,916
Expected future benefit payments	$	1,901		$	2,321		$	785		$	10,109		$	15,116

Weighted average interest accretion rate	4.4		%	6.0		%	6.3		%	5.1		%
Weighted average discount rate	5.3		%	5.6		%	5.5		%	5.6		%

Weighted average duration of liability (in years)	6			7			6			8


	Life Contingent Payout Annuities			Term and Whole Life Insurance			Disability Income Insurance			Long Term Care Insurance			Total, All Products
	(in millions, except percentages)
Present Value of Expected Net Premiums:
Balance at January 1, 2025	$	—		$	737		$	53		$	1,057		$	1,847
Beginning balance at original discount rate	—			774			59			1,072			1,905
Effect of changes in cash flow assumptions	—			58			(19)			(8)			31
Effect of actual variances from expected experience	—			(17)			(12)			1			(28)
Adjusted beginning of year balance	$	—		$	815		$	28		$	1,065		$	1,908
Issuances	141			60			9			—			210
Interest accrual	1			39			2			50			92
Net premiums collected	(142)			(78)			(2)			(138)			(360)
Derecognition (lapses)	—			—			—			—			—
Ending balance at original discount rate	$	—		$	836		$	37		$	977		$	1,850
Effect of changes in discount rate assumptions	—			(23)			(4)			11			(16)
Balance at December 31, 2025	$	—		$	813		$	33		$	988		$	1,834

Present Value of Future Policy Benefits:
Balance at January 1, 2025	$	1,204		$	1,322		$	545		$	6,187		$	9,258
Beginning balance at original discount rate	1,289			1,353			535			6,408			9,585
Effect of changes in cash flow assumptions	(2)			27			(30)			25			20
Effect of actual variances from expected experience	(5)			(20)			(25)			13			(37)
Adjusted beginning of year balance	$	1,282		$	1,360		$	480		$	6,446		$	9,568
Issuances	141			60			9			—			210
Interest accrual	57			74			30			316			477
Benefit payments	(162)			(114)			(41)			(440)			(757)
Derecognition (lapses)	—			—			—			—			—
Ending balance at original discount rate	$	1,318		$	1,380		$	478		$	6,322		$	9,498
Effect of changes in discount rate assumptions	(45)			(2)			21			(45)			(71)
Balance at December 31, 2025	$	1,273		$	1,378		$	499		$	6,277		$	9,427

Adjustment due to reserve flooring	$	—		$	8		$	—		$	—		$	8

Net liability for future policy benefits	$	1,273		$	573		$	466		$	5,289		$	7,601
Less: reinsurance recoverable	703			408			20			2,657			3,788
Net liability for future policy benefits, after reinsurance recoverable	$	570		$	165		$	446		$	2,632		$	3,813

Discounted expected future gross premiums	$	—		$	1,971		$	809		$	1,173		$	3,953
Expected future gross premiums	$	—		$	3,334		$	1,126		$	1,554		$	6,014
Expected future benefit payments	$	1,906		$	2,328		$	789		$	10,218		$	15,241

Weighted average interest accretion rate	4.4		%	6.2		%	6.3		%	5.0		%
Weighted average discount rate	5.0		%	5.3		%	5.2		%	5.3		%

Weighted average duration of liability (in years)	6			7			6			8

The amount of revenue and interest recognized in the Statements of Operations was as follows:


	Three Months Ended March 31,
	2026
	Gross Premiums		Interest Expense
	(in millions)
Life contingent payout annuities	$	32	$	14
Term and whole life insurance	43		8
Disability income insurance	27		7
Long term care insurance	40		66
Total	$	142	$	95


	Year Ended December 31,
	2025
	Gross Premiums		Interest Expense
	(in millions)
Life contingent payout annuities	$	157	$	56
Term and whole life insurance	174		35
Disability income insurance	114		28
Long term care insurance	171		266
Total	$	616	$	385

Balances of and changes in additional liabilities related to insurance guarantees

The balances of and changes in additional liabilities related to insurance guarantees were as follows:


	Universal Life Insurance			Variable Universal Life Insurance			Other Life Insurance			Total, All Products
	(in millions, except percentages)
Balance at January 1, 2026	$	1,409		$	80		$	11		$	1,500
Interest accrual	11			1			—			12
Benefit accrual	31			2			—			33
Benefit payments	(21)			(3)			(2)			(26)
Effect of actual variances from expected experience	—			1			1			2
Impact of change in net unrealized (gains) losses on securities	(9)			—			(2)			(11)
Balance at March 31, 2026	$	1,421		$	81		$	8		$	1,510

Weighted average interest accretion rate	3.0		%	7.1		%	3.9		%
Weighted average discount rate	3.1		%	7.1		%	3.9		%

Weighted average duration of reserves (in years)	8			8			7


	Universal Life Insurance			Variable Universal Life Insurance			Other Life Insurance			Total, All Products
	(in millions, except percentages)
Balance at January 1, 2025	$	1,301		$	80		$	8		$	1,389
Interest accrual	40			5			1			46
Benefit accrual	132			10			2			144
Benefit payments	(84)			(14)			(4)			(102)
Effect of actual variances from expected experience	11			(1)			2			12
Impact of change in net unrealized (gains) losses on securities	9			—			2			11
Balance at December 31, 2025	$	1,409		$	80		$	11		$	1,500

Weighted average interest accretion rate	2.9		%	6.8		%	3.8		%
Weighted average discount rate	3.1		%	7.1		%	3.9		%

Weighted average duration of reserves (in years)	9			8			7

Changes in unearned revenue

The following tables summarize the balances of and changes in unearned revenue:


	Universal Life Insurance		Variable Universal Life Insurance		Indexed Universal Life Insurance		Total, All Products
	(in millions)
Balance at January 1, 2026	$	26	$	307	$	318	$	651
Deferral of revenue	—		21		11		32
Amortization	—		(6)		(7)		(13)
Balance at March 31, 2026	$	26	$	322	$	322	$	670

Balance at January 1, 2025	$	26	$	249	$	295	$	570
Deferral of revenue	1		79		47		127
Amortization	(1)		(21)		(24)		(46)
Balance at December 31, 2025	$	26	$	307	$	318	$	651