Separate Account Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Aggregate fair value of separate account assets, by major asset category, consisted of the following:


	March 31, 2026		December 31, 2025
	(in millions)
Variable annuities and variable universal life:
Mutual funds	$	74,139	$	77,645
Unitized pooled pension funds:
Property/real estate	1,701		1,755
Equity securities	417		454
Debt securities	111		116
Cash and cash equivalents	78		56
Other	20		18
Total	$	76,466	$	80,044

The balances of and changes in separate account liabilities were as follows:


	Variable Annuities		Variable Universal Life		Unitized Pooled Pension Funds		Total
	(in millions)
Balance at January 1, 2026	$	66,471	$	11,174	$	2,399	$	80,044
Premiums and deposits	259		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 account	6		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 Annuities		Variable Universal Life		Unitized Pooled Pension Funds		Total
	(in millions)
Balance at January 1, 2025	$	65,737	$	9,839	$	2,538	$	78,114
Premiums and deposits	996		526		83		1,605
Policy charges	(1,318)		(321)		(5)		(1,644)
Surrenders and other benefits	(7,347)		(413)		(583)		(8,343)

Investment return	8,373		1,495		179		10,047
Net transfer from (to) general account	30		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