| Separate Account, Liability |
Information regarding separate account liabilities was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | 2026 | | 2025 | | | Variable Annuities | | Universal Life Insurance | | Company-Owned Life Insurance | | Variable Annuities | | Universal Life Insurance | | Company-Owned Life Insurance | | | (In millions) | | Balance, beginning of period | | $ | 75,918 | | | $ | 6,860 | | | $ | 2,457 | | | $ | 77,151 | | | $ | 6,419 | | | $ | 1,808 | | | Premiums and deposits | | 229 | | | 34 | | | — | | | 230 | | | 38 | | | — | | | Surrenders and withdrawals | | (2,086) | | | (69) | | | (52) | | | (2,038) | | | (63) | | | (3) | | | Benefit payments | | (418) | | | (18) | | | (15) | | | (415) | | | (28) | | | (5) | | | Investment performance | | (1,467) | | | (250) | | | (41) | | | (522) | | | (180) | | | (32) | | | Policy charges | | (472) | | | (54) | | | (16) | | | (487) | | | (55) | | | (17) | | | Net transfers from (to) general account | | (17) | | | (6) | | | — | | | (35) | | | (6) | | | 495 | | | Other | | 11 | | | — | | | 3 | | | 5 | | | — | | | 3 | | | Balance, end of period | | $ | 71,698 | | | $ | 6,497 | | | $ | 2,336 | | | $ | 73,889 | | | $ | 6,125 | | | $ | 2,249 | |
A reconciliation of separate account liabilities reported in the preceding rollforward table to the separate account liabilities balance on the consolidated balance sheets was as follows at: | | | | | | | | | | | | | | | | | March 31, | | | 2026 | | 2025 | | | (In millions) | | Separate account liabilities reported in the preceding rollforward table | | $ | 80,531 | | | $ | 82,263 | | | Variable income annuities | | 265 | | | 239 | | | Pension risk transfer annuities | | 25 | | | 22 | | | Total separate account liabilities | | $ | 80,821 | | | $ | 82,524 | |
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| Fair Value, Separate Account Investment |
The aggregate estimated fair value of assets, by major investment asset category, supporting separate accounts was as follows at: | | | | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | | (In millions) | Equity securities | | $ | 80,615 | | | $ | 85,314 | | | | | | | Fixed maturity securities | | 199 | | | 211 | | | Cash and cash equivalents | | 5 | | | — | | | Other assets | | 2 | | | 3 | | | Total aggregate estimated fair value of assets | | $ | 80,821 | | | $ | 85,528 | |
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| Guarantees related to Annuity, Universal and Variable Life Contracts |
Information regarding the net amount at risk and cash surrender value for insurance products was as follows at: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Universal Life Insurance | | Variable Annuities | | Index-linked Annuities | | Fixed Rate Annuities | | ULSG | | Company-Owned Life Insurance | | | (In millions) | | March 31, 2026 | | | | | | | | | | | | | | Account balances reported in the preceding rollforward tables: | | | | | | | | | | | | | | Policyholder account balances | | $ | 2,629 | | | $ | 3,310 | | | $ | 51,607 | | | $ | 12,971 | | | $ | 4,388 | | | $ | 647 | | | Separate account liabilities | | 6,497 | | | 71,698 | | | — | | | — | | | — | | | 2,336 | | | Total account balances | | $ | 9,126 | | | $ | 75,008 | | | $ | 51,607 | | | $ | 12,971 | | | $ | 4,388 | | | $ | 2,983 | | | Net amount at risk | | $ | 30,963 | | | $ | 12,673 | | | N/A | | N/A | | $ | 61,312 | | | $ | 2,530 | | | Cash surrender value | | $ | 8,564 | | | $ | 74,675 | | | $ | 51,576 | | | $ | 13,006 | | | $ | 3,990 | | | $ | 2,780 | | | March 31, 2025 | | | | | | | | | | | | | | Account balances reported in the preceding rollforward tables: | | | | | | | | | | | | | | Policyholder account balances | | $ | 2,597 | | | $ | 3,730 | | | $ | 47,896 | | | $ | 14,516 | | | $ | 4,710 | | | $ | 673 | | | Separate account liabilities | | 6,125 | | | 73,889 | | | — | | | — | | | — | | | 2,249 | | | Total account balances | | $ | 8,722 | | | $ | 77,619 | | | $ | 47,896 | | | $ | 14,516 | | | $ | 4,710 | | | $ | 2,922 | | | Net amount at risk | | $ | 32,855 | | | $ | 13,271 | | | N/A | | N/A | | $ | 63,157 | | | $ | 2,607 | | | Cash surrender value | | $ | 8,130 | | | $ | 77,248 | | | $ | 46,235 | | | $ | 14,248 | | | $ | 4,269 | | | $ | 2,692 | |
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