v3.26.1
Separate Accounts (Tables)
 3 Months Ended
Mar. 31, 2026
Separate Accounts Disclosure [Abstract]  
Schedule of Fair Value of Separate Account Assets
The following table presents the fair value of separate account assets (in millions) reported on the Consolidated Balance Sheets by major investment category:

As of
March 31, 		As of
December 31,
20262025
Mutual funds and collective investment trusts:
Equity funds:
Domestic$79,084 $84,274 
International17,480 18,262 
Other equity funds1,566 1,505 
Balanced funds44,550 46,561 
Bond funds23,927 24,164 
Money market funds2,190 2,096 
Other funds1,505 1,491 
Exchange-traded funds239 323 
Fixed maturity AFS securities170 164 
Cash and invested cash 70 35 
Other investments1,262 1,217 
Total separate account assets$172,043 $180,092 
Schedule of Reconciliation of Separate Account Liabilities
The following table reconciles separate account liabilities (in millions) to the Consolidated Balance Sheets:

As of
March 31, 		As of
December 31,
20262025
Variable Annuities$116,716 $122,945 
UL and Other33,237 34,038 
Retirement Plan Services22,031 23,047 
Other Operations (1)
59 62 
Total separate account liabilities$172,043 $180,092 
(1) Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($51 million and $53 million as of March 31, 2026, and December 31, 2025, respectively) that are excluded from the following tables.
Summary of Balances and changes in Separate Account Liabilities
The following table summarizes the balances of and changes in separate account liabilities (in millions):

As of or For the Three
Months Ended
March 31, 2026		As of or For the Three
Months Ended
March 31, 2025
Variable AnnuitiesUL and OtherRetirement Plan ServicesVariable AnnuitiesUL and OtherRetirement Plan Services
Balance as of beginning-of-year$122,945 $34,038 $23,047 $117,998 $28,841 $21,541 
Gross deposits1,354 416 560 1,557 353 627 
Withdrawals(4,600)(216)(1,002)(3,915)(204)(902)
Policyholder assessments(667)(252)(49)(656)(246)(46)
Change in market performance(3,140)(681)(518)(1,798)(624)(478)
Net transfers from (to) general account824 (68)(7)449 (14)(34)
Balance as of end-of-period$116,716 $33,237 $22,031 $113,635 $28,106 $20,708 
Cash surrender value$115,301 $30,835 $22,018 $112,239 $23,577 $20,695