Contractholder Funds (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Balances and Changes in Contractholder Funds

The following tables summarize balances of and changes in contractholder funds’ account balances:


	March 31, 2026
	Indexed annuities			Fixed rate annuities			Universal life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	$	33,226		$	19,265		$	3,292		$	3,324	$	2,898
Issuances	1,644			184			60			750		901
Premiums received	8			—			163			—		—
Policy charges (a)	(57)			—			(103)			—		—
Surrenders and withdrawals	(978)			(605)			(33)			—		—
Benefit payments	(115)			(93)			(5)			(30)		(1,122)

Interest credited	245			222			57			39		25
Other	(4)			—			—			—		—
Balance, end of period	33,969			18,973			3,431			4,083		2,702
Reconciling items (c)	(47)			2			92			—		—
Gross liability, end of period	33,922			18,975			3,523			4,083		2,702
Less: Reinsurance recoverable	5,655			12,834			883			—		—
Net liability, after reinsurance	$	28,267		$	6,141		$	2,640		$	4,083	$	2,702

Weighted-average crediting rate	2.96		%	4.76		%	7.07		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			$	29,648		N/A		N/A
Cash surrender value (e)	$	31,607		$	17,783		$	2,641		N/A		N/A


	December 31, 2025
	Indexed annuities			Fixed rate annuities			Universal life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	$	30,235		$	17,442		$	2,817		$	2,463	$	2,852
Issuances	6,714			3,801			229			1,148		2,241
Premiums received	31			—			593			—		—
Policy charges (a)	(222)			—			(378)			—		—
Surrenders and withdrawals	(3,831)			(2,485)			(130)			—		—
Benefit payments	(536)			(358)			(21)			(395)		(2,298)

Interest credited	830			866			182			107		103
Other	5			(1)			—			1		—
Balance, end of period	33,226			19,265			3,292			3,324		2,898
Reconciling items (c)	321			2			115			11		—
Gross liability, end of period	33,547			19,267			3,407			3,335		2,898
Less: Reinsurance recoverable	3,198			12,863			887			—		—
Net liability, after reinsurance	$	30,349		$	6,404		$	2,520		$	3,335	$	2,898

Weighted-average crediting rate	2.65		%	4.84		%	6.13		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			$	29,581		N/A		N/A
Cash surrender value (e)	$	30,920		$	18,034		$	2,533		N/A		N/A

(a) Contracts included in the Contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.

(b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.

(c) The reconciling items reconcile the account balance to the gross GAAP liability. For indexed annuities and universal life, the reconciling items represent embedded derivatives and include the combination of the host contracts and the fair value of the embedded derivatives. For FABN, the reconciling items represent basis adjustments due to the impact of fair value hedge accounting.

(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

(e) These amounts are gross of reinsurance.

Schedule of Reconciliation of Policyholder Account Balances to Statement of Financial Position

The following table reconciles contractholder funds’ account balances to the Contractholder funds liability in the accompanying unaudited Condensed Consolidated Balance Sheets:


	March 31, 2026		December 31, 2025
	(In millions)
Indexed annuities	$	33,922	$	33,547
Fixed rate annuities	18,975		19,267
Immediate annuities	259		262
Universal life	3,523		3,407
Traditional life	4		4
FABN	4,083		3,335
FHLB	2,702		2,898
PRT	6		6
Total	$	63,474	$	62,726

Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate

The following tables present the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums:


	March 31, 2026
Range of guaranteed minimum crediting rate	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Indexed annuities	(In millions)
Up to 1.50%	$	701	$	422	$	295	$	777	$	2,195
1.51%-2.50%	534		17		767		655		1,973
Greater than 2.50%	203		—		—		2		205
Subtotal	$	1,438	$	439	$	1,062	$	1,434	$	4,373
No guaranteed minimum crediting rate									29,596
Total									$	33,969

Fixed rate annuities
Up to 1.50%	$	101	$	88	$	676	$	15,350	$	16,215
1.51%-2.50%	3		6		24		444		477
Greater than 2.50%	709		1		5		1,566		2,281
Total	$	813	$	95	$	705	$	17,360	$	18,973

Universal life
Up to 1.50%	$	3,042	$	9	$	—	$	28	$	3,079
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	351		—		1		—		352
Total	$	3,393	$	9	$	1	$	28	$	3,431


	December 31, 2025
Range of guaranteed minimum crediting rate	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Indexed annuities	(In millions)
Up to 1.50%	$	659	$	464	$	298	$	812	$	2,233
1.51%-2.50%	548		17		633		630		1,828
Greater than 2.50%	212		1		—		1		214
Subtotal	$	1,419	$	482	$	931	$	1,443	$	4,275
No guaranteed minimum crediting rate									28,951
Total									$	33,226

Fixed rate annuities
Up to 1.50%	$	94	$	75	$	792	$	15,548	$	16,509
1.51%-2.50%	4		6		16		466		492
Greater than 2.50%	727		2		5		1,530		2,264
Total	$	825	$	83	$	813	$	17,544	$	19,265

Universal life
Up to 1.50%	$	2,898	$	9	$	—	$	31	$	2,938
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	353		—		1		—		354
Total	$	3,251	$	9	$	1	$	31	$	3,292