Separate Accounts

3 Months Ended

Mar. 31, 2026

5. Separate Accounts

Separate Accounts

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	$	73,416	$	2,687	$	2,447	$	74,483	$	2,484	$	1,799
Premiums and deposits	228		17		—		230		19		—
Surrenders and withdrawals	(1,977)		(26)		(52)		(1,941)		(21)		(3)
Benefit payments	(410)		(8)		(15)		(405)		(10)		(5)
Investment performance	(1,397)		(93)		(40)		(481)		(66)		(31)
Policy charges	(459)		(18)		(16)		(473)		(20)		(17)
Net transfers from (to) general account	(14)		(3)		—		(28)		(3)		495
Other	10		—		3		4		—		3
Balance, end of period	$	69,397	$	2,556	$	2,327	$	71,389	$	2,383	$	2,241

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	$	74,280	$	76,013
Variable income annuities	246		222
Pension risk transfer annuities	25		22
Total separate account liabilities	$	74,551	$	76,257

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	$	74,344	$	78,611

Fixed maturity securities	199		211
Cash and cash equivalents	6		—
Other assets	2		3
Total aggregate estimated fair value of assets	$	74,551	$	78,825

Net Amount at Risk and Cash Surrender Values

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	$	2,083	$	3,179	$	51,607	$	12,971	$	4,388	$	647
Separate account liabilities	2,556		69,397		—		—		—		2,327
Total account balances	$	4,639	$	72,576	$	51,607	$	12,971	$	4,388	$	2,974
Net amount at risk	$	19,651	$	12,611	N/A		N/A		$	61,312	$	2,522
Cash surrender value	$	4,452	$	72,248	$	51,576	$	13,006	$	3,990	$	2,770
March 31, 2025
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	2,034	$	3,570	$	47,896	$	14,516	$	4,710	$	673
Separate account liabilities	2,383		71,389		—		—		—		2,241
Total account balances	$	4,417	$	74,959	$	47,896	$	14,516	$	4,710	$	2,914
Net amount at risk	$	20,743	$	13,202	N/A		N/A		$	63,157	$	2,599
Cash surrender value	$	4,208	$	74,592	$	46,235	$	14,248	$	4,269	$	2,684

Products may contain both separate account and general account fund options; accordingly, net amount at risk and cash surrender value reported in the table above relate to the total account balance for each respective product grouping.