v3.26.1
Separate Accounts (Tables)
 3 Months Ended
Mar. 31, 2026
Insurance [Abstract]  
Separate Account, Liability
Information regarding separate account liabilities was as follows:
Three Months Ended March 31,
20262025
Variable AnnuitiesUniversal Life InsuranceCompany-Owned Life InsuranceVariable AnnuitiesUniversal Life InsuranceCompany-Owned Life Insurance
(In millions)
Balance, beginning of period$73,416 $2,687 $2,447 $74,483 $2,484 $1,799 
Premiums and deposits228 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 
Other10 — 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,
20262025
(In millions)
Separate account liabilities reported in the preceding rollforward table$74,280 $76,013 
Variable income annuities246 222 
Pension risk transfer annuities25 22 
Total separate account liabilities$74,551 $76,257 
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, 2026December 31, 2025
(In millions)
Equity securities
$74,344 $78,611 
Fixed maturity securities
199 211 
Cash and cash equivalents6 — 
Other assets2 3 
Total aggregate estimated fair value of assets$74,551 $78,825 
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 InsuranceVariable AnnuitiesIndex-linked AnnuitiesFixed Rate AnnuitiesULSGCompany-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 liabilities2,556 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/AN/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 liabilities2,383 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/AN/A$63,157 $2,599 
Cash surrender value$4,208 $74,592 $46,235 $14,248 $4,269 $2,684