v3.26.1
Separate Account
 3 Months Ended
Mar. 31, 2026
Separate Accounts Disclosure [Abstract]  
Separate Account
6. Separate Accounts
Separate account assets consist of investment accounts established and maintained by the Company. The investment objectives of these assets are directed by the contractholder. An equivalent amount is reported as separate account liabilities. These accounts are reported separately from the general account assets and liabilities.
Separate Account Liabilities
The Company’s separate account liabilities on the interim condensed consolidated balance sheets were as follows at:
March 31, 2026December 31, 2025
(In millions)
Stable value and risk solutions
$27,645 $27,605 
Group annuities
17,706 18,099 
Variable annuities
18,285 19,554 
Other
7,792 8,253 
Total
$71,428 $73,511 
Rollforwards
The following information about the separate account liabilities includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies.
The separate account liabilities are primarily comprised of the following: Stable value and risk solutions contracts, participating and non-participating group annuity contracts and variable annuities.
The balances of and changes in separate account liabilities were as follows:

Stable Value and Risk Solutions
Group
Annuities
Variable
Annuities
(In millions)
Three Months Ended March 31, 2026
Balance, beginning of period$27,605 $18,099 $19,554 
Premiums and deposits467 62 14 
Policy charges(51)(27)(104)
Surrenders and withdrawals(590)(431)(590)
Benefit payments(38)(11)(117)
Investment performance(25)(287)(467)
Net transfers from (to) general account13 (7)(4)
Other
264 308 (1)
Balance, end of period$27,645 $17,706 $18,285 
Three Months Ended March 31, 2025
Balance, beginning of period$32,761 $11,001 $27,766 
Transfer, January 1 (1)
— 6,926 (6,926)
Premiums and deposits636 56 16 
Policy charges(47)(27)(113)
Surrenders and withdrawals(2,288)(370)(653)
Benefit payments(35)(10)(104)
Investment performance525 61 (227)
Net transfers from (to) general account1 (16)(24)
Other (2)
(1,263)100 — 
Balance, end of period$30,290 $17,721 $19,735 
Cash surrender value at March 31, 2026 (3)
$24,641 $6,518 $18,188 
Cash surrender value at March 31, 2025 (3)
$26,910 $6,492 $19,625 
__________________
(1)    A product previously reported within Variable Annuities has been moved to Group Annuities. Accordingly, the reported balances for the three months ended March 31, 2025 have been updated to reflect this change. See Note 1.
(2)    Other for stable value and risk solutions primarily includes changes related to unsettled trades of mortgage-backed securities.
(3)    Cash surrender value represents the amount of the contractholders’ account balances distributable at the balance sheet date less policy loans and certain surrender charges.
Separate Account Assets
The Company’s aggregate fair value of assets, by major investment asset category, supporting separate account liabilities was as follows at:
March 31, 2026December 31, 2025
(In millions)
Fixed maturity securities:
Bonds:
Government and agency
$8,655 $8,645 
Public utilities996 1,010 
Municipals258 265 
Corporate bonds:
7,371 7,426 
Total bonds17,280 17,346 
Mortgage-backed securities7,677 7,640 
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)1,953 1,976 
Redeemable preferred stock7 8 
Total fixed maturity securities26,917 26,970 
Equity securities2,569 2,775 
Mutual funds:
Bond funds
2,950 3,050 
Equity funds
19,216 20,637 
Balanced funds
173 172 
Other
14,442 15,068 
Total mutual funds
36,781 38,927 
Other invested assets1,182 1,152 
Total investments67,449 69,824 
Other assets
3,979 3,687 
Total$71,428 $73,511