v3.26.1
Policyholder Account Balances (Tables)
 3 Months Ended
Mar. 31, 2026
Insurance [Abstract]  
Policyholder Account Balances
The Company’s PABs on the interim condensed consolidated balance sheets were as follows at:
March 31, 2026December 31, 2025
(In millions)
Life
$10,265 $10,197 
Capital markets investment products and stable value guaranteed interest contracts (“GICs”)60,117 59,278 
Annuities and risk solutions15,764 15,671 
Fixed and variable annuities5,607 5,788 
Other 12,958 13,157 
Total $104,711 $104,091 
Policyholder Account Balance Rollforward Information regarding this liability was as follows:
Three Months
Ended
March 31,
20262025
(Dollars in millions)
Balance, beginning of period$10,197 $7,469 
Transfer (1)
— 3,084 
Deposits
1,084 935 
Policy charges
(167)(167)
Surrenders and withdrawals(908)(892)
Benefit payments
(3)(4)
Net transfers from (to) separate accounts
(1)1 
Interest credited63 66 
Balance, end of period$10,265 $10,492 
Weighted-average annual crediting rate
2.5 %2.5 %
At period end:
Cash surrender value$10,195 $10,428 
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$269,900 $266,816 
__________________
(1)Reported balances for the three months ended March 31, 2025 have been updated to include a product previously not included in the disaggregated rollforward. See Note 1.
Information regarding this liability was as follows:
Three Months
Ended
March 31,
20262025
(Dollars in millions)
Balance, beginning of period$59,278 $57,799 
Deposits
17,713 20,402 
Surrenders and withdrawals(17,037)(20,561)
Interest credited524 535 
Effect of foreign currency translation and other, net
(361)477 
Balance, end of period$60,117 $58,652 
Weighted-average annual crediting rate
3.6 %3.8 %
Cash surrender value at period end
$1,168 $1,054 
Information regarding this liability was as follows:
Three Months
Ended
March 31,
20262025
(Dollars in millions)
Balance, beginning of period$15,671 $11,673 
Transfer (1)
— 3,109 
Deposits
532 264 
Policy charges
(45)(44)
Surrenders and withdrawals(455)(146)
Benefit payments
(168)(161)
Net transfers from (to) separate accounts
(6)15 
Interest credited161 150 
Other
74 16 
Balance, end of period$15,764 $14,876 
Weighted-average annual crediting rate
4.2 %4.1 %
At period end:
Cash surrender value$10,954 $10,443 
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$34,555 $33,999 
At annuitization or exercise of other living benefits
$13 $15 
__________________
(1)A product previously reported within Fixed and Variable Annuities has been moved to Annuities and Risk Solutions. Accordingly, the reported balances for the three months ended March 31, 2025 have been updated to reflect this change. See Note 1.
Information regarding this liability was as follows:
Three Months
Ended
March 31,
20262025
(Dollars in millions)
Balance, beginning of period$5,788 $9,513 
Transfer (1)
— (3,109)
Deposits22 25 
Policy charges
(2)(2)
Surrenders and withdrawals(180)(226)
Benefit payments(66)(83)
Net transfers from (to) separate accounts4 24 
Interest credited43 48 
Other
(2)(3)
Balance, end of period$5,607 $6,187 
Weighted-average annual crediting rate
3.1 %3.1 %
At period end:
Cash surrender value$5,091 $5,598 
Net amount at risk, excluding offsets from reinsurance (2):
In the event of death
$2,425 $2,577 
At annuitization or exercise of other living benefits
$814 $738 
__________________
(1)A product previously reported within Fixed and Variable Annuities has been moved to Annuities and Risk Solutions. Accordingly, the reported balances for the three months ended March 31, 2025 have been updated to reflect this change. See Note 1.
(2)Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as Market Risk Benefits (“MRBs”), which are disclosed in “Annuities” in Note 5.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate
The life product account values by range of guaranteed minimum crediting rates (“GMCR”) and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%
 above GMCR		Equal to or greater than 1.50% above GMCRTotal
Account
Value
(In millions)
March 31, 2026
Equal to or greater than 0% but less than 2%
$514 $— $647 $4,294 $5,455 
Equal to or greater than 2% but less than 4%
3,867 97 73 — 4,037 
Equal to or greater than 4%
661 24 — 56 741 
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A32 
Total$5,042 $121 $720 $4,350 $10,265 
March 31, 2025
Equal to or greater than 0% but less than 2%
$468 $— $718 $4,153 $5,339 
Equal to or greater than 2% but less than 4%
4,183 102 62 — 4,347 
Equal to or greater than 4%
693 27 3 48 771 
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A35 
Total$5,344 $129 $783 $4,201 $10,492 
The capital markets investment products and stable value GICs account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%
 above GMCR		Equal to or greater than 1.50% above GMCRTotal
Account
Value
(In millions)
March 31, 2026
Equal to or greater than 0% but less than 2%
$— $— $— $2,436 $2,436 
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A57,681 
Total$— $— $— $2,436 $60,117 
March 31, 2025
Equal to or greater than 0% but less than 2%
$— $— $— $2,376 $2,376 
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A56,276 
Total$— $— $— $2,376 $58,652 
The annuity and risk solutions account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%
 above GMCR		Equal to or greater than 1.50% above GMCRTotal
Account
Value
(In millions)
March 31, 2026
Equal to or greater than 0% but less than 2%
$— $— $8 $2,641 $2,649 
Equal to or greater than 2% but less than 4%
426 2,202 453 51 3,132 
Equal to or greater than 4%
3,363 — 300 6 3,669 
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A6,314 
Total$3,789 $2,202 $761 $2,698 $15,764 
March 31, 2025
Equal to or greater than 0% but less than 2%
$— $— $7 $2,148 $2,155 
Equal to or greater than 2% but less than 4%
350 2,507 522 48 3,427 
Equal to or greater than 4%
3,690 11 293 6 4,000 
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A5,294 
Total$4,040 $2,518 $822 $2,202 $14,876 
The fixed and variable annuity account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%
 above GMCR		Equal to or greater than 1.50% above GMCRTotal
Account
Value
(In millions)
March 31, 2026
Equal to or greater than 0% but less than 2%
$40 $9 $362 $273 $684 
Equal to or greater than 2% but less than 4%
2,452 1,533 287 56 4,328 
Equal to or greater than 4%
112 172 — — 284 
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A311 
Total$2,604 $1,714 $649 $329 $5,607 
March 31, 2025
Equal to or greater than 0% but less than 2%
$15 $126 $409 $78 $628 
Equal to or greater than 2% but less than 4%
2,067 2,404 347 83 4,901 
Equal to or greater than 4%
160 148 2 — 310 
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A348 
Total$2,242 $2,678 $758 $161 $6,187