Separate Account (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Separate Accounts Disclosure [Abstract] |
|
| Separate Account Liabilities |
The Company’s separate account liabilities on the interim condensed consolidated balance sheets were as follows at: | | | | | | | | | | | | | March 31, 2026 | | December 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 | |
|
| Separate Account, Liability Rollforward |
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 deposits | | 467 | | | 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 account | | 13 | | | (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 deposits | | 636 | | | 56 | | | 16 | | | Policy charges | | (47) | | | (27) | | | (113) | | | Surrenders and withdrawals | | (2,288) | | | (370) | | | (653) | | | Benefit payments | | (35) | | | (10) | | | (104) | | | Investment performance | | 525 | | | 61 | | | (227) | | | Net transfers from (to) general account | | 1 | | | (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.
|
| Fair Value, Separate Account Investment |
The Company’s aggregate fair value of assets, by major investment asset category, supporting separate account liabilities was as follows at: | | | | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | | (In millions) | Fixed maturity securities: | | | | | | Bonds: | | | | | Government and agency | | $ | 8,655 | | | $ | 8,645 | | | Public utilities | | 996 | | | 1,010 | | | Municipals | | 258 | | | 265 | | Corporate bonds: | | 7,371 | | | 7,426 | | | Total bonds | | 17,280 | | | 17,346 | | | Mortgage-backed securities | | 7,677 | | | 7,640 | | | Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”) | | 1,953 | | | 1,976 | | | Redeemable preferred stock | | 7 | | | 8 | | | Total fixed maturity securities | | 26,917 | | | 26,970 | | | Equity securities | | 2,569 | | | 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 assets | | 1,182 | | | 1,152 | | | Total investments | | 67,449 | | | 69,824 | | Other assets | | 3,979 | | | 3,687 | | | Total | | $ | 71,428 | | | $ | 73,511 | |
|