v3.26.1
Separate Accounts
 6 Months Ended
Jun. 30, 2026
Separate Accounts Disclosure [Abstract]  
Separate Accounts Separate Accounts
The following table presents the fair value of separate account assets (in millions) reported on the Consolidated Balance Sheets by major investment category:

As of
June 30, 		As of
December 31,
20262025
Mutual funds and collective investment trusts:
Equity funds:
Domestic$88,904 $84,274 
International19,978 18,262 
Other equity funds1,718 1,505 
Balanced funds47,390 46,561 
Bond funds24,757 24,164 
Money market funds2,130 2,096 
Other funds1,595 1,491 
Exchange-traded funds285 323 
Fixed maturity AFS securities178 164 
Cash and invested cash 38 35 
Other investments1,279 1,217 
Total separate account assets$188,252 $180,092 

The following table reconciles separate account liabilities (in millions) to the Consolidated Balance Sheets:

As of
June 30, 		As of
December 31,
20262025
Variable Annuities$126,196 $122,945 
UL and Other37,869 34,038 
Retirement Plan Services24,121 23,047 
Other Operations (1)
66 62 
Total separate account liabilities$188,252 $180,092 

(1) Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($55 million and $53 million as of June 30, 2026, and December 31, 2025, respectively) that are excluded from the following tables.
The following table summarizes the balances of and changes in separate account liabilities (in millions):

As of or For the Six
Months Ended
June 30, 2026		As of or For the Six
Months Ended
June 30, 2025
Variable AnnuitiesUL and OtherRetirement Plan ServicesVariable AnnuitiesUL and OtherRetirement Plan Services
Balance as of beginning-of-year$122,945 $34,038 $23,047 $117,998 $28,841 $21,541 
Gross deposits2,582 1,290 1,010 2,831 787 1,177 
Withdrawals(9,383)(400)(1,904)(7,683)(480)(1,805)
Policyholder assessments(1,340)(508)(97)(1,299)(494)(91)
Change in market performance9,680 3,603 2,111 7,290 2,025 1,451 
Net transfers from (to) general account1,712 (154)(46)908 (63)(53)
Balance as of end-of-period$126,196 $37,869 $24,121 $120,045 $30,616 $22,220 
Cash surrender value$124,787 $35,499 $24,107 $118,658 $25,814 $22,205