v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Investments:    
Debt Securities, available-for-sale, net of allowance for credit losses of $24 and $11 at June 30, 2026 and December 31, 2025, respectively (amortized cost: 2026 $55,815; 2025 $50,491) $ 52,208 $ 47,321
Debt Securities, at fair value under fair value option 3,534 3,470
Equity securities, at fair value 262 172
Mortgage loans, net of allowance for credit losses of $176 and $133 at June 30, 2026 and December 31, 2025, respectively 10,414 9,887
Mortgage loans, at fair value under fair value option 595 324
Policy loans (including $3,617 and $3,537 at fair value under the fair value option at June 30, 2026 and December 31, 2025, respectively) 4,484 4,426
Freestanding derivative instruments 422 448
Other invested assets 3,392 3,185
Total investments 75,311 69,233
Cash and cash equivalents 5,986 5,704
Accrued investment income 714 634
Deferred acquisition costs 11,655 11,660
Reinsurance recoverable, net of allowance for credit losses of $31 and $30 at June 30, 2026 and December 31, 2025, respectively 18,331 19,518
Reinsurance recoverable on market risk benefits, at fair value 109 118
Market risk benefit assets, at fair value 8,046 7,867
Deferred income taxes, net 609 719
Other assets 917 637
Separate account assets 245,387 236,496
Total assets 367,065 352,586
Liabilities    
Reserves for future policy benefits and claims payable 10,634 10,896
Account values with crediting rates 73,285 67,663
Market risk benefit liabilities, at fair value 3,368 3,754
Funds withheld payable under reinsurance treaties (including $3,806 and $3,723 at fair value under the fair value option at June 30, 2026 and December 31, 2025, respectively) 14,090 14,960
Debt 2,769 2,030
Repurchase agreements and securities lending payable 477 1,036
Collateral payable for derivative instruments 14 58
Separate account liabilities 245,387 236,496
Total liabilities 356,591 342,244
Commitments, Contingencies, and Guarantees (see Note 16)
Equity    
Series A non-cumulative preferred stock and additional paid in capital, $1.00 par value per share: 24,000 shares authorized; 22,000 shares issued and outstanding at June 30, 2026 and December 31, 2025; liquidation preference $25,000 per share (see Note 19) 533 533
Common stock; 1,000,000,000 shares authorized, $0.01 par value per share and 68,185,286 and 66,825,632 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively (see Note 19) 1 1
Additional paid-in capital 6,401 6,063
Treasury stock, at cost; 26,303,029 and 27,662,683 shares at June 30, 2026 and December 31, 2025, respectively (1,897) (1,645)
Accumulated other comprehensive income (loss), net of tax expense (benefit) of $(286) and $(377) at June 30, 2026 and December 31, 2025, respectively (2,625) (2,470)
Retained earnings 7,549 7,471
Total shareholders' equity 9,962 9,953
Noncontrolling interests 512 389
Total equity 10,474 10,342
Total liabilities and equity 367,065 352,586
Freestanding derivatives    
Liabilities    
Freestanding derivative instruments 657 257
Related Party    
Liabilities    
Other Liabilities 2,474 2,578
Nonrelated Party    
Liabilities    
Other Liabilities $ 3,436 $ 2,516