The following table represents changes in the balance of accumulated other comprehensive income ("AOCI"), net of income tax, related to unrealized investment gains (losses) (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Balance, beginning of period (1)	$	(2,728)	$	(2,719)	$	(2,470)	$	(3,522)

Change in unrealized gains (losses) of investments	151		351		(424)		992
Change in current discount rate - reserve for future policy benefits(2)	(14)		(31)		59		(106)
Change in non-performance risk on market risk benefits	(63)		(267)		270		60
Change in unrealized gains (losses) - other	24		(2)		31		(6)
Change in deferred tax asset	(1)		55		(91)		(38)
Other comprehensive income (loss) before reclassifications	97		106		(155)		902
Reclassifications from AOCI, net of tax	6		(10)		—		(3)
Other comprehensive income (loss)	103		96		(155)		899
Balance, end of period (1)	$	(2,625)	$	(2,623)	$	(2,625)	$	(2,623)

(1)Includes $(1,238) million and $(1,269) million related to the investments held within the funds withheld account related to the Athene Reinsurance Transaction as of June 30, 2026 and December 31, 2025, respectively.

(2)Represents the impact of changes in the discount rate used in the remeasurement of our direct reserves for future policy benefits and claims payable, net of the remeasurement of ceded reserves for future policy benefits and claims payable.


AOCI Components	Amounts Reclassified from AOCI				Affected Line Item in the Condensed Consolidated Income Statements

	Three Months Ended June 30,
	2026		2025
Net unrealized investment gain (loss):
Net realized gain (loss) on investments	$	13	$	21	Net gains (losses) on derivatives and investments
Other impaired securities	(7)		(33)		Net gains (losses) on derivatives and investments
Net unrealized gain (loss)	6		(12)


Income tax expense (benefit)	—		(2)
Reclassifications, net of income taxes	$	6	$	(10)


AOCI Components	Amounts Reclassified from AOCI				Affected Line Item in the Condensed Consolidated Income Statements

	Six Months Ended June 30,
	2026		2025
Net unrealized investment gain (loss):
Net realized gain (loss) on investments	$	31	$	45	Net gains (losses) on derivatives and investments
Other impaired securities	(31)		(48)		Net gains (losses) on derivatives and investments
Net unrealized gain (loss), before income taxes	—		(3)


Income tax expense (benefit)	—		—
Reclassifications, net of income taxes	$	—	$	(3)