Policyholder Account Balances, Future Policy Benefits and Claims (Tables)

6 Months Ended

Jun. 30, 2026

Policyholder Account Balance [Abstract]

Policyholder account balances, future policy benefits and claims

Policyholder account balances, future policy benefits and claims consisted of the following:


	June 30, 2026		December 31, 2025
	(in millions)
Policyholder account balances
Policyholder account balances	$	39,746	$	37,005

Future policy benefits
Reserve for future policy benefits	7,424		7,601
Deferred profit liability	137		130
Additional liabilities for insurance guarantees	1,541		1,500
Other insurance and annuity liabilities	142		78
Total future policy benefits	9,244		9,309
Policy claims and other policyholders’ funds	209		184
Total policyholder account balances, future policy benefits and claims	$	49,199	$	46,498

Balances of and changes in policyholder account balances

The balances of and changes in policyholder account balances were as follows:


	Variable Annuities			Structured Variable Annuities			Fixed Annuities			Fixed Indexed Annuities			Non-Life Contingent Payout Annuities
	(in millions, except percentages)
Balance at January 1, 2026	$	3,320		$	21,504		$	4,918		$	289		$	435
Contract deposits	23			2,123			16			—			35
Policy charges	(6)			(2)			—			—			—
Surrenders and other benefits	(208)			(806)			(296)			(28)			(50)

Net transfer from (to) separate account liabilities	(8)			—			—			—			—
Variable account index-linked adjustments	—			1,713			—			—			—
Interest credited	52			1			91			7			7
Balance at June 30, 2026	$	3,173		$	24,533		$	4,729		$	268		$	427

Weighted-average crediting rate	3.3		%	1.8		%	3.9		%	2.1		%	N/A

Cash surrender value (1)	$	3,158		$	23,411		$	4,728		$	254		N/A

	Universal Life Insurance			Variable Universal Life Insurance			Indexed Universal Life Insurance			Other Life Insurance			Total, All Products
	(in millions, except percentages)
Balance at January 1, 2026	$	1,349		$	1,705		$	3,048		$	437		$	37,005
Contract deposits	51			173			79			—			2,500
Policy charges	(83)			(45)			(60)			—			(196)
Surrenders and other benefits	(26)			(44)			(35)			(25)			(1,518)

Net transfer from (to) separate account liabilities	—			(78)			—			—			(86)
Variable account index-linked adjustments	—			—			—			—			1,713
Interest credited	22			35			105			8			328
Balance at June 30, 2026	$	1,313		$	1,746		$	3,137		$	420		$	39,746

Weighted-average crediting rate	3.6		%	3.9		%	3.0		%	4.0		%
Net amount at risk	$	7,762		$	56,937		$	12,705		$	115
Cash surrender value (1)	$	1,215		$	1,130		$	2,755		$	266


	Variable Annuities			Structured Variable Annuities			Fixed Annuities			Fixed Indexed Annuities			Non-Life Contingent Payout Annuities
	(in millions, except percentages)
Balance at January 1, 2025	$	3,680		$	16,330		$	5,369		$	305		$	447
Contract deposits	57			3,816			35			—			73
Policy charges	(13)			(4)			—			—			—
Surrenders and other benefits	(486)			(846)			(677)			(26)			(99)

Net transfer from (to) separate account liabilities	(31)			—			—			—			—
Variable account index-linked adjustments	—			2,206			—			—			—
Interest credited	113			2			191			10			14
Balance at December 31, 2025	$	3,320		$	21,504		$	4,918		$	289		$	435

Weighted-average crediting rate	3.3		%	1.9		%	3.8		%	2.1		%	N/A

Cash surrender value (1)	$	3,302		$	20,582		$	4,916		$	272		N/A

	Universal Life Insurance			Variable Universal Life Insurance			Indexed Universal Life Insurance			Other Life Insurance			Total, All Products
	(in millions, except percentages)
Balance at January 1, 2025	$	1,405		$	1,647		$	2,894		$	465		$	32,542
Contract deposits	138			318			165			—			4,602
Policy charges	(169)			(91)			(123)			—			(400)
Surrenders and other benefits	(72)			(102)			(71)			(45)			(2,424)

Net transfer from (to) separate account liabilities	—			(132)			—			—			(163)
Variable account index-linked adjustments	—			—			—			—			2,206
Interest credited	47			65			183			17			642
Balance at December 31, 2025	$	1,349		$	1,705		$	3,048		$	437		$	37,005

Weighted-average crediting rate	3.6		%	3.9		%	3.0		%	4.0		%
Net amount at risk	$	7,944		$	57,269		$	13,040		$	121
Cash surrender value (1)	$	1,241		$	1,109		$	2,640		$	274

(1) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. For variable annuities and VUL, the cash surrender value shown is the proportion of the total cash surrender value related to their fixed account liabilities.

Account values by guaranteed minimum interest rates

The following tables present the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of guaranteed minimum interest rates (“GMIRs”) and the range of the difference between rates credited to policyholders and contractholders as of June 30, 2026 and December 31, 2025 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated. Rates are reset at management’s discretion, subject to guaranteed minimums.


June 30, 2026
					Account Values with Crediting Rates
	Range of Guaranteed Minimum Crediting Rates				At Guaranteed Minimum		1-49 bps above Guaranteed Minimum		50-99 bps above Guaranteed Minimum		100-150 bps above Guaranteed Minimum		Greater than 150 bps above Guaranteed Minimum		Total
					(in millions, except percentages)
Fixed accounts of variable annuities	1	%	–	1.99%	$	4	$	54	$	80	$	20	$	—	$	158
	2	%	–	2.99%	82		9		—		—		—		91
	3	%	–	3.99%	1,600		—		—		1		—		1,601
	4	%	–	5.00%	1,280		—		—		—		—		1,280
	Total				$	2,966	$	63	$	80	$	21	$	—	$	3,130

Fixed accounts of structured variable annuities	1	%	–	1.99%	$	—	$	87	$	11	$	1	$	—	$	99
	2	%	–	2.99%	44		—		—		—		—		44
	3	%	–	3.99%	1		—		—		—		—		1
	4	%	–	5.00%	—		—		—		—		—		—
	Total				$	45	$	87	$	11	$	1	$	—	$	144

Fixed annuities	1	%	–	1.99%	$	—	$	149	$	122	$	106	$	21	$	398
	2	%	–	2.99%	11		15		2		—		—		28
	3	%	–	3.99%	1,995		1		—		—		—		1,996
	4	%	–	5.00%	2,300		—		—		—		—		2,300
	Total				$	4,306	$	165	$	124	$	106	$	21	$	4,722

Non-indexed accounts of fixed indexed annuities	1	%	–	1.99%	$	—	$	1	$	4	$	13	$	—	$	18
	2	%	–	2.99%	—		—		—		—		—		—
	3	%	–	3.99%	—		—		—		—		—		—
	4	%	–	5.00%	—		—		—		—		—		—
	Total				$	—	$	1	$	4	$	13	$	—	$	18

Universal life insurance	1	%	–	1.99%	$	—	$	—	$	—	$	—	$	—	$	—
	2	%	–	2.99%	47		6		18		6		1		78
	3	%	–	3.99%	768		—		5		6		—		779
	4	%	–	5.00%	426		4		—		—		—		430
	Total				$	1,241	$	10	$	23	$	12	$	1	$	1,287


					Account Values with Crediting Rates
	Range of Guaranteed Minimum Crediting Rates				At Guaranteed Minimum			1-49 bps above Guaranteed Minimum			50-99 bps above Guaranteed Minimum			100-150 bps above Guaranteed Minimum			Greater than 150 bps above Guaranteed Minimum			Total
					(in millions, except percentages)
Fixed accounts of variable universal life insurance	1	%	–	1.99%	$	—		$	—		$	1		$	3		$	51		$	55
	2	%	–	2.99%	1			14			4			1			14			34
	3	%	–	3.99%	94			1			6			12			—			113
	4	%	–	5.00%	517			22			—			—			—			539
	Total				$	612		$	37		$	11		$	16		$	65		$	741

Non-indexed accounts of indexed universal life insurance	1	%	–	1.99%	$	—		$	—		$	—		$	—		$	2		$	2
	2	%	–	2.99%	—			—			—			138			—			138
	3	%	–	3.99%	—			—			—			—			—			—
	4	%	–	5.00%	—			—			—			—			—			—
	Total				$	—		$	—		$	—		$	138		$	2		$	140

Other life insurance	1	%	–	1.99%	$	—		$	—		$	—		$	—		$	—		$	—
	2	%	–	2.99%	—			—			—			—			—			—
	3	%	–	3.99%	23			—			—			—			—			23
	4	%	–	5.00%	242			—			—			—			—			242
	Total				$	265		$	—		$	—		$	—		$	—		$	265

Total	1	%	–	1.99%	$	4		$	291		$	218		$	143		$	74		$	730
	2	%	–	2.99%	185			44			24			145			15			413
	3	%	–	3.99%	4,481			2			11			19			—			4,513
	4	%	–	5.00%	4,765			26			—			—			—			4,791
	Total				$	9,435		$	363		$	253		$	307		$	89		$	10,447

Percentage of total account values that reset in:
Next 12 months					100.0		%	100.0		%	99.9		%	100.0		%	99.9		%	100.0		%
> 12 months to 24 months					—			—			—			—			—			—
> 24 months					—			—			0.1			—			0.1			—
Total					100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%


December 31, 2025
					Account Values with Crediting Rates
	Range of Guaranteed Minimum Crediting Rates				At Guaranteed Minimum		1-49 bps above Guaranteed Minimum		50-99 bps above Guaranteed Minimum		100-150 bps above Guaranteed Minimum		Greater than 150 bps above Guaranteed Minimum		Total
					(in millions, except percentages)
Fixed accounts of variable annuities	1	%	–	1.99%	$	7	$	62	$	82	$	20	$	—	$	171
	2	%	–	2.99%	89		8		—		—		—		97
	3	%	–	3.99%	1,686		—		—		1		—		1,687
	4	%	–	5.00%	1,321		—		—		—		—		1,321
	Total				$	3,103	$	70	$	82	$	21	$	—	$	3,276

Fixed accounts of structured variable annuities	1	%	–	1.99%	$	—	$	26	$	26	$	1	$	—	$	53
	2	%	–	2.99%	16		—		—		—		—		16
	3	%	–	3.99%	1		—		—		—		—		1
	4	%	–	5.00%	—		—		—		—		—		—
	Total				$	17	$	26	$	26	$	1	$	—	$	70

Fixed annuities	1	%	–	1.99%	$	—	$	182	$	143	$	103	$	19	$	447
	2	%	–	2.99%	13		16		2		—		—		31
	3	%	–	3.99%	2,116		1		1		—		—		2,118
	4	%	–	5.00%	2,312		—		—		—		—		2,312
	Total				$	4,441	$	199	$	146	$	103	$	19	$	4,908

Non-indexed accounts of fixed indexed annuities	1	%	–	1.99%	$	—	$	2	$	4	$	13	$	—	$	19
	2	%	–	2.99%	—		—		—		—		—		—
	3	%	–	3.99%	—		—		—		—		—		—
	4	%	–	5.00%	—		—		—		—		—		—
	Total				$	—	$	2	$	4	$	13	$	—	$	19

Universal life insurance	1	%	–	1.99%	$	—	$	—	$	—	$	—	$	—	$	—
	2	%	–	2.99%	47		6		19		2		1		75
	3	%	–	3.99%	789		—		4		7		—		800
	4	%	–	5.00%	442		5		—		—		—		447
	Total				$	1,278	$	11	$	23	$	9	$	1	$	1,322

Fixed accounts of variable universal life insurance	1	%	–	1.99%	$	—	$	—	$	3	$	1	$	48	$	52
	2	%	–	2.99%	1		16		2		1		14		34
	3	%	–	3.99%	98		1		3		14		—		116
	4	%	–	5.00%	524		25		—		—		—		549
	Total				$	623	$	42	$	8	$	16	$	62	$	751


					Account Values with Crediting Rates
	Range of Guaranteed Minimum Crediting Rates				At Guaranteed Minimum			1-49 bps above Guaranteed Minimum			50-99 bps above Guaranteed Minimum			100-150 bps above Guaranteed Minimum			Greater than 150 bps above Guaranteed Minimum			Total
					(in millions, except percentages)
Non-indexed accounts of indexed universal life insurance	1	%	–	1.99%	$	—		$	—		$	—		$	—		$	2		$	2
	2	%	–	2.99%	—			—			—			135			—			135
	3	%	–	3.99%	—			—			—			—			—			—
	4	%	–	5.00%	—			—			—			—			—			—
	Total				$	—		$	—		$	—		$	135		$	2		$	137

Other life insurance	1	%	–	1.99%	$	—		$	—		$	—		$	—		$	—		$	—
	2	%	–	2.99%	—			—			—			—			—			—
	3	%	–	3.99%	24			—			—			—			—			24
	4	%	–	5.00%	249			—			—			—			—			249
	Total				$	273		$	—		$	—		$	—		$	—		$	273

Total	1	%	–	1.99%	$	7		$	272		$	258		$	138		$	69		$	744
	2	%	–	2.99%	166			46			23			138			15			388
	3	%	–	3.99%	4,714			2			8			22			—			4,746
	4	%	–	5.00%	4,848			30			—			—			—			4,878
	Total				$	9,735		$	350		$	289		$	298		$	84		$	10,756

Percentage of total account values that reset in:
Next 12 months					100.0		%	100.0		%	99.9		%	100.0		%	99.8		%	100.0		%
> 12 months to 24 months					—			—			—			—			—			—
> 24 months					—			—			0.1			—			0.2			—
Total					100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%

Balances of and changes in liability for future policy benefits, and Revenue and interest recognized

The following tables summarize the balances of and changes in the liability for future policy benefits:


	Life Contingent Payout Annuities			Term and Whole Life Insurance			Disability Income Insurance			Long Term Care Insurance			Total, All Products
	(in millions, except percentages)
Present Value of Expected Net Premiums:
Balance at January 1, 2026	$	—		$	813		$	33		$	988		$	1,834
Beginning balance at original discount rate	—			836			37			977			1,850
Effect of changes in cash flow assumptions	—			—			—			—			—
Effect of actual variances from expected experience	—			(17)			(2)			(4)			(23)
Adjusted beginning of year balance	$	—		$	819		$	35		$	973		$	1,827
Issuances	55			30			5			—			90
Interest accrual	—			21			1			23			45
Net premiums collected	(55)			(37)			—			(65)			(157)
Derecognition (lapses)	—			—			—			—			—
Ending balance at original discount rate	$	—		$	833		$	41		$	931		$	1,805
Effect of changes in discount rate assumptions	—			(39)			(4)			(5)			(48)
Balance at June 30, 2026	$	—		$	794		$	37		$	926		$	1,757

Present Value of Future Policy Benefits:
Balance at January 1, 2026	$	1,273		$	1,378		$	499		$	6,277		$	9,427
Beginning balance at original discount rate	1,318			1,380			478			6,322			9,498
Effect of changes in cash flow assumptions	—			—			—			—			—
Effect of actual variances from expected experience	(7)			(22)			(6)			5			(30)
Adjusted beginning of year balance	$	1,311		$	1,358		$	472		$	6,327		$	9,468
Issuances	55			30			6			—			91
Interest accrual	28			36			14			157			235
Benefit payments	(82)			(50)			(21)			(224)			(377)
Derecognition (lapses)	—			—			—			—			—
Ending balance at original discount rate	$	1,312		$	1,374		$	471		$	6,260		$	9,417
Effect of changes in discount rate assumptions	(63)			(31)			10			(161)			(245)
Balance at June 30, 2026	$	1,249		$	1,343		$	481		$	6,099		$	9,172

Adjustment due to reserve flooring	$	—		$	9		$	—		$	—		$	9

Net liability for future policy benefits	$	1,249		$	558		$	444		$	5,173		$	7,424
Less: reinsurance recoverable	655			400			20			2,597			3,672
Net liability for future policy benefits, after reinsurance recoverable	$	594		$	158		$	424		$	2,576		$	3,752

Discounted expected future gross premiums	$	—		$	1,901		$	772		$	1,099		$	3,772
Expected future gross premiums	$	—		$	3,266		$	1,093		$	1,472		$	5,831
Expected future benefit payments	$	1,902		$	2,318		$	774		$	10,013		$	15,007

Weighted average interest accretion rate	4.3		%	6.0		%	6.3		%	5.1		%
Weighted average discount rate	5.3		%	5.5		%	5.5		%	5.6		%

Weighted average duration of liability (in years)	6			7			6			8


	Life Contingent Payout Annuities			Term and Whole Life Insurance			Disability Income Insurance			Long Term Care Insurance			Total, All Products
	(in millions, except percentages)
Present Value of Expected Net Premiums:
Balance at January 1, 2025	$	—		$	737		$	53		$	1,057		$	1,847
Beginning balance at original discount rate	—			774			59			1,072			1,905
Effect of changes in cash flow assumptions	—			58			(19)			(8)			31
Effect of actual variances from expected experience	—			(17)			(12)			1			(28)
Adjusted beginning of year balance	$	—		$	815		$	28		$	1,065		$	1,908
Issuances	141			60			9			—			210
Interest accrual	1			39			2			50			92
Net premiums collected	(142)			(78)			(2)			(138)			(360)
Derecognition (lapses)	—			—			—			—			—
Ending balance at original discount rate	$	—		$	836		$	37		$	977		$	1,850
Effect of changes in discount rate assumptions	—			(23)			(4)			11			(16)
Balance at December 31, 2025	$	—		$	813		$	33		$	988		$	1,834

Present Value of Future Policy Benefits:
Balance at January 1, 2025	$	1,204		$	1,322		$	545		$	6,187		$	9,258
Beginning balance at original discount rate	1,289			1,353			535			6,408			9,585
Effect of changes in cash flow assumptions	(2)			27			(30)			25			20
Effect of actual variances from expected experience	(5)			(20)			(25)			13			(37)
Adjusted beginning of year balance	$	1,282		$	1,360		$	480		$	6,446		$	9,568
Issuances	141			60			9			—			210
Interest accrual	57			74			30			316			477
Benefit payments	(162)			(114)			(41)			(440)			(757)
Derecognition (lapses)	—			—			—			—			—
Ending balance at original discount rate	$	1,318		$	1,380		$	478		$	6,322		$	9,498
Effect of changes in discount rate assumptions	(45)			(2)			21			(45)			(71)
Balance at December 31, 2025	$	1,273		$	1,378		$	499		$	6,277		$	9,427

Adjustment due to reserve flooring	$	—		$	8		$	—		$	—		$	8

Net liability for future policy benefits	$	1,273		$	573		$	466		$	5,289		$	7,601
Less: reinsurance recoverable	703			408			20			2,657			3,788
Net liability for future policy benefits, after reinsurance recoverable	$	570		$	165		$	446		$	2,632		$	3,813

Discounted expected future gross premiums	$	—		$	1,971		$	809		$	1,173		$	3,953
Expected future gross premiums	$	—		$	3,334		$	1,126		$	1,554		$	6,014
Expected future benefit payments	$	1,906		$	2,328		$	789		$	10,218		$	15,241

Weighted average interest accretion rate	4.4		%	6.2		%	6.3		%	5.0		%
Weighted average discount rate	5.0		%	5.3		%	5.2		%	5.3		%

Weighted average duration of liability (in years)	6			7			6			8

The amount of revenue and interest recognized in the Statements of Operations was as follows:


	Six Months Ended June 30,
	2026
	Gross Premiums		Interest Expense
	(in millions)
Life contingent payout annuities	$	62	$	28
Term and whole life insurance	86		15
Disability income insurance	54		13
Long term care insurance	80		134
Total	$	282	$	190


	Year Ended December 31,
	2025
	Gross Premiums		Interest Expense
	(in millions)
Life contingent payout annuities	$	157	$	56
Term and whole life insurance	174		35
Disability income insurance	114		28
Long term care insurance	171		266
Total	$	616	$	385

Balances of and changes in additional liabilities related to insurance guarantees

The balances of and changes in additional liabilities related to insurance guarantees were as follows:


	Universal Life Insurance			Variable Universal Life Insurance			Other Life Insurance			Total, All Products
	(in millions, except percentages)
Balance at January 1, 2026	$	1,409		$	80		$	11		$	1,500
Interest accrual	21			3			—			24
Benefit accrual	62			4			1			67
Benefit payments	(40)			(6)			(3)			(49)
Effect of actual variances from expected experience	3			—			1			4
Impact of change in net unrealized (gains) losses on securities	(4)			—			(1)			(5)
Balance at June 30, 2026	$	1,451		$	81		$	9		$	1,541

Weighted average interest accretion rate	3.0		%	7.0		%	3.9		%
Weighted average discount rate	3.1		%	7.1		%	3.9		%

Weighted average duration of reserves (in years)	9			8			7


	Universal Life Insurance			Variable Universal Life Insurance			Other Life Insurance			Total, All Products
	(in millions, except percentages)
Balance at January 1, 2025	$	1,301		$	80		$	8		$	1,389
Interest accrual	40			5			1			46
Benefit accrual	132			10			2			144
Benefit payments	(84)			(14)			(4)			(102)
Effect of actual variances from expected experience	11			(1)			2			12
Impact of change in net unrealized (gains) losses on securities	9			—			2			11
Balance at December 31, 2025	$	1,409		$	80		$	11		$	1,500

Weighted average interest accretion rate	2.9		%	6.8		%	3.8		%
Weighted average discount rate	3.1		%	7.1		%	3.9		%

Weighted average duration of reserves (in years)	9			8			7

Changes in unearned revenue

The following tables summarize the balances of and changes in unearned revenue:


	Universal Life Insurance		Variable Universal Life Insurance		Indexed Universal Life Insurance		Total, All Products
	(in millions)
Balance at January 1, 2026	$	26	$	307	$	318	$	651
Deferral of revenue	—		43		21		64
Amortization	(1)		(12)		(13)		(26)
Balance at June 30, 2026	$	25	$	338	$	326	$	689

Balance at January 1, 2025	$	26	$	249	$	295	$	570
Deferral of revenue	1		79		47		127
Amortization	(1)		(21)		(24)		(46)
Balance at December 31, 2025	$	26	$	307	$	318	$	651