Separate Account Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Aggregate fair value of separate account assets, by major asset category, consisted of the following:


	June 30, 2026		December 31, 2025
	(in millions)
Variable annuities and variable universal life:
Mutual funds	$	78,796	$	77,645
Unitized pooled pension funds:
Property/real estate	1,507		1,755
Equity securities	473		454
Debt securities	114		116
Cash and cash equivalents	86		56
Other	14		18
Total	$	80,990	$	80,044

The balances of and changes in separate account liabilities were as follows:


	Variable Annuities		Variable Universal Life		Unitized Pooled Pension Funds		Total
	(in millions)
Balance at January 1, 2026	$	66,471	$	11,174	$	2,399	$	80,044
Premiums and deposits	532		267		25		824
Policy charges	(636)		(165)		(2)		(803)
Surrenders and other benefits	(3,872)		(226)		(228)		(4,326)

Investment return	4,189		1,019		38		5,246
Net transfer from (to) general account	10		33		—		43
Other charges	—		—		(38)		(38)
Balance at June 30, 2026	$	66,694	$	12,102	$	2,194	$	80,990

Cash surrender value	$	65,630	$	11,344	$	2,194	$	79,168


	Variable Annuities		Variable Universal Life		Unitized Pooled Pension Funds		Total
	(in millions)
Balance at January 1, 2025	$	65,737	$	9,839	$	2,538	$	78,114
Premiums and deposits	996		526		83		1,605
Policy charges	(1,318)		(321)		(5)		(1,644)
Surrenders and other benefits	(7,347)		(413)		(583)		(8,343)

Investment return	8,373		1,495		179		10,047
Net transfer from (to) general account	30		48		—		78
Other charges	—		—		187		187
Balance at December 31, 2025	$	66,471	$	11,174	$	2,399	$	80,044

Cash surrender value	$	65,338	$	10,463	$	2,399	$	78,200