v3.26.1
Liability For Future Policy Benefits (Tables)
 6 Months Ended
Jun. 30, 2026
Insurance [Abstract]  
Liability for Future Policy Benefit, Activity
The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.

Six Months Ended June 30, 2026
Present Value of Expected Net Premiums

Individual LifeInternational BusinessesCorporate and OtherTotal
Retirement
Term LifeLong-Term Care
(in millions)
Balance, BOP$87,431 $10,637 $41,359 $2,868 $142,295 
Effect of cumulative changes in discount rate assumptions, BOP14,178 280 3,431 64 17,953 
Balance at original discount rate, BOP101,609 10,917 44,790 2,932 160,248 
Effect of assumption update19 (67)(794)260 (582)
Effect of actual variances from expected experience and other activity143 (150)(596)58 (545)
Adjusted balance, BOP101,771 10,700 43,400 3,250 159,121 
Issuances2,643 427 940 0 4,010 
Net premiums / considerations collected(4,891)(676)(3,174)(163)(8,904)
Interest accrual1,856 260 686 73 2,875 
Foreign currency adjustment(1,516)0 (530)0 (2,046)
Other adjustments0 (17)74 0 57 
Balance at original discount rate, EOP99,863 10,694 41,396 3,160 155,113 
Effect of cumulative changes in discount rate assumptions, EOP(15,445)(377)(4,122)(110)(20,054)
Balance, EOP$84,418 $10,317 $37,274 $3,050 135,059 
Other businesses, EOP113 
Total balance, EOP$135,172 
Six Months Ended June 30, 2026
Present Value of Expected Future Policy Benefits

Individual LifeInternational BusinessesCorporate and OtherTotal
Retirement
Term LifeLong-Term Care
(in millions)
Balance, BOP$167,704 $19,166 $125,543 $11,660 $324,073 
Effect of cumulative changes in discount rate assumptions, BOP17,769 602 26,267 1,435 46,073 
Balance at original discount rate, BOP185,473 19,768 151,810 13,095 370,146 
Effect of assumption update127 (67)(595)394 (141)
Effect of actual variances from expected experience and other activity199 (203)(579)70 (513)
Adjusted balance, BOP185,799 19,498 150,636 13,559 369,492 
Issuances2,643 427 940 0 4,010 
Interest accrual3,693 474 2,335 320 6,822 
Benefit payments(7,657)(738)(5,241)(201)(13,837)
Foreign currency adjustment(1,524)0 (2,202)0 (3,726)
Other adjustments84 (14)212 0 282 
Balance at original discount rate, EOP183,038 19,647 146,680 13,678 363,043 
Effect of cumulative changes in discount rate assumptions, EOP(19,863)(795)(29,551)(1,614)(51,823)
Balance, EOP$163,175 $18,852 $117,129 $12,064 311,220 
Other businesses, EOP1,472 
Total balance, EOP$312,692 

Six Months Ended June 30, 2026
Net Liability for Future Policy Benefits - Benefit Reserves

Individual LifeInternational BusinessesCorporate and OtherTotal
Retirement
Term LifeLong-Term Care
(in millions)
Balance, EOP, pre-flooring$78,757 $8,535 $79,855 $9,013 $176,160 
Flooring impact, EOP205 2 87 0 294 
Balance, EOP, post-flooring78,962 8,537 79,942 9,013 176,454 
Less: Reinsurance recoverables
5,228 638 281 0 6,147 
Balance after reinsurance recoverables, EOP, post-flooring
$73,734 $7,899 $79,661 $9,013 170,307 
Other businesses, EOP(1)1,307 
Total balance after reinsurance recoverables, EOP
$171,614 
Six Months Ended June 30, 2025
Present Value of Expected Net Premiums

Individual Life
International Businesses
Corporate and Other
Total(2)
Retirement(2)
Term LifeLong-Term Care
(in millions)
Balance, BOP$72,526 $10,724 $45,851 $2,854 $131,955 
Effect of cumulative changes in discount rate assumptions, BOP14,545 578 2,599 132 17,854 
Balance at original discount rate, BOP87,071 11,302 48,450 2,986 149,809 
Effect of assumption update169 (241)(1,072)8 (1,136)
Effect of actual variances from expected experience and other activity(79)(100)(467)41 (605)
Adjusted balance, BOP87,161 10,961 46,911 3,035 148,068 
Issuances8,993 406 1,477 0 10,876 
Net premiums / considerations collected(3,447)(692)(3,455)(155)(7,749)
Interest accrual1,745 264 730 71 2,810 
Foreign currency adjustment8,819 0 2,193 0 11,012 
Other adjustments0 3 73 0 76 
Balance at original discount rate, EOP103,271 10,942 47,929 2,951 165,093 
Effect of cumulative changes in discount rate assumptions, EOP(15,153)(384)(2,984)(86)(18,607)
Balance, EOP$88,118 $10,558 $44,945 $2,865 146,486 
Other businesses, EOP109 
Total balance, EOP$146,595 

Six Months Ended June 30, 2025
Present Value of Expected Future Policy Benefits

Individual Life
International Businesses
Corporate and Other
Total(2)
Retirement(2)
Term LifeLong-Term Care
(in millions)
Balance, BOP $151,679 $18,996 $135,485 $11,178 $317,338 
Effect of cumulative changes in discount rate assumptions, BOP 20,199 1,134 17,834 1,548 40,715 
Balance at original discount rate, BOP 171,878 20,130 153,319 12,726 358,053 
Effect of assumption update322 (392)(1,013)14 (1,069)
Effect of actual variances from expected experience and other activity(120)(137)(563)18 (802)
Adjusted balance, BOP 172,080 19,601 151,743 12,758 356,182 
Issuances 8,993 406 1,477 0 10,876 
Interest accrual 3,545 470 2,365 306 6,686 
Benefit payments (7,440)(784)(4,208)(176)(12,608)
Foreign currency adjustment 8,902 0 7,245 0 16,147 
Other adjustments 29 (1)171 0 199 
Balance at original discount rate, EOP 186,109 19,692 158,793 12,888 377,482 
Effect of cumulative changes in discount rate assumptions, EOP (19,591)(797)(23,521)(1,572)(45,481)
Balance, EOP $166,518 $18,895 $135,272 $11,316 332,001 
Other businesses, EOP(1)
1,514 
Total balance, EOP $333,515 
Six Months Ended June 30, 2025
Net Liability for Future Policy Benefits - Benefit Reserves

Individual Life
International Businesses
Corporate and Other
Total(2)
Retirement(2)
Term LifeLong-Term Care
(in millions)
Balance, EOP, pre-flooring $78,400 $8,337 $90,326 $8,450 $185,513 
Flooring impact, EOP 106 0 80 0 186 
Balance, EOP, post-flooring 78,506 8,337 90,406 8,450 185,699 
Less: Reinsurance recoverables
5,038 576 341 0 5,955 
Balance after reinsurance recoverables, EOP, post-flooring
$73,468 $7,761 $90,065 $8,450 179,744 
Other businesses, EOP(1)
1,347 
Total balance after reinsurance recoverables, EOP
$181,091 
__________
(1)Reflects balance after reinsurance recoverables of $53 million and $59 million at June 30, 2026 and 2025, respectively.
(2)Prior period amounts have been updated to conform to current period presentation.

The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated:

Six Months Ended June 30, 2026

Individual LifeInternational BusinessesCorporate and Other
Retirement
Term LifeLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$172,541 $22,836 $95,546 $6,366 
Discounted expected future gross premiums (at original discount rate) $107,481 $15,415 $74,326 $4,316 
Discounted expected future gross premiums (at current discount rate) $90,584 $14,928 $67,213 $4,174 
Undiscounted expected future benefits and expenses $298,653 $30,406 $238,949 $30,490 
Weighted-average duration of the liability in years (at original discount rate) 891616
Weighted-average duration of the liability in years (at current discount rate) 891315
Weighted-average interest rate (at original discount rate) 4.84 %5.10 %3.09 %4.91 %
Weighted-average interest rate (at current discount rate) 5.54 %5.46 %4.91 %5.87 %

Six Months Ended June 30, 2025

Individual Life
International Businesses
Corporate and Other
Retirement(1)
Term LifeLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$178,217 $22,958 $107,923 $6,588 
Discounted expected future gross premiums (at original discount rate) $111,292 $15,586 $84,598 $4,427 
Discounted expected future gross premiums (at current discount rate) $94,675 $15,086 $79,680 $4,308 
Undiscounted expected future benefits and expenses $302,651 $30,430 $260,920 $29,531 
Weighted-average duration of the liability in years (at original discount rate) 8101716
Weighted-average duration of the liability in years (at current discount rate) 891415
Weighted-average interest rate (at original discount rate) 4.76 %5.12 %2.99 %4.91 %
Weighted-average interest rate (at current discount rate) 5.45 %5.37 %4.05 %5.87 %
__________
(1)Prior period amounts have been updated to conform to current period presentation.
The balances of and changes in DPL as of and for the period indicated are as follows:

Six Months Ended June 30, 2026
Deferred Profit Liability

International BusinessesTotal
Retirement
(in millions)
Balance, BOP, post-flooring
$5,419 $10,225 $15,644 
Less: Flooring impact, BOP
0 2 2 
Balance, BOP, pre-flooring 5,419 10,223 15,642 
Effect of assumption update(18)(255)(273)
Effect of actual variances from expected experience and other activity 27 (39)(12)
Adjusted balance, BOP 5,428 9,929 15,357 
Profits deferred 28 1,220 1,248 
Interest accrual 112 187 299 
Amortization (275)(1,075)(1,350)
Foreign currency adjustment (4)(70)(74)
Other adjustments 0 33 33 
Balance, EOP, pre-flooring 5,289 10,224 15,513 
Flooring impact, EOP 0 2 2 
Balance, EOP, post-flooring
5,289 10,226 15,515 
Less: Reinsurance recoverables
414 42 456 
Balance after reinsurance recoverables, EOP, post-flooring
$4,875 $10,184 15,059 
Other businesses
146 
Total balance after reinsurance recoverables, EOP
$15,205 
Six Months Ended June 30, 2025
Deferred Profit Liability

International Businesses
Retirement(1)
Total(1)
(in millions)
Balance, BOP, post-flooring
$5,683 $9,354 $15,037 
Less: Flooring impact, BOP
0 2 2 
Balance, BOP, pre-flooring 5,683 9,352 15,035 
Effect of assumption update(73)(58)(131)
Effect of actual variances from expected experience and other activity 30 2 32 
Adjusted balance, BOP 5,640 9,296 14,936 
Profits deferred 85 1,265 1,350 
Interest accrual 116 172 288 
Amortization (289)(1,055)(1,344)
Foreign currency adjustment 26 353 379 
Other adjustments 0 25 25 
Balance, EOP, pre-flooring 5,578 10,056 15,634 
Flooring impact, EOP 0 3 3 
Balance, EOP, post-flooring
5,578 10,059 15,637 
Less: Reinsurance recoverables
376 45 421 
Balance after reinsurance recoverables, EOP, post-flooring
$5,202 $10,014 15,216 
Other businesses
153 
Total balance after reinsurance recoverables, EOP
$15,369 
_________
(1)Prior period amounts have been updated to conform to current period presentation.
The following table shows a rollforward of AIR balances for guaranteed universal life products within the U.S. Legacy Products segment, which is the only line of business that contains a material AIR balance, for the periods indicated, along with a reconciliation to the Company’s total AIR balance:

Six Months Ended June 30,
2026
2025(1)
(in millions)
Balance, including amounts in AOCI, BOP, post-flooring$17,904 $16,205 
Flooring impact and amounts in AOCI315 460 
Balance, excluding amounts in AOCI, BOP, pre-flooring18,219 16,665 
Effect of assumption update(51)81 
Effect of actual variances from expected experience and other activity(39)(12)
Adjusted balance, BOP18,129 16,734 
Assessments collected(2)
621 486 
Interest accrual305 282 
Benefits paid(117)(121)
Other adjustments(6)0 
Balance, excluding amounts in AOCI, EOP, pre-flooring18,932 17,381 
Flooring impact and amounts in AOCI(298)(379)
Balance, including amounts in AOCI, EOP, post-flooring18,634 17,002 
Less: Reinsurance recoverables
11,020 9,963 
Balance after reinsurance recoverables, including amounts in AOCI, EOP
7,614 7,039 
Other businesses(3)
223 146 
Total balance after reinsurance recoverables
$7,837 $7,185 
__________
(1)Prior period amounts have been updated to conform to current period presentation.
(2)Represents the portion of gross assessments required to fund the future policy benefits.
(3)Reflects balance after reinsurance recoverables of $156 million and $134 million at June 30, 2026 and 2025, respectively.

Six Months Ended June 30,
20262025
Weighted-average duration of the liability in years (at original discount rate) 2021
Weighted-average interest rate (at original discount rate) 3.33 %3.41 %
The following table presents the reconciliation of the ending balances from above rollforwards, Benefit Reserves, DPL, and AIR including other liabilities, gross of related reinsurance recoverable, to the total liability for Future Policy Benefits on the Company’s Consolidated Statement of Financial Position as of the periods indicated:

Six Months Ended June 30,
20262025
(in millions)
Benefit reserves, EOP, post-flooring$177,814 $187,106 
Deferred Profit Liability EOP, post-flooring15,661 15,790 
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring19,013 17,282 
Subtotal of amounts disclosed above212,488 220,178 
Other Future Policy Benefits reserves(1)48,456 49,955 
Total Future Policy Benefits$260,944 $270,133 
__________
(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including Closed Block liabilities, unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.
The following tables present revenue and interest expense related to Benefit Reserves, DPL, and AIR in the Company’s Consolidated Statement of Operations as of the periods indicated:

Six Months Ended June 30, 2026
Revenues(1)

Individual Life
U.S. Legacy Products
International Businesses
Other Businesses
Total
Retirement
Term Life
Guaranteed Universal Life
(in millions)
Benefit reserves$5,209 $972 $0 $4,896 $288 $11,365 
Deferred profit liability127 0 0 (71)8 64 
Additional insurance reserves96 0 869 102 682 1,749 
Total$5,432 $972 $869 $4,927 $978 $13,178 

Six Months Ended June 30, 2025
Revenues(1)

Individual Life
U.S. Legacy Products(2)
International Businesses
Other Businesses(2)
Total
Retirement(2)
Term Life
Guaranteed Universal Life
(in millions)
Benefit reserves$3,727 $964 $0 $5,441 $274 $10,406 
Deferred profit liability132 0 0 (352)(3)(223)
Additional insurance reserves34 0 687 0 635 1,356 
Total$3,893 $964 $687 $5,089 $906 $11,539 

Six Months Ended June 30, 2026
Interest Expense

Individual Life
U.S. Legacy Products
International BusinessesOther BusinessesTotal
Retirement
Term Life
Guaranteed Universal Life
(in millions)
Benefit reserves$1,837 $213 $0 $1,648 $269 $3,967 
Deferred profit liability112 0 0 187 2 301 
Additional insurance reserves3 0 305 1 6 315 
Total$1,952 $213 $305 $1,836 $277 $4,583 

Six Months Ended June 30, 2025
Interest Expense

Individual Life
U.S. Legacy Products(2)
International Businesses
Other Businesses(2)
Total
Retirement(2)
Term Life
Guaranteed Universal Life
(in millions)
Benefit reserves$1,800 $205 $0 $1,635 $255 $3,895 
Deferred profit liability116 0 0 172 2 290 
Additional insurance reserves1 0 282 1 8 292 
Total$1,917 $205 $282 $1,808 $265 $4,477 
__________
(1)Represents gross premiums for benefit reserves, gross premiums, excluding impact of foreign currency adjustments for DPL and gross assessments for AIR.
(2)Prior period amounts have been updated to conform to current period presentation.