| Policyholders' Account Balance |
The balances of and changes in policyholders’ account balances as of and for the periods ended are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2026 | | |
| | Group Insurance | | Individual Life | | U.S. Legacy Products | | International Businesses | | Total | | | Retirement | | Life/Disability | | Variable/Universal Life | | Annuities | | Guaranteed Universal Life | | | | | ($ in millions) | Balance, beginning of period | | $ | 80,975 | | | $ | 4,763 | | | $ | 15,480 | | | $ | 3,715 | | | $ | 12,788 | | | $ | 60,946 | | | $ | 178,667 | | | Deposits | | 11,179 | | | 446 | | | 728 | | | 65 | | | 649 | | | 3,859 | | | 16,926 | | | Interest credited | | 1,044 | | | 65 | | | 200 | | | 136 | | | 188 | | | 1,359 | | | 2,992 | | | | | | | | | | | | | | | | | | Policy charges | | (93) | | | (161) | | | (264) | | | (1) | | | (764) | | | (352) | | | (1,635) | | | Surrenders and withdrawals | | (4,441) | | | (491) | | | (903) | | | (346) | | | (51) | | | (1,188) | | | (7,420) | | | Benefit payments | | (416) | | | 0 | | | (21) | | | (66) | | | (63) | | | (1,234) | | | (1,800) | | | Net transfers (to) from separate account | | (85) | | | 4 | | | 458 | | | 14 | | | 0 | | | 0 | | | 391 | | | Change in market value and other adjustments(1) | | 3,131 | | | 0 | | | 303 | | | 0 | | | 0 | | | (17) | | | 3,417 | | | Foreign currency adjustment | | (16) | | | 0 | | | 0 | | | 0 | | | 0 | | | (546) | | | (562) | | Balance, end of period | | $ | 91,278 | | | $ | 4,626 | | | $ | 15,981 | | | $ | 3,517 | | | $ | 12,747 | | | $ | 62,827 | | | 190,976 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Closed Block Division | | | | | | | | | | | | | | 4,212 | | | Unearned revenue reserve, unearned expense credit, and additional interest reserve | | | | | | | | | | | | | | 7,141 | | Other(2) | | | | | | | | | | | | | | (106) | | Total Policyholders’ account balance | | | | | | | | | | | | | | $ | 202,223 | | | Weighted-average crediting rate | | 2.42 | % | | 2.77 | % | | 2.55 | % | | 7.51 | % | | 2.95 | % | | 4.39 | % | | 3.24 | % | Net amount at risk(3) | | $ | 0 | | | $ | 75,147 | | | $ | 275,980 | | | $ | 0 | | | $ | 147,794 | | | $ | 28,945 | | | $ | 527,866 | | Cash surrender value(4) | | $ | 87,930 | | | $ | 3,628 | | | $ | 14,399 | | | $ | 3,168 | | | $ | 11,611 | | | $ | 56,313 | | | $ | 177,049 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | |
| | Group Insurance | | Individual Life(5) | | U.S. Legacy Products(5) | | International Businesses | | Total | | | Retirement(5) | | Life/Disability | | Variable/Universal Life | | Annuities | | Guaranteed Universal Life | | | | | ($ in millions) | Balance, beginning of period | | $ | 60,869 | | | $ | 4,974 | | | $ | 14,902 | | | $ | 4,324 | | | $ | 12,694 | | | $ | 54,270 | | | $ | 152,033 | | | Deposits | | 11,154 | | | 483 | | | 681 | | | 59 | | | 692 | | | 4,971 | | | 18,040 | | | Interest credited | | 888 | | | 67 | | | 16 | | | 48 | | | 183 | | | 686 | | | 1,888 | | | | | | | | | | | | | | | | | | Policy charges | | (62) | | | (168) | | | (257) | | | (1) | | | (767) | | | (296) | | | (1,551) | | | Surrenders and withdrawals | | (3,500) | | | (842) | | | (874) | | | (366) | | | (59) | | | (672) | | | (6,313) | | | Benefit payments | | (379) | | | 0 | | | (36) | | | (51) | | | (73) | | | (1,159) | | | (1,698) | | | Net transfers (to) from separate account | | 44 | | | (13) | | | 307 | | | (3) | | | 0 | | | 0 | | | 335 | | | Change in market value and other adjustments(1) | | 977 | | | 0 | | | 495 | | | 0 | | | 0 | | | (10) | | | 1,462 | | | Foreign currency adjustment | | 0 | | | 0 | | | 0 | | | 0 | | | 0 | | | 1,585 | | | 1,585 | | Balance, end of period | | $ | 69,991 | | | $ | 4,501 | | | $ | 15,234 | | | $ | 4,010 | | | $ | 12,670 | | | $ | 59,375 | | | 165,781 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Closed Block Division | | | | | | | | | | | | | | 4,293 | | | Unearned revenue reserve, unearned expense credit, and additional interest reserve | | | | | | | | | | | | | | 6,429 | | Other(2) | | | | | | | | | | | | | | 4,428 | | Total Policyholders’ account balance | | | | | | | | | | | | | | $ | 180,931 | | | Weighted-average crediting rate | | 2.71 | % | | 2.81 | % | | 0.22 | % | | 2.34 | % | | 2.89 | % | | 2.42 | % | | 2.38 | % | Net amount at risk(3) | | $ | 0 | | | $ | 74,475 | | | $ | 259,722 | | | $ | 0 | | | $ | 148,612 | | | $ | 30,967 | | | $ | 513,776 | | Cash surrender value(4) | | $ | 67,199 | | | $ | 3,668 | | | $ | 12,627 | | | $ | 3,676 | | | $ | 11,426 | | | $ | 52,544 | | | $ | 151,140 | |
__________(1)Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products. (2)Includes $994 million and $5,004 million of the Full Service Retirement business’s account balances reinsured to Empower for June 30, 2026 and 2025, respectively. (3)The net amount at risk calculation includes both general account and separate account balances. (4)Cash surrender value represents the amount of the contractholder’s account balances distributable at the balance sheet date less certain surrender charges. (5)Prior period amounts have been updated to conform to current period presentation.
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| Policyholders' Account Balance, Range of Guaranteed Minimum Crediting Rate |
The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points (“bps”), between rates being credited to policyholders and the respective guaranteed minimums are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Range of Guaranteed Minimum Crediting Rate(1) | | At guaranteed minimum | | 1 - 50 bps above guaranteed minimum | | 51 - 150 bps above guaranteed minimum | | Greater than 150 bps above guaranteed minimum | | Total | | | (in millions) | Retirement | | | | | | | | | | | Less than 1.00% | | $ | 230 | | | $ | 20 | | | $ | 43 | | | $ | 1,881 | | | $ | 2,174 | | 1.00% - 1.99% | | 1,870 | | | 34 | | | 137 | | | 46 | | | 2,087 | | 2.00% - 2.99% | | 184 | | | 2,178 | | | 636 | | | 10 | | | 3,008 | | 3.00% - 4.00% | | 6,182 | | | 5 | | | 11 | | | 2 | | | 6,200 | | Greater than 4.00% | | 7,359 | | | 0 | | | 0 | | | 0 | | | 7,359 | | | Total | | $ | 15,825 | | | $ | 2,237 | | | $ | 827 | | | $ | 1,939 | | | $ | 20,828 | | | Group Insurance - Life / Disability | | | | | | | | | | | Less than 1.00% | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 877 | | | $ | 877 | | 1.00% - 1.99% | | 3 | | | 0 | | | 0 | | | 2 | | | 5 | | 2.00% - 2.99% | | 38 | | | 0 | | | 0 | | | 0 | | | 38 | | 3.00% - 4.00% | | 1,400 | | | 4 | | | 74 | | | 4 | | | 1,482 | | Greater than 4.00% | | 3 | | | 0 | | | 0 | | | 0 | | | 3 | | | Total | | $ | 1,444 | | | $ | 4 | | | $ | 74 | | | $ | 883 | | | $ | 2,405 | | | Individual Life - Variable / Universal Life | |
| | | | | | | | | Less than 1.00% | | $ | 0 | | | $ | 0 | | | $ | 356 | | | $ | 0 | | | $ | 356 | | 1.00% - 1.99% | | 521 | | | 264 | | | 0 | | | 414 | | | 1,199 | | 2.00% - 2.99% | | 224 | | | 151 | | | 42 | | | 356 | | | 773 | | 3.00% - 4.00% | | 2,057 | | | 319 | | | 1,001 | | | 254 | | | 3,631 | | Greater than 4.00% | | 4,765 | | | 0 | | | 0 | | | 0 | | | 4,765 | | | Total | | $ | 7,567 | | | $ | 734 | | | $ | 1,399 | | | $ | 1,024 | | | $ | 10,724 | | U.S. Legacy Products - Annuities | | | | | | | | | | | Less than 1.00% | | $ | 15 | | | $ | 60 | | | $ | 606 | | | $ | 0 | | | $ | 681 | | 1.00% - 1.99% | | 69 | | | 485 | | | 46 | | | 0 | | | 600 | | 2.00% - 2.99% | | 443 | | | 31 | | | 8 | | | 0 | | | 482 | | 3.00% - 4.00% | | 1,595 | | | 22 | | | 8 | | | 0 | | | 1,625 | | Greater than 4.00% | | 134 | | | 0 | | | 0 | | | 0 | | | 134 | | | Total | | $ | 2,256 | | | $ | 598 | | | $ | 668 | | | $ | 0 | | | $ | 3,522 | | U.S. Legacy Products - Guaranteed Universal Life | |
| | | | | | | | | Less than 1.00% | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | 1.00% - 1.99% | | 19 | | | 0 | | | 0 | | | 3,239 | | | 3,258 | | 2.00% - 2.99% | | 27 | | | 0 | | | 4,036 | | | 291 | | | 4,354 | | 3.00% - 4.00% | | 2,915 | | | 1,101 | | | 662 | | | 0 | | | 4,678 | | Greater than 4.00% | | 457 | | | 0 | | | 0 | | | 0 | | | 457 | | | Total | | $ | 3,418 | | | $ | 1,101 | | | $ | 4,698 | | | $ | 3,530 | | | $ | 12,747 | | | International Businesses | | | | | | | | | | | Less than 1.00% | | $ | 3,308 | | | $ | 23 | | | $ | 0 | | | $ | 0 | | | $ | 3,331 | | 1.00% - 1.99% | | 13,613 | | | 117 | | | 0 | | | 0 | | | 13,730 | | 2.00% - 2.99% | | 7,585 | | | 277 | | | 67 | | | 0 | | | 7,929 | | 3.00% - 4.00% | | 10,652 | | | 0 | | | 0 | | | 0 | | | 10,652 | | Greater than 4.00% | | 21,009 | | | 0 | | | 0 | | | 0 | | | 21,009 | | | Total | | $ | 56,167 | | | $ | 417 | | | $ | 67 | | | $ | 0 | | | $ | 56,651 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Range of Guaranteed Minimum Crediting Rate(1) | | At guaranteed minimum | | 1 - 50 bps above guaranteed minimum | | 51 - 150 bps above guaranteed minimum | | Greater than 150 bps above guaranteed minimum | | Total | | | (in millions) | Retirement(2) | | | | | | | | | | | Less than 1.00% | | $ | 640 | | | $ | 4 | | | $ | 18 | | | $ | 1,118 | | | $ | 1,780 | | 1.00% - 1.99% | | 1,948 | | | 55 | | | 178 | | | 52 | | | 2,233 | | 2.00% - 2.99% | | 174 | | | 449 | | | 550 | | | 15 | | | 1,188 | | 3.00% - 4.00% | | 6,389 | | | 6 | | | 11 | | | 3 | | | 6,409 | | Greater than 4.00% | | 4,732 | | | 0 | | | 0 | | | 0 | | | 4,732 | | | Total | | $ | 13,883 | | | $ | 514 | | | $ | 757 | | | $ | 1,188 | | | $ | 16,342 | | | Group Insurance - Life / Disability | | | | | | | | | | | Less than 1.00% | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 712 | | | $ | 712 | | 1.00% - 1.99% | | 0 | | | 0 | | | 0 | | | 2 | | | 2 | | 2.00% - 2.99% | | 44 | | | 0 | | | 0 | | | 0 | | | 44 | | 3.00% - 4.00% | | 1,442 | | | 6 | | | 51 | | | 7 | | | 1,506 | | Greater than 4.00% | | 3 | | | 0 | | | 0 | | | 0 | | | 3 | | | Total | | $ | 1,489 | | | $ | 6 | | | $ | 51 | | | $ | 721 | | | $ | 2,267 | | Individual Life - Variable / Universal Life(2) | | | | | | | | | | | Less than 1.00% | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 354 | | | $ | 354 | | 1.00% - 1.99% | | 325 | | | 0 | | | 340 | | | 348 | | | 1,013 | | 2.00% - 2.99% | | 258 | | | 136 | | | 163 | | | 265 | | | 822 | | 3.00% - 4.00% | | 2,414 | | | 314 | | | 1,140 | | | 45 | | | 3,913 | | Greater than 4.00% | | 4,830 | | | 0 | | | 0 | | | 0 | | | 4,830 | | | Total | | $ | 7,827 | | | $ | 450 | | | $ | 1,643 | | | $ | 1,012 | | | $ | 10,932 | | U.S. Legacy Products - Annuities(2) | | | | | | | | | | | Less than 1.00% | | $ | 422 | | | $ | 204 | | | $ | 407 | | | $ | 0 | | | $ | 1,033 | | 1.00% - 1.99% | | 136 | | | 387 | | | 38 | | | 0 | | | 561 | | 2.00% - 2.99% | | 457 | | | 9 | | | 4 | | | 0 | | | 470 | | 3.00% - 4.00% | | 1,842 | | | 24 | | | 9 | | | 0 | | | 1,875 | | Greater than 4.00% | | 155 | | | 0 | | | 0 | | | 0 | | | 155 | | | Total | | $ | 3,012 | | | $ | 624 | | | $ | 458 | | | $ | 0 | | | $ | 4,094 | | U.S. Legacy Products - Guaranteed Universal Life(2) | | | | | | | | | | | Less than 1.00% | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | 1.00% - 1.99% | | 16 | | | 0 | | | 1,732 | | | 1,254 | | | 3,002 | | 2.00% - 2.99% | | 26 | | | 1,429 | | | 2,574 | | | 167 | | | 4,196 | | 3.00% - 4.00% | | 3,197 | | | 1,639 | | | 165 | | | 0 | | | 5,001 | | Greater than 4.00% | | 472 | | | 0 | | | 0 | | | 0 | | | 472 | | | Total | | $ | 3,711 | | | $ | 3,068 | | | $ | 4,471 | | | $ | 1,421 | | | $ | 12,671 | | International Businesses | | | | | | | | | | | Less than 1.00% | | $ | 3,932 | | | $ | 23 | | | $ | 0 | | | $ | 0 | | | $ | 3,955 | | 1.00% - 1.99% | | 16,450 | | | 32 | | | 0 | | | 0 | | | 16,482 | | 2.00% - 2.99% | | 7,926 | | | 280 | | | 26 | | | 0 | | | 8,232 | | 3.00% - 4.00% | | 8,743 | | | 0 | | | 0 | | | 0 | | | 8,743 | | Greater than 4.00% | | 16,833 | | | 0 | | | 0 | | | 0 | | | 16,833 | | | Total | | $ | 53,884 | | | $ | 335 | | | $ | 26 | | | $ | 0 | | | $ | 54,245 | |
__________ (1)Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products. (2)Prior period amounts have been updated to conform to current period presentation.
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| Unearned Revenue Reserve |
The balance of and changes in URR as of and for the periods ended are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2026 | | Individual Life | | U.S. Legacy Products | | International Businesses | | | | Variable/ Universal Life | | Guaranteed Universal Life | | | Total | | (in millions) | Balance, beginning of period | $ | 3,809 | | | $ | 2,047 | | | $ | 666 | | | $ | 6,522 | | | Unearned revenue | 302 | | | 123 | | | 80 | | | 505 | | | Amortization expense | (95) | | | (42) | | | (18) | | | (155) | | | | | | | | | | | Foreign currency adjustment | 0 | | | 0 | | | (17) | | | (17) | | Balance, end of period | $ | 4,016 | | | $ | 2,128 | | | $ | 711 | | | 6,855 | | Other | | | | | | | 100 | | Total unearned revenue reserve balance | | | | | | | $ | 6,955 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | Individual Life(1) | | U.S. Legacy Products(1) | | International Businesses | | | | Variable/ Universal Life | | Guaranteed Universal Life | | | Total | | (in millions) | Balance, beginning of period | $ | 3,389 | | | $ | 1,856 | | | $ | 505 | | | $ | 5,750 | | | Unearned revenue | 297 | | | 135 | | | 98 | | | 530 | | | Amortization expense | (88) | | | (38) | | | (14) | | | (140) | | | | | | | | | | | Foreign currency adjustment | 0 | | | 0 | | | 30 | | | 30 | | Balance, end of period | $ | 3,598 | | | $ | 1,953 | | | $ | 619 | | | 6,170 | | Other | | | | | | | 64 | | Total unearned revenue reserve balance | | | | | | | $ | 6,234 | |
__________ (1)Prior period amounts have been updated to conform to current period presentation.
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