Market Risk Benefits (Tables)

6 Months Ended

Jun. 30, 2026

Market Risk Benefits In Asset and Liability Positions

The following tables show a rollforward for the lines of business that contain material MRB balances, along with a reconciliation to the Company’s total MRB balance:


	Six Months Ended June 30, 2026
			U.S. Legacy Products		Total
	Retirement		Annuities
	(in millions)
Balance, BOP	$	290	$	2,794	$	3,084
Effect of cumulative changes in NPR	(29)		506		477
Balance, BOP, before effect of changes in NPR	261		3,300		3,561
Attributed fees collected	53		449		502
Claims paid	(2)		(35)		(37)
Interest accrual	6		75		81
Actual in force different from expected	1		15		16
Effect of changes in interest rates	1		(74)		(73)
Effect of changes in equity markets	11		(598)		(587)
Effect of assumption update and other refinements	29		96		125
Issuances	77		6		83



Other adjustments	2		(1)		1
Balance, EOP, before effect of changes in NPR	439		3,233		3,672
Effect of cumulative changes in NPR	15		(508)		(493)
Balance, EOP	454		2,725		3,179
Less: Reinsured MRBs	0		885		885
Balance, EOP, net of reinsurance	$	454	$	1,840	2,294
Other businesses					7
Total net MRB balance					$	2,301


	Six Months Ended June 30, 2025(1)
			U.S. Legacy Products		Total
	Retirement		Annuities
	(in millions)
Balance, BOP	$	91	$	2,657	$	2,748
Effect of cumulative changes in NPR	(16)		689		673
Balance, BOP, before effect of changes in NPR	75		3,346		3,421
Attributed fees collected	31		500		531
Claims paid	(1)		(40)		(41)
Interest accrual	2		91		93
Actual in force different from expected	6		35		41
Effect of changes in interest rates	(30)		413		383
Effect of changes in equity markets	(12)		(485)		(497)
Effect of assumption update and other refinements	137		126		263
Issuances	46		6		52



Other adjustments	24		0		24
Balance, EOP, before effect of changes in NPR	278		3,992		4,270
Effect of cumulative changes in NPR	(14)		(832)		(846)
Balance, EOP	264		3,160		3,424
Less: Reinsured MRBs	0		777		777
Balance, EOP, net of reinsurance	$	264	$	2,383	2,647
Other businesses					24
Total net MRB balance					$	2,671

_________

(1)Prior period amounts have been updated to conform to current presentation.

The following tables present accompanying information to the rollforward tables above.


	June 30, 2026
			U.S. Legacy Products
	Retirement		Annuities
	($ in millions)
Net amount at risk(2)	$	752	$	7,913
Weighted-average attained age of contractholders	73		73


	June 30, 2025(1)
			U.S. Legacy Products
	Retirement		Annuities
	($ in millions)
Net amount at risk(2)	$	401	$	8,736
Weighted-average attained age of contractholders	69		71

__________

(1)Prior period amounts have been updated to conform to current period presentation.

(2)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.

The tables below reconcile MRB asset and liability positions as of the following dates:


	June 30, 2026
			U.S. Legacy Products		Other Businesses		Total
	Retirement		Annuities
	(in millions)


MRB Assets	$	28	$	2,402	$	0	$	2,430



MRB Liabilities	482		4,242		7		4,731

Net Liability	$	454	$	1,840	$	7	$	2,301


	June 30, 2025(1)
			U.S. Legacy Products		Other Businesses		Total
	Retirement		Annuities
	(in millions)


MRB Assets	$	41	$	2,146	$	1	$	2,188



MRB Liabilities	305		4,529		25		4,859

Net Liability	$	264	$	2,383	$	24	$	2,671

_________

(1)Prior period amounts have been updated to conform to current presentation.