v3.26.1
Closed Block (Tables)
 6 Months Ended
Jun. 30, 2026
Closed Block Disclosure [Abstract]  
Schedule of Closed Block Liabilities and Assets Closed Block liabilities and assets designated to the Closed Block, as well as maximum future earnings to be recognized from these liabilities and assets, are as follows:
June 30,
2026		December 31,
2025
(in millions)
Closed Block liabilities
Future policy benefits$40,582 $41,484 
Policyholders’ dividends payable677 669 
Policyholders’ dividend obligation277 571 
Policyholders’ account balances4,212 4,273 
Other Closed Block liabilities2,923 3,030 
Total Closed Block liabilities48,671 50,027 
Closed Block assets
Fixed maturities, available-for-sale, at fair value27,793 28,721 
Fixed maturities, trading, at fair value550 581 
Equity securities, at fair value1,630 1,593 
Commercial mortgage and other loans7,475 7,464 
Policy loans3,157 3,217 
Other invested assets4,621 4,538 
Short-term investments282 255 
Total investments45,508 46,369 
Cash and cash equivalents286 726 
Accrued investment income386 388 
Other Closed Block assets264 279 
Total Closed Block assets46,444 47,762 
Excess of reported Closed Block liabilities over Closed Block assets2,227 2,265 
Portion of above representing accumulated other comprehensive income (loss):
Net unrealized investment gains (losses)(1,475)(1,230)
Allocated to policyholder dividend obligation1,308 1,064 
Future earnings to be recognized from Closed Block assets and Closed Block liabilities$2,060 $2,099 
Schedule of Closed Block Dividend Obligation
Information regarding the policyholder dividend obligation is as follows:

Six Months Ended
June 30, 2026
(in millions)
Balance, December 31, 2025$571 
Impact from earnings allocable to policyholder dividend obligation(50)
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation(244)
Balance, June 30, 2026$277 
Schedule of Closed Block Revenues Benefits Expenses
Closed Block revenues and benefits and expenses are as follows for the periods indicated:


Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(in millions)
Revenues
Premiums$426 $444 $829 $862 
Net investment income515 511 1,046 1,003 
Realized investment gains (losses), net(37)(199)(65)(255)
Other income (loss)230 190 204 156 
Total Closed Block revenues1,134 946 2,014 1,766 
Benefits and Expenses
Policyholders’ benefits587 616 1,159 1,217 
Interest credited to policyholders’ account balances28 28 55 56 
Dividends to policyholders464 249 679 377 
General and administrative expenses60 64 121 142 
Total Closed Block benefits and expenses1,139 957 2,014 1,792 
Closed Block revenues, net of Closed Block benefits and expenses, before income taxes(5)(11)0 (26)
Income tax expense (benefit)(24)(31)(39)(66)
Closed Block revenues, net of Closed Block benefits and expenses and income taxes$19 $20 $39 $40