Policyholder Contract Deposits and Other Policyholder Funds

POLICYHOLDER CONTRACT DEPOSITS

The liability for Policyholder contract deposits is primarily recorded at accumulated value (deposits received and net transfers from

separate accounts, plus accrued interest credited, less withdrawals and assessed fees). Deposits collected on investment-oriented

products are not reflected as revenues. They are recorded directly to Policyholder contract deposits upon receipt. Amounts assessed

against the contract holders for mortality, administrative, and other services are included as Policy fees in revenues.

In addition to liabilities for universal life, fixed annuities, fixed options within variable annuities, annuities without life contingencies,

funding agreements and GICs, policyholder contract deposits also include our liability for (i) index-linked interest credited features

accounted for as embedded derivatives at fair value, (ii) annuities issued in a structured settlement arrangement with no life

contingency and (iii) certain contracts we have elected to account for at fair value. Changes in the fair value of the embedded

derivatives related to policy index-linked interest credited features and the fair value of derivatives hedging these liabilities are

recognized in realized gains and losses.

For additional information on index credits accounted for as embedded derivatives, see Note 4.

The following table presents the balances and changes in Policyholder contract deposits account balances(a):


	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and other	Total
(in millions, except for average crediting rate)	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and other	Total
Six Months Ended June 30, 2026
Policyholder contract deposits account balance, beginning of year	$111,802	$38,407	$10,440	$22,746	$7,729	$191,124
Deposits	8,181	2,172	798	3,534	1,019	15,704
Policy charges	(131)	(255)	(741)	(44)	(323)	(1,494)
Surrenders and withdrawals	(6,257)	(4,367)	(144)	(106)	(3,232)	(14,106)
Benefit payments	(1,318)	(995)	(116)	(1,611)	(753)	(4,793)
Net transfers from (to) separate account	—	2,413	12	(372)	2,857	4,910
Interest credited	2,947	699	271	546	105	4,568
Other, including foreign exchange	(28)	—	18	(47)	9	(48)
Policyholder contract deposits account balance, end of period	115,196	38,074	10,538	24,646	7,411	195,865
Other reconciling items(b)	(2,559)	(315)	206	28	—	(2,640)
Policyholder contract deposits	$112,637	$37,759	$10,744	$24,674	$7,411	$193,225
Weighted average crediting rate	3.76%	3.26%	4.47%	4.72%	2.80%
Cash surrender value(c)	$107,779	$37,174	$9,427	$2,639	$5,941	$162,960
Six Months Ended June 30, 2025
Policyholder contract deposits account balance, beginning of year	$100,230	$39,246	$10,338	$18,026	$8,375	$176,215
Reclassification due to reinsurance recapture	—	—	—	14	(14)	—
Deposits	10,797	2,383	810	2,560	814	17,364
Policy charges	(105)	(245)	(752)	(34)	(328)	(1,464)
Surrenders and withdrawals	(4,832)	(4,247)	(155)	(87)	(2,851)	(12,172)
Benefit payments	(1,397)	(984)	(132)	(591)	(704)	(3,808)
Net transfers from (to) separate account	—	2,090	17	58	2,610	4,775
Interest credited	2,046	616	233	446	110	3,451
Other, including foreign exchange	(14)	—	6	11	10	13
Policyholder contract deposits account balance, end of period	106,725	38,859	10,365	20,403	8,022	184,374
Other reconciling items(b)	(2,107)	(298)	80	139	(1)	(2,187)
Policyholder contract deposits	$104,618	$38,561	$10,445	$20,542	$8,021	$182,187
Weighted average crediting rate	3.49%	3.19%	4.49%	4.75%	2.43%
Cash surrender value(c)	$99,888	$38,013	$9,182	$2,603	$6,379	$156,065

(a)Transactions between the general account and the separate account are presented in this table on a gross basis (e.g., a policyholder's funds are initially deposited

into the general account and then simultaneously transferred to the separate account), and thus, did not impact the ending balance of policyholder contract deposits.

(b)Reconciling items principally relate to MRBs that are bifurcated and reported separately, and changes in the fair value of embedded derivatives of $1,160 million and

$893 million that are recorded in policyholder contract deposits as of June 30, 2026 and 2025, respectively.

(c)Cash surrender value is related to the portion of policyholder contract deposits that have a defined cash surrender value (e.g. GICs do not have a cash surrender

For information related to net amount at risk, refer to the table that presents the balances of and changes in MRBs in Note 14.

The following table presents Policyholder contract deposits account balance by range of guaranteed minimum crediting

rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective

guaranteed minimums:


June 30, 2026		At Guaranteed Minimum	1 Basis Point - 50 Basis Points Above	More than 50 Basis Points Above Minimum Guarantee	Total
(in millions, except percentage of total)
Individual Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$2,522	$1,217	$38,085	$41,824
	> 1% - 2%	1,789	45	681	2,515
	> 2% - 3%	5,533	137	4,391	10,061
	> 3% - 4%	4,752	31	4	4,787
	> 4% - 5%	371	—	4	375
	> 5%	30	—	—	30
	Total	$14,997	$1,430	$43,165	$59,592
Group Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$1,969	$1,467	$9,576	$13,012
	> 1% - 2%	2,860	414	831	4,105
	> 2% - 3%	9,329	260	165	9,754
	> 3% - 4%	494	—	—	494
	> 4% - 5%	5,825	—	—	5,825
	> 5%	118	—	—	118
	Total	$20,595	$2,141	$10,572	$33,308
Life Insurance	Range of Guaranteed Minimum Credited Rate
	<=1%	$—	$—	$—	$—
	> 1% - 2%	—	114	358	472
	> 2% - 3%	10	137	1,696	1,843
	> 3% - 4%	1,061	438	37	1,536
	> 4% - 5%	2,539	—	—	2,539
	> 5%	197	—	—	197
	Total	$3,807	$689	$2,091	$6,587
Corporate and Other	Range of Guaranteed Minimum Credited Rate
	<=1%	$2,463	$—	$2	$2,465
	> 1% - 2%	640	1	36	677
	> 2% - 3%	1,381	3	59	1,443
	> 3% - 4%	384	50	503	937
	> 4% - 5%	183	—	3	186
	> 5%	9	—	—	9
	Total	$5,060	$54	$603	$5,717
Total*		$44,459	$4,314	$56,431	$105,204
Percentage of total		42%	4%	54%	100%


June 30, 2025		At Guaranteed Minimum	1 Basis Point - 50 Basis Points Above	More than 50 Basis Points Above Minimum Guarantee	Total
(in millions, except percentage of total)
Individual Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$2,826	$1,084	$36,390	$40,300
	> 1% - 2%	2,121	48	976	3,145
	> 2% - 3%	5,991	138	3,430	9,559
	> 3% - 4%	5,311	33	4	5,348
	> 4% - 5%	394	—	4	398
	> 5%	31	—	2	33
	Total	$16,674	$1,303	$40,806	$58,783
Group Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$1,979	$1,452	$9,200	$12,631
	> 1% - 2%	3,156	516	820	4,492
	> 2% - 3%	10,198	345	126	10,669
	> 3% - 4%	543	—	—	543
	> 4% - 5%	6,182	—	—	6,182
	> 5%	128	—	—	128
	Total	$22,186	$2,313	$10,146	$34,645
Life Insurance	Range of Guaranteed Minimum Credited Rate
	<=1%	$—	$—	$—	$—
	> 1% - 2%	—	111	362	473
	> 2% - 3%	12	172	1,710	1,894
	> 3% - 4%	1,155	414	24	1,593
	> 4% - 5%	2,665	—	—	2,665
	> 5%	205	—	—	205
	Total	$4,037	$697	$2,096	$6,830
Corporate and Other	Range of Guaranteed Minimum Credited Rate
	<=1%	$2,848	$—	$1	$2,849
	> 1% - 2%	740	1	39	780
	> 2% - 3%	1,300	1	66	1,367
	> 3% - 4%	468	1	533	1,002
	> 4% - 5%	190	—	3	193
	> 5%	9	—	—	9
	Total	$5,555	$3	$642	$6,200
Total*		$48,452	$4,316	$53,690	$106,458
Percentage of total		46%	4%	50%	100%

*Excludes policyholder contract deposits account balances that are not subject to guaranteed minimum crediting rates.

Other policyholder funds include unearned revenue reserve (“URR”), consisting of front-end loads on investment-oriented contracts,

representing those policy loads that are non-level and typically higher in initial policy years than in later policy years. Amortization of

URR is recorded in Policy fees.

URR for investment-oriented contracts are generally deferred and amortized into income using the same assumptions and factors

used to amortize DAC (i.e., on a constant level basis).

The following table presents a rollforward of the unearned revenue reserve for the six months ended June 30, 2026 and


	Life Insurance	Institutional Markets	Corporate and Other	Total
(in millions)	Life Insurance	Institutional Markets	Corporate and Other	Total
Six Months Ended June 30, 2026
Balance, beginning of year	$1,876	$17	$76	$1,969
Revenue deferred	85	18	—	103
Amortization	(56)	—	(3)	(59)
Balance, end of period	$1,905	$35	$73	$2,013
Other reconciling items*				990
Other policyholder funds				$3,003

Six Months Ended June 30, 2025
Balance, beginning of year	$1,821	$1	$84	$1,906
Revenue deferred	82	1	—	83
Amortization	(56)	—	(4)	(60)
Balance, end of period	$1,847	$2	$80	$1,929
Other reconciling items*				974
Other policyholder funds				$2,903

*Other reconciling items include policyholders' dividend accumulations, provisions for future dividends to participating policyholders, dividends to policyholders and any