v3.26.1
Separate Account Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2026
Insurance [Abstract]  
Schedule of Fair Value of Separate Account Investment Options The following table presents fair value of separate account investment options:
Group
Retirement
Life
Insurance
Institutional
Markets
Corporate and
Other
Total
(in millions)
June 30, 2026
Equity funds
$32,764
$1,108
$788
$26,779
$61,439
Bond funds
3,182
48
1,689
4,187
9,106
Balanced funds
6,180
63
2,747
17,524
26,514
Money market funds
755
15
312
630
1,712
Total
$42,881
$1,234
$5,536
$49,120
$98,771
December 31, 2025
Equity funds
$30,683
$1,027
$721
$26,073
$58,504
Bond funds
3,160
48
1,398
4,165
8,771
Balanced funds
6,055
59
2,660
17,903
26,677
Money market funds
803
15
178
637
1,633
Total
$40,701
$1,149
$4,957
$48,778
$95,585
Schedule of Balances and Changes in Separate Account Liabilities The following table presents the balances and changes in separate account liabilities:
Group
Retirement
Life
Insurance
Institutional
Markets
Corporate and
Other
Total
(in millions)
Six Months Ended June 30, 2026
Separate accounts balance, beginning of year
$40,701
$1,149
$4,957
$48,778
$95,585
Premiums and deposits
674
15
604
811
2,104
Policy charges
(238)
(21)
(72)
(589)
(920)
Surrenders and withdrawals
(2,364)
(18)
(106)
(2,896)
(5,384)
Benefit payments
(302)
(5)
(78)
(518)
(903)
Investment performance
4,667
118
223
3,507
8,515
Net transfers from (to) general account and other
(257)
(4)
8
27
(226)
Separate accounts balance, end of period
$42,881
$1,234
$5,536
$49,120
$98,771
Cash surrender value*
$42,795
$1,206
$5,527
$48,398
$97,926
Group
Retirement
Life
Insurance
Institutional
Markets
Corporate and
Other
Total
(in millions)
Six Months Ended June 30, 2025
Separate accounts balance, beginning of year
$39,672
$1,059
$4,339
$48,818
$93,888
Premiums and deposits
687
17
72
620
1,396
Policy charges
(228)
(23)
(53)
(587)
(891)
Surrenders and withdrawals
(2,080)
(20)
(100)
(2,514)
(4,714)
Benefit payments
(313)
(5)
(5)
(473)
(796)
Investment performance
2,488
73
100
2,720
5,381
Net transfers from (to) general account and other
(245)
(3)
14
34
(200)
Separate accounts balance, end of period
$39,981
$1,098
$4,367
$48,618
$94,064
Cash surrender value*
$39,889
$1,080
$4,368
$47,768
$93,105
*The cash surrender value represents the amount of the contract holder’s account balance distributable at the balance sheet date less applicable surrender charges.