Policyholder Contract Deposits and Other Policyholder Funds (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Policyholder Contract Deposits

The following tables present the balances and changes in the liability for future policy benefits and a reconciliation of the

net liability for future policy benefits to the liability for future policy benefits in the Condensed Consolidated Balance Sheets:


	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
(in millions, except for liability durations)	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
Six Months Ended June 30, 2026
Present value of expected net premiums
Balance, beginning of year	$—	$—	$8,365	$—	$825	$9,190
Effect of changes in discount rate assumptions (AOCI)	—	—	504	—	34	538
Beginning balance at original discount rate	—	—	8,869	—	859	9,728
Effect of actual variances from expected experience	—	—	(21)	—	(8)	(29)
Adjusted beginning of year balance	—	—	8,848	—	851	9,699
Issuances	—	—	367	—	13	380
Interest accrual	—	—	170	—	18	188
Net premium collected	—	—	(534)	—	(62)	(596)
Other	—	—	2	—	—	2
Ending balance at original discount rate	—	—	8,853	—	820	9,673
Effect of changes in discount rate assumptions (AOCI)	—	—	(598)	—	(45)	(643)
Balance, end of period	$—	$—	$8,255	$—	$775	$9,030


	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
(in millions, except for liability durations)	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
Six Months Ended June 30, 2026
Present value of expected future policy benefits
Balance, beginning of year	$1,173	$291	$17,209	$24,147	$18,772	$61,592
Effect of changes in discount rate assumptions (AOCI)	110	(5)	1,261	3,290	1,180	5,836
Beginning balance at original discount rate	1,283	286	18,470	27,437	19,952	67,428
Effect of actual variances from expected experience(a)	(14)	—	(22)	7	(19)	(48)
Adjusted beginning of year balance	1,269	286	18,448	27,444	19,933	67,380
Issuances	34	5	364	163	17	583
Interest accrual	25	7	391	595	471	1,489
Benefit payments	(59)	(19)	(779)	(852)	(751)	(2,460)
Foreign exchange impact	—	—	—	(167)	—	(167)
Other	—	—	3	—	—	3
Ending balance at original discount rate	1,269	279	18,427	27,183	19,670	66,828
Effect of changes in discount rate assumptions (AOCI)	(119)	1	(1,465)	(3,759)	(1,423)	(6,765)
Balance, end of period	$1,150	$280	$16,962	$23,424	$18,247	$60,063
Net liability for future policy benefits, end of period	1,150	280	8,707	23,424	17,472	51,033
Liability for future policy benefits for certain participating contracts	—	—	11	—	1,203	1,214
Liability for universal life policies(b)	—	—	4,287	—	53	4,340
Deferred profit liability	31	19	27	1,631	757	2,465
Other reconciling items(c)	13	—	369	—	107	489
Future policy benefits for life and accident and health insurance contracts	1,194	299	13,401	25,055	19,592	59,541
Less: Reinsurance recoverable:	(5)	—	(649)	(65)	(19,592)	(20,311)
Net liability for future policy benefits after reinsurance recoverable	$1,189	$299	$12,752	$24,990	$—	$39,230
Weighted average liability duration of the liability for future policy benefits (years)(d)	7.2	5.8	10.7	10.7	10.2


	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
(in millions, except for liability durations)	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
Six Months Ended June 30, 2025
Present value of expected net premiums
Balance, beginning of year	$—	$—	$8,287	$—	$871	$9,158
Effect of changes in discount rate assumptions (AOCI)	—	—	797	—	61	858
Reclassified due to reinsurance recapture	—	—	—	—	—	—
Beginning balance at original discount rate	—	—	9,084	—	932	10,016
Effect of actual variances from expected experience	—	—	(22)	—	4	(18)
Adjusted beginning of year balance	—	—	9,062	—	936	9,998
Issuances	—	—	328	—	—	328
Interest accrual	—	—	176	—	20	196
Net premium collected	—	—	(525)	—	(53)	(578)
Other	—	—	—	—	—	—
Ending balance at original discount rate	—	—	9,041	—	903	9,944
Effect of changes in discount rate assumptions (AOCI)	—	—	(633)	—	(45)	(678)
Balance, end of period	$—	$—	$8,408	$—	$858	$9,266


	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
(in millions, except for liability durations)	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
Six Months Ended June 30, 2025
Present value of expected future policy benefits
Balance, beginning of year	$1,130	$202	$16,947	$19,487	$19,243	$57,009
Effect of changes in discount rate assumptions (AOCI)	145	3	1,720	3,206	1,556	6,630
Reclassified due to reinsurance recapture	—	102	—	259	(361)	—
Beginning balance at original discount rate	1,275	307	18,667	22,952	20,438	63,639
Effect of actual variances from expected experience(a)	(7)	2	(29)	10	(7)	(31)
Adjusted beginning of year balance	1,268	309	18,638	22,962	20,431	63,608
Issuances	48	4	323	520	20	915
Interest accrual	25	8	401	481	483	1,398
Benefit payments	(58)	(23)	(742)	(709)	(745)	(2,277)
Foreign exchange impact	—	—	—	893	—	893
Other	(1)	(2)	—	—	(3)	(6)
Ending balance at original discount rate	1,282	296	18,620	24,147	20,186	64,531
Effect of changes in discount rate assumptions (AOCI)	(122)	3	(1,425)	(3,473)	(1,250)	(6,267)
Balance, end of period	$1,160	$299	$17,195	$20,674	$18,936	$58,264
Net liability for future policy benefits, end of year	1,160	299	8,787	20,674	18,078	48,998
Liability for future policy benefits for certain participating contracts	—	—	12	—	1,239	1,251
Liability for universal life policies(b)	—	—	4,108	—	53	4,161
Deferred profit liability	34	22	24	1,653	801	2,534
Other reconciling items(c)	15	—	419	—	107	541
Future policy benefits for life and accident and health insurance contracts	1,209	321	13,350	22,327	20,278	57,485
Less: Reinsurance recoverable:	(5)	—	(656)	(40)	(20,034)	(20,735)
Net liability for future policy benefits after reinsurance recoverable	$1,204	$321	$12,694	$22,287	$244	$36,750
Weighted average liability duration of the liability for future policy benefits (years)(d)	7.4	6.0	10.5	10.7	10.5

Effect of changes in cash flow assumptions and variances from actual experience are partially offset by changes in the deferred profit liability.

(b)Additional details can be found in the table that presents the balances and changes in the liability for universal life policies.

(c)Other reconciling items primarily include the Accident and Health as well as Group Benefits (short-duration) contracts.

(d)The weighted average liability durations are calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level,

utilizing the segment level weighted average interest rates and current discount rate, which can be found in the table below.

The following table presents the amount of undiscounted expected future benefit payments and undiscounted and

discounted expected gross premiums for future policy benefits for nonparticipating contracts:


		Six Months Ended June 30,
(in millions)		2026	2025
Individual Retirement	Undiscounted expected future benefits and expense	$1,849	$1,856
Individual Retirement	Undiscounted expected future gross premiums	$—	$—
Group Retirement	Undiscounted expected future benefits and expense	$396	$428
Group Retirement	Undiscounted expected future gross premiums	$—	$—
Life Insurance	Undiscounted expected future benefits and expense	$30,847	$30,285
	Undiscounted expected future gross premiums	$21,116	$20,762
	Discounted expected future gross premiums (at current discount rate)	$14,173	$13,911
Institutional Markets	Undiscounted expected future benefits and expense	$53,802	$43,970
Institutional Markets	Undiscounted expected future gross premiums	$—	$—
Corporate and other	Undiscounted expected future benefits and expense	$39,129	$40,512
	Undiscounted expected future gross premiums	$1,730	$1,896
	Discounted expected future gross premiums (at current discount rate)	$1,175	$1,287

The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of

Income (Loss) for future policy benefits for nonparticipating contracts:


	Gross Premiums		Interest Accretion
	Six Months Ended June 30,		Six Months Ended June 30,
(in millions)	2026	2025	2026	2025
Individual Retirement	$40	$47	$25	$25
Group Retirement	6	4	7	8
Life Insurance	935	926	221	225
Institutional Markets	173	542	595	481
Corporate and Other	108	118	453	463
Total	$1,262	$1,637	$1,301	$1,202

The following table presents the weighted-average interest rate for future policy benefits for nonparticipating contracts:


	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other
	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other
June 30, 2026
Weighted-average interest rate, original discount rate	4.01%	5.17%	4.77%	4.59%	4.90%
Weighted-average interest rate, current discount rate	5.43%	5.28%	5.64%	5.90%	5.62%
June 30, 2025
Weighted-average interest rate, original discount rate	3.88%	5.29%	4.70%	4.31%	4.77%
Weighted-average interest rate, current discount rate	5.31%	5.15%	5.51%	5.66%	5.49%

The following table presents the balances and changes in the liability for universal life policies:


	Six Months Ended June 30,
	2026			2025
	Life Insurance	Corporate and Other	Total	Life Insurance	Corporate and Other	Total
(in millions, except duration of liability)	Life Insurance	Corporate and Other	Total	Life Insurance	Corporate and Other	Total
Balance, beginning of year	$4,241	$54	$4,295	$4,034	$54	$4,088
Effect of changes in experience	183	(2)	181	217	(2)	215
Adjusted beginning balance	$4,424	$52	$4,476	$4,251	$52	$4,303
Assessments	318	—	318	327	—	327
Excess benefits paid	(509)	—	(509)	(581)	—	(581)
Interest accrual	84	1	85	79	1	80
Other	(4)	—	(4)	(1)	—	(1)
Changes related to unrealized appreciation (depreciation) of investments	(26)	—	(26)	33	—	33
Balance, end of period	$4,287	$53	$4,340	$4,108	$53	$4,161
Less: Reinsurance recoverable	(170)	(53)	(223)	(151)	(53)	(204)
Balance, end of period, net of Reinsurance recoverable	$4,117	$—	$4,117	$3,957	$—	$3,957
Weighted average duration of liability *	25.9	8.5		25.1	8.8

*The weighted average duration of liabilities is calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment

level, utilizing the segment level weighted average interest rates, which can be found in the table below.

The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of

Income (Loss) for the liability for universal life policies:


	Gross Assessments		Interest Accretion
	Six Months Ended June 30,		Six Months Ended June 30,
(in millions)	2026	2025	2026	2025
Life Insurance	$511	$562	$84	$79
Corporate and Other	19	18	1	1
Total	$530	$580	$85	$80

The following table presents the calculation of weighted average interest rate for the liability for universal life policies:


June 30,	2026		2025
	Life Insurance	Corporate and Other	Life Insurance	Corporate and Other
	Life Insurance	Corporate and Other	Life Insurance	Corporate and Other
Weighted-average interest rate	3.96%	4.20%	4.03%	4.20%

The weighted average interest rates are calculated using projected future net liability cash flows that are aggregated to the segment

level, and are represented as an annual rate.

The following table presents details concerning our universal life policies:


	Six Months Ended June 30,
(in millions, except for attained age of contract holders)	2026	2025
Account value	$4,414	$4,089
Net amount at risk	$79,318	$77,186
Average attained age of contract holders	54	54

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

value).

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.

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

2025:


	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