Market Risk Benefits (Tables)

6 Months Ended

Jun. 30, 2026

Insurance [Abstract]

Schedule of Reconciliation of Market Risk Benefits

The following table presents the balances of and changes in MRBs:


		Individual Retirement		Group Retirement		Corporate and Other		Total
(in millions, except for attained age of contract holders)		Individual Retirement		Group Retirement		Corporate and Other		Total
Six Months Ended June 30, 2026
Balance, beginning of year		$5,118		$346		$349		$5,813
Effect of changes in our own credit risk		(556)		(105)		(729)		(1,390)
Balance, beginning of year, before effect of changes in our own credit risk		$4,562		$241		$(380)		$4,423
Issuances		458		22		7		487
Interest accrual		124		10		(7)		127
Attributed fees		—		28		351		379
Expected claims		—		(1)		(34)		(35)
Effect of changes in interest rates		(18)		(1)		(31)		(50)
Effect of changes in interest rate volatility		(1)		—		1		—
Effect of changes in equity markets		(40)		(31)		(464)		(535)
Effect of changes in equity index volatility		—		5		(6)		(1)
Actual outcome different from model expected outcome		(37)		(1)		92		54
Effect of changes in future expected policyholder behavior		—		—		—		—
Effect of changes in other future expected assumptions		16		1		(10)		7
Other, including foreign exchange		—		(1)		—		(1)
Balance, end of period before effect of changes in our own credit risk		5,064		272		(481)		4,855
Effect of changes in our own credit risk		418		84		564		1,066
Balance, end of period		5,482		356		83		5,921
Less: Reinsured MRB, end of period		—		—		(690)		(690)
Net Liability Balance after reinsurance recoverable		$5,482		$356		$(607)		$5,231
Net amount at risk
GMDB only		$—		$85		$480		$565
GMWB only		$802		$80		$—		$882
Combined*		$56		$12		$306		$374
Weighted average attained age of contract holders		68		64		72

Six Months Ended June 30, 2025
Balance, beginning of year		$3,757		$278		$309		$4,344
Effect of changes in our own credit risk		(224)		(69)		(587)		(880)
Balance, beginning of year, before effect of changes in our own credit risk		$3,533		$209		$(278)		$3,464
Issuances		364		18		5		387
Interest accrual		95		8		(3)		100
Attributed fees		—		29		351		380
Expected claims		—		(1)		(33)		(34)
Effect of changes in interest rates		22		8		112		142
Effect of changes in interest rate volatility		3		(1)		(20)		(18)
Effect of changes in equity markets		(14)		(9)		(372)		(395)
Effect of changes in equity index volatility		(1)		2		(1)		—
Actual outcome different from model expected outcome		7		(27)		51		31
Effect of changes in future expected policyholder behavior		—		1		—		1
Effect of changes in other future expected assumptions		2		—		—		2
Other, including foreign exchange		—		3		—		3
Balance, end of period before effect of changes in our own credit risk		4,011		240		(188)		4,063
Effect of changes in our own credit risk		263		70		591		924
Balance, end of period		4,274		310		403		4,987
Less: Reinsured MRB, end of period		—		—		(51)		(51)
Net liability balance after reinsurance recoverable		$4,274		$310		$352		$4,936
Net amount at risk
GMDB only		$—		$104		$521		$625
GMWB only		$382		$30		$—		$412
Combined*		$54		$12		$357		$423
Weighted average attained age of contract holders		68		64		72

*Certain contracts contain both guaranteed GMDB and GMWB features and are modeled together for the purposes of calculating the MRB.

The following is a reconciliation of MRBs by amounts in an asset position and in a liability position to the MRBs amount in

the Condensed Consolidated Balance Sheets:


		June 30, 2026						June 30, 2025
(in millions)		Asset*		Liability*		Net		Asset*		Liability*		Net
Individual Retirement		$—		$5,482		$5,482		$—		$4,274		$4,274
Group Retirement		254		610		356		217		527		310
Corporate and Other		2,238		1,631		(607)		1,112		1,464		352
Total		$2,492		$7,723		$5,231		$1,329		$6,265		$4,936

*Cash flows and attributed fees for MRBs are determined on a policy level basis and are reported based on their asset or liability position at the balance sheet date.