v3.26.1
FAIR VALUE DISCLOSURES (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis
Assets and liabilities measured at fair value on a recurring basis are summarized below:
Fair Value Measurements as of June 30, 2026

Level 1
Level 2
Level 3
Total
(in millions)
Assets:
Investments
Fixed maturities, AFS:
Corporate (1)
$— $43,537 $2,967 $46,504 
U.S. Treasury, government and agency— 3,936 — 3,936 
States and political subdivisions— 305 — 305 
Foreign governments— 436 — 436 
Residential mortgage-backed (2)
— 7,682 22 7,704 
Asset-backed (3)
— 13,966 2,747 16,713 
Commercial mortgage-backed— 4,476 60 4,536 
Redeemable preferred stock— 57 — 57 
Total fixed maturities, AFS— 74,395 5,796 80,191 
Fixed maturities, at fair value using the fair value option — 2,745 203 2,948 
Mortgage loans, at fair value using the fair value option— — 71 71 
Other equity investments (4)237 169 18 424 
Trading securities393 963 393 1,749 
Other invested assets:
Short-term investments— 106 — 106 
Assets of consolidated VIEs/VOEs42 412 1 455 
Swaps— (1,047)— (1,047)
Credit default swaps
— (10)— (10)
Futures(2)— — (2)
Options— 23,904 — 23,904 
Forwards— 94 — 94 
Total other invested assets40 23,459 1 23,500 
Cash equivalents5,872 — — 5,872 
Segregated securities— 229 — 229 
Purchased market risk benefits — — 4,710 4,710 
Assets for market risk benefits— — 940 940 
Modco payable (5)
— — 3 3 
Separate Accounts assets (6)
139,559 2,936 — 142,495 
Total Assets$146,101 $104,896 $12,135 $263,132 
Liabilities:
Notes issued by consolidated VIEs, at fair value using the fair value option (7)
$— $2,786 $321 $3,107 
SCS, SIO, MSO and IUL indexed features’ liability— 25,743 — 25,743 
Liabilities of consolidated VIEs and VOEs— 22 — 22 
Liabilities for market risk benefits— — 8,816 8,816 
Contingent payment arrangements— — 9 9 
Total Liabilities$— $28,551 $9,146 $37,697 
______________
(1)Corporate fixed maturities includes both public and private issues.
(2)Includes publicly traded agency pass-through securities and collateralized obligations.
(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.
(4)Includes short position equity securities of $38 million that are reported in other liabilities.
(5)Represents ceded reserves on NI modco (see Note 1 of the Notes to these Consolidated Financial Statements). Reflected in Amounts due from reinsurers.
(6)Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate. As of June 30, 2026, the fair value of such investments was $277 million.
(7)Accrued interest payable of $21 million is reported in Notes issued by consolidated VIEs, at fair value using the fair value option in the consolidated balance sheets, which is not required to be measured at fair value on a recurring basis.
Fair Value Measurements as of December 31, 2025
Level 1
Level 2
Level 3
Total
(in millions)
Assets:
Investments
Fixed maturities, AFS:
Corporate (1)$— $42,345 $2,496 $44,841 
U.S. Treasury, government and agency— 3,737 — 3,737 
States and political subdivisions— 310 — 310 
Foreign governments— 482 — 482 
Residential mortgage-backed (2)— 7,086 — 7,086 
Asset-backed (3)— 14,513 1,545 16,058 
Commercial mortgage-backed (2)— 4,552 38 4,590 
Redeemable preferred stock— 58 — 58 
Total fixed maturities, AFS— 73,083 4,079 77,162 
Fixed maturities, at fair value using the fair value option— 2,484 459 2,943 
Mortgage loans, at fair value using the fair value option— — 50 50 
Other equity investments (4)
247 210 17 474 
Trading securities404 882 286 1,572 
Other invested assets:

Short-term investments— 28 68 96 
Assets of consolidated VIEs/VOEs33 318 1 352 
Swaps— (380)— (380)
Credit default swaps
— (10)— (10)
Futures1 — — 1 
Options— 21,111 — 21,111 
Forwards— 33 — 33 
Total other invested assets34 21,100 69 21,203 
Cash equivalents4,998 — — 4,998 
Segregated securities— 499 — 499 
Purchased market risk benefits— — 5,260 5,260 
Assets for market risk benefits— — 752 752 
Modco payable (5)
— — (1)(1)
Separate Accounts assets (6)
133,142 2,678 — 135,820 
Total Assets$138,825 $100,936 $10,971 $250,732 
Level 1
Level 2
Level 3
Total
(in millions)
Liabilities:
Notes issued by consolidated VIEs, at fair value using the fair value option (7)
$— $2,454 $254 $2,708 
SCS, SIO, MSO and IUL indexed features’ liability— 21,819 — 21,819 
Liabilities of consolidated VIEs and VOEs— 20 — 20 
Liabilities for market risk benefits
— — 10,153 10,153 
Contingent payment arrangements— — 9 9 
Total Liabilities$— $24,293 $10,416 $34,709 
______________
(1)Corporate fixed maturities includes both public and private issues.
(2)Includes publicly traded agency pass-through securities and collateralized obligations.
(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.
(4)Includes short position equity securities of $37 million that are reported in other liabilities.
(5)Represents ceded reserves on NI modco (see Note 1 of the Notes to these Consolidated Financial Statements). Reflected in Amounts due from reinsurers.
(6)Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate. As of December 31, 2025, the fair value of such investments was $290 million.
(7)Accrued interest payable of $19 million is reported in Notes issued by consolidated VIEs, at fair value using the fair value option in the consolidated balance sheets, which is not required to be measured at fair value on a recurring basis.
Schedule of Reconciliation of Assets and Liabilities at Level 3
The tables below present reconciliations for all Level 3 assets and liabilities and changes in unrealized gains (losses). Not included below are the changes in balances related to MRBs and purchased MRBs Level 3 assets and liabilities, which are included in Note 9 of the Notes to these Consolidated Financial Statements.
Three Months Ended June 30, 2026
CorporateAsset-backedRMBSCMBSFixed maturities, at FVO Mortgage Loans, at FVO
(in millions)
Balance, beginning of period$2,740 $1,636 $— $40 $439 $72 
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)3 — — — 21 — 
Investment gains (losses), net(11)— — — (1)(1)
Subtotal(8)— — — 20 (1)
Other comprehensive income (loss)(2)(10)— — — — 
Purchases1,201 708 22 20 (10)— 
Debt issuances— — — — — — 
Sales(967)(240)— — (5)— 
Settlements— — — — — — 
Change in fair value of Modco payable— — — — — — 
Other
— — — — — — 
Activity related to consolidated VIEs/VOEs— — — — — — 
Transfers into Level 3 (1)12 653 — — (55)— 
Transfers out of Level 3 (1)(9)— — — (186)— 
Balance, end of period$2,967 $2,747 $22 $60 $203 $71 
Three Months Ended June 30, 2026
CorporateAsset-backedRMBSCMBSFixed maturities, at FVO Mortgage Loans, at FVO
(in millions)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)$— $— $— $— $20 $— 
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)$(16)$(11)$— $— $— $— 
______________
(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. Negative transfers into Level 3 and positive transfers out of Level 3 represent transfers in prior quarters that were sold in the current quarter.
(2)For instruments held as of June 30, 2026, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.
Three Months Ended June 30, 2026
Other Equity Investments (3)Trading Securities, at Fair Value
Modco Payable
Notes issued by consolidated VIEsContingent Payment Arrangement
(in millions)
Balance, beginning of period$23 $347 $2 $(293)$(9)
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)1 (2)— — — 
Investment gains (losses), net— 3 — — — 
Subtotal1 1 — — — 
Other comprehensive income (loss)— — — — — 
Purchases6 56 — — — 
Debt issuances— — — (28)— 
Sales(7)(13)— — — 
Settlements— — — — — 
Change in fair value of Modco payable
— — 1 — — 
Other
— — — — — 
Activity related to consolidated VIEs/VOEs— — — — — 
Transfers into Level 3 (1)(4)2 — — — 
Transfers out of Level 3 (1)— — — — — 
Balance, end of period$19 $393 $3 $(321)$(9)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)$1 $— $— $— $— 
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)$— $— $— $— $— 
______________
(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. Negative transfers into Level 3 and positive transfers out of Level 3 represent transfers in prior quarters that were sold in the current quarter.
(2)For instruments held as of June 30, 2026, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.
(3)Other Equity Investments include other invested assets.
Three Months Ended June 30, 2025
CorporateAsset-backedRMBSCMBS
(in millions)
Balance, beginning of period$1,831 $648 $— $8 
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)2 — — — 
Investment gains (losses), net— — — — 
Subtotal2 — — — 
Other comprehensive income (loss)17 3 1 1 
Purchases279 398 14 11 
Sales(292)(11)— (5)
Settlements— — (3)— 
Change in fair value of modco payable— — — — 
Other— — — — 
Activity related to consolidated VIEs/VOEs— — — — 
Transfers into Level 3 (1)98 — 19 4 
Transfers out of Level 3 (1)74 (102)— — 
Balance, end of period$2,009 $936 $31 $19 
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)$— $— $— $— 
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)$14 $— $— $— 
______________
(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. Negative transfers into Level 3 and positive transfers out of Level 3 represent transfers in prior quarters that were sold in the current quarter.
(2)For instruments held as of June 30, 2025, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.
Three Months Ended June 30, 2025
Fixed maturities, at FVOOther Equity Investments (3)Trading Securities, at Fair ValueNotes issued by consolidated VIEsContingent Payment Arrangement
(in millions)
Balance, beginning of period$263 $18 $109 $(168)$(8)
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)(1)1 — — — 
Investment gains (losses), net— — — — — 
Subtotal(1)1 — — — 
Other comprehensive income (loss)— — — — — 
Purchases87 11 18 — — 
Debt issuances
— — — (2)— 
Sales(27)(16)— — — 
Settlements— — — 12 — 
Change in fair value of modco payable— — — — — 
Other— — — — — 
Activity related to consolidated VIEs/VOEs— (1)— — — 
Transfers into Level 3 (1)63 — — — — 
Transfers out of Level 3 (1)25 — — — — 
Balance, end of period$410 $13 $127 $(158)$(8)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)$(1)$1 $— $— $— 
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)$— $— $— $— $— 
______________
(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. Negative transfers into Level 3 and positive transfers out of Level 3 represent transfers in prior quarters that were sold in the current quarter.
(2)For instruments held as of June 30, 2025, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.
(3)Other Equity Investments include other invested assets.
Six Months Ended June 30, 2026
CorporateAsset-backedRMBSCMBSFixed maturities, at FVOMortgage Loans, at FVO
(in millions)
Balance, beginning of period$2,496 $1,545 $— $38 $459 $50 
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)4 — — — 14 — 
Investment gains (losses), net(20)(4)— — (1)(4)
Subtotal(16)(4)— — 13 (4)
Other comprehensive income (loss)(21)(22)— (1)— — 
Purchases1,665 1,027 22 23 36 25 
Debt issuances
— — — — — — 
Sales(1,078)(355)— — (16)— 
Settlements— — — — — — 
Change in fair value of modco payable
— — — — — — 
Other— — — — — — 
Activity related to consolidated VIEs/VOEs— — — — — — 
Transfers into Level 3 (1)33 722 — — 71 — 
Transfers out of Level 3 (1)(112)(166)— — (360)— 
Balance, end of period$2,967 $2,747 $22 $60 $203 $71 
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)$— $— $— $— $14 $— 
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)$(35)$(22)$— $(1)$— $— 
______________
(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.
(2)For instruments held as of June 30, 2026, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.
Six Months Ended June 30, 2026
Other Equity Investments (1)Trading Securities, at Fair ValueShort-term investments
Modco Payable
Notes issued by consolidated VIEs
Contingent Payment Arrangement
(in millions)
Balance, beginning of period$18 $286 $68 $(1)$(254)$(9)
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)1 (2)— — — — 
Investment gains (losses), net— 3 — — — — 
Subtotal1 1 — — — — 
Other comprehensive income (loss)— — — — — — 
Purchases
11 120 — — — — 
Debt issuances
— — — — (72)— 
Sales (11)(15)— — — — 
Settlements — — — — 5 — 
Change in fair value of modco payable
— — — 4 — — 
Other
— — — — — — 
Activity related to consolidated VIEs/VOEs— — — — — — 
Transfers into Level 3 (2)
— 2 — — — — 
Transfers out of Level 3 (2)
— (1)(68)— — — 
Balance, end of period$19 $393 $— $3 $(321)$(9)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (3)
$1 $— $— $— $— $— 
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (3)
$— $— $— $— $— $— 
______________
(1)Other Equity Investments include other invested assets.
(2)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.
(3)For instruments held as of June 30, 2026, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.
Six Months Ended June 30, 2025
Corporate (3)
Asset-backedRMBSCMBSFixed maturities, at FVO
(in millions)
Balance, beginning of period$2,472 $232 $— $8 $275 
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)3 — — — 1 
Investment gains (losses), net(3)— — — (4)
Subtotal— — — — (3)
Other comprehensive income (loss)28 6 1 1 — 
Purchases424 784 14 11 199 
Debt issuances— — — — — 
Sales(390)(133)(3)(5)(41)
Settlements— — — — — 
Change in fair value of modco payable— — — — — 
Other— — — — — 
Activity related to consolidated VIEs/VOEs— — — — — 
Transfers into Level 3 (1)98 149 19 4 95 
Transfers out of Level 3 (1)(623)(102)— — (115)
Balance, end of period$2,009 $936 $31 $19 $410 
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)$— $— $— $— $(1)
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)$22 $3 $1 $— $— 
______________
(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.
(2)For instruments held as of June 30, 2025, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.
Six Months Ended June 30, 2025
Other
Equity Investments (1)
Trading Securities, at Fair ValueNotes issued by consolidated VIEsContingent Payment Arrangement
(in millions)
Balance, beginning of period$55 $80 $(172)$(9)
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)1 — — — 
Investment gains (losses), net— — — — 
Subtotal1 — — — 
Other comprehensive income (loss)— — — — 
Purchases 14 47 — — 
Debt issuances— — (3)— 
Sales (16)— — — 
Settlements — — 17 1 
Change in fair value of modco payable
— — — — 
Six Months Ended June 30, 2025
Other
Equity Investments (1)
Trading Securities, at Fair ValueNotes issued by consolidated VIEsContingent Payment Arrangement
(in millions)
Other — — — — 
Activity related to consolidated VIEs/VOEs(1)— — — 
Transfers into Level 3 (2)
2 — — — 
Transfers out of Level 3 (2)
(42)— — — 
Balance, end of period$13 $127 $(158)$(8)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (3)
$1 $— $— $— 
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (3)
$— $— $— $— 
_____________
(1)Other Equity Investments include other invested assets.
(2)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.
(3)For instruments held as of June 30, 2025, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.
Schedule of Quantitative Information About Level 3 Fair Value Measurement
The following tables disclose quantitative information about Level 3 fair value measurements by category for assets and liabilities:
Quantitative Information about Level 3 Fair Value Measurements as of June 30, 2026

Fair
Value
Valuation
Technique
Significant
Unobservable Input
Range
Weighted Average (2)
(Dollars in millions)
Assets:
Investments:
Fixed maturities, AFS:
Corporate
$1,063 Market comparable 
companies
EBITDA multiples
Discount rate
Cash flow multiples
Loan to value
Benchmark analysis
4.3x - 26.0x
5.9% - 48.2%
0.9x - 15.4x
3.3% - 45.3%
3.6% - 7.8%
12.6x
7.6%
5.9x
14.2%
4.7%
Trading securities,
at fair value (5)
82 Discounted cash flow
Earnings multiple
Discount factor
Discount years
10.9x
10.0%
7
Trading securities,
at fair value (5)
246 Market comparable 
companies
EBITDA Multiples
Cashflow Multiples
6.2x - 26.0x
0.7x - 11.8x
14.4x
7.1x
Mortgage loans, at fair value using the fair value option71 Discounted cash flowDiscount rate
Loan to value
6.4% - 6.8%
64.0% - 66.0%
6.6%
65.0%
Purchased MRB asset
(1) (2) (4)
4,710 Discounted cash flow
Lapse rates
Withdrawal rates
GMIB Utilization rates
Non-performance risk
Volatility rates - Equity
Mortality: Ages 0-40
Ages 41-60
Ages 61-115
0.04% - 13.67%
0.12% - 6.51%
0.04% - 63.69%
1 bps - 78 bps
13.74% - 28.52%
0.01% - 0.17%
0.06% - 0.51%
0.31% - 40.40%
2.52%
0.62%
6.52%
6 bps
22.65%
3.53%
(same for all ages)
(same for all ages)
Liabilities:
AB Contingent consideration payable$9 Discounted cash flow
Expected revenue growth rates
Discount rate
2.0% - 8.0%
1.9% - 1.9%
4.9%
1.9%
Direct MRB (1) (2) (3) (4)7,876 Discounted cash flow
Non-performance risk
Lapse rates
Withdrawal rates
Annuitization rates
Mortality: Ages 0-40
Ages 41-60
Ages 61-115
94 bps
0.04% - 38.09%
0.00% - 8.00%
0.04% - 100.00%
0.01% - 0.17%
0.06% - 0.51%
0.31% - 40.40%
94 bps
4.28%
0.67%
5.06%
3.04%
(same for all ages)
(same for all ages)
______________
(1)Mortality rates vary by age and demographic characteristic such as gender. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives.
(2)Lapses and pro rata withdrawal rates were developed as a function of the policy account value. Dollar-for-dollar withdrawal rates were developed as a function of the dollar-for-dollar threshold, the dollar-for-dollar limit. Utilization rates were developed as a function of the benefit base.
(3)MRB liabilities are shown net of MRB assets. Net amount is made up of $8.8 billion of MRB liabilities and $940 million of MRB assets.
(4)Includes Legacy and Core products.
(5)Certain newly acquired Level 3 Trading securities are not presented as cost basis approximates fair value as of June 30, 2026.
Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2025
Fair
Value
Valuation
Technique
Significant
Unobservable Input
Range
Weighted Average (2)
(Dollars in millions)
Assets:
Investments:
Fixed maturities, AFS:
Corporate$1,189 Market comparable companies
EBITDA multiples
 Discount rate
 Cash flow multiples
Loan to value
4.8x - 34.0x
7.3% - 21.3%
0.6x - 29.5x
2.1% - 80.0%
13.8x
3.4%
15.0x
10.3%
Other equity investments3 
Discounted Cash Flow
Earnings Multiple
6.9x - 9.4x
6.9x
Trading securities,
at fair value (5)
83 Discounted cash flow
Earnings multiple
Discounts factor
Discount years
10.9x
10.0%
7
Trading securities,
at fair value (5)
139 Market comparable companies
EBITDA multiples
Cashflow Multiples
6.8x - 34.0x
4.0x - 29.5x
15.1x
7.6x
Mortgage loans, at fair value using the fair value option50 Discounted cash flow
Discount rate
Loan to value
5.1% - 5.7%
64.0% - 64.5%
Purchased MRB asset
(1) (2) (4)
5,260 Discounted cash flow
Lapse rates
Withdrawal rates
GMIB Utilization rates
Non-performance risk
Volatility rates - Equity
Mortality: Ages 0-40
Ages 41-60
Ages 61-115
0.04% - 13.67%
0.12% - 6.51%
0.04% - 63.69%
3 bps - 85 bps
13% - 29%
0.01% - 0.17%
0.06% - 0.51%
0.31% - 40.40%
2.34%
0.68%
6.87%
7 bps
23%
3.41%
(same for all ages)
(same for all ages)
Liabilities:
AB Contingent consideration payable$9 Discounted cash flow
Expected revenue growth rates
Discount rate
2.0% - 13.3%
1.9% - 1.9%
6.8%
1.9%
Direct MRB (1) (2) (3) (4)9,401 Discounted cash flow
Non-performance risk
Lapse rates
Withdrawal rates
Annuitization rates
Mortality: Ages 0-40
Ages 41-60
Ages 61-115
77 bps
0.04% - 38.09%
0.00% - 8.00%
0.04% - 100.00%
0.01% - 0.17%
0.06% - 0.51%
0.31% - 40.40%
77 bps
4.09%
0.83%
5.29%
2.95%
(same for all ages)
(same for all ages)
______________
(1)Mortality rates vary by age and demographic characteristic such as gender and benefits elected with the policy. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives.
(2)Lapses and pro rata withdrawal rates were developed as a function of the policy account value. Dollar-for-dollar withdrawal rates were developed as a function of the dollar-for-dollar threshold, the dollar-for-dollar limit. Utilization rates were developed as a function of the benefit base.
(3)MRB liabilities are shown net of MRB assets. Net amount is made up of $10.2 billion of MRB liabilities and $752 million of MRB assets.
(4)Includes Legacy and Core products.
(5)Certain newly acquired Level 3 Trading securities are not presented as cost basis approximates fair value as of December 31, 2025.
Schedule of Fair Value Disclosure Financial Instruments Not Carried At Fair Value
The carrying values and fair values for financial instruments not otherwise disclosed in Note 3 and Note 4 of the Notes to these Consolidated Financial Statements were as follows:
Carrying Values and Fair Values for Financial Instruments Not Otherwise Disclosed

Carrying
Value
Fair Value
Level 1
Level 2
Level 3
Total
(in millions)
June 30, 2026:
Mortgage loans on real estate $24,795 $— $— $23,887 $23,887 
Policy loans$1,846 $— $— $1,920 $1,920 
Policyholders’ liabilities: Investment contracts$3,375 $— $— $3,336 $3,336 
Modco payable (1)$349 $— $— $349 $349 
Funding agreements (2)
$19,987 $— $19,865 $— $19,865 
Short-term debt
$— $— $— $— $— 
Long-term debt$3,839 $— $3,743 $— $3,743 
Separate Accounts liabilities$13,197 $— $— $13,197 $13,197 
December 31, 2025:
Mortgage loans on real estate$22,668 $— $— $21,907 $21,907 
Policy loans$1,862 $— $— $1,958 $1,958 
Policyholders’ liabilities: Investment contracts$2,808 $— $— $2,777 $2,777 
Modco payable (1)
$323 $— $— $323 $323 
Funding agreements$17,996 $— $17,916 $— $17,916 
Short-term debt
$25 $— $25 $— $25 
Long-term debt $3,835 $— $3,814 $— $3,814 
Separate Accounts liabilities$12,365 $— $— $12,365 $12,365 
______________
(1)Modco payable is reported in Amounts due from reinsurers in the consolidated balance sheets.
(2)Excludes accrued interest of $103 million as of June 30, 2026.