v3.26.1
LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS (Tables)
 6 Months Ended
Jun. 30, 2026
Insurance [Abstract]  
Schedule of Policyholder Account Balance and Liability for Unpaid Claims and Claims Adjustment Expense The following table reconciles the net liability for future policy benefits and liability of death benefits to the liability for future policy benefits in the consolidated balance sheets:
June 30, 2026December 31, 2025
(in millions)
Reconciliation
Term$1,202 $1,241 
Payout
5,345 5,243 
Group Pension - Benefit Reserve & DPL407 432 
Health1,252 1,316 
UL1,355 1,328 
Subtotal9,561 9,560 
  Whole Life Closed Block and Open Block products4,839 4,980 
Other (1)928 936 
Future policyholder benefits total15,328 15,476 
  Other policyholder funds and dividends payable2,044 2,184 
Total$17,372 $17,660 
_____________
(1)Primarily consists of future policy benefits related to Protective Life and Annuity, Assumed Life and Disability, Group Life Run off, Variable Interest Sensitive Life rider and EB.
Schedule of Policyholder Account Balance
The following table summarizes balances and changes in the liability for future policy benefits for nonparticipating traditional and limited pay contracts:
Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Retirement
Corporate & Other
Retirement
Corporate & Other
PayoutTermGroup PensionHealthPayoutTermGroup PensionHealth
(in millions)
Present Value of Expected Net Premiums
Balance, beginning of period$— $1,818 $— $(23)$— $1,932 $— $(25)
Beginning balance at original discount rate— 1,802 — (24)— 1,959 — (26)
Effect of changes in cash flow assumptions— (3)— — — — — — 
Effect of actual variances from expected experience— (51)— (1)— (54)— (2)
Adjusted beginning of period balance— 1,748 — (25)— 1,905 — (28)
Issuances— 15 — — — 20 — — 
Interest accrual— 43 — — — 47 — (1)
Net premiums collected— (81)— 2 — (90)— 3 
Ending Balance at original discount rate— 1,725 — (23)— 1,882 — (26)
Effect of changes in discount rate assumptions— (15)— 1 — — — 1 
Balance, end of period$— $1,710 $— $(22)$— $1,882 $— $(25)
Present Value of Expected Future Policy Benefits
Balance, beginning of period$5,243 $3,058 $432 $1,293 $5,050 $3,216 $460 $1,337 
Beginning balance of original discount rate5,402 2,991 472 1,458 5,390 3,215 514 1,555 
Effect of changes in cash flow assumptions (1)
(15)7 — — (468)— — — 
Effect of actual variances from expected experience(3)(74)— (1)(3)(73)— (7)
Adjusted beginning of period balance5,384 2,924 472 1,457 4,919 3,142 514 1,548 
Issuances365 16 — — 398 22 — — 
Interest accrual105 73 8 24 99 79 9 25 
Benefits payments(286)(116)(28)(71)(251)(120)(31)(75)
Ending Balance at original discount rate5,568 2,897 452 1,410 5,165 3,123 492 1,498 
Effect of changes in discount rate assumptions(223)14 (45)(180)(229)45 (45)(187)
Balance, end of period$5,345 $2,911 $407 $1,230 $4,936 $3,168 $447 $1,311 
Impact of flooring LFPB at zero— 1 — — — 1 — — 
Net liability for future policy benefits5,345 1,202 407 1,252 4,936 1,287 447 1,336 
Less: Reinsurance recoverable(1,261)(889)— (972)(1,027)2 — (1,044)
Net liability for future policy benefits, after reinsurance recoverable$4,084 $313 $407 $280 $3,909 $1,289 $447 $292 
Weighted-average duration of liability for future policyholder benefits (years)7.46.96.88.07.66.86.98.3
______________
(1)Includes the net income impact due to novation as described in Note 1.
The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets:

June 30, 2026December 31, 2025
(in millions)
Policyholders’ account balance reconciliation
Retirement
SCS$90,076 $80,752 
EQUI-VEST Individual1,738 1,819 
EQUI-VEST Group10,905 10,968 
Momentum438 489 
GMxB Core(70)(52)
Corporate and Other
Universal Life4,868 4,924 
Variable Universal Life5,288 5,165 
GMxB Legacy216 222 
Other (1)
12,896 11,150 
Balance (exclusive of Funding Agreements)126,355 115,437 
Funding Agreements
20,090 17,996 
Balance, end of period$146,445 $133,433 
_____________
(1)Primarily reflects products Retirement Payout, Retirement Other, Indexed Universal Life, Investment Edge, Group Pension and Closed Block.
The following table summarizes the balances and changes in policyholder’s account balances:
Six Months Ended June 30, 2026
Retirement
Corporate and Other

GMxB CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentumUniversal LifeVariable Universal LifeGMxB Legacy
(Dollars in millions)
Balance, beginning of period$(52)$80,752 $1,819 $10,968 $489 $4,924 $5,165 $222 
Premiums received45 435 16 295 20 271 37 2 
Policy charges6 (52)— (3)— (314)(143)17 
Surrenders and withdrawals(15)(3,379)(110)(649)(56)(40)(35)(29)
Benefit payments— (241)(23)(34)(1)(79)(20)(8)
Net transfers from (to) Separate Account(56)6,473 10 153 (19)— 176 5 
Interest credited (2)2 6,088 26 175 5 106 108 6 
Other (4)
— — — — — — — 1 
Balance, end of period$(70)$90,076 $1,738 $10,905 $438 $4,868 $5,288 $216 
Weighted-average crediting rate1.84%N/A2.99%2.66%2.30%3.85%3.67%2.78%
Net amount at risk (3)$2,799 $3 $94 $6 $— $30,087 $116,980 $13,628 
Cash surrender value$160 $85,864 $1,733 $10,857 $438 $3,266 $3,247 $401 
______________
(1)SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) Separate Account.
(2)SCS and EQUI-VEST Group includes amounts related to the change in embedded derivative.
(3)For life insurance products, the net amount at risk is the death benefit less account value for the policyholder. For variable annuity products, the net amount at risk is the maximum GMxB NAR for the policyholder.
(4)Includes the PAB from the policies novated to Venerable, as described in Note 1 of the Notes to these Consolidated Financial Statements.
Six Months Ended June 30, 2025
Retirement
Corporate and Other

GMxB CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentumUniversal LifeVariable Universal LifeGMxB Legacy
(Dollars in millions)
Balance, beginning of period$(4)$65,267$2,037$11,158$527$5,065$4,982$226
Premiums received9151829326300605
Policy charges4(24)—(3)—(335)(139)18
Surrenders and withdrawals(15)(2,534)(127)(688)(53)(43)(2)(32)
Benefit payments(1)(179)(33)(32)(1)(122)(70)(8)
Net transfers from (to) Separate Account(106)6,7608237(7)—1175
Interest credited (2)42,2472916561081136
Other———————33
Balance, end of period$(27)$71,542$1,932$11,130$498$4,973$5,061$253
Weighted-average crediting rate1.97%N/A2.96%2.75%2.48%3.83%3.67%2.78%
Net amount at risk (3)$2,953$—$100$7$—$32,105$117,332$15,835
Cash surrender value$202$68,284$1,927$11,084$499$3,323$3,176$452
______________
(1)SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) Separate Account.
(2)SCS and EQUI-VEST includes amounts related to the change in embedded derivative.
(3)For life insurance products, the net amount at risk is the death benefit less account value for the policyholder. For variable annuity products, the net amount at risk is the maximum GMxB NAR for the policyholder.
The following table reconciles the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheets:
June 30, 2026December 31, 2025
(in millions)
Separate Account Reconciliation
Retirement
GMxB Core$31,314 $30,720 
EQUI-VEST Individual5,004 4,836 
Investment Edge5,655 5,312 
EQUI-VEST Group36,618 33,714 
Momentum5,436 5,174 
Corporate and Other
Variable Universal Life22,066 20,383 
GMxB Legacy28,369 28,209 
Other (1)8,544 8,196 
Total$143,006 $136,544 
______________
(1)Primarily reflects Corporate and Other products and Retirement products including Association and Retirement Other.
The following table presents the balances of and changes in Separate Account liabilities:
Six Months Ended June 30, 2026
Retirement
Corporate and Other
GMxB CoreEQUI-VEST IndividualInvestment EdgeEQUI-VEST GroupMomentumVULGMxB Legacy
(in millions)
Balance, beginning of period$30,720 $4,836 $5,312 $33,714 $5,174 $20,383 $28,209 
Premiums and deposits839 45 1,221 1,327 296 674 92 
Policy charges (255)(2)— (9)(13)(294)(245)
Surrenders and withdrawals(2,009)(270)(341)(1,557)(503)(308)(1,579)
Benefit payments(136)(32)(25)(40)(6)(122)(317)
Investment performance (1)2,099 437 398 3,336 469 1,906 2,318 
Net transfers from (to) General Account
56 (10)(910)(153)19 (176)(6)
Other charges (2)
— — — — — 3 (103)
Balance, end of period$31,314 $5,004 $5,655 $36,618 $5,436 $22,066 $28,369 
Cash surrender value$30,479 $4,975 $5,575 $36,293 $5,430 $21,494 $28,179 
_____________
(1)Investment performance is reflected net of M&E fees.
(2)Other charges include the Separate Account value novated to Venerable, as described in Note 1 of the Notes to these Consolidated Financial Statements.
Six Months Ended June 30, 2025
Retirement
Corporate and Other
GMxB CoreEQUI-VEST IndividualInvestment EdgeEQUI-VEST GroupMomentumVULGMxB Legacy
(in millions)
Balance, beginning of period$30,411 $4,782 $4,885 $30,546 $4,813 $18,176 $33,199 
Premiums and deposits934 49 901 1,252 330 664 118 
Policy charges (252)(2)— (8)(12)(292)(265)
Surrenders and withdrawals(1,861)(237)(242)(1,271)(433)(350)(1,499)
Benefit payments(145)(36)(17)(32)(5)(54)(364)
Investment performance (1)864 208 247 1,464 308 941 907 
Net transfers from (to) General Account
106 (8)(702)(237)7 (117)(5)
Other charges
— — — — — — (3,816)
Balance, end of period$30,057 $4,756 $5,072 $31,714 $5,008 $18,968 $28,275 
Cash surrender value$29,218 $4,724 $4,983 $31,412 $5,001 $18,600 $28,071 
______________
(1)Investment performance is reflected net of M&E fees.
Schedule of Liability for Future Policy Benefits, Undiscounted and Discounted Expected Gross Premiums and Expected Future Benefits and Expenses
The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses related to nonparticipating traditional and limited payment contracts:
June 30, 2026December 31, 2025
(in millions)
Term
Expected future benefit payments and expenses (undiscounted)$5,037 $5,214 
Expected future gross premiums (undiscounted)
6,070 6,250 
Expected future benefit payments and expenses (discounted; AOCI basis)2,904 3,058 
Expected future gross premiums (discounted; AOCI basis)3,279 3,424 
Payout
Expected future benefit payments and expenses (undiscounted)7,925 7,683 
Expected future gross premiums (undiscounted)
— — 
Expected future benefit payments and expenses (discounted; AOCI basis)5,225 5,127 
Expected future gross premiums (discounted; AOCI basis)— — 
Group Pension
Expected future benefit payments and expenses (undiscounted)552 578 
Expected future gross premiums (undiscounted)
— — 
Expected future benefit payments and expenses (discounted; AOCI basis)388 412 
Expected future gross premiums (discounted; AOCI basis)— — 
Health
Expected future benefit payments and expenses (undiscounted)1,914 1,987 
Expected future gross premiums (undiscounted)
56 60 
Expected future benefit payments and expenses (discounted; AOCI basis)1,225 1,280 
Expected future gross premiums (discounted; AOCI basis)$44 $48 
Schedule of Liability for Future Policy Benefits, Revenue and Interest Accretion
The table below summarizes the revenue and interest related to nonparticipating traditional and limited payment contracts:
Six Months Ended June 30,
2026202520262025
Gross PremiumInterest Accretion
(in millions)
Revenue and Interest Accretion
Term$125 $161 $30 $32 
Payout
81 116 110 105 
Group Pension— — 8 9 
Health3 5 25 26 
Total$209 $282 $173 $172 
Schedule of Liability for Future Policy Benefits, Weighted Average Interest Rates
The following table provides the weighted average interest rates for the liability for future policy benefits:
June 30, 2026December 31, 2025
Weighted Average Interest Rate
Term
Interest accretion rate5.5 %5.6 %
Current discount rate5.2 %4.9 %
Payout
Interest accretion rate4.6 %4.5 %
Current discount rate5.2 %5.0 %
Group Pension
Interest accretion rate3.3 %3.4 %
Current discount rate5.1 %4.8 %
Health
Interest accretion rate3.4 %3.4 %
Current discount rate5.3 %5.0 %
Schedule of Balances of and Changes in Additional Liabilities Related to Insurance Guarantees
The following table provides the balance, changes in and the weighted average durations of the additional insurance liabilities:
Six Months Ended June 30,
20262025
Corporate and Other
UL
(in millions)
Balance, beginning of period$1,328 $1,246 
Beginning balance before AOCI adjustments1,347 1,302 
Effect of changes in interest rate & cash flow assumptions and model changes— — 
Effect of actual variances from expected experience1 4 
Adjusted beginning of period balance1,348 1,306 
Interest accrual30 29 
Net assessments collected31 34 
Benefit payments(39)(45)
Ending balance before shadow reserve adjustments1,370 1,324 
Effect of reserve adjustment recorded in AOCI(15)(53)
Balance, end of period$1,355 $1,271 
Net liability for additional liability $1,355 $1,271 
Less: Reinsurance recoverable(1,117)— 
Net liability for additional liability, after reinsurance recoverable$238 $1,271 
Weighted-average duration of additional liability - death benefit (years)18.119.1
The following tables provide the revenue, interest and weighted average interest rates, related to the additional insurance liabilities:
Six Months Ended June 30,
2026202520262025
AssessmentsInterest Accretion
(in millions)
Revenue and Interest Accretion
UL$292 $316 $30 $29 
Total$292 $316 $30 $29 
June 30, 2026December 31, 2025
Weighted Average Interest Rate
UL4.5 %4.5 %
Interest accretion rate4.5 %4.5 %