v3.26.1
POLICYHOLDER ACCOUNT BALANCES (Tables)
 6 Months Ended
Jun. 30, 2026
Policyholder Account Balance [Abstract]  
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 Policyholder Account Balance, Guaranteed Minimum Crediting Rate
The following table presents the account values by range of guaranteed minimum crediting rates and the related range of the difference in basis points, between rates being credited policyholders and the respective guaranteed minimums:
June 30, 2026
Product

Range of Guaranteed Minimum Crediting RateAt Guaranteed Minimum
1 Basis Point - 50 Basis Points Above
51 Basis Points - 150 Basis Points Above
 Greater Than 150 Basis Points Above
 Total
( in millions)
Retirement
GMxB Core
0.00% - 1.50%
$— $9 $128 $— $137 
1.51% - 2.50%
20 — — — 20 
Greater than 2.50%
5 — — — 5 
Total
$25 $9 $128 $— $162 
EQUI-VEST Individual
0.00% - 1.50%
$— $— $213 $— $213 
1.51% - 2.50%
10 17 — — 27 
Greater than 2.50%
1,498 — — — 1,498 
Total
$1,508 $17 $213 $— $1,738 
EQUI-VEST
Group
0.00% - 1.50%
$74 $606 $2,535 $113 $3,328 
1.51% - 2.50%
337 — — — 337 
Greater than 2.50%
5,660 — — — 5,660 
Total
$6,071 $606 $2,535 $113 $9,325 
Momentum
0.00% - 1.50%
$— $11 $245 $47 $303 
1.51% - 2.50%
80 — — — 80 
Greater than 2.50%
50 — 4 — 54 
Total
$130 $11 $249 $47 $437 
Corporate and Other
Universal Life
0.00% - 1.50%
$— $— $— $6 $6 
1.51% - 2.50%
— 82 280 668 1,030 
 Greater than 2.50%
3,091 715 — — 3,806 
Total
$3,091 $797 $280 $674 $4,842 
Variable Universal Life
0.00% - 1.50%
$19 $— $149 $76 $244 
1.51% - 2.50%
49 234 426 — 709 
Greater than 2.50%
3,714 55 — — 3,769 
Total
$3,782 $289 $575 $76 $4,722 
GMxB Legacy
0.00% - 1.50%
$— $56 $2 $— $58 
1.51% - 2.50%
14 — — — 14 
Greater than 2.50%
330 — — — 330 
Total
$344 $56 $2 $— $402 
December 31, 2025
Product
Range of Guaranteed Minimum Crediting RateAt Guaranteed Minimum
 1 Basis Point - 50 Basis Points Above
51 Basis Points - 150 Basis Points Above
 Greater Than 150 Basis Points Above
 Total
( in millions)
Retirement
GMxB Core
0.00% - 1.50%
$— $10 $138 $— $148 
1.51% - 2.50%
11 — — — 11 
Greater than 2.50%
27 — — — 27 
Total$38 $10 $138 $— $186 
EQUI-VEST Individual
0.00% - 1.50%
$— $27 $154 $— $181 
1.51% - 2.50%
11 61 — — 72 
Greater than 2.50%
1,565 — — — 1,565 
Total$1,576 $88 $154 $— $1,818 
EQUI-VEST Group
0.00% - 1.50%
$1 $927 $2,247 $194 $3,369 
1.51% - 2.50%
339 — — — 339 
Greater than 2.50%
5,762 — — — 5,762 
Total$6,102 $927 $2,247 $194 $9,470 
Momentum
0.00% - 1.50%
$— $12 $283 $47 $342 
1.51% - 2.50%
90 — — — 90 
Greater than 2.50%
52 — 5 — 57 
Total$142 $12 $288 $47 $489 
Corporate and Other
Universal Life
0.00% - 1.50%
$— $— $— $6 $6 
1.51% - 2.50%
— 83 279 664 1,026 
Greater than 2.50%
3,175 689 — — 3,864 
Total$3,175 $772 $279 $670 $4,896 
Variable Universal Life
0.00% - 1.50%
$17 $2 $132 $66 $217 
1.51% - 2.50%
39 373 257 — 669 
Greater than 2.50%
3,678 81 — — 3,759 
Total$3,734 $456 $389 $66 $4,645 
GMxB Legacy
0.00% - 1.50%
$— $58 $2 $— $60 
1.51% - 2.50%
16 — — — 16 
Greater than 2.50%
351 — — — 351 
Total$367 $58 $2 $— $427 
Schedule of Aggregate Fair Value of Separate Account Assets
The following table presents the aggregate fair value of Separate Account assets by major asset category:
June 30, 2026
Retirement
Corporate & Other
Total
LegacyLife Other
(in millions)
Asset Type
Debt securities$17$— $42 $12 $71 
Common Stock655— 78 1,981 2,714 
Mutual Funds87,43228,383 22,580 584 138,979 
Bonds and Notes4— 90 1,148 1,242 
Total$88,108 $28,383 $22,790 $3,725 $143,006 

December 31, 2025
Retirement
Corporate & Other
Total
Legacy
Life
Other
(in millions)
Asset Type
Debt securities$16 $— $43 $12 $71 
Common Stock573 — 73 1,863 2,509 
Mutual Funds82,973 28,276 20,870 632 132,751 
Bonds and Notes8 — 91 1,114 1,213 
Total$83,570 $28,276 $21,077 $3,621 $136,544