v3.26.1
Future Policy Benefits (Tables)
 6 Months Ended
Jun. 30, 2026
Insurance [Abstract]  
Schedule of Balances and Changes in the Present Value of Expected Net Premiums and Present Value
The following table summarizes balances and changes in the present value of expected net premiums and the present value of the expected FPB for nonparticipating traditional contracts:
Traditional life
June 30, 2026December 31, 2025
Expected net premiums(Dollars in millions)
Balance, beginning of year$585 $631 
Beginning balance at original discount rate700 780 
     Effect of actual variances from expected experience(3)1 
Balance adjusted for variances from expectation697 781 
     Interest accrual7 15 
     Net premiums collected(44)(96)
Ending balance at original discount rate660 700 
     Effect of changes in discount rate assumptions(118)(115)
Balance, end of period$542 $585 
Expected FPB
Balance, beginning of year$1,855 $1,933 
Beginning balance at original discount rate2,167 2,368 
     Effect of actual variances from expected experience(4)(21)
Balance adjusted for variances from expectation2,163 2,347 
     Interest accrual23 50 
     Benefits payments(100)(230)
Ending balance at original discount rate2,086 2,167 
     Effect of changes in discount rate assumptions(329)(312)
Balance, end of period$1,757 $1,855 
Net liability for future policy benefits$1,215 $1,270 
Less: Reinsurance recoverable510 489 
Net liability for future policy benefits, after reinsurance recoverable$705 $781 
Weighted-average duration of liability for future policyholder benefits (years)5.956.84
The following tables summarize balances and changes in the present value of the expected FPB for limited-payment contracts:
PRT
June 30, 2026December 31, 2025
(Dollars in millions)
Balance, beginning of year$8,112 $6,054 
Beginning balance at original discount rate8,268 6,417 
     Effect of changes in cash flow assumptions13 (36)
     Effect of actual variances from expected experience(16)13 
Balance adjusted for variances from expectation8,265 6,394 
     Issuances573 2,206 
     Interest accrual201 331 
     Benefits payments(409)(663)
Ending balance at original discount rate8,630 8,268 
     Effect of changes in discount rate assumptions(317)(156)
Balance, end of period$8,313 $8,112 
Net liability for future policy benefits, after reinsurance recoverable$8,313 $8,112 
Weighted-average duration of liability for future policyholder benefits (years)7.637.80

Immediate annuities
June 30, 2026December 31, 2025
(Dollars in millions)
Balance, beginning of year$1,276 $1,297 
Beginning balance at original discount rate1,679 1,732 
     Effect of actual variances from expected experience1 (11)
Balance adjusted for variances from expectation1,680 1,721 
     Issuances12 17 
     Interest accrual26 54 
     Benefits payments(56)(113)
Ending balance at original discount rate1,662 1,679 
     Effect of changes in discount rate assumptions(427)(403)
Balance, end of period$1,235 $1,276 
Net liability for future policy benefits$1,235 $1,276 
Less: Reinsurance recoverable104 106 
Net liability for future policy benefits, after reinsurance recoverable$1,131 $1,170 
Weighted-average duration of liability for future policyholder benefits (years)12.2412.32
Schedule of Changes in Liability for Deferred Profit Liability
The following tables summarize balances and changes in the liability for deferred profit liability ("DPL") for limited-payment contracts:
June 30, 2026December 31, 2025
Immediate annuitiesPRTImmediate annuitiesPRT
(In millions)
Balance, beginning of year$90 $7 $90 $6 
     Effect of actual variances from expected experience(8)1 2 1 
Balance adjusted for variances from expectation82 8 92 7 
     Issuances6 — 6 1 
     Interest accrual1 — 1 — 
     Amortization(4)— (9)(1)
Balance, end of period$85 $8 $90 $7 
Schedule of Reconciliation of Future Policy Benefits to Statement of Financial Position
The following table reconciles the net FPB to the FPB in the unaudited Condensed Consolidated Balance Sheets. The DPL for Immediate Annuities and PRT is presented together with the FPB in the unaudited Condensed Consolidated Balance Sheets and has been included as a reconciling item in the table below:
June 30, 2026December 31, 2025
(In millions)
Traditional life$1,215 $1,270 
Immediate annuities1,235 1,276 
PRT8,313 8,112 
Immediate annuities DPL85 90 
PRT DPL8 7 
Total$10,856 $10,755 
Schedule of Liability for Future Policy Benefit Expected Future Policy Benefit Undiscounted Before Reinsurance
The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses for nonparticipating traditional and limited-payment contracts:
UndiscountedDiscounted
June 30,June 30,
2026202520262025
Traditional life(In millions)
Expected future benefit payments$2,406 $2,657 $1,759 $1,920 
Expected future gross premiums794 896 581 658 
Immediate annuities
Expected future benefit payments$3,057 $3,147 $1,235 $1,289 
Expected future gross premiums— — — — 
PRT
Expected future benefit payments$13,609 $11,059 $8,313 $6,772 
Expected future gross premiums— — — — 
Schedule of Revenue from External Customers by Products and Services
The following table summarizes the amount of revenue and interest related to nonparticipating traditional and limited-payment contracts recognized in the unaudited Condensed Consolidated Statements of Earnings:
Gross Premiums (a)Interest Expense (b)
June 30,June 30,
2026202520262025
(In millions)
Traditional life$45 $50 $16 $18 
Immediate annuities11 12 26 27 
PRT550 743 201 154 
Total$606 $805 $243 $199 
(a) Included in Life insurance premiums and other fees on the unaudited Condensed Consolidated Statements of Earnings.
(b) Included in Benefits and other changes in policy reserves on the unaudited Condensed Consolidated Statements of Earnings.
Schedule of Liability for Future Policy Benefit, Weighted Average Discount Rates
The following table presents the weighted-average interest rate:
June 30, 2026December 31, 2025
Traditional life
Interest accretion rate2.36 %2.35 %
Current discount rate5.10 %4.77 %
Immediate annuities
Interest accretion rate3.22 %3.20 %
Current discount rate5.55 %5.29 %
PRT
Interest accretion rate4.96 %4.87 %
Current discount rate5.30 %4.98 %
Schedule of Liability for Future Policy Benefit, Mortality and Lapse, Actual and Expected Experience
The following tables summarize the actual experience and expected experience for mortality and lapses of the FPB:
June 30, 2026December 31, 2025
Traditional lifeImmediate annuities PRTTraditional lifeImmediate annuities PRT
Mortality
Actual experience2.1 %1.4 %2.9 %2.4 %2.4 %2.6 %
Expected experience1.7 %1.7 %2.5 %1.6 %1.7 %2.5 %
Lapses
Actual experience— %— %— %— %— %— %
Expected experience0.6 %— %— %0.6 %— %— %
Schedule of Liability for Future Policy Benefits, Additional Information
The following table provides additional information for periods in which a cohort has a net premium ratio ("NPR") greater than 100% (and therefore capped at 100%) (dollars in millions):
June 30, 2026December 31, 2025
Cohort XDescriptionCohort XDescription
NPR before capping103 %Term with return of premium Non-NY Cohort104 %Term with return of premium Non-NY Cohort
Reserves before NPR capping$1,101 Term with return of premium Non-NY Cohort$1,145 Term with return of premium Non-NY Cohort
Reserves after NPR capping1,108 Term with return of premium Non-NY Cohort1,156 Term with return of premium Non-NY Cohort
Loss Expense7 Term with return of premium Non-NY Cohort11 Term with return of premium Non-NY Cohort