| Separate Accounts |
5. Separate Accounts Separate Accounts Information regarding separate account liabilities was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | | 2026 | | 2025 | | | Variable Annuities | | Universal Life Insurance | | Company-Owned Life Insurance | | Variable Annuities | | Universal Life Insurance | | Company-Owned Life Insurance | | | (In millions) | | Balance, beginning of period | | $ | 75,918 | | | $ | 6,860 | | | $ | 2,457 | | | $ | 77,151 | | | $ | 6,419 | | | $ | 1,808 | | | Premiums and deposits | | 476 | | | 67 | | | — | | | 478 | | | 74 | | | — | | | Surrenders and withdrawals | | (4,218) | | | (135) | | | (52) | | | (3,843) | | | (114) | | | (4) | | | Benefit payments | | (846) | | | (37) | | | (19) | | | (848) | | | (49) | | | (17) | | | Investment performance | | 5,370 | | | 574 | | | 160 | | | 4,925 | | | 425 | | | 115 | | | Policy charges | | (981) | | | (109) | | | (25) | | | (1,003) | | | (108) | | | (28) | | | Net transfers from (to) general account | | (59) | | | (13) | | | — | | | (66) | | | (15) | | | 525 | | | Other | | (15) | | | 2 | | | — | | | (12) | | | — | | | — | | | Balance, end of period | | $ | 75,645 | | | $ | 7,209 | | | $ | 2,521 | | | $ | 76,782 | | | $ | 6,632 | | | $ | 2,399 | |
A reconciliation of separate account liabilities reported in the preceding rollforward table to the separate account liabilities balance on the consolidated balance sheets was as follows at: | | | | | | | | | | | | | | | | | June 30, | | | 2026 | | 2025 | | | (In millions) | | Separate account liabilities reported in the preceding rollforward table | | $ | 85,375 | | | $ | 85,813 | | | Variable income annuities | | 287 | | | 248 | | | Pension risk transfer annuities | | 29 | | | 24 | | | Total separate account liabilities | | $ | 85,691 | | | $ | 86,085 | |
The aggregate estimated fair value of assets, by major investment asset category, supporting separate accounts was as follows at: | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | | (In millions) | Equity securities | | $ | 85,484 | | | $ | 85,314 | | | | | | | Fixed maturity securities | | 196 | | | 211 | | | Cash and cash equivalents | | 9 | | | — | | | Other assets | | 2 | | | 3 | | | Total aggregate estimated fair value of assets | | $ | 85,691 | | | $ | 85,528 | |
Net Amount at Risk and Cash Surrender Values Information regarding the net amount at risk and cash surrender value for insurance products was as follows at: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Universal Life Insurance | | Variable Annuities | | Index-linked Annuities | | Fixed Rate Annuities | | ULSG | | Company-Owned Life Insurance | | | (In millions) | | June 30, 2026 | | | | | | | | | | | | | | Account balances reported in the preceding rollforward tables: | | | | | | | | | | | | | | Policyholder account balances | | $ | 2,653 | | | $ | 3,228 | | | $ | 54,791 | | | $ | 12,769 | | | $ | 4,321 | | | $ | 649 | | | Separate account liabilities | | 7,209 | | | 75,645 | | | — | | | — | | | — | | | 2,521 | | | Total account balances | | $ | 9,862 | | | $ | 78,873 | | | $ | 54,791 | | | $ | 12,769 | | | $ | 4,321 | | | $ | 3,170 | | | Net amount at risk | | $ | 30,438 | | | $ | 11,560 | | | N/A | | N/A | | $ | 60,979 | | | $ | 2,593 | | | Cash surrender value | | $ | 9,297 | | | $ | 78,548 | | | $ | 55,964 | | | $ | 12,875 | | | $ | 3,937 | | | $ | 2,967 | | | June 30, 2025 | | | | | | | | | | | | | | Account balances reported in the preceding rollforward tables: | | | | | | | | | | | | | | Policyholder account balances | | $ | 2,605 | | | $ | 3,625 | | | $ | 50,237 | | | $ | 14,619 | | | $ | 4,619 | | | $ | 645 | | | Separate account liabilities | | 6,632 | | | 76,782 | | | — | | | — | | | — | | | 2,399 | | | Total account balances | | $ | 9,237 | | | $ | 80,407 | | | $ | 50,237 | | | $ | 14,619 | | | $ | 4,619 | | | $ | 3,044 | | | Net amount at risk | | $ | 32,356 | | | $ | 12,287 | | | N/A | | N/A | | $ | 62,652 | | | $ | 2,642 | | | Cash surrender value | | $ | 8,642 | | | $ | 80,039 | | | $ | 49,450 | | | $ | 14,509 | | | $ | 4,195 | | | $ | 2,845 | |
Products may contain both separate account and general account fund options; accordingly, net amount at risk and cash surrender value reported in the table above relate to the total account balance for each respective product grouping.
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