v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Investments and cash:    
Fixed maturity securities, available-for-sale $ 62,848 $ 64,121
Fixed maturity securities, held-to-maturity 15,505 [1] 16,120
Equity securities 925 887
Commercial mortgage and other loans 9,354 9,765
Other investments 8,251 6,622
Cash and cash equivalents 6,120 6,245
Total investments and cash 103,003 103,760
Receivables 895 835
Accrued investment income 733 718
Deferred policy acquisition costs 8,948 9,034
Property and equipment, at cost less accumulated depreciation 351 351
Other 2,031 1,772
Total assets 115,961 116,470
Policy liabilities:    
Future policy benefits 57,181 62,320
Unpaid policy claims 553 495
Unearned premiums 1,326 1,323
Other policyholders’ funds 5,288 5,445
Total policy liabilities 64,348 69,583
Income taxes 1,589 1,368
Payables for return of cash collateral on loaned securities 7,340 3,989
Notes payable and lease obligations 8,729 8,409
Other 3,643 3,631
Total liabilities 85,649 86,980
Commitments and contingent liabilities (Note 13)
Shareholders’ equity:    
Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2026 and 2025; issued 1,358,830 shares in 2026 and 1,357,909 shares in 2025 136 136
Additional paid-in capital 3,105 3,024
Retained earnings 56,218 54,682
Accumulated other comprehensive income (loss):    
Unrealized foreign currency translation gains (losses) (5,048) (4,847)
Unrealized gains (losses) on fixed maturity securities (2,753) (1,809)
Unrealized gains (losses) on derivatives (16) (13)
Effect of changes in discount rate assumptions 10,415 8,035
Pension liability adjustment 83 86
Treasury stock, at average cost (31,828) (29,804)
Total shareholders’ equity 30,312 29,490
Total liabilities and shareholders’ equity 115,961 116,470
Consolidated Entity Excluding Variable Interest Entities (VIE)    
Investments and cash:    
Fixed maturity securities, available-for-sale 58,640 60,485
Variable Interest Entity, Consolidated    
Investments and cash:    
Fixed maturity securities, available-for-sale 4,208 3,636
Commercial mortgage and other loans 7,509 7,896
Other investments [2] 2,389 2,320
Cash and cash equivalents 382  
Total assets 14,147 13,897
Policy liabilities:    
Total liabilities $ 887 $ 765
[1] Net of allowance for credit losses
[2] Consists entirely of alternative investments in limited partnerships, which represent VIEs where the Company is not the primary beneficiary and therefore are not consolidated