v3.26.1
Reserves for Future Policy Benefits and Contract Owner Account Balances
 6 Months Ended
Jun. 30, 2026
Reserves for Future Policy Benefits and Contract Owner Balances [Abstract]  
Policyholder Account Balance
6.     Reserves for Contract Owner Account Balances

The following table presents a rollforward of Contract owner account balances for the periods indicated:
Deferred Group and Individual Annuity
June 30, 2026December 31, 2025
Balance at January 1$28,034 $25,031 
Additions related to business acquisitions
— 3,458 
Deposits1,443 2,973 
Fee income(37)(62)
Surrenders, withdrawals and benefits(2,535)(4,842)
Net transfers (from) to the general account(1)
375 687 
Interest credited387 789 
Ending Balance
$27,667 $28,034 

Weighted-average crediting rate2.8 %2.8 %
Net amount at risk(2)
$55 $58 
Cash surrender value$27,311 $27,683 
(1) Net transfers (from) to the general account includes transfers of $(372) and $(884) for 2026 and 2025, respectively, related to VRIAC-managed institutional/mutual fund plan assets in trust that are not reflected on the Condensed Consolidated Balance Sheets.
(2) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date and is calculated at a contract level. Where a contract has both a living and a death benefit, the Company calculates NAR at a contract level and aggregates the higher of the two values together.

The following table shows a reconciliation of the Contract owner account balances for deferred group and individual annuities to the Future policy benefits and contract owner account balances on the Condensed Consolidated Balance Sheets for the periods indicated:
June 30, 2026December 31, 2025
Deferred group and individual annuity (Contract owner account balances)$27,667 $28,034 
Non-putable funding agreements1,674 1,573 
Other (Future policy benefits and Contract owner account balances)(1)
3,433 3,637 
Ending balance$32,774 $33,244 
(1) Primarily consists of reinsured business and other retirement contracts.
The following table presents the contract owner account balances by range of guaranteed minimum crediting rates and the range of differences between the interest rate credited to contract holders as of the periods indicated, and the respective guaranteed minimum interest rates ("GMIRs"):
Account Value(1)
Excess of crediting rate over GMIR
At GMIR
Up to 0.50% Above GMIR
0.51% - 1.00% Above GMIR
1.01% - 1.50% Above GMIR
1.51% - 2.00% Above GMIR
More than 2.00% Above GMIR
Total
As of June 30, 2026
Up to 1.00%
$70 $3,521 $3,704 $1,728 $2,157 $2,896 $14,076 
1.01% - 2.00%
110 52 38 4 — — 204 
2.01% - 3.00%
5,810 144 26 — 6 — 5,986 
3.01% - 4.00%
7,484 — — — — — 7,484 
4.01% and Above
3 — — — — — 3 
Renewable beyond 12 months (MYGA)(2)
313 — — — 2 — 315 
Total discretionary rate setting products$13,790$3,717$3,768$1,732$2,165$2,896$28,068
As of December 31, 2025
Up to 1.00%
$57$3,711$3,842$2,015$2,142$2,338$14,105 
1.01% - 2.00%
11653413—1214 
2.01% - 3.00%
5,8771791623——6,095 
3.01% - 4.00%
7,737—————7,737 
4.01% and Above
4—————4 
Renewable beyond 12 months (MYGA)(2)
316———2—318 
Total discretionary rate setting products$14,107$3,943$3,899$2,041$2,144$2,339$28,473
(1) Includes only the account values for investment spread products with GMIRs and discretionary crediting rates, net of policy loans. Excludes Stabilizer products, which are fee based.
(2) Represents multi year guaranteed annuity ("MYGA") contracts with renewal dates after June 30, 2026 and December 31, 2025 on which the Company is required to credit interest above the contractual GMIR for at least the next twelve months.