Long-duration Contracts (Tables)

6 Months Ended

Jun. 30, 2026

The following represents a rollforward of the policyholder account balance by product within interest sensitive contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve.


	Six months ended June 30, 2026
(In millions, except percentages)	Traditional deferred annuities			Indexed annuities			Funding agreements			Other investment-type			Total
Balance at December 31, 2025	$	109,201		$	105,317		$	85,555		$	8,821		$	308,894
Deposits	17,694			8,656			14,249			1,433			42,032
Policy charges	(1)			(426)			—			—			(427)
Surrenders and withdrawals	(4,402)			(5,830)			(47)			(52)			(10,331)
Benefit payments	(747)			(811)			(7,020)			(133)			(8,711)
Interest credited	2,644			2,329			1,900			133			7,006
Foreign exchange	(156)			—			(312)			(177)			(645)
Other	—			—			(318)			(64)			(382)
Balance at June 30, 2026	$	124,233		$	109,235		$	94,007		$	9,961		$	337,436

Weighted average crediting rate	4.7		%	2.8		%	4.5		%	3.1		%
Net amount at risk	$	423		$	18,262		$	—		$	15
Cash surrender value	116,670			101,270			—			6,777


	Six months ended June 30, 2025
(In millions, except percentages)	Traditional deferred annuities			Indexed annuities			Funding agreements			Other investment-type			Total
Balance at December 31, 2024	$	86,661		$	97,861		$	54,768		$	8,030		$	247,320
Deposits	15,357			8,868			21,676			502			46,403
Policy charges	(1)			(382)			—			—			(383)
Surrenders and withdrawals	(2,913)			(5,601)			—			(36)			(8,550)
Benefit payments	(703)			(807)			(3,906)			(153)			(5,569)
Interest credited	2,098			1,376			1,456			110			5,040
Foreign exchange	337			7			1,021			437			1,802
Other	—			—			213			(34)			179
Balance at June 30, 2025	$	100,836		$	101,322		$	75,228		$	8,856		$	286,242

Weighted average crediting rate	4.6		%	2.7		%	4.6		%	2.7		%
Net amount at risk	$	420		$	15,997		$	—		$	39
Cash surrender value	94,874			93,191			—			7,191

Policyholder Account Balance and Liability for Unpaid Claims and Claims Adjustment Expense

The following is a reconciliation of interest sensitive contract liabilities to the condensed consolidated balance sheets:


	June 30,
(In millions)	2026		2025
Traditional deferred annuities	$	124,233	$	100,836
Indexed annuities	109,235		101,322

Funding agreements	94,007		75,228
Other investment-type	9,961		8,856

Reconciling items1	7,157		5,996
Interest sensitive contract liabilities	$	344,593	$	292,238

1 Reconciling items primarily include embedded derivatives in indexed annuities, unaccreted host contract adjustments on indexed annuities, negative VOBA, sales inducement liabilities, and wholly ceded universal life insurance contracts.

The following is a reconciliation of future policy benefits to the condensed consolidated balance sheets:


	June 30,
(In millions)	2026		2025
Payout annuities with life contingencies	$	40,388	$	41,926
Whole life	2,288		1,729
Reconciling items1	5,565		5,745
Future policy benefits	$	48,241	$	49,400

1 Reconciling items primarily include the deferred profit liability and negative VOBA associated with the liability for future policy benefits. Additionally, it includes term life reserves, fully ceded whole life reserves, and reserves for immaterial lines of business including accident and health and disability, as well as other insurance benefit reserves for no-lapse guarantees with universal life contracts, all of which are fully ceded.

Policyholder Account Balance, Guaranteed Minimum Crediting Rate

The following represents policyholder account balances by range of guaranteed minimum crediting rates (GMCR), as well as the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums. Our funding agreements and other investment-type products provide us with little to no discretionary ability to change the rates of interest payable to the respective policyholder or institution and, as a result, those policyholder account balances are excluded from the following tables.


	June 30, 2026
(In millions)	At guaranteed minimum		1 basis point – 100 basis points above guaranteed minimum		Greater than 100 basis points above guaranteed minimum		Total
Traditional deferred annuities
< 2.0%	$	4,884	$	1,582	$	101,354	$	107,820
2.0% – < 4.0%	5,317		467		6,080		11,864
4.0% – < 6.0%	4,544		1		1		4,546
6.0% and greater	3		—		—		3
Total traditional deferred annuities	$	14,748	$	2,050	$	107,435	$	124,233



Indexed annuities
< 2.0%	$	1,383	$	974	$	3,610	$	5,967
2.0% – < 4.0%	3,395		194		—		3,589


Total indexed annuities with GMCR	4,778		1,168		3,610		9,556
Other1							99,679
Total indexed annuities							$	109,235




























1 Includes account value allocated to an indexed strategy or other amounts without a GMCR.


	June 30, 2025
(In millions)	At guaranteed minimum		1 basis point – 100 basis points above guaranteed minimum		Greater than 100 basis points above guaranteed minimum		Total
Traditional deferred annuities
< 2.0%	$	5,071	$	1,857	$	80,432	$	87,360
2.0% – < 4.0%	5,962		610		2,598		9,170
4.0% – < 6.0%	4,300		2		1		4,303
6.0% and greater	3		—		—		3
Total traditional deferred annuities	$	15,336	$	2,469	$	83,031	$	100,836



Indexed annuities
< 2.0%	$	1,544	$	1,182	$	3,280	$	6,006
2.0% – < 4.0%	4,070		37		—		4,107


Total indexed annuities with GMCR	5,614		1,219		3,280		10,113
Other1							91,209
Total indexed annuities							$	101,322




























1 Includes account value allocated to an indexed strategy or other amounts without a GMCR.

Liability for Future Policy Benefit, Activity

The following is a rollforward by product within future policy benefits:


	Six months ended June 30, 2026
(In millions, except percentages and years)	Payout annuities with life contingencies			Whole life			Total
Present value of expected net premiums
Beginning balance, present value of expected net premiums	$	—		$	1,402		$	1,402
Effect of changes in discount rate assumptions	—			(25)			(25)
Effect of foreign exchange on the change in discount rate assumptions	—			1			1
Beginning balance at original discount rate	—			1,378			1,378

Effect of actual to expected experience	—			(8)			(8)
Adjusted balance	—			1,370			1,370
Issuances	—			7			7
Interest accrual	—			25			25
Net premium collected	—			(161)			(161)
Foreign exchange	—			(25)			(25)

Ending balance at original discount rate	—			1,216			1,216

Effect of foreign exchange on the change in discount rate assumptions	—			(1)			(1)
Ending balance, present value of expected net premiums	$	—		$	1,215		$	1,215
Present value of expected future policy benefits
Beginning balance, present value of expected future policy benefits	$	42,058		$	3,795		$	45,853
Effect of changes in discount rate assumptions	5,941			1,036			6,977
Effect of foreign exchange on the change in discount rate assumptions	21			(47)			(26)
Beginning balance at original discount rate	48,020			4,784			52,804

Effect of actual to expected experience	(49)			34			(15)
Adjusted balance	47,971			4,818			52,789
Issuances	273			7			280
Interest accrual	861			84			945
Benefit payments	(2,158)			(202)			(2,360)
Foreign exchange	(13)			(110)			(123)

Ending balance at original discount rate	46,934			4,597			51,531
Effect of changes in discount rate assumptions	(6,531)			(1,181)			(7,712)
Effect of foreign exchange on the change in discount rate assumptions	(15)			87			72
Ending balance, present value of expected future policy benefits	40,388			3,503			43,891
Less: Present value of expected net premiums	—			1,215			1,215
Net future policy benefits	40,388			2,288			42,676
Less: Reinsurance recoverable	—			5			5
Net future policy benefits, net of reinsurance	$	40,388		$	2,283		$	42,671

Weighted-average liability duration (in years)	9.2			19.5
Weighted-average interest accretion rate	3.7		%	5.2		%
Weighted-average current discount rate	5.5		%	6.5		%
Expected future gross premiums, undiscounted	$	—		$	1,715
Expected future gross premiums, discounted1	—			1,380
Expected future benefit payments, undiscounted	69,045			10,554

1 Discounted at the original discount rate.


	Six months ended June 30, 2025
(In millions, except percentages and years)	Payout annuities with life contingencies			Whole life			Total
Present value of expected net premiums
Beginning balance, present value of expected net premiums	$	—		$	880		$	880
Effect of changes in discount rate assumptions	—			(30)			(30)
Effect of foreign exchange on the change in discount rate assumptions	—			2			2
Beginning balance at original discount rate	—			852			852

Effect of actual to expected experience	—			(1)			(1)
Adjusted balance	—			851			851

Interest accrual	—			10			10
Net premium collected	—			(92)			(92)
Foreign exchange	—			76			76
Ending balance at original discount rate	—			845			845
Effect of changes in discount rate assumptions	—			23			23

Ending balance, present value of expected net premiums	$	—		$	868		$	868
Present value of expected future policy benefits
Beginning balance, present value of expected future policy benefits	$	42,261		$	2,711		$	44,972
Effect of changes in discount rate assumptions	7,378			206			7,584
Effect of foreign exchange on the change in discount rate assumptions	(5)			(1)			(6)
Beginning balance at original discount rate	49,634			2,916			52,550

Effect of actual to expected experience	(64)			2			(62)
Adjusted balance	49,570			2,918			52,488
Issuances	133			—			133
Interest accrual	879			35			914
Benefit payments	(2,238)			(49)			(2,287)
Foreign exchange	75			270			345

Ending balance at original discount rate	48,419			3,174			51,593
Effect of changes in discount rate assumptions	(6,465)			(553)			(7,018)
Effect of foreign exchange on the change in discount rate assumptions	(28)			(24)			(52)
Ending balance, present value of expected future policy benefits	41,926			2,597			44,523
Less: Present value of expected net premiums	—			868			868
Net future policy benefits	$	41,926		$	1,729		$	43,655

Weighted-average liability duration (in years)	9.4			29.4
Weighted-average interest accretion rate	3.7		%	4.8		%
Weighted-average current discount rate	5.3		%	5.1		%
Expected future gross premiums, undiscounted	$	—		$	1,064
Expected future gross premiums, discounted1	—			919
Expected future benefit payments, undiscounted	70,754			10,085


1 Discounted at the original discount rate.

The following is a reconciliation of premiums and interest expense relating to future policy benefits to the condensed consolidated statements of income (loss):


	Premiums				Interest expense
	Six months ended June 30,				Six months ended June 30,
(In millions)	2026		2025		2026		2025
Payout annuities with life contingencies	$	199	$	122	$	861	$	879
Whole life	177		101		59		25
Reconciling items1	11		11		—		—
Total	$	387	$	234	$	920	$	904

1 Reconciling items primarily relate to immaterial lines of business including term life, fully ceded whole life, and accident and health and disability.

Additional Liability, Long-Duration Insurance

The following is a summary of remeasurement gains (losses) included within future policy and other policy benefits on the condensed consolidated statements of income (loss):


	Six months ended June 30,
(In millions)	2026		2025
Reserves	$	7	$	61
Deferred profit liability	31		2
Negative VOBA	(6)		(3)
Total remeasurement gains (losses)	$	32	$	60

Market Risk Benefit, Activity

The following is a rollforward of net market risk benefit liabilities by product:


	Six months ended June 30, 2026
(In millions, except years)	Traditional deferred annuities		Indexed annuities		Total
Balance at December 31, 2025	$	205	$	4,511	$	4,716
Effect of changes in instrument-specific credit risk	(5)		(255)		(260)
Balance, beginning of period, before changes in instrument-specific credit risk	200		4,256		4,456
Issuances	—		193		193
Interest accrual	4		95		99
Attributed fees collected	1		212		213
Benefit payments	(2)		(47)		(49)
Effect of changes in interest rates	(2)		(24)		(26)
Effect of changes in equity	—		(62)		(62)
Effect of actual policyholder behavior compared to expected behavior	2		64		66


Balance, end of period, before changes in instrument-specific credit risk	203		4,687		4,890
Effect of changes in instrument-specific credit risk	4		220		224
Balance at June 30, 2026	207		4,907		5,114
Less: Reinsurance recoverable	—		88		88
Balance at June 30, 2026, net of reinsurance	$	207	$	4,819	$	5,026

Net amount at risk	$	423	$	18,262
Weighted-average attained age of contract holders (in years)	77		69


	Six months ended June 30, 2025
(In millions, except years)	Traditional deferred annuities		Indexed annuities		Total
Balance at December 31, 2024	$	190	$	3,525	$	3,715
Effect of changes in instrument-specific credit risk	(3)		(154)		(157)
Balance, beginning of period, before changes in instrument-specific credit risk	187		3,371		3,558
Issuances	—		201		201
Interest accrual	4		89		93
Attributed fees collected	1		189		190
Benefit payments	(3)		(30)		(33)
Effect of changes in interest rates	3		(29)		(26)

Effect of actual policyholder behavior compared to expected behavior	—		53		53


Balance, end of period, before changes in instrument-specific credit risk	192		3,844		4,036
Effect of changes in instrument-specific credit risk	3		173		176
Balance at June 30, 2025	195		4,017		4,212
Less: Reinsurance recoverable	—		50		50
Balance at June 30, 2025, net of reinsurance	$	195	$	3,967	$	4,162

Net amount at risk	$	420	$	15,997
Weighted-average attained age of contract holders (in years)	76		69

The following is a reconciliation of market risk benefits to the condensed consolidated balance sheets. Market risk benefit assets are included in other assets on the condensed consolidated balance sheets.


	June 30, 2026						June 30, 2025
(In millions)	Asset		Liability		Net liability		Asset		Liability		Net liability
Traditional deferred annuities	$	—	$	207	$	207	$	—	$	195	$	195
Indexed annuities	169		5,076		4,907		277		4,294		4,017





Total	$	169	$	5,283	$	5,114	$	277	$	4,489	$	4,212

Summary of the Unobservable Inputs for the Embedded Derivative of Fixed Indexed Annuities

The following summarizes our significant unobservable inputs:


	June 30, 2026
(In millions, except percentages)	Fair value		Valuation technique	Unobservable inputs	Minimum		Maximum		Weighted average			Impact of an increase in the input on fair value
AFS, trading and equity securities	$	37,251	Discounted cash flow	Discount rate	3.2	%	23.5	%	6.7	%	1	Decrease
Mortgage loans	103,581		Discounted cash flow	Discount rate	1.4	%	35.0	%	6.8	%	1	Decrease

Investment funds	2,311		Discounted cash flow	Discount rate	14.0	%	14.0	%	14.0	%	1	Decrease
	290		Recoverability	Estimated proceeds	N/A		N/A		N/A			N/A


Interest sensitive contract liabilities –indexed annuities embedded derivatives	16,384		Discounted cash flow	Nonperformance risk	0.3	%	1.1	%	0.7	%	2	Decrease
				Option budget	0.5	%	5.9	%	3.3	%	3	Increase
				Surrender rate	6.3	%	13.4	%	9.8	%	3	Decrease

	December 31, 2025
(In millions, except percentages)	Fair value		Valuation technique	Unobservable inputs	Minimum		Maximum		Weighted average			Impact of an increase in the input on fair value
AFS, trading and equity securities	$	32,312	Discounted cash flow	Discount rate	2.8	%	22.9	%	6.4	%	1	Decrease
Mortgage loans	95,524		Discounted cash flow	Discount rate	1.0	%	31.5	%	6.5	%	1	Decrease
	20		Recoverability	Estimated proceeds	N/A		N/A		N/A			N/A
Investment funds	1,313		Discounted cash flow	Discount rate	13.0	%	14.0	%	13.1	%	1	Decrease

	286		Recoverability	Estimated proceeds	N/A		N/A		N/A			N/A
	5		Reported net asset value	Reported net asset value	N/A		N/A		N/A			N/A
Interest sensitive contract liabilities –indexed annuities embedded derivatives	14,749		Discounted cash flow	Nonperformance risk	0.4	%	1.0	%	0.6	%	2	Decrease
				Option budget	0.5	%	5.9	%	3.1	%	3	Increase
				Surrender rate	6.0	%	14.2	%	9.6	%	3	Decrease

1 The discount rate weighted average is calculated based on the relative fair values of the investments.
2 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.
3 The option budget and surrender rate weighted averages are calculated based on projected account values.

The following summarizes the unobservable inputs for market risk benefits:


	June 30, 2026
(In millions, except percentages)	Fair value		Valuation technique	Unobservable inputs	Minimum		Maximum		Weighted average			Impact of an increase in the input on fair value
Market risk benefits, net	$	5,114	Discounted cash flow	Nonperformance risk	0.3	%	1.1	%	0.9	%	1	Decrease
				Option budget	0.5	%	5.9	%	2.7	%	2	Decrease
				Surrender rate	4.0	%	7.5	%	5.1	%	2	Decrease
				Utilization rate	28.6	%	95.0	%	86.7	%	3	Increase

	June 30, 2025
(In millions, except percentages)	Fair value		Valuation technique	Unobservable inputs	Minimum		Maximum		Weighted average			Impact of an increase in the input on fair value
Market risk benefits, net	$	4,212	Discounted cash flow	Nonperformance risk	0.3	%	1.1	%	1.0	%	1	Decrease
				Option budget	0.5	%	6.0	%	2.5	%	2	Decrease
				Surrender rate	3.1	%	6.7	%	4.4	%	2	Decrease
				Utilization rate	28.6	%	95.0	%	85.4	%	3	Increase

1 The nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve.
2 The option budget and surrender rate weighted averages are calculated based on projected account values.
3 The utilization of GLWB withdrawals represents the estimated percentage of policyholders that are expected to use their income rider over the duration of the contract, with the weighted average based on current account values.