v3.26.1
Policyholder Account Balances (Tables)
 6 Months Ended
Jun. 30, 2026
Insurance [Abstract]  
Policyholder Account Balances
The Company’s PABs on the interim condensed consolidated balance sheets were as follows at:
June 30, 2026December 31, 2025
(In millions)
Life
$10,297 $10,197 
Capital markets investment products and stable value guaranteed interest contracts (“GICs”)61,418 59,278 
Annuities and risk solutions16,388 15,671 
Fixed and variable annuities5,466 5,788 
Other 12,807 13,157 
Total $106,376 $104,091 
Policyholder Account Balance Rollforward Information regarding this liability was as follows:
Six Months
Ended
June 30,
20262025
(Dollars in millions)
Balance, beginning of period$10,197 $7,469 
Transfer (1)
— 3,084 
Deposits
2,368 1,874 
Policy charges
(333)(336)
Surrenders and withdrawals(2,055)(1,836)
Benefit payments
(6)(5)
Net transfers from (to) separate accounts
— 1 
Interest credited126 131 
Balance, end of period$10,297 $10,382 
Weighted-average annual crediting rate
2.5 %2.5 %
At period end:
Cash surrender value$10,225 $10,317 
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$269,231 $267,754 
__________________
(1)Reported balances for the six months ended June 30, 2025 have been updated to include a product previously not included in the disaggregated rollforward. See Note 1.
Information regarding this liability was as follows:
Six Months
Ended
June 30,
20262025
(Dollars in millions)
Balance, beginning of period$59,278 $57,799 
Deposits
36,936 38,786 
Surrenders and withdrawals(35,423)(39,018)
Interest credited1,066 1,070 
Effect of foreign currency translation and other, net
(439)1,736 
Balance, end of period$61,418 $60,373 
Weighted-average annual crediting rate
3.6 %3.7 %
Cash surrender value at period end
$1,414 $849 
Information regarding this liability was as follows:
Six Months
Ended
June 30,
20262025
(Dollars in millions)
Balance, beginning of period$15,671 $11,673 
Transfer (1)
— 3,109 
Deposits
1,107 663 
Policy charges
(93)(91)
Surrenders and withdrawals(610)(301)
Benefit payments
(334)(316)
Net transfers from (to) separate accounts
1 32 
Interest credited325 304 
Other
321 17 
Balance, end of period$16,388 $15,090 
Weighted-average annual crediting rate
4.1 %4.1 %
At period end:
Cash surrender value$11,603 $10,615 
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$35,024 $35,977 
At annuitization or exercise of other living benefits
$18 $12 
__________________
(1)A product previously reported within Fixed and Variable Annuities has been moved to Annuities and Risk Solutions. Accordingly, the reported balances for the six months ended June 30, 2025 have been updated to reflect this change. See Note 1.
Information regarding this liability was as follows:
Six Months
Ended
June 30,
20262025
(Dollars in millions)
Balance, beginning of period$5,788 $9,513 
Transfer (1)
— (3,109)
Deposits52 49 
Policy charges
(4)(5)
Surrenders and withdrawals(382)(426)
Benefit payments(133)(166)
Net transfers from (to) separate accounts58 70 
Interest credited85 95 
Other
2 1 
Balance, end of period$5,466 $6,022 
Weighted-average annual crediting rate
3.1 %3.1 %
At period end:
Cash surrender value$4,953 $5,453 
Net amount at risk, excluding offsets from reinsurance (2):
In the event of death
$2,114 $2,413 
At annuitization or exercise of other living benefits
$694 $680 
__________________
(1)A product previously reported within Fixed and Variable Annuities has been moved to Annuities and Risk Solutions. Accordingly, the reported balances for the six months ended June 30, 2025 have been updated to reflect this change. See Note 1.
(2)Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as Market Risk Benefits (“MRBs”), which are disclosed in “Annuities” in Note 5.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate
The life product account values by range of guaranteed minimum crediting rates (“GMCR”) and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%
 above GMCR		Equal to or greater than 1.50% above GMCRTotal
Account
Value
(In millions)
June 30, 2026
Equal to or greater than 0% but less than 2%
$515 $— $627 $4,431 $5,573 
Equal to or greater than 2% but less than 4%
3,785 94 80 — 3,959 
Equal to or greater than 4%
651 24 — 59 734 
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A31 
Total$4,951 $118 $707 $4,490 $10,297 
June 30, 2025
Equal to or greater than 0% but less than 2%
$479 $— $697 $4,149 $5,325 
Equal to or greater than 2% but less than 4%
4,099 99 60 — 4,258 
Equal to or greater than 4%
687 26 3 50 766 
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A33 
Total$5,265 $125 $760 $4,199 $10,382 
The capital markets investment products and stable value GICs account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%
 above GMCR		Equal to or greater than 1.50% above GMCRTotal
Account
Value
(In millions)
June 30, 2026
Equal to or greater than 0% but less than 2%
$— $— $— $2,485 $2,485 
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A58,933 
Total$— $— $— $2,485 $61,418 
June 30, 2025
Equal to or greater than 0% but less than 2%
$— $— $— $2,591 $2,591 
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A57,782 
Total$— $— $— $2,591 $60,373 
The annuity and risk solutions account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%
 above GMCR		Equal to or greater than 1.50% above GMCRTotal
Account
Value
(In millions)
June 30, 2026
Equal to or greater than 0% but less than 2%
$— $— $8 $2,699 $2,707 
Equal to or greater than 2% but less than 4%
459 2,114 450 53 3,076 
Equal to or greater than 4%
3,468 — 161 6 3,635 
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A6,970 
Total$3,927 $2,114 $619 $2,758 $16,388 
June 30, 2025
Equal to or greater than 0% but less than 2%
$— $— $8 $2,380 $2,388 
Equal to or greater than 2% but less than 4%
370 2,446 503 53 3,372 
Equal to or greater than 4%
3,668 11 293 6 3,978 
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A5,352 
Total$4,038 $2,457 $804 $2,439 $15,090 
The fixed and variable annuity account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%
 above GMCR		Equal to or greater than 1.50% above GMCRTotal
Account
Value
(In millions)
June 30, 2026
Equal to or greater than 0% but less than 2%
$39 $10 $461 $164 $674 
Equal to or greater than 2% but less than 4%
2,480 1,462 218 47 4,207 
Equal to or greater than 4%
110 168 — — 278 
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A307 
Total$2,629 $1,640 $679 $211 $5,466 
June 30, 2025
Equal to or greater than 0% but less than 2%
$29 $25 $492 $66 $612 
Equal to or greater than 2% but less than 4%
2,552 1,819 318 81 4,770 
Equal to or greater than 4%
164 139 1 — 304 
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A336 
Total$2,745 $1,983 $811 $147 $6,022