v3.26.1
Market Risk Benefits (Tables)
 6 Months Ended
Jun. 30, 2026
Insurance [Abstract]  
Market Risk Benefit
The Company’s MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at:
June 30, 2026December 31, 2025
AssetLiability
Net Liability (Asset)
AssetLiability
Net Liability (Asset)
(In millions)
Annuities
$220 $1,896 $1,676 $216 $2,043 $1,827 
Other
42 151 109 41 158 117 
Total
$262 $2,047 $1,785 $257 $2,201 $1,944 
Market Risk Benefit, Activity Information regarding the Company’s variable annuity products was as follows:
Six Months
Ended
June 30,
20262025
(In millions)
Balance, beginning of period (1)
$1,827 $2,069 
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk$1,742 $2,026 
Transfer, beginning of period, before effect of cumulative changes in the instrument-specific credit risk (1)— (191)
Attributed fees collected120 131 
Benefit payments(49)(45)
Effect of changes in interest rates(98)43 
Effect of changes in capital markets(254)(178)
Effect of changes in equity index volatility43 (1)
Actual policyholder behavior different from expected behavior109 110 
Effect of foreign currency translation and other, net
19 95 
Effect of changes in risk margin(29)(2)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk1,603 1,988 
Cumulative effect of changes in the instrument-specific credit risk73 63 
Balance, end of period1,676 2,051 
Less: Reinsurance recoverable209 — 
Balance, end of period, net of reinsurance$1,467 $2,051 
At period end:
Net amount at risk, excluding offsets from hedging and reinsurance (2):
In the event of death$2,114 $2,413 
At annuitization or exercise of other living benefits$694 $680 
Weighted-average attained age of contractholders:
In the event of death73 years72 years
At annuitization or exercise of other living benefits72 years71 years
__________________
(1)    A product previously reported within Annuities has been moved to Other. Accordingly, the reported balances for the six months ended June 30, 2025 have been updated to reflect this change. The transfer amount related to the balance at January 1, 2025 was ($165) million. See Note 1.
(2)    Includes amounts for certain variable annuity guarantees recorded as MRBs on contracts also recorded as PABs, which are disclosed in “Fixed and Variable Annuities” in Note 4.
Information regarding these product liabilities (assets) was as follows:
Six Months
Ended
June 30,
20262025
(In millions)
Balance, beginning of period (1)
$117 $24 
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk$138 $29 
Transfer, beginning of period, before effect of cumulative changes in the instrument-specific credit risk (1)— 191 
Attributed fees collected7 8 
Effect of changes in interest rates(3)(18)
Effect of changes in capital markets(16)(16)
Effect of changes in equity index volatility11 (1)
Actual policyholder behavior different from expected behavior2 (2)
Effect of foreign currency translation and other, net (3)12 
Effect of changes in risk margin(1)— 
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk135 203 
Cumulative effect of changes in the instrument-specific credit risk(26)(29)
Balance, end of period$109 $174 
__________________
(1)A product previously reported within Annuities has been moved to Other. Accordingly, the reported balances for the six months ended June 30, 2025 have been updated to reflect this change. The transfer amount related to the balance at January 1, 2025 was $165 million. See Note 1.