v3.26.1
Market Risk Benefits
 6 Months Ended
Jun. 30, 2026
Insurance [Abstract]  
Market Risk Benefits
17. Policyholders' Account Balances
Policyholders’ account balances relate to investment-type contracts and universal life-type policies as well as balances relating to funding agreements. Investment-type contracts principally include traditional individual fixed rate annuities and fixed index annuities in the accumulation phase and group annuity contracts.
The balances and changes in policyholders’ account balances are as follows:
Six Months Ended June 30,
20262025
AnnuitiesLife
Insurance		TotalAnnuitiesLife
Insurance		Total
(Dollars in millions)
Balance, beginning of period$86,999 $2,193 $89,192 $80,046 $2,107 $82,153 
Issuances6,229 7 6,236 7,062 26 7,088 
Premiums received63 216 279 62 218 280 
Policy charges(313)(181)(494)(287)(189)(476)
Surrenders and withdrawals(5,550)(64)(5,614)(5,037)(55)(5,092)
Interest credited1,726 64 1,790 1,441 51 1,492 
Benefit payments(640)— (640)(538)— (538)
Other(5)— (5)4 — 4 
Balance, end of period$88,509 $2,235 $90,744 $82,753 $2,158 $84,911 
Reconciling items:
Funding agreements$3,509 $— $3,509 $930 $— $930 
Supplemental contracts956 — 956 496 — 496 
Embedded derivative and other761 94 855 508 89 597 
Total PAB balance, end of period$93,735 $2,329 $96,064 $84,687 $2,247 $86,934 
Weighted-average crediting rate3.60 %5.55 %3.40 %5.17 %
Net amount at risk (1)$13,803 $38,083 $12,907 $38,673 
Cash surrender value$81,571 $2,024 $76,292 $1,919 
(1)Net amount at risk is defined as the current guarantee amount in excess of the current account balance.
The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums follow.
June 30, 2026
Range of
Guaranteed Minimum
Crediting Rate		At Guaranteed Minimum
 1 - 50 Basis Points Above
51 - 150 Basis Points Above
> 150 Basis Points Above
Other (1)Total
(Dollars in millions)
Annuities
0% - 1%
$2,997 $2,450 $3,866 $5,601 $— $14,914 
1% - 2%
2,262 254 787 1,026 — 4,329 
2% - 3%
1,800 515 369 17,167 — 19,851 
Greater than 3%
252 5 11 5 — 273 
Products with either a fixed rate or no guaranteed minimum crediting rate— — — — 49,142 49,142 
Total$7,311 $3,224 $5,033 $23,799 $49,142 $88,509 
Life Insurance
0% - 1%
$— $— $— $— $— $— 
1% - 2%
42 6 68 900 — 1,016 
2% to 3%
378 — 222 — — 600 
Greater than 3%
602 — — 17 — 619 
Products with either a fixed rate or no guaranteed minimum crediting rate— — — — — — 
Total$1,022 $6 $290 $917 $— $2,235 
June 30, 2025
Range of
Guaranteed Minimum
Crediting Rate		At Guaranteed Minimum
1 - 50 Basis Points Above
51 - 150 Basis Points Above
> 150 Basis Points Above
Other (1)Total
(Dollars in millions)
Annuities
0% - 1%
$3,715 $2,668 $4,170 $4,868 $— $15,421 
1% - 2%
1,569 307 1,008 1,596 — 4,480 
2% - 3%
1,931 373 217 11,323 — 13,844 
Greater than 3%
270 5 6 11 — 292 
Products with either a fixed rate or no guaranteed minimum crediting rate— — — — 48,716 48,716 
Total$7,485 $3,353 $5,401 $17,798 $48,716 $82,753 
Life Insurance
0% - 1%
$— $— $— $— $— $— 
1% - 2%
38 2 66 791 — 897 
2% to 3%
423 — 221 — — 644 
Greater than 3%
617 — — — — 617 
Products with either a fixed rate or no guaranteed minimum crediting rate— — — — — — 
Total$1,078 $2 $287 $791 $— $2,158 
(1)Other includes products with either a fixed rate or no guaranteed minimum crediting rate or allocated to index strategies.
18. Market Risk Benefits
The net balance of market risk benefit (MRB) assets and liabilities of, and changes in guaranteed minimum withdrawal benefits associated with, annuity contracts is as follows:
Six Months Ended June 30,
20262025
(Dollars in millions)
Balance, beginning of period$3,362 $2,799 
Balance, beginning of period, before effect of changes in the instrument-specific credit risk3,349 2,549 
Issuances(5)(6)
Interest accrual79 70 
Attributed fees collected153 121 
Effect of changes in interest rates(111)49 
Effect of changes in equity markets120 98 
Effect of changes in equity index volatility2 (43)
Effect of changes in future expected policyholder behavior7 68 
Effect of changes in other future expected assumptions2 7 
Balance, end of period, before effect of changes in the instrument-specific credit3,596 2,913 
Effect of changes in the ending instrument-specific credit risk(12)279 
Balance, end of period3,584 3,192 
Less: Reinsured MRB, end of period(600)(576)
Balance, end of period, net of reinsurance$2,984 $2,616 
Net amount at risk (1)$13,341 $12,460 
Weighted average attained age of contract holders (years)71 years71 years
(1)Net amount at risk is defined as the current guarantee amount in excess of the current account balance.
The reconciliation of market risk benefits by amounts in an asset position and in a liability position to the “Market risk benefits” amount in the Condensed Consolidated Statements of Financial Position follows.
June 30, 2026
AssetLiabilityNet Liability
(Dollars in millions)
Market risk benefits$1,167 $4,751 $3,584 
December 31, 2025
AssetLiabilityNet Liability
(Dollars in millions)
Market risk benefits$1,174 $4,536 $3,362