Policyholders' Account Balances (Tables)

The balances and changes in policyholders’ account balances are as follows:


	Six Months Ended June 30,
	2026								2025
	Annuities			Life Insurance			Total		Annuities			Life Insurance			Total
	(Dollars in millions)
Balance, beginning of period	$	86,999		$	2,193		$	89,192	$	80,046		$	2,107		$	82,153
Issuances	6,229			7			6,236		7,062			26			7,088

Premiums received	63			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 credited	1,726			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 contracts	956			—			956		496			—			496
Embedded derivative and other	761			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 rate	3.60		%	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.