v3.26.1
MARKET RISK BENEFITS
 6 Months Ended
Jun. 30, 2026
Insurance [Abstract]  
MARKET RISK BENEFITS POLICYHOLDERS’ ACCOUNT BALANCES
Policyholders’ account balances relate to investment-type contracts and universal life-type policies as well as balances relating to funding agreements and a reinsurance assumed agreement that does not expose us to a reasonable possibility of a significant loss from insurance risk. Investment-type contracts principally include traditional individual fixed rate annuities and fixed index annuities in the accumulation phase and non-variable group annuity contracts.
The changes in policyholders’ account balances and the reconciliation to “Policyholders’ account balances” in the statements of financial position are as follows.
20262025
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30
US$ MILLIONS		AnnuitiesLife InsuranceTotalAnnuitiesLife InsuranceTotal
Balance, beginning of period$88,320 $2,193 $90,513 $81,444 $2,107 $83,551 
Acquisition from business combination65 — 65 — — — 
Issuances6,229 7 6,236 7,062 26 7,088 
Premiums received71 216 287 71 218 289 
Policy charges(313)(181)(494)(287)(189)(476)
Surrenders and withdrawals(5,587)(64)(5,651)(5,078)(55)(5,133)
Interest credited1,754 64 1,818 1,468 51 1,519 
Benefit payments(669)— (669)(568)— (568)
Other(5)— (5)4 — 4 
Balance, end of period$89,865 $2,235 $92,100 $84,116 $2,158 $86,274 
Reconciling items:
Funding agreements$3,509 $930 
Embedded derivative and other1,811 1,193 
Total policyholders’ account balances
$97,420 $88,397 
Weighted average crediting rate4 %6 %3 %5 %
Net amount at risk(1)
$13,803 $38,083 $12,907 $38,673 
Cash surrender value$82,860 $2,024 $77,655 $1,919 
__________________________
(1)Net amount at risk is defined as the current guarantee amount in excess of the current account balance.
The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums follow.
AS OF JUN. 30, 2026
US$ MILLIONS		Range of Guaranteed Minimum Crediting RateAt Guaranteed Minimum1 - 50 Basis Points Above51 - 150 Basis Points Above> 150 Basis Points Above
Other(1)
Total
Annuities
0% - 1%
$2,997 $2,517 $3,866 $5,601 $— $14,981 
1% - 2%
2,262 254 787 1,026 — 4,329 
2% - 3%
1,800 515 369 17,167 — 19,851 
Greater than 3%
1,541 5 11 5 — 1,562 
Other(1)
— — — — 49,142 49,142 
Total$8,600 $3,291 $5,033 $23,799 $49,142 $89,865 
Life Insurance
1% - 2%
$42 $6 $68 $900 $— $1,016 
2% - 3%
378 — 222 — — 600 
Greater than 3%
602 — — 17 — 619 
Total$1,022 $6 $290 $917 $— $2,235 
AS OF JUN. 30, 2025
US$ MILLIONS		Range of Guaranteed Minimum Crediting RateAt Guaranteed Minimum1 - 50 Basis Points Above51 - 150 Basis Points Above> 150 Basis Points Above
Other(1)
Total
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%
1,633 5 6 11 — 1,655 
Other(1)
— — — — 48,716 48,716 
Total$8,848 $3,353 $5,401 $17,798 $48,716 $84,116 
Life Insurance
1% - 2%
$38 $2 $66 $791 $— $897 
2% - 3%
423 — 221 — — 644 
Greater than 3%
617 — — — — 617 
Total$1,078 $2 $287 $791 $— $2,158 
__________________________
(1)Other includes products with either a fixed rate or no guaranteed minimum crediting rate or allocated to index strategies.
MARKET RISK BENEFITS
The net balance of market risk benefit assets and liabilities of, and changes in guaranteed minimum withdrawal benefits associated with, annuity contracts follow.
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30
US$ MILLIONS		20262025
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)51 
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 credit risk3,596 2,915 
Effect of changes in the ending instrument-specific credit risk(12)278 
Balance, end of period3,584 3,193 
Less: Reinsured MRB, end of period(598)(576)
Balance, end of period, net of reinsurance$2,986 $2,617 
Net amount at risk(1)
$13,341 $12,460 
Weighted-average attained age of contract holders (years)7171
__________________________
(1)Net amount at risk is defined as the current guarantee amount in excess of the current account balance.
The reconciliation of market risk benefits by amounts in an asset position and in a liability position to the “Market risk benefits” amount in the statements of financial position follows.
AS OF
US$ MILLIONS		June 30, 2026December 31, 2025
AssetLiabilityNetAssetLiabilityNet
Market risk benefits$1,167 $(4,751)$(3,584)$1,174 $(4,536)$(3,362)