Policyholder Contract Deposits and Other Policyholder Funds

POLICYHOLDER CONTRACT DEPOSITS

The liability for Policyholder contract deposits is primarily recorded at accumulated value (deposits received and net transfers from

separate accounts, plus accrued interest credited, less withdrawals and assessed fees). Deposits collected on investment-oriented

products are not reflected as revenues. They are recorded directly to Policyholder contract deposits upon receipt. Amounts assessed

against the contract holders for mortality, administrative, and other services are included as Policy fees in revenues.

In addition to liabilities for universal life, fixed annuities, fixed options within variable annuities, annuities without life contingencies,

funding agreements and GICs, policyholder contract deposits also include our liability for (i) index-linked interest credited features

accounted for as embedded derivatives at fair value, (ii) annuities issued in a structured settlement arrangement with no life

contingency and (iii) certain contracts we have elected to account for at fair value. Changes in the fair value of the embedded

derivatives related to policy index-linked interest credited features and the fair value of derivatives hedging these liabilities are

recognized in realized gains and losses.

For additional information on index credits accounted for as embedded derivatives, see Note 4.

The following table presents the balances and changes in Policyholder contract deposits account balances(a):


	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and other	Total
(in millions, except for average crediting rate)	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and other	Total
Nine Months Ended September 30, 2026
Policyholder contract deposits account balance, beginning of year	$111,802	$38,407	$10,440	$22,746	$7,729	$191,124
Deposits	12,673	3,420	1,193	5,115	1,577	23,978
Policy charges	(207)	(390)	(1,109)	(101)	(503)	(2,310)
Surrenders and withdrawals	(9,010)	(6,811)	(215)	(136)	(4,941)	(21,113)
Benefit payments	(1,967)	(1,631)	(176)	(2,853)	(1,145)	(7,772)
Net transfers from (to) separate account	(1)	3,705	25	(300)	4,382	7,811
Interest credited	4,475	1,048	400	827	156	6,906
Other, including foreign exchange	(31)	—	27	3	6	5
Policyholder contract deposits account balance, end of period	117,734	37,748	10,585	25,301	7,261	198,629
Other reconciling items(b)	(3,678)	(332)	(84)	(186)	(6)	(4,286)
Policyholder contract deposits	$114,056	$37,416	$10,501	$25,115	$7,255	$194,343
Weighted average crediting rate	3.78%	3.29%	4.48%	4.70%	2.81%
Cash surrender value(c)	$109,140	$36,772	$9,477	$2,672	$5,806	$163,867
Nine Months Ended September 30, 2025
Policyholder contract deposits account balance, beginning of year	$100,230	$39,246	$10,338	$18,026	$8,375	$176,215
Reclassification due to reinsurance recapture	—	—	—	14	(14)	—
Deposits	16,323	3,505	1,196	5,221	1,339	27,584
Policy charges	(167)	(376)	(1,120)	(62)	(521)	(2,246)
Surrenders and withdrawals	(7,653)	(6,561)	(220)	(190)	(4,369)	(18,993)
Benefit payments	(2,056)	(1,434)	(191)	(1,390)	(1,077)	(6,148)
Net transfers from (to) separate account	—	3,354	26	(336)	3,971	7,015
Interest credited	3,297	945	350	689	166	5,447
Other, including foreign exchange	(18)	—	12	(5)	10	(1)
Policyholder contract deposits account balance, end of period	109,956	38,679	10,391	21,967	7,880	188,873
Other reconciling items(b)	(1,854)	(257)	191	148	(1)	(1,773)
Policyholder contract deposits	$108,102	$38,422	$10,582	$22,115	$7,879	$187,100
Weighted average crediting rate	3.57%	3.22%	4.45%	4.70%	2.76%
Cash surrender value(c)	$103,213	$37,839	$9,280	$2,612	$6,287	$159,231

(a)Transactions between the general account and the separate account are presented in this table on a gross basis (e.g., a policyholder's funds are initially deposited

into the general account and then simultaneously transferred to the separate account), and thus, did not impact the ending balance of policyholder contract deposits.

(b)Reconciling items principally relate to MRBs that are bifurcated and reported separately, and changes in the fair value of embedded derivatives of $372 million and

$1.8 billion that are recorded in policyholder contract deposits as of September 30, 2026 and 2025, respectively.

(c)Cash surrender value is related to the portion of policyholder contract deposits that have a defined cash surrender value (e.g. GICs do not have a cash surrender

For information related to net amount at risk, refer to the table that presents the balances of and changes in MRBs in Note 14.

The following table presents Policyholder contract deposits account balance 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:


September 30, 2026		At Guaranteed Minimum	1 Basis Point - 50 Basis Points Above	More than 50 Basis Points Above Minimum Guarantee	Total
(in millions, except percentage of total)
Individual Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$2,505	$1,146	$39,175	$42,826
	> 1% - 2%	1,716	44	626	2,386
	> 2% - 3%	5,421	131	4,661	10,213
	> 3% - 4%	4,622	31	4	4,657
	> 4% - 5%	364	—	4	368
	> 5%	30	—	—	30
	Total	$14,658	$1,352	$44,470	$60,480
Group Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$1,845	$1,389	$9,792	$13,026
	> 1% - 2%	2,783	387	790	3,960
	> 2% - 3%	9,066	278	178	9,522
	> 3% - 4%	484	—	—	484
	> 4% - 5%	5,745	—	—	5,745
	> 5%	117	—	—	117
	Total	$20,040	$2,054	$10,760	$32,854
Life Insurance	Range of Guaranteed Minimum Credited Rate
	<=1%	$—	$—	$—	$—
	> 1% - 2%	—	114	354	468
	> 2% - 3%	10	156	1,667	1,833
	> 3% - 4%	1,051	438	37	1,526
	> 4% - 5%	2,504	—	—	2,504
	> 5%	194	—	—	194
	Total	$3,759	$708	$2,058	$6,525
Corporate and Other	Range of Guaranteed Minimum Credited Rate
	<=1%	$2,360	$—	$1	$2,361
	> 1% - 2%	615	1	36	652
	> 2% - 3%	1,413	2	56	1,471
	> 3% - 4%	375	50	495	920
	> 4% - 5%	181	—	3	184
	> 5%	9	—	—	9
	Total	$4,953	$53	$591	$5,597
Total*		$43,410	$4,167	$57,879	$105,456
Percentage of total		41%	4%	55%	100%


September 30, 2025		At Guaranteed Minimum	1 Basis Point - 50 Basis Points Above	More than 50 Basis Points Above Minimum Guarantee	Total
(in millions, except percentage of total)
Individual Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$2,865	$1,104	$36,989	$40,958
	> 1% - 2%	2,027	47	894	2,968
	> 2% - 3%	5,877	137	3,853	9,867
	> 3% - 4%	5,173	33	4	5,210
	> 4% - 5%	392	—	4	396
	> 5%	30	—	2	32
	Total	$16,364	$1,321	$41,746	$59,431
Group Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$1,953	$1,396	$9,395	$12,744
	> 1% - 2%	3,052	503	804	4,359
	> 2% - 3%	10,005	361	124	10,490
	> 3% - 4%	534	—	—	534
	> 4% - 5%	6,113	—	—	6,113
	> 5%	128	—	—	128
	Total	$21,785	$2,260	$10,323	$34,368
Life Insurance	Range of Guaranteed Minimum Credited Rate
	<=1%	$—	$—	$—	$—
	> 1% - 2%	—	112	361	473
	> 2% - 3%	11	170	1,707	1,888
	> 3% - 4%	1,140	413	25	1,578
	> 4% - 5%	2,631	—	—	2,631
	> 5%	204	—	—	204
	Total	$3,986	$695	$2,093	$6,774
Corporate and Other	Range of Guaranteed Minimum Credited Rate
	<=1%	$2,750	$—	$1	$2,751
	> 1% - 2%	718	1	39	758
	> 2% - 3%	1,306	32	64	1,402
	> 3% - 4%	461	1	526	988
	> 4% - 5%	190	—	3	193
	> 5%	9	—	—	9
	Total	$5,434	$34	$633	$6,101
Total*		$47,569	$4,310	$54,795	$106,674
Percentage of total		45%	4%	51%	100%

*Excludes policyholder contract deposits account balances that are not subject to guaranteed minimum crediting rates.

Other policyholder funds include unearned revenue reserve (“URR”), consisting of front-end loads on investment-oriented contracts,

representing those policy loads that are non-level and typically higher in initial policy years than in later policy years. Amortization of

URR is recorded in Policy fees.

URR for investment-oriented contracts are generally deferred and amortized into income using the same assumptions and factors

used to amortize DAC (i.e., on a constant level basis).

The following table presents a rollforward of the unearned revenue reserve for the nine months ended September 30, 2026


	Life Insurance	Institutional Markets	Corporate and Other	Total
(in millions)	Life Insurance	Institutional Markets	Corporate and Other	Total
Nine Months Ended September 30, 2026
Balance, beginning of year	$1,876	$17	$76	$1,969
Revenue deferred	128	18	—	146
Amortization	(81)	(1)	(5)	(87)
Balance, end of period	$1,923	$34	$71	$2,028
Other reconciling items*				987
Other policyholder funds				$3,015

Nine Months Ended September 30, 2025
Balance, beginning of year	$1,821	$1	$84	$1,906
Revenue deferred	124	17	—	141
Amortization	(84)	—	(6)	(90)
Balance, end of period	$1,861	$18	$78	$1,957
Other reconciling items*				975
Other policyholder funds				$2,932

*Other reconciling items include policyholders' dividend accumulations, provisions for future dividends to participating policyholders, dividends to policyholders and any