Separate Account Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Fair Value of Separate Account Investment Options

The following table presents fair value of separate account investment options:


	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
(in millions)	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
September 30, 2026
Equity funds	$31,460	$1,085	$776	$25,766	$59,087
Bond funds	2,954	47	1,625	3,992	8,618
Balanced funds	5,984	62	2,756	16,528	25,330
Money market funds	767	14	286	605	1,672
Total	$41,165	$1,208	$5,443	$46,891	$94,707

December 31, 2025
Equity funds	$30,683	$1,027	$721	$26,073	$58,504
Bond funds	3,160	48	1,398	4,165	8,771
Balanced funds	6,055	59	2,660	17,903	26,677
Money market funds	803	15	178	637	1,633
Total	$40,701	$1,149	$4,957	$48,778	$95,585

Schedule of Balances and Changes in Separate Account Liabilities

The following table presents the balances and changes in separate account liabilities:


	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
(in millions)	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
Nine Months Ended September 30, 2026
Separate accounts balance, beginning of year	$40,701	$1,149	$4,957	$48,778	$95,585
Premiums and deposits	1,026	22	613	1,254	2,915
Policy charges	(362)	(32)	(99)	(904)	(1,397)
Surrenders and withdrawals	(3,648)	(30)	(136)	(4,435)	(8,249)
Benefit payments	(465)	(11)	(85)	(803)	(1,364)
Investment performance	4,332	115	204	2,959	7,610
Net transfers from (to) general account and other	(419)	(5)	(11)	42	(393)
Separate accounts balance, end of period	$41,165	$1,208	$5,443	$46,891	$94,707
Cash surrender value*	$41,081	$1,198	$5,439	$46,101	$93,819


	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
(in millions)	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
Nine Months Ended September 30, 2025
Separate accounts balance, beginning of year	$39,672	$1,059	$4,339	$48,818	$93,888
Premiums and deposits	1,027	25	621	1,033	2,706
Policy charges	(349)	(34)	(95)	(916)	(1,394)
Surrenders and withdrawals	(3,306)	(31)	(222)	(3,864)	(7,423)
Benefit payments	(466)	(10)	(14)	(732)	(1,222)
Investment performance	5,004	143	241	5,235	10,623
Net transfers from (to) general account and other	(413)	(5)	26	44	(348)
Separate accounts balance, end of period	$41,169	$1,147	$4,896	$49,618	$96,830
Cash surrender value*	$41,078	$1,126	$4,898	$48,772	$95,874

*The cash surrender value represents the amount of the contract holder’s account balance distributable at the balance sheet date less applicable surrender charges.