Future Policy Benefits (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Liability for Future Policy Benefits

The following tables present the balances and changes in the liability for future policy benefits and a reconciliation of the

net liability for future policy benefits to the liability for future policy benefits in the Condensed Consolidated Balance Sheets:


	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
(in millions, except for liability durations)	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
Nine Months Ended September 30, 2026
Present value of expected net premiums
Balance, beginning of year	$—	$—	$8,365	$—	$825	$9,190
Effect of changes in discount rate assumptions (AOCI)	—	—	504	—	34	538
Beginning balance at original discount rate	—	—	8,869	—	859	9,728
Effect of changes in cash flow assumptions	—	—	(250)	—	—	(250)
Effect of actual variances from expected experience	—	—	(25)	—	(10)	(35)
Adjusted beginning of year balance	—	—	8,594	—	849	9,443
Issuances	—	—	543	—	17	560
Interest accrual	—	—	248	—	26	274
Net premium collected	—	—	(793)	—	(90)	(883)
Other	—	—	3	—	—	3
Ending balance at original discount rate	—	—	8,595	—	802	9,397
Effect of changes in discount rate assumptions (AOCI)	—	—	(947)	—	(78)	(1,025)
Balance, end of period	$—	$—	$7,648	$—	$724	$8,372


	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
(in millions, except for liability durations)	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
Nine Months Ended September 30, 2026
Present value of expected future policy benefits
Balance, beginning of year	$1,173	$291	$17,209	$24,147	$18,772	$61,592
Effect of changes in discount rate assumptions (AOCI)	110	(5)	1,261	3,290	1,180	5,836
Beginning balance at original discount rate	1,283	286	18,470	27,437	19,952	67,428
Effect of changes in cash flow assumptions(a)	—	—	(322)	—	—	(322)
Effect of actual variances from expected experience(a)	(23)	(2)	(12)	11	(22)	(48)
Adjusted beginning of year balance	1,260	284	18,136	27,448	19,930	67,058
Issuances	49	9	537	333	27	955
Interest accrual	38	11	579	895	706	2,229
Benefit payments	(90)	(29)	(1,214)	(1,291)	(1,104)	(3,728)
Foreign exchange impact	—	—	—	(156)	—	(156)
Other	—	—	6	—	—	6
Ending balance at original discount rate	1,257	275	18,044	27,229	19,559	66,364
Effect of changes in discount rate assumptions (AOCI)	(178)	(12)	(2,454)	(5,153)	(2,708)	(10,505)
Balance, end of period	$1,079	$263	$15,590	$22,076	$16,851	$55,859
Net liability for future policy benefits, end of period	1,079	263	7,942	22,076	16,127	47,487
Liability for future policy benefits for certain participating contracts	—	—	11	—	1,194	1,205
Liability for universal life policies(b)	—	—	4,287	—	52	4,339
Deferred profit liability	30	19	28	1,613	749	2,439
Other reconciling items(c)	13	—	368	—	107	488
Future policy benefits for life and accident and health insurance contracts	1,122	282	12,636	23,689	18,229	55,958
Less: Reinsurance recoverable:	(5)	—	(644)	(64)	(18,229)	(18,942)
Net liability for future policy benefits after reinsurance recoverable	$1,117	$282	$11,992	$23,625	$—	$37,016
Weighted average liability duration of the liability for future policy benefits (years)(d)	6.9	5.6	10.2	10.4	9.6


	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
(in millions, except for liability durations)	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
Nine Months Ended September 30, 2025
Present value of expected net premiums
Balance, beginning of year	$—	$—	$8,287	$—	$871	$9,158
Effect of changes in discount rate assumptions (AOCI)	—	—	797	—	61	858
Beginning balance at original discount rate	—	—	9,084	—	932	10,016
Effect of changes in cash flow assumptions	—	—	(169)	—	(8)	(177)
Effect of actual variances from expected experience	—	—	(24)	—	—	(24)
Adjusted beginning of year balance	—	—	8,891	—	924	9,815
Issuances	—	—	501	—	27	528
Interest accrual	—	—	262	—	29	291
Net premium collected	—	—	(786)	—	(106)	(892)
Other	—	—	3	—	—	3
Ending balance at original discount rate	—	—	8,871	—	874	9,745
Effect of changes in discount rate assumptions (AOCI)	—	—	(483)	—	(33)	(516)
Balance, end of period	$—	$—	$8,388	$—	$841	$9,229


	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
(in millions, except for liability durations)	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
Nine Months Ended September 30, 2025
Present value of expected future policy benefits
Balance, beginning of year	$1,130	$202	$16,947	$19,487	$19,243	$57,009
Effect of changes in discount rate assumptions (AOCI)	145	3	1,720	3,206	1,556	6,630
Reclassification due to reinsurance recapture	—	102	—	259	(361)	—
Beginning balance at original discount rate	1,275	307	18,667	22,952	20,438	63,639
Effect of changes in cash flow assumptions(a)	—	—	(129)	9	(4)	(124)
Effect of actual variances from expected experience(a)	(18)	—	(32)	13	(17)	(54)
Adjusted beginning of year balance	1,257	307	18,506	22,974	20,417	63,461
Issuances	69	6	494	2,058	30	2,657
Interest accrual	38	12	598	743	726	2,117
Benefit payments	(88)	(33)	(1,124)	(1,085)	(1,113)	(3,443)
Foreign exchange impact	—	—	—	707	—	707
Other	5	(2)	2	—	(11)	(6)
Ending balance at original discount rate	1,281	290	18,476	25,397	20,049	65,493
Effect of changes in discount rate assumptions (AOCI)	(105)	6	(1,118)	(3,448)	(917)	(5,582)
Balance, end of period	$1,176	$296	$17,358	$21,949	$19,132	$59,911
Net liability for future policy benefits, end of period	1,176	296	8,970	21,949	18,291	50,682
Liability for future policy benefits for certain participating contracts	—	—	11	—	1,231	1,242
Liability for universal life policies(b)	—	—	4,269	—	54	4,323
Deferred profit liability	33	21	25	1,643	790	2,512
Other reconciling items(c)	15	—	402	—	103	520
Future policy benefits for life and accident and health insurance contracts	1,224	317	13,677	23,592	20,469	59,279
Less: Reinsurance recoverable:	(5)	—	(665)	(46)	(20,469)	(21,185)
Net liability for future policy benefits after reinsurance recoverable	$1,219	$317	$13,012	$23,546	$—	$38,094
Weighted average liability duration of the liability for future policy benefits (years)(d)	7.4	6.0	10.6	11.2	10.6

Effect of changes in cash flow assumptions and variances from actual experience are partially offset by changes in the deferred profit liability.

(b)Additional details can be found in the table that presents the balances and changes in the liability for universal life policies.

(c)Other reconciling items primarily include the Accident and Health as well as Group Benefits (short-duration) contracts.

(d)The weighted average liability durations are calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level,

utilizing the segment level weighted average interest rates and current discount rate, which can be found in the table below.

The following table presents the amount of undiscounted expected future benefit payments and undiscounted and

discounted expected gross premiums for future policy benefits for nonparticipating contracts:


		Nine Months Ended September 30,
(in millions)		2026	2025
Individual Retirement	Undiscounted expected future benefits and expense	$1,833	$1,856
Individual Retirement	Undiscounted expected future gross premiums	$—	$—
Group Retirement	Undiscounted expected future benefits and expense	$390	$418
Group Retirement	Undiscounted expected future gross premiums	$—	$—
Life Insurance	Undiscounted expected future benefits and expense	$30,316	$29,720
	Undiscounted expected future gross premiums	$20,391	$19,679
	Discounted expected future gross premiums (at current discount rate)	$13,057	$13,474
Institutional Markets	Undiscounted expected future benefits and expense	$53,794	$51,382
Institutional Markets	Undiscounted expected future gross premiums	$—	$—
Corporate and other	Undiscounted expected future benefits and expense	$38,800	$40,316
	Undiscounted expected future gross premiums	$1,691	$1,838
	Discounted expected future gross premiums (at current discount rate)	$1,096	$1,263

The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of

Income (Loss) for future policy benefits for nonparticipating contracts:


	Gross Premiums		Interest Accretion
	Nine Months Ended September 30,		Nine Months Ended September 30,
(in millions)	2026	2025	2026	2025
Individual Retirement	$60	$69	$38	$38
Group Retirement	7	7	11	12
Life Insurance	1,389	1,385	331	336
Institutional Markets	344	2,102	895	743
Corporate and Other	160	177	680	697
Total	$1,960	$3,740	$1,955	$1,826

The following table presents the weighted-average interest rate for future policy benefits for nonparticipating contracts:


	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other
	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other
September 30, 2026
Weighted-average interest rate, original discount rate	4.03%	5.17%	4.79%	4.61%	4.90%
Weighted-average interest rate, current discount rate	6.24%	6.11%	6.43%	6.51%	6.39%
September 30, 2025
Weighted-average interest rate, original discount rate	3.91%	5.31%	4.70%	4.55%	4.88%
Weighted-average interest rate, current discount rate	5.13%	4.97%	5.34%	5.74%	5.33%

The following table presents the balances and changes in the liability for universal life policies:


	Nine Months Ended September 30,
	2026			2025
	Life Insurance	Corporate and Other	Total	Life Insurance	Corporate and Other	Total
(in millions, except duration of liability)	Life Insurance	Corporate and Other	Total	Life Insurance	Corporate and Other	Total
Balance, beginning of year	$4,241	$54	$4,295	$4,034	$54	$4,088
Effect of changes in assumptions	138	—	138	54	—	54
Effect of changes in experience	267	(4)	263	315	(2)	313
Adjusted beginning balance	$4,646	$50	$4,696	$4,403	$52	$4,455
Assessments	496	—	496	494	—	494
Excess benefits paid	(743)	—	(743)	(843)	—	(843)
Interest accrual	128	2	130	121	2	123
Other	(7)	—	(7)	(9)	—	(9)
Changes related to unrealized appreciation (depreciation) of investments	(233)	—	(233)	103	—	103
Balance, end of period	$4,287	$52	$4,339	$4,269	$54	$4,323
Less: Reinsurance recoverable	(205)	(52)	(257)	(164)	(54)	(218)
Balance, end of period, net of Reinsurance recoverable	$4,082	$—	$4,082	$4,105	$—	$4,105
Weighted average duration of liability *	23.4	8.5		25.6	8.7

*The weighted average duration of liabilities is calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment

level, utilizing the segment level weighted average interest rates, which can be found in the table below.

The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of

Income (Loss) for the liability for universal life policies:


	Gross Assessments		Interest Accretion
	Nine Months Ended September 30,		Nine Months Ended September 30,
(in millions)	2026	2025	2026	2025
Life Insurance	$773	$813	$128	$121
Corporate and Other	30	27	2	2
Total	$803	$840	$130	$123

The following table presents the calculation of weighted average interest rate for the liability for universal life policies:


September 30,	2026		2025
	Life Insurance	Corporate and Other	Life Insurance	Corporate and Other
	Life Insurance	Corporate and Other	Life Insurance	Corporate and Other
Weighted-average interest rate	4.15%	4.20%	4.01%	4.20%

The weighted average interest rates are calculated using projected future net liability cash flows that are aggregated to the segment

level, and are represented as an annual rate.

The following table presents details concerning our universal life policies:


	Nine Months Ended September 30,
(in millions, except for attained age of contract holders)	2026	2025
Account value	$4,493	$4,159
Net amount at risk	$79,764	$77,673
Average attained age of contract holders	54	54

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

value).

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.

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

and 2025:


	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