Market Risk Benefits (Tables)

9 Months Ended

Sep. 30, 2026

Insurance [Abstract]

Schedule of Reconciliation of Market Risk Benefits

The following table presents the balances of and changes in MRBs:


		Individual Retirement		Group Retirement		Corporate and Other		Total
(in millions, except for attained age of contract holders)		Individual Retirement		Group Retirement		Corporate and Other		Total
Nine Months Ended September 30, 2026
Balance, beginning of year		$5,118		$346		$349		$5,813
Effect of changes in our own credit risk		(556)		(105)		(729)		(1,390)
Balance, beginning of year, before effect of changes in our own credit risk		$4,562		$241		$(380)		$4,423
Issuances		628		32		5		665
Interest accrual		208		15		(16)		207
Attributed fees		—		42		545		587
Expected claims		—		(1)		(51)		(52)
Effect of changes in interest rates		(942)		(90)		(360)		(1,392)
Effect of changes in interest rate volatility		(2)		2		53		53
Effect of changes in equity markets		(46)		(35)		(488)		(569)
Effect of changes in equity index volatility		1		7		(33)		(25)
Actual outcome different from model expected outcome		(93)		(3)		148		52
Effect of changes in future expected policyholder behavior		(141)		7		—		(134)
Effect of changes in other future expected assumptions		604		(11)		(74)		519
Other, including foreign exchange		—		—		—		—
Balance, end of period before effect of changes in our own credit risk		4,779		206		(651)		4,334
Effect of changes in our own credit risk		243		60		407		710
Balance, end of period		5,022		266		(244)		5,044
Less: Reinsured MRB, end of period		—		—		(169)		(169)
Net Liability Balance after reinsurance recoverable		$5,022		$266		$(413)		$4,875
Net amount at risk
GMDB only		$—		$85		$491		$576
GMWB only		$423		$44		$—		$467
Combined*		$44		$11		$306		$361
Weighted average attained age of contract holders		68		64		73

Nine Months Ended September 30, 2025
Balance, beginning of year		$3,757		$278		$309		$4,344
Effect of changes in our own credit risk		(224)		(69)		(587)		(880)
Balance, beginning of year, before effect of changes in our own credit risk		$3,533		$209		$(278)		$3,464
Issuances		620		31		7		658
Interest accrual		146		11		(6)		151
Attributed fees		—		44		557		601
Expected claims		—		(1)		(50)		(51)
Effect of changes in interest rates		6		5		112		123
Effect of changes in interest rate volatility		18		(3)		(87)		(72)
Effect of changes in equity markets		(23)		(30)		(724)		(777)
Effect of changes in equity index volatility		—		4		20		24
Actual outcome different from model expected outcome		42		(28)		143		157
Effect of changes in future expected policyholder behavior		76		(9)		—		67
Effect of changes in other future expected assumptions		16		3		(44)		(25)
Other, including foreign exchange		—		2		—		2
Balance, end of period before effect of changes in our own credit risk		4,434		238		(350)		4,322
Effect of changes in our own credit risk		464		95		702		1,261
Balance, end of period		4,898		333		352		5,583
Less: Reinsured MRB, end of period		—		—		(1,028)		(1,028)
Net liability balance after reinsurance recoverable		$4,898		$333		$(676)		$4,555
Net amount at risk
GMDB only		$—		$98		$346		$444
GMWB only		$641		$54		$—		$695
Combined*		$58		$12		$333		$403
Weighted average attained age of contract holders		68		64		73

*Certain contracts contain both guaranteed GMDB and GMWB features and are modeled together for the purposes of calculating the MRB.

The following is a reconciliation of MRBs by amounts in an asset position and in a liability position to the MRBs amount in

the Condensed Consolidated Balance Sheets:


		September 30, 2026						September 30, 2025
(in millions)		Asset*		Liability*		Net		Asset*		Liability*		Net
Individual Retirement		$—		$5,022		$5,022		$—		$4,898		$4,898
Group Retirement		248		514		266		243		576		333
Corporate and Other		2,100		1,687		(413)		2,223		1,547		(676)
Total		$2,348		$7,223		$4,875		$2,466		$7,021		$4,555

*Cash flows and attributed fees for MRBs are determined on a policy level basis and are reported based on their asset or liability position at the balance sheet date.