v3.26.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Investments:    
Debt Securities, available-for-sale, net of allowance for credit losses of $4 and $11 at September 30, 2026 and December 31, 2025, respectively (amortized cost: 2026 $60,186; 2025 $50,491) $ 54,407 $ 47,321
Debt Securities, at fair value under fair value option 3,203 3,470
Equity securities, at fair value 257 172
Mortgage loans, net of allowance for credit losses of $191 and $133 at September 30, 2026 and December 31, 2025, respectively 10,711 9,887
Mortgage loans, at fair value under fair value option 557 324
Policy loans (including $3,535 and $3,537 at fair value under the fair value option at September 30, 2026 and December 31, 2025, respectively) 4,398 4,426
Freestanding derivative instruments 229 448
Other invested assets 3,508 3,185
Total investments 77,270 69,233
Cash and cash equivalents 4,101 5,704
Accrued investment income 771 634
Deferred acquisition costs 11,700 11,660
Reinsurance recoverable, net of allowance for credit losses of $32 and $30 at September 30, 2026 and December 31, 2025, respectively 17,514 19,518
Reinsurance recoverable on market risk benefits, at fair value 87 118
Market risk benefit assets, at fair value 8,489 7,867
Deferred income taxes, net 532 719
Other assets 576 637
Separate account assets 237,319 236,496
Total assets 358,359 352,586
Liabilities    
Reserves for future policy benefits and claims payable 10,119 10,896
Other contract holder funds 76,249 67,663
Market risk benefit liabilities, at fair value 2,920 3,754
Funds withheld payable under reinsurance treaties (including $3,724 and $3,723 at fair value under the fair value option at September 30, 2026 and December 31, 2025, respectively) 13,066 14,960
Debt 2,769 2,030
Repurchase agreements and securities lending payable 529 1,036
Collateral payable for derivative instruments 0 58
Separate account liabilities 237,319 236,496
Total liabilities 349,355 342,244
Commitments, Contingencies, and Guarantees (see Note 16)
Equity    
Common stock; 1,000,000,000 shares authorized, $0.01 par value per share and 66,448,342 and 66,825,632 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively (see Note 19) 1 1
Additional paid-in capital 6,404 6,063
Treasury stock, at cost; 28,039,973 and 27,662,683 shares at September 30, 2026 and December 31, 2025, respectively (2,128) (1,645)
Accumulated other comprehensive income (loss), net of tax expense (benefit) of $(340) and $(377) at September 30, 2026 and December 31, 2025, respectively (4,664) (2,470)
Retained earnings 8,335 7,471
Total shareholders' equity 8,481 9,953
Noncontrolling interests 523 389
Total equity 9,004 10,342
Total liabilities and equity 358,359 352,586
Noncumulative Preferred Stock    
Equity    
Series A non-cumulative preferred stock and additional paid in capital, $1.00 par value per share: 24,000 shares authorized; 22,000 shares issued and outstanding at September 30, 2026 and December 31, 2025; liquidation preference $25,000 per share (see Note 19) 533 533
Freestanding derivatives    
Liabilities    
Freestanding derivative instruments 1,231 257
Related Party    
Liabilities    
Other liabilities 2,466 2,578
Nonrelated Party    
Liabilities    
Other liabilities $ 2,687 $ 2,516