FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:

Fair Value Measurements as of September 30, 2026


	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Investments
Fixed maturities, AFS:
Corporate (1)	$	—	$	43,218	$	3,156	$	46,374
U.S. Treasury, government and agency	—		3,398		—		3,398
States and political subdivisions	—		273		—		273
Foreign governments	—		409		—		409
Residential mortgage-backed (2)	—		8,754		—		8,754
Asset-backed (3)	—		13,911		3,053		16,964
Commercial mortgage-backed	—		4,929		59		4,988
Redeemable preferred stock	—		56		—		56
Total fixed maturities, AFS	—		74,948		6,268		81,216
Fixed maturities, at fair value using the fair value option	—		3,007		326		3,333
Mortgage loans, at fair value using the fair value option	—		—		71		71
Other equity investments (4)	228		171		32		431
Trading securities	361		1,120		430		1,911
Other invested assets:
Short-term investments	—		130		—		130
Assets of consolidated VIEs/VOEs	77		413		1		491
Swaps	—		(276)		—		(276)
Credit default swaps	—		(8)		—		(8)
Futures	4		—		—		4
Options	—		24,130		—		24,130
Forwards	—		103		—		103
Total other invested assets	81		24,492		1		24,574
Cash equivalents	6,099		149		—		6,248
Segregated securities	—		379		—		379
Purchased market risk benefits	—		—		4,190		4,190
Assets for market risk benefits	—		—		1,303		1,303
Modco payable (5)	—		—		7		7
Separate Accounts assets (6)	135,806		2,843		—		138,649
Total Assets	$	142,575	$	107,109	$	12,628	$	262,312

Liabilities:
Notes issued by consolidated VIEs, at fair value using the fair value option (7)	$	—	$	3,156	$	311	$	3,467
SCS, SIO, MSO and IUL indexed features’ liability	—		26,287		—		26,287
Liabilities of consolidated VIEs and VOEs	1		23		—		24
Liabilities for market risk benefits	—		—		7,705		7,705
Contingent payment arrangements	—		—		9		9
Total Liabilities	$	1	$	29,466	$	8,025	$	37,492

______________

(1)Corporate fixed maturities includes both public and private issues.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.

(4)Includes short position equity securities of $32 million that are reported in other liabilities.

(5)Represents ceded reserves on NI modco (see Note 1 of the Notes to these Consolidated Financial Statements). Reflected in Amounts due from reinsurers.

(6)Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate. As of September 30, 2026, the fair value of such investments was $268 million.

(7)Accrued interest payable of $18 million is reported in Notes issued by consolidated VIEs, at fair value using the fair value option in the consolidated balance sheets, which is not required to be measured at fair value on a recurring basis.

Fair Value Measurements as of December 31, 2025


	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Investments
Fixed maturities, AFS:
Corporate (1)	$	—	$	42,345	$	2,496	$	44,841
U.S. Treasury, government and agency	—		3,737		—		3,737
States and political subdivisions	—		310		—		310
Foreign governments	—		482		—		482
Residential mortgage-backed (2)	—		7,086		—		7,086
Asset-backed (3)	—		14,513		1,545		16,058
Commercial mortgage-backed (2)	—		4,552		38		4,590
Redeemable preferred stock	—		58		—		58
Total fixed maturities, AFS	—		73,083		4,079		77,162
Fixed maturities, at fair value using the fair value option	—		2,484		459		2,943
Mortgage loans, at fair value using the fair value option	—		—		50		50
Other equity investments (4)	247		210		17		474
Trading securities	404		882		286		1,572
Other invested assets:
Short-term investments	—		28		68		96
Assets of consolidated VIEs/VOEs	33		318		1		352
Swaps	—		(380)		—		(380)
Credit default swaps	—		(10)		—		(10)
Futures	1		—		—		1
Options	—		21,111		—		21,111
Forwards	—		33		—		33
Total other invested assets	34		21,100		69		21,203
Cash equivalents	4,998		—		—		4,998
Segregated securities	—		499		—		499
Purchased market risk benefits	—		—		5,260		5,260
Assets for market risk benefits	—		—		752		752
Modco payable (5)	—		—		(1)		(1)
Separate Accounts assets (6)	133,142		2,678		—		135,820
Total Assets	$	138,825	$	100,936	$	10,971	$	250,732


	Level 1		Level 2		Level 3		Total
	(in millions)
Liabilities:
Notes issued by consolidated VIEs, at fair value using the fair value option (7)	$	—	$	2,454	$	254	$	2,708
SCS, SIO, MSO and IUL indexed features’ liability	—		21,819		—		21,819
Liabilities of consolidated VIEs and VOEs	—		20		—		20
Liabilities for market risk benefits	—		—		10,153		10,153
Contingent payment arrangements	—		—		9		9
Total Liabilities	$	—	$	24,293	$	10,416	$	34,709

______________

(1)Corporate fixed maturities includes both public and private issues.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.

(4)Includes short position equity securities of $37 million that are reported in other liabilities.

(5)Represents ceded reserves on NI modco (see Note 1 of the Notes to these Consolidated Financial Statements). Reflected in Amounts due from reinsurers.

(6)Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate. As of December 31, 2025, the fair value of such investments was $290 million.

(7)Accrued interest payable of $19 million is reported in Notes issued by consolidated VIEs, at fair value using the fair value option in the consolidated balance sheets, which is not required to be measured at fair value on a recurring basis.

Schedule of Reconciliation of Assets and Liabilities at Level 3

The tables below present reconciliations for all Level 3 assets and liabilities and changes in unrealized gains (losses). Not included below are the changes in balances related to MRBs and purchased MRBs Level 3 assets and liabilities, which are included in Note 9 of the Notes to these Consolidated Financial Statements.


	Three Months Ended September 30, 2026
	Corporate		Asset-backed		RMBS		CMBS		Fixed maturities, at FVO		Mortgage Loans, at FVO
	(in millions)
Balance, beginning of period	$	2,967	$	2,747	$	22	$	60	$	203	$	71
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	2		—		—		—		(39)		—
Investment gains (losses), net	(3)		(6)		—		—		—		—
Subtotal	(1)		(6)		—		—		(39)		—
Other comprehensive income (loss)	(52)		(82)		—		(1)		—		—
Purchases	411		605		—		—		95		—
Debt issuances	—		—		—		—		—		—
Sales	(147)		(166)		—		—		(24)		—
Settlements	—		—		—		—		—		—
Change in fair value of Modco payable	—		—		—		—		—		—
Other	—		—		—		—		—		—
Activity related to consolidated VIEs/VOEs	—		—		—		—		—		—
Transfers into Level 3 (1)	—		(45)		—		—		(48)		—
Transfers out of Level 3 (1)	(22)		—		(22)		—		139		—
Balance, end of period	$	3,156	$	3,053	$	—	$	59	$	326	$	71


	Three Months Ended September 30, 2026
	Corporate		Asset-backed		RMBS		CMBS		Fixed maturities, at FVO		Mortgage Loans, at FVO
	(in millions)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)	$	—	$	—	$	—	$	—	$	(1)	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)	$	(48)	$	(82)	$	—	$	(1)	$	—	$	—

______________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. Negative transfers into Level 3 and positive transfers out of Level 3 represent transfers in prior quarters that were sold in the current quarter.

(2)For instruments held as of September 30, 2026, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.


	Three Months Ended September 30, 2026
	Other Equity Investments (3)		Trading Securities, at Fair Value		Modco Payable		Notes issued by consolidated VIEs		Contingent Payment Arrangement
	(in millions)
Balance, beginning of period	$	19	$	393	$	3	$	(321)	$	(9)
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	(1)		(2)		—		—		—
Investment gains (losses), net	11		—		—		—		—
Subtotal	10		(2)		—		—		—
Other comprehensive income (loss)	—		—		—		—		—
Purchases	6		40		—		—		—
Debt issuances	—		—		—		(7)		—
Sales	(2)		(3)		—		—		—
Settlements	—		—		—		17		—
Change in fair value of Modco payable	—		—		4		—		—
Other	—		—		—		—		—
Activity related to consolidated VIEs/VOEs	—		—		—		—		—
Transfers into Level 3 (1)	—		1		—		—		—
Transfers out of Level 3 (1)	—		1		—		—		—
Balance, end of period	$	33	$	430	$	7	$	(311)	$	(9)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)	$	11	$	—	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)	$	—	$	—	$	—	$	—	$	—

______________

(3)Other Equity Investments include other invested assets.


	Three Months Ended September 30, 2025
	Corporate		Asset-backed		RMBS		CMBS
	(in millions)
Balance, beginning of period	$	2,009	$	936	$	31	$	19
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	1		(1)		—		—
Investment gains (losses), net	2		—		—		—
Subtotal	3		(1)		—		—
Other comprehensive income (loss)	3		6		(1)		—
Purchases	514		400		41		17

Sales	(336)		(35)		—		—
Settlements	—		—		3		—
Change in fair value of modco payable	—		—		—		—
Other	—		—		—		—
Activity related to consolidated VIEs/VOEs	—		—		—		—
Transfers into Level 3 (1)	11		—		—		(4)
Transfers out of Level 3 (1)	87		(55)		(19)		—
Balance, end of period	$	2,291	$	1,251	$	55	$	32
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)	$	—	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)	$	(1)	$	7	$	(1)	$	—

______________

(2)For instruments held as of September 30, 2025, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.


	Three Months Ended September 30, 2025
	Fixed maturities, at FVO		Other Equity Investments (3)		Trading Securities, at Fair Value		Modco Payable		Notes issued by consolidated VIEs		Contingent Payment Arrangement
	(in millions)
Balance, beginning of period	$	410	$	13	$	127	$	—	$	(158)	$	(8)
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	2		1		—		—		—		—
Investment gains (losses), net	—		—		—		—		—		—
Subtotal	2		1		—		—		—		—
Other comprehensive income (loss)	—		—		—		—		—		—
Purchases	52		3		72		—		—		—
Debt issuances	—		—		—		—		(57)		—
Sales	(27)		(3)		—		—		—		—
Settlements	—		—		—		—		3		(1)
Change in fair value of modco payable	—		—		—		(2)		—		—
Other	—		—		—		—		—		—
Activity related to consolidated VIEs/VOEs	—		32		—		—		—		—
Transfers into Level 3 (1)	(49)		2		—		—		—		—
Transfers out of Level 3 (1)	(10)		—		—		—		—		—
Balance, end of period	$	378	$	48	$	199	$	(2)	$	(212)	$	(9)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)	$	3	$	1	$	—	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)	$	—	$	—	$	—	$	—	$	—	$	—

______________

(3)Other Equity Investments include other invested assets.


	Nine Months Ended September 30, 2026
	Corporate		Asset-backed		RMBS		CMBS		Fixed maturities, at FVO		Mortgage Loans, at FVO
	(in millions)
Balance, beginning of period	$	2,496	$	1,545	$	—	$	38	$	459	$	50
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	6		—		—		—		(25)		—
Investment gains (losses), net	(23)		(10)		—		—		(1)		(4)
Subtotal	(17)		(10)		—		—		(26)		(4)
Other comprehensive income (loss)	(73)		(104)		—		(2)		—		—
Purchases	2,076		1,632		22		23		131		25
Debt issuances	—		—		—		—		—		—
Sales	(1,225)		(521)		—		—		(40)		—
Settlements	—		—		—		—		—		—
Change in fair value of modco payable	—		—		—		—		—		—
Other	—		—		—		—		—		—
Activity related to consolidated VIEs/VOEs	—		—		—		—		—		—
Transfers into Level 3 (1)	33		677		—		—		23		—
Transfers out of Level 3 (1)	(134)		(166)		(22)		—		(221)		—
Balance, end of period	$	3,156	$	3,053	$	—	$	59	$	326	$	71
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)	$	—	$	—	$	—	$	—	$	13	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)	$	(83)	$	(104)	$	—	$	(2)	$	—	$	—

______________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.


	Nine Months Ended September 30, 2026
	Other Equity Investments (1)		Trading Securities, at Fair Value		Short-term investments		Modco Payable		Notes issued by consolidated VIEs		Contingent Payment Arrangement
	(in millions)
Balance, beginning of period	$	18	$	286	$	68	$	(1)	$	(254)	$	(9)
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	—		(4)		—		—		—		—
Investment gains (losses), net	11		3		—		—		—		—
Subtotal	11		(1)		—		—		—		—
Other comprehensive income (loss)	—		—		—		—		—		—
Purchases	17		160		—		—		—		—
Debt issuances	—		—		—		—		(79)		—
Sales	(13)		(18)		—		—		—		—
Settlements	—		—		—		—		22		—
Change in fair value of modco payable	—		—		—		8		—		—
Other	—		—		—		—		—		—
Activity related to consolidated VIEs/VOEs	—		—		—		—		—		—
Transfers into Level 3 (2)	—		3		—		—		—		—
Transfers out of Level 3 (2)	—		—		(68)		—		—		—
Balance, end of period	$	33	$	430	$	—	$	7	$	(311)	$	(9)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (3)	$	11	$	—	$	—	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (3)	$	—	$	—	$	—	$	—	$	—	$	—

______________

(1)Other Equity Investments include other invested assets.

(2)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(3)For instruments held as of September 30, 2026, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.


	Nine Months Ended September 30, 2025
	Corporate (3)		Asset-backed		RMBS		CMBS		Fixed maturities, at FVO
	(in millions)
Balance, beginning of period	$	2,419	$	285	$	—	$	8	$	275
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	4		(1)		—		—		3
Investment gains (losses), net	(1)		—		—		—		(4)
Subtotal	3		(1)		—		—		(1)
Other comprehensive income (loss)	30		12		—		1		—
Purchases	938		1,184		55		28		251
Debt issuances	—		—		—		—		—
Sales	(726)		(168)		—		(5)		(68)
Settlements	—		—		—		—		—
Change in fair value of modco payable	—		—		—		—		—
Other	—		—		—		—		—
Activity related to consolidated VIEs/VOEs	—		—		—		—		—
Transfers into Level 3 (1)	13		—		—		—		46
Transfers out of Level 3 (1)	(386)		(61)		—		—		(125)
Balance, end of period	$	2,291	$	1,251	$	55	$	32	$	378
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)	$	—	$	—	$	—	$	—	$	2
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)	$	21	$	10	$	1	$	—	$	—

______________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.


	Nine Months Ended September 30, 2025
	Other Equity Investments (1)		Trading Securities, at Fair Value		Notes issued by consolidated VIEs		Contingent Payment Arrangement
	(in millions)
Balance, beginning of period	$	55	$	80	$	(172)	$	(9)
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	2		—		—		—
Investment gains (losses), net	—		—		—		—
Subtotal	2		—		—		—
Other comprehensive income (loss)	—		—		—		—
Purchases	17		119		—		—
Debt issuances	—		—		(60)		—
Sales	(19)		—		—		—
Settlements	—		—		20		—
Change in fair value of modco payable	—		—		—		—


	Nine Months Ended September 30, 2025
	Other Equity Investments (1)		Trading Securities, at Fair Value		Notes issued by consolidated VIEs		Contingent Payment Arrangement
	(in millions)
Other	—		—		—		—
Activity related to consolidated VIEs/VOEs	31		—		—		—
Transfers into Level 3 (2)	4		—		—		—
Transfers out of Level 3 (2)	(42)		—		—		—
Balance, end of period	$	48	$	199	$	(212)	$	(9)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (3)	$	2	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (3)	$	—	$	—	$	—	$	—

_____________

(1)Other Equity Investments include other invested assets.

(2)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(3)For instruments held as of September 30, 2025, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

Schedule of Quantitative Information About Level 3 Fair Value Measurement

The following tables disclose quantitative information about Level 3 fair value measurements by category for assets and liabilities:

Quantitative Information about Level 3 Fair Value Measurements as of September 30, 2026

Fair
Value

Valuation

Technique

Significant

Unobservable Input

Range

Weighted Average (2)

(Dollars in millions)

Assets:

Investments:

Fixed maturities, AFS:

Corporate

1,437

Market comparable
companies

EBITDA multiples

Discount rate

Cashflow multiples

Loan to value

Benchmark analysis

0.7x - 26.5x

0.0% - 27.5%

0.6x - 14.8x

2.8% - 41.6%

0.0% - —%

12.6x

3.9%

5.3x

13.5%

0.0%

Other equity investments

Discounted Cash Flow

Earnings multiple

4.4x - 8.2x

4.4x

Trading securities,

at fair value (5)

Discounted cash flow

Earnings multiple

Discount factor

Discount years

10.9x

10.0%

Trading securities,
at fair value (5)

285

Market comparable
companies

EBITDA multiples

Cashflow multiples

0.7x - 26.5x

3.5x - 11.5x

14.4x

6.7x

Mortgage loans, at fair value using the fair value option

Matrix Pricing Model

Spread over Benchmark (bps)

150 - 185

162

Purchased MRB asset

(1) (2) (4)

4,190

Discounted cash flow

Lapse rates

Withdrawal rates

GMIB Utilization rates

Non-performance risk (bps)
Volatility rates - Equity

Mortality: Ages 0-40

Ages 41-60

Ages 61-115

0.04% - 13.83%

0.09% - 6.19%

0.00% - 64.77%

-2 - 80

13% - 32%

0.01% - 0.16%

0.06% - 0.49%

0.38% - 40.00%

2.74%

0.56%

6.41%

23.6%

3.74%

(same for all ages)

Liabilities:

AB Contingent consideration payable

Discounted cash flow

Expected revenue growth rates

Discount rate

2.0% - 8.0%

1.9% - 1.9%

4.9%

1.9%

Direct MRB (1) (2) (3) (4)

6,402

Discounted cash flow

Non-performance risk (bps)

Lapse rates

Withdrawal rates

Annuitization rates

Mortality: Ages 0-40

Ages 41-60

Ages 61-115

106

0.04% - 35.97%

0.00% - 8.00%

0.00% - 100.00%

0.01% - 0.16%

0.06% - 0.49%

0.38% - 40.00%

106

4.68%

0.46%

4.92%

3.22%

(same for all ages)

______________

(1)Mortality rates vary by age and demographic characteristic such as gender. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivatives.

(2)Lapses and pro rata withdrawal rates were developed as a function of the policy account value. Dollar-for-dollar withdrawal rates were developed as a function of the dollar-for-dollar threshold, the dollar-for-dollar limit. Utilization rates were developed as a function of the benefit base.

(3)MRB liabilities are shown net of MRB assets. Net amount is made up of $7.7 billion of MRB liabilities and $1.3 billion of MRB assets.

(4)Includes Legacy and Core products.

(5)Certain newly acquired Level 3 Trading securities are not presented as cost basis approximates fair value as of September 30, 2026.

Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2025

Fair
Value

Valuation
Technique

Significant
Unobservable Input

Range

Weighted Average (2)

(Dollars in millions)

Assets:

Investments:

Fixed maturities, AFS:

Corporate

1,189

Market comparable companies

EBITDA multiples

Discount rate

Cashflow multiples

Loan to value

4.8x - 34.0x

7.3% - 21.3%

0.6x - 29.5x

2.1% - 80.0%

13.8x

3.4%

15.0x

10.3%

Other equity investments

Discounted Cash Flow

Earnings Multiple

6.9x - 9.4x

6.9x

Trading securities,

at fair value (5)

Discounted cash flow

Earnings multiple

Discounts factor

Discount years

10.9x

10.0%

Trading securities,

at fair value (5)

139

Market comparable companies

EBITDA multiples

Cashflow multiples

6.8x - 34.0x

4.0x - 29.5x

15.1x

7.6x

Mortgage loans, at fair value using the fair value option

Discounted cash flow

Discount rate

Loan to value

5.1% - 5.7%

64.0% - 64.5%

Purchased MRB asset

(1) (2) (4)

5,260

Discounted cash flow

Lapse rates

Withdrawal rates

GMIB Utilization rates

Non-performance risk

Volatility rates - Equity

Mortality: Ages 0-40

Ages 41-60

Ages 61-115

0.04% - 13.67%

0.12% - 6.51%

0.04% - 63.69%

3 bps - 85 bps

13% - 29%

0.01% - 0.17%

0.06% - 0.51%

0.31% - 40.40%

2.34%

0.68%

6.87%

7 bps

23%

3.41%

(same for all ages)

Liabilities:

AB Contingent consideration payable

Discounted cash flow

Expected revenue growth rates

Discount rate

2.0% - 13.3%

1.9% - 1.9%

6.8%

1.9%

Direct MRB (1) (2) (3) (4)

9,401

Discounted cash flow

Non-performance risk

Lapse rates

Withdrawal rates

Annuitization rates

Mortality: Ages 0-40

Ages 41-60

Ages 61-115

77 bps

0.04% - 38.09%

0.00% - 8.00%

0.04% - 100.00%

0.01% - 0.17%

0.06% - 0.51%

0.31% - 40.40%

77 bps

4.09%

0.83%

5.29%

2.95%

(same for all ages)

______________

(1)Mortality rates vary by age and demographic characteristic such as gender and benefits elected with the policy. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivatives.

(3)MRB liabilities are shown net of MRB assets. Net amount is made up of $10.2 billion of MRB liabilities and $752 million of MRB assets.

(4)Includes Legacy and Core products.

(5)Certain newly acquired Level 3 Trading securities are not presented as cost basis approximates fair value as of December 31, 2025.

Schedule of Fair Value Disclosure Financial Instruments Not Carried At Fair Value

The carrying values and fair values for financial instruments not otherwise disclosed in Note 3 and Note 4 of the Notes to these Consolidated Financial Statements were as follows:

Carrying Values and Fair Values for Financial Instruments Not Otherwise Disclosed


	Carrying Value		Fair Value
			Level 1		Level 2		Level 3		Total
	(in millions)
September 30, 2026:
Mortgage loans on real estate	$	24,596	$	—	$	—	$	23,375	$	23,375
Policy loans	$	1,845	$	—	$	—	$	1,866	$	1,866
Policyholders’ liabilities: Investment contracts	$	3,378	$	—	$	—	$	3,308	$	3,308
Modco payable (1)	$	359	$	—	$	—	$	359	$	359
Funding agreements (2)	$	20,326	$	—	$	19,841	$	—	$	19,841
Short-term debt	$	—	$	—	$	—	$	—	$	—
Long-term debt	$	3,841	$	—	$	3,577	$	—	$	3,577
Separate Accounts liabilities	$	13,458	$	—	$	—	$	13,458	$	13,458


December 31, 2025:
Mortgage loans on real estate	$	22,668	$	—	$	—	$	21,907	$	21,907
Policy loans	$	1,862	$	—	$	—	$	1,958	$	1,958
Policyholders’ liabilities: Investment contracts	$	2,808	$	—	$	—	$	2,777	$	2,777
Modco payable (1)	$	323	$	—	$	—	$	323	$	323
Funding agreements	$	17,996	$	—	$	17,916	$	—	$	17,916
Short-term debt	$	25	$	—	$	25	$	—	$	25
Long-term debt	$	3,835	$	—	$	3,814	$	—	$	3,814
Separate Accounts liabilities	$	12,365	$	—	$	—	$	12,365	$	12,365

______________

(1)Modco payable is reported in Amounts due from reinsurers in the consolidated balance sheets.

(2)Excludes accrued interest of $168 million as of September 30, 2026.