POLICYHOLDER ACCOUNT BALANCES (Tables)

9 Months Ended

Sep. 30, 2026

Policyholder Account Balance [Abstract]

Schedule of Policyholder Account Balance

The following table summarizes balances and changes in the liability for future policy benefits for nonparticipating traditional and limited pay contracts:


	Nine Months Ended September 30, 2026								Nine Months Ended September 30, 2025
	Retirement		Corporate & Other						Retirement		Corporate & Other
	Payout		Term		Group Pension		Health		Payout		Term		Group Pension		Health
	(in millions)
Present Value of Expected Net Premiums
Balance, beginning of period	$	—	$	1,818	$	—	$	(23)	$	—	$	1,932	$	—	$	(25)
Beginning balance at original discount rate	—		1,802		—		(24)		—		1,959		—		(26)
Effect of changes in cash flow assumptions	—		—		—		16		—		(30)		—		—
Effect of actual variances from expected experience	—		(75)		—		(1)		—		(68)		—		(2)
Adjusted beginning of period balance	—		1,727		—		(9)		—		1,861		—		(28)
Issuances	—		22		—		—		—		28		—		—
Interest accrual	—		64		—		—		—		69		—		(1)
Net premiums collected	—		(120)		—		2		—		(131)		—		4

Ending Balance at original discount rate	—		1,693		—		(7)		—		1,827		—		(25)
Effect of changes in discount rate assumptions	—		(119)		—		1		—		28		—		1
Balance, end of period	$	—	$	1,574	$	—	$	(6)	$	—	$	1,855	$	—	$	(24)

Present Value of Expected Future Policy Benefits
Balance, beginning of period	$	5,243	$	3,058	$	432	$	1,293	$	5,050	$	3,216	$	460	$	1,337
Beginning balance of original discount rate	5,402		2,991		472		1,458		5,390		3,215		514		1,555
Effect of changes in cash flow assumptions (1)	(15)		15		—		33		(459)		(46)		—		—
Effect of actual variances from expected experience	(3)		(113)		—		(4)		(3)		(88)		1		(4)
Adjusted beginning of period balance	5,384		2,893		472		1,487		4,928		3,081		515		1,551
Issuances	529		24		—		—		579		30		—		—
Interest accrual	156		109		12		36		146		117		13		38
Benefits payments	(429)		(168)		(43)		(106)		(376)		(196)		(46)		(111)
Ending Balance at original discount rate	5,640		2,858		441		1,417		5,277		3,032		482		1,478
Effect of changes in discount rate assumptions	(480)		(147)		(61)		(243)		(158)		85		(40)		(166)
Balance, end of period	$	5,160	$	2,711	$	380	$	1,174	$	5,119	$	3,117	$	442	$	1,312
Impact of flooring LFPB at zero	—		1		—		—		—		1		—		—
Net liability for future policy benefits	5,160		1,138		380		1,180		5,119		1,263		442		1,336
Less: Reinsurance recoverable	(1,246)		(848)		—		(903)		(1,113)		(943)		—		(1,042)
Net liability for future policy benefits, after reinsurance recoverable	$	3,914	$	290	$	380	$	277	$	4,006	$	320	$	442	$	294

Weighted-average duration of liability for future policyholder benefits (years)	7.3		6.7		6.7		8.0		7.5		6.8		6.8		8.2

______________

(1)Includes the net income impact due to novation as described in Note 1 of the Notes to these Consolidated Financial Statements.

The following table reconciles the policyholders’ account balances to the policyholders’ account balance liability in the consolidated balance sheets:


	September 30, 2026		December 31, 2025
	(in millions)
Policyholders’ account balance reconciliation
Retirement
SCS	$	93,364	$	80,752
EQUI-VEST Individual	1,696		1,819
EQUI-VEST Group	10,861		10,968
Momentum	419		489
GMxB Core	(62)		(52)
Corporate and Other
Universal Life	4,839		4,924
Variable Universal Life	5,309		5,165
GMxB Legacy	198		222
Other (1)	13,365		11,150
Balance (exclusive of Funding Agreements)	129,989		115,437
Funding Agreements	20,494		17,996
Balance, end of period	$	150,483	$	133,433

_____________

(1)Primarily reflects products Retirement Payout, Retirement Other, Indexed Universal Life, Investment Edge, Group Pension and Closed Block.

The following table summarizes the balances and changes in policyholders’ account balances:


	Nine Months Ended September 30, 2026
	Retirement										Corporate and Other
	GMxB Core		SCS (1)		EQUI-VEST Individual		EQUI-VEST Group		Momentum		Universal Life		Variable Universal Life		GMxB Legacy
	(Dollars in millions)
Balance, beginning of period	$	(52)	$	80,752	$	1,819	$	10,968	$	489	$	4,924	$	5,165	$	222



Premiums received	78		701		23		454		30		408		72		4
Policy charges	5		(82)		—		(4)		—		(470)		(207)		10
Surrenders and withdrawals	(21)		(5,130)		(157)		(1,001)		(90)		(63)		(66)		(41)
Benefit payments	(1)		(359)		(43)		(52)		(2)		(118)		(25)		(13)
Net transfers from (to) Separate Account	(74)		9,466		15		245		(16)		—		213		7
Interest credited (2)	3		8,016		39		251		8		158		157		8
Other (4)	—		—		—		—		—		—		—		1
Balance, end of period	$	(62)	$	93,364	$	1,696	$	10,861	$	419	$	4,839	$	5,309	$	198

Weighted-average crediting rate	1.89%		N/A		2.95%		2.64%		2.30%		3.85%		3.67%		2.78%
Net amount at risk (3)	$	3,046	$	13	$	95	$	8	$	—	$	29,665	$	117,217	$	13,825
Cash surrender value	$	167	$	87,954	$	1,691	$	10,810	$	419	$	3,244	$	3,227	$	390

______________

(1)SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) Separate Account.

(2)SCS and EQUI-VEST Group include amounts related to the change in embedded derivatives.

(3)For life insurance products, the net amount at risk is the death benefit less account value for the policyholder. For variable annuity products, the net amount at risk is the maximum GMxB NAR for the policyholder.

(4)Includes the PAB from the policies novated to Venerable, as described in Note 1 of the Notes to these Consolidated Financial Statements.


	Nine Months Ended September 30, 2025
	Retirement										Corporate and Other
	GMxB Core		SCS (1)		EQUI-VEST Individual		EQUI-VEST Group		Momentum		Universal Life		Variable Universal Life		GMxB Legacy
	(Dollars in millions)
Balance, beginning of period	$	(4)	$	65,267	$	2,037	$	11,158	$	527	$	5,065	$	4,982	$	226

Premiums received	133		11		29		451		39		444		90		6
Policy charges	2		(40)		—		(4)		—		(499)		(206)		10
Surrenders and withdrawals	(21)		(4,049)		(186)		(1,068)		(83)		(62)		(4)		(46)
Benefit payments	(1)		(280)		(49)		(52)		(2)		(160)		(101)		(13)
Net transfers from (to) Separate Account	(152)		10,146		13		327		14		—		186		7
Interest credited (2)	6		6,177		43		264		9		162		168		9
Other	—		—		—		—		—		—		—		33
Balance, end of period	$	(37)	$	77,232	$	1,887	$	11,076	$	504	$	4,950	$	5,115	$	232

Weighted-average crediting rate	1.96%		N/A		3.00%		2.75%		2.46%		3.83%		3.67%		2.78%
Net amount at risk (3)	$	2,806	$	—	$	97	$	7	$	—	$	31,652	$	117,340	$	15,028
Cash surrender value	$	194	$	73,998	$	1,881	$	11,030	$	505	$	3,310	$	3,198	$	439

______________

(1)SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) Separate Account.

(2)SCS and EQUI-VEST Group include amounts related to the change in embedded derivatives.

The following table reconciles the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheets:


	September 30, 2026		December 31, 2025
	(in millions)
Separate Account Reconciliation
Retirement
GMxB Core	$	30,027	$	30,720
EQUI-VEST Individual	4,838		4,836
Investment Edge	5,709		5,312
EQUI-VEST Group	35,711		33,714
Momentum	5,297		5,174
Corporate and Other
Variable Universal Life	21,862		20,383
GMxB Legacy	26,961		28,209
Other (1)	8,756		8,196
Total	$	139,161	$	136,544

______________

(1)Primarily reflects Corporate and Other products and Retirement products including Association and Retirement Other.

The following table presents the balances of and changes in Separate Account liabilities:


	Nine Months Ended September 30, 2026
	Retirement										Corporate and Other
	GMxB Core		EQUI-VEST Individual		Investment Edge		EQUI-VEST Group		Momentum		VUL		GMxB Legacy
	(in millions)
Balance, beginning of period	$	30,720	$	4,836	$	5,312	$	33,714	$	5,174	$	20,383	$	28,209

Premiums and deposits	1,238		65		1,964		1,926		443		989		138
Policy charges	(379)		(3)		—		(14)		(20)		(451)		(357)
Surrenders and withdrawals	(2,982)		(390)		(519)		(2,505)		(748)		(444)		(2,373)
Benefit payments	(207)		(46)		(35)		(61)		(11)		(232)		(476)
Investment performance (1)	1,563		391		344		2,896		443		1,827		1,931
Net transfers from (to) General Account	74		(15)		(1,357)		(245)		16		(213)		(7)
Other charges (2)	—		—		—		—		—		3		(104)
Balance, end of period	$	30,027	$	4,838	$	5,709	$	35,711	$	5,297	$	21,862	$	26,961

Cash surrender value	$	29,195	$	4,811	$	5,628	$	35,387	$	5,292	$	21,292	$	26,765

_____________

(1)Investment performance is reflected net of M&E fees.

(2)Other charges include the Separate Account value novated to Venerable, as described in Note 1 of the Notes to these Consolidated Financial Statements.


	Nine Months Ended September 30, 2025
	Retirement										Corporate and Other
	GMxB Core		EQUI-VEST Individual		Investment Edge		EQUI-VEST Group		Momentum		VUL		GMxB Legacy
	(in millions)
Balance, beginning of period	$	30,411	$	4,782	$	4,885	$	30,546	$	4,813	$	18,176	$	33,199
Premiums and deposits	1,369		73		1,347		1,822		488		1,026		163
Policy charges	(376)		(3)		—		(11)		(18)		(440)		(385)
Surrenders and withdrawals	(2,773)		(368)		(367)		(2,059)		(631)		(521)		(2,220)
Benefit payments	(218)		(57)		(37)		(54)		(9)		(85)		(517)
Investment performance (1)	2,391		507		496		3,448		615		2,159		2,530
Net transfers from (to) General Account	152		(8)		(1,071)		(333)		(14)		(186)		(7)
Other charges	—		—		—		—		—		—		(3,812)
Balance, end of period	$	30,956	$	4,926	$	5,253	$	33,359	$	5,244	$	20,129	$	28,951

Cash surrender value	$	30,115	$	4,895	$	5,169	$	33,052	$	5,237	$	19,743	$	28,740

______________

(1)Investment performance is reflected net of M&E fees.

Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate

The following table presents the account values by range of guaranteed minimum crediting rates and the related range of the difference in basis points, between rates being credited to policyholders and the respective guaranteed minimums:


September 30, 2026
Product	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
( in millions)
Retirement
GMxB Core	0.00% - 1.50%	$	—	$	9	$	124	$	—	$	133
	1.51% - 2.50%	33		—		—		—		33
	Greater than 2.50%	5		—		—		—		5
	Total	$	38	$	9	$	124	$	—	$	171

EQUI-VEST Individual	0.00% - 1.50%	$	—	$	—	$	209	$	—	$	209
	1.51% - 2.50%	10		16		—		—		26
	Greater than 2.50%	1,461		—		—		—		1,461
	Total	$	1,471	$	16	$	209	$	—	$	1,696

EQUI-VEST Group	0.00% - 1.50%	$	74	$	595	$	2,528	$	101	$	3,298
	1.51% - 2.50%	336		—		—		—		336
	Greater than 2.50%	5,623		—		—		—		5,623
	Total	$	6,033	$	595	$	2,528	$	101	$	9,257

Momentum	0.00% - 1.50%	$	—	$	9	$	236	$	45	$	290
	1.51% - 2.50%	76		—		—		—		76
	Greater than 2.50%	47		—		4		—		51
	Total	$	123	$	9	$	240	$	45	$	417

Corporate and Other
Universal Life	0.00% - 1.50%	$	—	$	—	$	—	$	6	$	6
	1.51% - 2.50%	—		79		280		669		1,028
	Greater than 2.50%	3,049		730		—		—		3,779
	Total	$	3,049	$	809	$	280	$	675	$	4,813

Variable Universal Life	0.00% - 1.50%	$	20	$	—	$	152	$	81	$	253
	1.51% - 2.50%	47		148		527		—		722
	Greater than 2.50%	3,751		3		—		—		3,754
	Total	$	3,818	$	151	$	679	$	81	$	4,729

GMxB Legacy	0.00% - 1.50%	$	—	$	54	$	2	$	—	$	56
	1.51% - 2.50%	14		—		—		—		14
	Greater than 2.50%	321		—		—		—		321
	Total	$	335	$	54	$	2	$	—	$	391


December 31, 2025
Product	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
( in millions)
Retirement
GMxB Core	0.00% - 1.50%	$	—	$	10	$	138	$	—	$	148
	1.51% - 2.50%	11		—		—		—		11
	Greater than 2.50%	27		—		—		—		27
	Total	$	38	$	10	$	138	$	—	$	186

EQUI-VEST Individual	0.00% - 1.50%	$	—	$	27	$	154	$	—	$	181
	1.51% - 2.50%	11		61		—		—		72
	Greater than 2.50%	1,565		—		—		—		1,565
	Total	$	1,576	$	88	$	154	$	—	$	1,818

EQUI-VEST Group	0.00% - 1.50%	$	1	$	927	$	2,247	$	194	$	3,369
	1.51% - 2.50%	339		—		—		—		339
	Greater than 2.50%	5,762		—		—		—		5,762
	Total	$	6,102	$	927	$	2,247	$	194	$	9,470

Momentum	0.00% - 1.50%	$	—	$	12	$	283	$	47	$	342
	1.51% - 2.50%	90		—		—		—		90
	Greater than 2.50%	52		—		5		—		57
	Total	$	142	$	12	$	288	$	47	$	489

Corporate and Other
Universal Life	0.00% - 1.50%	$	—	$	—	$	—	$	6	$	6
	1.51% - 2.50%	—		83		279		664		1,026
	Greater than 2.50%	3,175		689		—		—		3,864
	Total	$	3,175	$	772	$	279	$	670	$	4,896

Variable Universal Life	0.00% - 1.50%	$	17	$	2	$	132	$	66	$	217
	1.51% - 2.50%	39		373		257		—		669
	Greater than 2.50%	3,678		81		—		—		3,759
	Total	$	3,734	$	456	$	389	$	66	$	4,645

GMxB Legacy	0.00% - 1.50%	$	—	$	58	$	2	$	—	$	60
	1.51% - 2.50%	16		—		—		—		16
	Greater than 2.50%	351		—		—		—		351
	Total	$	367	$	58	$	2	$	—	$	427

Schedule of Aggregate Fair Value of Separate Account Assets

The following table presents the aggregate fair value of Separate Account assets by major asset category:


	September 30, 2026
	Retirement		Corporate & Other							Total
				Legacy		Life		Other
	(in millions)
Asset Type
Equity securities	$	648		$	—	$	71	$	798	$	1,517
Fixed-maturity securities	18			—		130		1,105		1,253
Mutual funds and other investments	85,385			26,970		22,352		1,684		136,391
Total	$	86,051		$	26,970	$	22,553	$	3,587	$	139,161


	December 31, 2025 (1)
	Retirement		Corporate & Other						Total
			Legacy		Life		Other
	(in millions)
Asset Type
Equity securities	$	568	$	—	$	65	$	805	$	1,438
Fixed-maturity securities	24		—		134		1,126		1,284
Mutual funds and other investments	82,978		28,276		20,878		1,690		133,822
Total	$	83,570	$	28,276	$	21,077	$	3,621	$	136,544

______________

(1)Prior periods were revised to conform with current presentation.