v3.26.3
Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Investments and cash:    
Fixed maturity securities, available-for-sale $ 60,915 $ 64,121
Fixed maturity securities, held-to-maturity 15,999 [1] 16,120
Equity securities 986 887
Commercial mortgage and other loans 8,857 9,765
Other investments 8,053 6,622
Cash and cash equivalents 5,623 6,245
Total investments and cash 100,433 103,760
Receivables 833 835
Accrued investment income 706 718
Deferred policy acquisition costs 9,186 9,034
Property and equipment, at cost less accumulated depreciation 356 351
Other 1,997 1,772
Total assets 113,511 116,470
Policy liabilities:    
Future policy benefits 55,983 62,320
Unpaid policy claims 590 495
Unearned premiums 1,498 1,323
Other policyholders’ funds 5,446 5,445
Total policy liabilities 63,517 69,583
Income taxes 1,783 1,368
Payables under securities lending and repurchase agreements 6,874 3,989
Notes payable and lease obligations 8,900 8,409
Other 3,154 3,631
Total liabilities 84,228 86,980
Commitments and contingent liabilities (Note 14)
Shareholders’ equity:    
Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2026 and 2025; issued 1,358,849 shares in 2026 and 1,357,909 shares in 2025 136 136
Additional paid-in capital 3,153 3,024
Retained earnings 56,215 54,682
Accumulated other comprehensive income (loss):    
Unrealized foreign currency translation gains (losses) (4,925) (4,847)
Unrealized gains (losses) on fixed maturity securities (4,995) (1,809)
Unrealized gains (losses) on derivatives (16) (13)
Effect of changes in discount rate assumptions 12,264 8,035
Pension liability adjustment 85 86
Treasury stock, at average cost (32,634) (29,804)
Total shareholders’ equity 29,283 29,490
Total liabilities and shareholders’ equity 113,511 116,470
Consolidated Entity Excluding Variable Interest Entities (VIE)    
Investments and cash:    
Fixed maturity securities, available-for-sale 56,949 60,485
Variable Interest Entity, Consolidated    
Investments and cash:    
Fixed maturity securities, available-for-sale 3,966 3,636
Commercial mortgage and other loans 7,123 7,896
Other investments [2] 2,348 2,320
Cash and cash equivalents 326  
Total assets 13,473 13,897
Policy liabilities:    
Total liabilities $ 743 $ 765
[1] Net of allowance for credit losses
[2] Consists entirely of alternative investments in limited partnerships, which represent VIEs where the Company is not the primary beneficiary and therefore are not consolidated