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Policyholder Account Balances (Tables)
 3 Months Ended
Mar. 31, 2025
Policyholder Account Balance [Abstract]  
Schedule of Policyholder Account Balances
The following table reconciles policyholder account balances (in millions) to the Consolidated Balance Sheets:

 As of
March 31, 		As of
December 31,
20252024
Variable Annuities$34,370$35,267
Fixed Annuities26,03925,963
UL and Other36,22036,599
Retirement Plan Services23,47923,619
Other (1)
5,1544,749
Total policyholder account balances$125,262$126,197
(1) Represents policyholder account balances reported primarily in Other Operations attributable to the indemnity reinsurance agreements with Protective ($4.3 billion and $4.4 billion as of March 31, 2025, and December 31, 2024, respectively) and funding agreements, that are excluded from the following tables. See “Funding Agreements” below for more information.
Summary of Balances and Changes in Policyholder Account Balances
The following table summarizes the balances and changes in policyholder account balances (in millions):

As of or For the Three Months Ended March 31, 2025
Variable AnnuitiesFixed AnnuitiesUL and
Other		Retirement
Plan
Services
Balance as of beginning-of-year$35,267 $25,963 $36,599 $23,619 
Gross deposits1,369 873 865 811 
Withdrawals(612)(947)(445)(1,330)
Policyholder assessments– (15)(1,104)(4)
Net transfers from (to) separate account(287)– 14 211 
Interest credited199 210 356 172 
Change in fair value of embedded derivative
instruments and other(1,566)(45)(65)– 
Balance as of end-of-period$34,370$26,039$36,220$23,479
Weighted-average crediting rate2.3%3.2%3.9%2.9%
Net amount at risk (1) (2)
$2,518$255$299,107$4
Cash surrender value33,10824,93532,64523,443
As of or For the Three Months Ended March 31, 2024
Variable AnnuitiesFixed AnnuitiesUL and
Other		Retirement
Plan
Services
Balance as of beginning-of-year$29,141$25,355$37,180$23,784
Gross deposits973973850790
Withdrawals(224)(1,410)(364)(1,203)
Policyholder assessments–(17)(1,124)(3)
Net transfers from (to) separate account(178)–3850
Interest credited158183365168
Change in fair value of embedded derivative
instruments and other1,5387861–
Balance as of end-of-period$31,408$25,162$37,006$23,586
Weighted-average crediting rate2.1 %2.9 %3.9 %2.8 %
Net amount at risk (1) (2)
$2,056$210$300,740$3
Cash surrender value30,22824,13933,31423,560

(1) NAR is the current guaranteed minimum benefit in excess of the current account balance as of the balance sheet date. For GLBs, the guaranteed minimum benefit is calculated based on the present value of GLB payments. Our variable annuity products may offer more than one type of guaranteed benefit rider to a policyholder. In instances where more than one guaranteed benefit rider exists in a contract, the guaranteed benefit rider that provides the highest NAR is used in the calculation.
(2) Calculation is based on total account balances and includes both policyholder account balances and separate account balances.
Summary of Policyholder Account Balances by Range
The following table presents policyholder account balances (in millions) by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between the interest being credited to policyholders and the respective guaranteed contract minimums:
As of March 31, 2025
At
Guaranteed
Minimum		1-50
Basis
Points
Above		51-100
Basis
Points
Above		101-150
Basis
Points
Above		Greater
Than 150
Basis
Points
Above		Total
Range of Guaranteed
Minimum Crediting Rate
Variable Annuities
Up to 1.00%
$9$–$–$–$–$9
1.01% - 2.00%
3–––710
2.01% - 3.00%
495––––495
3.01% - 4.00%
1,197––––1,197
4.01% and above
7––––7
Other (1)
–––––32,652
 Total$1,711$–$–$–$7$34,370
Fixed Annuities
Up to 1.00%
$201$855$459$229$2,266$4,010
1.01% - 2.00%
2232021461615,9086,640
2.01% - 3.00%
1,4993312381,573
3.01% - 4.00%
930––––930
4.01% and above
166––––166
Other (1)
–––––12,720
 Total$3,019$1,090$606$392$8,212$26,039
UL and Other
Up to 1.00%
$261$–$231$31$453$976
1.01% - 2.00%
541–––2,9763,517
2.01% - 3.00%
6,4839152––6,644
3.01% - 4.00%
14,972–1––14,973
4.01% and above
3,525––––3,525
Other (1)
–––––6,585
 Total$25,782$9$384$31$3,429$36,220
Retirement Plan Services
Up to 1.00%
$573$312$725$3,498$5,766$10,874
1.01% - 2.00%
4779961,8474516624,433
2.01% - 3.00%
1,680542481812,289
3.01% - 4.00%
4,194107811–4,320
4.01% and above
1,426137–––1,563
 Total$8,350$2,094$2,628$3,978$6,429$23,479
As of March 31, 2024
At
Guaranteed
Minimum		1-50
Basis
Points
Above		51-100
Basis
Points
Above		101-150
Basis
Points
Above		Greater
Than 150
Basis
Points
Above		Total
Range of Guaranteed
Minimum Crediting Rate
Variable Annuities
Up to 1.00%
$–$–$–$–$–$–
1.01% - 2.00%
5–––611
2.01% - 3.00%
560––––560
3.01% - 4.00%
1,319––––1,319
4.01% and above
9––––9
Other (1)
–––––29,509
 Total$1,893$–$–$–$6$31,408
Fixed Annuities
Up to 1.00%
$679$605$560$493$2,466$4,803
1.01% - 2.00%
360992855003,2314,475
2.01% - 3.00%
1,7493951251,819
3.01% - 4.00%
916––––916
4.01% and above
177––––177
Other (1)
–––––12,972
 Total$3,881$743$850$994$5,722$25,162
UL and Other
Up to 1.00%
$264$–$219$119$30$632
1.01% - 2.00%
548–––3,2083,756
2.01% - 3.00%
6,84810149––7,007
3.01% - 4.00%
15,596–1––15,597
4.01% and above
3,722––––3,722
Other (1)
–––––6,292
 Total$26,978$10$369$119$3,238$37,006
Retirement Plan Services
Up to 1.00%
$437$500$740$3,706$4,320$9,703
1.01% - 2.00%
5271,6601,4131,345144,959
2.01% - 3.00%
2,34221631712,444
3.01% - 4.00%
4,8423133–4,879
4.01% and above
1,458143–––1,601
 Total$9,606$2,355$2,219$5,071$4,335$23,586
(1) Consists of indexed account balances that include the fair value of embedded derivative instruments, non-life contingent payout annuity account balances, short-term dollar cost averaging annuities business and policy loans.