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Policyholder Account Balances (Tables)
 9 Months Ended
Sep. 30, 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
September 30, 		As of
December 31,
20252024
Variable Annuities$39,165$35,267
Fixed Annuities27,87425,963
UL and Other36,00836,599
Retirement Plan Services23,85223,619
Other (1)
6,3244,749
Total policyholder account balances$133,223$126,197

(1) Represents policyholder account balances reported primarily in Other Operations attributable to the indemnity reinsurance agreements with Protective ($4.1 billion and $4.4 billion as of September 30, 2025, and December 31, 2024, respectively) and funding agreements ($1.9 billion and none as of September 30, 2025, and December 31, 2024, respectively).
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 Nine Months Ended September 30, 2025
Variable AnnuitiesFixed AnnuitiesUL and
Other		Retirement
Plan
Services
Balance as of beginning-of-year$35,267 $25,963 $36,599 $23,619 
Gross deposits4,431 3,470 2,564 3,011 
Withdrawals(1,917)(2,408)(1,174)(3,720)
Policyholder assessments(2)(44)(3,320)(13)
Net transfers from (to) separate account(1,050)– 134 426 
Interest credited615 675 1,083 529 
Change in fair value of embedded derivative
instruments and other1,821 218 122 – 
Balance as of end-of-period$39,165$27,874$36,008$23,852
Weighted-average crediting rate2.3%3.4%4.0%3.0%
Net amount at risk (1)(2)
$1,442$288$292,154$2
Cash surrender value37,85726,62532,34123,815

As of or For the Nine Months Ended September 30, 2024
Variable AnnuitiesFixed AnnuitiesUL and
Other		Retirement
Plan
Services
Balance as of beginning-of-year$29,141$25,355$37,180$23,784
Gross deposits3,3913,6632,6412,580
Withdrawals(726)(3,724)(1,122)(3,370)
Policyholder assessments(1)(45)(3,383)(10)
Net transfers from (to) separate account(241)–143230
Interest credited5065931,109513
Change in fair value of embedded derivative
instruments and other2,274517124–
Balance as of end-of-period$34,344$26,359$36,692$23,727
Weighted-average crediting rate2.1 %3.1 %4.0 %2.9 %
Net amount at risk (1)(2)
$1,544$231$298,334$3
Cash surrender value33,10725,23632,98223,697

(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 September 30, 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%
$–$–$–$–$–$–
1.01% - 2.00%
3–––710
2.01% - 3.00%
472––––472
3.01% - 4.00%
1,144––––1,144
4.01% and above
7––––7
Other (1)
–––––37,532
 Total$1,626$–$–$–$7$39,165
Fixed Annuities
Up to 1.00%
$97$853$397$168$2,227$3,742
1.01% - 2.00%
2062021141067,5558,183
2.01% - 3.00%
1,30413112531,491
3.01% - 4.00%
849––––849
4.01% and above
160––––160
Other (1)
–––––13,449
 Total$2,616$1,186$512$276$9,835$27,874
UL and Other
Up to 1.00%
$272$–$229$76$586$1,163
1.01% - 2.00%
529–6–2,7983,333
2.01% - 3.00%
6,5038145––6,656
3.01% - 4.00%
14,406–1––14,407
4.01% and above
3,447––––3,447
Other (1)
–––––7,002
 Total$25,157$8$381$76$3,384$36,008
Retirement Plan Services
Up to 1.00%
$613$409$626$3,365$6,657$11,670
1.01% - 2.00%
4809601,8475075254,319
2.01% - 3.00%
1,70752713–2,238
3.01% - 4.00%
3,961100711–4,079
4.01% and above
1,546––––1,546
 Total$8,307$1,996$2,481$3,886$7,182$23,852
As of September 30, 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%
3–––710
2.01% - 3.00%
523––––523
3.01% - 4.00%
1,257––––1,257
4.01% and above
8––––8
Other (1)
–––––32,546
 Total$1,791$–$–$–$7$34,344
Fixed Annuities
Up to 1.00%
$436$730$620$373$2,381$4,540
1.01% - 2.00%
2531452002394,6855,522
2.01% - 3.00%
1,6493862331,728
3.01% - 4.00%
1,312––––1,312
4.01% and above
170––––170
Other (1)
–––––13,087
 Total$3,820$913$826$614$7,099$26,359
UL and Other
Up to 1.00%
$261$–$222$121$52$656
1.01% - 2.00%
553–––3,1613,714
2.01% - 3.00%
6,65110151––6,812
3.01% - 4.00%
15,426–1––15,427
4.01% and above
3,582––––3,582
Other (1)
–––––6,501
 Total$26,473$10$374$121$3,213$36,692
Retirement Plan Services
Up to 1.00%
$515$287$731$3,417$5,277$10,227
1.01% - 2.00%
4701,0281,9479905034,938
2.01% - 3.00%
2,25311211–2,367
3.01% - 4.00%
4,4938568–4,592
4.01% and above
1,603––––1,603
 Total$9,334$1,512$2,685$4,416$5,780$23,727
(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.