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SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF REGISTRANT
BALANCE SHEETS
(Parent Company Only) (in millions, except share data)

As of December 31,
20252024
ASSETS
Investments in subsidiaries
$16,650 $14,240 
Derivative investments1 165 
Other investments20 49 
Cash and invested cash1,130 786 
Loans to and accrued interest due from subsidiaries
2,152 2,234 
Other assets206 122 
Total assets$20,159 $17,596 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Common stock dividends payable$86 $77 
Short-term debt400 300 
Long-term debt7,366 7,356 
Loans from and accrued interest due to subsidiaries
1,129 1,072 
Other liabilities272 522 
Total liabilities9,253 9,327 
Contingencies and Commitments (See Note 17)
Stockholders’ Equity
Preferred stock – 10,000,000 shares authorized:
Series C preferred stock – 20,000 shares authorized, issued and outstanding
as of December 31, 2025 and 2024
493 493 
Series D preferred stock – 20,000 shares authorized, issued and outstanding
as of December 31, 2025 and 2024
493 493 
Common stock – 800,000,000 shares authorized; 188,425,634 and 170,380,646 shares
issued and outstanding as of December 31, 2025 and 2024, respectively
5,592 4,674 
Retained earnings8,386 7,645 
Accumulated other comprehensive income (loss)(4,058)(5,036)
Total stockholders’ equity10,906 8,269 
Total liabilities and stockholders’ equity$20,159 $17,596 
SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Continued)
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Parent Company Only) (in millions)

For the Years Ended December 31,
202520242023
Revenues
Interest from subsidiaries
$200 $276 $233 
Net investment income27 24 25 
Realized gain (loss)(1)101 – 
Other revenues– 2 – 
Total revenues226 403 258 
Expenses
Operating and administrative expenses127 100 78 
Interest – subsidiaries
251 268 175 
Interest – other200 297 289 
Total expenses578 665 542 
Income (loss) before federal income taxes, equity in income (loss) of subsidiaries(352)(262)(284)
Federal income tax expense (benefit)(76)(60)(61)
Income (loss) before equity in income (loss) of subsidiaries(276)(202)(223)
Equity in income (loss) of subsidiaries1,453 3,477 (529)
Net income (loss)1,177 3,275 (752)
Other comprehensive income (loss), net of tax:
Unrealized investment gain (loss)1,638 (788)3,715 
Market risk benefit non-performance risk gain (loss)(408)(924)(671)
Policyholder liability discount rate remeasurement gain (loss)(264)157 (160)
   Foreign currency translation adjustment11 (3)8 
   Funded status of employee benefit plans1 (2)(16)
Total other comprehensive income (loss), net of tax978 (1,560)2,876 
Comprehensive income (loss)$2,155 $1,715 $2,124 
SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Continued)
STATEMENTS OF CASH FLOWS
(Parent Company Only) (in millions)

For the Years Ended December 31,
202520242023
Net Cash Provided by (Used in) Operating Activities (1)
$491 $176 $398 
Cash Flows from Investing Activities
Capital contribution to subsidiaries
(967)(27)(7)
Cash received from disposition– 125 – 
Sales of available-for-sale securities418 – – 
Net change in collateral on investments, derivatives and related settlements68 132 69 
Other– – 45 
Net cash provided by (used in) investing activities(481)230 107 
Cash Flows from Financing Activities
Payment of long-term debt, including current maturities(300)(100)(500)
Issuance of long-term debt, net of issuance costs495 346 – 
Payment related to modification or early extinguishment of debt(421)– – 
Increase (decrease) in loans from subsidiaries, net
74 28 (84)
(Increase) decrease in loans to subsidiaries, net
73 379 (113)
Common stock issued for benefit plans4 (5)(7)
Issuance of common stock825 – – 
Dividends paid to preferred stockholders(91)(91)(82)
Dividends paid to common stockholders(325)(306)(305)
Net cash provided by (used in) financing activities334 251 (1,091)
Net increase (decrease) in cash and invested cash344 657 (586)
Cash and invested cash as of beginning-of-year786 129 715 
Cash and invested cash as of end-of-year$1,130 $786 $129 
Supplemental Disclosures of Cash Flow Information
Net cash paid (received) for:
Interest$560 $577 $484 
Income taxes(34)17 (7)

(1) Includes dividends from subsidiaries of $845 million, $595 million and $685 million for the years ended December 31, 2025, 2024 and 2023, respectively.