Policyholder Account Balances (Tables)

3 Months Ended

Mar. 31, 2026

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,
	2026		2025
Variable Annuities	$	39,143	$	40,060
Fixed Annuities	28,974		28,728
UL and Other	35,723		35,986
Retirement Plan Services	23,694		23,843
Other (1)	8,149		7,628
Total policyholder account balances	$	135,683	$	136,245

(1) Represents policyholder account balances reported primarily in Other Operations attributable to the indemnity reinsurance agreements with Protective ($3.5 billion as of March 31, 2026, and December 31, 2025) and funding agreements ($4.4 billion and $3.7 billion as of March 31, 2026, and December 31, 2025, respectively). 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, 2026
	Variable Annuities			Fixed Annuities			UL and Other			Retirement Plan Services
Balance as of beginning-of-year	$	40,060		$	28,728		$	35,986		$	23,843
Gross deposits	1,869			718			837			880
Withdrawals	(920)			(616)			(403)			(1,279)
Policyholder assessments	(1)			(15)			(1,095)			(5)
Net transfers from (to) separate account	(651)			–			68			86
Interest credited	230			256			357			169
Change in fair value of embedded derivative
instruments and other	(1,444)			(97)			(27)			–
Balance as of end-of-period	$	39,143		$	28,974		$	35,723		$	23,694
Weighted-average crediting rate	2.3		%	3.6		%	4.0		%	2.8		%
Net amount at risk (1)(2)	$	2,652		$	425		$	292,048		$	3
Cash surrender value	37,757			27,669			32,385			23,657

	As of or For the Three Months Ended March 31, 2025
	Variable Annuities			Fixed Annuities			UL and Other			Retirement Plan Services
Balance as of beginning-of-year	$	35,267		$	25,963		$	36,599		$	23,619
Gross deposits	1,369			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 credited	199			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 rate	2.3		%	3.2		%	3.9		%	2.9		%
Net amount at risk (1)(2)	$	2,518		$	255		$	299,107		$	4
Cash surrender value	33,108			24,935			32,645			23,443

(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, 2026
	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		–		–		–		4		9
2.01% - 3.00%	451		–		–		–		–		451
3.01% - 4.00%	1,088		–		–		–		–		1,088
4.01% and above	5		–		–		–		–		5
Other (1)	–		–		–		–		–		37,590
Total	$	1,549	$	–	$	–	$	–	$	4	$	39,143
Fixed Annuities
Up to 1.00%	$	136	$	676	$	412	$	120	$	2,184	$	3,528
1.01% - 2.00%	171		236		95		53		8,462		9,017
2.01% - 3.00%	1,271		85		1		2		62		1,421
3.01% - 4.00%	793		–		–		–		–		793
4.01% and above	155		–		–		–		–		155
Other (1)	–		–		–		–		–		14,060
Total	$	2,526	$	997	$	508	$	175	$	10,708	$	28,974
UL and Other
Up to 1.00%	$	266	$	–	$	242	$	32	$	716	$	1,256
1.01% - 2.00%	517		–		–		–		2,624		3,141
2.01% - 3.00%	6,172		8		156		–		–		6,336
3.01% - 4.00%	14,294		–		1		–		–		14,295
4.01% and above	3,402		–		–		–		–		3,402
Other (1)	–		–		–		–		–		7,293
Total	$	24,651	$	8	$	399	$	32	$	3,340	$	35,723
Retirement Plan Services
Up to 1.00%	$	686	$	681	$	551	$	3,838	$	6,548	$	12,304
1.01% - 2.00%	533		1,424		1,319		168		506		3,950
2.01% - 3.00%	1,582		25		489		3		–		2,099
3.01% - 4.00%	3,750		75		7		7		–		3,839
4.01% and above	1,502		–		–		–		–		1,502
Total	$	8,053	$	2,205	$	2,366	$	4,016	$	7,054	$	23,694

	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		–		–		–		7		10
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%	223		202		146		161		5,908		6,640
2.01% - 3.00%	1,499		33		1		2		38		1,573
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		–		–		–		2,976		3,517
2.01% - 3.00%	6,483		9		152		–		–		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%	477		996		1,847		451		662		4,433
2.01% - 3.00%	1,743		542		3		1		–		2,289
3.01% - 4.00%	4,193		107		8		11		–		4,319
4.01% and above	1,564		–		–		–		–		1,564
Total	$	8,550	$	1,957	$	2,583	$	3,961	$	6,428	$	23,479

(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.