Future Contract Benefits (Tables)

3 Months Ended

Mar. 31, 2026

Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]

Summary of Reconciliation of Future Contract Benefits

The following table reconciles future contract benefits (in millions) to the Consolidated Balance Sheets:

	As of March 31,		As of December 31,
	2026		2025
Payout Annuities (1)	$	1,990	$	2,037
Traditional Life (1)	3,703		3,755
Group Protection (2)	5,793		5,836
UL and Other (3)	18,308		17,948
Other Operations (4)	8,995		9,179
Other (5)	3,221		3,322
Total future contract benefits	$	42,010	$	42,077

(1) See “LFPB” below for further information.

(2) See “Liability for Future Claims” below for further information.

(3) See “Additional Liabilities for Other Insurance Benefits” below for further information.

(4) Represents future contract benefits reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($5.3 billion and $5.4 billion as of March 31, 2026, and December 31, 2025, respectively) and Swiss Re ($2.0 billion as of March 31, 2026, and December 31, 2025) that are excluded from the following tables.

(5) Represents other miscellaneous reserves that are not representative of long-duration contracts, primarily related to participating traditional life insurance contracts and incurred but not reported and in course of settlement life insurance liabilities, and are excluded from the following tables.

Liability for Future Policy Benefit, Activity

The reserve is the net of present value of expected future policy benefits less present value of expected net premiums as summarized in the following table (in millions, except years):

	As of or For the Three Months Ended March 31, 2026				As of or For the Three Months Ended March 31, 2025
	Payout Annuities		Traditional Life		Payout Annuities		Traditional Life
Present Value of Expected Net Premiums
Balance as of beginning-of-year	$	–	$	5,351	$	–	$	5,873
Less: Effect of cumulative changes in discount
rate assumptions	–		(90)		–		(275)
Beginning balance at original discount rate	–		5,441		–		6,148
Effect of actual variances from expected experience (1)	–		(7)		–		(48)
Adjusted balance as of beginning-of-year	–		5,434		–		6,100
Issuances	–		72		–		64
Interest accrual	–		56		–		62
Net premiums collected	–		(177)		–		(192)
Flooring impact of LFPB	–		(11)		–		(5)
Ending balance at original discount rate	–		5,374		–		6,029
Effect of cumulative changes in discount
rate assumptions	–		(155)		–		(196)
Balance as of end-of-period	$	–	$	5,219	$	–	$	5,833
Present Value of Expected Future Policy Benefits
Balance as of beginning-of-year	$	2,037	$	9,106	$	2,009	$	9,647
Less: Effect of cumulative changes in discount
rate assumptions	(182)		(144)		(251)		(438)
Beginning balance at original discount rate (2)	2,219		9,250		2,260		10,085
Effect of actual variances from expected experience (1)	(3)		(31)		(1)		(55)
Adjusted balance as of beginning-of-year	2,216		9,219		2,259		10,030
Issuances	18		72		22		64
Interest accrual	22		92		22		99
Benefit payments	(55)		(199)		(49)		(234)
Ending balance at original discount rate (2)	2,201		9,184		2,254		9,959
Effect of cumulative changes in discount
rate assumptions	(211)		(262)		(221)		(305)
Balance as of end-of-period	$	1,990	$	8,922	$	2,033	$	9,654
Net balance as of end-of-period	$	1,990	$	3,703	$	2,033	$	3,821
Less: Reinsurance recoverables	1,389		261		1,478		360
Net balance as of end-of-period, net of reinsurance	$	601	$	3,442	$	555	$	3,461
Weighted-average duration of future policyholder
benefit liability (years)	8		8		9		9

(1) For the three months ended March 31, 2026, the Traditional Life actual to expected reserve impact on expected net premiums was attributable primarily to mortality, which unfavorably impacted the liability by $7 million; and the actual to expected reserve impact on expected future policy benefits was attributable primarily to mortality and policyholder behavior, which favorably impacted the liability by $23 million and $8 million, respectively. For the three months ended March 31, 2025, the Traditional Life actual to expected reserve impact on expected net premiums was attributable primarily to policyholder behavior and mortality, which unfavorably impacted the liability by $43 million and $5 million, respectively; and the actual to expected reserve impact on expected future policy benefits was attributable primarily to policyholder behavior, which favorably impacted the liability by $58 million, which was partially offset by $3 million primarily related to mortality. For the three months ended March 31, 2026 and 2025, Payout Annuities did not have any significantly different actual experience compared to expected.

(2) Includes deferred profit liability within Payout Annuities of $94 million, $92 million, $65 million and $62 million as of March 31, 2026, December 31, 2025, March 31, 2025 and December 31, 2024, respectively.

	Group Protection
	As of or For the Three Months Ended March 31,
	2026		2025
Balance as of beginning-of-year	$	5,836	$	5,628
Less: Effect of cumulative changes in discount
rate assumptions	(363)		(550)
Beginning balance at original discount rate	6,199		6,178
Effect of actual variances from expected experience (1)	(47)		(72)
Adjusted beginning-of-year balance	6,152		6,106
New incidence	377		402
Interest	55		50
Benefit payments	(380)		(371)
Ending balance at original discount rate	6,204		6,187
Effect of cumulative changes in discount
rate assumptions	(411)		(475)
Balance as of end-of-period	5,793		5,712
Less: Reinsurance recoverables	123		121
Balance as of end-of-period, net of reinsurance	$	5,670	$	5,591
Weighted-average duration of liability for future
claims (years)	5		5

(1) Generally, the experience exhibited for the Group Protection business relates to morbidity and, to a lesser extent, mortality. Group Protection long-duration products have limited exposure to lapse risk, as the liabilities for future claims are limited to those associated with claim reserves. For the three months ended March 31, 2026 and 2025, morbidity comprised substantially all of the favorable effect of actual variances from expected experience, as our claims experience was more favorable than assumed.

The following table summarizes the balances of and changes in additional liabilities for other insurance benefits (in millions, except years):

	UL and Other
	As of or For the Three Months Ended March 31,
	2026		2025
Balance as of beginning-of-year	$	17,948	$	16,062
Less: Effect of cumulative changes in shadow
balance in AOCI	(2,191)		(2,673)
Balance as of beginning-of-year, excluding
shadow balance in AOCI	20,139		18,735
Effect of actual variances from expected experience (1)(2)	63		23
Adjusted beginning-of-year balance	20,202		18,758
Interest accrual	248		228
Net assessments collected	318		293
Benefit payments	(304)		(200)
Balance as of end-of-period, excluding shadow
balance in AOCI	20,464		19,079
Effect of cumulative changes in shadow
balance in AOCI	(2,156)		(2,377)
Balance as of end-of-period	18,308		16,702
Less: Reinsurance recoverables	5,582		5,316
Balance as of end-of-period, net of reinsurance	$	12,726	$	11,386
Weighted-average duration of additional liabilities
for other insurance benefits (years)	16		16

(1) For the three months ended March 31, 2026, the actual to expected reserve impact was attributable primarily to mortality, which unfavorably impacted the liability by $56 million. For the three months ended March 31, 2025, the liability was not impacted by significant actual to expected experience attributable to either mortality or policyholder behavior.

(2) For the three months ended March 31, 2026 and 2025, the effect of actual variances from expected experience, net of reinsurance, was $33 million and $11 million, respectively.

Summary of Discounted and Undiscounted Expected Future Gross premiums and Expected Future Benefit Payments

The following table summarizes the discounted and undiscounted expected future gross premiums and expected future benefit payments (in millions):

	As of March 31, 2026				As of March 31, 2025
	Undiscounted		Discounted		Undiscounted		Discounted
Payout Annuities
Expected future gross premiums	$	–	$	–	$	–	$	–
Expected future benefit payments	3,243		1,990		3,408		2,033
Traditional Life
Expected future gross premiums	13,004		8,973		13,807		9,447
Expected future benefit payments	12,885		8,922		14,129		9,654

The following table summarizes the discounted and undiscounted expected future benefit payments (in millions):

	As of March 31, 2026				As of March 31, 2025
	Undiscounted		Discounted		Undiscounted		Discounted
Group Protection
Expected future benefit payments	$	7,537	$	5,793	$	7,413	$	5,712

Summary of Gross Premiums and Interest Accretion

The following table summarizes the gross premiums and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

	For the Three Months Ended March 31,
	2026		2025
Payout Annuities
Gross premiums	$	17	$	23
Interest accretion	22		22
Traditional Life
Gross premiums	303		314
Interest accretion	36		37

The following table summarizes the gross premiums and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

	For the Three Months Ended March 31,
	2026		2025
Group Protection
Gross premiums	$	914	$	933
Interest accretion	55		50

The following table summarizes the gross assessments and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

	For the Three Months Ended March 31,
	2026		2025
UL and Other
Gross assessments	$	781	$	700
Interest accretion	248		228

Summary of Weighted-Average Interest Rates

The following table summarizes the weighted-average interest rates:

	For the Three Months Ended March 31,
	2026		2025
Payout Annuities
Interest accretion rate	4.0	%	4.0	%
Current discount rate	5.3	%	5.2	%
Traditional Life
Interest accretion rate	5.0	%	5.0	%
Current discount rate	4.9	%	4.9	%

The following table summarizes the weighted-average interest rates:

	For the Three Months Ended March 31,
	2026		2025
Group Protection
Interest accretion rate	3.6	%	3.4	%
Current discount rate	5.0	%	4.9	%

The following table summarizes the weighted-average interest rates:

	For the Three Months Ended March 31,
	2026		2025
UL and Other
Interest accretion rate	5.4	%	5.4	%