Policyholder Account Balances

3 Months Ended

Mar. 31, 2025

Policyholder Account Balance [Abstract]

The following table reconciles policyholder account balances (in millions) to the Consolidated Balance Sheets:


	As of March 31,		As of December 31,
	2025		2024
Variable Annuities	$	34,370	$	35,267
Fixed Annuities	26,018		25,941
UL and Other	35,871		36,242
Retirement Plan Services	23,479		23,619
Other (1)	5,154		4,749
Total policyholder account balances	$	124,892	$	125,818

(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.

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 Annuities			Fixed Annuities			UL and Other			Retirement Plan Services


Balance as of beginning-of-year	$	35,267		$	25,941		$	36,242		$	23,619
Gross deposits	1,369			873			862			811
Withdrawals	(612)			(946)			(440)			(1,330)
Policyholder assessments	–			(15)			(1,094)			(4)
Net transfers from (to) separate account	(287)			–			14			211
Interest credited	199			210			352			172
Change in fair value of embedded derivative
instruments and other	(1,566)			(45)			(65)			–
Balance as of end-of-period	$	34,370		$	26,018		$	35,871		$	23,479

Weighted-average crediting rate	2.3		%	3.2		%	3.9		%	2.9		%
Net amount at risk (1)(2)	$	2,518		$	255		$	297,567		$	4
Cash surrender value	33,108			24,914			31,648			23,443


	As of or For the Three Months Ended March 31, 2024
	Variable Annuities			Fixed Annuities			UL and Other			Retirement Plan Services


Balance as of beginning-of-year	$	29,141		$	25,330		$	36,784		$	23,784
Gross deposits	973			972			847			790
Withdrawals	(224)			(1,409)			(356)			(1,203)
Policyholder assessments	–			(17)			(1,112)			(3)
Net transfers from (to) separate account	(178)			–			38			50
Interest credited	158			183			360			168
Change in fair value of embedded derivative
instruments and other	1,538			78			61			–
Balance as of end-of-period	$	31,408		$	25,137		$	36,622		$	23,586

Weighted-average crediting rate	2.1		%	2.9		%	3.9		%	2.8		%
Net amount at risk (1)(2)	$	2,056		$	210		$	299,063		$	3
Cash surrender value	30,228			24,114			32,282			23,560

(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.

Funding Agreements

FABN Program

We established a $5.0 billion funding agreement-backed notes (“FABN”) program in 2024 pursuant to which we may issue unsecured funding agreements to an unaffiliated and unconsolidated special purpose statutory trust (the “Trust”) that will then issue medium-term notes for which payment of interest and principal is secured by such funding agreement. Funding agreements issued to the Trust are reported in policyholder account balances on the Consolidated Balance Sheets, and the associated interest is reported within interest credited on the Consolidated Statements of Comprehensive Income (Loss). We had funding agreements issued under the program of $500 million as of March 31, 2025, compared to none as of December 31, 2024.

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		–		–		–		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%	909		–		–		–		–		909
4.01% and above	166		–		–		–		–		166
Other (1)	–		–		–		–		–		12,720
Total	$	2,998	$	1,090	$	606	$	392	$	8,212	$	26,018

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%	14,633		–		1		–		–		14,634
4.01% and above	3,525		–		–		–		–		3,525
Other (1)	–		–		–		–		–		6,575
Total	$	25,443	$	9	$	384	$	31	$	3,429	$	35,871

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%	1,680		542		48		18		1		2,289
3.01% - 4.00%	4,194		107		8		11		–		4,320
4.01% and above	1,426		137		–		–		–		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		–		–		–		6		11
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%	360		99		285		500		3,231		4,475
2.01% - 3.00%	1,749		39		5		1		25		1,819
3.01% - 4.00%	891		–		–		–		–		891
4.01% and above	177		–		–		–		–		177
Other (1)	–		–		–		–		–		12,972
Total	$	3,856	$	743	$	850	$	994	$	5,722	$	25,137

UL and Other
Up to 1.00%	$	264	$	–	$	219	$	119	$	30	$	632
1.01% - 2.00%	548		–		–		–		3,208		3,756
2.01% - 3.00%	6,848		10		149		–		–		7,007
3.01% - 4.00%	15,223		–		1		–		–		15,224
4.01% and above	3,722		–		–		–		–		3,722
Other (1)	–		–		–		–		–		6,281
Total	$	26,605	$	10	$	369	$	119	$	3,238	$	36,622

Retirement Plan Services
Up to 1.00%	$	437	$	500	$	740	$	3,706	$	4,320	$	9,703
1.01% - 2.00%	527		1,660		1,413		1,345		14		4,959
2.01% - 3.00%	2,342		21		63		17		1		2,444
3.01% - 4.00%	4,842		31		3		3		–		4,879
4.01% and above	1,458		143		–		–		–		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.