CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Investments:
Fixed maturity available-for-sale securities, at fair value	$ 84,138	$ 81,900
Trading securities	1,894	2,005
Equity securities	334	294
Mortgage loans on real estate, net of allowance for credit losses	21,857	20,940
Policy loans	2,542	2,465
Derivative investments	8,219	9,512
Other investments	6,325	6,272
Total investments	125,309	123,388
Cash and invested cash	6,268	4,505
Deferred acquisition costs, value of business acquired and deferred sales inducements	12,484	12,426
Reinsurance recoverables, net of allowance for credit losses	48,364	48,943
Deposit assets, net of allowance for credit losses	31,592	30,537
Market risk benefit assets	4,577	4,860
Accrued investment income	1,022	993
Goodwill	1,144	1,144
Other assets	10,184	10,192
Separate account assets	172,942	168,438
Total assets	413,886	405,426
Liabilities
Policyholder account balances	128,849	125,818
Future contract benefits	41,304	40,002
Funds withheld reinsurance liabilities	26,561	26,810
Market risk benefit liabilities	1,205	1,046
Deferred front-end loads	7,139	6,750
Payables for collateral on investments	8,354	9,876
Short-term debt	173	24
Long-term debt	2,150	2,173
Other liabilities	13,695	13,977
Separate account liabilities	172,942	168,438
Total liabilities	402,372	394,914
Contingencies and Commitments (See Note 13)
Stockholder’s Equity
Common stock – $10,000,000 shares authorized, issued and outstanding	13,853	13,015
Retained earnings (deficit)	(385)	(173)
Accumulated other comprehensive income (loss)	(1,954)	(2,330)
Total stockholder’s equity	11,514	10,512
Total liabilities and stockholder’s equity	$ 413,886	$ 405,426