Policyholder Account Balances

9 Months Ended

Sep. 30, 2025

Policyholder Account Balance [Abstract]

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


	As of September 30,		As of December 31,
	2025		2024
Variable Annuities	$	39,165	$	35,267
Fixed Annuities	27,854		25,941
UL and Other	35,678		36,242
Retirement Plan Services	23,852		23,619
Other (1)	6,325		4,749
Total policyholder account balances	$	132,874	$	125,818

(1) Represents policyholder account balances reported primarily in Other Operations attributable to the indemnity reinsurance agreements with Protective ($4.1 billion and $4.4 billion as of September 30, 2025, and December 31, 2024, respectively) and funding agreements ($1.9 billion and none as of September 30, 2025, and December 31, 2024, respectively).

The following table summarizes the balances and changes in policyholder account balances (in millions):


	As of or For the Nine Months Ended September 30, 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	4,431			3,470			2,554			3,011
Withdrawals	(1,917)			(2,405)			(1,157)			(3,720)
Policyholder assessments	(2)			(44)			(3,291)			(13)
Net transfers from (to) separate account	(1,050)			–			135			426
Interest credited	615			674			1,073			529
Change in fair value of embedded derivative
instruments and other	1,821			218			122			–
Balance as of end-of-period	$	39,165		$	27,854		$	35,678		$	23,852

Weighted-average crediting rate	2.3		%	3.4		%	4.0		%	3.0		%
Net amount at risk (1)(2)	$	1,442		$	288		$	290,688		$	2
Cash surrender value	37,857			26,606			31,362			23,815


	As of or For the Nine Months Ended September 30, 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	3,391			3,663			2,631			2,580
Withdrawals	(726)			(3,721)			(1,102)			(3,370)
Policyholder assessments	(1)			(45)			(3,351)			(10)
Net transfers from (to) separate account	(241)			–			143			230
Interest credited	506			592			1,098			513
Change in fair value of embedded derivative
instruments and other	2,274			517			124			–
Balance as of end-of-period	$	34,344		$	26,336		$	36,327		$	23,727

Weighted-average crediting rate	2.1		%	3.1		%	4.0		%	2.9		%
Net amount at risk (1)(2)	$	1,544		$	231		$	296,736		$	3
Cash surrender value	33,107			25,214			31,969			23,697

(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.

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 September 30, 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%	$	–	$	–	$	–	$	–	$	–	$	–
1.01% - 2.00%	3		–		–		–		7		10
2.01% - 3.00%	472		–		–		–		–		472
3.01% - 4.00%	1,144		–		–		–		–		1,144
4.01% and above	7		–		–		–		–		7
Other (1)	–		–		–		–		–		37,532
Total	$	1,626	$	–	$	–	$	–	$	7	$	39,165

Fixed Annuities
Up to 1.00%	$	97	$	853	$	397	$	168	$	2,227	$	3,742
1.01% - 2.00%	206		202		114		106		7,555		8,183
2.01% - 3.00%	1,304		131		1		2		53		1,491
3.01% - 4.00%	829		–		–		–		–		829
4.01% and above	160		–		–		–		–		160
Other (1)	–		–		–		–		–		13,449
Total	$	2,596	$	1,186	$	512	$	276	$	9,835	$	27,854

UL and Other
Up to 1.00%	$	272	$	–	$	229	$	76	$	586	$	1,163
1.01% - 2.00%	529		–		6		–		2,798		3,333
2.01% - 3.00%	6,503		8		145		–		–		6,656
3.01% - 4.00%	14,084		–		1		–		–		14,085
4.01% and above	3,447		–		–		–		–		3,447
Other (1)	–		–		–		–		–		6,994
Total	$	24,835	$	8	$	381	$	76	$	3,384	$	35,678

Retirement Plan Services
Up to 1.00%	$	613	$	409	$	626	$	3,365	$	6,657	$	11,670
1.01% - 2.00%	480		960		1,847		507		525		4,319
2.01% - 3.00%	1,707		527		1		3		–		2,238
3.01% - 4.00%	3,961		100		7		11		–		4,079
4.01% and above	1,546		–		–		–		–		1,546
Total	$	8,307	$	1,996	$	2,481	$	3,886	$	7,182	$	23,852


	As of September 30, 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%	3		–		–		–		7		10
2.01% - 3.00%	523		–		–		–		–		523
3.01% - 4.00%	1,257		–		–		–		–		1,257
4.01% and above	8		–		–		–		–		8
Other (1)	–		–		–		–		–		32,546
Total	$	1,791	$	–	$	–	$	–	$	7	$	34,344

Fixed Annuities
Up to 1.00%	$	436	$	730	$	620	$	373	$	2,381	$	4,540
1.01% - 2.00%	253		145		200		239		4,685		5,522
2.01% - 3.00%	1,649		38		6		2		33		1,728
3.01% - 4.00%	1,289		–		–		–		–		1,289
4.01% and above	170		–		–		–		–		170
Other (1)	–		–		–		–		–		13,087
Total	$	3,797	$	913	$	826	$	614	$	7,099	$	26,336

UL and Other
Up to 1.00%	$	261	$	–	$	222	$	121	$	52	$	656
1.01% - 2.00%	553		–		–		–		3,161		3,714
2.01% - 3.00%	6,651		10		151		–		–		6,812
3.01% - 4.00%	15,072		–		1		–		–		15,073
4.01% and above	3,582		–		–		–		–		3,582
Other (1)	–		–		–		–		–		6,490
Total	$	26,119	$	10	$	374	$	121	$	3,213	$	36,327

Retirement Plan Services
Up to 1.00%	$	515	$	287	$	731	$	3,417	$	5,277	$	10,227
1.01% - 2.00%	470		1,028		1,947		990		503		4,938
2.01% - 3.00%	2,253		112		1		1		–		2,367
3.01% - 4.00%	4,493		85		6		8		–		4,592
4.01% and above	1,603		–		–		–		–		1,603
Total	$	9,334	$	1,512	$	2,685	$	4,416	$	5,780	$	23,727

(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.

Funding Agreements

Funding agreements, which are discussed below, 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).

Funding Agreement-Backed Notes 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. We had funding agreements issued under the program totaling $1.5 billion as of September 30, 2025, compared to none as of December 31, 2024.

FABR Program

During the third quarter of 2025, we issued a $400 million secured funding agreement under our FABR program that is secured by a portfolio of assets pledged to the special-purpose entity. Our FABR program involves an unaffiliated and unconsolidated special-purpose entity that enters into a repurchase agreement with a third party, the proceeds of which are used by the special-purpose entity to purchase funding agreements from us. See “Assets Pledged as Collateral” in Note 3 for information on pledged assets.