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Policyholder Account Balances
 3 Months Ended
Mar. 31, 2026
Policyholder Account Balance [Abstract]  
Policyholder Account Balances 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,
20262025
Variable Annuities$39,143 $40,060 
Fixed Annuities28,956 28,710 
UL and Other35,407 35,663 
Retirement Plan Services23,694 23,843 
Other (1)
8,149 7,628 
Total policyholder account balances$135,349 $135,904 

(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.
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 AnnuitiesFixed
Annuities		UL and
Other		Retirement
Plan
Services
Balance as of beginning-of-year$40,060$28,710$35,663$23,843
Gross deposits1,869718834880
Withdrawals(920)(616)(399)(1,279)
Policyholder assessments(1)(15)(1,086)(5)
Net transfers from (to) separate account(651)–6886
Interest credited230256354169
Change in fair value of embedded derivative
instruments and other(1,444)(97)(27)–
Balance as of end-of-period$39,143$28,956$35,407$23,694
Weighted-average crediting rate2.3%3.6%4.0%2.8%
Net amount at risk (1)(2)
$2,652$425$290,577$3
Cash surrender value37,75727,65131,42223,657

As of or For the Three Months Ended March 31, 2025
Variable AnnuitiesFixed
Annuities		UL and
Other		Retirement
Plan
Services
Balance as of beginning-of-year$35,267 $25,941 $36,242 $23,619 
Gross deposits1,369 873 862 811 
Withdrawals(612)(946)(440)(1,330)
Policyholder assessments– (15)(1,094)(4)
Net transfers from (to) separate account(287)– 14 211 
Interest credited199 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 rate2.3%3.2%3.9%2.9%
Net amount at risk (1)(2)
$2,518 $255 $297,567 $4 
Cash surrender value33,108 24,914 31,648 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.
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%
775 – – – – 775 
4.01% and above
155 – – – – 155 
Other (1)
– – – – – 14,060 
Total$2,508 $997 $508 $175 $10,708 $28,956 
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%
13,986 – 1 – – 13,987 
4.01% and above
3,402 – – – – 3,402 
Other (1)
– – – – – 7,285 
Total$24,343 $8 $399 $32 $3,340 $35,407 
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%
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%
1,743 542 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.
Funding Agreements

The following summarizes the types of funding agreements issued by us:

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. We had funding agreements issued under the program totaling $1.9 billion as of March 31, 2026, compared to $1.5 billion as of December 31, 2025, with original maturities ranging from three to five years.

FABR Funding Agreements

We may issue funding agreements in connection with FABRs. Under an FABR, an unaffiliated and unconsolidated special-purpose entity enters into a repurchase agreement with a bank and uses the proceeds of the repurchase agreement to purchase funding agreements from us that are secured by portfolios of assets pledged to the special-purpose entity. We had secured funding agreements issued totaling $800 million as of March 31, 2026 and December 31, 2025, with original maturities of five years. See “Assets Pledged as Collateral” in Note 3 for information on pledged assets.

FHLB Funding Agreements

We are a member of the FHLB of Indianapolis (“FHLBI”) and, through membership, have the ability to issue funding agreements. We had FHLB funding agreements outstanding of $1.7 billion as of March 31, 2026, compared to $1.5 billion as of December 31, 2025, with original maturities of one year or less. The funding agreements are secured by a portfolio of assets pledged to the FHLB. See “Assets Pledged as Collateral” in Note 3 for information on pledged assets.