CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Investments:
Fixed maturity available-for-sale securities, at fair value	$ 88,329	$ 87,586
Trading securities	1,537	1,660
Equity securities	469	629
Mortgage loans on real estate, net of allowance for credit losses	22,692	22,338
Policy loans	2,597	2,617
Derivative investments	8,336	9,945
Other investments	8,475	7,812
Total investments	132,435	132,587
Cash and invested cash	5,705	7,946
Deferred acquisition costs, value of business acquired and deferred sales inducements	12,677	12,637
Reinsurance recoverables, net of allowance for credit losses	48,401	48,607
Deposit assets, net of allowance for credit losses	35,058	34,819
Market risk benefit assets	4,303	4,753
Accrued investment income	1,054	1,013
Goodwill	1,144	1,144
Other assets	9,577	9,394
Separate account assets	172,043	180,092
Total assets	422,397	432,992
Liabilities
Policyholder account balances	135,349	135,904
Future contract benefits	41,957	42,360
Funds withheld reinsurance liabilities	30,944	30,930
Market risk benefit liabilities	1,127	1,118
Deferred front-end loads	7,822	7,605
Payables for collateral on investments	6,556	7,953
Short-term debt	117	0
Long-term debt	1,426	1,426
Other liabilities	13,272	13,618
Separate account liabilities	172,043	180,092
Total liabilities	410,613	421,006
Contingencies and Commitments (See Note 13)
Stockholder’s Equity
Common stock – $10,000,000 shares authorized, issued and outstanding	14,046	14,041
Retained earnings (deficit)	(463)	(100)
Accumulated other comprehensive income (loss)	(1,799)	(1,955)
Total stockholder’s equity	11,784	11,986
Total liabilities and stockholder’s equity	$ 422,397	$ 432,992