XML 51 R40.htm IDEA: XBRL DOCUMENT v3.26.1
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities on a Recurring Basis
The following summarizes our financial instruments carried at fair value (in millions) on a recurring basis by the fair value hierarchy levels:

As of June 30, 2026
Asset (Liability) Measurement in theTotal
Fair Value HierarchyFair
(Level 1)(Level 2)(Level 3)Value
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds$– $56,581 $6,932 $63,513 
U.S. government bonds892 69 – 961 
State and municipal bonds– 1,915 – 1,915 
Foreign government bonds– 203 – 203 
RMBS– 1,854 – 1,854 
CMBS– 2,694 117 2,811 
ABS– 13,783 5,032 18,815 
Hybrid and redeemable preferred securities28 93 80 201 
Trading securities– 1,312 188 1,500 
Equity securities (1)
31 230 27 288 
Mortgage loans on real estate– – 195 195 
Derivative investments (2)
– 17,351 61 17,412 
Other investments – short-term investments– 245 5 250 
MRB assets– – 5,077 5,077 
Other assets:
Ceded MRBs– – 12 12 
Indexed annuity ceded embedded derivatives– – 2,747 2,747 
LPR ceded derivative– – 174 174 
Separate account assets348 187,904 – 188,252 
Total assets$1,299 $284,234 $20,647 $306,180 
Liabilities
Policyholder account balances – RILA,
fixed annuity and IUL contracts $– $– $(16,856)$(16,856)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives– 619 (203)416 
MRB liabilities– – (895)(895)
Other liabilities:
Ceded MRBs– – (3,448)(3,448)
Derivative liabilities (2)
– (5,977)(116)(6,093)
Total liabilities$– $(5,358)$(21,518)$(26,876)

As of December 31, 2025
Asset (Liability) Measurement in theTotal
Fair Value HierarchyFair
(Level 1)(Level 2)(Level 3)Value
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds$– $56,426 $7,297 $63,723 
U.S. government bonds848 19 – 867 
State and municipal bonds– 1,965 – 1,965 
Foreign government bonds– 223 – 223 
RMBS– 1,965 – 1,965 
CMBS– 2,338 85 2,423 
ABS– 12,594 3,584 16,178 
Hybrid and redeemable preferred securities31 128 83 242 
Trading securities– 1,331 329 1,660 
Equity securities (1)
233 234 28 495 
Mortgage loans on real estate– – 199 199 
Derivative investments (2)
– 16,001 28 16,029 
Other investments – short-term investments– 193 1 194 
MRB assets– – 4,753 4,753 
Other assets:
Ceded MRBs– – 19 19 
Indexed annuity ceded embedded derivatives– – 2,482 2,482 
LPR ceded derivative– – 202 202 
Separate account assets383 179,709 – 180,092 
Total assets$1,495 $273,126 $19,090 $293,711 
Liabilities
Policyholder account balances – RILA,
fixed annuity and IUL contracts$– $– $(15,115)$(15,115)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives– 358 (156)202 
MRB liabilities– – (1,118)(1,118)
Other liabilities:
Ceded MRBs– – (2,884)(2,884)
Derivative liabilities (2)
– (6,008)(136)(6,144)
Total liabilities$– $(5,650)$(19,409)$(25,059)

(1) Total investments included in the fair value hierarchy exclude certain closed-end funds that are measured at estimated fair value using the NAV per share (or its equivalent) practical expedient. The estimated fair value of such investments was $164 million and $134 million as of June 30, 2026, and December 31, 2025, respectively.
(2) Derivative investment assets and liabilities are presented within the fair value hierarchy on a gross basis by derivative type and not on a master netting basis by counterparty.
The following summarizes the fair value by the fair value hierarchy levels and the carrying amount of our financial instruments not carried at fair value (in millions):

As of June 30, 2026
Asset (Liability) Measurement in theTotal
Fair Value HierarchyFairCarrying
(Level 1)(Level 2)(Level 3)ValueAmount
Assets
Investments:
Mortgage loans on real estate$– $– $22,235 $22,235 $23,082 
Other investments– 710 6,308 7,018 7,018 
Policy loans– 2,587 – 2,587 2,587 
Liabilities
Policyholder account balances – certain investment contracts$– $– $(35,870)$(35,870)$(44,037)
Policyholder account balances – funding agreements– (4,810)– (4,810)(4,833)
Short-term debt– (615)– (615)(615)
Long-term debt– (1,539)– (1,539)(1,526)
Funds withheld reinsurance-related liabilities –
excluding embedded derivatives– – (31,483)(31,483)(31,483)

As of December 31, 2025
Asset (Liability) Measurement in theTotal
Fair Value HierarchyFairCarrying
(Level 1)(Level 2)(Level 3)ValueAmount
Assets
Investments:
Mortgage loans on real estate$– $– $21,636 $21,636 $22,139 
Other investments– 542 5,887 6,429 6,429 
Policy loans– 2,617 – 2,617 2,617 
Liabilities
Policyholder account balances – certain investment contracts$– $– $(36,693)$(36,693)$(43,774)
Policyholder account balances – funding agreements– (3,778)– (3,778)(3,749)
Long-term debt– (1,476)– (1,476)(1,426)
Funds withheld reinsurance-related liabilities –
excluding embedded derivatives– – (31,132)(31,132)(31,132)
Fair Value Measured on a Recurring Basis Reconciliation
The following summarizes changes to our financial instruments carried at fair value (in millions) and classified within Level 3 of the fair value hierarchy. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology. The summary schedule excludes changes to MRB assets and MRB liabilities as these balances are rolled forward in Note 8.

For the Three Months Ended June 30, 2026
GainsIssuances,Transfers
BeginningItems(Losses)Sales,Into orEnding
AssetIncludedinMaturities,OutAsset
(Liability)inOCISettlements,of(Liability)
FairNet andCalls,Level 3,Fair
ValueIncome
Other (1)
NetNetValue
Assets
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds$6,416 $(11)$– $578 $(51)$6,932 
CMBS103 1 (1)42 (28)117 
ABS4,153 (18)(32)1,068 (139)5,032 
Hybrid and redeemable preferred
securities82 – (1)(1)– 80 
Trading securities223 – – (35)– 188 
Equity securities28 (1)– – – 27 
Mortgage loans on real estate198 (2)– (1)– 195 
Other investments – short-term
investments28 – – 5 (28)5 
Other assets:
Ceded MRBs (3)
79 (67)– – – 12 
Indexed annuity ceded embedded
derivatives (4)
2,471 275 – 1 – 2,747 
LPR ceded derivative (5)
169 5 – – – 174 
Liabilities
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (4)
$(13,444)$(3,589)$– $177 $– $(16,856)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives (4)
(134)(69)– – – (203)
Other liabilities:
Ceded MRBs (3)
(2,636)(812)– – – (3,448)
Derivative liabilities, net (4)
(65)10 – – – (55)
For the Three Months Ended June 30, 2025
GainsIssuances,Transfers
BeginningItems(Losses)Sales,Into orEnding
AssetIncludedinMaturities,OutAsset
(Liability)inOCISettlements,of(Liability)
FairNetandCalls,Level 3,Fair
ValueIncome
Other (1)
NetNetValue
Assets
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds$6,812 $(24)$3 $223 $89 $7,103 
RMBS1 – – 67 – 68 
CMBS30 – – 18 (7)41 
ABS2,609 – (12)415 (35)2,977 
Hybrid and redeemable preferred
securities81 – – 1 – 82 
Trading securities278 3 – (1)– 280 
Equity securities29 (1)– (4)54 78 
Mortgage loans on real estate232 (1)2 (1)– 232 
Other investments – short-term
investments15 – – 9 – 24 
Other assets:
Ceded MRBs (3)
102 (82)– – – 20 
Indexed annuity ceded embedded
derivatives (4)
1,918 130 – 86 – 2,134 
LPR ceded derivative (5)
190 8 – – – 198 
Liabilities
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (4)
$(10,807)$(2,145)$– $(137)$– $(13,089)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives (4)
(92)– – – – (92)
Other liabilities:
Ceded MRBs (3)
(2,103)(438)– – – (2,541)
Derivative liabilities, net (4)
(109)(6)– – – (115)
For the Six Months Ended June 30, 2026
GainsIssuances,Transfers
BeginningItems(Losses)Sales,Into orEnding
AssetIncludedinMaturities,OutAsset
(Liability)inOCISettlements,of(Liability)
FairNetandCalls,Level 3,Fair
ValueIncome
Other (1)
NetNetValue
Assets
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds$7,297 $(25)$(28)$438 $(750)$6,932 
CMBS85 1 (2)70 (37)117 
ABS3,584 (25)(71)1,675 (131)5,032 
Hybrid and redeemable preferred
securities83 – (2)(1)– 80 
Trading securities329 (2)– (117)(22)188 
Equity securities28 (4)– 3 – 27 
Mortgage loans on real estate199 (1)(1)(2)– 195 
Other investments – short-term
investments1 – – 32 (28)5 
Other assets:
Ceded MRBs (3)
19 (7)– – – 12 
Indexed annuity ceded embedded
derivatives (4)
2,482 224 – 41 – 2,747 
LPR ceded derivative (5)
202 (28)– – – 174 
Liabilities
Policyholder account balances -
RILA, fixed annuity and
IUL contracts (4)
$(15,115)$(1,986)$– $245 $– $(16,856)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives (4)
(156)(47)– – – (203)
Other liabilities:
Ceded MRBs (3)
(2,884)(564)– – – (3,448)
Derivative liabilities, net (4)
(108)12 – 41 – (55)
For the Six Months Ended June 30, 2025
GainsIssuances,Transfers
BeginningItems(Losses)Sales,Into orEnding
AssetIncludedinMaturities,OutAsset
(Liability)inOCISettlements,of(Liability)
FairNetandCalls,Level 3,Fair
ValueIncome
Other (1)
NetNetValue
Assets
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds$6,888 $(34)$(2)$140 $111 $7,103 
RMBS1 – – 67 – 68 
CMBS8 – – 40 (7)41 
ABS2,092 (21)5 886 15 2,977 
Hybrid and redeemable preferred
securities63 – – 19 – 82 
Trading securities259 4 – 3 14 280 
Equity securities34 (8)– (2)54 78 
Mortgage loans on real estate232 (2)4 (2)– 232 
Other investments – short-term
investments23 – – 1 – 24 
Other assets:
Ceded MRBs (3)
14 6 – – – 20 
Indexed annuity ceded embedded
derivatives (4)
1,970 80 – 84 – 2,134 
LPR ceded derivative (5)
190 8 – – – 198 
Liabilities
Policyholder account balances -
RILA, fixed annuity and
IUL contracts (4)
$(12,449)$(472)$– $(168)$– $(13,089)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives (4)
(59)(33)– – – (92)
Other liabilities:
Ceded MRBs (3)
(2,763)222 – – – (2,541)
Derivative liabilities, net (4)
(136)21 – – – (115)

(1) The changes in fair value of the interest rate swaps are offset by an adjustment to derivative investments (see Note 5).
(2) Amortization and accretion of premiums and discounts are included in net investment income on the Consolidated Statements of Comprehensive Income (Loss). Gains (losses) from sales, maturities, settlements and calls and credit loss expense are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).
(3) Gains (losses) from the changes in fair value are included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).
(4) Gains (losses) from the changes in fair value are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).
(5) Gains (losses) from the changes in fair value are included in benefits on the Consolidated Statements of Comprehensive Income (Loss).
Schedule of Investment Holdings Movements
The following provides the components of the items included in issuances, sales, maturities, settlements and calls, net, (in millions) as reported above:
For the Three Months Ended June 30, 2026
IssuancesSalesMaturitiesSettlementsCallsTotal
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds$740 $(58)$(20)$(84)$– $578 
CMBS42 – – – – 42 
ABS1,213 – – (105)(40)1,068 
Hybrid and redeemable preferred
 securities– – (1)– – (1)
Trading securities– (20)(7)(8)– (35)
Equity securities5 (5)– – – – 
Mortgage loans on real estate1 – – (2)– (1)
Other investments – short-term investments5 – – – – 5 
Other assets – indexed annuity ceded
embedded derivatives– – – 1 – 1 
Liabilities
Policyholder account balances –
RILA, fixed annuity and
IUL contracts$(402)$– $– $579 $– $177 

For the Three Months Ended June 30, 2025
IssuancesSalesMaturitiesSettlementsCallsTotal
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds$605 $(244)$(6)$(122)$(10)$223 
RMBS67 – – – – 67 
CMBS33 (15)– – – 18 
ABS574 (42)– (76)(41)415 
Hybrid and redeemable preferred
securities1 – – – – 1 
Trading securities11 (10)– (2)– (1)
Equity securities7 (11)– – – (4)
Mortgage loans on real estate1 – – (2)– (1)
Other investments – short-term investments9 – – – – 9 
Other assets – indexed annuity ceded
  embedded derivatives66 – – 20 – 86 
Liabilities
Policyholder account balances –
RILA, fixed annuity and
IUL contracts$(426)$– $– $289 $– $(137)
For the Six Months Ended June 30, 2026
IssuancesSalesMaturitiesSettlementsCallsTotal
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds$1,005 $(349)$(20)$(175)$(23)$438 
CMBS70 – – – – 70 
ABS2,006 – – (267)(64)1,675 
Hybrid and redeemable preferred
securities– – (1)– – (1)
Trading securities– (32)(7)(13)(65)(117)
Equity securities8 (5)– – – 3 
Mortgage loans on real estate1 – – (3)– (2)
Derivative investments41 – – – – 41 
Other investments – short-term investments33 – (1)– – 32 
Other assets – indexed annuity ceded
embedded derivatives– – – 41 – 41 
Liabilities
Policyholder account balances –
RILA, fixed annuity and
IUL contracts$(761)$– $– $1,006 $– $245 

For the Six Months Ended June 30, 2025
IssuancesSalesMaturitiesSettlementsCallsTotal
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds$854 $(480)$(6)$(218)$(10)$140 
RMBS67 – – – – 67 
CMBS55 (15)– – – 40 
ABS1,161 (42)(10)(166)(57)886 
Hybrid and redeemable preferred
securities21 (2)– – – 19 
Trading securities61 (52)– (6)– 3 
Equity securities10 (12)– – – (2)
Mortgage loans on real estate1 (1)– (2)– (2)
Other investments – short-term investments11 – (10)– – 1 
Other assets – indexed annuity ceded
embedded derivatives90 – – (6)– 84 
Liabilities
Policyholder account balances –
RILA, fixed annuity and
IUL contracts$(656)$– $– $488 $– $(168)
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings
The following summarizes changes in unrealized gains (losses) included in net income (loss) related to financial instruments carried at fair value classified within Level 3 that we still held (in millions):

For the Three
Months Ended
June 30,		For the Six
Months Ended
June 30,
2026202520262025
Investments:
Trading securities (1)
$– $3 $(2)$(1)
Equity securities (1)
– (1)(3)(7)
Mortgage loans on real estate (1)
(2)(1)(1)(2)
Derivative investments, net (1)
(4)(6)(26)(6)
MRBs, net (2)
633 438 (85)(187)
Other assets – LPR ceded derivative (3)
5 8 (28)8 
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives (1)
(69)– (47)(33)
Embedded derivatives – indexed annuity
and IUL contracts, net (1)
501 206 837 375 

(1) Included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).
(2) Included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).
(3) Included in benefits on the Consolidated Statements of Comprehensive Income (Loss).
Changes in Unrealized Gains (Losses) Included in OCI
The following summarizes changes in unrealized gains (losses) included in OCI, net of tax, related to financial instruments carried at fair value classified within Level 3 that we still held (in millions):

For the Three
Months Ended
June 30,		For the Six
Months Ended
June 30,
2026202520262025
Investments:
Fixed maturity AFS securities:
Corporate bonds$(8)$(8)$(44)$(18)
CMBS(1)– (2)– 
ABS(30)(6)(69)10 
Hybrid and redeemable preferred
securities(1)– (1)– 
Mortgage loans on real estate– 2 – 4 
Components of the Transfers In and Out of Level 3
The following provides the components of the transfers into and out of Level 3 (in millions) as reported above:

For the Three
Months Ended
June 30, 2026		For the Three
Months Ended
June 30, 2025
TransfersTransfersTransfersTransfers
IntoOut ofIntoOut of
Level 3Level 3TotalLevel 3Level 3Total
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds$– $(51)$(51)$90 $(1)$89 
CMBS– (28)(28)– (7)(7)
ABS17 (156)(139)14 (49)(35)
Equity securities– – – 54 – 54 
Other investments – short-term investments– (28)(28)– – – 

For the Six
Months Ended
June 30, 2026		For the Six
Months Ended
June 30, 2025
TransfersTransfersTransfersTransfers
IntoOut ofIntoOut of
Level 3Level 3TotalLevel 3Level 3Total
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds$46 $(796)$(750)$112 $(1)$111 
CMBS– (37)(37)– (7)(7)
ABS41 (172)(131)71 (56)15 
Trading securities– (22)(22)17 (3)14 
Equity securities– – – 54 – 54 
Other investments – short-term investments– (28)(28)– – – 
Fair Value Inputs Quantitative Information
The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of June 30, 2026:

Weighted
FairValuationSignificantAssumption orAverage
Input
ValueTechniqueUnobservable InputsInput Ranges
Range (1)
Assets
Investments:
Fixed maturity AFS
securities:
Corporate bonds$439 Discounted cash flow
Liquidity/duration adjustment (2)
0.0%– 7.9%2.0%
CMBS39 Discounted cash flow
Liquidity/duration adjustment (2)
2.0%– 2.1%2.0%
Hybrid and redeemable
preferred securities40 Discounted cash flow
Liquidity/duration adjustment (2)
1.7%– 1.8%1.7%
Equity securities4 Discounted cash flow
Liquidity/duration adjustment (2)
4.5%– 4.5%4.5%
MRB assets5,077 Discounted cash flow
Lapse (3)
1.0%– 30.0%
(10)
Utilization of GLB withdrawals (4)
85.0%– 100.0%93.0%
Claims utilization factor (5)
50.0%– 100.0%
(10)
Premiums utilization factor (5)
80.0%– 115.0%
(10)
Non-performance risk (6)
0.3%– 2.0%1.6%
Mortality (7)
(9)
(10)
Volatility (8)
1.0%– 27.0%15.0%
Other assets:
Ceded MRBs (11)
12 
Indexed annuity
ceded embedded
derivatives2,747 Discounted cash flow
Lapse (3)
0.0%– 9.0%
(10)
Mortality (7)
(9)
(10)
LPR ceded
derivative174 Discounted cash flow
Lapse (3)
0.1%– 2.4%
(10)
Non-performance risk (6)
0.3%– 2.0%1.5%
Mortality (7)
(9)
(10)
Liabilities
Policyholder account
balances – indexed annuity
contracts embedded
derivatives$(16,770)Discounted cash flow
Lapse (3)
0.0%– 9.0%
(10)
Mortality (7)
(9)
(10)
MRB liabilities(895)Discounted cash flow
Lapse (3)
1.0%– 30.0%
(10)
Utilization of GLB withdrawals (4)
85.0%– 100.0%93.0%
Claims utilization factor (5)
50.0%– 100.0%
(10)
Premiums utilization factor (5)
80.0%– 115.0%
(10)
Non-performance risk (6)
0.3%– 2.0%1.6%
Mortality (7)
(9)
(10)
Volatility (8)
1.0%– 27.0%15.0%
Other liabilities – ceded
MRBs (11)
(3,448)
The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of December 31, 2025:

Weighted
FairValuationSignificantAssumption orAverage
Input
ValueTechniqueUnobservable InputsInput Ranges
Range (1)
Assets
Investments:
Fixed maturity AFS
securities:
Corporate bonds$673 Discounted cash flow
Liquidity/duration adjustment (2)
0.0%– 6.2%1.4%
ABS8 Discounted cash flow
Liquidity/duration adjustment (2)
1.1%– 1.1%1.1%
CMBS41 Discounted cash flow
Liquidity/duration adjustment (2)
1.8%– 1.9%1.8%
Hybrid and redeemable
 preferred securities40 Discounted cash flow
Liquidity/duration adjustment (2)
1.6%– 1.9%1.7%
Equity securities4 Discounted cash flow
Liquidity/duration adjustment (2)
4.5%– 4.5%4.5%
MRB assets4,753 Discounted cash flow
Lapse (3)
1.0%– 30.0%
(10)
Utilization of GLB withdrawals (4)
85.0%– 100.0%93.0%
Claims utilization factor (5)
50.0%– 100.0%
(10)
Premiums utilization factor (5)
80.0%– 115.0%
(10)
Non-performance risk (6)
0.2%– 1.6%1.3%
Mortality (7)
(9)
(10)
Volatility (8)
1.0%– 27.0%15.1%
Other assets:
Ceded MRBs (11)
19 
Indexed annuity
ceded embedded
derivatives2,482 Discounted cash flow
Lapse (3)
0.0%– 9.0%
(10)
Mortality (7)
(9)
(10)
LPR ceded
derivative202 Discounted cash flow
Lapse (3)
0.1%– 2.4%
(10)
Non-performance risk (6)
0.2%– 1.6%1.2%
Mortality (7)
(9)
(10)
Liabilities
Policyholder account
balances – indexed annuity
contracts embedded
derivatives$(15,031)Discounted cash flow
Lapse (3)
0.0%– 9.0%
(10)
Mortality (7)
(9)
(10)
MRB liabilities(1,118)Discounted cash flow
Lapse (3)
1.0%– 30.0%
(10)
Utilization of GLB withdrawals (4)
85.0%– 100.0%93.0%
Claims utilization factor (5)
50.0%– 100.0%
(10)
Premiums utilization factor (5)
80.0%– 115.0%
(10)
Non-performance risk (6)
0.2%– 1.6%1.3%
Mortality (7)
(9)
(10)
Volatility (8)
1.0%– 27.0%15.1%
Other liabilities – ceded
MRBs (11)
(2,884)

(1) Unobservable inputs were weighted by the relative fair value of the instruments, unless otherwise noted.
(2) The liquidity/duration adjustment input represents an estimated market participant composite of adjustments attributable to liquidity premiums, expected durations, structures and credit quality that would be applied to the market observable information of an investment.
(3) The lapse input represents the estimated probability of a contract surrendering during a year, and thereby forgoing any future benefits. The range for indexed annuity contracts represents the lapses during the surrender charge period.
(4) The utilization of GLB withdrawals input represents the estimated percentage of policyholders that utilize the GLB withdrawal riders.
(5) The utilization factors are applied to the present value of claims or premiums, as appropriate, in the MRB calculation to estimate the impact of inefficient GLB withdrawal behavior, including taking less than or more than the maximum GLB withdrawal.
(6) The non-performance risk input represents the estimated additional credit spread that market participants would apply to the market observable discount rate when pricing a contract. The non-performance risk input was weighted by the absolute value of the sensitivity of the reserve to the non-performance risk assumption. The non-performance risk input for LPR ceded derivative was weighted using a simple average.
(7) The mortality input represents the estimated probability of when an individual belonging to a particular group, categorized according to age or some other factor such as gender, will die.
(8) The volatility input represents overall volatilities assumed for the underlying variable annuity funds, which include a mixture of equity and fixed-income assets. Volatility assumptions vary by fund due to the benchmarking of different indices. The volatility input was weighted by the relative account balance assigned to each index.
(9) The mortality is based on a combination of company and industry experience, adjusted for improvement factors.
(10) A weighted average input range is not a meaningful measurement for lapse, utilization factors or mortality.
(11) The fair value inputs for ceded MRBs are consistent with those used to value MRB assets and liabilities.
Fair Value Option, Disclosures
The fair value and aggregate contractual principal for mortgage loans on real estate where the fair value option was elected (in millions) were as follows:

As of
June 30,		As of
December 31,
20262025
Fair value$195 $199 
Aggregate contractual principal229 231