Insurance Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Liability for Future Policy Benefits, by Product Segment

Information regarding LFPBs for non-participating traditional and limited-payment contracts was as follows:


	Years Ended December 31,
	2025									2024									2023
	Term and Whole Life Insurance			Income Annuities			Structured Settlement and Pension Risk Transfer Annuities			Term and Whole Life Insurance			Income Annuities			Structured Settlement and Pension Risk Transfer Annuities			Term and Whole Life Insurance			Income Annuities			Structured Settlement and Pension Risk Transfer Annuities
	(Dollars in millions)
Present value of expected net premiums:
Balance, beginning of year	$	2,758		$	—		$	—		$	2,899		$	—		$	—		$	2,804		$	—		$	—
Beginning balance at original discount rate	3,110			—			—			3,162			—			—			3,146			—			—
Effect of model refinements	3			—			—			4			—			—			—			—			—
Effect of changes in cash flow assumptions	(115)			—			—			146			—			—			206			—			—
Effect of actual variances from expected experience	(46)			—			—			8			—			—			(17)			—			—
Adjusted beginning of year balance	2,952			—			—			3,320			—			—			3,335			—			—
Issuances	14			—			—			67			—			—			93			—			—
Interest accrual	102			—			—			110			—			—			108			—			—
Net premiums collected	(363)			—			—			(387)			—			—			(374)			—			—
Ending balance at original discount rate	2,705			—			—			3,110			—			—			3,162			—			—
Effect of changes in discount rate assumptions	(243)			—			—			(352)			—			—			(263)			—			—
Balance, end of year	$	2,462		$	—		$	—		$	2,758		$	—		$	—		$	2,899		$	—		$	—
Present value of expected future policy benefits:
Balance, beginning of year	$	5,245		$	3,728		$	6,118		$	5,385		$	3,719		$	6,697		$	5,172		$	3,469		$	6,793
Beginning balance at original discount rate	5,908			4,121			6,876			5,905			3,993			7,085			5,816			3,848			7,410
Effect of model refinements	2			—			4			10			—			—			—			—			—
Effect of changes in cash flow assumptions	(128)			18			22			235			(23)			82			296			—			—
Effect of actual variances from expected experience	(73)			(37)			(29)			(5)			—			(10)			(15)			(21)			(47)
Adjusted beginning of year balance	5,709			4,102			6,873			6,145			3,970			7,157			6,097			3,827			7,363
Issuances	14			383			—			72			400			—			99			369			—
Interest accrual	205			156			293			213			148			305			211			139			314
Benefit payments	(482)			(410)			(531)			(522)			(397)			(586)			(502)			(342)			(592)
Ending balance at original discount rate	5,446			4,231			6,635			5,908			4,121			6,876			5,905			3,993			7,085
Effect of changes in discount rate assumptions	(462)			(284)			(626)			(663)			(393)			(758)			(520)			(274)			(388)
Balance, end of year	$	4,984		$	3,947		$	6,009		$	5,245		$	3,728		$	6,118		$	5,385		$	3,719		$	6,697
Net liability for future policy benefits, end of year	$	2,522		$	3,947		$	6,009		$	2,487		$	3,728		$	6,118		$	2,486		$	3,719		$	6,697
Less: Reinsurance recoverable, end of year	15			32			56			19			31			59			24			30			65
Net liability for future policy benefits, after reinsurance recoverable	$	2,507		$	3,915		$	5,953		$	2,468		$	3,697		$	6,059		$	2,462		$	3,689		$	6,632
Weighted-average duration of liability	7.2 years			7.7 years			11.5 years			7.6 years			7.9 years			11.6 years			8.8 years			8.2 years			11.6 years
Weighted-average interest accretion rate	3.90		%	4.14		%	4.47		%	3.92		%	4.04		%	4.46		%	3.91		%	3.99		%	4.46		%
Current discount rate	5.01		%	5.14		%	5.47		%	5.42		%	5.48		%	5.64		%	4.94		%	4.95		%	5.03		%
Gross premiums or assessments recognized during period	$	519		$	492		$	—		$	563		$	485		$	—		$	595		$	472		$	—
Expected future gross premiums, undiscounted	$	4,959		$	—		$	—		$	5,714		$	—		$	—		$	5,999		$	—		$	—
Expected future gross premiums, discounted	$	3,738		$	—		$	—		$	4,244		$	—		$	—		$	4,535		$	—		$	—
Expected future benefit payments, undiscounted	$	7,284		$	5,896		$	12,820		$	8,031		$	5,759		$	13,336		$	8,148		$	5,616		$	13,767
Expected future benefit payments, discounted	$	5,446		$	4,231		$	6,635		$	5,908		$	4,121		$	6,876		$	5,905		$	3,993		$	7,085

Information regarding the additional insurance liabilities for universal life-type contracts with secondary guarantees was as follows:


	Years Ended December 31,
	2025			2024			2023
	(Dollars in millions)
Balance, beginning of year	$	8,986		$	7,607		$	6,935
Beginning balance before the effect of unrealized gains and losses	9,277			7,784			7,175
Effect of changes in cash flow assumptions	480			895			52
Effect of actual variances from expected experience	133			167			145
Adjusted beginning of year balance	9,890			8,846			7,372
Interest accrual	469			406			357
Net assessments collected	480			446			414
Benefit payments	(541)			(421)			(359)

Ending balance before the effect of unrealized gains and losses	10,298			9,277			7,784
Effect of unrealized gains and losses	(221)			(291)			(177)
Balance, end of year	10,077			8,986			7,607
Less: Reinsurance recoverable, end of year	1,801			1,535			1,438
Net additional liability, after reinsurance recoverable	$	8,276		$	7,451		$	6,169
Weighted-average duration of liability	6.6 years			6.6 years			6.7 years
Weighted-average interest accretion rate	4.95		%	4.94		%	4.92		%
Gross assessments recognized during period	$	1,076		$	1,083		$	1,064

A reconciliation of the net LFPBs for non-participating traditional and limited-payment contracts and the additional insurance liabilities for universal life-type contracts with secondary guarantees reported in the preceding rollforward tables to LFPBs on the consolidated balance sheets was as follows at:


	December 31,
	2025		2024
	(In millions)
Liabilities reported in the preceding rollforward tables	$	22,555	$	21,319
Long-term care insurance (1)	5,203		5,190
ULSG liabilities, including liability for profits followed by losses (2)	57		875
Participating whole life insurance (3)	3,054		2,969
Deferred profit liabilities	452		428
Other	361		304
Total liability for future policy benefits	$	31,682	$	31,085

_______________

(1)Includes liabilities related to fully reinsured individual long-term care insurance. See Notes 2 and 7.

(2)The effect of changes in assumptions for ULSG liabilities, including the liability for profits followed by losses was ($1.2) billion for the year ended December 31, 2025.

(3)Participating whole life insurance uses an interest assumption based on the non-forfeiture interest rate, ranging from 3.5% to 4.0%, and mortality rates guaranteed in calculating the cash surrender values described in such contracts, and also includes a liability for terminal dividends. Participating whole life insurance represented 3% of the Company’s life insurance in-force at both December 31, 2025 and 2024, and 38% and 39% of gross traditional life insurance premiums for the years ended December 31, 2025 and 2024, respectively.

Policyholder Account Balance

Information regarding policyholder account balances was as follows:


	Universal Life Insurance			Variable Annuities (1)			Index-linked Annuities			Fixed Rate Annuities			ULSG			Company-Owned Life Insurance (1)
	(Dollars in millions)
Year Ended December 31, 2025
Balance, beginning of year	$	2,028		$	3,667		$	48,605		$	14,665		$	4,779		$	1,166
Premiums and deposits	248			50			8,396			1,225			604			—
Surrenders and withdrawals	(62)			(554)			(7,861)			(2,835)			(29)			—
Benefit payments	(47)			(89)			(365)			(365)			(87)			(10)
Net transfers from (to) separate account	18			107			—			—			—			(524)
Interest credited	89			101			756			562			154			21
Policy charges	(199)			(18)			(39)			—			(960)			(7)
Changes related to embedded derivatives	2			—			3,102			—			—			—

Balance, end of year	$	2,077		$	3,264		$	52,594		$	13,252		$	4,461		$	646
Weighted-average crediting rate (2)	4.35		%	2.88		%	1.93		%	3.97		%	3.33		%	2.78		%
Year Ended December 31, 2024
Balance, beginning of year	$	1,980		$	4,111		$	41,627		$	14,672		$	5,052		$	653
Premiums and deposits	229			73			8,228			1,127			645			—
Surrenders and withdrawals	(56)			(616)			(5,532)			(1,356)			(23)			—
Benefit payments	(46)			(93)			(324)			(345)			(70)			(9)
Net transfers from (to) separate account	32			102			—			—			—			500
Interest credited	82			109			673			567			163			29
Policy charges	(193)			(19)			(23)			—			(988)			(7)
Changes related to embedded derivatives	—			—			3,956			—			—			—

Balance, end of year	$	2,028		$	3,667		$	48,605		$	14,665		$	4,779		$	1,166
Weighted-average crediting rate (2)	4.10		%	2.81		%	1.79		%	3.84		%	3.32		%	3.63		%
Year Ended December 31, 2023
Balance, beginning of year	$	2,100		$	4,664		$	33,897		$	14,274		$	5,307		$	641
Premiums and deposits	210			75			7,183			2,694			660			—
Surrenders and withdrawals	(129)			(647)			(3,732)			(2,405)			(23)			—
Benefit payments	(59)			(101)			(240)			(377)			(85)			(8)
Net transfers from (to) separate account	18			14			—			—			—			1
Interest credited	40			129			445			486			208			28
Policy charges	(200)			(23)			(11)			—			(1,015)			(9)
Changes related to embedded derivatives	—			—			4,085			—			—			—

Balance, end of year	$	1,980		$	4,111		$	41,627		$	14,672		$	5,052		$	653
Weighted-average crediting rate (2)	2.03		%	2.91		%	1.47		%	3.31		%	4.02		%	4.33		%

_______________

(1)Includes liabilities related to separate account products where the contract holder elected a general account investment option.

(2)Excludes the effects of embedded derivatives related to index-linked crediting rates.

A reconciliation of policyholder account balances reported in the preceding rollforward table to the liability for policyholder account balances on the consolidated balance sheets was as follows at:


	December 31,
	2025		2024
	(In millions)
Policyholder account balances reported in the preceding rollforward table	$	76,294	$	74,910
Funding agreements classified as investment contracts	9,502		11,002
Institutional group annuities	569		370
Other investment contract liabilities	809		880
Total policyholder account balances	$	87,174	$	87,162

Policyholder Account Balance, Guaranteed Minimum Crediting Rate

The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums was as follows at:


Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 to 50 Basis Points Above		51 to 150 Basis Points Above		Greater than 150 Basis Points Above		Total
	(In millions)
December 31, 2025
Annuities (1):
Less than 2.00%	$	384	$	127	$	188	$	8,133	$	8,832
2.00% to 3.99%	6,155		497		518		327		7,497
Greater than 3.99%	740		—		—		—		740
Total	$	7,279	$	624	$	706	$	8,460	$	17,069
Life insurance (2) (3):
Less than 2.00%	$	—	$	—	$	—	$	413	$	413
2.00% to 3.99%	—		476		43		112		631
Greater than 3.99%	969		—		—		—		969
Total	$	969	$	476	$	43	$	525	$	2,013
ULSG (3):
Less than 2.00%	$	—	$	—	$	—	$	—	$	—
2.00% to 3.99%	965		1,279		1,496		222		3,962
Greater than 3.99%	484		—		—		—		484
Total	$	1,449	$	1,279	$	1,496	$	222	$	4,446
December 31, 2024
Annuities (1):
Less than 2.00%	$	516	$	112	$	230	$	8,749	$	9,607
2.00% to 3.99%	6,633		439		416		334		7,822
Greater than 3.99%	781		—		—		—		781
Total	$	7,930	$	551	$	646	$	9,083	$	18,210
Life insurance (2) (3):
Less than 2.00%	$	—	$	—	$	—	$	308	$	308
2.00% to 3.99%	—		471		47		128		646
Greater than 3.99%	1,020		—		—		—		1,020
Total	$	1,020	$	471	$	47	$	436	$	1,974
ULSG (3):
Less than 2.00%	$	—	$	—	$	—	$	—	$	—
2.00% to 3.99%	1,052		1,386		1,602		238		4,278
Greater than 3.99%	484		—		—		—		484
Total	$	1,536	$	1,386	$	1,602	$	238	$	4,762

_______________

(1)Includes policyholder account balances for fixed rate annuities and the fixed account portion of variable annuities.

(2)Includes policyholder account balances for retained asset accounts, universal life policies and the fixed account portion of universal variable life insurance policies.

(3)Amounts are gross of policy loans.