In 2025, the Company recognized a favorable impact to net income attributable to its annual reviews and update of assumptions and other refinements for liability for future policy benefits. The impact was favorable for direct and assumed benefit reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort, primarily due to updates to mortality assumptions in individual life insurance. Additionally, there was a favorable impact for direct and assumed AIR, primarily due to offsetting impacts from updated policyholder behavior assumptions and mortality assumptions on universal life policies.

In 2024, the Company recognized an impact to net income attributable to our annual reviews and update of assumptions and other refinements for liability for future policy benefits. Overall impact is immaterial for direct and assumed benefit reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort. Additionally, for direct and assumed AIR, the Company recognized an unfavorable impact primarily due to updates to policyholder behavior assumptions on universal life policies with secondary guarantees.

The balances of and changes in benefit reserves as of and for the periods indicated consist of the three tables presented below: present value of expected net premiums rollforward, present value of expected future policy benefits rollforward, and net liability for future policy benefits.


	Six Months Ended June 30, 2025
	Present Value of Expected Net Premiums
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	10,414,702	$	0	$	10,414,702
Effect of cumulative changes in discount rate assumptions, beginning of period	567,443		0		567,443
Balance at original discount rate, beginning of period	10,982,145		0		10,982,145

Effect of assumption update	(207,935)		0		(207,935)
Effect of actual variances from expected experience and other activity	(93,680)		418		(93,262)
Adjusted balance, beginning of period	10,680,530		418		10,680,948
Issuances	391,473		21,601		413,074
Net premiums / considerations collected	(667,203)		(22,019)		(689,222)
Interest accrual	257,108		0		257,108
Other adjustments	(184)		0		(184)
Balance at original discount rate, end of period	10,661,724		0		10,661,724
Effect of cumulative changes in discount rate assumptions, end of period	(381,592)		0		(381,592)
Balance, end of period	$	10,280,132	$	0	$	10,280,132


	Six Months Ended June 30, 2025
	Present Value of Expected Future Policy Benefits
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	17,689,399	$	238,086	$	17,927,485
Effect of cumulative changes in discount rate assumptions, beginning of period	1,091,673		19,442		1,111,115
Balance at original discount rate, beginning of period	18,781,072		257,528		19,038,600

Effect of assumption update	(332,969)		0		(332,969)
Effect of actual variances from expected experience and other activity	(114,781)		2,302		(112,479)
Adjusted balance, beginning of period	18,333,322		259,830		18,593,152
Issuances	391,473		21,601		413,074
Interest accrual	447,398		5,096		452,494
Benefit payments	(725,946)		(17,064)		(743,010)
Other adjustments	2,324		146		2,470
Balance at original discount rate, end of period	18,448,571		269,609		18,718,180
Effect of cumulative changes in discount rate assumptions, end of period	(776,613)		(11,259)		(787,872)
Balance, end of period	$	17,671,958	$	258,350	$	17,930,308
Other, end of period					1,499
Total balance, end of period					$	17,931,807


	Six Months Ended June 30, 2025
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	7,391,826	$	258,350	$	7,650,176
Flooring impact, end of period	44		0		44
Balance, end of period, post-flooring	7,391,870		258,350		7,650,220
Less: Reinsurance recoverables	6,748,033		21,318		6,769,351
Balance after reinsurance recoverables, end of period, post-flooring	$	643,837	$	237,032	$	880,869


	Six Months Ended June 30, 2024
	Present Value of Expected Net Premiums
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	10,927,833	$	0	$	10,927,833
Effect of cumulative changes in discount rate assumptions, beginning of period	225,711		0		225,711
Balance at original discount rate, beginning of period	11,153,544		0		11,153,544

Effect of assumption update	21,466		0		21,466
Effect of actual variances from expected experience and other activity	(127,507)		(380)		(127,887)
Adjusted balance, beginning of period	11,047,503		(380)		11,047,123
Issuances	403,742		18,328		422,070
Net premiums / considerations collected	(661,611)		(17,948)		(679,559)
Interest accrual	254,945		0		254,945
Other adjustments	(78)		0		(78)
Balance at original discount rate, end of period	11,044,501		0		11,044,501
Effect of cumulative changes in discount rate assumptions, end of period	(577,768)		0		(577,768)
Balance, end of period	$	10,466,733	$	0	$	10,466,733


	Six Months Ended June 30, 2024
	Present Value of Expected Future Policy Benefits
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	18,426,207	$	228,788	$	18,654,995
Effect of cumulative changes in discount rate assumptions, beginning of period	331,571		19,521		351,092
Balance at original discount rate, beginning of period	18,757,778		248,309		19,006,087

Effect of assumption update	21,480		(3,643)		17,837
Effect of actual variances from expected experience and other activity	(153,025)		(130)		(153,155)
Adjusted balance, beginning of period	18,626,233		244,536		18,870,769
Issuances	403,742		18,328		422,070
Interest accrual	444,536		4,453		448,989
Benefit payments	(721,798)		(15,519)		(737,317)
Other adjustments	1,103		(150)		953
Balance at original discount rate, end of period	18,753,816		251,648		19,005,464
Effect of cumulative changes in discount rate assumptions, end of period	(1,064,363)		(24,870)		(1,089,233)
Balance, end of period	$	17,689,453	$	226,778	$	17,916,231
Other, end of period					1,633
Total balance, end of period					$	17,917,864


	Six Months Ended June 30, 2024
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	7,222,720	$	226,778	$	7,449,498
Flooring impact, end of period	44		0		44
Balance, end of period, post-flooring	7,222,764		226,778		7,449,542
Less: Reinsurance recoverables	6,518,048		18,453		6,536,501
Balance after reinsurance recoverables, end of period, post-flooring	$	704,716	$	208,325	$	913,041


	Six Months Ended June 30, 2025
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	21,856,366		$	0
Discounted expected future gross premiums (at original discount rate)	$	14,837,337		$	0
Discounted expected future gross premiums (at current discount rate)	$	14,350,506		$	0
Undiscounted expected future benefits and expenses	$	28,650,712		$	365,428


Weighted-average duration of the liability in years (at original discount rate)	10			7
Weighted-average duration of the liability in years (at current discount rate)	9			6
Weighted-average interest rate (at original discount rate)	5.12		%	4.08		%
Weighted-average interest rate (at current discount rate)	5.37		%	5.25		%


	Six Months Ended June 30, 2024
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	21,795,982		$	0
Discounted expected future gross premiums (at original discount rate)	$	14,920,888		$	0
Discounted expected future gross premiums (at current discount rate)	$	14,173,894		$	0
Undiscounted expected future benefits and expenses	$	29,155,998		$	337,236


Weighted-average duration of the liability in years (at original discount rate)	10			7
Weighted-average duration of the liability in years (at current discount rate)	9			6
Weighted-average interest rate (at original discount rate)	5.15		%	3.83		%
Weighted-average interest rate (at current discount rate)	5.53		%	5.47		%

For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2 to the Company's Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss, respectively.

In the first six months of 2024, there was a $22 million gain in net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, which was offset by a $21 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.


	Six Months Ended June 30,
	2025		2024
	Fixed Annuities
	(in thousands)
Balance, beginning of period, post-flooring	$	22,939	$	14,818

Effect of assumption update	0		2,110
Effect of actual variances from expected experience and other activity	(709)		412
Adjusted balance, beginning of period	22,230		17,340
Profits deferred	3,189		3,389
Interest accrual	487		319
Amortization	(1,476)		(1,025)
Other adjustments	(9)		(16)
Balance, end of period, post-flooring	24,421		20,007


Less: Reinsurance recoverables	2,053		1,439
Balance after reinsurance recoverables, end of period	$	22,368	$	18,568

AIR represents the additional liability for annuitization, death, or other insurance benefits, including guaranteed minimum death benefits ("GMDB") and guaranteed lifetime withdrawal benefit ("GLWB") contract features, that are above and beyond the contractholder's account balance for certain long-duration life and annuity contracts.


	Six Months Ended June 30, 2025
	Variable and Universal Life		Fixed Annuities		Total
	(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring	$	16,351,053	$	0	$	16,351,053
Flooring impact and amounts in AOCI	617,186		0		617,186
Balance, excluding amounts in AOCI, beginning of period, pre-flooring	16,968,239		0		16,968,239
Effect of assumption update	(41,977)		0		(41,977)
Effect of actual variances from expected experience and other activity	107,488		59,462		166,950
Adjusted balance, beginning of period	17,033,750		59,462		17,093,212
Assessments collected(1)	511,560		22,346		533,906
Interest accrual	289,723		618		290,341
Benefits paid	(195,454)		0		(195,454)

Balance, excluding amounts in AOCI, end of period, pre-flooring	17,639,579		82,426		17,722,005
Flooring impact and amounts in AOCI	(500,285)		(13,058)		(513,343)
Balance, including amounts in AOCI, end of period, post-flooring	17,139,294		69,368		17,208,662
Less: Reinsurance recoverables	16,922,548		0		16,922,548
Balance after reinsurance recoverables, including amounts in AOCI, end of period	$	216,746	$	69,368	$	286,114
Other					6,389
Total balance after reinsurance recoverables					$	292,503


	Six Months Ended June 30, 2024
	Variable and Universal Life		Fixed Annuities		Total
	(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring	$	14,280,793	$	0	$	14,280,793
Flooring impact and amounts in AOCI	831,583		0		831,583
Balance, excluding amounts in AOCI, beginning of period, pre-flooring	15,112,376		0		15,112,376
Effect of assumption update	154,058		0		154,058
Effect of actual variances from expected experience and other activity	161,320		0		161,320
Adjusted balance, beginning of period	15,427,754		0		15,427,754
Assessments collected(1)	586,734		0		586,734
Interest accrual	261,019		0		261,019
Benefits paid	(158,757)		0		(158,757)

Balance, excluding amounts in AOCI, end of period, pre-flooring	16,116,750		0		16,116,750
Flooring impact and amounts in AOCI	(1,642,621)		0		(1,642,621)
Balance, including amounts in AOCI, end of period, post-flooring	14,474,129		0		14,474,129
Less: Reinsurance recoverables	14,286,902		0		14,286,902
Balance after reinsurance recoverables, including amounts in AOCI, end of period	$	187,227	$	0	$	187,227
Other					0
Total balance after reinsurance recoverables					$	187,227

The following table presents the reconciliation of the ending balances from the above rollforwards, benefit reserves, DPL, and AIR, including other liabilities, gross of related reinsurance recoverables, to the total liability for future policy benefits as reported on the Company's Unaudited Interim Consolidated Statements of Financial Position as of the periods indicated:


	Six Months Ended June 30,
	2025		2024
	(in thousands)
Benefit reserves, end of period, post-flooring	$	7,650,220	$	7,449,542
Deferred profit liability, end of period, post-flooring	24,421		20,007
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring	17,208,662		14,474,129
Subtotal of amounts disclosed above	24,883,303		21,943,678


Other Future policy benefits reserves(1)	1,174,169		1,086,901
Total Future policy benefits	$	26,057,472	$	23,030,579

The following tables present revenue and interest expense related to benefit reserves, DPL, and AIR, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations for the periods indicated:


	Six Months Ended June 30, 2025
	Revenues(1)
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	910,292	$	0	$	25,380	$	935,672
Deferred profit liability	0		0		(1,482)		(1,482)
Additional insurance reserves	0		594,167		34,292		628,459
Total	$	910,292	$	594,167	$	58,190	$	1,562,649



	Six Months Ended June 30, 2024
	Revenues(1)
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	901,158	$	0	$	21,461	$	922,619
Deferred profit liability	0		0		(5,187)		(5,187)
Additional insurance reserves	0		903,426		0		903,426
Total	$	901,158	$	903,426	$	16,274	$	1,820,858


	Six Months Ended June 30, 2025
	Interest Expense
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	190,290	$	0	$	5,096	$	195,386
Deferred profit liability	0		0		487		487
Additional insurance reserves	0		289,723		618		290,341
Total	$	190,290	$	289,723	$	6,201	$	486,214


	Six Months Ended June 30, 2024
	Interest Expense
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	189,591	$	0	$	4,453	$	194,044
Deferred profit liability	0		0		319		319
Additional insurance reserves	0		261,019		0		261,019
Total	$	189,591	$	261,019	$	4,772	$	455,382


	Six Months Ended June 30, 2025

	Fixed Annuities			Variable Annuities			Variable Life / Universal Life			Total
	($ in thousands)
Balance, beginning of period	$	11,197,337		$	33,217,331		$	20,691,139		$	65,105,807
Deposits	2,514,434			3,867,628			1,155,404			7,537,466
Interest credited	169,848			335,882			101,835			607,565

Policy charges	(24,429)			(34,048)			(918,417)			(976,894)
Surrenders and withdrawals	(377,791)			(497,665)			(484,746)			(1,360,202)
Benefit payments	(57,822)			(10,231)			(69,380)			(137,433)
Net transfers (to) from separate account	0			28,288			201,728			230,016
Change in market value and other adjustments(1)	60,051			919,561			481,590			1,461,202

Balance, end of period	13,481,628			37,826,746			21,159,153			72,467,527
Unearned revenue reserve										4,740,567
Other										108,469
Total Policyholders' account balance										$	77,316,563

Weighted-average crediting rate	2.75		%	1.89		%	0.97		%	1.77		%
Net amount at risk(2)	$	2		$	0		$	355,254,268		$	355,254,270
Cash surrender value(3)	$	12,125,340		$	36,315,560		$	19,601,824		$	68,042,724


	Six Months Ended June 30, 2024

	Fixed Annuities			Variable Annuities			Variable Life / Universal Life			Total
	($ in thousands)
Balance, beginning of period	$	6,164,313		$	22,810,665		$	20,167,713		$	49,142,691
Deposits	2,787,898			3,752,999			1,062,220			7,603,117
Interest credited(4)	90,612			240,976			279,382			610,970

Policy charges	(87)			(12,007)			(910,191)			(922,285)
Surrenders and withdrawals	(251,521)			(370,351)			(376,600)			(998,472)
Benefit payments	(24,948)			(12,688)			(33,912)			(71,548)
Net transfers (to) from separate account	0			41,403			169,366			210,769
Change in market value and other adjustments(1)(4)	124,805			1,085,201			65,431			1,275,437

Balance, end of period	8,891,072			27,536,198			20,423,409			56,850,679


Unearned revenue reserve										4,082,015
Other										104,172
Total Policyholders' account balance										$	61,036,866

Weighted-average crediting rate(4)	2.41		%	1.91		%	2.75		%	2.31		%
Net amount at risk(2)	$	20		$	0		$	332,247,799		$	332,247,819
Cash surrender value(3)	$	7,711,710		$	25,912,600		$	19,133,660		$	52,757,970

The Company issues variable life and universal life insurance contracts which may also include a “no-lapse guarantee” where the Company contractually guarantees to the contractholder a death benefit even when the account value drops to zero, as long as the “no-lapse guarantee” premium is paid.

The net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including contractholder mortality, contract lapses, and premium pattern, as well as interest rate and equity market returns.


	June 30, 2025
Range of Guaranteed Minimum Crediting Rate (1)	At guaranteed minimum		1 -50 bps above guaranteed minimum		51 -150 bps above guaranteed minimum		Greater than 150 bps above guaranteed minimum		Total
	(in thousands)
Fixed Annuities
Less than 1.00%	$	493	$	3,886	$	18,167	$	1,117,680	$	1,140,226
1.00% - 1.99%	400,576		54,532		178,476		51,859		685,443
2.00% - 2.99%	306,000		448,764		550,373		15,170		1,320,307
3.00% - 4.00%	2,898,487		5,565		11,255		2,633		2,917,940
Greater than 4.00%	0		0		0		0		0
Total	$	3,605,556	$	512,747	$	758,271	$	1,187,342	$	6,063,916
Variable Annuities
Less than 1.00%	$	448,257	$	204,014	$	407,303	$	2	$	1,059,576
1.00% - 1.99%	101,464		377,071		966		0		479,501
2.00% - 2.99%	16,150		3,419		4,163		0		23,732
3.00% - 4.00%	777,235		0		0		0		777,235
Greater than 4.00%	1,950		0		0		0		1,950
Total	$	1,345,056	$	584,504	$	412,432	$	2	$	2,341,994
Variable Life / Universal Life
Less than 1.00%	$	0	$	0	$	0	$	195,908	$	195,908
1.00% - 1.99%	340,558		0		1,849,032		1,601,914		3,791,504
2.00% - 2.99%	36,662		1,562,504		2,684,870		403,268		4,687,304
3.00% - 4.00%	3,990,637		1,704,926		1,062,626		0		6,758,189
Greater than 4.00%	2,057,038		0		0		0		2,057,038
Total	$	6,424,895	$	3,267,430	$	5,596,528	$	2,201,090	$	17,489,943


	June 30, 2024
Range of Guaranteed Minimum Crediting Rate (1)	At guaranteed minimum		1 - 50 bps above guaranteed minimum		51 -150 bps above guaranteed minimum		Greater than 150 bps above guaranteed minimum		Total
	(in thousands)
Fixed Annuities
Less than 1.00%	$	412	$	3,827	$	9,924	$	707,366	$	721,529
1.00% - 1.99%	448,198		69,557		200,379		78,195		796,329
2.00% - 2.99%	303,024		461,269		562,666		16,064		1,343,023
3.00% - 4.00%	825,027		5,007		7,862		2,261		840,157
Greater than 4.00%	0		0		0		0		0
Total	$	1,576,661	$	539,660	$	780,831	$	803,886	$	3,701,038
Variable Annuities
Less than 1.00%	$	618,306	$	651,182	$	253,768	$	178	$	1,523,434
1.00% - 1.99%	184,745		118,146		2,380		0		305,271
2.00% - 2.99%	19,218		4,138		4,185		0		27,541
3.00% - 4.00%	856,020		5,501		2		0		861,523
Greater than 4.00%	2,059		0		0		0		2,059
Total	$	1,680,348	$	778,967	$	260,335	$	178	$	2,719,828
Variable Life / Universal Life
Less than 1.00%	$	0	$	0	$	0	$	171,754	$	171,754
1.00% - 1.99%	246,886		0		1,678,254		1,580,722		3,505,862
2.00% - 2.99%	28,501		1,479,940		2,693,293		371,908		4,573,642
3.00% - 4.00%	3,841,175		2,170,158		1,107,301		0		7,118,634
Greater than 4.00%	2,114,438		0		0		0		2,114,438
Total	$	6,231,000	$	3,650,098	$	5,478,848	$	2,124,384	$	17,484,330


	Six Months Ended June 30,
	2025		2024

	Variable Life / Universal Life
	(in thousands)


Balance, beginning of period	$	4,415,188	$	3,741,426
Unearned revenue	425,385		430,230
Amortization expense	(100,005)		(89,640)
Other adjustments	(1)		(1)

Balance, end of period	$	4,740,567	$	4,082,015


	Six Months Ended June 30, 2025
	Variable Annuities		Fixed Annuities		Less: Reinsured Market Risk Benefits		Total, Net of Reinsurance
	(in thousands)
Balance, beginning of period	$	2,488,463	$	0	$	(844,582)	$	1,643,881
Effect of cumulative changes in non-performance risk	626,845		0		0		626,845
Balance, beginning of period, before effect of changes in non-performance risk	3,115,308		0		(844,582)		2,270,726
Attributed fees collected	512,592		5,706		(118,440)		399,858
Claims paid	(29,170)		0		3,094		(26,076)
Interest accrual	86,362		0		(24,541)		61,821
Actual in force different from expected	39,371		2,019		(10,759)		30,631
Effect of changes in interest rates	370,996		(6,749)		(113,288)		250,959
Effect of changes in equity markets	(469,011)		(2,404)		48,676		(422,739)
Effect of assumption update and other refinements	120,191		151,000		(23,026)		248,165
Issuances	34,790		16,891		(3,422)		48,259
Other adjustments	(1,957)		2,692		83		818
Effect of changes in current period counterparty non-performance risk	0		0		66,897		66,897
Balance, end of period, before effect of changes in non-performance risk	3,779,472		169,155		(1,019,308)		2,929,319
Effect of cumulative changes in non-performance risk	(788,567)		(6,600)		0		(795,167)
Balance, end of period	$	2,990,905	$	162,555	$	(1,019,308)	$	2,134,152


	Six Months Ended June 30, 2024
	Variable Annuities		Fixed Annuities		Less: Reinsured Market Risk Benefits		Total, Net of Reinsurance
	(in thousands)
Balance, beginning of period	$	3,707,407	$	0	$	(917,792)	$	2,789,615
Effect of cumulative changes in non-performance risk	1,067,983		0		0		1,067,983
Balance, beginning of period, before effect of changes in non-performance risk	4,775,390		0		(917,792)		3,857,598
Attributed fees collected	556,055		0		(131,047)		425,008
Claims paid	(31,466)		0		3,110		(28,356)
Interest accrual	119,334		0		(28,372)		90,962
Actual in force different from expected	(2,637)		0		(10,203)		(12,840)
Effect of changes in interest rates	(870,637)		0		126,966		(743,671)
Effect of changes in equity markets	(1,112,214)		0		115,601		(996,613)
Effect of assumption update and other refinements(2)	82,619		0		3,984		86,603
Issuances	28,190		0		(1,654)		26,536
Other adjustments(1)(2)	5,379		0		398		5,777
Effect of changes in current period counterparty non-performance risk	0		0		(6,098)		(6,098)
Balance, end of period, before effect of changes in non-performance risk	3,550,013		0		(845,107)		2,704,906
Effect of cumulative changes in non-performance risk	(884,110)		0		0		(884,110)
Balance, end of period	$	2,665,903	$	0	$	(845,107)	$	1,820,796

The Company issues certain variable annuity insurance contracts where the Company contractually guarantees to the contractholder a return of no less than (1) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return, and/or (2) the highest anniversary contract value on a specified date adjusted for any withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods.

The Company also issues indexed annuity contracts for which the return is tied to the return of specific indices where the Company contractually guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals upon death. In certain of these indexed annuity contracts, the Company also contractually guarantees to the contractholder withdrawal benefits payable during specific periods.

For guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, contract lapses and contractholder mortality.

For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, timing of annuitization, contract lapses and contractholder mortality.

For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance.

For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including equity market returns, interest rates, market volatility and contractholder behavior.


	June 30, 2025
	Variable Annuities		Fixed Annuities		Total
	(in thousands)
Direct and assumed	$	1,268,242	$	1,291	$	1,269,533
Ceded	1,264,807		0		1,264,807
Total market risk benefit assets	$	2,533,049	$	1,291	$	2,534,340

Direct and assumed	$	4,259,146	$	163,846	$	4,422,992
Ceded	245,500		0		245,500
Total market risk benefit liabilities	$	4,504,646	$	163,846	$	4,668,492

Net liability	$	1,971,597	$	162,555	$	2,134,152


	June 30, 2024
	Variable Annuities		Fixed Annuities		Total
	(in thousands)
Direct and assumed	$	1,419,114	$	0	$	1,419,114
Ceded	1,131,050		0		1,131,050
Total market risk benefit assets	$	2,550,164	$	0	$	2,550,164

Direct and assumed	$	4,085,018	$	0	$	4,085,018
Ceded	285,942		0		285,942
Total market risk benefit liabilities	$	4,370,960	$	0	$	4,370,960

Net liability	$	1,820,796	$	0	$	1,820,796