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.


	Nine Months Ended September 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	(82,734)		(103)		(82,837)
Adjusted balance, beginning of period	10,691,476		(103)		10,691,373
Issuances	600,543		33,584		634,127
Net premiums / considerations collected	(999,857)		(33,481)		(1,033,338)
Interest accrual	384,453		0		384,453
Other adjustments	41,149		0		41,149
Balance at original discount rate, end of period	10,717,764		0		10,717,764
Effect of cumulative changes in discount rate assumptions, end of period	(242,687)		0		(242,687)
Balance, end of period	$	10,475,077	$	0	$	10,475,077


	Nine Months Ended September 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	(84,768)		3,276		(81,492)
Adjusted balance, beginning of period	18,363,335		260,804		18,624,139
Issuances	600,543		37,384		637,927
Interest accrual	672,719		7,829		680,548
Benefit payments	(1,092,614)		(25,922)		(1,118,536)
Other adjustments	40,027		(171)		39,856
Balance at original discount rate, end of period	18,584,010		279,924		18,863,934
Effect of cumulative changes in discount rate assumptions, end of period	(496,333)		(8,031)		(504,364)
Balance, end of period	$	18,087,677	$	271,893	18,359,570
Other, end of period					1,474
Total balance, end of period					$	18,361,044


	Nine Months Ended September 30, 2025
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	7,612,600	$	271,893	$	7,884,493
Flooring impact, end of period	44		0		44
Balance, end of period, post-flooring	7,612,644		271,893		7,884,537
Less: Reinsurance recoverables	6,883,224		21,717		6,904,941
Balance after reinsurance recoverables, end of period, post-flooring	$	729,420	$	250,176	$	979,596


	Nine Months Ended September 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	(198,894)		201		(198,693)
Adjusted balance, beginning of period	10,976,116		201		10,976,317
Issuances	608,144		25,850		633,994
Net premiums / considerations collected	(992,948)		(26,051)		(1,018,999)
Interest accrual	383,336		0		383,336
Other adjustments	7,091		0		7,091
Balance at original discount rate, end of period	10,981,739		0		10,981,739
Effect of cumulative changes in discount rate assumptions, end of period	(111,296)		0		(111,296)
Balance, end of period	$	10,870,443	$	0	$	10,870,443


	Nine Months Ended September 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	(245,193)		391		(244,802)
Adjusted balance, beginning of period	18,534,065		245,057		18,779,122
Issuances	608,144		25,850		633,994
Interest accrual	668,751		6,752		675,503
Benefit payments	(1,062,328)		(23,877)		(1,086,205)
Other adjustments	10,421		(149)		10,272
Balance at original discount rate, end of period	18,759,053		253,633		19,012,686
Effect of cumulative changes in discount rate assumptions, end of period	(159,410)		(14,751)		(174,161)
Balance, end of period	$	18,599,643	$	238,882	18,838,525
Other, end of period					1,610
Total balance, end of period					$	18,840,135


	Nine Months Ended September 30, 2024
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	7,729,200	$	238,882	$	7,968,082
Flooring impact, end of period	44		0		44
Balance, end of period, post-flooring	7,729,244		238,882		7,968,126
Less: Reinsurance recoverables	6,910,121		20,461		6,930,582
Balance after reinsurance recoverables, end of period, post-flooring	$	819,123	$	218,421	$	1,037,544


	Nine Months Ended September 30, 2025
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	22,011,057		$	0
Discounted expected future gross premiums (at original discount rate)	$	14,901,235		$	0
Discounted expected future gross premiums (at current discount rate)	$	14,612,031		$	0
Undiscounted expected future benefits and expenses	$	28,900,904		$	375,454


Weighted-average duration of the liability in years (at original discount rate)	9			6
Weighted-average duration of the liability in years (at current discount rate)	9			6
Weighted-average interest rate (at original discount rate)	5.11		%	4.15		%
Weighted-average interest rate (at current discount rate)	5.19		%	5.07		%


	Nine Months Ended September 30, 2024
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	21,790,252		$	0
Discounted expected future gross premiums (at original discount rate)	$	14,899,016		$	0
Discounted expected future gross premiums (at current discount rate)	$	14,780,675		$	0
Undiscounted expected future benefits and expenses	$	29,134,537		$	341,000


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)	5.13		%	3.90		%
Weighted-average interest rate (at current discount rate)	4.91		%	4.82		%

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 nine months of 2024, there was a $29 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 $28 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.


	Nine Months Ended September 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	(1,886)		465
Adjusted balance, beginning of period	21,053		17,393
Profits deferred	3,429		3,786
Interest accrual	725		505
Amortization	(2,189)		(1,689)
Other adjustments	(8)		(16)
Balance, end of period, post-flooring	23,010		19,979


Less: Reinsurance recoverables	2,274		1,504
Balance after reinsurance recoverables, end of period	$	20,736	$	18,475

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.


	Nine Months Ended September 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	173,587		62,992		236,579
Adjusted balance, beginning of period	17,099,849		62,992		17,162,841
Assessments collected(1)	846,682		43,033		889,715
Interest accrual	438,236		1,330		439,566
Benefits paid	(294,911)		0		(294,911)

Balance, excluding amounts in AOCI, end of period, pre-flooring	18,089,856		107,355		18,197,211
Flooring impact and amounts in AOCI	(407,664)		(7,264)		(414,928)
Balance, including amounts in AOCI, end of period, post-flooring	17,682,192		100,091		17,782,283
Less: Reinsurance recoverables	17,442,639		0		17,442,639
Balance after reinsurance recoverables, including amounts in AOCI, end of period	$	239,553	$	100,091	339,644
Other					6,905
Total balance after reinsurance recoverables					$	346,549


	Nine Months Ended September 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	326,790		0		326,790
Adjusted balance, beginning of period	15,593,224		0		15,593,224
Assessments collected(1)	843,853		0		843,853
Interest accrual	397,904		0		397,904
Benefits paid	(258,579)		0		(258,579)

Balance, excluding amounts in AOCI, end of period, pre-flooring	16,576,402		0		16,576,402
Flooring impact and amounts in AOCI	(343,625)		0		(343,625)
Balance, including amounts in AOCI, end of period, post-flooring	16,232,777		0		16,232,777
Less: Reinsurance recoverables	16,005,948		0		16,005,948
Balance after reinsurance recoverables, including amounts in AOCI, end of period	$	226,829	$	0	226,829
Other					0
Total balance after reinsurance recoverables					$	226,829

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:


	Nine Months Ended September 30,
	2025		2024
	(in thousands)
Benefit reserves, end of period, post-flooring	$	7,884,537	$	7,968,126
Deferred profit liability, end of period, post-flooring	23,010		19,979
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring	17,782,283		16,232,777
Subtotal of amounts disclosed above	25,689,830		24,220,882


Other Future policy benefits reserves(1)	1,107,667		1,032,177
Total Future policy benefits	$	26,797,497	$	25,253,059

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:


	Nine Months Ended September 30, 2025
	Revenues(1)
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	1,376,032	$	0	$	37,160	$	1,413,192
Deferred profit liability	0		0		(71)		(71)
Additional insurance reserves	0		1,136,423		40,696		1,177,119
Total	$	1,376,032	$	1,136,423	$	77,785	$	2,590,240



	Nine Months Ended September 30, 2024
	Revenues(1)
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	1,352,988	$	0	$	30,007	$	1,382,995
Deferred profit liability	0		0		(5,161)		(5,161)
Additional insurance reserves	0		1,349,352		0		1,349,352
Total	$	1,352,988	$	1,349,352	$	24,846	$	2,727,186


	Nine Months Ended September 30, 2025
	Interest Expense
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	288,265	$	0	$	7,829	$	296,094
Deferred profit liability	0		0		725		725
Additional insurance reserves	0		438,236		1,331		439,567
Total	$	288,265	$	438,236	$	9,885	$	736,386


	Nine Months Ended September 30, 2024
	Interest Expense
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	285,415	$	0	$	6,752	$	292,167
Deferred profit liability	0		0		505		505
Additional insurance reserves	0		397,904		0		397,904
Total	$	285,415	$	397,904	$	7,257	$	690,576


	Nine Months Ended September 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	4,057,964			5,582,233			1,736,350			11,376,547
Interest credited	275,067			513,687			256,251			1,045,005

Policy charges	(37,914)			(54,154)			(1,381,473)			(1,473,541)
Surrenders and withdrawals	(658,623)			(788,183)			(716,695)			(2,163,501)
Benefit payments	(85,274)			(16,527)			(99,155)			(200,956)
Net transfers (to) from separate account	0			8,997			332,595			341,592
Change in market value and other adjustments(1)	184,070			2,883,756			561,302			3,629,128

Balance, end of period	$	14,932,627		$	41,347,140		$	21,380,314		77,660,081
Unearned revenue reserve										4,900,569
Other										109,765
Total Policyholders' account balance										$	82,670,415

Weighted-average crediting rate	2.81		%	1.84		%	1.62		%	1.95		%
Net amount at risk(2)	$	1		$	0		$	361,086,097		$	361,086,098
Cash surrender value(3)	$	13,499,825		$	39,974,409		$	19,820,658		$	73,294,892


	Nine Months Ended September 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	4,149,820			5,900,477			1,592,896			11,643,193
Interest credited(4)	150,642			365,807			426,382			942,831

Policy charges	(4,168)			(21,369)			(1,369,727)			(1,395,264)
Surrenders and withdrawals	(409,573)			(558,335)			(595,740)			(1,563,648)
Benefit payments	(42,344)			(21,840)			(50,251)			(114,435)
Net transfers (to) from separate account	0			48,394			275,312			323,706
Change in market value and other adjustments(1)(4)	218,164			1,967,187			139,231			2,324,582

Balance, end of period	$	10,226,854		$	30,490,986		$	20,585,816		61,303,656


Unearned revenue reserve										4,248,795
Other										106,109
Total Policyholders' account balance										$	65,658,560

Weighted-average crediting rate(4)	2.45		%	1.83		%	2.79		%	2.28		%
Net amount at risk(2)	$	16		$	0		$	336,737,789		$	336,737,805
Cash surrender value(3)	$	9,070,551		$	29,028,016		$	19,188,896		$	57,287,463

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.


	September 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%	$	1,611	$	4,936	$	20,965	$	1,247,657	$	1,275,169
1.00% - 1.99%	387,602		43,815		180,112		49,111		660,640
2.00% - 2.99%	326,532		982,984		545,376		14,825		1,869,717
3.00% - 4.00%	2,880,118		5,541		10,876		2,659		2,899,194
Greater than 4.00%	0		0		0		0		0
Total	$	3,595,863	$	1,037,276	$	757,329	$	1,314,252	$	6,704,720
Variable Annuities
Less than 1.00%	$	440,854	$	167,737	$	352,098	$	2	$	960,691
1.00% - 1.99%	91,879		404,559		625		0		497,063
2.00% - 2.99%	16,125		4,691		3,966		0		24,782
3.00% - 4.00%	741,993		0		0		0		741,993
Greater than 4.00%	1,286		0		0		0		1,286
Total	$	1,292,137	$	576,987	$	356,689	$	2	$	2,225,815
Variable Life / Universal Life
Less than 1.00%	$	0	$	0	$	0	$	199,934	$	199,934
1.00% - 1.99%	361,645		0		1,855,456		1,655,649		3,872,750
2.00% - 2.99%	37,032		1,579,665		2,684,565		403,837		4,705,099
3.00% - 4.00%	3,912,686		1,690,724		1,057,716		0		6,661,126
Greater than 4.00%	2,047,487		0		0		0		2,047,487
Total	$	6,358,850	$	3,270,389	$	5,597,737	$	2,259,420	$	17,486,396


	September 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%	$	282	$	2,972	$	10,290	$	967,347	$	980,891
1.00% - 1.99%	441,774		59,029		191,790		74,650		767,243
2.00% - 2.99%	303,925		460,949		559,932		16,511		1,341,317
3.00% - 4.00%	1,375,404		5,996		10,086		3,299		1,394,785
Greater than 4.00%	0		0		0		0		0
Total	$	2,121,385	$	528,946	$	772,098	$	1,061,807	$	4,484,236
Variable Annuities
Less than 1.00%	$	323,585	$	622,340	$	447,015	$	180	$	1,393,120
1.00% - 1.99%	153,336		211,058		2,505		0		366,899
2.00% - 2.99%	17,807		3,907		4,181		0		25,895
3.00% - 4.00%	839,084		4,128		1		0		843,213
Greater than 4.00%	2,038		0		0		0		2,038
Total	$	1,335,850	$	841,433	$	453,702	$	180	$	2,631,165
Variable Life / Universal Life
Less than 1.00%	$	0	$	0	$	0	$	162,543	$	162,543
1.00% - 1.99%	261,986		0		1,692,401		1,615,106		3,569,493
2.00% - 2.99%	29,281		1,504,536		2,695,744		377,103		4,606,664
3.00% - 4.00%	3,788,853		2,139,715		1,107,161		0		7,035,729
Greater than 4.00%	2,105,249		0		0		0		2,105,249
Total	$	6,185,369	$	3,644,251	$	5,495,306	$	2,154,752	$	17,479,678


	Nine Months Ended September 30,
	2025		2024

	Variable Life / Universal Life
	(in thousands)


Balance, beginning of period	$	4,415,188	$	3,741,426
Unearned revenue	636,336		644,001
Amortization expense	(150,980)		(136,630)
Other adjustments	25		(2)

Balance, end of period	$	4,900,569	$	4,248,795


	Nine Months Ended September 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	762,702		12,404		(175,886)		599,220
Claims paid	(42,124)		0		4,320		(37,804)
Interest accrual	131,569		2,594		(38,264)		95,899
Actual in force different from expected	51,530		(1,583)		(15,437)		34,510
Effect of changes in interest rates	143,160		(17,412)		18,860		144,608
Effect of changes in equity markets	(987,954)		(12,340)		106,175		(894,119)
Effect of assumption update and other refinements	120,191		151,000		(23,026)		248,165
Issuances	47,991		50,897		(4,815)		94,073
Other adjustments	21,757		11,615		(18,070)		15,302
Effect of changes in current period counterparty non-performance risk	0		0		5,248		5,248
Balance, end of period, before effect of changes in non-performance risk	3,364,130		197,175		(985,477)		2,575,828
Effect of cumulative changes in non-performance risk	(548,805)		6,600		0		(542,205)
Balance, end of period	$	2,815,325	$	203,775	$	(985,477)	$	2,033,623


	Nine Months Ended September 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	830,031		0		(195,952)		634,079
Claims paid	(45,249)		0		4,781		(40,468)
Interest accrual	171,713		0		(42,483)		129,230
Actual in force different from expected	18,607		0		(14,423)		4,184
Effect of changes in interest rates	44,706		0		51,322		96,028
Effect of changes in equity markets	(1,633,684)		0		171,342		(1,462,342)
Effect of assumption update and other refinements(2)	82,619		0		3,984		86,603
Issuances	51,540		0		(3,158)		48,382
Other adjustments(1)(2)	5,553		0		27		5,580
Effect of changes in current period counterparty non-performance risk	0		0		(8,520)		(8,520)
Balance, end of period, before effect of changes in non-performance risk	4,301,226		0		(950,872)		3,350,354
Effect of cumulative changes in non-performance risk	(934,425)		0		0		(934,425)
Balance, end of period	$	3,366,801	$	0	$	(950,872)	$	2,415,929

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.


	September 30, 2025
	Variable Annuities		Fixed Annuities		Total
	(in thousands)
Direct and assumed	$	1,333,060	$	4,708	$	1,337,768
Ceded	1,246,942		0		1,246,942
Total market risk benefit assets	$	2,580,002	$	4,708	$	2,584,710

Direct and assumed	$	4,148,385	$	208,483	$	4,356,868
Ceded	261,465		0		261,465
Total market risk benefit liabilities	$	4,409,850	$	208,483	$	4,618,333

Net liability	$	1,829,848	$	203,775	$	2,033,623


	September 30, 2024
	Variable Annuities		Fixed Annuities		Total
	(in thousands)
Direct and assumed	$	1,286,720	$	0	$	1,286,720
Ceded	1,212,514		0		1,212,514
Total market risk benefit assets	$	2,499,234	$	0	$	2,499,234

Direct and assumed	$	4,653,521	$	0	$	4,653,521
Ceded	261,642		0		261,642
Total market risk benefit liabilities	$	4,915,163	$	0	$	4,915,163

Net liability	$	2,415,929	$	0	$	2,415,929