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Policyholders' Account Balances (Tables)
12 Months Ended
Dec. 31, 2025
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract]  
Policyholder Account Balance
The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:

Year Ended December 31, 2025
Fixed
Annuities
Variable AnnuitiesVariable / Universal LifeTotal
($ in thousands)
Balance, beginning of period$11,197,337 $33,217,331 $20,691,139 $65,105,807 
Deposits5,877,276 7,229,457 2,464,812 15,571,545 
Interest credited371,237 700,947 405,205 1,477,389 
Policy charges(53,687)(74,755)(1,852,624)(1,981,066)
Surrenders and withdrawals(932,262)(1,129,264)(1,085,963)(3,147,489)
Benefit payments(112,631)(23,656)(112,991)(249,278)
Net transfers (to) from separate account(9,237)551,221 541,984 
Change in market value and other adjustments(1)266,360 3,301,161 530,988 4,098,509 
Balance, end of period$16,613,630 $43,211,984 $21,591,787 $81,417,401 
Unearned revenue reserve5,064,778 
Other110,786 
Total Policyholders' account balance$86,592,965 
Weighted-average crediting rate2.67 %1.83 %1.92 %2.02 %
Net amount at risk(3)$$$366,953,069 $366,953,070 
Cash surrender value(4)$15,072,015 $41,954,173 $17,937,783 $74,963,971 
Year Ended December 31, 2024
Fixed
Annuities
Variable AnnuitiesVariable / Universal LifeTotal
($ in thousands)
Balance, beginning of period$6,164,313 $22,810,665 $20,167,713 $49,142,691 
Deposits5,215,817 8,315,212 2,157,575 15,688,604 
Interest credited222,516 516,018 570,988 1,309,522 
Policy charges(5,290)(32,987)(1,831,168)(1,869,445)
Surrenders and withdrawals(554,653)(782,216)(778,928)(2,115,797)
Benefit payments(55,956)(30,427)(70,363)(156,746)
Net transfers (to) from separate account100,193 380,869 481,062 
Change in market value and other adjustments(1)210,590 2,320,873 94,453 2,625,916 
Balance, end of period$11,197,337 $33,217,331 $20,691,139 $65,105,807 
Unearned revenue reserve4,415,187 
Other107,324 
Total Policyholders' account balance$69,628,318 
Weighted-average crediting rate2.56 %1.72 %2.79 %2.23 %
Net amount at risk(3)$11 $$345,969,571 $345,969,582 
Cash surrender value(4)$9,863,990 $31,516,776 $19,391,617 $60,772,383 

Year Ended December 31, 2023
Fixed
Annuities
Variable AnnuitiesVariable / Universal LifeTotal
($ in thousands)
Balance, beginning of period$3,575,823 $16,432,032 $18,736,365 $38,744,220 
Deposits2,612,775 4,633,727 2,117,153 9,363,655 
Interest credited101,192 243,908 556,057 901,157 
Policy charges(8,438)(23,368)(1,810,644)(1,842,450)
Surrenders and withdrawals(229,843)(516,039)(845,436)(1,591,318)
Benefit payments(50,522)(30,461)(83,409)(164,392)
Net transfers (to) from separate account(2)15,121 1,175,575 1,190,696 
Change in market value and other adjustments(1)163,326 2,055,745 322,052 2,541,123 
Balance, end of period$6,164,313 $22,810,665 $20,167,713 $49,142,691 
Unearned revenue reserve3,741,426 
Other102,583 
Total Policyholders' account balance$52,986,700 
Weighted-average crediting rate2.08 %1.40 %2.86 %2.12 %
Net amount at risk(3)$15 $$323,508,432 $323,508,447 
Cash surrender value(4)$5,307,537 $20,490,433 $18,676,852 $44,474,822 
(1)    Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)    Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 16 for additional information.
(3)    The net amount at risk calculation includes both general and separate account balances.
(4)    Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
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 ("bps"), between rates being credited to policyholders and the respective guaranteed minimums are as follows:

December 31, 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%
$2,772 $6,838 $28,283 $1,743,492 $1,781,385 
1.00% - 1.99%
368,54643,071167,83345,496624,946
2.00% - 2.99%
348,8061,458,294542,95714,8292,364,886
3.00% - 4.00%
2,861,9515,50411,4682,6272,881,550
Greater than 4.00%
00000
Total$3,582,075 $1,513,707 $750,541 $1,806,444 $7,652,767 
Variable Annuities
Less than 1.00%
$421,525 $119,969 $331,807 $124 $873,425 
1.00% - 1.99%
79,576431,9364940512,006
2.00% - 2.99%
15,5866,2513,931025,768
3.00% - 4.00%
709,665000709,665
Greater than 4.00%
1,2620001,262
Total$1,227,614 $558,156 $336,232 $124 $2,122,126 
Variable / Universal Life
Less than 1.00%
$$$$210,112 $210,112 
1.00% - 1.99%
387,03501,863,0911,746,6313,996,757
2.00% - 2.99%
37,1071,601,0672,681,677538,0404,857,891
3.00% - 4.00%
3,631,9461,696,5571,105,32006,433,823
Greater than 4.00%
2,044,6650002,044,665
Total$6,100,753 $3,297,624 $5,650,088 $2,494,783 $17,543,248 
December 31, 2024
Range of Guaranteed Minimum
Crediting Rate(1)
At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$249 $3,103 $11,939 $1,021,834 $1,037,125 
1.00% - 1.99%
430,477 62,519 172,877 68,973 734,846 
2.00% - 2.99%
302,520 459,748 557,349 15,794 1,335,411 
3.00% - 4.00%
1,894,646 6,114 10,896 3,219 1,914,875 
Greater than 4.00%
0000
Total$2,627,892 $531,484 $753,061 $1,109,820 $5,022,257 
Variable Annuities
Less than 1.00%
$128,748 $502,988 $647,480 $182 $1,279,398 
1.00% - 1.99%
121,336 294,635 2,494 0418,465 
2.00% - 2.99%
17,039 3,829 4,162 025,030 
3.00% - 4.00%
819,316 1,860 00821,176 
Greater than 4.00%
1,978 0001,978 
Total$1,088,417 $803,312 $654,136 $182 $2,546,047 
Variable / Universal Life
Less than 1.00%
$3,167 $$$177,213 $180,380 
1.00% - 1.99%
289,677 1,849,854 1,513,273 3,652,804 
2.00% - 2.99%
30,500 1,535,762 2,695,823 390,117 4,652,202 
3.00% - 4.00%
4,149,638 1,716,374 1,082,026 6,948,038 
Greater than 4.00%
2,095,235 0002,095,235 
Total$6,568,217 $3,252,136 $5,627,703 $2,080,603 $17,528,659 
December 31, 2023
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%
$105 $337 $994 $117,377 $118,813 
1.00% - 1.99%
487,191 73,393 234,487 79,713 874,784 
2.00% - 2.99%
301,132 469,276 562,347 16,881 1,349,636 
3.00% - 4.00%
29,131 29,131 
Greater than 4.00%
Total$817,559 $543,006 $797,828 $213,971 $2,372,364 
Variable Annuities
Less than 1.00%
$908,097 $807,460 $18,083 $$1,733,642 
1.00% - 1.99%
214,377 2,061 1,060 0217,498 
2.00% - 2.99%
23,323 4,071 4,135 031,529 
3.00% - 4.00%
903,953 9,245 330913,231 
Greater than 4.00%
2,046 0002,046 
Total$2,051,796 $822,837 $23,311 $$2,897,946 
Variable / Universal Life
Less than 1.00%
$$$$196,692 $196,692 
1.00% - 1.99%
201,121 2,588,458 528,155 3,317,734 
2.00% - 2.99%
28,061 1,445,439 2,789,520 260,651 4,523,671 
3.00% - 4.00%
3,956,631 2,217,133 1,107,726 07,281,490 
Greater than 4.00%
2,136,137 0002,136,137 
Total$6,321,950 $3,662,572 $6,485,704 $985,498 $17,455,724 
(1)     Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.
Additional Liability, Long-Duration Insurance
The balances of and changes in URR as of and for the periods ended are as follows:

Years Ended December 31,
202520242023
Variable / Universal Life
(in thousands)
Balance, beginning of period$4,415,187 $3,741,426 $3,067,336 
Unearned revenue853,071859,231 827,960
Amortization expense(203,506)(185,468)(153,779)
Other adjustments26 (2)(91)
Balance, end of period$5,064,778 $4,415,187 $3,741,426