Equity (Tables)

12 Months Ended

Dec. 31, 2025

Components of Accumulated Other Comprehensive Income (Loss)

The balance of and changes in each component of AOCI as of and for the years ended December 31, are as follows:


	Accumulated Other Comprehensive Income (Loss)
	Foreign Currency Translation Adjustment		Net Unrealized Investment Gains (Losses)(1)		Interest Rate Remeasurement of Future Policy Benefits		Gain (Loss) from Changes in Non-Performance Risk on Market Risk Benefits		Total Accumulated Other Comprehensive Income (Loss)
	(in thousands)
Balance, December 31, 2022	$	(20,007)	$	(1,474,475)	$	119,368	$	1,365,049	$	(10,065)
Change in OCI before reclassifications	2,419		677,735		(60,978)		(659,927)		(40,751)
Amounts reclassified from AOCI	0		14,217		0		0		14,217
Income tax benefit (expense)	(497)		(145,255)		12,805		138,585		5,638


Balance, December 31, 2023	(18,085)		(927,778)		71,195		843,707		(30,961)
Change in OCI before reclassifications	(4,595)		(416,996)		58,676		(441,138)		(804,053)
Amounts reclassified from AOCI	0		81,903		0		0		81,903
Income tax benefit (expense)	739		70,169		(12,313)		92,639		151,234

Balance, December 31, 2024	(21,941)		(1,192,702)		117,558		495,208		(601,877)
Change in OCI before reclassifications	3,326		892,453		(40,022)		(185,092)		670,665
Amounts reclassified from AOCI	0		102,992		0		0		102,992
Income tax benefit (expense)	(1,277)		(208,922)		8,404		38,870		(162,925)


Balance, December 31, 2025	$	(19,892)	$	(406,179)	$	85,940	$	348,986	$	8,855

(1)Includes cash flow hedges of $(133) million, $111 million, and $12 million as of December 31, 2025, 2024, and 2023, respectively.

Reclassification out of Accumulated Other Comprehensive Income (Loss)

Reclassifications out of Accumulated Other Comprehensive Income (Loss)


	Years Ended December 31,
	2025		2024		2023
	(in thousands)
Amounts reclassified from AOCI(1)(2):









Net unrealized investment gains (losses):
Cash flow hedges—Currency/Interest rate(3)	$	(20,578)	$	85,491	$	16,976
Net unrealized investment gains (losses) on available-for-sale securities	(82,414)		(167,394)		(31,193)
Total net unrealized investment gains (losses)(4)	(102,992)		(81,903)		(14,217)
Total reclassifications for the period	$	(102,992)	$	(81,903)	$	(14,217)

(1)All amounts are shown before tax.

(2)Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI.

(3)See Note 5 for additional information on cash flow hedges.

(4)See table below for additional information on unrealized investment gains (losses), including the impact on future policy benefits and policyholders’ account balances.

OTTI, Allowance and All Other Net Unrealized Investment Gains (Losses) AOCI Rollforward

The amounts for the periods indicated below, split between amounts related to net unrealized investment gains (losses) on available-for-sale fixed maturity securities on which an allowance for credit losses has been recognized, and all other net unrealized investment gains (losses), are as follows:


	Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on Which an Allowance for Credit Losses has been Recognized		Net Unrealized Gains (Losses) on All Other Investments(1)		Other Costs(2)		Future Policy Benefits, Policyholders' Account Balances and Reinsurance Payables		Income Tax Benefit (Expense)		Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses)
	(in thousands)
Balance, December 31, 2022	$	4,371	$	(2,161,026)	$	(1,198,422)	$	1,488,679	$	391,923	$	(1,474,475)

Net investment gains (losses) on investments arising during the period	(4,482)		744,727		0		0		(155,393)		584,852
Reclassification adjustment for (gains) losses included in net income	(265)		14,482		0		0		(2,984)		11,233
Reclassification due to allowance for credit losses recorded during the period	2,363		(2,363)		0		0		0		0
Impact of net unrealized investment (gains) losses	0		0		397,071		(459,581)		13,122		(49,388)


Balance, December 31, 2023	1,987		(1,404,180)		(801,351)		1,029,098		246,668		(927,778)

Net investment gains (losses) on investments arising during the period	(773)		(525,222)		0		0		110,227		(415,768)
Reclassification adjustment for (gains) losses included in net income	(175)		82,078		0		0		(17,164)		64,739
Reclassification due to allowance for credit losses recorded during the period	(146)		146		0		0		0		0
Impact of net unrealized investment (gains) losses	0		0		217,642		(108,643)		(22,894)		86,105
Balance, December 31, 2024	893		(1,847,178)		(583,709)		920,455		316,837		(1,192,702)



Net investment gains (losses) on investments arising during the period	(247)		1,029,138		0		0		(215,954)		812,937
Reclassification adjustment for (gains) losses included in net income	(2,361)		105,353		0		0		(21,617)		81,375
Reclassification due to allowance for credit losses recorded during the period	363		(363)		0		0		0		0
Impact of net unrealized investment (gains) losses	0		0		335,647		(472,085)		28,649		(107,789)


Balance, December 31, 2025	$	(1,352)	$	(713,050)	$	(248,062)	$	448,370	$	107,915	$	(406,179)

(1)Includes cash flow hedges. See Note 5 for information on cash flow hedges.

(2)"Other costs" primarily includes reinsurance recoverables and DRL.