Policyholder Account Balances (Tables)

9 Months Ended

Sep. 30, 2025

Policyholder Account Balances

The following tables provide the balances of and changes in the Company’s liability for its policyholder account balances, reflected in interest-sensitive contract liabilities, for the nine months ended September 30, 2025 and 2024 (dollars in millions):


For the nine months ended September 30, 2025:	U.S. and Latin America – Traditional			U.S. and Latin America – Financial Solutions			Asia Pacific – Financial Solutions
Balance, beginning of year	$	3,273		$	16,432		$	4,285
Deposits	330			10,974			2,224
Policy charges	(254)			(251)			(9)
Surrenders and withdrawals	(76)			(1,249)			(144)
Benefit payments	(92)			(425)			(233)
Interest credited	119			537			154
Foreign currency translation	—			—			39
Balance, end of period	$	3,300		$	26,018		$	6,316
Less: reinsurance recoverable	—			(2,653)			—
Balance, end of period, after reinsurance	$	3,300		$	23,365		$	6,316

Weighted average crediting rate	3.1		%	3.5		%	4.2		%
Net amount at risk (1)	$	25,190		$	134,062		$	—
Cash surrender value	$	3,295		$	25,779		$	5,948


For the nine months ended September 30, 2024:	U.S. and Latin America – Traditional			U.S. and Latin America – Financial Solutions			Asia Pacific – Financial Solutions
Balance, beginning of year	$	1,612		$	17,838		$	3,990
Deposits	1,779			101			1,262
Policy charges	(103)			(61)			(137)
Surrenders and withdrawals	(11)			(1,598)			(903)
Benefit payments	(91)			(346)			(331)
Interest credited	132			432			84
Foreign currency translation	—			—			4
Balance, end of period	$	3,318		$	16,366		$	3,969
Less: reinsurance recoverable	—			(2,844)			—
Balance, end of period, after reinsurance	$	3,318		$	13,522		$	3,969

Weighted average crediting rate	3.1		%	3.5		%	3.7		%
Net amount at risk (1)	$	34,671		$	6,614		$	13
Cash surrender value	$	3,313		$	16,262		$	3,618

(1) Net amount at risk is defined as the guaranteed amount less the account value as of the balance sheet date. The balance represents the amount of the claim the Company would incur if death claims were filed on all contracts on the balance sheet date.

Information regarding the Company’s policyholder account balances as of September 30, 2025 and 2024 is as follows (dollars in millions):


	September 30,
	2025		2024
Policyholder account balances included in the rollforwards:
Traditional:
U.S. and Latin America	$	3,300	$	3,318
Financial Solutions:
U.S. and Latin America	26,018		16,366
Asia Pacific	6,316		3,969
Other policyholder account balances:
U.S. and Latin America – Financial Solutions	47		76
Total policyholder account balances	$	35,681	$	23,729

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 as of September 30, 2025 and 2024 is as follows (dollars in millions):


	September 30, 2025
	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point – 50 Basis Points Above		51 Basis Points – 100 Basis Points Above		101 Basis Points – 150 Basis Points Above		Greater Than 150 Basis Points Above		Total

U.S. and Latin America – Traditional	Less than 1.00%	$	749	$	—	$	—	$	—	$	—	$	749
	1.00 – 1.99%	58		2		8		—		—		68
	2.00 – 2.99%	112		—		—		1		—		113
	3.00 – 3.99%	498		7		115		—		—		620
	4.00% and Greater	705		47		951		47		—		1,750
	Total	$	2,122	$	56	$	1,074	$	48	$	—	$	3,300

U.S. and Latin America – Financial Solutions	Less than 1.00%	$	79	$	—	$	—	$	—	$	954	$	1,033
	1.00 – 1.99%	1,062		30		154		67		90		1,403
	2.00 – 2.99%	3,129		471		297		738		520		5,155
	3.00 – 3.99%	4,082		674		137		4		2		4,899
	4.00% and Greater	13,499		28		—		—		1		13,528
	Total	$	21,851	$	1,203	$	588	$	809	$	1,567	$	26,018

Asia Pacific – Financial Solutions	Less than 1.00%	$	367	$	—	$	—	$	—	$	—	$	367
	1.00 – 1.99%	444		—		—		—		—		444
	2.00 – 2.99%	644		—		—		—		—		644
	3.00 – 3.99%	1,010		—		—		—		—		1,010
	4.00% and Greater	3,851		—		—		—		—		3,851
	Total	$	6,316	$	—	$	—	$	—	$	—	$	6,316


	September 30, 2024
	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point – 50 Basis Points Above		51 Basis Points – 100 Basis Points Above		101 Basis Points – 150 Basis Points Above		Greater Than 150 Basis Points Above		Total

U.S. and Latin America – Traditional	Less than 1.00%	$	702	$	—	$	—	$	—	$	—	$	702
	1.00 – 1.99%	56		2		8		—		—		66
	2.00 – 2.99%	108		—		—		1		—		109
	3.00 – 3.99%	495		7		117		—		—		619
	4.00% and Greater	739		103		980		—		—		1,822
	Total	$	2,100	$	112	$	1,105	$	1	$	—	$	3,318

U.S. and Latin America – Financial Solutions	Less than 1.00%	$	—	$	—	$	—	$	—	$	—	$	—
	1.00 – 1.99%	1,342		12		10		35		29		1,428
	2.00 – 2.99%	1,301		15		35		530		170		2,051
	3.00 – 3.99%	3,693		213		116		4		2		4,028
	4.00% and Greater	8,827		32		—		—		—		8,859
	Total	$	15,163	$	272	$	161	$	569	$	201	$	16,366

Asia Pacific – Financial Solutions	Less than 1.00%	$	193	$	—	$	—	$	—	$	—	$	193
	1.00 – 1.99%	477		—		—		—		—		477
	2.00 – 2.99%	492		—		—		—		—		492
	3.00 – 3.99%	993		—		—		—		—		993
	4.00% and Greater	1,814		—		—		—		—		1,814
	Total	$	3,969	$	—	$	—	$	—	$	—	$	3,969