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Annuity Reinsurance (Tables) | 3 Months Ended
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Mar. 31, 2026
Insurance [Abstract] |
Liability for Future Policy Benefit | The following table presents the components of “future policy benefits for annuity reinsurance contracts” on the condensed consolidated balance sheet. Future Policy Benefits for Annuity Reinsurance Contracts
| As of March 31, 2026
| (in millions)
LFPB (1) | $ | 447 |
DPL | 28 |
Future policy benefits for annuity reinsurance contracts | $ | 475 |
____________________ (1) See the roll forward of LFPB table below for further information.
Liability for Future Policy Benefit, Activity | Roll Forward of LFPB
| First Quarter
| 2026
| (dollars in millions)
Present value of expected future policy benefits |
Assured Life Re Acquisition, January 21, 2026 | $ | 470 |
Effect of changes in cash flow assumptions | 6 |
Effect of actual variances from expected experience | (1) |
Adjusted balance as January 21, 2026 | 475 |
Interest accrual | 4 |
Benefit payments | (4) |
Foreign exchange remeasurement | (7) |
Ending balance at original discount rate | 468 |
Effect of changes in discount rate assumptions | (21) |
Balance, end of period | $ | 447 |
Weighted-average liability duration (in years) (1) | 10.0
Weighted-average original discount rate | 5.9 | %
Weighted-average current discount rate | 6.3 | %
Expected future benefit payments, undiscounted | $ | 1,002 |
Expected future benefit payments, discounted | $ | 447 |
____________________ (1) The weighted average duration represents average cohort-level duration, weighted by the benefit reserves amount, derived from the discounted expected future benefit cash flows.
Policyholder Account Balance | The following table presents the balances and the rollforward of “policyholder account balances for annuity reinsurance contracts” which consists of MYGA. Roll Forward of Policyholder Account Balances for Annuity Reinsurance Contracts
| First Quarter
| 2026
| (dollars in millions)
Balance, beginning of year | $ | — |
Assured Life Re Acquisition, January 21, 2026 | 270 |
Policy charges | — |
Surrenders and withdrawals | (9) |
Benefit payments | — |
Interest credited | 2 |
Balance, end of period | $ | 263 |
Weighted-average crediting rate | 5.6 | %
Net amount at risk | $ | — |
Cash surrender value | $ | 245 |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate | The following table presents policyholder account balances for annuity reinsurance contracts by range of guaranteed minimum crediting rates offered at inception. The Company is currently not accepting renewals on the MYGA book of business. As of March 31, 2026
Range of Guaranteed Minimum Crediting Rate |  | At Guaranteed Minimum |  |  |  |
|  | (in millions)
4.00% - 5.00% |  | $ | 12 |  |  |  |  |
5.00% - 6.00% |  | 251 |  |  |  |  |
Total |  | $ | 263 |  |  |  |  |

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