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v3.25.2

Policyholder Account Balances, Future Policy Benefits and Claims (Tables) | 6 Months Ended
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Jun. 30, 2025
Policyholder Account Balance [Abstract] |
Policyholder account balances, future policy benefits and claims | Policyholder account balances, future policy benefits and claims consisted of the following:
| June 30, 2025 |  | December 31, 2024
(in millions)
Policyholder account balances |  |  |
Policyholder account balances | $ | 34,353 |  |  | $ | 32,542 |
Future policy benefits |  |  |
Reserve for future policy benefits | 7,511 |  |  | 7,418 |
Deferred profit liability | 125 |  |  | 118 |
Additional liabilities for insurance guarantees | 1,431 |  |  | 1,389 |
Other insurance and annuity liabilities | 153 |  |  | 192 |
Total future policy benefits | 9,220 |  |  | 9,117 |
Policy claims and other policyholders’ funds | 221 |  |  | 214 |
Total policyholder account balances, future policy benefits and claims | $ | 43,794 |  |  | $ | 41,873 |
Balances of and changes in policyholder account balances | The balances of and changes in policyholder account balances were as follows:
| Variable Annuities |  | Structured Variable Annuities |  | Fixed Annuities |  | Fixed Indexed Annuities |  | Non-Life Contingent Payout Annuities
| (in millions, except percentages)
Balance at January 1, 2025 | $ | 3,680 |  |  | $ | 16,330 |  |  | $ | 5,369 |  |  | $ | 305 |  |  | $ | 447 |
Contract deposits | 35 |  |  | 1,818 |  |  | 18 |  |  | — |  |  | 34 |
Policy charges | (7) |  |  | (2) |  |  | — |  |  | — |  |  | — |
Surrenders and other benefits | (236) |  |  | (328) |  |  | (363) |  |  | (12) |  |  | (51) |
Net transfer from (to) separate account liabilities | (16) |  |  | — |  |  | — |  |  | — |  |  | — |
Variable account index-linked adjustments | — |  |  | 717 |  |  | — |  |  | — |  |  | — |
Interest credited | 58 |  |  | 1 |  |  | 96 |  |  | 6 |  |  | 8 |
Balance at June 30, 2025 | $ | 3,514 |  |  | $ | 18,536 |  |  | $ | 5,120 |  |  | $ | 299 |  |  | $ | 438 |
Weighted-average crediting rate | 3.3 | % |  | 1.6 | % |  | 3.8 | % |  | 2.1 | % |  | N/A
Cash surrender value (1) | $ | 3,494 |  |  | $ | 17,645 |  |  | $ | 5,119 |  |  | $ | 278 |  |  | N/A
| Universal Life Insurance |  | Variable Universal Life Insurance |  | Indexed Universal Life Insurance |  | Other Life Insurance |  | Total, All Products
| (in millions, except percentages)
Balance at January 1, 2025 | $ | 1,405 |  |  | $ | 1,647 |  |  | $ | 2,894 |  |  | $ | 465 |  |  | $ | 32,542 |
Contract deposits | 55 |  |  | 143 |  |  | 82 |  |  | — |  |  | 2,185 |
Policy charges | (84) |  |  | (46) |  |  | (62) |  |  | — |  |  | (201) |
Surrenders and other benefits | (28) |  |  | (52) |  |  | (38) |  |  | (23) |  |  | (1,131) |
Net transfer from (to) separate account liabilities | — |  |  | (56) |  |  | — |  |  | — |  |  | (72) |
Variable account index-linked adjustments | — |  |  | — |  |  | — |  |  | — |  |  | 717 |
Interest credited | 22 |  |  | 32 |  |  | 82 |  |  | 8 |  |  | 313 |
Balance at June 30, 2025 | $ | 1,370 |  |  | $ | 1,668 |  |  | $ | 2,958 |  |  | $ | 450 |  |  | $ | 34,353 |
Weighted-average crediting rate | 3.5 | % |  | 3.9 | % |  | 3.0 | % |  | 4.0 | % |  |
Net amount at risk | $ | 8,113 |  |  | $ | 57,432 |  |  | $ | 13,327 |  |  | $ | 125 |  |  |
Cash surrender value (1) | $ | 1,256 |  |  | $ | 1,095 |  |  | $ | 2,528 |  |  | $ | 284 |  |  |
| Variable Annuities |  | Structured Variable Annuities |  | Fixed Annuities |  | Fixed Indexed Annuities |  | Non-Life Contingent Payout Annuities
| (in millions, except percentages)
Balance at January 1, 2024 | $ | 4,173 |  |  | $ | 10,742 |  |  | $ | 5,982 |  |  | $ | 307 |  |  | $ | 444 |
Contract deposits | 56 |  |  | 4,005 |  |  | 39 |  |  | — |  |  | 101 |
Policy charges | (14) |  |  | (3) |  |  | — |  |  | — |  |  | — |
Surrenders and other benefits | (628) |  |  | (383) |  |  | (856) |  |  | (16) |  |  | (110) |
Net transfer from (to) separate account liabilities | (32) |  |  | — |  |  | — |  |  | — |  |  | — |
Variable account index-linked adjustments | — |  |  | 1,968 |  |  | — |  |  | — |  |  | — |
Interest credited | 125 |  |  | 1 |  |  | 204 |  |  | 14 |  |  | 12 |
Balance at December 31, 2024 | $ | 3,680 |  |  | $ | 16,330 |  |  | $ | 5,369 |  |  | $ | 305 |  |  | $ | 447 |
Weighted-average crediting rate | 3.3 | % |  | 1.9 | % |  | 3.7 | % |  | 2.0 | % |  | N/A
Cash surrender value (1) | $ | 3,658 |  |  | $ | 15,467 |  |  | $ | 5,365 |  |  | $ | 279 |  |  | N/A
| Universal Life Insurance |  | Variable Universal Life Insurance |  | Indexed Universal Life Insurance |  | Other Life Insurance |  | Total, All Products
| (in millions, except percentages)
Balance at January 1, 2024 | $ | 1,474 |  |  | $ | 1,569 |  |  | $ | 2,755 |  |  | $ | 501 |  |  | $ | 27,947 |
Contract deposits | 117 |  |  | 333 |  |  | 181 |  |  | — |  |  | 4,832 |
Policy charges | (173) |  |  | (93) |  |  | (124) |  |  | — |  |  | (407) |
Surrenders and other benefits | (62) |  |  | (80) |  |  | (79) |  |  | (52) |  |  | (2,266) |
Net transfer from (to) separate account liabilities | — |  |  | (145) |  |  | — |  |  | — |  |  | (177) |
Variable account index-linked adjustments | — |  |  | — |  |  | — |  |  | — |  |  | 1,968 |
Interest credited | 49 |  |  | 63 |  |  | 161 |  |  | 16 |  |  | 645 |
Balance at December 31, 2024 | $ | 1,405 |  |  | $ | 1,647 |  |  | $ | 2,894 |  |  | $ | 465 |  |  | $ | 32,542 |
Weighted-average crediting rate | 3.6 | % |  | 3.9 | % |  | 2.3 | % |  | 4.0 | % |  |
Net amount at risk | $ | 8,312 |  |  | $ | 57,473 |  |  | $ | 13,593 |  |  | $ | 130 |  |  |
Cash surrender value (1) | $ | 1,280 |  |  | $ | 1,092 |  |  | $ | 2,447 |  |  | $ | 298 |  |  |
(1) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. For variable annuities and VUL, the cash surrender value shown is the proportion of the total cash surrender value related to their fixed account liabilities.
Account values by guaranteed minimum interest rates | The following tables present the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of guaranteed minimum interest rates (“GMIRs”) and the range of the difference between rates credited to policyholders and contractholders as of June 30, 2025 and December 31, 2024 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated. Rates are reset at management’s discretion, subject to guaranteed minimums.
June 30, 2025
|  |  |  |  | Account Values with Crediting Rates
| Range of Guaranteed Minimum Crediting Rates |  | At Guaranteed Minimum |  | 1-49 bps above Guaranteed Minimum |  | 50-99 bps above Guaranteed Minimum |  | 100-150 bps above Guaranteed Minimum |  | Greater than 150 bps above Guaranteed Minimum |  | Total
|  |  |  |  | (in millions, except percentages)
Fixed accounts of variable annuities | 1 | % | – | 1.99% |  | $ | 8 |  |  | $ | 79 |  |  | $ | 83 |  |  | $ | 19 |  |  | $ | — |  |  | $ | 189 |
| 2 | % | – | 2.99% |  | 102 |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | 105 |
| 3 | % | – | 3.99% |  | 1,789 |  |  | 3 |  |  | — |  |  | 1 |  |  | — |  |  | 1,793 |
| 4 | % | – | 5.00% |  | 1,373 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,373 |
| Total |  | $ | 3,272 |  |  | $ | 85 |  |  | $ | 83 |  |  | $ | 20 |  |  | $ | — |  |  | $ | 3,460 |
Fixed accounts of structured variable annuities | 1 | % | – | 1.99% |  | $ | — |  |  | $ | 50 |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | 55 |
| 2 | % | – | 2.99% |  | 15 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15 |
| 3 | % | – | 3.99% |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |
| 4 | % | – | 5.00% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| Total |  | $ | 16 |  |  | $ | 50 |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | 71 |
Fixed annuities | 1 | % | – | 1.99% |  | $ | — |  |  | $ | 210 |  |  | $ | 182 |  |  | $ | 104 |  |  | $ | 12 |  |  | $ | 508 |
| 2 | % | – | 2.99% |  | 18 |  |  | 16 |  |  | 1 |  |  | — |  |  | — |  |  | 35 |
| 3 | % | – | 3.99% |  | 2,249 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 2,250 |
| 4 | % | – | 5.00% |  | 2,317 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,317 |
| Total |  | $ | 4,584 |  |  | $ | 226 |  |  | $ | 184 |  |  | $ | 104 |  |  | $ | 12 |  |  | $ | 5,110 |
Non-indexed accounts of fixed indexed annuities | 1 | % | – | 1.99% |  | $ | — |  |  | $ | 2 |  |  | $ | 5 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 20 |
| 2 | % | – | 2.99% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 3 | % | – | 3.99% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 4 | % | – | 5.00% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| Total |  | $ | — |  |  | $ | 2 |  |  | $ | 5 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 20 |
Universal life insurance | 1 | % | – | 1.99% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| 2 | % | – | 2.99% |  | 48 |  |  | 6 |  |  | 18 |  |  | — |  |  | 1 |  |  | 73 |
| 3 | % | – | 3.99% |  | 804 |  |  | — |  |  | 4 |  |  | 7 |  |  | — |  |  | 815 |
| 4 | % | – | 5.00% |  | 453 |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | 457 |
| Total |  | $ | 1,305 |  |  | $ | 10 |  |  | $ | 22 |  |  | $ | 7 |  |  | $ | 1 |  |  | $ | 1,345 |
|  |  |  |  | Account Values with Crediting Rates
| Range of Guaranteed Minimum Crediting Rates |  | At Guaranteed Minimum |  | 1-49 bps above Guaranteed Minimum |  | 50-99 bps above Guaranteed Minimum |  | 100-150 bps above Guaranteed Minimum |  | Greater than 150 bps above Guaranteed Minimum |  | Total
|  |  |  |  | (in millions, except percentages)
Fixed accounts of variable universal life insurance | 1 | % | – | 1.99% |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | 2 |  |  | $ | 43 |  |  | $ | 48 |
| 2 | % | – | 2.99% |  | 4 |  |  | 15 |  |  | 1 |  |  | 1 |  |  | 12 |  |  | 33 |
| 3 | % | – | 3.99% |  | 103 |  |  | 1 |  |  | 2 |  |  | 14 |  |  | — |  |  | 120 |
| 4 | % | – | 5.00% |  | 543 |  |  | 22 |  |  | — |  |  | — |  |  | — |  |  | 565 |
| Total |  | $ | 650 |  |  | $ | 38 |  |  | $ | 6 |  |  | $ | 17 |  |  | $ | 55 |  |  | $ | 766 |
Non-indexed accounts of indexed universal life insurance | 1 | % | – | 1.99% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | 2 |
| 2 | % | – | 2.99% |  | — |  |  | — |  |  | — |  |  | 131 |  |  | — |  |  | 131 |
| 3 | % | – | 3.99% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 4 | % | – | 5.00% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| Total |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 131 |  |  | $ | 2 |  |  | $ | 133 |
Other life insurance | 1 | % | – | 1.99% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| 2 | % | – | 2.99% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 3 | % | – | 3.99% |  | 27 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 27 |
| 4 | % | – | 5.00% |  | 256 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 256 |
| Total |  | $ | 283 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 283 |
Total | 1 | % | – | 1.99% |  | $ | 8 |  |  | $ | 341 |  |  | $ | 278 |  |  | $ | 138 |  |  | $ | 57 |  |  | $ | 822 |
| 2 | % | – | 2.99% |  | 187 |  |  | 40 |  |  | 20 |  |  | 132 |  |  | 13 |  |  | 392 |
| 3 | % | – | 3.99% |  | 4,973 |  |  | 4 |  |  | 7 |  |  | 22 |  |  | — |  |  | 5,006 |
| 4 | % | – | 5.00% |  | 4,942 |  |  | 26 |  |  | — |  |  | — |  |  | — |  |  | 4,968 |
| Total |  | $ | 10,110 |  |  | $ | 411 |  |  | $ | 305 |  |  | $ | 292 |  |  | $ | 70 |  |  | $ | 11,188 |
Percentage of total account values that reset in: |  |  |  |  |  |  |  |  |  |
Next 12 months |  | 100.0 | % |  | 100.0 | % |  | 99.9 | % |  | 100.0 | % |  | 99.8 | % |  | 100.0 | %
> 12 months to 24 months |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
> 24 months |  | — |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.2 |  |  | — |
Total |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | %
December 31, 2024
|  |  |  |  | Account Values with Crediting Rates
| Range of Guaranteed Minimum Crediting Rates |  | At Guaranteed Minimum |  | 1-49 bps above Guaranteed Minimum |  | 50-99 bps above Guaranteed Minimum |  | 100-150 bps above Guaranteed Minimum |  | Greater than 150 bps above Guaranteed Minimum |  | Total
|  |  |  |  | (in millions, except percentages)
Fixed accounts of variable annuities | 1 | % | – | 1.99% |  | $ | 24 |  |  | $ | 95 |  |  | $ | 65 |  |  | $ | 17 |  |  | $ | — |  |  | $ | 201 |
| 2 | % | – | 2.99% |  | 112 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 112 |
| 3 | % | – | 3.99% |  | 1,894 |  |  | 7 |  |  | — |  |  | 1 |  |  | — |  |  | 1,902 |
| 4 | % | – | 5.00% |  | 1,412 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,412 |
| Total |  | $ | 3,442 |  |  | $ | 102 |  |  | $ | 65 |  |  | $ | 18 |  |  | $ | — |  |  | $ | 3,627 |
Fixed accounts of structured variable annuities | 1 | % | – | 1.99% |  | $ | 2 |  |  | $ | 20 |  |  | $ | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | 31 |
| 2 | % | – | 2.99% |  | 13 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13 |
| 3 | % | – | 3.99% |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |
| 4 | % | – | 5.00% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| Total |  | $ | 16 |  |  | $ | 20 |  |  | $ | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | 45 |
Fixed annuities | 1 | % | – | 1.99% |  | $ | 85 |  |  | $ | 237 |  |  | $ | 152 |  |  | $ | 89 |  |  | $ | 14 |  |  | $ | 577 |
| 2 | % | – | 2.99% |  | 22 |  |  | 14 |  |  | 2 |  |  | — |  |  | — |  |  | 38 |
| 3 | % | – | 3.99% |  | 2,410 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,410 |
| 4 | % | – | 5.00% |  | 2,331 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,331 |
| Total |  | $ | 4,848 |  |  | $ | 251 |  |  | $ | 154 |  |  | $ | 89 |  |  | $ | 14 |  |  | $ | 5,356 |
Non-indexed accounts of fixed indexed annuities | 1 | % | – | 1.99% |  | $ | — |  |  | $ | 2 |  |  | $ | 5 |  |  | $ | 14 |  |  | $ | — |  |  | $ | 21 |
| 2 | % | – | 2.99% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 3 | % | – | 3.99% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 4 | % | – | 5.00% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| Total |  | $ | — |  |  | $ | 2 |  |  | $ | 5 |  |  | $ | 14 |  |  | $ | — |  |  | $ | 21 |
Universal life insurance | 1 | % | – | 1.99% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| 2 | % | – | 2.99% |  | 50 |  |  | 4 |  |  | 15 |  |  | — |  |  | — |  |  | 69 |
| 3 | % | – | 3.99% |  | 821 |  |  | — |  |  | 4 |  |  | 6 |  |  | — |  |  | 831 |
| 4 | % | – | 5.00% |  | 473 |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | 477 |
| Total |  | $ | 1,344 |  |  | $ | 8 |  |  | $ | 19 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 1,377 |
Fixed accounts of variable universal life insurance | 1 | % | – | 1.99% |  | $ | — |  |  | $ | — |  |  | $ | 4 |  |  | $ | 1 |  |  | $ | 41 |  |  | $ | 46 |
| 2 | % | – | 2.99% |  | 7 |  |  | 14 |  |  | — |  |  | 1 |  |  | 12 |  |  | 34 |
| 3 | % | – | 3.99% |  | 108 |  |  | 1 |  |  | 2 |  |  | 12 |  |  | — |  |  | 123 |
| 4 | % | – | 5.00% |  | 564 |  |  | 21 |  |  | — |  |  | — |  |  | — |  |  | 585 |
| Total |  | $ | 679 |  |  | $ | 36 |  |  | $ | 6 |  |  | $ | 14 |  |  | $ | 53 |  |  | $ | 788 |
|  |  |  |  | Account Values with Crediting Rates
| Range of Guaranteed Minimum Crediting Rates |  | At Guaranteed Minimum |  | 1-49 bps above Guaranteed Minimum |  | 50-99 bps above Guaranteed Minimum |  | 100-150 bps above Guaranteed Minimum |  | Greater than 150 bps above Guaranteed Minimum |  | Total
|  |  |  |  | (in millions, except percentages)
Non-indexed accounts of indexed universal life insurance | 1 | % | – | 1.99% |  | $ | — |  |  | $ | — |  |  | $ | 4 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 6 |
| 2 | % | – | 2.99% |  | — |  |  | 125 |  |  | — |  |  | — |  |  | — |  |  | 125 |
| 3 | % | – | 3.99% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 4 | % | – | 5.00% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| Total |  | $ | — |  |  | $ | 125 |  |  | $ | 4 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 131 |
Other life insurance | 1 | % | – | 1.99% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| 2 | % | – | 2.99% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 3 | % | – | 3.99% |  | 28 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 28 |
| 4 | % | – | 5.00% |  | 268 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 268 |
| Total |  | $ | 296 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 296 |
Total | 1 | % | – | 1.99% |  | $ | 111 |  |  | $ | 354 |  |  | $ | 239 |  |  | $ | 123 |  |  | $ | 55 |  |  | $ | 882 |
| 2 | % | – | 2.99% |  | 204 |  |  | 157 |  |  | 17 |  |  | 1 |  |  | 12 |  |  | 391 |
| 3 | % | – | 3.99% |  | 5,262 |  |  | 8 |  |  | 6 |  |  | 19 |  |  | — |  |  | 5,295 |
| 4 | % | – | 5.00% |  | 5,048 |  |  | 25 |  |  | — |  |  | — |  |  | — |  |  | 5,073 |
| Total |  | $ | 10,625 |  |  | $ | 544 |  |  | $ | 262 |  |  | $ | 143 |  |  | $ | 67 |  |  | $ | 11,641 |
Percentage of total account values that reset in: |  |  |  |  |  |  |  |  |  |
Next 12 months |  | 100.0 | % |  | 100.0 | % |  | 99.9 | % |  | 100.0 | % |  | 99.8 | % |  | 100.0 | %
> 12 months to 24 months |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
> 24 months |  | — |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.2 |  |  | — |
Total |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | %
Balances of and changes in liability for future policy benefits, and Revenue and interest recognized | The following tables summarize the balances of and changes in the liability for future policy benefits:
| Life Contingent Payout Annuities |  | Term and Whole Life Insurance |  | Disability Income Insurance |  | Long Term Care Insurance |  | Total, All Products
| (in millions, except percentages)
Present Value of Expected Net Premiums: |  |  |  |  |  |  |  |  |
Balance at January 1, 2025 | $ | — |  |  | $ | 737 |  |  | $ | 53 |  |  | $ | 1,057 |  |  | $ | 1,847 |
Beginning balance at original discount rate | — |  |  | 774 |  |  | 59 |  |  | 1,072 |  |  | 1,905 |
Effect of changes in cash flow assumptions | — |  |  | — |  |  | — |  |  | — |  |  | — |
Effect of actual variances from expected experience | — |  |  | (8) |  |  | (9) |  |  | (16) |  |  | (33) |
Adjusted beginning of year balance | $ | — |  |  | $ | 766 |  |  | $ | 50 |  |  | $ | 1,056 |  |  | $ | 1,872 |
Issuances | 67 |  |  | 29 |  |  | 4 |  |  | — |  |  | 100 |
Interest accrual | — |  |  | 20 |  |  | 1 |  |  | 25 |  |  | 46 |
Net premiums collected | (67) |  |  | (39) |  |  | (1) |  |  | (68) |  |  | (175) |
Derecognition (lapses) | — |  |  | — |  |  | — |  |  | — |  |  | — |
Ending balance at original discount rate | $ | — |  |  | $ | 776 |  |  | $ | 54 |  |  | $ | 1,013 |  |  | $ | 1,843 |
Effect of changes in discount rate assumptions | — |  |  | (27) |  |  | (5) |  |  | 2 |  |  | (30) |
Balance at June 30, 2025 | $ | — |  |  | $ | 749 |  |  | $ | 49 |  |  | $ | 1,015 |  |  | $ | 1,813 |
Present Value of Future Policy Benefits: |  |  |  |  |  |  |  |  |
Balance at January 1, 2025 | $ | 1,204 |  |  | $ | 1,322 |  |  | $ | 545 |  |  | $ | 6,187 |  |  | $ | 9,258 |
Beginning balance at original discount rate | 1,289 |  |  | 1,353 |  |  | 535 |  |  | 6,408 |  |  | 9,585 |
Effect of changes in cash flow assumptions | (2) |  |  | — |  |  | — |  |  | — |  |  | (2) |
Effect of actual variances from expected experience | (5) |  |  | (11) |  |  | (18) |  |  | (25) |  |  | (59) |
Adjusted beginning of year balance | $ | 1,282 |  |  | $ | 1,342 |  |  | $ | 517 |  |  | $ | 6,383 |  |  | $ | 9,524 |
Issuances | 66 |  |  | 29 |  |  | 4 |  |  | — |  |  | 99 |
Interest accrual | 29 |  |  | 37 |  |  | 15 |  |  | 158 |  |  | 239 |
Benefit payments | (81) |  |  | (58) |  |  | (19) |  |  | (213) |  |  | (371) |
Derecognition (lapses) | — |  |  | — |  |  | — |  |  | — |  |  | — |
Ending balance at original discount rate | $ | 1,296 |  |  | $ | 1,350 |  |  | $ | 517 |  |  | $ | 6,328 |  |  | $ | 9,491 |
Effect of changes in discount rate assumptions | (61) |  |  | (12) |  |  | 16 |  |  | (118) |  |  | (175) |
Balance at June 30, 2025 | $ | 1,235 |  |  | $ | 1,338 |  |  | $ | 533 |  |  | $ | 6,210 |  |  | $ | 9,316 |
Adjustment due to reserve flooring | $ | — |  |  | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |
Net liability for future policy benefits | $ | 1,235 |  |  | $ | 597 |  |  | $ | 484 |  |  | $ | 5,195 |  |  | $ | 7,511 |
Less: reinsurance recoverable | 730 |  |  | 430 |  |  | 20 |  |  | 2,621 |  |  | 3,801 |
Net liability for future policy benefits, after reinsurance recoverable | $ | 505 |  |  | $ | 167 |  |  | $ | 464 |  |  | $ | 2,574 |  |  | $ | 3,710 |
Discounted expected future gross premiums | $ | — |  |  | $ | 1,663 |  |  | $ | 826 |  |  | $ | 1,209 |  |  | $ | 3,698 |
Expected future gross premiums | $ | — |  |  | $ | 2,859 |  |  | $ | 1,163 |  |  | $ | 1,625 |  |  | $ | 5,647 |
Expected future benefit payments | $ | 1,866 |  |  | $ | 2,279 |  |  | $ | 868 |  |  | $ | 10,300 |  |  | $ | 15,313 |
Weighted average interest accretion rate | 4.4 | % |  | 6.1 | % |  | 6.3 | % |  | 5.1 | % |  |
Weighted average discount rate | 5.2 | % |  | 5.4 | % |  | 5.5 | % |  | 5.5 | % |  |
Weighted average duration of liability (in years) | 6 |  | 7 |  | 7 |  | 8 |  |
| Life Contingent Payout Annuities |  | Term and Whole Life Insurance |  | Disability Income Insurance |  | Long Term Care Insurance |  | Total, All Products
| (in millions, except percentages)
Present Value of Expected Net Premiums: |  |  |  |  |  |  |  |  |
Balance at January 1, 2024 | $ | — |  |  | $ | 703 |  |  | $ | 104 |  |  | $ | 1,146 |  |  | $ | 1,953 |
Beginning balance at original discount rate | — |  |  | 708 |  |  | 105 |  |  | 1,137 |  |  | 1,950 |
Effect of changes in cash flow assumptions | — |  |  | 57 |  |  | (39) |  |  | 55 |  |  | 73 |
Effect of actual variances from expected experience | — |  |  | (16) |  |  | (13) |  |  | (26) |  |  | (55) |
Adjusted beginning of year balance | $ | — |  |  | $ | 749 |  |  | $ | 53 |  |  | $ | 1,166 |  |  | $ | 1,968 |
Issuances | 201 |  |  | 63 |  |  | 9 |  |  | — |  |  | 273 |
Interest accrual | 1 |  |  | 38 |  |  | 3 |  |  | 55 |  |  | 97 |
Net premiums collected | (202) |  |  | (76) |  |  | (6) |  |  | (149) |  |  | (433) |
Derecognition (lapses) | — |  |  | — |  |  | — |  |  | — |  |  | — |
Ending balance at original discount rate | $ | — |  |  | $ | 774 |  |  | $ | 59 |  |  | $ | 1,072 |  |  | $ | 1,905 |
Effect of changes in discount rate assumptions | — |  |  | (37) |  |  | (6) |  |  | (15) |  |  | (58) |
Balance at December 31, 2024 | $ | — |  |  | $ | 737 |  |  | $ | 53 |  |  | $ | 1,057 |  |  | $ | 1,847 |
Present Value of Future Policy Benefits: |  |  |  |  |  |  |  |  |
Balance at January 1, 2024 | $ | 1,164 |  |  | $ | 1,325 |  |  | $ | 661 |  |  | $ | 6,561 |  |  | $ | 9,711 |
Beginning balance at original discount rate | 1,222 |  |  | 1,291 |  |  | 621 |  |  | 6,507 |  |  | 9,641 |
Effect of changes in cash flow assumptions | (24) |  |  | 67 |  |  | (61) |  |  | 58 |  |  | 40 |
Effect of actual variances from expected experience | (8) |  |  | (16) |  |  | (25) |  |  | (48) |  |  | (97) |
Adjusted beginning of year balance | $ | 1,190 |  |  | $ | 1,342 |  |  | $ | 535 |  |  | $ | 6,517 |  |  | $ | 9,584 |
Issuances | 201 |  |  | 63 |  |  | 9 |  |  | — |  |  | 273 |
Interest accrual | 56 |  |  | 73 |  |  | 34 |  |  | 323 |  |  | 486 |
Benefit payments | (158) |  |  | (125) |  |  | (43) |  |  | (432) |  |  | (758) |
Derecognition (lapses) | — |  |  | — |  |  | — |  |  | — |  |  | — |
Ending balance at original discount rate | $ | 1,289 |  |  | $ | 1,353 |  |  | $ | 535 |  |  | $ | 6,408 |  |  | $ | 9,585 |
Effect of changes in discount rate assumptions | (85) |  |  | (31) |  |  | 10 |  |  | (221) |  |  | (327) |
Balance at December 31, 2024 | $ | 1,204 |  |  | $ | 1,322 |  |  | $ | 545 |  |  | $ | 6,187 |  |  | $ | 9,258 |
Adjustment due to reserve flooring | $ | — |  |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |
Net liability for future policy benefits | $ | 1,204 |  |  | $ | 592 |  |  | $ | 492 |  |  | $ | 5,130 |  |  | $ | 7,418 |
Less: reinsurance recoverable | 759 |  |  | 424 |  |  | 20 |  |  | 2,591 |  |  | 3,794 |
Net liability for future policy benefits, after reinsurance recoverable | $ | 445 |  |  | $ | 168 |  |  | $ | 472 |  |  | $ | 2,539 |  |  | $ | 3,624 |
Discounted expected future gross premiums | $ | — |  |  | $ | 1,672 |  |  | $ | 836 |  |  | $ | 1,247 |  |  | $ | 3,755 |
Expected future gross premiums | $ | — |  |  | $ | 2,921 |  |  | $ | 1,196 |  |  | $ | 1,713 |  |  | $ | 5,830 |
Expected future benefit payments | $ | 1,846 |  |  | $ | 2,286 |  |  | $ | 899 |  |  | $ | 10,522 |  |  | $ | 15,553 |
Weighted average interest accretion rate | 4.5 | % |  | 6.0 | % |  | 6.3 | % |  | 5.0 | % |  |
Weighted average discount rate | 5.4 | % |  | 5.6 | % |  | 5.6 | % |  | 5.7 | % |  |
Weighted average duration of liability (in years) | 6 |  | 7 |  | 7 |  | 8 |  |
The amount of revenue and interest recognized in the Statements of Operations was as follows:
| Six Months Ended June 30,
2025 |  |
Gross Premiums |  | Interest Expense |  |  |  |
(in millions) |  |  |  |
Life contingent payout annuities | $ | 74 |  |  | $ | 29 |  |  |  |  |
Term and whole life insurance | 86 |  |  | 17 |  |  |  |  |
Disability income insurance | 58 |  |  | 14 |  |  |  |  |
Long term care insurance | 83 |  |  | 133 |  |  |  |  |
Total | $ | 301 |  |  | $ | 193 |  |  |  |  |
| Year Ended December 31, |  |  |  |
2024 |  |
Gross Premiums |  | Interest Expense |  |  |  |
(in millions) |  |  |  |
Life contingent payout annuities | $ | 226 |  |  | $ | 55 |  |  |  |  |
Term and whole life insurance | 172 |  |  | 35 |  |  |  |  |
Disability income insurance | 119 |  |  | 31 |  |  |  |  |
Long term care insurance | 179 |  |  | 268 |  |  |  |  |
Total | $ | 696 |  |  | $ | 389 |  |  |  |  |
Balances of and changes in additional liabilities related to insurance guarantees | The balances of and changes in additional liabilities related to insurance guarantees were as follows:
| Universal Life Insurance |  | Variable Universal Life Insurance |  | Other Life Insurance |  | Total, All Products
| (in millions, except percentages)
Balance at January 1, 2025 | $ | 1,301 |  |  | $ | 80 |  |  | $ | 8 |  |  | $ | 1,389 |
Interest accrual | 20 |  |  | 3 |  |  | — |  |  | 23 |
Benefit accrual | 66 |  |  | 4 |  |  | 2 |  |  | 72 |
Benefit payments | (44) |  |  | (10) |  |  | (2) |  |  | (56) |
Effect of actual variances from expected experience | (2) |  |  | 1 |  |  | — |  |  | (1) |
Impact of change in net unrealized (gains) losses on securities | 4 |  |  | — |  |  | — |  |  | 4 |
Balance at June 30, 2025 | $ | 1,345 |  |  | $ | 78 |  |  | $ | 8 |  |  | $ | 1,431 |
Weighted average interest accretion rate | 2.9 | % |  | 7.0 | % |  | 4.0 | % |  |
Weighted average discount rate | 3.2 | % |  | 7.1 | % |  | 4.1 | % |  |
Weighted average duration of reserves (in years) | 9 |  | 8 |  | 6 |  |
| Universal Life Insurance |  | Variable Universal Life Insurance |  | Other Life Insurance |  | Total, All Products
| (in millions, except percentages)
Balance at January 1, 2024 | $ | 1,225 |  |  | $ | 81 |  |  | $ | 15 |  |  | $ | 1,321 |
Interest accrual | 37 |  |  | 6 |  |  | 1 |  |  | 44 |
Benefit accrual | 133 |  |  | 8 |  |  | 3 |  |  | 144 |
Benefit payments | (69) |  |  | (13) |  |  | (5) |  |  | (87) |
Effect of actual variances from expected experience | (2) |  |  | (1) |  |  | (1) |  |  | (4) |
Impact of change in net unrealized (gains) losses on securities | (23) |  |  | (1) |  |  | (5) |  |  | (29) |
Balance at December 31, 2024 | $ | 1,301 |  |  | $ | 80 |  |  | $ | 8 |  |  | $ | 1,389 |
Weighted average interest accretion rate | 3.0 | % |  | 7.0 | % |  | 3.9 | % |  |
Weighted average discount rate | 3.2 | % |  | 7.1 | % |  | 4.0 | % |  |
Weighted average duration of reserves (in years) | 10 |  | 8 |  | 6 |  |
Changes in unearned revenue | The following tables summarize the balances of and changes in unearned revenue:
| Universal Life Insurance |  | Variable Universal Life Insurance |  | Indexed Universal Life Insurance |  |  |  | Total, All Products
| (in millions)
Balance at January 1, 2025 | $ | 26 |  |  | $ | 249 |  |  | $ | 295 |  |  |  |  | $ | 570 |
Deferral of revenue | 1 |  |  | 38 |  |  | 24 |  |  |  |  | 63 |
Amortization | (1) |  |  | (9) |  |  | (12) |  |  |  |  | (22) |
Balance at June 30, 2025 | $ | 26 |  |  | $ | 278 |  |  | $ | 307 |  |  |  |  | $ | 611 |
Balance at January 1, 2024 | $ | 27 |  |  | $ | 196 |  |  | $ | 266 |  |  |  |  | $ | 489 |
Deferral of revenue | — |  |  | 70 |  |  | 51 |  |  |  |  | 121 |
Amortization | (1) |  |  | (17) |  |  | (22) |  |  |  |  | (40) |
Balance at December 31, 2024 | $ | 26 |  |  | $ | 249 |  |  | $ | 295 |  |  |  |  | $ | 570 |

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