XML 54 R42.htm IDEA: XBRL DOCUMENT v3.25.3
Contractholder Funds (Tables)
 9 Months Ended
Sep. 30, 2025
Insurance [Abstract]  
Schedule of Balances and Changes in Contractholder Funds
The following tables summarize balances of and changes in contractholder funds’ account balances:
September 30, 2025
Indexed annuitiesFixed rate annuitiesUniversal lifeFABN (b)FHLB (b)
(Dollars in millions)
Balance, beginning of year$30,235 $17,442 $2,817 $2,463 $2,852 
Issuances4,862 3,444 168 1,148 1,461 
Premiums received2,062 — 437 — — 
Policy charges (a)(2,197)— (278)— — 
Surrenders and withdrawals(2,819)(1,720)(99)— — 
Benefit payments(405)(272)(18)(363)(1,715)
Interest credited564 638 132 73 75 
Other5 (1)— 3 — 
Balance, end of period32,307 19,531 3,159 3,324 2,673 
Reconciling items (c)391 — 120 12 — 
Gross liability, end of period32,698 19,531 3,279 3,336 2,673 
Less: Reinsurance2,454 12,909 885 — — 
Net liability, after reinsurance$30,244 $6,622 $2,394 $3,336 $2,673 
Weighted-average crediting rate2.44 %4.71 %6.05 %N/AN/A
Net amount at risk (d)N/AN/A$29,483 N/AN/A
Cash surrender value (e)$30,067 $18,266 $2,431 N/AN/A
(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.
(b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.
(c) The reconciling items reconcile the account balance to the gross GAAP liability. For indexed annuities and universal life, the reconciling items represent embedded derivatives and include the combination of the host contracts and the fair value of the embedded derivatives. For FABN, the reconciling items represent basis adjustments due to the impact of fair value hedge accounting.
(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.
(e) These amounts are gross of reinsurance.
December 31, 2024
Indexed annuitiesFixed rate annuitiesUniversal lifeFABN (b)FHLB (b)
(Dollars in millions)
Balance, beginning of year$27,164 $13,443 $2,391 $2,613 $2,539 
Issuances6,649 5,125 208 600 1,804 
Premiums received120 1 495 — — 
Policy charges (a)(195)— (315)— — 
Surrenders and withdrawals(3,832)(1,479)(101)— — 
Benefit payments(495)(315)(18)(820)(1,606)
Interest credited821 667 157 71 117 
Other3 — — (1)(2)
Balance, end of period30,235 17,442 2,817 2,463 2,852 
Embedded derivative adjustment (c)219 — 79 — — 
Gross liability, end of period30,454 17,442 2,896 2,463 2,852 
Less: Reinsurance861 11,009 877 — — 
Net liability, after reinsurance$29,593 $6,433 $2,019 $2,463 $2,852 
Weighted-average crediting rate2.90 %4.42 %6.20 %N/AN/A
Net amount at risk (d)N/AN/A$74,279 N/AN/A
Cash surrender value (e)$27,865 $16,266 $2,177 N/AN/A
(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.
(b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.
(c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.
(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.
(e) These amounts are gross of reinsurance.
Schedule of Reconciliation of Policyholder Account Balances to Statement of Financial Position
The following table reconciles contractholder funds’ account balances to the contractholder funds liability in the accompanying unaudited Condensed Consolidated Balance Sheets:
September 30, 2025December 31, 2024
(In millions)
Indexed annuities$32,698 $30,454 
Fixed rate annuities19,531 17,442 
Immediate annuities270 286 
Universal life3,279 2,896 
Traditional life5 5 
FABN3,336 2,463 
FHLB2,673 2,852 
PRT6 6 
Total$61,798 $56,404 
Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate
The following tables present the 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:
September 30, 2025
Range of guaranteed minimum crediting rateAt Guaranteed Minimum
1 Basis Point-50 Basis Points Above
51 Basis Points-150 Basis Points Above
 Greater Than 150 Basis Points Above
 Total
Indexed annuities(In millions)
Up to 1.50%$647 $523 $297 $865 $2,332 
1.51%-2.50%563 16 497 600 1,676 
Greater than 2.50%222 — — 1 223 
Subtotal$1,432 $539 $794 $1,466 $4,231 
No guaranteed minimum crediting rate28,076 
Total$32,307 
Fixed rate annuities
Up to 1.50%$73 $16 $884 $15,839 $16,812 
1.51%-2.50%4 6 18 466 494 
Greater than 2.50%746 2 5 1,472 2,225 
Total$823 $24 $907 $17,777 $19,531 
Universal life
Up to 1.50%$2,765 $9 $— $29 $2,803 
1.51%-2.50%— — — — — 
Greater than 2.50%355 — 1 — 356 
Total$3,120 $9 $1 $29 $3,159 

December 31, 2024
Range of guaranteed minimum crediting rateAt Guaranteed Minimum
 1 Basis Point-50 Basis Points Above
51 Basis Points-150 Basis Points Above
 Greater Than 150 Basis Points Above
 Total
Indexed annuities(In millions)
Up to 1.50%$721 $596 $309 $880 $2,506 
1.51%-2.50%432 1 313 485 1,231 
Greater than 2.50%253 — — 14 267 
Subtotal$1,406 $597 $622 $1,379 $4,004 
No guaranteed minimum crediting rate26,231 
Total$30,235 
Fixed rate annuities
Up to 1.50%$57 $20 $773 $14,407 $15,257 
1.51%-2.50%4 7 20 462 493 
Greater than 2.50%804 2 5 881 1,692 
Total$865 $29 $798 $15,750 $17,442 
Universal life
Up to 1.50%$2,421 $7 $— $24 $2,452 
1.51%-2.50%— — — — — 
Greater than 2.50%364 — 1 — 365 
Total$2,785 $7 $1 $24 $2,817