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POLICYHOLDER ACCOUNT BALANCES

6 Months Ended

Jun. 30, 2025

Policyholder Account Balance [Abstract]

The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets:


	June 30, 2025		December 31, 2024
	(in millions)
Policyholders’ account balance reconciliation
Protection Solutions
Universal Life	$	4,973	$	5,065
Variable Universal Life	5,061		4,982
Legacy Segment
GMxB Legacy	253		226
Individual Retirement
GMxB Core	(27)		(4)
SCS	71,542		65,267
EQUI-VEST Individual	1,932		2,037
Group Retirement
EQUI-VEST Group	11,130		11,158
Momentum	498		527
Other (1)	10,071		8,658
Balance (exclusive of Funding Agreements)	105,433		97,916
Funding Agreements	17,926		13,013
Balance, end of period	$	123,359	$	110,929

_____________

(1)Primarily reflects products IR Payout, IR Other, Indexed Universal Life, Investment Edge, Group Pension, Closed Block and Corporate and Other.

The following table summarizes the balances and changes in policyholder’s account balances:


	Six Months Ended June 30, 2025
	Protection Solutions				Legacy		Individual Retirement						Group Retirement
	Universal Life		Variable Universal Life		GMxB Legacy		GMxB Core		SCS (1)		EQUI-VEST Individual		EQUI-VEST Group		Momentum
	(Dollars in millions)
Balance, beginning of period	$	5,065	$	4,982	$	226	$	(4)	$	65,267	$	2,037	$	11,158	$	527



Premiums received	300		60		5		91		5		18		293		26
Policy charges	(335)		(139)		18		4		(24)		—		(3)		—
Surrenders and withdrawals	(43)		(2)		(32)		(15)		(2,534)		(127)		(688)		(53)
Benefit payments	(122)		(70)		(8)		(1)		(179)		(33)		(32)		(1)
Net transfers from (to) separate account	—		117		5		(106)		6,760		8		237		(7)
Interest credited (2)	108		113		6		4		2,247		29		165		6
Other (4)	—		—		33		—		—		—		—		—
Balance, end of period	$	4,973	$	5,061	$	253	$	(27)	$	71,542	$	1,932	$	11,130	$	498

Weighted-average crediting rate	3.83%		3.67%		2.78%		1.97%		N/A		2.96%		2.75%		2.48%
Net amount at risk (3)	$	32,105	$	117,332	$	15,835	$	2,953	$	—	$	100	$	7	$	—
Cash surrender value	$	3,323	$	3,176	$	452	$	202	$	68,284	$	1,927	$	11,084	$	499

______________

(1)SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account.

(2)SCS and EQUI-VEST Group includes amounts related to the change in embedded derivative.

(3)For life insurance products, the net amount at risk is death benefit less account value for the policyholder. For variable annuity products, the net amount at risk is the maximum GMxB NAR for the policyholder.

(4)Includes the PAB from the policies novated to Venerable, as described in Note 1.


	Six Months Ended June 30, 2024
	Protection Solutions				Legacy		Individual Retirement						Group Retirement
	Universal Life		Variable Universal Life		GMxB Legacy		GMxB Core		SCS (1)		EQUI-VEST Individual		EQUI-VEST Group		Momentum
	(Dollars in millions)
Balance, beginning of period	$	5,202	$	4,850	$	618	$	36	$	49,002	$	2,322	$	11,563	$	608

Premiums received	327		61		36		119		9		15		305		37
Policy charges	(359)		(130)		18		—		(10)		—		(3)		—
Surrenders and withdrawals	(45)		(25)		(43)		(18)		(1,897)		(168)		(806)		(69)
Benefit payments	(106)		(56)		(49)		(1)		(149)		(26)		(35)		(1)
Net transfers from (to) separate account	—		86		3		(117)		6,325		6		170		(6)
Interest credited (2)	110		95		12		4		4,698		33		175		6
Other	—		—		—		—		—		—		—		—
Balance, end of period	$	5,129	$	4,881	$	595	$	23	$	57,978	$	2,182	$	11,369	$	575

Weighted-average crediting rate	3.80%		3.71%		2.74%		1.67%		N/A		2.98%		2.67%		2.32%
Net amount at risk (3)	$	34,364	$	116,133	$	19,710	$	2,867	$	1	$	104	$	9	$	—
Cash surrender value	$	3,393	$	3,172	$	531	$	252	$	54,146	$	2,176	$	11,313	$	576

______________

(1)SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account.

(2)SCS and EQUI-VEST includes amounts related to the change in embedded derivative.

(3)For life insurance products, the net amount at risk is the death benefit less account value for the policyholder. For variable annuity products, the net amount at risk is the maximum GMxB NAR for the policyholder.

The following table presents the account values by range of guaranteed minimum crediting rates and the related range of the difference in basis points, between rates being credited policyholders and the respective guaranteed minimums:


June 30, 2025
Product	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
( in millions)
Protection Solutions
Universal Life	0.00% - 1.50%	$	—	$	—	$	—	$	6	$	6
	1.51% - 2.50%	—		88		277		655		1,020
	Greater than 2.50%	3,262		656		—		—		3,918
	Total	$	3,262	$	744	$	277	$	661	$	4,944

Variable Universal Life	0.00% - 1.50%	$	15	$	10	$	112	$	52	$	189
	1.51% - 2.50%	38		370		232		—		640
	Greater than 2.50%	3,651		27		4		—		3,682
	Total	$	3,704	$	407	$	348	$	52	$	4,511
Legacy Segment


June 30, 2025
Product	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
( in millions)
GMxB Legacy	0.00% - 1.50%	$	—	$	62	$	3	$	—	$	65
	1.51% - 2.50%	17		—		—		—		17
	Greater than 2.50%	371		—		—		—		371
	Total	$	388	$	62	$	3	$	—	$	453

Individual Retirement
GMxB Core	0.00% - 1.50%	$	—	$	10	$	148	$	—	$	158
	1.51% - 2.50%	11		—		—		—		11
	Greater than 2.50%	37		—		—		—		37
	Total	$	48	$	10	$	148	$	—	$	206

EQUI-VEST Individual	0.00% - 1.50%	$	—	$	30	$	159	$	—	$	189
	1.51% - 2.50%	12		67		—		—		79
	Greater than 2.50%	1,664		—		—		—		1,664
	Total	$	1,676	$	97	$	159	$	—	$	1,932

Group Retirement
EQUI-VEST Group	0.00% - 1.50%	$	1	$	945	$	2,194	$	262	$	3,402
	1.51% - 2.50%	342		—		—		—		342
	Greater than 2.50%	5,988		—		—		—		5,988
	Total	$	6,331	$	945	$	2,194	$	262	$	9,732

Momentum	0.00% - 1.50%	$	—	$	—	$	251	$	86	$	337
	1.51% - 2.50%	74		26		—		—		100
	Greater than 2.50%	55		—		5		—		60
	Total	$	129	$	26	$	256	$	86	$	497


December 31, 2024
Product	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
( in millions)
Protection Solutions
Universal Life	0.00% - 1.50%	$	—	$	—	$	—	$	6	$	6
	1.51% - 2.50%	—		90		284		655		1,029
	Greater than 2.50%	3,402		598		—		—		4,000
	Total	$	3,402	$	688	$	284	$	661	$	5,035

Variable Universal Life	0.00% - 1.50%	$	24	$	13	$	94	$	40	$	171
	1.51% - 2.50%	37		357		223		—		617
	Greater than 2.50%	3,667		2		20		—		3,689
	Total	$	3,728	$	372	$	337	$	40	$	4,477
Legacy Segment


December 31, 2024
Product	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
( in millions)
GMxB Legacy	0.00% - 1.50%	$	67	$	3	$	—	$	—	$	70
	1.51% - 2.50%	19		—		—		—		19
	Greater than 2.50%	401		—		—		—		401
	Total	$	487	$	3	$	—	$	—	$	490
Individual Retirement
GMxB Core	0.00% - 1.50%	$	11	$	160	$	—	$	—	$	171
	1.51% - 2.50%	12		—		—		—		12
	Greater than 2.50%	52		—		—		—		52
	Total	$	75	$	160	$	—	$	—	$	235

EQUI-VEST Individual	0.00% - 1.50%	$	42	$	198	$	—	$	—	$	240
	1.51% - 2.50%	38		—		—		—		38
	Greater than 2.50%	1,758		—		—		—		1,758
	Total	$	1,838	$	198	$	—	$	—	$	2,036




Group Retirement
EQUI-VEST Group	0.00% - 1.50%	$	720	$	2,391	$	33	$	258	$	3,402
	1.51% - 2.50%	349		—		—		—		349
	Greater than 2.50%	6,076		—		—		—		6,076
	Total	$	7,145	$	2,391	$	33	$	258	$	9,827

Momentum	0.00% - 1.50%	$	—	$	—	$	269	$	88	$	357
	1.51% - 2.50%	79		29		—		—		108
	Greater than 2.50%	56		—		5		—		61
	Total	$	135	$	29	$	274	$	88	$	526

Separate Account - Summary

The following table reconciles the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheets:


	June 30, 2025		December 31, 2024
	(in millions)
Separate Account Reconciliation
Protection Solutions
Variable Universal Life	$	18,968	$	18,176
Legacy Segment
GMxB Legacy	28,275		33,199
Individual Retirement
GMxB Core	30,057		30,411
EQUI-VEST Individual	4,756		4,782
Investment Edge	5,072		4,885
Group Retirement
EQUI-VEST Group	31,714		30,546
Momentum	5,008		4,813
Other (1)	7,833		7,905
Total	$	131,683	$	134,717

______________

(1)Primarily reflects Corporate and Other products and Group Retirement products including Association and Group Retirement Other.

The following table presents the balances of and changes in Separate Account liabilities:


	Six Months Ended June 30, 2025
	Protection Solutions		Legacy		Individual Retirement						Group Retirement
	VUL		GMxB Legacy		GMxB Core		EQUI-VEST Individual		Investment Edge		EQUI-VEST Group		Momentum
	(in millions)
Balance, beginning of period	$	18,176	$	33,199	$	30,411	$	4,782	$	4,885	$	30,546	$	4,813

Premiums and deposits	664		118		934		49		901		1,252		330
Policy charges	(292)		(265)		(252)		(2)		—		(8)		(12)
Surrenders and withdrawals	(350)		(1,499)		(1,861)		(237)		(242)		(1,271)		(433)
Benefit payments	(54)		(364)		(145)		(36)		(17)		(32)		(5)
Investment performance (1)	941		907		864		208		247		1,464		308
Net transfers from (to) General Account	(117)		(5)		106		(8)		(702)		(237)		7
Other charges (2)	—		(3,816)		—		—		—		—		—
Balance, end of period	$	18,968	$	28,275	$	30,057	$	4,756	$	5,072	$	31,714	$	5,008

Cash surrender value	$	18,600	$	28,071	$	29,218	$	4,724	$	4,983	$	31,412	$	5,001

_____________

(1)Investment performance is reflected net of M&E fees.

(2)Other charges include the Separate Account value novated to Venerable, as described in Note 1.


	Six Months Ended June 30, 2024
	Protection Solutions		Legacy		Individual Retirement						Group Retirement
	VUL		GMxB Legacy		GMxB Core		EQUI-VEST Individual		Investment Edge		EQUI-VEST Group		Momentum
	(in millions)
Balance, beginning of period	$	15,821	$	33,794	$	29,829	$	4,582	$	4,275	$	26,959	$	4,421
Premiums and deposits	616		112		1,000		40		739		1,180		379
Policy charges	(287)		(324)		(249)		(1)		—		(8)		(11)
Surrenders and withdrawals	(330)		(1,629)		(1,720)		(248)		(254)		(1,113)		(476)
Benefit payments	(30)		(385)		(135)		(26)		(15)		(32)		(7)
Investment performance (1)	1,508		(3)		117		(7)		(465)		(170)		6
Net transfers from (to) General Account	(86)		2,401		1,634		445		308		2,409		390
Other charges	—		—		—		—		—		—		—
Balance, end of period	$	17,212	$	33,966	$	30,476	$	4,785	$	4,588	$	29,225	$	4,702

Cash surrender value	$	16,840	$	33,702	$	29,644	$	4,752	$	4,501	$	28,935	$	4,694

______________

(1)Investment performance is reflected net of M&E fees.

The following table presents the aggregate fair value of Separate Account assets by major asset category:


	June 30, 2025
	Protection Solutions		Individual Retirement		Group Retirement		Corp & Other		Legacy Segment		Total
	(in millions)
Asset Type
Debt securities	$	49	$	1	$	9	$	17	$	—	$	76
Common Stock	68		37		512		1,731		—		2,348
Mutual Funds	19,417		41,709		38,075		637		28,299		128,137
Bonds and Notes	101		3		1		1,017		—		1,122
Total	$	19,635	$	41,750	$	38,597	$	3,402	$	28,299	$	131,683


	December 31, 2024
	Protection Solutions		Individual Retirement		Group Retirement		Corp & Other		Legacy Segment		Total
	(in millions)
Asset Type
Debt securities	$	51	$	1	$	14	$	13	$	—	$	79
Common Stock	68		36		472		1,631		—		2,207
Mutual Funds	18,611		42,029		36,779		659		33,214		131,292
Bonds and Notes	98		4		1		1,036		—		1,139
Total	$	18,828	$	42,070	$	37,266	$	3,339	$	33,214	$	134,717