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LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS (Tables)
 6 Months Ended
Jun. 30, 2025
Insurance [Abstract]  
Schedule of Policyholder Account Balance and Liability for Unpaid Claims and Claims Adjustment Expense
The following table reconciles the net liability for future policy benefits and liability of death benefits to the liability for future policy benefits in the consolidated balance sheets:
June 30, 2025December 31, 2024
(in millions)
Reconciliation
Term$1,287 $1,285 
Payout
4,936 5,050 
Group Pension - Benefit Reserve & DPL447 460 
Health1,336 1,362 
UL1,271 1,246 
Subtotal9,277 9,403 
  Whole Life Closed Block and Open Block products5,083 5,204 
Other (1)915 901 
Future policyholder benefits total15,275 15,508 
  Other policyholder funds and dividends payable2,282 2,105 
Total$17,557 $17,613 
_____________
(1)Primarily consists of future policy benefits related to Protective Life and Annuity, Assumed Life and Disability, Group Life Run off, Variable Interest Sensitive Life rider and EB.
Schedule of Policyholder Account Balance
The following table summarizes balances and changes in the liability for future policy benefits for nonparticipating traditional and limited pay contracts:
Six Months Ended June 30, 2025Six Months Ended June 30, 2024
Protection SolutionsIndividual RetirementCorporate & OtherProtection SolutionsIndividual RetirementCorporate & Other
TermPayoutGroup PensionHealthTermPayoutGroup PensionHealth
(in millions)
Present Value of Expected Net Premiums
Balance, beginning of period$1,932 $— $— $(25)$2,133 $— $— $(21)
Beginning balance at original discount rate1,959 — — (26)2,058 — — (22)
Effect of changes in cash flow assumptions— — — — (18)— — (3)
Effect of actual variances from expected experience(54)— — (2)(51)— — 2 
Adjusted beginning of period balance1,905 — — (28)1,989 — — (23)
Issuances20 — — — 26 — — — 
Interest accrual47 — — (1)49 — — — 
Net premiums collected(90)— — 3 (95)— — 1 
Ending Balance at original discount rate1,882 — — (26)1,969 — — (22)
Effect of changes in discount rate assumptions— — — 1 (21)— — 1 
Balance, end of period$1,882 $— $— $(25)$1,948 $— $— $(21)
Present Value of Expected Future Policy Benefits
Balance, beginning of period$3,216 $5,050 $460 $1,337 $3,480 $4,464 $490 $1,484 
Beginning balance of original discount rate3,215 5,390 514 1,555 3,330 4,680 536 1,672 
Effect of changes in cash flow assumptions (1)
— (468)— — (20)— — — 
Effect of actual variances from expected experience(73)(3)— (7)(66)(2)1 7 
Adjusted beginning of period balance3,142 4,919 514 1,548 3,244 4,678 537 1,679 
Issuances22 398 — — 28 522 — — 
Interest accrual79 99 9 25 82 89 9 27 
Benefits payments(120)(251)(31)(75)(116)(228)(31)(79)
Ending Balance at original discount rate3,123 5,165 492 1,498 3,238 5,061 515 1,627 
Effect of changes in discount rate assumptions45 (229)(45)(187)6 (359)(58)(234)
Balance, end of period$3,168 $4,936 $447 $1,311 $3,244 $4,702 $457 $1,393 
Impact of flooring LFPB at zero1 — — — 1 — — — 
Net liability for future policy benefits1,287 4,936 447 1,336 1,297 4,702 457 1,414 
Less: Reinsurance recoverable2 (1,027)— (1,044)14 (1,144)— (1,116)
Net liability for future policy benefits, after reinsurance recoverable$1,289 $3,909 $447 $292 $1,311 $3,558 $457 $298 
Weighted-average duration of liability for future policyholder benefits (years)6.87.66.98.36.97.97.08.6
______________
(1)For the first quarter 2025, this is the net income impact due to novation as described in Note 1.
The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets:

June 30, 2025December 31, 2024
(in millions)
Policyholders’ account balance reconciliation
Protection Solutions
Universal Life$4,973 $5,065 
Variable Universal Life5,061 4,982 
Legacy Segment
GMxB Legacy253 226 
Individual Retirement
GMxB Core(27)(4)
SCS71,542 65,267 
EQUI-VEST Individual1,932 2,037 
Group Retirement
EQUI-VEST Group11,130 11,158 
Momentum498 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 SolutionsLegacyIndividual RetirementGroup Retirement

Universal LifeVariable Universal LifeGMxB LegacyGMxB CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentum
(Dollars in millions)
Balance, beginning of period$5,065 $4,982 $226 $(4)$65,267 $2,037 $11,158 $527 
Premiums received300 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 rate3.83%3.67%2.78%1.97%N/A2.96%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 SolutionsLegacyIndividual RetirementGroup Retirement

Universal LifeVariable Universal LifeGMxB LegacyGMxB CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentum
(Dollars in millions)
Balance, beginning of period$5,202$4,850$618$36$49,002$2,322$11,563$608
Premiums received327613611991530537
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—863(117)6,3256170(6)
Interest credited (2)110951244,698331756
Other————————
Balance, end of period$5,129$4,881$595$23$57,978$2,182$11,369$575
Weighted-average crediting rate3.80%3.71%2.74%1.67%N/A2.98%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 reconciles the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheets:
June 30, 2025December 31, 2024
(in millions)
Separate Account Reconciliation
Protection Solutions
Variable Universal Life$18,968 $18,176 
Legacy Segment
GMxB Legacy28,275 33,199 
Individual Retirement
GMxB Core30,057 30,411 
EQUI-VEST Individual4,756 4,782 
Investment Edge5,072 4,885 
Group Retirement
EQUI-VEST Group31,714 30,546 
Momentum5,008 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 SolutionsLegacyIndividual RetirementGroup Retirement    
VULGMxB LegacyGMxB CoreEQUI-VEST IndividualInvestment EdgeEQUI-VEST GroupMomentum
(in millions)
Balance, beginning of period$18,176 $33,199 $30,411 $4,782 $4,885 $30,546 $4,813 
Premiums and deposits664 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 SolutionsLegacyIndividual RetirementGroup Retirement
VULGMxB LegacyGMxB CoreEQUI-VEST IndividualInvestment EdgeEQUI-VEST GroupMomentum
(in millions)
Balance, beginning of period$15,821 $33,794 $29,829 $4,582 $4,275 $26,959 $4,421 
Premiums and deposits616 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.
Schedule of Liability for Future Policy Benefits, Undiscounted and Discounted Expected Gross Premiums and Expected Future Benefits and Expenses
The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses related to nonparticipating traditional and limited payment contracts:
June 30, 2025December 31, 2024
(in millions)
Term
Expected future benefit payments and expenses (undiscounted)$5,444 $5,613 
Expected future gross premiums (undiscounted)
6,424 6,597 
Expected future benefit payments and expenses (discounted; AOCI basis)3,168 3,216 
Expected future gross premiums (discounted; AOCI basis)3,473 3,507 
Payout
Expected future benefit payments and expenses (undiscounted)7,338 7,686 
Expected future gross premiums (undiscounted)
— — 
Expected future benefit payments and expenses (discounted; AOCI basis)4,814 4,938 
Expected future gross premiums (discounted; AOCI basis)— — 
Group Pension
Expected future benefit payments and expenses (undiscounted)603 630 
Expected future gross premiums (undiscounted)
— — 
Expected future benefit payments and expenses (discounted; AOCI basis)425 436 
Expected future gross premiums (discounted; AOCI basis)— — 
Health
Expected future benefit payments and expenses (undiscounted)2,053 2,139 
Expected future gross premiums (undiscounted)
65 70 
Expected future benefit payments and expenses (discounted; AOCI basis)1,299 1,323 
Expected future gross premiums (discounted; AOCI basis)$52 $55 
Schedule of Liability for Future Policy Benefits, Revenue and Interest Accretion
The table below summarizes the revenue and interest related to nonparticipating traditional and limited payment contracts:
Six Months Ended June 30,
2025202420252024
Gross PremiumInterest Accretion
(in millions)
Revenue and Interest Accretion
Term$161 $171 $32 $33 
Payout
116 127 105 99 
Group Pension— — 9 9 
Health5 6 26 28 
Total$282 $304 $172 $169 
Schedule of Liability for Future Policy Benefits, Weighted Average Interest Rates
The following table provides the weighted average interest rates for the liability for future policy benefits:
June 30, 2025December 31, 2024
Weighted Average Interest Rate
Term
Interest accretion rate5.6 %5.6 %
Current discount rate5.0 %5.2 %
Payout
Interest accretion rate4.5 %4.4 %
Current discount rate5.1 %5.3 %
Group Pension
Interest accretion rate3.4 %3.4 %
Current discount rate5.0 %5.2 %
Health
Interest accretion rate3.4 %3.4 %
Current discount rate5.2 %5.4 %
Schedule of Balances of and Changes in Additional Liabilities Related to Insurance Guarantees
The following table provides the balance, changes in and the weighted average durations of the additional insurance liabilities:
Six Months Ended June 30,
20252024
Protection Solutions
UL
(in millions)
Balance, beginning of period$1,246 $1,208 
Beginning balance before AOCI adjustments1,302 1,245 
Effect of changes in interest rate & cash flow assumptions and model changes— — 
Effect of actual variances from expected experience4 (1)
Adjusted beginning of period balance1,306 1,244 
Interest accrual29 27 
Net assessments collected34 35 
Benefit payments(45)(35)
Ending balance before shadow reserve adjustments1,324 1,271 
Effect of reserve adjustment recorded in AOCI(53)(51)
Balance, end of period$1,271 $1,220 
Net liability for additional liability $1,271 $1,220 
Less: Reinsurance recoverable— — 
Net liability for additional liability, after reinsurance recoverable$1,271 $1,220 
Weighted-average duration of additional liability - death benefit (years)19.119.5
The following tables provide the revenue, interest and weighted average interest rates, related to the additional insurance liabilities:
Six Months Ended June 30,
2025202420252024
AssessmentsInterest Accretion
(in millions)
Revenue and Interest Accretion
UL$316 $338 $29 $27 
Total$316 $338 $29 $27 
Six Months Ended June 30,
20252024
Weighted Average Interest Rate
UL4.5 %4.5 %
Interest accretion rate4.5 %4.5 %