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v3.25.3

LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS (Tables) | 9 Months Ended
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Sep. 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:
| September 30, 2025 |  | December 31, 2024
| (in millions)
Reconciliation |  |  |
Term | $ | 1,263 |  |  | $ | 1,285 |
Payout | 5,119 |  |  | 5,050 |
Group Pension - Benefit Reserve & DPL | 442 |  |  | 460 |
Health | 1,336 |  |  | 1,362 |
UL | 1,309 |  |  | 1,246 |
Subtotal | 9,469 |  |  | 9,403 |
Whole Life Closed Block and Open Block products | 5,028 |  |  | 5,204 |
Other (1) | 928 |  |  | 901 |
Future policyholder benefits total | 15,425 |  |  | 15,508 |
Other policyholder funds and dividends payable | 2,186 |  |  | 2,105 |
Total | $ | 17,611 |  |  | $ | 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:
| Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024
| Retirement |  | Corporate & Other |  | Retirement |  | Corporate & Other
| Payout |  | Term |  | Group Pension |  | Health |  | Payout |  | Term |  | Group Pension |  | Health
| (in millions)
Present Value of Expected Net Premiums |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | $ | — |  |  | $ | 1,932 |  |  | $ | — |  |  | $ | (25) |  |  | $ | — |  |  | $ | 2,133 |  |  | $ | — |  |  | $ | (21) |
Beginning balance at original discount rate | — |  |  | 1,959 |  |  | — |  |  | (26) |  |  | — |  |  | 2,058 |  |  | — |  |  | (22) |
Effect of changes in cash flow assumptions | — |  |  | (30) |  |  | — |  |  | — |  |  | — |  |  | 21 |  |  | — |  |  | (3) |
Effect of actual variances from expected experience | — |  |  | (68) |  |  | — |  |  | (2) |  |  | — |  |  | (79) |  |  | — |  |  | (5) |
Adjusted beginning of period balance | — |  |  | 1,861 |  |  | — |  |  | (28) |  |  | — |  |  | 2,000 |  |  | — |  |  | (30) |
Issuances | — |  |  | 28 |  |  | — |  |  | — |  |  | — |  |  | 40 |  |  | — |  |  | — |
Interest accrual | — |  |  | 69 |  |  | — |  |  | (1) |  |  | — |  |  | 73 |  |  | — |  |  | (1) |
Net premiums collected | — |  |  | (131) |  |  | — |  |  | 4 |  |  | — |  |  | (139) |  |  | — |  |  | 3 |
Ending Balance at original discount rate | — |  |  | 1,827 |  |  | — |  |  | (25) |  |  | — |  |  | 1,974 |  |  | — |  |  | (28) |
Effect of changes in discount rate assumptions | — |  |  | 28 |  |  | — |  |  | 1 |  |  | — |  |  | 79 |  |  | — |  |  | 1 |
Balance, end of period | $ | — |  |  | $ | 1,855 |  |  | $ | — |  |  | $ | (24) |  |  | $ | — |  |  | $ | 2,053 |  |  | $ | — |  |  | $ | (27) |
| Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024
| Retirement |  | Corporate & Other |  | Retirement |  | Corporate & Other
| Payout |  | Term |  | Group Pension |  | Health |  | Payout |  | Term |  | Group Pension |  | Health
| (in millions)
Present Value of Expected Future Policy Benefits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | $ | 5,050 |  |  | $ | 3,216 |  |  | $ | 460 |  |  | $ | 1,337 |  |  | $ | 4,464 |  |  | $ | 3,480 |  |  | $ | 490 |  |  | $ | 1,484 |
Beginning balance of original discount rate | 5,390 |  |  | 3,215 |  |  | 514 |  |  | 1,555 |  |  | 4,680 |  |  | 3,330 |  |  | 536 |  |  | 1,672 |
Effect of changes in cash flow assumptions (1) | (459) |  |  | (46) |  |  | — |  |  | — |  |  | — |  |  | 39 |  |  | — |  |  | — |
Effect of actual variances from expected experience | (3) |  |  | (88) |  |  | 1 |  |  | (4) |  |  | (1) |  |  | (101) |  |  | 2 |  |  | (12) |
Adjusted beginning of period balance | 4,928 |  |  | 3,081 |  |  | 515 |  |  | 1,551 |  |  | 4,679 |  |  | 3,268 |  |  | 538 |  |  | 1,660 |
Issuances | 579 |  |  | 30 |  |  | — |  |  | — |  |  | 765 |  |  | 43 |  |  | 21 |  |  | — |
Interest accrual | 146 |  |  | 117 |  |  | 13 |  |  | 38 |  |  | 131 |  |  | 123 |  |  | 14 |  |  | 41 |
Benefits payments | (376) |  |  | (196) |  |  | (46) |  |  | (111) |  |  | (342) |  |  | (182) |  |  | (47) |  |  | (122) |
Ending Balance at original discount rate | 5,277 |  |  | 3,032 |  |  | 482 |  |  | 1,478 |  |  | 5,233 |  |  | 3,252 |  |  | 526 |  |  | 1,579 |
Effect of changes in discount rate assumptions | (158) |  |  | 85 |  |  | (40) |  |  | (166) |  |  | (130) |  |  | 167 |  |  | (39) |  |  | (158) |
Balance, end of period | $ | 5,119 |  |  | $ | 3,117 |  |  | $ | 442 |  |  | $ | 1,312 |  |  | $ | 5,103 |  |  | $ | 3,419 |  |  | $ | 487 |  |  | $ | 1,421 |
Impact of flooring LFPB at zero | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |
Net liability for future policy benefits | 5,119 |  |  | 1,263 |  |  | 442 |  |  | 1,336 |  |  | 5,103 |  |  | 1,367 |  |  | 487 |  |  | 1,448 |
Less: Reinsurance recoverable | (1,113) |  |  | (943) |  |  | — |  |  | (1,042) |  |  | (1,299) |  |  | 3 |  |  | — |  |  | (1,136) |
Net liability for future policy benefits, after reinsurance recoverable | $ | 4,006 |  |  | $ | 320 |  |  | $ | 442 |  |  | $ | 294 |  |  | $ | 3,804 |  |  | $ | 1,370 |  |  | $ | 487 |  |  | $ | 312 |
Weighted-average duration of liability for future policyholder benefits (years) | 7.5 |  | 6.8 |  | 6.8 |  | 8.2 |  | 7.8 |  | 6.8 |  | 7.0 |  | 8.5
______________ (1)Includes the net income impact due to novation that occurred during the first quarter of 2025 as described in Note 1. The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets:
| September 30, 2025 |  | December 31, 2024 |
| (in millions) |
Policyholders’ account balance reconciliation |  |  |  |
Retirement |  |  |  |
SCS | $ | 77,232 |  |  | $ | 65,267 |  |
EQUI-VEST Individual | 1,887 |  |  | 2,037 |  |
EQUI-VEST Group | 11,076 |  |  | 11,158 |  |
Momentum | 504 |  |  | 527 |  |
GMxB Core | (37) |  |  | (4) |  |
Corporate and Other |  |  |  |
Universal Life | 4,950 |  |  | 5,065 |  |
Variable Universal Life | 5,115 |  |  | 4,982 |  |
GMxB Legacy | 232 |  |  | 226 |  |
Other (1) | 10,715 |  |  | 8,658 |  |
Balance (exclusive of Funding Agreements) | 111,674 |  |  | 97,916 |  |
Funding Agreements | 17,887 |  |  | 13,013 |  |
Balance, end of period | $ | 129,561 |  |  | $ | 110,929 |  |
_____________ (1)Primarily reflects products Retirement Payout, Retirement Other, Indexed Universal Life, Investment Edge, Group Pension and Closed Block. . The following table summarizes the balances and changes in policyholder’s account balances:
| Nine Months Ended September 30, 2025 |  |
| Retirement |  | Corporate and Other |  |
| GMxB Core |  | SCS (1) |  | EQUI-VEST Individual | EQUI-VEST Group |  | Momentum |  | Universal Life |  | Variable Universal Life |  | GMxB Legacy |  |
| (Dollars in millions) |  |
Balance, beginning of period | $ | (4) |  |  | $ | 65,267 |  |  | $ | 2,037 |  | $ | 11,158 |  |  | $ | 527 |  |  | $ | 5,065 |  |  | $ | 4,982 |  |  | $ | 226 |  |  |
Premiums received | 133 |  |  | 11 |  |  | 29 |  | 451 |  |  | 39 |  |  | 444 |  |  | 90 |  |  | 6 |  |  |
Policy charges | 2 |  |  | (40) |  |  | — |  | (4) |  |  | — |  |  | (499) |  |  | (206) |  |  | 10 |  |  |
Surrenders and withdrawals | (21) |  |  | (4,049) |  |  | (186) |  | (1,068) |  |  | (83) |  |  | (62) |  |  | (4) |  |  | (46) |  |  |
Benefit payments | (1) |  |  | (280) |  |  | (49) |  | (52) |  |  | (2) |  |  | (160) |  |  | (101) |  |  | (13) |  |  |
Net transfers from (to) separate account | (152) |  |  | 10,146 |  |  | 13 |  | 327 |  |  | 14 |  |  | — |  |  | 186 |  |  | 7 |  |  |
Interest credited (2) | 6 |  |  | 6,177 |  |  | 43 |  | 264 |  |  | 9 |  |  | 162 |  |  | 168 |  |  | 9 |  |  |
Other (4) | — |  |  | — |  |  | — |  | — |  |  | — |  |  | — |  |  | — |  |  | 33 |  |  |
Balance, end of period | $ | (37) |  |  | $ | 77,232 |  |  | $ | 1,887 |  | $ | 11,076 |  |  | $ | 504 |  |  | $ | 4,950 |  |  | $ | 5,115 |  |  | $ | 232 |  |  |
Weighted-average crediting rate | 1.96% |  | N/A |  | 3.00% | 2.75% |  | 2.46% |  | 3.83% |  | 3.67% |  | 2.78% |  |
Net amount at risk (3) | $ | 2,806 |  |  | $ | — |  |  | $ | 97 |  | $ | 7 |  |  | $ | — |  |  | $ | 31,652 |  |  | $ | 117,340 |  |  | $ | 15,028 |  |  |
Cash surrender value | $ | 194 |  |  | $ | 73,998 |  |  | $ | 1,881 |  | $ | 11,030 |  |  | $ | 505 |  |  | $ | 3,310 |  |  | $ | 3,198 |  |  | $ | 439 |  |  |
______________ (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.
| Nine Months Ended September 30, 2024
| Retirement |  | Corporate and Other
| GMxB Core |  | SCS (1) |  | EQUI-VEST Individual |  | EQUI-VEST Group |  | Momentum |  | Universal Life |  | Variable Universal Life |  | GMxB Legacy
| (Dollars in millions)
Balance, beginning of period | $ | 36 |  | $ | 49,002 |  | $ | 2,322 |  | $ | 11,563 |  | $ | 608 |  | $ | 5,202 |  | $ | 4,850 |  | $ | 618
Premiums received | 177 |  | 12 |  | 26 |  | 452 |  | 50 |  | 490 |  | 91 |  | 3
Policy charges | — |  | (17) |  | — |  | (4) |  | — |  | (537) |  | (196) |  | 9
Surrenders and withdrawals | (27) |  | (2,988) |  | (251) |  | (1,203) |  | (104) |  | (62) |  | (31) |  | (67)
Benefit payments | (2) |  | (222) |  | (40) |  | (55) |  | (1) |  | (163) |  | (58) |  | (14)
Net transfers from (to) separate account | (178) |  | 9,512 |  | 11 |  | 253 |  | (10) |  | — |  | 139 |  | 4
Interest credited (2) | 6 |  | 6,444 |  | 49 |  | 260 |  | 10 |  | 165 |  | 142 |  | 11
Other | — |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Balance, end of period | $ | 12 |  | $ | 61,743 |  | $ | 2,117 |  | $ | 11,266 |  | $ | 553 |  | $ | 5,095 |  | $ | 4,937 |  | $ | 564
Weighted-average crediting rate | 1.68% |  | N/A |  | 2.96% |  | 2.69% |  | 2.32% |  | 3.81% |  | 3.70% |  | 2.74%
Net amount at risk (3) | $ | 2,606 |  | $ | — |  | $ | 100 |  | $ | 8 |  | $ | — |  | $ | 33,800 |  | $ | 116,107 |  | $ | 18,977
Cash surrender value | $ | 241 |  | $ | 58,668 |  | $ | 2,110 |  | $ | 11,207 |  | $ | 554 |  | $ | 3,386 |  | $ | 3,194 |  | $ | 507
______________ (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:
| September 30, 2025 |  | December 31, 2024
| (in millions)
Separate Account Reconciliation |  |  |
Retirement |  |  |
GMxB Core | $ | 30,956 |  |  | $ | 30,411 |
EQUI-VEST Individual | 4,926 |  |  | 4,782 |
Investment Edge | 5,253 |  |  | 4,885 |
EQUI-VEST Group | 33,359 |  |  | 30,546 |
Momentum | 5,244 |  |  | 4,813 |
Corporate and Other |  |  |
Variable Universal Life | 20,129 |  |  | 18,176 |
GMxB Legacy | 28,951 |  |  | 33,199 |
Other (1) | 8,087 |  |  | 7,905 |
Total | $ | 136,905 |  |  | $ | 134,717 |
______________ (1)Primarily reflects Corporate and Other products and Retirement products including Association and Retirement Other. The following table presents the balances of and changes in Separate Account liabilities:
| Nine Months Ended September 30, 2025
| Retirement |  | Corporate and Other
| GMxB Core |  | EQUI-VEST Individual |  | Investment Edge | EQUI-VEST Group |  | Momentum |  | VUL |  | GMxB Legacy
| (in millions)
Balance, beginning of period | $ | 30,411 |  |  | $ | 4,782 |  |  | $ | 4,885 |  | $ | 30,546 |  |  | $ | 4,813 |  |  | $ | 18,176 |  |  | $ | 33,199 |
Premiums and deposits | 1,369 |  |  | 73 |  |  | 1,347 |  | 1,822 |  |  | 488 |  |  | 1,026 |  |  | 163 |
Policy charges | (376) |  |  | (3) |  |  | — |  | (11) |  |  | (18) |  |  | (440) |  |  | (385) |
Surrenders and withdrawals | (2,773) |  |  | (368) |  |  | (367) |  | (2,059) |  |  | (631) |  |  | (521) |  |  | (2,220) |
Benefit payments | (218) |  |  | (57) |  |  | (37) |  | (54) |  |  | (9) |  |  | (85) |  |  | (517) |
Investment performance (1) | 2,391 |  |  | 507 |  |  | 496 |  | 3,448 |  |  | 615 |  |  | 2,159 |  |  | 2,530 |
Net transfers from (to) General Account | 152 |  |  | (8) |  |  | (1,071) |  | (333) |  |  | (14) |  |  | (186) |  |  | (7) |
Other charges (2) | — |  |  | — |  |  | — |  | — |  |  | — |  |  | — |  |  | (3,812) |
Balance, end of period | $ | 30,956 |  |  | $ | 4,926 |  |  | $ | 5,253 |  | $ | 33,359 |  |  | $ | 5,244 |  |  | $ | 20,129 |  |  | $ | 28,951 |
Cash surrender value | $ | 30,115 |  |  | $ | 4,895 |  |  | $ | 5,169 |  | $ | 33,052 |  |  | $ | 5,237 |  |  | $ | 19,743 |  |  | $ | 28,740 |
_____________ (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.
| Nine Months Ended September 30, 2024
| Retirement |  | Corporate and Other
| GMxB Core |  | EQUI-VEST Individual |  | Investment Edge | EQUI-VEST Group |  | Momentum |  | VUL |  | GMxB Legacy
| (in millions)
Balance, beginning of period | $ | 29,829 |  |  | $ | 4,582 |  |  | $ | 4,275 |  | $ | 26,959 |  |  | $ | 4,421 |  |  | $ | 15,821 |  |  | $ | 33,794 |
Premiums and deposits | 1,499 |  |  | 69 |  |  | 1,333 |  | 1,709 |  |  | 554 |  |  | 925 |  |  | 165 |
Policy charges | (374) |  |  | (1) |  |  | — |  | (13) |  |  | (17) |  |  | (432) |  |  | (477) |
Surrenders and withdrawals | (2,710) |  |  | (381) |  |  | (389) |  | (1,778) |  |  | (686) |  |  | (474) |  |  | (2,529) |
Benefit payments | (203) |  |  | (40) |  |  | (22) |  | (47) |  |  | (8) |  |  | (68) |  |  | (568) |
Investment performance (1) | 3,195 |  |  | 702 |  |  | 543 |  | 4,109 |  |  | 659 |  |  | 2,476 |  |  | 4,226 |
Net transfers from (to) General Account | 178 |  |  | (11) |  |  | (848) |  | (253) |  |  | 9 |  |  | (138) |  |  | (4) |
Other charges | — |  |  | — |  |  | — |  | — |  |  | — |  |  | — |  |  | — |
Balance, end of period | $ | 31,414 |  |  | $ | 4,920 |  |  | $ | 4,892 |  | $ | 30,686 |  |  | $ | 4,932 |  |  | $ | 18,110 |  |  | $ | 34,607 |
Cash surrender value | $ | 30,579 |  |  | $ | 4,887 |  |  | $ | 4,803 |  | $ | 30,378 |  |  | $ | 4,924 |  |  | $ | 17,727 |  |  | $ | 34,334 |
______________ (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:
| September 30, 2025 |  | December 31, 2024 |  |
| (in millions) |  |
Term |  |  |  |  |
Expected future benefit payments and expenses (undiscounted) | $ | 5,294 |  |  | $ | 5,613 |  |  |
Expected future gross premiums (undiscounted) | 6,333 |  |  | 6,597 |  |  |
Expected future benefit payments and expenses (discounted; AOCI basis) | 3,117 |  |  | 3,216 |  |  |
Expected future gross premiums (discounted; AOCI basis) | 3,485 |  |  | 3,507 |  |  |
Payout |  |  |  |  |
Expected future benefit payments and expenses (undiscounted) | 7,503 |  |  | 7,686 |  |  |
Expected future gross premiums (undiscounted) | — |  |  | — |  |  |
Expected future benefit payments and expenses (discounted; AOCI basis) | 4,999 |  |  | 4,938 |  |  |
Expected future gross premiums (discounted; AOCI basis) | — |  |  | — |  |  |
| September 30, 2025 |  | December 31, 2024 |  |
| (in millions) |  |
Group Pension |  |  |  |  |
Expected future benefit payments and expenses (undiscounted) | 591 |  |  | 630 |  |  |
Expected future gross premiums (undiscounted) | — |  |  | — |  |  |
Expected future benefit payments and expenses (discounted; AOCI basis) | 422 |  |  | 436 |  |  |
Expected future gross premiums (discounted; AOCI basis) | — |  |  | — |  |  |
Health |  |  |  |  |
Expected future benefit payments and expenses (undiscounted) | 2,021 |  |  | 2,139 |  |  |
Expected future gross premiums (undiscounted) | 63 |  |  | 70 |  |  |
Expected future benefit payments and expenses (discounted; AOCI basis) | 1,299 |  |  | 1,323 |  |  |
Expected future gross premiums (discounted; AOCI basis) | $ | 50 |  |  | $ | 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:
| Nine Months Ended September 30,
| 2025 |  | 2024 |  |  |  | 2025 |  | 2024 |  |
| Gross Premium |  | Interest Accretion
| (in millions)
Revenue and Interest Accretion |  |  |  |  |  |  |  |  |  |  |
Term | $ | 238 |  |  | $ | 254 |  |  |  |  | $ | 48 |  |  | $ | 50 |  |  |
Payout | 164 |  |  | 201 |  |  |  |  | 158 |  |  | 153 |  |  |
Group Pension | — |  |  | — |  |  |  |  | 13 |  |  | 13 |  |  |
Health | 8 |  |  | 9 |  |  |  |  | 39 |  |  | 41 |  |  |
Total | $ | 410 |  |  | $ | 464 |  |  |  |  | $ | 258 |  |  | $ | 257 |  |  |
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:
|  |  | September 30, 2025 |  | December 31, 2024
Weighted Average Interest Rate |  |  |  |  |
Term |  |  |  |  |
Interest accretion rate |  |  | 5.6 | % |  | 5.6 | %
Current discount rate |  |  | 4.9 | % |  | 5.2 | %
Payout |  |  |  |  |
Interest accretion rate |  |  | 4.5 | % |  | 4.4 | %
Current discount rate |  |  | 4.9 | % |  | 5.3 | %
Group Pension |  |  |  |  |
Interest accretion rate |  |  | 3.4 | % |  | 3.4 | %
Current discount rate |  |  | 4.8 | % |  | 5.2 | %
Health |  |  |  |  |
Interest accretion rate |  |  | 3.4 | % |  | 3.4 | %
Current discount rate |  |  | 5.0 | % |  | 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:
|  |  | Nine Months Ended September 30,
|  |  |  |  | 2025 |  | 2024 |  |
|  |  |  |  | Corporate and Other
|  |  |  |  | UL
|  |  |  |  | (in millions)
Balance, beginning of period |  |  |  |  | $ | 1,246 |  |  | $ | 1,208 |  |  |
Beginning balance before AOCI adjustments |  |  |  |  | 1,302 |  |  | 1,245 |  |  |
Effect of changes in interest rate & cash flow assumptions and model changes |  |  |  |  | 5 |  |  | — |  |  |
Effect of actual variances from expected experience |  |  |  |  | 62 |  |  | (1) |  |  |
Adjusted beginning of period balance |  |  |  |  | 1,369 |  |  | 1,244 |  |  |
Interest accrual |  |  |  |  | 44 |  |  | 42 |  |  |
Net assessments collected |  |  |  |  | (9) |  |  | 53 |  |  |
Benefit payments |  |  |  |  | (78) |  |  | (44) |  |  |
Ending balance before shadow reserve adjustments |  |  |  |  | 1,326 |  |  | 1,295 |  |  |
Effect of reserve adjustment recorded in AOCI |  |  |  |  | (17) |  |  | (39) |  |  |
Balance, end of period |  |  |  |  | $ | 1,309 |  |  | $ | 1,256 |  |  |
Net liability for additional liability |  |  |  |  | $ | 1,309 |  |  | $ | 1,256 |  |  |
Less: Reinsurance recoverable |  |  |  |  | (1,089) |  |  | — |  |  |
Net liability for additional liability, after reinsurance recoverable |  |  |  |  | $ | 220 |  |  | $ | 1,256 |  |  |
Weighted-average duration of additional liability - death benefit (years) |  |  |  |  | 18.6 |  | 19.7 |  |
The following tables provide the revenue, interest and weighted average interest rates, related to the additional insurance liabilities:
| Nine Months Ended September 30,
| 2025 |  | 2024 |  |  |  | 2025 |  | 2024 |  |
| Assessments |  | Interest Accretion
| (in millions)
Revenue and Interest Accretion |  |  |  |  |  |  |  |  |  |  |
UL | $ | 227 |  |  | $ | 499 |  |  |  |  | $ | 44 |  |  | $ | 41 |  |  |
Total | $ | 227 |  |  | $ | 499 |  |  |  |  | $ | 44 |  |  | $ | 41 |  |  |
|  |  |  |  | Nine Months Ended September 30,
|  |  |  |  |  |  | 2025 |  | 2024 |  |
Weighted Average Interest Rate |  |  |  |  |  |  |  |  |  |  |
UL |  |  |  |  |  |  | 4.5 | % |  | 4.5 | % |  |
Interest accretion rate |  |  |  |  |  |  | 4.5 | % |  | 4.5 | % |  |

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