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v3.25.3

POLICYHOLDER ACCOUNT BALANCES (Tables) | 9 Months Ended
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Sep. 30, 2025
Policyholder Account Balance [Abstract] |
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 Policyholder Account Balance, Guaranteed Minimum Crediting Rate | 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:
September 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) |  |  |  |  |  |
Retirement |  |  |  |  |  |
GMxB Core |  | 0.00% - 1.50% |  | $ | — |  |  | $ | 10 |  |  | $ | 144 |  |  | $ | — |  |  | $ | 154 |  |  |  |  |  |  |
| 1.51% - 2.50% |  | 11 |  |  | — |  |  | — |  |  | — |  |  | 11 |  |  |  |  |  |  |
| Greater than 2.50% |  | 33 |  |  | — |  |  | — |  |  | — |  |  | 33 |  |  |  |  |  |  |
| Total |  | $ | 44 |  |  | $ | 10 |  |  | $ | 144 |  |  | $ | — |  |  | $ | 198 |  |  |  |  |  |  |
EQUI-VEST Individual |  | 0.00% - 1.50% |  | $ | — |  |  | $ | 29 |  |  | $ | 157 |  |  | $ | — |  |  | $ | 186 |  |  |  |  |  |  |
| 1.51% - 2.50% |  | 12 |  |  | 63 |  |  | — |  |  | — |  |  | 75 |  |  |  |  |  |  |
| Greater than 2.50% |  | 1,625 |  |  | — |  |  | — |  |  | — |  |  | 1,625 |  |  |  |  |  |  |
| Total |  | $ | 1,637 |  |  | $ | 92 |  |  | $ | 157 |  |  | $ | — |  |  | $ | 1,886 |  |  |  |  |  |  |
EQUI-VEST Group |  | 0.00% - 1.50% |  | $ | 1 |  |  | $ | 938 |  |  | $ | 2,214 |  |  | $ | 220 |  |  | $ | 3,373 |  |  |  |  |  |  |
| 1.51% - 2.50% |  | 340 |  |  | — |  |  | — |  |  | — |  |  | 340 |  |  |  |  |  |  |
| Greater than 2.50% |  | 5,905 |  |  | — |  |  | — |  |  | — |  |  | 5,905 |  |  |  |  |  |  |
| Total |  | $ | 6,246 |  |  | $ | 938 |  |  | $ | 2,214 |  |  | $ | 220 |  |  | $ | 9,618 |  |  |  |  |  |  |
Momentum |  | 0.00% - 1.50% |  | $ | — |  |  | $ | — |  |  | $ | 270 |  |  | $ | 83 |  |  | $ | 353 |  |  |  |  |  |  |
| 1.51% - 2.50% |  | 70 |  |  | 23 |  |  | — |  |  | — |  |  | 93 |  |  |  |  |  |  |
| Greater than 2.50% |  | 52 |  |  | — |  |  | 5 |  |  | — |  |  | 57 |  |  |  |  |  |  |
| Total |  | $ | 122 |  |  | $ | 23 |  |  | $ | 275 |  |  | $ | 83 |  |  | $ | 503 |  |  |  |  |  |  |
Corporate and Other |  |  |  |  |  |
Universal Life |  | 0.00% - 1.50% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6 |  |  | $ | 6 |  |  |  |  |  |  |
| 1.51% - 2.50% |  | — |  |  | 85 |  |  | 277 |  |  | 660 |  |  | 1,022 |  |  |  |  |  |  |
| Greater than 2.50% |  | 3,228 |  |  | 666 |  |  | — |  |  | — |  |  | 3,894 |  |  |  |  |  |  |
| Total |  | $ | 3,228 |  |  | $ | 751 |  |  | $ | 277 |  |  | $ | 666 |  |  | $ | 4,922 |  |  |  |  |  |  |
Variable Universal Life |  | 0.00% - 1.50% |  | $ | 18 |  |  | $ | 7 |  |  | $ | 121 |  |  | $ | 60 |  |  | $ | 206 |  |  |  |  |  |  |
| 1.51% - 2.50% |  | 40 |  |  | 369 |  |  | 247 |  |  | — |  |  | 656 |  |  |  |  |  |  |
| Greater than 2.50% |  | 3,606 |  |  | 80 |  |  | 2 |  |  | — |  |  | 3,688 |  |  |  |  |  |  |
| Total |  | $ | 3,664 |  |  | $ | 456 |  |  | $ | 370 |  |  | $ | 60 |  |  | $ | 4,550 |  |  |  |  |  |  |
GMxB Legacy |  | 0.00% - 1.50% |  | $ | 1 |  |  | $ | 60 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 63 |  |  |  |  |  |  |
| 1.51% - 2.50% |  | 17 |  |  | — |  |  | — |  |  | — |  |  | 17 |  |  |  |  |  |  |
| Greater than 2.50% |  | 360 |  |  | — |  |  | — |  |  | — |  |  | 360 |  |  |  |  |  |  |
| Total |  | $ | 378 |  |  | $ | 60 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 440 |  |  |  |  |  |  |
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)
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 |
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)
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 |
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 |
Corporate and Other
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 |
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 |
Schedule of Aggregate Fair Value of Separate Account Assets | The following table presents the aggregate fair value of Separate Account assets by major asset category:
|  |  | September 30, 2025
|  |  | Retirement |  |  |  |  | Corp & Other |  | Total
|  |  |  |  |  |  |  | Legacy |  | Life |  | Other |
|  |  | (in millions)
Asset Type |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities |  |  | $ | 13 |  |  |  |  |  |  | $ | — |  |  | $ | 48 |  |  | $ | 15 |  |  | $ | 76 |
Common Stock |  |  | 567 |  |  |  |  |  |  | — |  |  | 76 |  |  | 1,797 |  |  | 2,440 |
Mutual Funds |  |  | 83,043 |  |  |  |  |  |  | 28,966 |  |  | 20,612 |  |  | 620 |  |  | 133,241 |
Bonds and Notes |  |  | 7 |  |  |  |  |  |  | — |  |  | 99 |  |  | 1,042 |  |  | 1,148 |
Total |  |  | $ | 83,630 |  |  |  |  |  |  | $ | 28,966 |  |  | $ | 20,835 |  |  | $ | 3,474 |  |  | $ | 136,905 |
|  |  | December 31, 2024
|  |  | Retirement |  |  |  |  |  | Corp & Other |  | Total
|  |  |  |  |  |  |  | Legacy |  | Life |  | Other |
|  |  | (in millions)
Asset Type |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities |  |  | $ | 15 |  |  |  |  |  |  | $ | — |  |  | $ | 51 |  |  | $ | 13 |  |  | $ | 79 |
Common Stock |  |  | 508 |  |  |  |  |  |  | — |  |  | 68 |  |  | 1,631 |  |  | 2,207 |
Mutual Funds |  |  | 78,808 |  |  |  |  |  |  | 33,214 |  |  | 18,611 |  |  | 659 |  |  | 131,292 |
Bonds and Notes |  |  | 5 |  |  |  |  |  |  | — |  |  | 98 |  |  | 1,036 |  |  | 1,139 |
Total |  |  | $ | 79,336 |  |  |  |  |  |  | $ | 33,214 |  |  | $ | 18,828 |  |  | $ | 3,339 |  |  | $ | 134,717 |

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