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POLICYHOLDER ACCOUNT BALANCES
 9 Months Ended
Sep. 30, 2025
Policyholder Account Balance [Abstract]  
POLICYHOLDER ACCOUNT BALANCES POLICYHOLDER ACCOUNT BALANCES
The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets:

September 30, 2025December 31, 2024
(in millions)
Policyholders’ account balance reconciliation
Retirement
SCS$77,232 $65,267 
EQUI-VEST Individual1,887 2,037 
EQUI-VEST Group11,076 11,158 
Momentum504 527 
GMxB Core(37)(4)
Corporate and Other
Universal Life4,950 5,065 
Variable Universal Life5,115 4,982 
GMxB Legacy232 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 CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentumUniversal LifeVariable Universal LifeGMxB Legacy
(Dollars in millions)
Balance, beginning of period$(4)$65,267 $2,037 $11,158 $527 $5,065 $4,982 $226 
Premiums received133 11 29 451 39 444 90 6 
Policy charges2 (40)— (4)— (499)(206)10 
Surrenders and withdrawals(21)(4,049)(186)(1,068)(83)(62)(4)(46)
Benefit payments(1)(280)(49)(52)(2)(160)(101)(13)
Net transfers from (to) separate account(152)10,146 13 327 14 — 186 7 
Interest credited (2)6 6,177 43 264 9 162 168 9 
Other (4)
— — — — — — — 33 
Balance, end of period$(37)$77,232 $1,887 $11,076 $504 $4,950 $5,115 $232 
Weighted-average crediting rate1.96%N/A3.00%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 CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentumUniversal LifeVariable Universal LifeGMxB Legacy
(Dollars in millions)
Balance, beginning of period$36$49,002$2,322$11,563$608$5,202$4,850$618
Premiums received177122645250490913
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)9,51211253(10)—1394
Interest credited (2)66,444492601016514211
Other————————
Balance, end of period$12$61,743$2,117$11,266$553$5,095$4,937$564
Weighted-average crediting rate1.68%N/A2.96%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 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 RateAt 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 RateAt 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 RateAt 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 
Separate Account - Summary
The following table reconciles the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheets:
September 30, 2025December 31, 2024
(in millions)
Separate Account Reconciliation
Retirement
GMxB Core$30,956 $30,411 
EQUI-VEST Individual4,926 4,782 
Investment Edge5,253 4,885 
EQUI-VEST Group33,359 30,546 
Momentum5,244 4,813 
Corporate and Other
Variable Universal Life20,129 18,176 
GMxB Legacy28,951 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 CoreEQUI-VEST IndividualInvestment EdgeEQUI-VEST GroupMomentumVULGMxB Legacy
(in millions)
Balance, beginning of period$30,411 $4,782 $4,885 $30,546 $4,813 $18,176 $33,199 
Premiums and deposits1,369 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 CoreEQUI-VEST IndividualInvestment EdgeEQUI-VEST GroupMomentumVULGMxB Legacy
(in millions)
Balance, beginning of period$29,829 $4,582 $4,275 $26,959 $4,421 $15,821 $33,794 
Premiums and deposits1,499 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.
The following table presents the aggregate fair value of Separate Account assets by major asset category:
September 30, 2025
RetirementCorp & OtherTotal
LegacyLife Other
(in millions)
Asset Type
Debt securities$13 $— $48 $15 $76 
Common Stock567 — 76 1,797 2,440 
Mutual Funds83,043 28,966 20,612 620 133,241 
Bonds and Notes7 — 99 1,042 1,148 
Total$83,630 $28,966 $20,835 $3,474 $136,905 

December 31, 2024
Retirement
Corp & OtherTotal
Legacy
Life
Other
(in millions)
Asset Type
Debt securities$15 $— $51 $13 $79 
Common Stock508 — 68 1,631 2,207 
Mutual Funds78,808 33,214 18,611 659 131,292 
Bonds and Notes5 — 98 1,036 1,139 
Total$79,336 $33,214 $18,828 $3,339 $134,717