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LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS (Tables)

9 Months Ended

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		%

X

- Definition

Policyholder Account Balance And Liability For Unpaid Claims And Claims Adjustment Expense

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Schedule Of Liability For Future Policy Benefits, Undiscounted And Discounted Expected Gross Premiums And Expected Future Benefits And Expenses

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No definition available.

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- Definition

Tabular disclosure of present value of total expected payment to policyholder in excess of present value of total expected assessment from application of revised benefit ratio as of contract issue date. Excludes benefit classified as market risk benefit or under provisions of Topic 815 on derivative and hedging.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

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- Definition

Tabular disclosure of information about policyholder account balance, including, but not limited to change in liability and related cash surrender value.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-7A

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 29F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480046/944-40-55-29F

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