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v3.25.3

LIABILITIES FOR INSURANCE PRODUCTS (Tables) | 9 Months Ended
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Sep. 30, 2025
Insurance [Abstract] |
Schedule of Balances and Changes in the Liability for Future Policy Benefits | The following tables summarize balances and changes in the liability for future policy benefits for traditional and limited-payment contracts for the nine months ended September 30, 2025 (dollars in millions):
|  | Supplemental health |  | Medicare supplement |  | Long-term care |  | Traditional life |  | Other annuities |  | Total
Present value of expected net premiums ("PVENP"), beginning of period |  | $ | 2,643.9 |  |  | $ | 3,161.9 |  |  | $ | 1,102.8 |  |  | $ | 2,203.9 |  |  | $ | — |  |  | $ | 9,112.5 |
Effect of changes in discount rate assumptions, beginning of period |  | 180.0 |  |  | 195.2 |  |  | 25.7 |  |  | 113.5 |  |  | — |  |  | 514.4 |
Beginning PVENP at original discount rate |  | 2,823.9 |  |  | 3,357.1 |  |  | 1,128.5 |  |  | 2,317.4 |  |  | — |  |  | 9,626.9 |
Effect of changes in cash flow assumptions |  | (63.2) |  |  | 182.7 |  |  | 31.0 |  |  | 2.3 |  |  | — |  |  | 152.8 |
Effect of actual variances from expected experience |  | (54.6) |  |  | 44.2 |  |  | (28.3) |  |  | (89.5) |  |  | — |  |  | (128.2) |
Adjusted beginning of period PVENP |  | 2,706.1 |  |  | 3,584.0 |  |  | 1,131.2 |  |  | 2,230.2 |  |  | — |  |  | 9,651.5 |
Issuances |  | 230.3 |  |  | 354.3 |  |  | 135.4 |  |  | 297.2 |  |  | 5.1 |  |  | 1,022.3 |
Interest accrual |  | 91.7 |  |  | 109.0 |  |  | 40.1 |  |  | 71.0 |  |  | — |  |  | 311.8 |
Net premiums collected |  | (264.7) |  |  | (345.7) |  |  | (124.7) |  |  | (298.2) |  |  | (5.1) |  |  | (1,038.4) |
Ending PVENP at original discount rate |  | 2,763.4 |  |  | 3,701.6 |  |  | 1,182.0 |  |  | 2,300.2 |  |  | — |  |  | 9,947.2 |
Effect of changes in discount rate assumptions, end of period |  | (96.8) |  |  | (104.8) |  |  | 7.1 |  |  | (40.9) |  |  | — |  |  | (235.4) |
PVENP, end of period |  | $ | 2,666.6 |  |  | $ | 3,596.8 |  |  | $ | 1,189.1 |  |  | $ | 2,259.3 |  |  | $ | — |  |  | $ | 9,711.8 |
Present value of expected future policy benefits ("PVEFPB"), beginning of period |  | $ | 5,828.2 |  |  | $ | 3,375.6 |  |  | $ | 4,240.1 |  |  | $ | 4,570.6 |  |  | $ | 264.5 |  |  | $ | 18,279.0 |
Effect of changes in discount rate assumptions, beginning of period |  | 516.6 |  |  | 211.5 |  |  | 94.1 |  |  | 333.3 |  |  | 16.2 |  |  | 1,171.7 |
Beginning PVEFPB at original discount rate |  | 6,344.8 |  |  | 3,587.1 |  |  | 4,334.2 |  |  | 4,903.9 |  |  | 280.7 |  |  | 19,450.7 |
Effect of changes in cash flow assumptions |  | (87.2) |  |  | 192.0 |  |  | 25.8 |  |  | 1.8 |  |  | (2.8) |  |  | 129.6 |
Effect of actual variances from expected experience |  | (61.8) |  |  | 51.0 |  |  | (42.6) |  |  | (111.7) |  |  | 2.4 |  |  | (162.7) |
Adjusted beginning of period PVEFPB |  | 6,195.8 |  |  | 3,830.1 |  |  | 4,317.4 |  |  | 4,794.0 |  |  | 280.3 |  |  | 19,417.6 |
Issuances |  | 233.6 |  |  | 354.5 |  |  | 135.5 |  |  | 302.2 |  |  | 5.1 |  |  | 1,030.9 |
Interest accrual |  | 218.6 |  |  | 116.6 |  |  | 171.4 |  |  | 158.0 |  |  | 9.6 |  |  | 674.2 |
Benefit payments |  | (319.0) |  |  | (379.6) |  |  | (219.3) |  |  | (348.6) |  |  | (22.1) |  |  | (1,288.6) |
Ending PVEFPB at original discount rate |  | 6,329.0 |  |  | 3,921.6 |  |  | 4,405.0 |  |  | 4,905.6 |  |  | 272.9 |  |  | 19,834.1 |
Effect of changes in discount rate assumptions, end of period |  | (317.0) |  |  | (113.6) |  |  | 26.5 |  |  | (180.0) |  |  | (9.0) |  |  | (593.1) |
PVEFPB, end of period |  | $ | 6,012.0 |  |  | $ | 3,808.0 |  |  | $ | 4,431.5 |  |  | $ | 4,725.6 |  |  | $ | 263.9 |  |  | $ | 19,241.0 |
Net liability for future policy benefits |  | $ | 3,345.4 |  |  | $ | 211.2 |  |  | $ | 3,242.4 |  |  | $ | 2,466.3 |  |  | $ | 263.9 |  |  | $ | 9,529.2 |
Flooring impact |  | — |  |  | 0.9 |  |  | — |  |  | — |  |  | — |  |  | 0.9 |
Adjusted net liability for future policy benefits |  | 3,345.4 |  |  | 212.1 |  |  | 3,242.4 |  |  | 2,466.3 |  |  | 263.9 |  |  | 9,530.1 |
Related reinsurance recoverable |  | (1.7) |  |  | — |  |  | (386.5) |  |  | (162.3) |  |  | — |  |  | (550.5) |
Net liability for future policy benefits, net of reinsurance recoverable |  | $ | 3,343.7 |  |  | $ | 212.1 |  |  | $ | 2,855.9 |  |  | $ | 2,304.0 |  |  | $ | 263.9 |  |  | $ | 8,979.6 |
Adjusted net liability for future policy benefits |  |  |  |  |  |  |  |  |  |  | $ | 9,530.1 |
Reserves excluded from rollforward (a) |  |  |  |  |  |  |  |  |  |  | 2,351.3 |
Deferred liability |  |  |  |  |  |  |  |  |  |  | 69.2 |
Future loss reserves (b) |  |  |  |  |  |  |  |  |  |  | 24.9 |
Future policy benefits |  |  |  |  |  |  |  |  |  |  | $ | 11,975.5 |
(a) Primarily comprised of blocks of business that are 100% ceded. (b) In certain instances for interest-sensitive products, the total insurance liabilities for a particular line of business may not be deficient in the aggregate to trigger loss recognition, but the pattern of earnings may be such that profits are expected to be recognized in earlier years followed by losses in later years. In these situations, accounting standards require that an additional liability (the "future loss reserve") be recognized by an amount necessary to sufficiently offset the losses that would be recognized in later years. The following tables summarize balances and changes in the liability for future policy benefits for traditional and limited-payment contracts for the nine months ended September 30, 2024 (dollars in millions):
|  | Supplemental health |  | Medicare supplement |  | Long-term care |  | Traditional life |  | Other annuities |  | Total
PVENP, beginning of period |  | $ | 2,718.2 |  |  | $ | 3,009.1 |  |  | $ | 1,055.6 |  |  | $ | 2,279.6 |  |  | $ | — |  |  | $ | 9,062.5 |
Effect of changes in discount rate assumptions, beginning of period |  | 86.8 |  |  | 99.2 |  |  | (7.6) |  |  | 67.6 |  |  | — |  |  | 246.0 |
Beginning PVENP at original discount rate |  | 2,805.0 |  |  | 3,108.3 |  |  | 1,048.0 |  |  | 2,347.2 |  |  | — |  |  | 9,308.5 |
Effect of changes in cash flow assumptions |  | (28.4) |  |  | 85.2 |  |  | 9.6 |  |  | (20.1) |  |  | — |  |  | 46.3 |
Effect of actual variances from expected experience |  | 11.7 |  |  | 10.6 |  |  | (8.9) |  |  | (55.3) |  |  | — |  |  | (41.9) |
Adjusted beginning of period PVENP |  | 2,788.3 |  |  | 3,204.1 |  |  | 1,048.7 |  |  | 2,271.8 |  |  | — |  |  | 9,312.9 |
Issuances |  | 202.1 |  |  | 243.5 |  |  | 145.0 |  |  | 292.6 |  |  | 4.4 |  |  | 887.6 |
Interest accrual |  | 92.7 |  |  | 98.5 |  |  | 39.6 |  |  | 73.4 |  |  | — |  |  | 304.2 |
Net premiums collected |  | (260.3) |  |  | (337.3) |  |  | (119.9) |  |  | (303.3) |  |  | (4.4) |  |  | (1,025.2) |
Ending PVENP at original discount rate |  | 2,822.8 |  |  | 3,208.8 |  |  | 1,113.4 |  |  | 2,334.5 |  |  | — |  |  | 9,479.5 |
Effect of changes in discount rate assumptions, end of period |  | (57.3) |  |  | (64.8) |  |  | 17.1 |  |  | (35.6) |  |  | — |  |  | (140.6) |
PVENP, end of period |  | $ | 2,765.5 |  |  | $ | 3,144.0 |  |  | $ | 1,130.5 |  |  | $ | 2,298.9 |  |  | $ | — |  |  | $ | 9,338.9 |
PVEFPB, beginning of period |  | $ | 6,023.3 |  |  | $ | 3,236.6 |  |  | $ | 4,364.6 |  |  | $ | 4,694.7 |  |  | $ | 308.9 |  |  | $ | 18,628.1 |
Effect of changes in discount rate assumptions, beginning of period |  | 229.8 |  |  | 108.3 |  |  | (132.8) |  |  | 170.9 |  |  | 3.0 |  |  | 379.2 |
Beginning PVEFPB at original discount rate |  | 6,253.1 |  |  | 3,344.9 |  |  | 4,231.8 |  |  | 4,865.6 |  |  | 311.9 |  |  | 19,007.3 |
Effect of changes in cash flow assumptions |  | (39.2) |  |  | 95.2 |  |  | 8.2 |  |  | (20.7) |  |  | — |  |  | 43.5 |
Effect of actual variances from expected experience |  | 16.4 |  |  | 11.3 |  |  | (23.2) |  |  | (65.7) |  |  | (16.5) |  |  | (77.7) |
Adjusted beginning of period PVEFPB |  | 6,230.3 |  |  | 3,451.4 |  |  | 4,216.8 |  |  | 4,779.2 |  |  | 295.4 |  |  | 18,973.1 |
Issuances |  | 202.5 |  |  | 239.9 |  |  | 145.2 |  |  | 298.0 |  |  | 4.5 |  |  | 890.1 |
Interest accrual |  | 218.4 |  |  | 106.3 |  |  | 171.0 |  |  | 159.4 |  |  | 10.3 |  |  | 665.4 |
Benefit payments |  | (329.1) |  |  | (360.2) |  |  | (222.0) |  |  | (336.7) |  |  | (23.9) |  |  | (1,271.9) |
Ending PVEFPB at original discount rate |  | 6,322.1 |  |  | 3,437.4 |  |  | 4,311.0 |  |  | 4,899.9 |  |  | 286.3 |  |  | 19,256.7 |
Effect of changes in discount rate assumptions, end of period |  | (172.8) |  |  | (71.5) |  |  | 159.0 |  |  | (113.7) |  |  | (1.3) |  |  | (200.3) |
PVEFPB, end of period |  | $ | 6,149.3 |  |  | $ | 3,365.9 |  |  | $ | 4,470.0 |  |  | $ | 4,786.2 |  |  | $ | 285.0 |  |  | $ | 19,056.4 |
Net liability for future policy benefits |  | $ | 3,383.8 |  |  | $ | 221.9 |  |  | $ | 3,339.5 |  |  | $ | 2,487.3 |  |  | $ | 285.0 |  |  | $ | 9,717.5 |
Flooring impact |  | — |  |  | 0.5 |  |  | — |  |  | — |  |  | — |  |  | 0.5 |
Adjusted net liability for future policy benefits |  | 3,383.8 |  |  | 222.4 |  |  | 3,339.5 |  |  | 2,487.3 |  |  | 285.0 |  |  | 9,718.0 |
Related reinsurance recoverable |  | (1.5) |  |  | — |  |  | (384.6) |  |  | (178.7) |  |  | — |  |  | (564.8) |
Net liability for future policy benefits, net of reinsurance recoverable |  | $ | 3,382.3 |  |  | $ | 222.4 |  |  | $ | 2,954.9 |  |  | $ | 2,308.6 |  |  | $ | 285.0 |  |  | $ | 9,153.2 |
Adjusted net liability for future policy benefits |  |  |  |  |  |  |  |  |  |  | $ | 9,718.0 |
Reserves excluded from rollforward (a) |  |  |  |  |  |  |  |  |  |  | 2,445.4 |
Deferred liability |  |  |  |  |  |  |  |  |  |  | 67.4 |
Future loss reserves (b) |  |  |  |  |  |  |  |  |  |  | 27.4 |
Future policy benefits |  |  |  |  |  |  |  |  |  |  | $ | 12,258.2 |
(a) Primarily comprised of blocks of business that are 100% ceded. (b) In certain instances for interest-sensitive products, the total insurance liabilities for a particular line of business may not be deficient in the aggregate to trigger loss recognition, but the pattern of earnings may be such that profits are expected to be recognized in earlier years followed by losses in later years. In these situations, accounting standards require that an additional liability (the "future loss reserve") be recognized by an amount necessary to sufficiently offset the losses that would be recognized in later years. The following table summarizes the amount of revenue and interest related to traditional and limited-payment contracts recognized in the consolidated statement of operations (dollars in millions):
|  | Gross premiums (a) |  | Interest accretion (b)
|  | Nine months ended |  | Nine months ended
|  | September 30, |  | September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Other annuities |  | $ | 6.0 |  |  | $ | 4.9 |  |  | $ | 9.6 |  |  | $ | 10.3 |
Supplemental health |  | 554.0 |  |  | 542.3 |  |  | 126.9 |  |  | 125.7 |
Medicare supplement |  | 465.4 |  |  | 461.6 |  |  | 7.6 |  |  | 7.8 |
Long-term care |  | 264.8 |  |  | 255.0 |  |  | 131.3 |  |  | 131.4 |
Traditional life |  | 551.6 |  |  | 544.0 |  |  | 87.0 |  |  | 86.0 |
Total |  | $ | 1,841.8 |  |  | $ | 1,807.8 |  |  | $ | 362.4 |  |  | $ | 361.2 |
_____________________ (a) Such amounts are included in insurance policy income in the consolidated statement of operations. (b) Such amounts are included in insurance policy benefits in the consolidated statement of operations. The following table provides the amount of undiscounted and discounted expected future gross premiums and expected future benefits and expenses for traditional and limited-payment contracts (dollars in millions):
|  | September 30, 2025 |  | September 30, 2024
|  | Undiscounted |  | Discounted (a) |  | Undiscounted |  | Discounted (a)
Other annuity |  |  |  |  |  |  |  |
Expected future gross premiums |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Expected future benefits and expenses |  | 312.8 |  |  | 263.9 |  |  | 337.6 |  |  | 285.0 |
Supplemental health |  |  |  |  |  |  |  |
Expected future gross premiums |  | 9,098.7 |  |  | 5,687.4 |  |  | 8,980.6 |  |  | 5,726.1 |
Expected future benefits and expenses |  | 10,781.4 |  |  | 6,012.0 |  |  | 10,901.9 |  |  | 6,149.3 |
Medicare supplement |  |  |  |  |  |  |  |
Expected future gross premiums |  | 6,930.0 |  |  | 4,753.6 |  |  | 5,968.3 |  |  | 4,244.2 |
Expected future benefits and expenses |  | 5,565.5 |  |  | 3,808.0 |  |  | 4,758.4 |  |  | 3,365.9 |
Long-term care |  |  |  |  |  |  |  |
Expected future gross premiums |  | 3,648.8 |  |  | 2,564.4 |  |  | 3,462.8 |  |  | 2,486.9 |
Expected future benefits and expenses |  | 8,100.0 |  |  | 4,431.5 |  |  | 7,881.2 |  |  | 4,470.0 |
Traditional life |  |  |  |  |  |  |  |
Expected future gross premiums |  | 5,804.4 |  |  | 4,231.0 |  |  | 5,654.8 |  |  | 4,162.6 |
Expected future benefits and expenses |  | 7,680.7 |  |  | 4,725.6 |  |  | 7,631.0 |  |  | 4,786.2 |
_____________________ (a) Calculated at the discount rates at period end. The following table provides the weighted average durations (under locked-in rates) of the liability for future policy benefits in years:
|  | September 30, 2025 |  | September 30, 2024
Other annuity |  | 9.5 |  | 9.6
Supplemental health |  | 10.7 |  | 11.1
Medicare supplement |  | 5.5 |  | 6.2
Long-term care |  | 10.7 |  | 10.7
Traditional life |  | 10.1 |  | 10.3
The following table provides the weighted average interest rates for the liability for future policy benefits:
|  | September 30, 2025 |  | September 30, 2024
Other annuities |  |  |  |
Interest accretion rate |  | 4.87 | % |  | 4.81 | %
Current discount rate |  | 5.32 | % |  | 4.99 | %
Supplemental health |  |  |  |
Interest accretion rate |  | 4.96 | % |  | 4.98 | %
Current discount rate |  | 5.26 | % |  | 4.97 | %
Medicare supplement |  |  |  |
Interest accretion rate |  | 4.33 | % |  | 4.30 | %
Current discount rate |  | 4.93 | % |  | 4.74 | %
Long-term care |  |  |  |
Interest accretion rate |  | 5.64 | % |  | 5.67 | %
Current discount rate |  | 5.35 | % |  | 5.03 | %
Traditional life |  |  |  |
Interest accretion rate |  | 4.80 | % |  | 4.77 | %
Current discount rate |  | 5.30 | % |  | 5.00 | %
Schedule of Changes in Market Risk Benefits | The following table presents the balance of and changes in MRBs associated with our fixed indexed annuities (dollars in millions):
|  | Nine months ended
|  | September 30,
|  | 2025 |  | 2024
Net liability (asset), beginning of period |  | $ | 60.0 |  |  | $ | 117.1 |
Effect of changes in the instrument-specific credit risk, beginning of period |  | 1.4 |  |  | 4.8 |
Balance, beginning of period, before effect of changes in the instrument-specific credit risk |  | 61.4 |  |  | 121.9 |
Issuances |  | 3.4 |  |  | 3.2 |
Interest accrual |  | 2.0 |  |  | 3.6 |
Effect of changes in interest rates |  | 0.9 |  |  | (13.6) |
Effect of changes in equity markets |  | (0.3) |  |  | (0.4) |
Effect of changes in equity index volatility |  | 2.2 |  |  | 2.4 |
Actual policyholder behavior different from expected behavior |  | (0.6) |  |  | (0.9) |
Effect of changes in future expected policyholder behavior - other |  | (13.3) |  |  | (36.3) |
Effect of changes in future expected policyholder behavior - risk margin |  | 0.1 |  |  | 0.2 |
Effect of changes in assumptions |  | (2.4) |  |  | (3.9) |
Net liability (asset), end of period, before effect of changes in the instrument-specific credit risk |  | 53.4 |  |  | 76.2 |
Effect of changes in the instrument-specific credit risk, end of period |  | (0.8) |  |  | (2.1) |
Net liability (asset), end of period, net of reinsurance |  | $ | 52.6 |  |  | $ | 74.1 |
Balance reported as an asset |  | $ | — |  |  | $ | — |
Balance reported as a liability |  | 52.6 |  |  | 74.1 |
Net liability (asset) |  | $ | 52.6 |  |  | $ | 74.1 |
Net amount at risk |  | $ | 22.1 |  |  | $ | 27.6 |
Weighted average attained age of contract holders |  | 70 |  | 69
Schedule of Policyholder Account Balance | The following tables present the balances of and changes in the liability for policyholder account balances (dollars in millions):
|  | Nine months ended
|  | September 30, 2025
|  | Fixed indexed annuities |  | Fixed interest annuities |  | Other annuities |  | Interest-sensitive life (a) |  | Funding agreements |  | Other (b) |  | Total
Policyholder account values, beginning of period excluding contracts 100% ceded |  | $ | 10,766.3 |  |  | $ | 1,646.6 |  |  | $ | 107.4 |  |  | $ | 1,321.8 |  |  | $ | 3,021.2 |  |  | $ | 359.1 |  |  | $ | 17,222.4 |
Issuances (funds collected from new business) |  | 1,265.4 |  |  | 142.2 |  |  | — |  |  | 32.8 |  |  | 350.0 |  |  | — |  |  | 1,790.4 |
Premiums received (premiums collected from inforce business) |  | 17.9 |  |  | 1.9 |  |  | 22.8 |  |  | 164.0 |  |  | — |  |  | 198.9 |  |  | 405.5 |
Policy charges |  | (20.6) |  |  | (1.4) |  |  | — |  |  | (150.4) |  |  | — |  |  | — |  |  | (172.4) |
Surrenders and withdrawals |  | (670.5) |  |  | (117.6) |  |  | (22.7) |  |  | (27.7) |  |  | (473.8) |  |  | (210.0) |  |  | (1,522.3) |
Benefit payments |  | (219.8) |  |  | (74.9) |  |  | (4.3) |  |  | (18.8) |  |  | — |  |  | — |  |  | (317.8) |
Interest credited |  | 248.3 |  |  | 38.2 |  |  | 2.0 |  |  | 48.3 |  |  | 82.2 |  |  | 1.8 |  |  | 420.8 |
Other |  | 46.1 |  |  | 0.1 |  |  | (0.3) |  |  | (0.2) |  |  | — |  |  | — |  |  | 45.7 |
Policyholder account values, end of period excluding contracts 100% ceded |  | 11,433.1 |  |  | 1,635.1 |  |  | 104.9 |  |  | 1,369.8 |  |  | 2,979.6 |  |  | 349.8 |  |  | 17,872.3 |
Policyholder account values, end of period for contracts 100% ceded |  | 115.1 |  |  | 503.8 |  |  | 30.3 |  |  | 93.3 |  |  | — |  |  | 9.9 |  |  | 752.4 |
Amount of reserves above (below) policyholder account values (c) |  | (352.9) |  |  | — |  |  | — |  |  | 18.5 |  |  | — |  |  | — |  |  | (334.4) |
Balance, end of period |  | $ | 11,195.3 |  |  | $ | 2,138.9 |  |  | $ | 135.2 |  |  | $ | 1,481.6 |  |  | $ | 2,979.6 |  |  | $ | 359.7 |  |  | $ | 18,290.3 |
Balance, end of period, reinsurance ceded |  | (109.9) |  |  | (503.8) |  |  | (30.3) |  |  | (111.0) |  |  | — |  |  | (22.8) |  |  | (777.8) |
Balance, end of period, net of reinsurance |  | $ | 11,085.4 |  |  | $ | 1,635.1 |  |  | $ | 104.9 |  |  | $ | 1,370.6 |  |  | $ | 2,979.6 |  |  | $ | 336.9 |  |  | $ | 17,512.5 |
Weighted average crediting rate (d) |  | 2.2 | % |  | 3.1 | % |  | 2.7 | % |  | 5.2 | % |  | 4.2 | % |  | 0.8 | % |  |
Cash surrender value, net of reinsurance |  | $ | 10,688.5 |  |  | $ | 1,586.6 |  |  | $ | 104.9 |  |  | $ | 1,122.7 |  |  | $ | — |  |  | $ | 336.9 |  |
_______________ (a) The amount of insurance policy benefit expense resulting from death claims that we would incur in excess of the policyholder account balance (net amount at risk) for interest-sensitive life contracts was $30.7 billion at the balance sheet date. (b) Predominantly consists of retained asset accounts associated with our traditional life and supplemental health blocks. (c) Such amount represents the difference between: (i) the total insurance liabilities for our fixed indexed products (including the host contract and the related embedded derivative); and (ii) the policyholder account balances for these products. The accounting requirement to bifurcate the embedded derivative and value it at the current estimated fair value results in this amount. (d) Excludes any impact from the amount of reserves above (below) policyholder account balances.
|  | Nine months ended
|  | September 30, 2024
|  | Fixed indexed annuities |  | Fixed interest annuities |  | Other annuities |  | Interest-sensitive life (a) |  | Funding agreements |  | Other (b) |  | Total
Policyholder account values, beginning of period excluding contracts 100% ceded |  | $ | 9,999.2 |  |  | $ | 1,636.4 |  |  | $ | 113.1 |  |  | $ | 1,255.2 |  |  | $ | 1,411.0 |  |  | $ | 381.0 |  |  | $ | 14,795.9 |
Issuances (funds collected from new business) |  | 1,132.6 |  |  | 155.9 |  |  | — |  |  | 30.7 |  |  | 1,149.4 |  |  | — |  |  | 2,468.6 |
Premiums received (premiums collected from inforce business) |  | 1.3 |  |  | 2.5 |  |  | 24.4 |  |  | 158.3 |  |  | — |  |  | 206.9 |  |  | 393.4 |
Policy charges |  | (23.2) |  |  | (1.0) |  |  | — |  |  | (146.7) |  |  | — |  |  | — |  |  | (170.9) |
Surrenders and withdrawals |  | (706.5) |  |  | (134.4) |  |  | (24.5) |  |  | (26.4) |  |  | (24.2) |  |  | (225.6) |  |  | (1,141.6) |
Benefit payments |  | (219.5) |  |  | (81.0) |  |  | (4.4) |  |  | (17.4) |  |  | — |  |  | — |  |  | (322.3) |
Interest credited |  | 244.1 |  |  | 34.7 |  |  | 1.6 |  |  | 47.9 |  |  | 37.5 |  |  | 1.9 |  |  | 367.7 |
Other |  | 40.0 |  |  | (0.4) |  |  | (0.4) |  |  | (0.4) |  |  | — |  |  | — |  |  | 38.8 |
Policyholder account values, end of period excluding contracts 100% ceded |  | 10,468.0 |  |  | 1,612.7 |  |  | 109.8 |  |  | 1,301.2 |  |  | 2,573.7 |  |  | 364.2 |  |  | 16,429.6 |
Policyholder account values, end of period for contracts 100% ceded |  | 126.8 |  |  | 547.7 |  |  | 26.2 |  |  | 99.9 |  |  | — |  |  | 10.3 |  |  | 810.9 |
Amount of reserves above (below) policyholder account values (c) |  | (272.7) |  |  | — |  |  | — |  |  | 24.6 |  |  | — |  |  | — |  |  | (248.1) |
Policyholder account balance, end of period |  | $ | 10,322.1 |  |  | $ | 2,160.4 |  |  | $ | 136.0 |  |  | $ | 1,425.7 |  |  | $ | 2,573.7 |  |  | $ | 374.5 |  |  | $ | 16,992.4 |
Balance, end of period, reinsurance ceded |  | (126.8) |  |  | (547.7) |  |  | (26.2) |  |  | (118.0) |  |  | — |  |  | (23.7) |  |  | (842.4) |
Balance, end of period, net of reinsurance |  | $ | 10,195.3 |  |  | $ | 1,612.7 |  |  | $ | 109.8 |  |  | $ | 1,307.7 |  |  | $ | 2,573.7 |  |  | $ | 350.8 |  |  | $ | 16,150.0 |
Weighted average crediting rate (d) |  | 2.1 | % |  | 2.8 | % |  | 2.5 | % |  | 4.9 | % |  | 3.5 | % |  | 0.8 | % |
Cash surrender value, net of reinsurance |  | $ | 9,772.1 |  |  | $ | 1,578.0 |  |  | $ | 109.8 |  |  | $ | 1,055.5 |  |  | $ | — |  |  | $ | 350.8 |  |
_________________ (a) The amount of insurance policy benefit expense resulting from death claims that we would incur in excess of the policyholder account balance (net amount at risk) for interest-sensitive life contracts was $29.2 billion at the balance sheet date. (b) Predominantly consists of retained asset accounts associated with our traditional life and supplemental health blocks. (c) Such amount represents the difference between: (i) the total insurance liabilities for our fixed indexed products (including the host contract and the related embedded derivative); and (ii) the policyholder account balances for these products. The accounting requirement to bifurcate the embedded derivative and value it at the current estimated fair value results in this amount. (d) Excludes any impact from the amount of reserves above (below) policyholder account balances.
Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate | The following tables present the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums (dollars in millions):
|  | September 30, 2025
Range of guaranteed minimum crediting rates (a) |  | At guaranteed minimum |  | 1-50 basis points above |  | 51-150 basis points above |  | Greater than 150 basis points above |  | Total
Fixed interest annuities |  |  |  |  |  |  |  |  |  |
0.00%-2.99% |  | $ | 85.7 |  |  | $ | 182.7 |  |  | $ | 331.0 |  |  | $ | 74.0 |  |  | $ | 673.4 |
3.00%-4.99% |  | 1,187.9 |  |  | 96.7 |  |  | 91.3 |  |  | 11.5 |  |  | 1,387.4 |
5.00% and greater |  | 78.1 |  |  | — |  |  | — |  |  | — |  |  | 78.1 |
Subtotal |  | 1,351.7 |  |  | 279.4 |  |  | 422.3 |  |  | 85.5 |  |  | 2,138.9 |
Other annuities |  |  |  |  |  |  |  |  |  |
0.00%-2.99% |  | 23.7 |  |  | 21.1 |  |  | — |  |  | — |  |  | 44.8 |
3.00%-4.99% |  | 57.0 |  |  | — |  |  | — |  |  | — |  |  | 57.0 |
5.00% and greater |  | 33.4 |  |  | — |  |  | — |  |  | — |  |  | 33.4 |
Subtotal |  | 114.1 |  |  | 21.1 |  |  | — |  |  | — |  |  | 135.2 |
Interest-sensitive life |  |  |  |  |  |  |  |  |  |
0.00%-2.99% |  | 17.6 |  |  | — |  |  | 0.5 |  |  | 756.0 |  |  | 774.1 |
3.00%-4.99% |  | 361.1 |  |  | 111.0 |  |  | 194.4 |  |  | 2.1 |  |  | 668.6 |
5.00% and greater |  | 20.2 |  |  | 0.2 |  |  | — |  |  | — |  |  | 20.4 |
Subtotal |  | 398.9 |  |  | 111.2 |  |  | 194.9 |  |  | 758.1 |  |  | 1,463.1 |
Other |  |  |  |  |  |  |  |  |  |
0.00%-2.99% |  | 16.0 |  |  | 322.7 |  |  | — |  |  | — |  |  | 338.7 |
3.00%-4.99% |  | 20.7 |  |  | — |  |  | — |  |  | — |  |  | 20.7 |
5.00% and greater |  | 0.3 |  |  | — |  |  | — |  |  | — |  |  | 0.3 |
Subtotal |  | 37.0 |  |  | 322.7 |  |  | — |  |  | — |  |  | 359.7 |
Total |  |  |  |  |  |  |  |  |  |
0.00%-2.99% |  | 143.0 |  |  | 526.5 |  |  | 331.5 |  |  | 830.0 |  |  | 1,831.0 |
3.00%-4.99% |  | 1,626.7 |  |  | 207.7 |  |  | 285.7 |  |  | 13.6 |  |  | 2,133.7 |
5.00% and greater |  | 132.0 |  |  | 0.2 |  |  | — |  |  | — |  |  | 132.2 |
Total policyholder account balances, excluding fixed indexed annuities |  | $ | 1,901.7 |  |  | $ | 734.4 |  |  | $ | 617.2 |  |  | $ | 843.6 |  |  | $ | 4,096.9 |
Fixed indexed annuity account balances |  |  |  |  |  |  |  |  |  | 11,548.2 |
Funding agreements |  |  |  |  |  |  |  |  |  | 2,979.6 |
Total policyholder account values |  |  |  |  |  |  |  |  |  | 18,624.7 |
Amount of reserves above (below) policyholder account values |  |  |  |  |  |  |  |  |  | (334.4) |
Total policyholder account balances |  |  |  |  |  |  |  |  |  | $ | 18,290.3 |
____________________ (a) Excludes the account balances related to: (i) fixed indexed annuity contracts that include an index fund component, with index credits tied to the performance of the index. The minimum guarantee is determined by a participation or cap rate linked to an index, such as the Standard & Poor’s 500 index, rather than a predetermined rate of return; and (ii) funding agreements which have a fixed crediting rate.
|  | September 30, 2024
Range of guaranteed minimum crediting rates (a) |  | At guaranteed minimum |  | 1-50 basis points above |  | 51-150 basis points above |  | Greater than 150 basis points above |  | Total
Fixed interest annuities |  |  |  |  |  |  |  |  |  |
0.00%-2.99% |  | $ | 96.0 |  |  | $ | 203.5 |  |  | $ | 232.8 |  |  | $ | 81.0 |  |  | $ | 613.3 |
3.00%-4.99% |  | 1,286.9 |  |  | 49.4 |  |  | 108.4 |  |  | 20.9 |  |  | 1,465.6 |
5.00% and greater |  | 81.5 |  |  | — |  |  | — |  |  | — |  |  | 81.5 |
Subtotal |  | 1,464.4 |  |  | 252.9 |  |  | 341.2 |  |  | 101.9 |  |  | 2,160.4 |
Other annuities |  |  |  |  |  |  |  |  |  |
0.00%-2.99% |  | 33.9 |  |  | 23.5 |  |  | — |  |  | — |  |  | 57.4 |
3.00%-4.99% |  | 45.4 |  |  | — |  |  | — |  |  | — |  |  | 45.4 |
5.00% and greater |  | 33.2 |  |  | — |  |  | — |  |  | — |  |  | 33.2 |
Subtotal |  | 112.5 |  |  | 23.5 |  |  | — |  |  | — |  |  | 136.0 |
Interest-sensitive life |  |  |  |  |  |  |  |  |  |
0.00%-2.99% |  | 14.3 |  |  | — |  |  | 0.5 |  |  | 701.8 |  |  | 716.6 |
3.00%-4.99% |  | 438.1 |  |  | 49.0 |  |  | 175.0 |  |  | 1.0 |  |  | 663.1 |
5.00% and greater |  | 20.9 |  |  | 0.5 |  |  | — |  |  | — |  |  | 21.4 |
Subtotal |  | 473.3 |  |  | 49.5 |  |  | 175.5 |  |  | 702.8 |  |  | 1,401.1 |
Other |  |  |  |  |  |  |  |  |  |
0.00%-2.99% |  | 16.8 |  |  | 334.9 |  |  | — |  |  | — |  |  | 351.7 |
3.00%-4.99% |  | 22.6 |  |  | — |  |  | — |  |  | — |  |  | 22.6 |
5.00% and greater |  | 0.2 |  |  | — |  |  | — |  |  | — |  |  | 0.2 |
Subtotal |  | 39.6 |  |  | 334.9 |  |  | — |  |  | — |  |  | 374.5 |
Total |  |  |  |  |  |  |  |  |  |
0.00%-2.99% |  | 161.0 |  |  | 561.9 |  |  | 233.3 |  |  | 782.8 |  |  | 1,739.0 |
3.00%-4.99% |  | 1,793.0 |  |  | 98.4 |  |  | 283.4 |  |  | 21.9 |  |  | 2,196.7 |
5.00% and greater |  | 135.8 |  |  | 0.5 |  |  | — |  |  | — |  |  | 136.3 |
Total policyholder account balances, excluding fixed indexed annuities |  | $ | 2,089.8 |  |  | $ | 660.8 |  |  | $ | 516.7 |  |  | $ | 804.7 |  |  | $ | 4,072.0 |
Fixed indexed annuity account balances |  |  |  |  |  |  |  |  |  | 10,594.8 |
Funding agreements |  |  |  |  |  |  |  |  |  | 2,573.7 |
Total policyholder account values |  |  |  |  |  |  |  |  |  | 17,240.5 |
Amount of reserves above (below) policyholder account values |  |  |  |  |  |  |  |  |  | (248.1) |
Total policyholder account balances |  |  |  |  |  |  |  |  |  | $ | 16,992.4 |
____________________ (a) Excludes the account balances related to: (i) fixed indexed annuity contracts that include an index fund component, with index credits tied to the performance of the index. The minimum guarantee is determined by a participation or cap rate linked to an index, such as the Standard & Poor’s 500 index, rather than a predetermined rate of return; and (ii) funding agreements which have a fixed crediting rate.

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