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v3.25.2

Policyholders' Account Balances (Tables) | 6 Months Ended
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Jun. 30, 2025
Insurance [Abstract] |
Schedule of Changes in Policyholders' Account Balances | The balances and changes in policyholders’ account balances follows:
| Six Months Ended June 30,
| 2025 |  | 2024
| Annuities |  | Life Insurance |  | Annuities |  | Life Insurance
| (Dollars in millions)
Balance, beginning of period | $ | 80,046 |  |  | $ | 2,107 |  |  | $ | 14,694 |  |  | $ | 1,975 |
Issuances | 7,962 |  |  | 26 |  |  | 4,064 |  |  | 36 |
Acquisition from business combination (b) | — |  |  | — |  |  | 61,296 |  |  | — |
Premiums received | 62 |  |  | 218 |  |  | 23 |  |  | 213 |
Policy charges | (287) |  |  | (189) |  |  | (122) |  |  | (187) |
Surrenders and withdrawals | (5,037) |  |  | (55) |  |  | (3,060) |  |  | (43) |
Interest credited | 1,453 |  |  | 51 |  |  | 707 |  |  | 48 |
Benefit payments | (538) |  |  | — |  |  | (152) |  |  | — |
Other | 4 |  |  | — |  |  | 3 |  |  | — |
Balance, end of period | $ | 83,665 |  |  | $ | 2,158 |  |  | $ | 77,453 |  |  | $ | 2,042 |
Reconciling items: |  |  |  |  |  |  |
Supplemental contracts | $ | 496 |  |  | $ | — |  |  | $ | 489 |  |  | $ | — |
Variable universal life | — |  |  | 39 |  |  | — |  |  | 39 |
Variable deferred annuity | 7 |  |  | — |  |  | 8 |  |  | — |
Embedded derivative and other | 519 |  |  | 50 |  |  | 408 |  |  | 50 |
Total PAB balance, end of period | $ | 84,687 |  |  | $ | 2,247 |  |  | $ | 78,358 |  |  | $ | 2,131 |
Weighted-average crediting rate | 3.40 | % |  | 5.17 | % |  | 2.88 | % |  | 4.78 | %
Net amount at risk (a) | $ | 12,907 |  |  | $ | 38,673 |  |  | $ | 12,466 |  |  | $ | 38,365 |
Cash surrender value | $ | 76,292 |  |  | $ | 1,919 |  |  | $ | 71,450 |  |  | $ | 1,796 |
(a)Net amount at risk is defined as the current guarantee amount in excess of the current account balance. (b)Amount for the six months ended June 30, 2024 excludes $177 million of liabilities relating to supplemental contracts at acquisition date.
Schedule of Account Values by Range of Guaranteed Minimum Crediting Rates | The balance of 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 follow.
| June 30, 2025
| Range of Guaranteed Minimum Crediting Rate |  | At Guaranteed Minimum |  | 1 - 50 Basis Points Above |  | 51 - 150 Basis Points Above |  | > 150 Basis Points Above |  | Other (1) |  | Total
|  |  | (Dollars in millions)
Annuities | 0% - 1% |  | $ | 3,715 |  |  | $ | 2,668 |  |  | $ | 4,170 |  |  | $ | 4,868 |  |  | $ | — |  |  | $ | 15,421 |
| 1% - 2% |  | 1,569 |  |  | 307 |  |  | 1,008 |  |  | 1,596 |  |  | — |  |  | 4,480 |
| 2% - 3% |  | 1,931 |  |  | 373 |  |  | 217 |  |  | 11,323 |  |  | — |  |  | 13,844 |
| Greater than 3% |  | 270 |  |  | 5 |  |  | 6 |  |  | 11 |  |  | — |  |  | 292 |
Products with either a fixed rate or no guaranteed minimum crediting rate |  | — |  |  | — |  |  | — |  |  | — |  |  | 49,628 |  |  | 49,628 |
| Total |  | $ | 7,485 |  |  | $ | 3,353 |  |  | $ | 5,401 |  |  | $ | 17,798 |  |  | $ | 49,628 |  |  | $ | 83,665 |
Life Insurance | 0% - 1% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| 1% - 2% |  | 38 |  |  | 2 |  |  | 66 |  |  | 791 |  |  | — |  |  | 897 |
| 2% to 3% |  | 423 |  |  | — |  |  | 221 |  |  | — |  |  | — |  |  | 644 |
| Greater than 3% |  | 617 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 617 |
Products with either a fixed rate or no guaranteed minimum crediting rate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| Total |  | $ | 1,078 |  |  | $ | 2 |  |  | $ | 287 |  |  | $ | 791 |  |  | $ | — |  |  | $ | 2,158 |
| June 30, 2024
| Range of Guaranteed Minimum Crediting Rate |  | At Guaranteed Minimum |  | 1 - 50 Basis Points Above |  | 51 - 150 Basis Points Above |  | > 150 Basis Points Above |  | Other (1) |  | Total
|  |  | (Dollars in millions)
Annuities | 0% - 1% |  | $ | 4,296 |  |  | $ | 2,670 |  |  | $ | 3,931 |  |  | $ | 4,679 |  |  | $ | — |  |  | $ | 15,576 |
| 1% - 2% |  | 1,446 |  |  | 393 |  |  | 1,740 |  |  | 1,844 |  |  | — |  |  | 5,423 |
| 2% - 3% |  | 1,942 |  |  | 429 |  |  | 111 |  |  | 6,637 |  |  | — |  |  | 9,119 |
| Greater than 3% |  | 306 |  |  | 7 |  |  | 1 |  |  | 5 |  |  | — |  |  | 319 |
Products with either a fixed rate or no guaranteed minimum crediting rate |  | — |  |  | — |  |  | — |  |  | — |  |  | 47,016 |  |  | 47,016 |
| Total |  | $ | 7,990 |  |  | $ | 3,499 |  |  | $ | 5,783 |  |  | $ | 13,165 |  |  | $ | 47,016 |  |  | $ | 77,453 |
Life Insurance | 0% - 1% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| 1% - 2% |  | 34 |  |  | 2 |  |  | 54 |  |  | 667 |  |  | — |  |  | 757 |
| 2% to 3% |  | 421 |  |  | — |  |  | 222 |  |  | — |  |  | — |  |  | 643 |
| Greater than 3% |  | 642 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 642 |
Products with either a fixed rate or no guaranteed minimum crediting rate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| Total |  | $ | 1,097 |  |  | $ | 2 |  |  | $ | 276 |  |  | $ | 667 |  |  | $ | — |  |  | $ | 2,042 |
(1)Other includes products with either a fixed rate or no guaranteed minimum crediting rate or allocated to index strategies.

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