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Market Risk Benefits
 9 Months Ended
Sep. 30, 2025
Insurance [Abstract]  
Market Risk Benefits
18. Policyholders' Account Balances
Policyholders’ account balances relate to investment-type contracts and universal life-type policies. Investment-type contracts principally include traditional individual fixed rate annuities and fixed index annuities in the accumulation phase and non-variable group annuity contracts.
The balances and changes in policyholders’ account balances follows:
Nine Months Ended September 30,
20252024
AnnuitiesLife
Insurance		AnnuitiesLife
Insurance
(Dollars in millions)
Balance, beginning of period$80,046 $2,107 $14,694 $1,975 
Issuances12,851 35 8,192 51 
Acquisition from business combination (1)— — 61,296 — 
Premiums received87 324 46 314 
Policy charges(456)(278)(298)(284)
Surrenders and withdrawals(7,916)(81)(6,278)(62)
Interest credited2,236 71 1,467 74 
Benefit payments(817)— (386)— 
Other6 — 4 — 
Balance, end of period$86,037 $2,178 $78,737 $2,068 
Reconciling items:
Supplemental contracts$516 $— $499 $— 
Variable universal life— 40 — 39 
Variable deferred annuity6 — 8 — 
Embedded derivative and other633 59 1,004 58 
Total PAB balance, end of period$87,192 $2,277 $80,248 $2,165 
Weighted-average crediting rate3.60 %5.18 %3.89 %4.88 %
Net amount at risk (2)$13,168 $40,062 $12,495 $38,548 
Cash surrender value$78,463 $1,944 $72,719 $1,826 
(1)Amount for the nine months ended September 30, 2024 excludes $177 million of liabilities relating to supplemental contracts at acquisition date.
(2)Net amount at risk is defined as the current guarantee amount in excess of the current account balance.
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.
September 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%
$3,553 $2,611 $4,336 $5,155 $— $15,655 
1% - 2%
1,739 284 926 1,239 — 4,188 
2% - 3%
1,933 415 241 13,170 — 15,759 
Greater than 3%
265 5 7 10 — 287 
Products with either a fixed rate or no guaranteed minimum crediting rate— — — — 50,148 50,148 
Total$7,490 $3,315 $5,510 $19,574 $50,148 $86,037 
Life Insurance
0% - 1%
$— $— $— $— $— $— 
1% - 2%
38 2 67 820 — 927 
2% to 3%
381 — 220 — — 601 
Greater than 3%
650 — — — — 650 
Products with either a fixed rate or no guaranteed minimum crediting rate— — — — — — 
Total$1,069 $2 $287 $820 $— $2,178 
September 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%
$4,176 $2,882 $3,676 $4,763 $— $15,497 
1% - 2%
1,504 366 1,411 1,765 — 5,046 
2% - 3%
1,907 412 142 8,354 — 10,815 
Greater than 3%
289 6 1 9 — 305 
Products with either a fixed rate or no guaranteed minimum crediting rate— — — — 47,074 47,074 
Total$7,876 $3,666 $5,230 $14,891 $47,074 $78,737 
Life Insurance
0% - 1%
$— $— $— $— $— $— 
1% - 2%
30 2 57 699 — 788 
2% to 3%
422 — 222 — — 644 
Greater than 3%
636 — — — — 636 
Products with either a fixed rate or no guaranteed minimum crediting rate— — — — — — 
Total$1,088 $2 $279 $699 $— $2,068 
(1)Other includes products with either a fixed rate or no guaranteed minimum crediting rate or allocated to index strategies.
In the third quarter of 2025, the Company performed its annual assumption review related to investment-type contracts and universal life-type contracts, which resulted in $257 million net decrease primarily in the value of embedded derivatives related to fixed-index annuity products, which was included in “Change in fair value of insurance-related derivatives and embedded derivatives” in the Condensed Consolidated Statements of Operations. The notable changes made to cash flow assumptions from the annual assumption review were a net decrease in option budget primarily from a decrease in observed short-term option costs and an increase in our own credit spread through the update of the risk premium to reflect current market rates.
In the third quarter of 2024, the Company performed its annual assumption review related to investment-type contracts and universal life-type contracts, which resulted in $60 million net increase primarily in the value of embedded derivatives related to fixed-index annuity products, which was included in “Change in fair value of insurance-related derivatives and embedded derivatives” in the Condensed Consolidated Statements of Operations. The notable changes made to cash flow assumptions from the annual assumption review were a net increase in option budget primarily from an increase in investment portfolio rates and an increase in the utilization assumption for the lifetime income benefit riders partially offset by favorable updates to policyholder lapse behavior assumptions.
19. Market Risk Benefits
The net balance of market risk benefit (MRB) assets and liabilities of, and changes in guaranteed minimum withdrawal benefits associated with, annuity contracts is as follows:
Nine Months Ended September 30,
20252024
(Dollars in millions)
Balance, beginning of period$2,799 $— 
Balance, beginning of period, before effect of changes in the instrument-specific credit risk2,549 1 
Acquisition from business combination (1)— 2,420 
Issuances(4)3 
Interest accrual110 61 
Attributed fees collected191 91 
Effect of changes in interest rates73 413 
Effect of changes in equity markets104 (39)
Effect of changes in equity index volatility(53)(95)
Effect of changes in future expected policyholder behavior62 (13)
Effect of changes in other future expected assumptions210 44 
Balance, end of period, before effect of changes in the instrument-specific credit3,242 2,886 
Effect of changes in the ending instrument-specific credit risk153 81 
Balance, end of period3,395 2,967 
Less: Reinsured MRB, end of period(595)(746)
Balance, end of period, net of reinsurance$2,800 $2,221 
Net amount at risk (2)$12,717 $12,078 
Weighted average attained age of contract holders (years)71 years71 years
(1)Excludes the measurement period adjustment to market risk benefits liability recorded in the third quarter of 2024. See Note 16 - Acquisitions for the details.
(2)Net amount at risk is defined as the current guarantee amount in excess of the current account balance.
The reconciliation of market risk benefits by amounts in an asset position and in a liability position to the “Market risk benefits” amount in the Condensed Consolidated Statements of Financial Position follows.
September 30, 2025
AssetLiabilityNet Liability
(Dollars in millions)
Market risk benefits$1,110 $4,505 $3,395 
December 31, 2024
AssetLiabilityNet Liability
(Dollars in millions)
Market risk benefits$856 $3,655 $2,799 
In the third quarter of 2025, the Company performed its annual assumption review for annuity contracts, which resulted in a $202 million net increase in the market risk benefits liability, which was included in “Change in fair value of market risk benefits” in the Condensed Consolidated Statements of Operations. The notable changes to cash flow assumptions from the annual assumption review were a net increase in the utilization assumption for the lifetime income benefit riders, a decrease in option budget primarily from a decrease in observed short-term option costs partially offset by favorable updates to policyholder lapse behavior assumptions.
In the third quarter of 2024, the Company performed its annual assumption review for annuity contracts, which resulted in a $40 million net decrease in the market risk benefits liability, which was included in “Change in fair value of market risk benefits” in the Condensed Consolidated Statements of Operations. The notable changes to cash flow assumptions from the annual assumption review were a net increase in option budget primarily from an increase in investment portfolio rates and favorable updates to policyholder lapse behavior assumptions.