Policyholders' Account Balances (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Changes in Policyholders' Account Balances

The balances and changes in policyholders’ account balances follows:



























	Nine Months Ended September 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	12,851			35			8,192			51
Acquisition from business combination (1)	—			—			61,296			—
Premiums received	87			324			46			314
Policy charges	(456)			(278)			(298)			(284)
Surrenders and withdrawals	(7,916)			(81)			(6,278)			(62)
Interest credited	2,236			71			1,467			74
Benefit payments	(817)			—			(386)			—

Other	6			—			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 annuity	6			—			8			—
Embedded derivative and other	633			59			1,004			58
Total PAB balance, end of period	$	87,192		$	2,277		$	80,248		$	2,165

Weighted-average crediting rate	3.60		%	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.

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.


	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.