PRUCO LIFE INSURANCE CO, S-1/A filed on 5/12/2026
Securities Registration Statement
v3.26.1
Document and Entity Information
 12 Months Ended
Dec. 31, 2025
Cover [Abstract]  
Document Type S-1/A
Entity Registrant Name PRUCO LIFE INSURANCE CO
Entity Central Index Key 0000777917
Amendment Flag false
v3.26.1
Consolidated Statements of Financial Position - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) [1] $ 47,624,171 $ 34,986,160
Fixed maturities, trading, at fair value (amortized cost: 2025 – $5,241,598; 2024 – $4,415,277) 4,892,507 3,845,045
Equity securities, at fair value (cost: 2025 – $2,826,642; 2024 – $2,650,542) 2,869,631 2,623,820
Policy loans 1,666,965 1,541,480
Short-term investments (net of allowance for credit losses: 2025 – $0; 2024 – $49) 320,794 517,386
Commercial mortgage and other loans (net of $48,775 and $36,002 allowance for credit losses at December 31, 2025 and 2024, respectively) 10,082,667 7,759,323
Other invested assets (includes $77,641 and $12,999 of assets measured at fair value at December 31, 2025 and 2024, respectively)(1) [1] 2,297,535 1,582,094
Total investments 69,754,270 52,855,308
Cash and cash equivalents(1) [1] 2,876,388 3,325,698
Deferred policy acquisition costs 8,655,183 7,807,060
Accrued investment income(1) [1] 618,033 466,394
Reinsurance recoverables and deposit receivables (net of $145 and $10 allowance for credit losses; includes $804,855 and $645,193 of embedded derivatives at fair value at December 31, 2025 and 2024, respectively) 54,370,370 48,247,817
Receivables from parent and affiliates 963,452 678,028
Deferred sales inducements 297,413 322,351
Income tax assets [1] 1,741,122 2,120,654
Market risk benefit assets 2,655,866 2,637,363
Other assets [1] 1,852,055 1,850,800
Separate account assets 118,609,218 118,143,256
TOTAL ASSETS 262,393,370 238,454,729
LIABILITIES    
Policyholders’ account balances 86,592,965 69,628,318
Future policy benefits 28,230,098 25,113,767
Market risk benefit liabilities 4,482,417 4,281,244
Cash collateral for loaned securities 22,622 121,372
Reinsurance and funds withheld payables (includes $265 and $0 of embedded derivatives at fair value at December 31, 2025 and 2024, respectively) 11,377,505 8,611,141
Payables to parent and affiliates [1] 2,497,217 3,653,848
Other Liabilities [1] 2,537,050 4,199,803
Separate account liabilities 118,609,218 118,143,256
Total liabilities 254,349,092 233,752,749
Commitments and Contingencies
EQUITY    
Common stock ($10 par value; 1,000,000 shares authorized; 250,000 shares issued and 250,000 outstanding) 2,500 2,500
Additional paid-in capital 5,806,878 4,923,299
Retained Earnings (accumulated deficit) 2,104,835 272,519
Accumulated other comprehensive income (loss) 8,855 (601,877)
Total Pruco Life Insurance Company equity 7,923,068 4,596,441
Noncontrolling Interests 121,210 105,539
Total equity 8,044,278 4,701,980
TOTAL LIABILITIES AND EQUITY $ 262,393,370 $ 238,454,729
[1] See Note 4 for details of balances associated with variable interest entities.
v3.26.1
Consolidated Statements of Financial Position (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Fixed Maturities, Available-for-sale, allowance for credit losses $ 14,282 $ 40,414 $ 2,008  
Fixed maturities, available-for-sale, amortized cost 48,230,218 36,980,933    
Fixed maturities, trading, amortized cost 5,241,598 4,415,277    
Equity securities, at cost 2,826,642 2,650,542    
Commercial mortgage and other loans, allowance for credit losses 51,190 37,715 $ 37,689 $ 20,263
Other invested assets, at fair value 133,830 68,623    
Reinsurance Recoverable, Allowance for Credit Loss 145 10    
Reinsurance recoverable and deposit receivables, embedded derivatives at fair value 804,855 645,193    
Reinsurance and funds withheld payables, embedded derivatives at fair value $ 265 $ 0    
Common stock, par value (in dollars per share) $ 10 $ 10    
Common stock, shares authorized 1,000,000 1,000,000    
Common stock, shares issued 250,000 250,000    
Common stock, shares outstanding 250,000 250,000    
ASU 2016-13        
Short-term investments, allowance for credit losses $ 0 $ 49    
v3.26.1
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
REVENUES      
Premiums (includes $2,301, $(2,690) and $6,978 of gains (losses) from changes in estimates on deferred profit liability amortization for the years ended December 31, 2025, 2024, and 2023, respectively) $ 547,201 $ 393,127 $ 328,897
Policy charges and fee income 1,707,338 7,382,797 1,536,606
Net investment income 3,210,522 2,422,017 1,675,522
Asset administration fees 205,332 223,563 232,950
Other Income (loss) 2,261,776 759,756 751,363
Realized investment gains (losses), net (1,430,425) 451,417 (1,147,099)
Change in value of market risk benefits, net of related hedging gain (losses) (506,994) (433,955) (106,773)
TOTAL REVENUES 5,994,750 11,198,722 3,271,466
BENEFITS AND EXPENSES      
Policyholders’ benefits 779,722 8,352,333 503,789
Changes in estimates of liability for future policy benefits (79,505) (20,643) 3,952
Interest credited to policyholders’ account balances 1,177,660 1,037,731 621,645
Amortization of deferred policy acquisition costs 663,527 (372,201) 539,510
General, administrative and other expense 1,186,839 1,228,443 1,124,923
TOTAL BENEFITS AND EXPENSES 3,728,243 10,225,663 2,793,819
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES AND OPERATING JOINT VENTURE 2,266,507 973,059 477,647
Income tax expense (benefit) 420,583 135,149 26,468
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE 1,845,924 837,910 451,179
Equity in earnings of operating joint venture, net of taxes (335) (425) (433)
Net income (loss) 1,845,589 837,485 450,746
Less: Income (loss) attributable to noncontrolling interests 13,273 13,495 488
NET INCOME (LOSS) ATTRIBUTABLE TO PRUCO LIFE INSURANCE COMPANY 1,832,316 823,990 450,258
Other comprehensive income (loss), before tax:      
Foreign currency translation adjustments 3,326 (4,595) 2,419
Net unrealized investment gains (losses) 995,445 (335,093) 691,952
Interest rate remeasurement of future policy benefits (40,022) 58,676 (60,978)
Gain (loss) from changes in non-performance risk on market risk benefits (185,092) (441,138) (659,927)
Total 773,657 (722,150) (26,534)
Less: Income tax expense (benefit) related to other comprehensive income (loss) 162,925 (151,234) (5,638)
Other comprehensive income (loss), net of tax 610,732 (570,916) (20,896)
Comprehensive income (loss) 2,456,321 266,569 429,850
Less: Comprehensive income (loss) attributable to noncontrolling interests 13,273 13,495 488
Comprehensive income (loss) attributable to Pruco Life Insurance Company $ 2,443,048 $ 253,074 $ 429,362
v3.26.1
Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Amortization Expense, Realized Gain (Loss) $ 2,301 $ (2,690) $ 6,978
v3.26.1
Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
  Common  Stock
  Additional  Paid-in Capital
Retained Earnings / (Accumulated Deficit)
Accumulated Other   Comprehensive  Income (Loss)
Total Pruco Life Insurance Company Equity
Noncontrolling Interests
Total  Equity
Beginning Balance at Dec. 31, 2022   $ 2,500 $ 6,037,914 $ (1,001,729) $ (10,065) $ 5,028,620 $ 0 $ 5,028,620
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Return of Capital     (1,400,000)     (1,400,000)   (1,400,000)
Contributed capital     412,382     412,382   412,382
Contributions from noncontrolling interests             29,706 29,706
Contributed (distributed) capital-parent/child asset transfers     2,306     2,306   2,306
Comprehensive income (loss):                
Net income (loss) $ 450,746     450,258   450,258 488 450,746
Other Comprehensive Income (Loss), Net of Tax (20,896)       (20,896) (20,896) 0 (20,896)
Comprehensive income (loss) 429,850     450,258 (20,896) 429,362 488 429,850
Ending Balance at Dec. 31, 2023   2,500 5,052,602 (551,471) (30,961) 4,472,670 30,194 4,502,864
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Return of Capital     (550,000)     (550,000)   (550,000)
Contributed capital     415,696     415,696   415,696
Contributions from noncontrolling interests             250,422 250,422
Distributions to noncontrolling interests             (188,572) (188,572)
Contributed (distributed) capital-parent/child asset transfers     5,001     5,001   5,001
Comprehensive income (loss):                
Net income (loss) 837,485     823,990   823,990 13,495 837,485
Other Comprehensive Income (Loss), Net of Tax (570,916)       (570,916) (570,916) 0 (570,916)
Comprehensive income (loss) 266,569     823,990 (570,916) 253,074 13,495 266,569
Ending Balance at Dec. 31, 2024 4,701,980 2,500 4,923,299 272,519 (601,877) 4,596,441 105,539 4,701,980
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Return of Capital 0              
Contributed capital     852,924     852,924   852,924
Contributions from noncontrolling interests             185,851 185,851
Distributions to noncontrolling interests             (183,453) (183,453)
Contributed (distributed) capital-parent/child asset transfers     30,655     30,655   30,655
Comprehensive income (loss):                
Net income (loss) 1,845,589     1,832,316   1,832,316 13,273 1,845,589
Other Comprehensive Income (Loss), Net of Tax 610,732       610,732 610,732 0 610,732
Comprehensive income (loss) 2,456,321     1,832,316 610,732 2,443,048 13,273 2,456,321
Ending Balance at Dec. 31, 2025 $ 8,044,278 $ 2,500 $ 5,806,878 $ 2,104,835 $ 8,855 $ 7,923,068 $ 121,210 $ 8,044,278
v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 1,845,589 $ 837,485 $ 450,746
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Policy charges and fee income (20,050) 53,496 69,986
Interest credited to policyholders’ account balances 1,177,660 1,037,731 621,645
Realized investment gains (losses), net 1,430,425 (451,417) 1,147,099
Change in value of market risk benefits, net of related hedging gain (losses) 506,994 433,955 106,773
Change in:      
Future policy benefits and other insurance liabilities 2,242,861 2,689,669 2,241,530
Reinsurance related-balances (2,205,000) (1,124,001) (678,725)
Accrued investment income (135,863) (116,571) (110,760)
Net payables to (receivables from) parent and affiliates (175,547) (36,204) (120,565)
Deferred policy acquisition costs (848,123) (950,022) (581,925)
Income taxes 207,081 (228,166) (40,796)
Derivatives, net 441,940 1,461,192 (282,729)
Other, net (306,688) (126,696) (362,384)
Cash flows from (used in) operating activities 4,161,279 3,480,451 2,459,895
Proceeds from the sale/maturity/prepayment of:      
Fixed maturities, available-for-sale 6,359,317 4,240,000 1,736,809
Fixed maturities, trading 1,570,879 802,378 97,693
Equity securities 2,558,597 961,421 189,237
Policy loans 214,557 188,153 182,973
Ceded policy loans (112,060) (113,148) (119,787)
Short-term investments 887,118 1,303,977 456,983
Commercial mortgage and other loans 490,870 731,440 167,888
Other invested assets 280,923 99,852 19,693
Notes receivable from parent and affiliates 245,595 722 4,500
Payments for the purchase/origination of:      
Fixed maturities, available-for-sale (17,330,688) (13,766,055) (7,544,596)
Fixed maturities, trading (2,560,208) (1,819,224) (857,717)
Equity securities (2,925,243) (2,373,486) (678,847)
Policy loans (307,747) (255,811) (1,162,959)
Ceded policy loans 99,749 125,795 151,019
Short-term investments (795,865) (1,441,031) (690,173)
Commercial mortgage and other loans (2,725,871) (2,392,198) (1,341,450)
Other invested assets (939,389) (460,721) (190,826)
Notes receivable from parent and affiliates (378,745) (367,700) (44)
Derivatives, net (108,334) 171,230 (55,091)
Other, net (22,519) (3,264) (4,808)
Cash flows from (used in) investing activities (15,499,064) (14,367,670) (9,639,503)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Policyholders’ account deposits 16,982,148 17,265,165 12,101,043
Affiliated ceded policyholders’ account deposits (2,093,412) (1,169,002) (1,189,331)
Policyholders’ account withdrawals (4,832,965) (3,980,496) (3,695,248)
Affiliated ceded policyholders’ account withdrawals 685,223 764,421 625,238
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities (98,745) (96,928) 131,577
Contributed capital 620,000 0 405,000
Return of capital 0 (550,000) (1,400,000)
Contributed (distributed) capital - parent/child asset transfers 0 6,332 2,919
Net change in all other financing arrangements (maturities 90 days or less) 0 0 (584)
Repayments of debt (maturities longer than 90 days) 0 (180,411) (121,772)
Drafts outstanding (24,063) (84,531) (885)
Contributions from Noncontrolling Interests 185,851 250,422 29,706
Distributions to Noncontrolling Interests (183,453) (188,572) 0
Other, net (352,109) 36,725 34,110
Cash flows from (used in) financing activities 10,888,475 12,073,125 6,921,773
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (449,310) 1,185,906 (257,835)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,325,698 2,139,792 2,397,627
CASH AND CASH EQUIVALENTS, END OF YEAR 2,876,388 3,325,698 2,139,792
SUPPLEMENTAL CASH FLOW INFORMATION      
Income taxes paid (refunded), net 198,691 [1] 363,208 67,203
Interest paid $ 852 $ 2,644 $ 4,533
[1] See Note 13 for additional information regarding the income taxes paid (refunded), net amount by jurisdiction for the year ended December 31, 2025.
v3.26.1
Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reinsurance agreement | Wilton Re      
Significant Noncash Transaction, Value of Consideration Given   $ (7,469)  
Significant Noncash Transaction, Value of Consideration Received   6,722  
Reinsurance agreement | FLIAC      
Significant Noncash Transaction, Value of Consideration Received     $ 475
Reinsurance agreement | Prudential Insurance      
Significant Noncash Transaction, Value of Consideration Given $ (1,397)    
Reinsurance agreement | Affiliated Entity | PAR U      
Significant Noncash Transaction, Value of Consideration Given   (6,722)  
Significant Noncash Transaction, Value of Consideration Received   7,218  
Reinsurance agreement | Affiliated Entity | PARCC      
Significant Noncash Transaction, Value of Consideration Given   (102)  
Reinsurance agreement | Affiliated Entity | PURE and Prudential Insurance      
Significant Noncash Transaction, Value of Consideration Received   1,129  
Capital contributions | Prudential Insurance      
Significant Noncash Transaction, Value of Consideration Received   $ 416  
v3.26.1
Business and Basis of Presentation
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business and Basis of Presentation BUSINESS AND BASIS OF PRESENTATION
Pruco Life Insurance Company, (“Pruco Life”) is a wholly-owned subsidiary of Prudential Insurance, which in turn is a direct wholly-owned subsidiary of Prudential Financial, Inc. (“Prudential Financial”). Pruco Life is a stock life insurance company organized in 1971 under the laws of the State of Arizona. It is licensed to sell life insurance and annuities in the District of Columbia, Guam and in all states except New York, and sells such products primarily through affiliated and unaffiliated distributors.

Pruco Life has one wholly-owned insurance subsidiary, Pruco Life Insurance Company of New Jersey, (“PLNJ”). PLNJ is a stock life insurance company organized in 1982 under the laws of the State of New Jersey. It is licensed to sell life insurance and annuities in New Jersey and New York only. Pruco Life and its subsidiaries are together referred to as the "Company", "we" or "our" and all financial information is shown on a consolidated basis.

Basis of Presentation

The Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Consolidated Financial Statements include the accounts of Pruco Life and entities over which the Company exercises control, including majority-owned subsidiaries, and variable interest entities ("VIEs") in which the Company is considered the primary beneficiary. Intercompany balances and transactions have been eliminated.

Segment Information

Although there are separate products within Pruco Life, the Company is organized as a single reportable segment and manages the business activities on a consolidated basis. The accounting policies are the same as those described in Note 2.

The Company analyzes operating performance using “Income (loss) from operations before income taxes and equity in earnings of operating joint venture”, as determined in accordance with U.S. GAAP. This is the measure of profit or loss used by the Company’s chief operating decision maker to evaluate performance and allocate resources. The measure of segment assets is reported as “Total Assets” on the Consolidated Statements of Financial Position. Segment revenue is reported as “Total Revenues” on the Consolidated Statements of Operations and Comprehensive Income (Loss). As the Company has one reportable segment, there are no intersegment revenues. The Company discloses all significant expense categories separately on the Consolidated Statements of Operations and Comprehensive Income (Loss).

The Company’s chief operating decision maker is a group of Prudential Financial executives that include the chief financial officer, controller, treasurer, and business leaders, which include the Company’s chief executive officer and chief financial officer. Overall business decisions for the Company are made by this group of executives. Such business decisions include the allocation of capital, distribution/sale of products, and allocation/deployment of overall Prudential Financial resources.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The most significant estimates include those used in determining future policy benefits; policyholders' account balances and reinsurance related to the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products; market risk benefits; the valuation of investments including derivatives, the measurement of allowance for credit losses, and the recognition of other-than-temporary impairments; reinsurance recoverables; any provision for income taxes and valuation of deferred tax assets; and accruals for contingent liabilities, including estimates for losses in connection with unresolved legal and regulatory matters.
Reclassifications

Certain amounts in prior periods have been reclassified to conform to the current period presentation.
v3.26.1
Significant Accounting Policies and Pronouncements
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Significant Accounting Policies and Pronouncements SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS
ASSETS

Fixed maturities, available-for-sale, at fair value ("AFS debt securities") includes bonds, notes and redeemable preferred stock that are carried at fair value. See Note 6 for additional information regarding the determination of fair value. The purchased cost of fixed maturities is adjusted for amortization of premiums and accretion of discounts to maturity or, if applicable, call date.

AFS debt securities, where fair value is below amortized cost, are reviewed quarterly to determine whether the amortized cost basis of the security is recoverable. For mortgage-backed and asset-backed AFS debt securities, a credit impairment will be recognized in earnings as an allowance for credit losses and reported in “Realized investment gains (losses), net,” to the extent the amortized cost exceeds the net present value of projected future cash flows (the “net present value”) for the security. A credit impairment recorded cannot exceed the difference between the amortized cost and fair value of the respective security. The net present value used to measure a credit impairment is calculated by discounting the Company’s best estimate of projected future cash flows at the effective interest rate implicit in the AFS debt security at the date of acquisition. Once the Company has deemed all or a portion of the amortized cost uncollectible, the allowance is removed from the balance sheet by writing down the amortized cost basis of the AFS debt security. Any amount of an AFS debt security’s change in fair value not recorded as an allowance for credit losses will be recorded in Other Comprehensive Income (loss) (“OCI”).

For all other AFS debt securities, qualitative factors are first considered including, but not limited to, the extent of the decline and the reasons for the decline in value (e.g., credit events, currency or interest-rate related, including general credit spread widening), and the financial condition of the issuer. If analysis of these qualitative factors results in the security needing to be impaired, a credit impairment will be recognized and measured using the same process for mortgage-backed and asset-backed AFS debt securities.

When an AFS debt security's fair value is below amortized cost and the Company has the intent to sell the AFS debt security, or it is more likely than not the Company will be required to sell the AFS debt security before its anticipated recovery, the amortized cost basis of the AFS debt security is written down to fair value and any previously recognized allowance is reversed. The write-down is reported in "Realized investment gains (losses), net".

Interest income, including amortization of premium and accretion of discount, are included in “Net investment income” under the effective yield method. Prepayment premiums are also included in “Net investment income”.

For high credit quality mortgage-backed and asset-backed AFS debt securities (those rated AA or above), the amortized cost and effective yield of the securities are adjusted as necessary to reflect historical prepayment experience and changes in estimated future prepayments. The adjustments to amortized cost are recorded as a charge or credit to “Net investment income” in accordance with the retrospective method.

For mortgage-backed and asset-backed AFS debt securities rated below AA, the effective yield is adjusted prospectively for any changes in the estimated timing and amount of cash flows unless the investment is purchased with credit deterioration or an allowance is currently recorded for the respective security. If an investment is impaired, any changes in the estimated timing and amount of cash flows will be recorded as the credit impairment, as opposed to a yield adjustment. If the asset is purchased with credit deterioration (or previously impaired), the effective yield will be adjusted if there are favorable changes in cash flows subsequent to the allowance being reduced to zero.
For mortgage-backed and asset-backed AFS debt securities, cash flow estimates consider the payment terms of the underlying assets backing a particular security, including interest rate and prepayment assumptions based on data from widely accepted third-party data sources or internal estimates. In addition to interest rate and prepayment assumptions, cash flow estimates also include other assumptions regarding the underlying collateral including default rates and recoveries, which vary based on the asset type and geographic location, as well as the vintage year of the security. These assumptions can significantly impact income recognition, unrealized gains and loss recorded in OCI, and the amount of impairment recognized in earnings. The payment priority of the respective security is also considered. For all other AFS debt securities, cash flow estimates are driven by assumptions regarding probability of default and estimates regarding timing and amount of recoveries associated with a default. The Company has developed these estimates using information based on its historical experience as well as using market observable data, such as industry analyst reports and forecasts, sector credit ratings and other data relevant to the collectability of a security, such as the general payment terms of the security and the security’s position within the capital structure of the issuer.

Fixed maturities, trading, at fair value ("Trading debt securities") includes debt securities that are carried at fair value. See Note 6 for additional information regarding the determination of fair value. Realized and unrealized gains and losses for these investments are reported in “Other income (loss),” and interest income from these investments is reported in “Net investment income”.

Equity securities, at fair value consists of common stock and mutual fund shares carried at fair value. Realized and unrealized gains and losses on these investments are reported in “Other income (loss),” and dividend income is reported in “Net investment income” on the ex-dividend date.

Policy loans represents funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in “Net investment income” at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies.

Short-term investments primarily consists of highly liquid debt instruments with a maturity of twelve months or less and greater than three months when purchased. These investments are generally carried at fair value or amortized cost that approximates fair value and include certain money market investments, funds managed similar to regulated money market funds, short-term debt securities issued by government-sponsored entities and other highly liquid debt instruments.

Commercial mortgage and other loans consist of commercial mortgage loans, agricultural property loans, residential mortgage loans, as well as certain other collateralized loans. Commercial mortgage and other loans held for investment are generally carried at unpaid principal balance, net of unamortized deferred loan origination fees and expenses and net of any current expected credit loss ("CECL") allowance. Certain off-balance sheet credit exposures (e.g., indemnification of serviced mortgage loans, and certain unfunded mortgage loan commitments where the Company cannot unconditionally cancel the commitment) are also subject to a CECL allowance. See Note 17 for additional information.

Commercial mortgage and other loans acquired, including those related to the acquisition of a business, are recorded at fair value when purchased, reflecting any premiums or discounts to unpaid principal balances. Interest income, and the amortization of the related premiums or discounts, are included in “Net investment income” under the effective yield method. Prepayment fees are also included in “Net investment income”.

The CECL allowance represents the Company’s best estimate of expected credit losses over the remaining life of the assets or off-balance sheet credit exposures. The determination of the allowance considers historical credit loss experience, current conditions, and reasonable and supportable forecasts. The allowance is calculated separately for commercial mortgage loans, agricultural property loans, residential mortgage loans, and other collateralized loans.

For commercial mortgage and agricultural property loans, the allowance is calculated using an internally developed CECL model that pools together loans that share similar risk characteristics. Similar risk characteristics used to create the pools include, but are not limited to, vintage, maturity, credit rating, and collateral type.
Key inputs to the CECL model include unpaid principal balances, internal credit ratings, annual expected loss factors, average lives of the loans adjusted for prepayment considerations, current and historical interest rate assumptions, and other factors influencing the Company’s view of the current stage of the economic cycle and future economic conditions. Subjective considerations include a review of whether historical loss experience is representative of current market conditions and the Company’s view of the credit cycle. Model assumptions and factors are reviewed and updated as appropriate. Information about certain key inputs is detailed below.

Key factors in determining the internal credit ratings for commercial mortgage and agricultural property loans include loan-to-value and debt-service-coverage ratios. Other factors include amortization, loan term, and estimated market value growth rate and volatility for the property type and region. The loan-to-value ratio compares the carrying amount of the loan to the fair value of the underlying property or properties collateralizing the loan, and is commonly expressed as a percentage. Loan-to-value ratios greater than 100% indicate that the carrying amount of the loan exceeds the collateral value. A loan-to-value ratio less than 100% indicates an excess of collateral value over the carrying amount of the loan. The debt service coverage ratio is a property’s net operating income as a percentage of its debt service payments. Debt service coverage ratios less than 1.0 indicates that property operations do not generate enough income to cover the loan’s current debt payments. A debt service coverage ratio greater than 1.0 indicates an excess of net operating income over the debt service payments. The values utilized in calculating these ratios are developed as part of the Company’s periodic review of the commercial mortgage loan and agricultural property loan portfolios, which includes an internal appraisal of the underlying collateral value. The Company’s periodic review also includes a quality re-rating process, whereby the internal quality rating originally assigned at underwriting is updated based on current loan, property and market information using a proprietary quality rating system. See Note 3 for additional information related to the loan-to-value ratios and debt service coverage ratios related to the Company’s commercial mortgage and agricultural property loan portfolios.

Annual expected loss rates are based on historical default and loss experience factors. Using average lives, the annual expected loss rates are converted into life-of-loan loss expectations.

When individual loans no longer have the credit risk characteristics of the commercial mortgage or agricultural property loan pools, they are removed from the pools and are evaluated individually for an allowance. The allowance is determined based on the outstanding loan balance less the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent.

For residential mortgage loans, the allowance is calculated using an internally developed CECL model that pools together loans that share similar risk characteristics. The estimated lifetime loss of the pool is calculated from the risk profiles of the loans, including borrower credit score, loan-to-value ratio, property type, and several key attributes of the loan and property including: loan type, loan age, loan performance history, and current performing or nonperforming status. Estimated lifetime loss rates are calculated by weighting projected losses in multiple economic scenarios based on the Company’s view of the current stage of the economic cycle and future economic conditions. The scenario losses are calibrated to industry historical experience of defaults, loss severities, and prepayment rates in multiple economic cycles, reflective of similar loan characteristics.

The CECL allowance on commercial mortgage and other loans can increase or decrease from period to period based on the factors noted above. The change in allowance is reported in “Realized investment gains (losses), net”. As it relates to unfunded commitments that are in scope of this guidance, the CECL allowance is reported in “Other liabilities”, and the change in the allowance is reported in “Realized investment gains (losses), net”.

The CECL allowance for other collateralized loans carried at amortized cost is determined based on probability of default and loss given default assumptions by sector, credit quality and average lives of the loans. Additions to or releases of the allowance are reported in “Realized investment gains (losses), net”.

Once the Company has deemed a portion of the amortized cost to be uncollectible, the uncollectible portion of allowance is removed from the balance sheet by writing down the amortized cost basis of the loan. The carrying amount of the loan is not adjusted for subsequent recoveries in value.

Interest received on loans that are past due is either applied against the principal or reported as net investment income based on the Company’s assessment as to the collectability of the principal. The Company defines “past due” as principal or interest not collected at least 30 days past the scheduled contractual due date. See Note 3 for additional information about the Company’s past due loans.
The Company discontinues accruing interest on loans after the loans become 90 days delinquent as to principal or interest payments, or earlier when the Company has doubts about collectability. When the Company discontinues accruing interest on a loan, any accrued but uncollectible interest on the loan and other loans backed by the same collateral, if any, is charged against interest income in the same period. Generally, a loan is restored to accrual status only after all delinquent interest and principal are brought current and, in the case of loans where the payment of interest has been interrupted for a substantial period, or the loan has been modified, a regular payment performance has been established.

Commercial mortgage and other loans are occasionally restructured. These restructurings generally include one or more of the following: full or partial payoffs outside of the original contract terms; changes to interest rates; extensions of maturity; or additions or modifications to covenants. Additionally, the Company may accept assets in full or partial satisfaction of the debt.

All restructurings are evaluated under the modification guidance in ASC 310-20. When a loan is modified, the Company evaluates whether the restructuring results in a continuation of the existing loan or a new loan. For modifications that result in a continuation of the existing loan, the CECL allowance of the loan is remeasured using the modified terms, including the loan’s post-modification effective yield, and the allowance is adjusted accordingly.

For modifications that result in a new loan, any CECL allowance is reversed and a direct write-down of the loan is recorded for the amount of the allowance, and any additional loss, net of recoveries, or any gain is recorded for the difference between the fair value of the new loan and the recorded investment in the loan. The new loan is evaluated prospectively for credit impairment based on the CECL allowance process noted above.

Other invested assets consist of the Company’s non-coupon investments in limited partnerships and limited liability companies ("LPs/LLCs"), other than operating joint ventures, as well as derivative assets. LPs/LLCs interests are accounted for using either the equity method of accounting, or at fair value. The Company’s income from investments in LPs/LLCs accounted for using the equity method, other than the Company’s investments in operating joint ventures, is included in “Net investment income”. The carrying value of these investments is written down, or impaired, to fair value when a decline in value is considered to be other-than-temporary. In applying the equity method (including assessment for OTTI), the Company uses financial information provided by the investee, generally on a one to three-month lag. For the investments reported at fair value with changes in fair value reported in current earnings, the associated realized and unrealized gains and losses are reported in “Other income (loss)”. The Company consolidates LPs in certain other instances where it is deemed to exercise control, or is considered the primary beneficiary of a variable interest entity. See Note 4 for additional information about VIEs.

Cash and cash equivalents includes cash on hand, amounts due from banks, certain money market investments, funds managed similar to regulated money market funds, other debt instruments with maturities of three months or less when purchased, other than cash equivalents that are included in "Fixed maturities, available-for-sale, at fair value,” and receivables related to securities purchased under agreements to resell (see also "Securities sold under agreements to repurchase" below.) The Company also engages in overnight borrowing and lending of funds with Prudential Financial and affiliates which are considered cash and cash equivalents. These assets are generally carried at fair value or amortized cost which approximates fair value.

Deferred policy acquisition costs ("DAC") represents costs directly related to the successful acquisition of new and renewal insurance and annuity business. Such DAC primarily includes commissions, costs of policy issuance and underwriting, and certain other expenses that are directly related to successfully acquired contracts. In each reporting period, previously capitalized DAC is amortized and included in “Amortization of deferred policy acquisition costs”.

DAC for most long-duration contracts is amortized on a constant-level basis at a grouped contract level over the expected life of the underlying insurance contracts. Contracts are grouped consistent with the groupings used to estimate the liability for future policy benefits (or other related balances) for the corresponding contracts. Since contracts within a grouping may be of different sizes, contracts within a group are weighted to achieve appropriate amortization and to ensure that DAC is derecognized when a policy is no longer in force. The constant-level basis used to weight contracts within a grouping and amortize DAC is generally defined as follows:

•Life insurance contracts – DAC associated with life insurance contracts is generally amortized in proportion to the initial face amount of life insurance in force. This is applicable to traditional and universal life insurance products.

•Payout annuity contracts – DAC associated with payout annuity contracts is amortized in proportion to annual benefit payments.
•Deferred annuity contracts – DAC associated with fixed and variable deferred annuity contracts is amortized in proportion to deposits.

For single premium immediate annuities without life contingencies, acquisition expenses are deferred and amortized over the expected life of the contracts using the interest method.

Current period DAC amortization reflects the impact of changes in actual insurance in force during the period and changes in future assumptions effected as of the end of the quarter, where applicable. The Company typically updates actuarial assumptions annually in the second quarter, unless a material change is observed in an interim period that is indicative of a long-term trend. Generally, the Company does not expect trends to change significantly in the short-term and, to the extent these trends may change, the Company expects such changes to be gradual over the long-term.

Assumptions used for DAC are consistent with those used in estimating the liability for future policy benefits (or any other related balance) for the corresponding contract. Determining the level of aggregation and actuarial assumptions used in projecting in force terminations requires judgment. Internal criteria are developed to determine the level of aggregation by considering both qualitative and quantitative materiality thresholds.

The assumptions used in projecting in force terminations are mortality, mortality improvement, and lapse assumptions. These assumptions are generally based on the Company’s experience, industry experience and/or other factors, as applicable. For variable deferred annuity contracts, lapse rates are adjusted at the contract level based on the in-the-moneyness of the living benefits and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates are also generally assumed to be lower for the period where surrender charges apply.

For some products, policyholders can elect to modify product benefits, features, rights or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacements. If policyholders surrender traditional life insurance policies in exchange for life insurance policies that do not have fixed and guaranteed terms, the Company immediately charges to expense the remaining unamortized DAC on the surrendered policies. For other internal replacement transactions, except those that involve the addition of a non-integrated contract feature that does not change the existing base contract, the unamortized DAC is immediately charged to expense if the terms of the new policies are not substantially similar to those of the former policies. If the new terms are substantially similar to those of the earlier policies, the DAC is retained with respect to the new policies and amortized over the expected life of the new policies. See Note 7 for additional information regarding DAC.

Accrued investment income primarily includes accruals of interest and dividend income from investments that have been earned but not yet received.

Reinsurance recoverables and deposit receivables includes amounts recoverable under reinsurance agreements and receivables that follow the deposit method of accounting (see “Reinsurance” below).

Market risk benefit assets represents market risk benefits ("MRBs") in an asset position and are presented separately from MRBs in a liability position. See “Market risk benefit liabilities” below. MRB assets also reflect ceded MRBs resulting from reinsurance of the Company's Prudential Defined Income ("PDI") traditional variable annuity contracts. See Note 12 for additional information regarding the reinsurance of PDI.

Deferred Sales Inducements ("DSI") are amounts that are credited to a policyholders’ account balance primarily as an inducement to purchase fixed and/or variable deferred annuity contracts. The Company defers sales inducements and amortizes them over the expected life of the policy using the same methodology, factors and assumptions used to amortize DAC. The Company records amortization of DSI in “Interest credited to policyholders’ account balances”. Unlike DAC, DSI are considered contractual cash flows and, as a result, are subject to periodic recoverability testing. See Note 7 for additional information regarding DSI.

Income tax assets primarily represents the net deferred tax asset and the Company’s estimated taxes receivable for the current year and open audit years.

The Company is a member of the federal income tax return of Prudential Financial and primarily files separate company state and local tax returns. Pursuant to the tax allocation arrangement with Prudential Financial, total federal income tax expense is determined on a separate company basis. Members record tax benefits to the extent tax losses or tax credits are recognized in the consolidated federal tax provision.
The application of U.S. GAAP requires the Company to evaluate the recoverability of the Company’s deferred tax assets and establish a valuation allowance if necessary to reduce the Company’s deferred tax assets to an amount that is more likely than not expected to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. See Note 13 for a discussion of factors considered when evaluating the need for a valuation allowance.

U.S. GAAP prescribes a comprehensive model for how a company should recognize, measure, present, and disclose in its financial statements uncertain tax positions that a company has taken or expects to take on tax returns. The application of this guidance is a two-step process. First, the Company determines whether it is more likely than not, based on the technical merits, that the tax position will be sustained upon examination. If a tax position does not meet the more likely than not recognition threshold, the benefit of that position is not recognized in the financial statements. The second step is measurement. The Company measures the tax position as the largest amount of benefit that is greater than 50% likely to be realized upon ultimate resolution with a taxing authority that has full knowledge of all relevant information. This measurement considers the amounts and probabilities of the outcomes that could be realized upon ultimate settlement using the facts, circumstances, and information available at the reporting date.

The Company accrues a liability for unrecognized tax benefits, interest and penalties which relate to tax years still subject to review by the Internal Revenue Service ("IRS") or other taxing jurisdictions. Audit periods remain open for review until the statute of limitations has passed. Generally, for tax years which produce net operating losses, capital losses or tax credit carryforwards (“tax attributes”), the statute of limitations does not close, to the extent of these tax attributes, until the expiration of the statute of limitations for the tax year in which they are fully utilized. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the liability for income taxes. The Company classifies all interest and penalties related to tax uncertainties as income tax expense. See Note 13 for additional information regarding income taxes.

Other assets consists primarily of deferred reinsurance losses ("DRL") (see "Reinsurance" below) which are amortized over the expected life of the reinsured contracts on a constant-level basis, receivables resulting from sales of securities that had not yet settled at the balance sheet date, premiums due, prepaid tax expenses, and the Company’s investments in operating joint ventures. Investments in operating joint ventures are generally accounted for under the equity method. The carrying value of these investments is written down, or impaired, to fair value when a decline in value is considered to be other-than-temporary.

Separate account assets represents segregated funds that are invested for certain policyholders, and other customers. The assets consist primarily of equity securities, fixed maturities, real estate-related investments, real estate mortgage loans, short-term investments and derivative instruments and are reported at fair value. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. The investment income and realized investment gains or losses from separate account assets generally accrue to the policyholders and are not included in the Company’s results of operations. Mortality, policy administration and surrender charges assessed against the accounts are included in “Policy charges and fee income”. Asset administration fees charged to the accounts are included in “Asset administration fees”. Seed money that the Company invests in separate accounts is reported in the appropriate general account asset line. Investment income and realized investment gains or losses from seed money invested in separate accounts accrue to the Company and are included in the Company’s results of operations. See Note 8 for additional information regarding separate account arrangements with contractual guarantees. See also “Separate account liabilities” below.

LIABILITIES

Future policy benefits primarily consists of the present value of expected future payments to or on behalf of policyholders, where the timing and amount of such payments depend on policyholder mortality or morbidity, less the present value of expected future net premiums (where net premiums are gross premiums multiplied by the Net-To-Gross ("NTG") ratio discussed below). The liability for future policy benefits is accrued over time as premium revenue is recognized. See Note 9 for additional information regarding future policy benefits.
The reserving methodology used for non-participating traditional and limited-payment contracts include the following:

•Cash Flow Assumptions. In measuring the liability for future policy benefits, the net premium valuation methodology is utilized. Under this methodology, a liability for future policy benefits is established using current best estimate insurance assumptions and interest rate assumptions locked-in at contract issuance date. The NTG ratio is calculated as the ratio of the present value of expected policy benefits and non-level claim settlement expenses divided by the present value of expected gross premiums. The NTG ratio is applied to gross premiums, as premium revenue is recognized, to determine net premiums. The liability is then determined as the present value of expected future policy benefits and non-level claim settlement expenses less the present value of expected future net premiums. The result of the net premium valuation methodology is that the liability at any point in time represents an accumulation of the portion of premiums received to date expected to fund future benefits (i.e., net premiums received to date), less any benefits and expenses already paid. The liability does not necessarily reflect the full policyholder obligation the Company expects to pay at the conclusion of the contract since a portion of that obligation would be funded by net premiums received in the future and would be recognized in the liability at that time. For purposes of liability measurement, contracts are grouped into cohorts based primarily on issue year and major product line.

The NTG ratio is generally updated quarterly for actual experience and annually in the second quarter of each year for future cash flow assumption updates during the Company’s annual assumptions review process unless a material change is observed in an interim period that is indicative of a long-term trend, with the exception of claim settlement expense assumptions which the Company has made an entity-wide election to lock-in as of contract issuance. The NTG ratio is subject to a retrospective unlocking method whereby the Company updates its best estimate of cash flows expected over the life of the cohort using actual historical experience and updated future cash flow assumptions. These updated cash flows are used to calculate the revised NTG ratio, which is used to derive an updated liability for future policy benefits as of the beginning of the current reporting period, discounted at the original contract issuance discount rate. The updated liability for future policy benefit amount as of the beginning of the quarter is then compared to the carrying amount of the liability as of that same date, before the updates for actual experience or future cash flow assumptions, to determine the current period change in liability estimate. This current period change in the liability is the liability remeasurement gain or loss that is recorded through current period earnings in “Change in estimates of liability for future policy benefits”. In subsequent periods, the revised NTG ratio is used to measure the liability for future policy benefits, subject to future revisions.

If a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for expected future policy benefits and non-level claim settlement expenses, the NTG ratio is capped at 100%. In these instances, all changes in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately. While the liability for future policy benefits cannot be less than zero (i.e., a contra-liability) at the cohort level and thus the balance is floored at zero (i.e., “flooring”), the NTG ratio may be negative. This would be the case whereby conditions have improved such that the present value of future net premiums plus the existing liability for future policy benefits as of the valuation date exceed the present value of expected future policy benefits and non-level claim settlement expenses. In this case, the negative NTG ratio would be applied going forward to gross premiums received, effectively amortizing the gain into income and reducing the liability over time.

In addition, for limited-payment contracts, the liability for future policy benefits also includes a Deferred Profit Liability ("DPL") representing gross premiums received in excess of net premiums and is generally recognized in revenue in a constant relationship with insurance in force for life contracts or with the amount of expected future benefit payments for annuity contracts. The DPL is subject to a retrospective unlocking adjustment consistent with the liability for future policy benefits discussed above. The DPL cannot be less than zero (i.e., a contra-liability) at the cohort level and thus the balance is floored at zero (i.e., “flooring”).

•Discount Rate Assumption. The locked-in discount rate is generally based on expected investment returns at contract inception for contracts issued prior to January 1, 2021 and the upper medium grade fixed income corporate instrument yield (i.e., global single A) at contract inception for contracts issued on or after January 1, 2021. The discount rate in effect at contract inception is locked-in for the calculation of the NTG ratio and accretion of interest cost on the liability through net income. However, for balance sheet remeasurement purposes, the discount rate is updated using the current single A rate at each reporting period, with the effect on the liability resulting from such update recorded in “Interest rate remeasurement of future policy benefits" in OCI.
The methodology used in constructing the single A discount rate curve for discounting cash flows used to calculate the liability for future policy benefits is intended to be reflective of the characteristics of the applicable insurance liabilities. The single A discount rate curve is developed by reference to upper medium grade (low credit risk) fixed income instrument yields that reflect the duration characteristics of the applicable insurance liabilities. The single A discount curve for the United States is developed using government bond rates plus public corporate A spreads in the observable periods. The definition of upper medium grade is based on Moody’s Investor Service, Inc. ("Moody's") definition which includes the spectrum of A (i.e., A- to A+). Liquidity is considered in defining the observable period and linear extrapolation is performed to the Company's ultimate long-term economic assumptions. Annually, the Company performs a comprehensive review of the economic assumptions, including long-term interest rate assumptions and equity return assumptions, generally utilizing relevant economic outlook information and industry surveys as the primary basis.

The Company’s liability for future policy benefits also includes net liabilities for guaranteed benefits related to certain long-duration life contracts, such as no-lapse guarantee contract features (Additional Insurance Reserves or "AIR" liability), for which a liability is established when associated assessments are recognized (which include investment margin on policyholders' account balances deposited to fixed and indexed funds and all policy charges including charges for administration, mortality, expense, surrender, and other charges). This liability is established using current best estimate assumptions and is based on the ratio of the present value of total expected excess payments (i.e., payments in excess of account value) over the life of the contract divided by the present value of total expected assessments (i.e., benefit ratio). The liability equals the current benefit ratio multiplied by cumulative assessments recognized to date, plus interest, less cumulative excess payments to date. The liability does not necessarily reflect the full policyholder obligation the Company expects to pay at the conclusion of the contract since a portion of that excess payment would be funded by assessments received in the future and would be recognized in the liability at that time. The reserves are subject to adjustments based on annual reviews of assumptions and quarterly adjustments for experience as described below, including market performance. These adjustments reflect the impact on the benefit ratio of using actual historical experience from the issuance date to the balance sheet date plus updated estimates of future experience. The updated benefit ratio is then applied to all prior periods’ assessments to derive an adjustment to the reserve recognized through a benefit or charge to current period earnings. Any adjustments to this liability related to net unrealized gains (losses) on securities classified as available-for-sale are included in AOCI.

For universal life type contracts and participating contracts, the Company performs premium deficiency tests using best estimate assumptions as of the testing date, at a minimum, on an annual basis, and on a quarterly basis for business whose profitability is closely tied to equity market performance. If the liabilities determined based on these best estimate assumptions are greater than the net reserves (i.e., GAAP reserves including unearned revenue reserves ("URR"), net of reinsurance and any DSI asset), the existing net reserves are adjusted by first reducing assets, such as DSI or deferred reinsurance loss, by the amount of the deficiency or to zero through a charge to current period earnings. If the deficiency is more than these asset balances for insurance contracts, the net reserves are increased by the excess through a charge to current period earnings included in "Policyholders' benefits". Since investment yields are used as the discount rate, the premium deficiency test is also performed using a discount rate based on the market yield (i.e., assuming what would be the impact if any unrealized gains (losses) were realized as of the testing date). In the event that by using the market yield a deficiency occurs, an adjustment is established for the deficiency and is included in AOCI.

The Company’s liability for future policy benefits also includes a liability for unpaid claims and claim adjustment expenses. The Company does not establish claim liabilities until a loss has been incurred. However, unpaid claims and claim adjustment expenses include estimates of claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date. Expense assumptions included in the liability only include claim related expenses and exclude acquisition costs and non-claim related costs such as costs relating to investments, general administration, policy maintenance, product development, market research, and general overhead.

Policyholders’ account balances represents the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. This liability is primarily associated with the accumulated account deposits, plus interest credited, less policyholder withdrawals and other charges assessed against the account balance, as applicable. These policyholders’ account balances also include provision for benefits under non-life contingent payout annuities and certain unearned revenues. The unearned revenue liability represents policy charges for services to be provided in future periods. The charges are deferred as incurred and are generally amortized over the expected life of the contract using the same methodology, factors, and assumption used to amortize DAC. See Note 10 for additional information regarding policyholders’ account balances. Policyholders' account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products. The changes in the fair value of the embedded derivatives are recorded in net income. For additional information regarding the valuation of these embedded derivatives, see Note 6.
Market risk benefit liabilities represents contracts or contract features that provide protection to the contractholder and exposes the Company to other than nominal capital market risk, primarily related to deferred annuities with guaranteed minimum benefits associated with annuities products including guaranteed minimum death benefits (“GMDB”), guaranteed minimum income benefits (“GMIB”), guaranteed minimum accumulation benefits (“GMAB”), guaranteed minimum withdrawal benefits (“GMWB”) and guaranteed minimum income and withdrawal benefits (“GMIWB”). The benefits are accounted for using a fair value measurement framework. If a contract contains multiple market risk benefits, the benefits are bundled together and accounted for as a single compound market risk benefit. Market risk benefits in an asset position are presented separately from those in a liability position as there is no legal right of offset between contracts. The fair value of market risk benefits is calculated as the present value of expected future benefit payments to contractholders less the present value of expected future rider fees attributable to the market risk benefits. The fair value of market risk benefits is based on assumptions a market participant would use in valuing market risk benefits. For additional information regarding the valuation of market risk benefits, see Note 6. On a quarterly basis, changes in the fair value of market risk benefits are recorded in net income, net of related hedges, in "Change in value of market risk benefits, net of related hedging gains (losses)", except for the portion of the change attributable to changes in the Company’s non-performance risk ("NPR") which is recorded in OCI. See Note 11 for additional information regarding market risk benefits. See "Reinsurance" below for information regarding the reinsurance of MRBs.

Cash collateral for loaned securities represents liabilities to return cash proceeds from security lending transactions. Securities lending transactions are used primarily to earn spread income. As part of securities lending transactions, the Company transfers U.S. and foreign debt and equity securities, as well as U.S. government and government agency securities, and receives cash as collateral. Cash proceeds from securities lending transactions are primarily used to earn spread income, and are typically invested in cash equivalents, short-term investments or fixed maturities. Securities lending transactions are treated as financing arrangements and are recorded at the amount of cash received. The Company obtains collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. The Company monitors the market value of the securities loaned on a daily basis with additional collateral obtained as necessary. Substantially all of the Company’s securities lending transactions are with large brokerage firms and large banks. Income and expenses associated with securities lending transactions used to earn spread income are reported as "Net investment income".

Securities sold under agreements to repurchase represents liabilities associated with securities repurchase agreements that are used primarily to earn spread income. As part of securities repurchase agreements, the Company transfers U.S. government and government agency securities to a third-party, and receives cash as collateral. For securities repurchase agreements, the cash received is typically invested in cash equivalents, short-term investments or fixed maturities. Receivables associated with securities purchased under agreements to resell are generally reflected as cash equivalents. As part of securities resale agreements, the Company invests cash and receives as collateral U.S. government securities or other debt securities.

Securities repurchase and resale agreements that satisfy certain criteria are treated as secured borrowing or secured lending arrangements. These agreements are carried at the amounts at which the securities will be subsequently resold or reacquired, as specified in the respective transactions. For securities purchased under agreements to resell, the Company’s policy is to take possession or control of the securities either directly or through a third-party custodian. These securities are valued daily, and additional securities or cash collateral is received, or returned, when appropriate to protect against credit exposure. Securities to be resold are the same, or substantially the same, as the securities received. The majority of these transactions are with large brokerage firms and large banks. For securities sold under agreements to repurchase, the market value of the securities to be repurchased is monitored, and additional collateral is obtained where appropriate, to protect against credit exposure. The Company obtains collateral in an amount at least equal to 95% of the fair value of the securities sold. Securities to be repurchased are the same, or substantially the same, as those sold. The majority of these transactions are with highly rated money market funds. Income and expenses related to these transactions executed within the insurance companies used to earn spread income are reported as “Net investment income”.

Reinsurance and funds withheld payables represents amounts payable under reinsurance agreements (see “Reinsurance” below). Reinsurance and funds withheld payables may also include derivative instruments for which fair values are determined as described below under "Derivative Financial Instruments".

Other liabilities consists primarily of deferred reinsurance gains ("DRG") (see "Reinsurance" below), accrued expenses, technical overdrafts, payables resulting from purchases of securities that had not yet settled at the balance sheet date. The amortization method for DRG is amortized over the expected life of the reinsured contracts on a constant-level basis.

Separate account liabilities primarily represents the contractholders’ account balances in separate account assets and to a lesser extent borrowings of the separate account, and will be equal and offsetting to total separate account assets. See also “Separate account assets” above.
Short-term and long-term debt liabilities are primarily carried at an amount equal to unpaid principal balance, net of unamortized discount or premium and debt issuance costs. Original-issue discount or premium and debt-issue costs are recognized as a component of interest expense over the period the debt is expected to be outstanding, using the interest method of amortization. Interest expense is generally presented within “General, administrative and other expenses” in the Company’s Consolidated Statements of Operations. Short-term debt is debt coming due in the next twelve months, including that portion of debt otherwise classified as long-term. The short-term debt caption may exclude short-term debt items for which the Company has the intent and ability to refinance on a long-term basis in the near term. See Note 16 for additional information regarding short-term and long-term debt.

Commitments and contingent liabilities are accrued if it is probable that a liability has been incurred and an amount is reasonably estimable. Management evaluates whether there are incremental legal or other costs directly associated with the ultimate resolution of the matter that are reasonably estimable and, if so, they are included in the accrual. These accruals are generally reported in “Other liabilities”.

REVENUES, BENEFITS AND EXPENSES

Insurance Revenue and Expense Recognition

Premiums from individual life products, other than universal and variable life contracts, are recognized when due. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium (i.e., the portion of the gross premium required to provide for all expected future policy benefits and non-level claim settlement expenses) is generally deferred and recognized into revenue in a constant relationship to insurance in force. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized as described in "Future policy benefits" above.

Premiums from single premium immediate annuities with life contingencies are recognized when due. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium is generally deferred and recognized into revenue based on expected future benefit payments. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized as described in "Future policy benefits" above.

Certain individual annuity contracts provide the contractholder a guarantee that the benefit received upon death or annuitization will be no less than a minimum prescribed amount. These benefits are generally accounted for as market risk benefits (see “Market risk benefits” above).

Amounts received from policyholders as payment for universal or variable individual life contracts, deferred fixed or variable annuities and other contracts without life contingencies are reported as deposits to “Policyholders’ account balances” and/or “Separate account liabilities”. Revenues from these contracts are reflected in “Policy charges and fee income” consisting primarily of fees assessed during the period against the policyholders’ account balances for mortality and other benefit charges, policy administration charges and surrender charges. In addition to fees, the Company earns investment income from the investment of deposits in the Company’s general account portfolio. Fees assessed that represent compensation to the Company for services to be provided in future periods and certain other fees are generally deferred and amortized into revenue over the life of the related contracts using the same methodology, factors, and assumption used to amortize DAC as described above. Benefits and expenses for these products include claims in excess of related account balances, expenses of contract administration, interest credited to policyholders’ account balances and amortization of DAC and DSI.

Policyholders’ account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products where changes in the value of the embedded derivatives are recorded through "Realized investment gains (losses), net". For additional information regarding the valuation of these embedded derivatives, see Note 6.
Asset administration fees primarily include asset administration fee income received on contractholders’ account balances invested in The Prudential Series Funds, which are a portfolio of mutual fund investments related to the Company’s separate account products. Also, the Company receives fee income calculated on contractholder separate account balances invested in the Advanced Series Trust ("AST") (see Note 16). In addition, the Company receives fees from contractholders’ account balances invested in funds managed by companies other than affiliates of Prudential Insurance. Asset administration fees are recognized as income when earned.

Other income (loss) includes realized and unrealized gains or losses from investments reported as “Fixed maturities, trading, at fair value”, “Equity securities, at fair value”, and “Other invested assets” that are measured at fair value as well as interest income related to affiliated cash collateral. See Note 16 for more information related to affiliated cash collateral. Other income (loss) in 2025 also includes the recognition of previously deferred reinsurance gains.

Realized investment gains (losses), net includes realized gains or losses from sales and maturities of investments, changes to the allowance for credit losses, other impairments, fair value changes on mortgage loans where the fair value option has been elected, and derivative gains or losses. The derivative gains or losses include the impact of maturities, terminations and changes in fair value of the derivative instruments, including embedded derivatives, and other hedging instruments. Realized investment gains (losses) from the sales of securities are generally calculated using the specific identification method.

OTHER ACCOUNTING POLICIES

Derivative Financial Instruments

Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, values of securities or commodities, credit spreads, market volatility, expected returns, and liquidity. Values can also be affected by changes in estimates and assumptions, including those related to counterparty behavior and NPR used in valuation models. Derivative financial instruments generally used by the Company include swaps, futures, forwards and options and may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties, while others are bilateral contracts between two counterparties. Derivative positions are carried at fair value, generally by obtaining quoted market prices or through the use of valuation models.

Derivatives are used to manage the interest rate and currency characteristics of assets or liabilities. Additionally, derivatives may be used to reduce exposure to risks such as interest rate, credit, foreign currency and equity associated with assets held or expected to be purchased or sold, and liabilities incurred or expected to be incurred. As discussed in detail below and in Note 5, all realized and unrealized changes in fair value of derivatives are recorded in current earnings, with the exception of cash flow hedges. Cash flows from derivatives are reported in the operating, investing or financing activities sections in the Consolidated Statements of Cash Flows based on the nature and purpose of the derivative.

Derivatives are recorded either as assets, within “Other invested assets”, or as liabilities, within “Payables to parent and affiliates”, except for embedded derivatives which are recorded with the associated host contract. The Company nets the fair value of all derivative financial instruments with counterparties for which a master netting arrangement has been executed.

The Company designates derivatives as either (1) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow” hedge); or (2) a derivative that does not qualify for hedge accounting.

To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated risk of the hedged item. Effectiveness of the hedge is formally assessed at inception and throughout the life of the hedging relationship.

The Company formally documents at inception all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives designated as cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions.
When a derivative is designated as a cash flow hedge and is determined to be highly effective, changes in its fair value are recorded in AOCI until earnings are affected by the variability of cash flows being hedged (e.g., when periodic settlements on a variable-rate asset or liability are recorded in earnings). At that time, the related portion of deferred gains or losses on the derivative instrument is reclassified and reported in the Consolidated Statements of Operations line item associated with the hedged item.

If it is determined that a derivative no longer qualifies as an effective cash flow hedge or management removes the hedge designation, the derivative will continue to be carried on the balance sheet at its fair value, with changes in fair value recognized currently in “Realized investment gains (losses), net”. The component of AOCI related to discontinued cash flow hedges is reclassified to the Consolidated Statements of Operations line associated with the hedged cash flows consistent with the earnings impact of the original hedged cash flows.

When hedge accounting is discontinued because the hedged item no longer meets the definition of a firm commitment, or because it is probable that the forecasted transaction will not occur by the end of the specified time period, the derivative will continue to be carried on the balance sheet at its fair value, with changes in fair value recognized currently in “Realized investment gains (losses), net”. Any asset or liability that was recorded pursuant to recognition of the firm commitment is removed from the balance sheet and recognized currently in “Realized investment gains (losses), net”. Gains and losses that were in AOCI pursuant to the hedge of a forecasted transaction are recognized immediately in “Realized investment gains (losses), net”.

If a derivative does not qualify for hedge accounting, all changes in its fair value, including net receipts and payments, are included in “Realized investment gains (losses), net” without considering changes in the fair value of the economically associated assets or liabilities.

The Company is a party to financial instruments that contain derivative instruments that are “embedded” in the financial instruments. At inception, the Company assesses whether the economic characteristics of the embedded instrument are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the host contract) and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that (1) the embedded instrument possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded instrument qualifies as an embedded derivative that is separated from the host contract, carried at fair value, and changes in its fair value are included in “Realized investment gains (losses), net”. For certain financial instruments that contain an embedded derivative that otherwise would need to be bifurcated and reported at fair value, the Company may elect to carry the entire instrument at fair value and report it within "Other invested assets" and "Reinsurance recoverable and deposit receivables", or as liabilities, within “Payables to parent and affiliates” or "Reinsurance and funds withheld payables".

The Company sells variable annuity contracts that include optional living benefit features that may be treated from an accounting perspective as embedded derivatives. The embedded derivatives related to the living benefit features and the related reinsurance agreements are carried at fair value and included in “Future policy benefits" and “Reinsurance recoverables and deposit receivables”. Additionally, changes in the fair value are determined using valuation models as described in Note 6 and are recorded in “Realized investment gains (losses), net".
Reinsurance

The Company participates in reinsurance arrangements in various capacities as either the ceding entity or as the reinsurer (i.e., assuming entity). See Note 12 for additional information regarding the Company’s reinsurance arrangements. Reinsurance assumed business is generally accounted for consistent with direct business. Amounts currently recoverable under reinsurance agreements are included in “Reinsurance recoverables and deposit receivables” and amounts payable are included in “Reinsurance and funds withheld payables”. “Reinsurance recoverables and deposit receivables” also includes deposit receivables where the Company has ceded fixed indexed annuities, including from coinsurance with funds withheld arrangements and receivables from modified coinsurance arrangements where the Company is the cedant, and in certain instances are net of the payables under these arrangements which generally reflect the fair value of the invested assets retained by the cedant. “Reinsurance and funds withheld payables” also includes amounts payable to the reinsurer under coinsurance with funds withheld arrangements where the Company is the cedant, and generally reflect the fair value of the invested assets retained by the Company. The receivables and payables associated with each of these coinsurance with funds withheld and modified coinsurance arrangements each contain an embedded derivative that is bifurcated and accounted for at fair value separately from the host contract, with changes in fair value recorded through “Realized investment gains (losses), net”, and are ultimately presented net within “Reinsurance recoverables and deposit receivables”. Revenues and benefits and expenses include amounts assumed under reinsurance agreements and are reflected net of reinsurance ceded.

Reinsurance ceded arrangements do not discharge the Company as the primary insurer. Ceded balances would represent a liability of the Company in the event the reinsurers were unable to meet their obligations to the Company under the terms of the reinsurance agreements. Reinsurance recoverables are reported on the Consolidated Statements of Financial Position net of the CECL allowance. The CECL allowance considers the credit quality of the reinsurance counterparty and is generally determined based on the probability of default and loss given default assumptions, after considering any applicable collateral arrangements. The CECL allowance does not apply to reinsurance recoverables with affiliated counterparties under common control. Additions to or releases of the allowance are reported in “Policyholders’ benefits”. Reinsurance premiums, commissions, expense reimbursements, benefits and reserves related to reinsured long-duration contracts under coinsurance arrangements are accounted for over the life of the underlying reinsured contracts using assumptions consistent with those used to account for the underlying contracts. For reinsurance of in force blocks of non-participating traditional and limited-payment contracts, the current value of the direct liability as of inception of the reinsurance agreement is used to calculate the reinsurance recoverable and cost of reinsurance such that there is no immediate other comprehensive income or loss from recognition of the reinsurance recoverable at inception. Consistent with the direct liability, the reinsurance recoverable for non-participating traditional and limited-payment contracts is remeasured each period using current single A rates with the effect on the reinsurance recoverable resulting from such updates recorded in "Interest rate remeasurement of future policy benefits" in OCI. For reinsurance of limited-payment contracts, the Company establishes a cost of reinsurance asset relating to the direct DPL and amortizes this balance through “Premiums” using the same methodology and assumptions used to amortize the direct DPL.

For reinsurance of existing in force blocks of long-duration contracts that transfer significant insurance risk, the difference between the fair value of the net consideration exchanged and the net liabilities ceded related to the underlying reinsured contracts is considered the net cost of reinsurance at the inception of the reinsurance agreement. This initial net cost of reinsurance is deferred and amortized into income over the remaining life of the reinsured policies on a basis consistent with the methodologies and assumptions used for amortizing DAC. This initial net cost of reinsurance may result in a deferred reinsurance gain which is recorded in "Other liabilities" and amortized through "Other income (loss)", or a deferred reinsurance loss which is recorded in "Other assets" and amortized through "General, administrative and other expenses".

Consistent with direct contracts, reinsurance agreements may also include features that meet the definition of an MRB and, if so, are accounted for at fair value. The fair value of direct or assumed MRBs reflects the Company's NPR, while the fair value of ceded MRBs reflects the counterparty credit risk of the reinsurer. Changes in the fair value of ceded MRBs, including the impact of changes in counterparty credit risk, are recorded in net income in "Change in value of market risk benefits, net of related hedging gains (losses)".
Coinsurance arrangements contrast with the Company’s yearly renewable term ("YRT") arrangements, where only mortality risk is transferred to the reinsurer and premiums are paid to the reinsurer to reinsure that risk. The mortality risk that is reinsured under YRT arrangements represents the difference between the stated death benefits in the underlying reinsured contracts and the corresponding reserves or account value carried by the Company on those same contracts. The premiums paid to the reinsurer are based upon negotiated amounts, not on the actual premiums paid by the underlying contractholders to the Company. As YRT arrangements are usually entered into by the Company with the expectation that the contracts will be in force for the lives of the underlying policies, they are considered to be long-duration reinsurance contracts. The cost of reinsurance for universal life products is generally recognized based on the gross assessments of the underlying direct policies. The cost of reinsurance for term insurance products is generally recognized in proportion to direct premiums over the life of the underlying policies.

If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in “Reinsurance and funds withheld payables” and deposits made are included in “Reinsurance recoverables and deposit receivables”. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as “Other income (loss)” or “General, administrative and other expenses”, as appropriate.

RECENT ACCOUNTING PRONOUNCEMENTS

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates ("ASUs") to the FASB Accounting Standards Codification ("ASC"). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of December 31, 2025, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.

ASUs adopted during the year ended December 31, 2025

StandardDescriptionEffective date and method of adoptionEffect on the financial statements or other significant matters
ASU 2023-09—Income Taxes (Topic 740) Improvements to Income Tax DisclosuresThis ASU requires entities to provide additional information primarily related to the effective tax rate reconciliation and income taxes paid.January 1, 2025 using the prospective method.Adoption of the ASU did not have an impact on the Company's Consolidated Financial Statements but resulted in expanded disclosures in the Notes to the Consolidated Financial Statements.

ASUs issued but not yet adopted as of December 31, 2025

StandardDescriptionEffective date and method of adoptionEffect on the financial statements or other significant matters
ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement ExpensesThis ASU requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements.Effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted and applied either prospectively or retrospectively.The Company is currently assessing the impact of the ASU on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements.
v3.26.1
Investments
 12 Months Ended
Dec. 31, 2025
Investments [Abstract]  
Investments INVESTMENTS
Fixed Maturity Securities
The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:
 December 31, 2025
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$1,196,805 $24,151 $103,636 $0 $1,117,320 
Obligations of U.S. states and their political subdivisions460,634 1,245 27,351 0 434,528 
Foreign government securities456,138 7,187 38,590 0 424,735 
U.S. public corporate securities19,566,876 302,845 801,659 75 19,067,987 
U.S. private corporate securities6,790,444 99,408 175,094 12,146 6,702,612 
Foreign public corporate securities5,306,445 100,625 85,439 415 5,321,216 
Foreign private corporate securities7,093,850 331,109 241,209 300 7,183,450 
Asset-backed securities(1)5,051,514 31,060 5,180 1,346 5,076,048 
Commercial mortgage-backed securities1,370,898 17,493 34,081 0 1,354,310 
Residential mortgage-backed securities(2)936,614 9,989 4,638 0 941,965 
Total fixed maturities, available-for-sale$48,230,218 $925,112 $1,516,877 $14,282 $47,624,171 
(1)    Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans and education loans.
(2)    Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

 December 31, 2024
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$1,199,628 $8,357 $108,744 $0 $1,099,241 
Obligations of U.S. states and their political subdivisions570,253 1,156 30,343 0 541,066 
Foreign government securities362,154 646 52,466 0 310,334 
U.S. public corporate securities14,134,828 60,917 957,316 1 13,238,428 
U.S. private corporate securities6,030,898 35,828 301,451 11,178 5,754,097 
Foreign public corporate securities3,804,503 21,136 126,767 21 3,698,851 
Foreign private corporate securities5,838,939 43,334 511,426 29,214 5,341,633 
Asset-backed securities(1)3,728,073 31,431 8,841 0 3,750,663 
Commercial mortgage-backed securities944,652 4,567 53,444 0 895,775 
Residential mortgage-backed securities(2)367,005 861 11,794 0 356,072 
Total fixed maturities, available-for-sale$36,980,933 $208,233 $2,162,592 $40,414 $34,986,160 
(1)    Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans and education loans.
(2)    Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
The following tables set forth the fair value and gross unrealized losses on available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:
 December 31, 2025
 Less Than Twelve MonthsTwelve Months or MoreTotal
 Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$187,705 $7,191 $386,544 $96,445 $574,249 $103,636 
Obligations of U.S. states and their political subdivisions34,212 853 259,746 26,498 293,958 27,351 
Foreign government securities54,155 214 159,018 38,376 213,173 38,590 
U.S. public corporate securities1,659,501 31,308 4,933,894 770,153 6,593,395 801,461 
U.S. private corporate securities673,009 7,201 2,616,271 167,702 3,289,280 174,903 
Foreign public corporate securities391,306 3,528 759,461 81,911 1,150,767 85,439 
Foreign private corporate securities183,588 2,294 2,000,967 238,882 2,184,555 241,176 
Asset-backed securities158,585 349 40,059 3,301 198,644 3,650 
Commercial mortgage-backed securities54,331 212 400,953 33,869 455,284 34,081 
Residential mortgage-backed securities9,148 8 109,013 4,630 118,161 4,638 
  Total fixed maturities, available-for-sale$3,405,540 $53,158 $11,665,926 $1,461,767 $15,071,466 $1,514,925 

 December 31, 2024
 Less Than Twelve MonthsTwelve Months or MoreTotal
 Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$377,531 $13,829 $238,723 $94,915 $616,254 $108,744 
Obligations of U.S. states and their political subdivisions226,731 5,019 212,060 25,324 438,791 30,343 
Foreign government securities118,168 2,615 171,166 49,851 289,334 52,466 
U.S. public corporate securities4,320,552 105,145 4,677,336 852,171 8,997,888 957,316 
U.S. private corporate securities1,999,008 41,931 2,379,755 259,489 4,378,763 301,420 
Foreign public corporate securities1,088,644 20,465 716,172 106,294 1,804,816 126,759 
Foreign private corporate securities1,977,169 69,399 2,107,705 440,330 4,084,874 509,729 
Asset-backed securities363,744 5,510 140,090 3,331 503,834 8,841 
Commercial mortgage-backed securities101,821 1,356 489,490 52,088 591,311 53,444 
Residential mortgage-backed securities142,961 1,946 123,853 9,848 266,814 11,794 
  Total fixed maturities, available-for-sale$10,716,329 $267,215 $11,256,350 $1,893,641 $21,972,679 $2,160,856 
As of December 31, 2025 and 2024, the gross unrealized losses on fixed maturity, available-for-sale securities without an allowance of $1,469 million and $2,059 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $46 million and $102 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of December 31, 2025, the $1,462 million of gross unrealized losses of twelve months or more were concentrated in the Company’s corporate securities within the finance, consumer non-cyclical and utility sectors. As of December 31, 2024, the $1,894 million of gross unrealized losses of twelve months or more were concentrated in the Company's corporate securities within the finance, consumer non-cyclical and utility sectors.
In accordance with its policy described in Note 2, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at December 31, 2025. This conclusion was based on a detailed analysis of the underlying credit and cash flows for each security. Gross unrealized losses are primarily attributable to increases in interest rates, general credit spread widening and foreign currency exchange rate movements. As of December 31, 2025, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis.

The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated:
 December 31, 2025
 Amortized CostFair Value
 (in thousands)
Fixed maturities, available-for-sale:
Due in one year or less$1,745,409 $1,738,607 
Due after one year through five years15,738,281 15,930,893 
Due after five years through ten years12,444,358 12,660,246 
Due after ten years10,943,144 9,922,102 
Asset-backed securities5,051,514 5,076,048 
Commercial mortgage-backed securities1,370,898 1,354,310 
Residential mortgage-backed securities936,614 941,965 
Total fixed maturities, available-for-sale$48,230,218 $47,624,171 
Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Asset-backed, commercial mortgage-backed and residential mortgage-backed securities are shown separately in the table above, as they do not have a single maturity date.
The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the periods indicated:
Years Ended December 31
202520242023
  (in thousands) 
Fixed maturities, available-for-sale:
Proceeds from sales(1)$2,589,307 $2,097,519 $460,596 
Proceeds from maturities/prepayments3,663,766 2,300,919 1,218,844 
Gross investment gains from sales and maturities27,112 23,978 11,482 
Gross investment losses from sales and maturities(58,814)(143,432)(43,078)
Write-downs recognized in earnings(2)(76,892)(9,534)(2,358)
(Addition to) release of allowance for credit losses26,180 (38,406)2,761 
(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $106.2 million, $(158.4) million and $57.4 million for the years ended December 31, 2025, 2024, and 2023, respectively.
(2)Amounts represent write-downs of credit adverse securities and securities actively marketed for sale.
The following tables set forth the balance of and changes in the allowance for credit losses for fixed maturity securities, as of and for the periods indicated:
Year Ended December 31, 2025
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government SecuritiesU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $40,414 $0 $0 $0 $40,414 
Additions to allowance for credit losses not previously recorded0 0 26,779 3,500 0 0 30,279 
Reductions for securities sold during the period0 0 (2,127)(925)0 0 (3,052)
Additions (reductions) on securities with previous allowance0 0 4,072 (1,229)0 0 2,843 
Write-downs charged against the allowance0 0 (56,202)0 0 0 (56,202)
Balance, end of period$0 $0 $12,936 $1,346 $0 $0 $14,282 

Year Ended December 31, 2024
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government SecuritiesU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $2,000 $1 $0 $7 $2,008 
Additions to allowance for credit losses not previously recorded0 0 39,600 0 0 5 39,605 
Reductions for securities sold during the period0 0 (2,002)0 0 0 (2,002)
Additions (reductions) on securities with previous allowance0 0 337 (1)0 (12)324 
Assets transferred (to) from parent and affiliates0 0 479 0 0 0 479 
Balance, end of period$0 $0 $40,414 $0 $0 $0 $40,414 

See Note 2 for additional information about the Company's methodology for developing its allowance and expected losses.

For the year ended December 31, 2025, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to write-downs of distressed securities, partially offset by net additions in the communications and transportation sectors within corporate securities due to adverse projected cash flows.

For the year ended December 31, 2024, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions within the consumer cyclical, consumer non-cyclical and energy sectors within corporate securities due to adverse projected cash flows.

The Company did not have any fixed maturity securities purchased with credit deterioration as of both December 31, 2025 and 2024.
Fixed Maturities, Trading
The net change in unrealized gains (losses) from fixed maturities, trading still held at period end, recorded within “Other income (loss),” was $231.7 million, $(182.9) million and $65.6 million during the years ended December 31, 2025, 2024 and 2023, respectively.
Equity Securities
The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss)," was $(86.3) million, $(34.2) million and $25.8 million during the years ended December 31, 2025, 2024 and 2023, respectively.
Commercial Mortgage and Other Loans
The following table sets forth the composition of “Commercial mortgage and other loans”, as of the dates indicated:
 December 31, 2025December 31, 2024
 Amount% of
Total		Amount% of
Total
($ in thousands)
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family$2,612,457 27.4 %$1,949,926 25.0 %
Health Care Senior Living(1)119,507 1.3 134,195 1.7 
Hospitality108,227 1.0 97,603 1.3 
Industrial3,448,599 36.2 2,906,413 37.3 
Office525,136 5.5 556,586 7.1 
Retail865,298 9.1 693,949 9.0 
Self-Storage(1)665,544 7.0 543,701 7.0 
Other(1)119,202 1.3 72,645 0.9 
Total commercial mortgage loans8,463,970 88.8 6,955,018 89.3 
Agricultural property loans1,068,014 11.2 830,041 10.7 
Total commercial mortgage and agricultural property loans9,531,984 100.0 %7,785,059 100.0 %
Allowance for credit losses(45,604)(37,715)
Total net commercial mortgage and agricultural property loans9,486,380 7,747,344 
Other loans:
Residential mortgage loans
589,937 0 
Other collateralized loans11,936 11,979 
Total other loans 601,873 11,979 
Allowance for credit losses
(5,586)0 
Total net other loans596,287 11,979 
Total net commercial mortgage and other loans$10,082,667 $7,759,323 
(1) Prior period amounts have been updated to conform to current period presentation.

As of December 31, 2025, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in California (23%), Florida (8%) and Texas (8%) and included loans secured by properties in Europe (8%), Australia (1%) and Mexico (1%).
As of December 31, 2025, the residential mortgage loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in Florida (13%), California (10%) and New York (9%).
The following table sets forth the balance of and changes in the allowance for credit losses for commercial mortgage and other loans, as of and for the periods ended:
Commercial Mortgage LoansAgricultural Property LoansResidential
Mortgage Loans		Total
 (in thousands)
Balance at December 31, 2022$19,665 $598 $0 $20,263 
Addition to (release of) allowance for expected losses17,093 333 0 17,426 
Balance at December 31, 202336,758 931 0 37,689 
Addition to (release of) allowance for expected losses5,613 3,780 0 9,393 
Write-downs charged against allowance(9,367)0 0 (9,367)
Balance at December 31, 202433,004 4,711 0 37,715 
Addition to (release of) allowance for expected losses12,327 2,573 5,586 20,486 
Write-downs charged against allowance(1,915)(5,096)0 (7,011)
Balance at December 31, 2025$43,416 $2,188 $5,586 $51,190 

See Note 2 for additional information about the Company's methodology for developing the allowance and expected losses.
For the year ended December 31, 2025, the net increase to the allowance for credit losses on commercial mortgage and other loans was primarily related to increases in loan specific allowances in commercial mortgage loans within the retail sector and in agricultural property loans along with the establishment of general reserves for residential mortgage loans, partially offset by write-downs against loan-specific reserves within agricultural property loans and the retail sector of commercial mortgage loans.
For the year ended December 31, 2024, net additions to the allowance for credit losses on commercial mortgage and other loans were primarily related to increases in loan-specific allowances in commercial mortgage loans within the retail and office sectors and in agricultural property loans.

The following table sets forth the write-downs of commercial mortgage and other loans by origination year for the year ended December 31, 2025:
December 31, 2025
Amortized Cost by Origination Year
20252024202320222021PriorTotal
(in thousands)
Commercial mortgage loans
$0 $0 $0 $0 $0 $1,915 $1,915 
Agricultural property loans
0 0 3,461 1,635 0 0 5,096 
Total$0 $0 $3,461 $1,635 $0 $1,915 $7,011 

For the year ended December 31, 2024, there were $9.4 million of write-downs charged against the allowance related to a loan originated in 2016.
The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:
December 31, 2025
Amortized Cost by Origination Year
20252024202320222021PriorRevolving LoansTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$583,935 $386,956 $339,226 $432,721 $516,692 $1,248,164 $12,429 $3,520,123 
60%-69.99%1,119,839 1,128,626 453,007 144,375 318,216 192,472 0 3,356,535 
70%-79.99%112,150 223,390 344,004 68,791 266,035 118,452 0 1,132,822 
80% or greater0 1,196 0 76,282 160,304 216,708 0 454,490 
Total$1,815,924 $1,740,168 $1,136,237 $722,169 $1,261,247 $1,775,796 $12,429 $8,463,970 
Debt Service Coverage Ratio:
Greater than 1.2x$1,709,249 $1,718,881 $944,699 $704,034 $1,261,247 $1,656,396 $10,839 $8,005,345 
1.0 - 1.2x94,819 12,972 191,538 0 0 47,395 1,590 348,314 
Less than 1.0x11,856 8,315 0 18,135 0 72,005 0 110,311 
Total$1,815,924 $1,740,168 $1,136,237 $722,169 $1,261,247 $1,775,796 $12,429 $8,463,970 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$226,434 $242,422 $74,777 $198,123 $126,275 $61,392 $35,759 $965,182 
60%-69.99%13,068 29,560 19,282 0 4,950 0 17,083 83,943 
70%-79.99%0 0 0 0 0 0 0 0 
80% or greater0 0 0 6,061 0 0 12,828 18,889 
Total$239,502 $271,982 $94,059 $204,184 $131,225 $61,392 $65,670 $1,068,014 
Debt Service Coverage Ratio:
Greater than 1.2x$239,502 $260,566 $85,966 $158,503 $124,612 $47,718 $52,842 $969,709 
1.0 - 1.2x0 10,473 2,358 4,755 0 10,298 0 27,884 
Less than 1.0x0 943 5,735 40,926 6,613 3,376 12,828 70,421 
Total$239,502 $271,982 $94,059 $204,184 $131,225 $61,392 $65,670 $1,068,014 
December 31, 2024
Amortized Cost by Origination Year
20242023202220212020PriorRevolving LoansTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$452,940 $232,276 $306,684 $482,596 $134,403 $1,138,394 $6,479 $2,753,772 
60%-69.99%972,161 541,849 273,258 360,457 110,515 303,107 0 2,561,347 
70%-79.99%362,701 365,111 134,208 330,355 6,774 77,399 0 1,276,548 
80% or greater1,196 0 56,204 84,761 3,870 217,320 0 363,351 
Total$1,788,998 $1,139,236 $770,354 $1,258,169 $255,562 $1,736,220 $6,479 $6,955,018 
Debt Service Coverage Ratio:
Greater than 1.2x$1,728,895 $962,290 $755,350 $1,256,699 $255,562 $1,616,904 $0 $6,575,700 
1.0 - 1.2x60,103 176,946 15,004 0 0 59,871 6,479 318,403 
Less than 1.0x0 0 0 1,470 0 59,445 0 60,915 
Total$1,788,998 $1,139,236 $770,354 $1,258,169 $255,562 $1,736,220 $6,479 $6,955,018 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$241,715 $89,569 $163,820 $126,368 $23,488 $38,478 $18,834 $702,272 
60%-69.99%29,560 19,396 49,210 0 0 0 0 98,166 
70%-79.99%0 0 0 5,213 0 0 0 5,213 
80% or greater0 0 7,295 0 1,657 0 15,438 24,390 
Total$271,275 $108,965 $220,325 $131,581 $25,145 $38,478 $34,272 $830,041 
Debt Service Coverage Ratio:
Greater than 1.2x$259,647 $95,087 $211,030 $129,865 $23,488 $38,478 $18,834 $776,429 
1.0 - 1.2x11,628 13,878 9,295 0 0 0 15,438 50,239 
Less than 1.0x0 0 0 1,716 1,657 0 0 3,373 
Total$271,275 $108,965 $220,325 $131,581 $25,145 $38,478 $34,272 $830,041 
Residential mortgage loans primarily include fixed-rate, amortizing mortgage loans on rental properties owned by borrowers with Fair Isaac Corporation ("FICO") scores typically considered prime or above. The primary credit quality indicator is whether a loan is performing or nonperforming. The Company defines nonperforming residential mortgage loans as those that are 90 days or more past due and/or in nonaccrual status.
December 31, 2025
Amortized Cost by Origination Year
20252024202320222021PriorTotal
(in thousands)
Residential mortgage loans
Performance indicators:
Performing
$571,247 $18,549 $141 $0 $0 $0 $589,937 
Nonperforming
0 0 0 0 0 0 0 
Total$571,247 $18,549 $141 $0 $0 $0 $589,937 
See Note 2 for additional information about the Company’s commercial mortgage and other loans credit quality monitoring process.
The Company may grant loan modifications in its commercial mortgage and other loan portfolios to borrowers experiencing financial difficulties. These loan modifications may be in the form of principal forgiveness, interest rate reduction, other-than-insignificant payment delay, term extension or some combination thereof. The amount, timing and extent of modifications granted and subsequent performance are considered in determining any allowance for credit losses.
The following tables set forth the amortized cost basis of loan modifications made to borrowers experiencing financial difficulties during the periods indicated:
Year Ended December 31, 2025
Term
Extension		Other Than Insignificant Delay in Payment% of
Amortized Cost
($ in thousands)
Commercial mortgage loans$0 $0 0.0 %
Year Ended December 31, 2024
Term
Extension		Other Than Insignificant Delay in Payment% of
Amortized Cost
($ in thousands)
Commercial mortgage loans$14,546 $4,570 0.2 %

During the year ended December 31, 2024, the modifications added less than one year to the weighted average life in the commercial mortgage loan portfolio.

The Company did not have any commitments to lend additional funds to borrowers experiencing financial difficulties on modified loans as of both December 31, 2025 and 2024.

The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:
December 31, 2025
Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past Due(1)Total LoansNon-Accrual Status(2)
(in thousands)
Commercial mortgage loans$8,462,579 $0 $0 $1,391 $8,463,970 $2,586 
Agricultural property loans1,033,714 0 0 34,300 1,068,014 38,649 
Residential mortgage loans588,368 1,569 0 0 589,937 0
Other collateralized loans11,936 0 0 0 11,936 0
Total $10,096,597 $1,569 $0 $35,691 $10,133,857 $41,235 
(1)As of December 31, 2025, there were no loans in this category accruing interest.
(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2.
December 31, 2024
Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past Due(1)Total LoansNon-Accrual Status(2)
(in thousands)
Commercial mortgage loans$6,951,093 $0 $0 $3,925 $6,955,018 $5,120 
Agricultural property loans804,804 0 2,505 22,732 830,041 24,765 
Residential mortgage loans0 0 0 0 0 0 
Other collateralized loans11,979 0 0 0 11,979 0 
Total $7,767,876 $0 $2,505 $26,657 $7,797,038 $29,885 
(1)As of December 31, 2024, there were no loans in this category accruing interest.
(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2.

Loans on non-accrual status recognized interest of $0.5 million and $0.7 million for the years ended December 31, 2025 and 2024, respectively. Loans on non-accrual status that did not have a related allowance for credit losses were $21.2 million and $2.0 million as of December 31, 2025 and 2024, respectively.
For the years ended December 31, 2025 and 2024, there were $589.9 million and $12.6 million, respectively, of commercial mortgage and other loans acquired, other than those through direct origination. For the year ended December 31, 2025, there were $100.0 million commercial mortgage and other loans sold. For the year ended December 31, 2024, there were no commercial mortgage and other loans sold.
The Company did not have any commercial mortgage and other loans purchased with credit deterioration as of both December 31, 2025 and 2024.
Other Invested Assets
The following table sets forth the composition of “Other invested assets”, as of the dates indicated:
December 31,
20252024
 (in thousands)
LPs/LLCs:
Equity method:
Private equity$374,958 $388,822 
Hedge funds1,671,779 1,024,534 
Real estate-related68,373 75,730 
Subtotal equity method2,115,110 1,489,086 
Fair value:
Private equity19,523 28,094 
Hedge funds52,591 14 
Real estate-related15,233 16,016 
Subtotal fair value87,347 44,124 
Total LPs/LLCs2,202,457 1,533,210 
Derivative instruments46,483 24,499 
Other(1)48,595 24,385 
Total other invested assets$2,297,535 $1,582,094 
(1)Includes tax advantaged investments and investments in separate account funds.
Equity Method Investments

The following tables set forth summarized combined financial information for significant LP/LLC interests accounted for under the equity method, including the Company’s investments in operating joint ventures. Changes between periods in the tables below reflect changes in the activities within the operating joint ventures and LPs/LLCs, as well as changes in the Company’s level of investment in such entities:
 December 31,
 20252024
 (in thousands)
STATEMENTS OF FINANCIAL POSITION
Total assets(1)$64,973,949 $66,477,439 
Total liabilities(2)$10,051,385 $1,894,242 
Partners’ capital54,922,564 64,583,197 
Total liabilities and partners’ capital$64,973,949 $66,477,439 
Equity in LP/LLC interests included above$1,858,303 $1,338,056 
Equity in LP/LLC interests not included above325,315 230,687 
Carrying value$2,183,618 $1,568,743 
(1)Amount represents gross assets of each fund where the Company has a significant investment. These assets consist primarily of investments in real estate, investments in securities and other miscellaneous assets.
(2)Amount represents gross liabilities of each fund where the Company has a significant investment. These liabilities consist primarily of third-party borrowed funds and other miscellaneous liabilities.
 Years Ended December 31,
 202520242023
 (in thousands)
STATEMENTS OF OPERATIONS
Total revenues(1)$4,783,207 $1,678,772 $3,465,807 
Total expenses(2)(924,378)(473,445)(979,287)
Net earnings (losses)$3,858,829 $1,205,327 $2,486,520 
Equity in net earnings (losses) of LP/LLC interests included above$137,546 $57,119 $17,795 
Equity in net earnings (losses) of LP/LLC interests not included above31,862 18,193 11,792 
Total equity in net earnings (losses)$169,408 $75,312 $29,587 
(1)Amount represents gross revenue of each fund where the Company has a significant investment. This revenue consists of income from investments in real estate, investments in securities and other income.
(2)Amount represents gross expenses of each fund where the Company has a significant investment. These expenses consist primarily of interest expense, investment management fees, salary expenses and other expenses.


Accrued Investment Income

The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:
December 31,
20252024
(in thousands)
Fixed maturities$531,247 $396,173 
Equity securities218 436 
Commercial mortgage and other loans46,092 29,437 
Policy loans31,288 30,820 
Short-term investments and cash equivalents9,188 9,528 
Total accrued investment income$618,033 $466,394 

There were no write-downs on accrued investment income for the years ended December 31, 2025 and 2024.
Net Investment Income
The following table sets forth “Net investment income” by investment type, for the periods indicated: 
Years Ended December 31,
202520242023
 (in thousands)
Fixed maturities, available-for-sale$2,182,678 $1,622,898 $1,139,581 
Fixed maturities, trading211,123 156,407 96,128 
Equity securities63,218 30,698 14,772 
Commercial mortgage and other loans444,449 328,853 231,994 
Policy loans66,917 65,825 48,118 
Other invested assets249,245 140,376 98,369 
Short-term investments and cash equivalents122,337 182,094 123,857 
Gross investment income3,339,967 2,527,151 1,752,819 
Less: investment expenses(129,445)(105,134)(77,297)
Net investment income$3,210,522 $2,422,017 $1,675,522 

The carrying value of non-income producing assets included $19.1 million in fixed maturities, available-for-sale and $0.2 million in fixed maturities, trading as of December 31, 2025. Non-income producing assets represent investments that had not produced income for the twelve months preceding December 31, 2025.
Realized Investment Gains (Losses), Net
The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:
Years Ended December 31,
202520242023
(in thousands)
Fixed maturities(1)$(82,414)$(167,394)$(31,193)
Commercial mortgage and other loans(21,697)(11,113)(17,854)
LPs/LLCs(2)(6)576 (272)
Derivatives(1,129,307)713,403 (1,136,331)
Short-term investments and cash equivalents142 974 2,033 
Ceded income on modified coinsurance assets(2)(3)(191,080)(85,069)37,120 
Other(2)(6,063)40 (602)
Realized investment gains (losses), net$(1,430,425)$451,417 $(1,147,099)
(1)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading.
(2)Prior period amounts have been updated to conform to current period presentation.
(3)Includes changes in the value of reinsurance and funds withheld payables, primarily reflecting the impact of net investment income on withheld assets that are ceded to certain reinsurance counterparties.
Net Unrealized Gains (Losses) on Investments within AOCI
The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated: 
December 31,
202520242023
(in thousands)
Fixed maturity securities, available-for-sale with an allowance$(1,352)$893 $1,987 
Fixed maturity securities, available-for-sale without an allowance(590,413)(1,955,252)(1,406,265)
Derivatives designated as cash flow hedges(1)(132,690)110,565 11,934 
Affiliated notes(2,094)(3,276)(8,760)
Other investments(2)12,147 785 (1,089)
Net unrealized gains (losses) on investments$(714,402)$(1,846,285)$(1,402,193)
(1)For additional information regarding cash flow hedges, see Note 5.
(2)Includes net unrealized gains (losses) on certain joint ventures that are strategic in nature and are included in "Other assets".

Repurchase Agreements and Securities Lending
In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. As of both December 31, 2025 and 2024, the Company had no repurchase agreements.
The following table sets forth the composition of “Cash collateral for loaned securities,” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:
December 31, 2025December 31, 2024
Remaining Contractual Maturities of the AgreementsRemaining Contractual Maturities of the Agreements
Overnight & ContinuousUp to 30 DaysTotalOvernight & ContinuousUp to 30 DaysTotal
(in thousands)
Obligations of U.S. states and their political subdivisions$1,123 $0 $1,123 $1,139 $0 $1,139 
U.S. public corporate securities3,227 0 3,227 6,949 0 6,949 
U.S. private corporate securities0 0 0 18 0 18 
Foreign public corporate securities18,272 0 18,272 10,100 0 10,100 
Equity securities0 0 0 103,166 0 103,166 
Total cash collateral for loaned securities(1)$22,622 $0 $22,622 $121,372 $0 $121,372 
(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.
Securities Pledged, Restricted Assets and Special Deposits
The Company pledges as collateral investment securities it owns through certain transactions, including securities lending, securities sold under agreements to repurchase, collateralized borrowings and postings of collateral with derivative counterparties. The following table sets forth the carrying value of investments pledged to third-parties and the carrying amount of the associated liabilities supported by the pledged collateral, as of the dates indicated:
December 31,
20252024
 (in thousands)
Securities pledged:
Fixed maturities, available-for-sale$5,661,731 $3,856,216 
Fixed maturities, trading0 17 
Equity securities0 100,601 
Total securities pledged$5,661,731 $3,956,834 
Liabilities supported by the pledged collateral:
Cash collateral for loaned securities$22,622 $121,372 
Other liabilities2,482,215 3,622,596 
Total liabilities supported by the pledged collateral$2,504,837 $3,743,968 
In the normal course of its business activities, the Company accepts collateral that can be sold or repledged. The primary sources of this collateral are securities purchased under agreements to resell. As of both December 31, 2025 and 2024, there was $0.0 million of collateral that could be sold or repledged.
As of December 31, 2025 and 2024, there were $0.0 million and $3.6 million, respectively, on deposit with governmental authorities or trustees as required by certain insurance laws.
v3.26.1
Variable Interest Entities
 12 Months Ended
Dec. 31, 2025
Variable Interest Entity, Measure of Activity [Abstract]  
Variable Interest Entities VARIABLE INTEREST ENTITIES
In the normal course of its activities, the Company enters into relationships with various special-purpose entities and other entities that are deemed to be VIEs. A VIE is an entity that either (1) has equity investors that lack certain essential characteristics of a controlling financial interest (including the ability to control activities of the entity, the obligation to absorb the entity’s expected losses and the right to receive the entity’s expected residual returns) or (2) lacks sufficient equity to finance its own activities without financial support provided by other entities, which in turn would be expected to absorb at least some of the expected losses of the VIE.

The Company is the primary beneficiary if the Company has (1) the power to direct the activities of the VIE that most significantly impact the economic performance of the entity and (2) the obligation to absorb losses of the entity that could be potentially significant to the VIE or the right to receive benefits from the entity that could be potentially significant. If the Company determines that it is the VIE’s primary beneficiary, it consolidates the VIE.

Consolidated Variable Interest Entities

The Company is the primary beneficiary of certain VIEs in which the Company has invested, as part of its investment activities, but for which it is not the investment manager. The Company’s involvement in the structuring of these investments combined with its economic interest indicates that the Company is the primary beneficiary. The Company has not provided material financial support or other support that was not contractually required to these VIEs.

The table below reflects the carrying amount and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported:

December 31, 2025December 31, 2024
(in thousands)
Fixed maturities, available-for-sale, at fair value$39,593 $0 
Other invested assets52,590 0 
Accrued investment income129 0 
Cash and cash equivalents157 0 
Income tax assets14 0 
Other assets84 0 
Total assets of consolidated variable interest entities$92,567 $0 
Payables to parent and affiliates$739 $0 
Other liabilities3,945 0 
Total liabilities of consolidated variable interest entities$4,684 $0 

Unconsolidated Variable Interest Entities

The Company has determined that it is not the primary beneficiary of certain VIEs. These VIEs consist of investment funds for which the Company has determined that it is not the primary beneficiary as it does not have both (1) the power to direct the activities of the VIE that most significantly impact the economic performance of the entity and (2) the obligation to absorb losses of the entity that could be potentially significant to the VIE or the right to receive benefits from the entity that could be potentially significant. The Company’s maximum exposure to loss resulting from its relationship with unconsolidated VIEs is limited to its investment in the VIEs, which was $80 million and $0 million as of December 31, 2025 and 2024, respectively. These investments are reflected in “Other invested assets”. There are no liabilities associated with these unconsolidated VIEs on the Company’s Consolidated Statements of Financial Position.
v3.26.1
Derivatives and Hedging
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging DERIVATIVES AND HEDGING
Types of Derivative Instruments and Derivative Strategies
Interest Rate Contracts
Interest rate swaps, interest rate total return swaps, options, and futures are used by the Company to reduce risks from changes in interest rates, manage interest rate exposures arising from mismatches between assets and liabilities and to hedge against changes in the values it owns or anticipates acquiring or selling.

Swaps may be attributed to specific assets or liabilities or to a portfolio of assets or liabilities. Under interest rate swaps, the Company agrees with counterparties to exchange, at specified intervals, the difference between fixed-rate and floating-rate interest amounts calculated by reference to an agreed upon notional principal amount. Under interest rate total return swaps, the company agrees with counterparties to exchange, at specified intervals, the difference between the return on a fixed income market index and Secured Overnight Financing Rate (“SOFR”) plus an associated funding spread based on a notional amount.

The Company also uses interest rate swaptions, caps and floors to manage interest rate risk. A swaption is an option to enter into a swap with a forward starting effective date. The Company pays a premium for purchased swaptions and receives a premium for written swaptions. In an interest rate cap, the buyer receives payments at the end of each period in which the interest rate exceeds the agreed strike price. Similarly, in an interest rate floor, the buyer receives payments at the end of each period in which the interest rate is below the agreed strike price. Swaptions, caps and floors are included in interest rate options.

In standardized exchange-traded interest rate futures transactions, the Company purchases or sells a specified number of contracts, the values of which are determined by the daily market values of underlying referenced investments. The Company enters into exchange-traded futures with regulated futures commission's merchants who are members of a trading exchange.
Equity Contracts
Equity options, equity total return swaps, and futures are used by the Company to manage its exposure to the equity markets which impacts the value of assets and liabilities it owns or anticipates acquiring or selling.
Equity index options are contracts which will settle in cash based on differentials in the underlying indices at the time of exercise and the strike price. The Company uses combinations of purchases and sales of equity index options to hedge the effects of adverse changes in equity indices within a predetermined range.
Equity total return swaps are contracts whereby the Company agrees with counterparties to exchange, at specified intervals, the difference between the return on an asset (or market index) and SOFR plus an associated funding spread based on a notional amount. The Company generally uses total return swaps to hedge the effect of adverse changes in equity indices.

In standardized exchange-traded equity futures transactions, the Company purchases or sells a specified number of contracts, the values of which are determined by the daily market values of underlying referenced equity indices. The Company enters into exchange-traded futures with regulated futures commission's merchants who are members of a trading exchange.
Foreign Exchange Contracts
Currency derivatives, including currency swaps and forwards, are used by the Company to reduce risks from changes in currency exchange rates with respect to investments denominated in foreign currencies that the Company either holds or intends to acquire or sell.
Under currency forwards, the Company agrees with counterparties to deliver a specified amount of an identified currency at a specified future date. Typically, the price is agreed upon at the time of the contract and payment for such a contract is made at the specified future date. The Company executes forward sales of the hedged currency in exchange for U.S. dollars at a specified exchange rate. The maturities of these forwards correspond with the future periods in which the non-U.S. dollar-denominated earnings are expected to be generated.
Under currency swaps, the Company agrees with counterparties to exchange, at specified intervals, the difference between one currency and another at an exchange rate and calculated by reference to an agreed principal amount. Generally, the principal amount of each currency is exchanged at the beginning and termination of the currency swap by each party.
Credit Contracts
The Company writes credit protection to gain exposure similar to investment in public fixed maturity cash instruments. With these credit derivatives the Company sells credit protection on a single name reference, or certain index reference, and in return receives a quarterly premium. This premium or credit spread generally corresponds to the difference between the yield on the referenced name (or an index’s referenced names) public fixed maturity cash instruments and swap rates, at the time the agreement is executed. If there is an event of default by the referenced name or one of the referenced names in the index, as defined by the agreement, then the Company is obligated to pay the referenced amount of the contract to the counterparty and receive in return the referenced defaulted security or similar security or (in the case of a credit default index) pay the referenced amount less the auction recovery rate.
In addition to selling credit protection, the Company purchases credit protection using credit derivatives in order to hedge specific credit exposures in the Company’s investment portfolio.
Embedded Derivatives
The Company offers certain products (for example, indexed annuities and index-linked universal life) which may include features that are accounted for as embedded derivatives; related to certain of these derivatives, the Company has entered into reinsurance agreements with both affiliated and unaffiliated parties. See Note 12 for additional information on the reinsurance agreements.
These embedded derivatives and reinsurance agreements, also accounted for as derivatives, are carried at fair value and marked to market through “Realized investment gains (losses), net” based on the change in value of the underlying contractual guarantees, which are determined using valuation models, as described in Note 6.
Synthetic Guarantees
The Company sells synthetic guarantees in the form of stable value wrap guarantees on third-party banked owned life insurance contracts. The synthetic guarantees are issued in respect of assets that are owned by the third-party insurer, who invest the assets according to the contract terms agreed to with the Company. The contracts establish policyholder balances and credit interest thereon. The policyholder balances are supported by the underlying assets. In connection with certain policyholder-initiated withdrawals, the contract guarantees that after all underlying assets are liquidated, any remaining policyholder balances will be paid by the Company. These guarantees are accounted for as derivatives and recorded at fair value.
Primary Risks Managed by Derivatives
The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks, excluding embedded derivatives and associated reinsurance recoverables and deposit receivables. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account the netting effects of master netting agreements and cash collateral.
 December 31, 2025December 31, 2024
Primary Underlying Risk/Instrument TypeFair ValueFair Value
Gross
Notional		AssetsLiabilitiesGross
Notional		AssetsLiabilities
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Currency/Interest Rate
Interest Rate Swaps$2,664 $0 $(103)$2,851 $0 $(209)
Foreign Currency Swaps4,731,873 84,065 (215,779)3,308,842 202,606 (27,523)
Total Derivatives Designated as Hedge Accounting Instruments$4,734,537 $84,065 $(215,882)$3,311,693 $202,606 $(27,732)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$191,366,960 $8,656,717 $(20,427,373)$174,170,160 $9,029,399 $(20,888,553)
Interest Rate Futures2,076,700 2,227 (1,587)1,518,400 1,967 (1,443)
Interest Rate Options27,025,000 133,690 (1,331,534)29,135,000 279,414 (1,406,265)
Interest Rate Forwards0 0 0 0 0 0 
Interest Rate Total Return Swaps
843,143 215,517 (219,681)223,721 1,472 (2,121)
Foreign Currency
Foreign Currency Forwards2,388,287 1,918 (12,705)1,146,861 30,078 (181)
Credit
Credit Default Swaps874,950 9,667 0 911,850 9,606 0 
Currency/Interest Rate
Foreign Currency Swaps2,138,269 51,698 (55,778)2,285,052 164,152 (9,277)
Equity
Equity Total Return Swaps
31,287,562 2,697,977 (2,473,729)23,025,217 1,160,080 (1,182,913)
Equity Options199,267,054 9,954,651 (8,727,823)117,107,059 4,453,762 (3,717,637)
Equity Futures836,190 2,208 (4,586)1,802,205 15 (6,060)
Synthetic GICs4,186,284 0 0 3,958,847 143 (31)
Total Derivatives Not Qualifying as Hedge Accounting Instruments$462,290,399 $21,726,270 $(33,254,796)$355,284,372 $15,130,088 $(27,214,481)
Total Derivatives(1)(2)$467,024,936 $21,810,335 $(33,470,678)$358,596,065 $15,332,694 $(27,242,213)
(1)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $17,801 million and $11,968 million as of December 31, 2025 and 2024, respectively, primarily included in "Policyholders' account balances".
(2)Recorded in “Other invested assets”, “Payables to parent and affiliates” and "Other liabilities" on the Consolidated Statements of Financial Position.
Offsetting Assets and Liabilities
The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables and deposit receivables), and repurchase and reverse repurchase agreements that are offset in the Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Consolidated Statements of Financial Position.
 December 31, 2025
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the Consolidated
Statements of
Financial
Position		Net
Amounts
Presented in
the Consolidated Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives$21,810,330 $(21,763,852)$46,478 $0 $46,478 
Total Assets$21,810,330 $(21,763,852)$46,478 $0 $46,478 
Offsetting of Financial Liabilities:
Derivatives$33,470,678 $(30,988,463)$2,482,215 $(2,482,215)$0 
Total Liabilities$33,470,678 $(30,988,463)$2,482,215 $(2,482,215)$0 

 December 31, 2024
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the Consolidated
Statements of
Financial
Position		Net
Amounts
Presented in
the Consolidated Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives$15,332,538 $(15,308,195)$24,343 $0 $24,343 
Total Assets$15,332,538 $(15,308,195)$24,343 $0 $24,343 
Offsetting of Financial Liabilities:
Derivatives$27,242,182 $(23,619,586)$3,622,596 $(3,622,596)$0 
Total Liabilities$27,242,182 $(23,619,586)$3,622,596 $(3,622,596)$0 
(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.

For information regarding the rights of offset associated with the derivative assets and liabilities in the table above see “Credit Risk” below and Note 16. For securities purchased under agreements to resell and securities sold under agreements to repurchase, the Company monitors the value of the securities and maintains collateral, as appropriate, to protect against credit exposure. Where the Company has entered into repurchase and resale agreements with the same counterparty, in the event of default, the Company would generally be permitted to exercise rights of offset. For additional information on the Company’s accounting policy for securities repurchase and resale agreements, see Note 2 to the Consolidated Financial Statements.
Cash Flow Hedges
The primary derivative instruments used by the Company in its cash flow hedge accounting relationships are currency swaps and interest rate swaps. These instruments are only designated for hedge accounting in instances where the appropriate criteria are met. The Company does not use futures, options, credit, or equity derivatives in any of its cash flow hedge accounting relationships.
The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, excluding the offset of the hedged item in an effective hedge relationship.
  
Year Ended December 31, 2025
 Realized
Investment
Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)Net
Investment
Income		Other
Income
(Loss)		Change in AOCI
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate$3 $0 $(63)$0 $90 
Currency/Interest Rate3,904 0 56,229 (80,651)(243,345)
Total cash flow hedges3,907 0 56,166 (80,651)(243,255)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate50,408 (791,731)0 0 0 
Currency(149,674)0 0 0 0 
Currency/Interest Rate(120,149)0 0 (1,037)0 
Credit14,684 0 0 0 0 
Equity3,505,905 (744,447)0 0 0 
Embedded Derivatives(4,434,388)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(1,133,214)(1,536,178)0 (1,037)0 
Total$(1,129,307)$(1,536,178)$56,166 $(81,688)$(243,255)
  
Year Ended December 31, 2024
 
Realized
Investment
Gains (Losses)
Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)Net
Investment
Income		Other
Income
(Loss)		Change in AOCI
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate$3 $0 $(118)$0 $46 
Currency/Interest Rate2,256 0 48,523 34,827 98,585 
Total cash flow hedges2,259 0 48,405 34,827 98,631 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate35,600 (2,094,268)0 0 0 
Currency54,543 0 0 0 0 
Currency/Interest Rate77,166 0 0 523 0 
Credit16,856 0 0 0 0 
Equity3,207,538 (761,850)0 0 0 
Embedded Derivatives(2,680,559)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments711,144 (2,856,118)0 523 0 
Total$713,403 $(2,856,118)$48,405 $35,350 $98,631 

 Year Ended December 31, 2023
 Realized
Investment
Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)Net
Investment
Income		Other
Income
(Loss)		Change in AOCI
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate$2 $0 $(118)$0 $72 
Currency/Interest Rate(636)0 43,934 (26,206)(126,765)
Total cash flow hedges(634)0 43,816 (26,206)(126,693)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate25,329 (1,555,807)0 0 0 
Currency(16,012)0 0 0 0 
Currency/Interest Rate(102,238)0 0 (257)0 
Credit14,350 0 0 0 0 
Equity1,744,218 (821,996)0 0 0 
Embedded Derivatives(2,798,232)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(1,132,585)(2,377,803)0 (257)0 
Total$(1,133,219)$(2,377,803)$43,816 $(26,463)$(126,693)
Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:
(in thousands)
Balance, December 31, 2022$138,627 
Amount recorded in AOCI
Interest Rate(44)
Currency/Interest Rate(109,673)
Total amount recorded in AOCI(109,717)
Amount reclassified from AOCI to income
Interest Rate116 
Currency/Interest Rate(17,092)
Total amount reclassified from AOCI to income(16,976)
Balance, December 31, 2023$11,934 
Amount recorded in AOCI
Interest Rate(69)
Currency/Interest Rate184,191 
Total amount recorded in AOCI184,122 
Amount reclassified from AOCI to income
Interest Rate115 
Currency/Interest Rate(85,606)
Total amount reclassified from AOCI to income(85,491)
Balance, December 31, 2024$110,565 
Amount recorded in AOCI
Interest Rate30 
Currency/Interest Rate(263,863)
Total amount recorded in AOCI(263,833)
Amount reclassified from AOCI to income
Interest Rate60 
Currency/Interest Rate20,518 
Total amount reclassified from AOCI to income20,578 
Balance, December 31, 2025$(132,690)
The changes in fair value of cash flow hedges are deferred in AOCI and are included in "Net unrealized investment gains (losses)" in the Consolidated Statements of Operations and Comprehensive Income (Loss); these amounts are then reclassified to earnings when the hedged item affects earnings. Using December 31, 2025 values, it is estimated that a pre-tax gain of $38 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending December 31, 2026.

The exposures the Company is hedging with these qualifying cash flow hedges include the variability of the payment or receipt of interest or foreign currency amounts on existing financial instruments.

There were no material amounts reclassified from AOCI into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging.

Credit Derivatives
Credit derivatives, where the Company has written credit protection on certain index references, have outstanding notional amounts of $875 million and $912 million as of December 31, 2025 and 2024, respectively. These credit derivatives are reported at fair value as an asset of $10 million and $10 million as of December 31, 2025 and 2024, respectively. As of December 31, 2025 the notional amount of these credit derivatives had the following NAIC ratings: $845 million in NAIC 3 and $30 million in NAIC 6.
The Company has no exposure on purchased credit protection as of December 31, 2025 and 2024.
Counterparty Credit Risk
The Company is exposed to credit-related losses in the event of non-performance by counterparties to financial derivative transactions with a positive fair value. The Company manages credit risk by entering into derivative transactions with regulated derivatives exchanges for exchange traded derivatives and its affiliate, Prudential Global Funding LLC (“PGF”), related to its OTC derivatives. PGF, in turn, manages its credit risk by: (i) entering into derivative transactions with highly rated major international financial institutions and other creditworthy counterparties governed by master netting agreements, as applicable; (ii) trading through central clearing and OTC parties; (iii) obtaining collateral, such as cash and securities, when appropriate; and (iv) setting limits on single party credit exposures which are subject to periodic management review.
Substantially all of the Company’s derivative agreements have zero thresholds which require daily full collateralization by the party in a liability position.
v3.26.1
Fair Value of Assets and Liabilities
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value Measurement - Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:
Level 1 - Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities. The Company’s Level 1 assets and liabilities primarily include certain cash equivalents and short-term investments, equity securities, and derivative contracts that trade on an active exchange market included in other invested assets and other liabilities.
Level 2 - Fair value is based on significant inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability through corroboration with observable market data. Level 2 inputs include quoted prices in active markets for similar assets and liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, and other market observable inputs. The Company’s Level 2 assets and liabilities include: fixed maturities (corporate public and private bonds, most government securities, certain asset-backed and mortgage-backed securities, etc.), certain equity securities (mutual funds, which do not trade in active markets because they are not publicly available), certain cash equivalents (primarily commercial paper), short-term investments, certain OTC derivatives, separate account assets, receivables from parent and affiliates, other liabilities and embedded derivatives associated with certain reinsurance arrangements.
Level 3 - Fair value is based on at least one significant unobservable input for the asset or liability. The assets and liabilities in this category may require significant judgment or estimation in determining the fair value. The Company’s Level 3 assets and liabilities primarily include: certain private fixed maturities and equity securities, certain manually priced public equity securities and fixed maturities, certain highly structured OTC derivative contracts, contracts or contract features pertaining to living benefit features (market risk benefits) of the Company's variable annuity contracts, embedded derivatives associated with the index-linked features of certain universal life and annuity products, receivables from parent and affiliates, short-term investments, cash equivalents and other liabilities.
Assets and Liabilities by Hierarchy Level – The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.
 December 31, 2025
Level 1Level 2Level 3Netting(1)Total
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $1,117,320 $0 $$1,117,320 
Obligations of U.S. states and their political subdivisions0 434,528 0 434,528 
Foreign government securities0 424,735 0 424,735 
U.S. corporate public securities0 19,067,987 0 19,067,987 
U.S. corporate private securities0 5,860,168 842,444 6,702,612 
Foreign corporate public securities0 5,312,470 8,746 5,321,216 
Foreign corporate private securities0 6,722,526 460,924 7,183,450 
Asset-backed securities(2)0 3,814,974 1,261,074 5,076,048 
Commercial mortgage-backed securities0 1,278,970 75,340 1,354,310 
Residential mortgage-backed securities0 933,162 8,803 941,965 
Subtotal0 44,966,840 2,657,331 47,624,171 
Market risk benefit assets0 0 2,655,866 2,655,866 
Fixed maturities, trading0 4,738,551 153,956 4,892,507 
Equity securities2,731,986 135,295 2,350 2,869,631 
Short-term investments0 271,028 164 271,192 
Cash equivalents50,286 2,464,769 0 2,515,055 
Other invested assets(3)285,479 21,524,856 0 (21,763,852)46,483 
Reinsurance recoverables and deposit receivables0 0 804,855 804,855 
Receivables from parent and affiliates0 291,583 358,188 649,771 
Subtotal excluding separate account assets3,067,751 74,392,922 6,632,710 (21,763,852)62,329,531 
Separate account assets(4)(5)567,387 110,105,979 21,982 110,695,348 
Total assets$3,635,138 $184,498,901 $6,654,692 $(21,763,852)$173,024,879 
Market risk benefit liabilities$0 $0 $4,482,417 $$4,482,417 
Policyholders' account balances0 0 18,606,282 18,606,282 
Reinsurance and funds withheld payables0 2650 265 
Payables to parent and affiliates0 33,211,800 0 (30,731,963)2,479,837 
Other liabilities258,878 0 0 (256,500)2,378 
Total liabilities$258,878 $33,212,065 $23,088,699 $(30,988,463)$25,571,179 
 December 31, 2024
 Level 1Level 2Level 3Netting(1)Total
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $1,099,241 $0 $$1,099,241 
Obligations of U.S. states and their political subdivisions0 541,066 0 541,066 
Foreign government securities0 309,686 648 310,334 
U.S. corporate public securities0 13,238,428 0 13,238,428 
U.S. corporate private securities0 4,996,400 757,697 5,754,097 
Foreign corporate public securities0 3,692,124 6,727 3,698,851 
Foreign corporate private securities0 4,906,450 435,183 5,341,633 
Asset-backed securities(2)0 3,126,089 624,574 3,750,663 
Commercial mortgage-backed securities0 820,457 75,318 895,775 
Residential mortgage-backed securities0 356,072 0 356,072 
Subtotal0 33,086,013 1,900,147 34,986,160 
Market risk benefit assets0 0 2,637,363 2,637,363 
Fixed maturities, trading0 3,778,760 66,285 3,845,045 
Equity securities2,587,791 15,514 20,515 2,623,820 
Short-term investments0 390,745 105,540 496,285 
Cash equivalents0 2,851,250 33 2,851,283 
Other invested assets(3)2,302 15,330,249 143 (15,308,195)24,499 
Reinsurance recoverables and deposit receivables0 0 645,193 645,193 
Receivables from parent and affiliates0 169,072 351,390 520,462 
Subtotal excluding separate account assets2,590,093 55,621,603 5,726,609 (15,308,195)48,630,110 
Separate account assets(4)(5)273,288 111,415,717 10,547 111,699,552 
Total assets$2,863,381 $167,037,320 $5,737,156 $(15,308,195)$160,329,662 
Market risk benefit liabilities$0 $0 $4,281,244 $$4,281,244 
Policyholders' account balances0 0 12,624,585 12,624,585 
Payables to parent and affiliates0 27,232,920 0 (23,617,643)3,615,277 
Other liabilities7,988 1,274 31 (1,943)7,350 
Total liabilities$7,988 $27,234,194 $16,905,860 $(23,619,586)$20,528,456 
(1)"Netting" amounts represent cash collateral of $(9,225) million and $(8,311) million as of December 31, 2025 and 2024, respectively, and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.
(2)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans and education loans.
(3)Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value ("NAV") per share (or its equivalent) as a practical expedient. At December 31, 2025 and 2024, the fair value of such investments was $87 million and $44 million, respectively.
(4)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company's Consolidated Statements of Financial Position.
(5)Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and a corporate-owned life insurance fund. At December 31, 2025 and 2024, the fair value of such investments was $7,914 million and $6,444 million, respectively.
The methods and assumptions the Company uses to estimate the fair value of assets and liabilities measured at fair value on a recurring basis are summarized below.
Fixed Maturity Securities – The fair values of the Company’s public fixed maturity securities are generally based on prices obtained from independent pricing services. Prices for each security are generally sourced from multiple pricing vendors, and a vendor hierarchy is maintained by asset type based on historical pricing experience and vendor expertise. The Company ultimately uses the price from the pricing service highest in the vendor hierarchy based on the respective asset type. The pricing hierarchy is updated for new financial products and recent pricing experience with various vendors. Consistent with the fair value hierarchy described above, securities with validated quotes from pricing services are generally reflected within Level 2, as they are primarily based on observable pricing for similar assets and/or other market observable inputs. Typical inputs used by these pricing services include but are not limited to, reported trades, benchmark yields, issuer spreads, bids, offers, and/or estimated cash flow, prepayment speeds, and default rates. If the pricing information received from third-party pricing services is deemed not reflective of market activity or other inputs observable in the market, the Company may challenge the price through a formal process with the pricing service or classify the securities as Level 3. If the pricing service updates the price to be more consistent with the presented market observations, the security remains within Level 2.
Internally-developed valuations or indicative broker quotes are also used to determine fair value in circumstances where vendor pricing is not available, or where the Company ultimately concludes that pricing information received from the independent pricing services is not reflective of market activity. If the Company concludes the values from both pricing services and brokers are not reflective of market activity, it may override the information with an internally-developed valuation. As of December 31, 2025 and 2024, overrides on a net basis were not material. Pricing service overrides, internally-developed valuations and indicative broker quotes are generally included in Level 3 in the fair value hierarchy.
The Company conducts several specific price monitoring activities. Daily analyses identify price changes over predetermined thresholds defined at the financial instrument level. Various pricing integrity reports are reviewed on a daily and monthly basis to determine if pricing is reflective of market activity or if it would warrant any adjustments. Other procedures performed include, but are not limited to, reviews of third-party pricing services methodologies, reviews of pricing trends and back testing.
The fair values of private fixed maturities, which are originated by internal private asset managers, are primarily determined using discounted cash flow models. These models primarily use observable inputs that include Treasury or similar base rates plus estimated credit spreads to value each security. The credit spreads are obtained through a survey of private market intermediaries who are active in both primary and secondary transactions, and consider, among other factors, the credit quality and the reduced liquidity associated with private placements. Internal adjustments are made to reflect variation in observed sector spreads. Since most private placements are valued using standard market observable inputs and inputs derived from, or corroborated by, market observable data including, but not limited to observed prices and spreads for similar publicly or privately traded issues, they have been reflected within Level 2. For certain private fixed maturities, the discounted cash flow model may incorporate significant unobservable inputs, which reflect the Company’s own assumptions about the inputs that market participants would use in pricing the asset. To the extent management determines that such unobservable inputs are significant to the price of a security, a Level 3 classification is made.
Equity Securities – Equity securities consist principally of investments in common and preferred stock of publicly traded companies, privately traded securities, as well as mutual fund shares. The fair values of most publicly traded equity securities are based on quoted prices in active markets for identical assets and are classified within Level 1 in the fair value hierarchy. Estimated fair values for most privately traded equity securities are determined using discounted cash flow, earnings multiple and other valuation models that require a substantial level of judgment around inputs and therefore are classified within Level 3. The fair values of mutual fund shares that transact regularly (but do not trade in active markets because they are not publicly available) are based on transaction prices of identical fund shares and are classified within Level 2 in the fair value hierarchy.
Cash Equivalents and Short-Term Investments – Cash equivalents and short-term investments include money market instruments, commercial paper and other highly liquid debt instruments. Certain money market instruments are valued using unadjusted quoted prices in active markets that are accessible for identical assets and are primarily classified as Level 1. The remaining instruments in this category are generally fair valued based on market observable inputs and these investments have primarily been classified within Level 2.
Derivative Instruments – Derivatives are recorded at fair value either as assets within "Other invested assets", or as liabilities within "Payables to parent and affiliates" or "Other liabilities", except for embedded derivatives which are recorded with the associated host contract. The fair values of derivative contracts can be affected by changes in interest rates, foreign exchange rates, credit spreads, market volatility, expected returns, NPR, liquidity and other factors.
The Company's exchange-traded futures and options include treasury and equity futures. Exchange-traded futures and options are valued using quoted prices in active markets and are classified within Level 1 in the fair value hierarchy.
The majority of the Company’s derivative positions are traded in the OTC derivative market and are classified within Level 2 in the fair value hierarchy. OTC derivatives classified within Level 2 are valued using models that utilize actively quoted or observable market inputs from external market data providers, third-party pricing vendors and/or recent trading activity. The Company’s policy is to use mid-market pricing in determining its best estimate of fair value. The fair values of most OTC derivatives, including interest rate and cross-currency swaps, currency forward contracts and credit default swaps are determined using discounted cash flow models. The fair values of European style option contracts are determined using Black-Scholes option pricing models. These models’ key inputs include the contractual terms of the respective contract, along with significant observable inputs, including interest rates, currency rates, credit spreads, equity prices, index dividend yields, NPR, volatility and other factors.
The Company’s cleared interest rate swaps and credit derivatives linked to an index are valued using models that utilize actively quoted or observable market inputs, including SOFR, obtained from external market data providers, third-party pricing vendors and/or recent trading activity. These derivatives are classified as Level 2 in the fair value hierarchy.
Reinsurance Recoverables and Deposit Receivables – Reinsurance recoverables and deposit receivables primarily include (1) an embedded derivative associated with net receivables from modified coinsurance arrangements where the Company is the cedant; and (2) an embedded derivatives on deposit receivables where the Company has ceded fixed indexed annuities. The methods and assumptions used to estimate the fair value are consistent with those described below in "Policyholders' account balances".
Receivables from Parent and Affiliates – Receivables from parent and affiliates carried at fair value include affiliated bonds within the Company’s legal entity where fair value is determined consistent with similar securities described above under "Fixed Maturity Securities" managed by affiliated asset managers.
Separate Account Assets – Separate account assets include fixed maturity securities, treasuries, equity securities, real estate, mutual funds and commercial mortgage loans for which values are determined consistent with similar instruments described above under "Fixed Maturity Securities" and "Equity Securities".
Market Risk Benefits – Market risk benefit liabilities (or assets) represent contracts or contract features that provide protection to the contractholder and expose the insurance entity to other than nominal capital market risk, primarily related to deferred annuities with guaranteed minimum benefits in the annuities products including GMDB, GMIB, GMAB, GMWB and GMIWB. The benefits are bundled together and accounted for as single compound market risk benefits using a fair value measurement framework.
The fair value of these market risk benefits is calculated as the present value of expected future benefit payments to contractholders less the present value of expected future rider fees attributable to the market risk benefits. The fair value of these benefit features is based on assumptions a market participant would use in valuing market risk benefits. This methodology could result in either a liability or asset balance, given changing capital market conditions and various actuarial assumptions. Since there is no observable active market for the transfer of these obligations, the valuations are calculated using internally-developed models with option pricing techniques. The models are based on a risk neutral valuation framework and incorporate premiums for risks inherent in valuation techniques, inputs, and the general uncertainty around the timing and amount of future cash flows. The determination of these risk premiums requires the use of management’s judgment.

The significant inputs to the valuation models for these market risk benefits include capital market assumptions, such as interest rate levels and volatility assumptions, the Company’s market-perceived NPR, as well as actuarially determined assumptions, including contractholder behavior, such as lapse rates, benefit utilization rates, withdrawal rates, and mortality rates. Since many of these assumptions are unobservable and are considered to be significant inputs to the valuations, the assets and liabilities included in market risk benefits have been reflected within Level 3 in the fair value hierarchy.

Capital market inputs and actual policyholders’ account values are updated each quarter based on capital market conditions as of the end of the quarter, including interest rates, equity markets and volatility. In the risk neutral valuation, the initial swap curve drives the total return used to grow the policyholders’ account values. The Company’s discount rate assumption is based on the SOFR swap curve adjusted for an additional spread relative to SOFR to reflect the Company’s market-perceived NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with the Company issued funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements, living benefit guarantees, and index-linked interest crediting guarantees are insurance liabilities and are therefore senior to debt.
Actuarial assumptions, including contractholder behavior and mortality, are reviewed at least annually, and updated based upon Company emerging experience and industry studies, future expectations and other data, including any observable market data. These assumptions are generally updated annually unless a material change that the Company feels is indicative of a long-term trend is observed in an interim period.
Policyholders' Account Balances – The liability for policyholders’ account balances is related to certain embedded derivative instruments associated with certain universal life and annuity products that provide policyholders with index-linked interest credited over contract specified term periods. The fair values of these liabilities are determined using discounted cash flow models which include capital market assumptions such as interest rates and equity index volatility assumptions, the Company’s market-perceived NPR and actuarially determined assumptions for mortality, lapses and projected hedge costs.
As there is no observable active market for these liabilities, the fair value is determined as the present value of account balances paid to policyholders in excess of contractually guaranteed minimums using option pricing techniques for index term periods that contain deposits as of the valuation date, and the expected option cost for future index term periods, where the terms of index crediting rates have not yet been declared by the Company. Premiums for risks inherent in valuation techniques, inputs, and the general uncertainty around the timing and amount of future cash flows are also incorporated in the fair value of these liabilities. Since the valuation of these liabilities requires the use of management’s judgment to determine these risk premiums and the use of unobservable inputs, these liabilities are reflected within Level 3 in the fair value hierarchy.
Capital market inputs, including interest rates and equity market volatility, and actual policyholders’ account values are updated each quarter. Actuarial assumptions are reviewed at least annually and updated based upon emerging Company experience, future expectations and other data, including any observable market data. Aside from these annual updates, assumptions are generally updated only if a material change is observed in an interim period that the Company believes is indicative of a long-term trend.
Reinsurance and Funds Withheld Payables – Reinsurance and funds withheld payables primarily includes an embedded derivative associated with certain funds withheld reinsurance arrangements that are described in Note 12. The fair value is determined based on the valuation of the underlying funds withheld assets identified to support the payable due to the applicable reinsurance counterparties.
Other Liabilities – Other liabilities include certain derivative instruments. The fair values of derivative instruments are determined consistent with those described above under "Derivative Instruments".
Quantitative Information Regarding Internally-Priced Level 3 Assets and Liabilities - The tables below present quantitative information regarding significant internally-priced Level 3 assets and liabilities.
 December 31, 2025
 Fair Value    Valuation  
Techniques		Unobservable 
Inputs  		Minimum  MaximumWeighted
Average		Impact of 
Increase in Input on Fair Value(1)(2)
 (in thousands)
Assets:
Corporate securities(3)$1,187,393 Discounted cash flowDiscount rate1.85 %25.50 %9.62 %Decrease
Market comparablesEBITDA multiple(4)7.00 X7.00 X7.00 XIncrease
LiquidationLiquidation value12.01 %30.83 %28.88 %Increase
Asset-backed securities$403,303 Discounted cash flow Discount rate 2.10 %10.05 %5.42 %Decrease
Commercial mortgage-backed securities$75,340 Discounted cash flowLiquidity premium0.90 %0.90 %0.90 %Decrease
Market risk benefit assets(5)$2,655,866 Discounted cash flowLapse rate(6)1 %20 %Increase
Spread over SOFR(7)0.38 %1.61 %Increase
Utilization rate(8)37 %94 %Decrease
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %16 %Increase
Equity volatility curve15 %25 %Decrease
Reinsurance recoverables and deposit receivables(11)$804,855 Discounted cash flowLapse rate(6)0 %80 %Decrease
Spread over SOFR(7)0.38 %1.61 %Decrease
Option budget(13)(2)%9 %Increase
Receivables from parent and affiliates$354,207 LiquidationLiquidation value100 %100 %100 %Increase
Liabilities:
Market risk benefit liabilities(5)$4,482,417 Discounted cash flowLapse rate(6)1 %20 %Decrease
Spread over SOFR(7)0.38 %1.61 %Decrease
Utilization rate(8)37 %94 %Increase
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %16 %Decrease
Equity volatility curve15 %25 %Increase
Policyholders' account balances(12)$18,606,282 Discounted cash flowLapse rate(6)0 %80 %Decrease
Spread over SOFR(7)0.38 %1.61 %Decrease
Mortality rate(10)0 %23 %Decrease
Option budget(13)(2)%9 %Increase
 December 31, 2024
 Fair ValueValuation 
Techniques		Unobservable 
Inputs   		MinimumMaximumWeighted
Average		Impact of 
Increase in Input on Fair Value(1)(2)
 (in thousands)
Assets:
Corporate securities(3)$1,130,627 Discounted cash flowDiscount rate2.15 %20.00 %11.15 %Decrease
Market comparablesEBITDA multiple(4)5.0 X5.0 X5.0 XIncrease
LiquidationLiquidation value75.00 %75.00 %75.00 %Increase
Asset-backed securities$90,370 Discounted cash flowDiscount rate2.30 %10.70 %6.18 %Decrease
Commercial mortgage-backed securities$75,318 Discounted cash flowLiquidity premium1.00 %1.00 %1.00 %Decrease
Market risk benefit assets(5)$2,637,363 Discounted cash flowLapse rate(6)1 %20 %Increase
Spread over SOFR(7)0.29 %1.79 %Increase
Utilization rate(8)37 %94 %Decrease
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %16 %Increase
Equity volatility curve16 %25 %Decrease
Reinsurance recoverables and deposit receivables(11)$645,193 Discounted cash flowLapse rate(6)0 %80 %Decrease
Spread over SOFR(7)0.29 %1.71 %Decrease
Option budget(13)(1)%7 %Increase
Receivables from parent and affiliates$328,001 LiquidationLiquidation value100 %100 %100 %Increase
Liabilities:
Market risk benefit liabilities(5)$4,281,244 Discounted cash flowLapse rate(6)1 %20 %Decrease
Spread over SOFR(7)0.29 %1.79 %Decrease
Utilization rate(8)37 %94 %Increase
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %16 %Decrease
Equity volatility curve16 %25 %Increase
Policyholders' account balances(12)$12,624,585 Discounted cash flowLapse rate(6)0 %80 %Decrease
Spread over SOFR(7)0.29 %1.73 %Decrease
Mortality rate(10)0 %23 %Decrease
Option budget(13)(1)%7 %Increase
(1)Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table.
(2)Directional impacts for MRB assets and liabilities are associated with the directional impacts of direct and assumed MRBs.
(3)Includes assets classified as fixed maturities, available-for-sale and fixed maturities, trading.
(4)Represents multiple of earnings before interest, taxes, depreciation and amortization ("EBITDA"), and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments.
(5)Market risk benefits primarily represent fair value for all living benefit guarantees including accumulation, withdrawal and income benefits. Since the valuation methodology for these assets and liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.
(6)Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these balances.
(7)The spread over the SOFR swap curve represents the premium added to the proxy for the risk-free rate (SOFR) to reflect the Company's estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of December 31, 2025 and 2024, respectively. This spread includes an estimate of NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar Life Insurance Company ("AuguStar"), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits. See Note 12 for additional information regarding this transaction. As a result of this transaction, a ceded MRB asset balance was established to fair value the reinsurance reimbursements to the Company. The establishment of the fair value also required an estimate of NPR for AuguStar, which may differ from the Company's; however, the NPR spreads for AuguStar were developed using a methodology similar to that of the Company.
(8)The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits.
(9)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of both December 31, 2025 and 2024, the minimum withdrawal rate assumption is 78% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.
(10)The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 50 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age and duration. A mortality improvement assumption is also incorporated into the overall mortality table.
(11)Includes deposit assets related to reinsurance agreements using deposit method of accounting and modified coinsurance agreements, which include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain annuity products.
(12)Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.
(13)Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price and interest rate changes. The level of option budget determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.

Interrelationships Between Unobservable Inputs – In addition to the sensitivities of fair value measurements to changes in each unobservable input in isolation, as reflected in the table above, interrelationships between these inputs may also exist, such that a change in one unobservable input may give rise to a change in another or multiple inputs. Examples of such interrelationships for significant internally-priced Level 3 assets and liabilities are as follows:
Corporate Securities – The rate used to discount future cash flows reflects current risk-free rates plus credit and liquidity spread requirements that market participants would use to value an asset. The discount rate may be influenced by many factors, including market cycles, expectations of default, collateral, term, and asset complexity. Each of these factors can influence discount rates, either in isolation, or in response to other factors. During weaker economic cycles, as the expectations of default increase, credit spreads widen, which results in a decrease in fair value.
Commercial Mortgage-backed Securities – Interrelationships may exist between the prepayment rate, the default rate and/or loss severity, depending on specific market conditions. In stronger economic cycles, prepayment rates are generally driven by underlying property appreciation and subsequent cash-out refinances, while default rates and loss severity may be lower. During weaker economic cycles, prepayment rates may decline, while default rates and loss severity increase. Generally, a change in the assumption used for the probability of default would be accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for prepayment rates. The impact of these factors on average life and economics varies with the deal structure and tranche subordination.
Market Risk Benefits – The Company expects efficient benefit utilization and withdrawal rates to generally be correlated with lapse rates. However, behavior is generally highly dependent on the facts and circumstances surrounding the individual contractholder, such as their liquidity needs or tax situation, which could drive lapse behavior independent of other contractholder behavior assumptions. To the extent more efficient contractholder behavior results in greater in-the-moneyness at the contract level, lapse rates may decline for those contracts. Similarly, to the extent that increases in equity volatility are correlated with overall declines in the capital markets, lapse rates may decline as contracts become more in-the-money.
Changes in Level 3 Assets and Liabilities – The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 11). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.
Year Ended December 31, 2025(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into
Level 3(7)		Transfers out of Level 3(7)Fair Value, end of periodUnrealized gains (losses) for assets and liabilities still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Foreign government$648 $(8)$0 $0 $0 $(640)$0 $0 $0 $0 $0 
Corporate securities(3)1,199,607 (18,352)1,298,618 (929,011)0 (275,269)(3,819)54,950 (14,610)1,312,114 (26,070)
Structured securities(4)699,892 6,535 879,448 (38,219)0 (229,224)(30,444)292,257 (235,028)1,345,217 4,813 
Other assets:
Fixed maturities, trading66,285 22,926 565,106 0 0 (46,805)26,461 2,166 (482,183)153,956 26,447 
Equity securities20,515 (140)2,249 0 0 0 0 0 (20,274)2,350 (140)
Other invested assets143 (143)0 0 0 0 0 0 0 0 (143)
Short-term investments105,540 (201)4,018 (104,545)0 (25,279)(1,741)22,372 0 164 (226)
Cash equivalents33 (46)2,660 (35)0 (2,305)(307)0 0 0 (80)
Reinsurance recoverables and deposit receivables(5)645,193 (19,866)179,528 0 0 0 0 0 0 804,855 (337,374)
Separate account assets10,547 520 12,710 (789)0 (1,006)0 0 0 21,982 533 
Receivables from parent and affiliates351,390 (8,467)159,069 (16,034)0 (135,122)30,792 0 (23,440)358,188 (588)
Liabilities:
Policyholders' account balances(5)(12,624,585)(4,407,178)0 0 (1,574,519)0 0 0 0 (18,606,282)675,999 
Other liabilities(31)31 0 0 0 0 0 0 0 0 31 
Notes issued by consolidated variable interest entities0 0 0 0 (17,538)17,538 0 0 0 0 0 
Year Ended December 31, 2025
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets and liabilities still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(51,531)$0 $0 $38,751 $955 $(57,441)$0 $0 $36,184 
Other assets:
Fixed maturities, trading0 23,182 0 0 (256)0 26,447 0 0 
Equity securities0 (140)0 0 0 0 (140)0 0 
Other invested assets(143)0 0 0 0 (143)0 0 0 
Short-term investments184 0 0 (385)0 125 0 0 (351)
Cash equivalents(46)0 0 0 0 (80)0 0 0 
Reinsurance recoverables and deposit receivables(19,866)0 0 0 0 (337,374)0 0 0 
Separate account assets0 0 520 0 0 0 0 533 0 
Receivables from parent and affiliates(7,689)0 0 (778)0 0 0 0 (588)
Liabilities:
Policyholders' account balances(4,407,178)0 0 0 0 675,999 0 0 0 
Other liabilities31 0 0 0 0 31 0 0 0 
Notes issued by consolidated variable interest entities0 0 0 0 0 0 0 0 0 
Year Ended December 31, 2024(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into
Level 3(7)		Transfers out of Level 3(7)Fair Value, end of periodUnrealized gains (losses) for assets and liabilities still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Foreign government$682 $(34)$0 $0 $0 $0 $0 $0 $0 $648 $(44)
Corporate securities(3)1,014,343 (69,658)1,172,201 (702,073)0 (183,577)(64,672)33,043 0 1,199,607 (61,011)
Structured securities(4)177,237 (5,386)771,208 (40,508)0 (96,067)65,480 34,578 (206,650)699,892 (3,394)
Other assets:
Fixed maturities, trading34,048 (9,654)261,968 (52)0 (2,261)0 18,842 (236,606)66,285 (9,705)
Equity securities28,709 (2,135)273 (6,120)0 (6,332)6,120 0 0 20,515 (230)
Other invested assets1 142 0 0 0 0 0 0 0 143 142 
Short-term investments1,759 1,539 117,046 (13,113)0 (1,488)(203)0 0 105,540 321 
Cash equivalents0 (41)744 0 0 (65)(605)0 0 33 (41)
Reinsurance recoverables and deposit receivables(5)192,642 26,029 333,291 0 0 0 93,231 0 0 645,193 (122,807)
Separate account assets5,985 457 5,823 (2,050)0 (126)0 458 0 10,547 457 
Receivables from parent and affiliates0 90 418,916 (51,199)0 0 0 0 (16,417)351,390 90 
Liabilities:
Policyholders' account balances(5)(7,697,627)(2,687,101)0 0 (2,286,786)0 46,929 0 0 (12,624,585)1,254,144 
Other liabilities0 (31)0 0 0 0 0 0 0 (31)(31)
Year Ended December 31, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets and liabilities still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(54,924)$0 $0 $(19,313)$(841)$(40,765)$0 $0 $(23,684)
Other assets:
Fixed maturities, trading0 (9,661)0 0 7 0 (9,705)0 0 
Equity securities0 (2,135)0 0 0 0 (230)0 0 
Other invested assets142 0 0 0 0 142 0 0 0 
Short-term investments1,142 0 0 385 12 (64)0 0 385 
Cash equivalents(41)0 0 0 0 (41)0 0 0 
Reinsurance recoverables and deposit receivables26,029 0 0 0 0 (122,807)0 0 0 
Separate account assets0 0 457 0 0 0 0 457 0 
Receivables from parent and affiliates0 0 0 90 0 0 0 0 90 
Liabilities:
Policyholders' account balances(2,687,101)0 0 0 0 1,254,144 0 0 0 
Other liabilities(31)0 0 0 0 (31)0 0 0 
Year Ended December 31, 2023
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets and liabilities still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(2,081)$0 $0 $(2,808)$490 $(2,904)$0 $0 $(2,420)
Other assets:
Fixed maturities, trading0 1,080 0 0 3 0 1,225 0 0 
Equity securities0 (928)0 0 0 0 (928)0 0 
Other invested assets1 0 0 0 0 1 0 0 0 
Short-term investments1,857 0 0 (73)789 0 0 0 0 
Reinsurance recoverables and deposit receivables(104,596)0 0 0 0 (119,067)0 0 0 
Separate account assets0 0 408 0 0 0 0 406 0 
Liabilities:
Policyholders' account balances(2,649,136)0 0 0 0 (368,507)0 0 0 
(1)"Other" includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities.
(2)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.
(3)Includes U.S. corporate private, foreign corporate public, foreign corporate private, and foreign government bonds.
(4)Includes asset-backed, commercial mortgage-backed, and residential mortgage-backed securities.
(5)Purchases/issuances and settlements for Policyholders' account balances and Reinsurance recoverables and deposit receivables are presented net in the rollforward.
(6)Excludes MRB assets of $2,656 million and $2,637 million and MRB liabilities of $4,482 million and $4,281 million as of December 31, 2025 and 2024, respectively. See Note 11 for additional information.
(7)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.
Fair Value of Financial Instruments
The tables below present the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.
 December 31, 2025
Fair ValueCarrying
Amount(1)
Level 1Level 2Level 3TotalTotal
 (in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $10,113,511 $10,113,511 $10,082,667 
Policy loans0 0 1,666,965 1,666,965 1,666,965 
Short-term investments49,602 0 0 49,602 49,602 
Cash and cash equivalents361,333 0 0 361,333 361,333 
Accrued investment income0 618,033 0 618,033 618,033 
Reinsurance recoverables and deposit receivables0 0 4,588,399 4,588,399 4,589,685 
Receivables from parent and affiliates0 313,681 0 313,681 313,681 
Other assets0 267,560 0 267,560 267,560 
Total assets$410,935 $1,199,274 $16,368,875 $17,979,084 $17,949,526 
Liabilities:
Policyholders’ account balances - investment contracts$0 $762,066 $14,868,285 $15,630,351 $15,644,802 
Cash collateral for loaned securities0 22,622 0 22,622 22,622 
Reinsurance and funds withheld payables0 2,886,507 0 2,886,507 2,886,507 
Payables to parent and affiliates0 17,380 0 17,380 17,380 
Other liabilities0 657,530 30,794 688,324 688,324 
Total liabilities$0 $4,346,105 $14,899,079 $19,245,184 $19,259,635 
 December 31, 2024
  
Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $7,534,909 $7,534,909 $7,759,323 
Policy loans0 0 1,541,480 1,541,480 1,541,480 
Short-term investments21,101 0 0 21,101 21,101 
Cash and cash equivalents474,415 0 0 474,415 474,415 
Accrued investment income0 466,394 0 466,394 466,394 
Reinsurance recoverables and deposit receivables0 0 2,355,489 2,355,489 2,357,292 
Receivables from parent and affiliates0 157,566 0 157,566 157,566 
Other assets0 203,493 0 203,493 203,493 
Total assets$495,516 $827,453 $11,431,878 $12,754,847 $12,981,064 
Liabilities:
Policyholders’ account balances - investment contracts$0 $815,520 $9,995,841 $10,811,361 $10,826,931 
Cash collateral for loaned securities0 121,372 0 121,372 121,372 
Reinsurance and funds withheld payables0 2,602,140 0 2,602,140 2,602,140 
Payables to parent and affiliates0 38,571 0 38,571 38,571 
Other liabilities0 849,278 31,606 880,884 880,884 
Total liabilities$0 $4,426,881 $10,027,447 $14,454,328 $14,469,898 
(1)Carrying values presented herein differ from those in the Company’s Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or are out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.
The fair values presented above have been determined by using available market information and by applying market valuation methodologies, as described in more detail below.
Commercial Mortgage and Other Loans
The fair value of most commercial mortgage loans is based upon the present value of the expected future cash flows discounted at the appropriate U.S. Treasury rate or foreign government bond rate (for non-U.S. dollar-denominated loans) plus an appropriate credit spread for loans of similar quality, average life and currency. The quality ratings for these loans, a primary determinant of the credit spreads and a significant component of the pricing process, are based on an internally-developed methodology. Certain commercial mortgage loans are valued incorporating other factors, including the terms of the loans, the relative strength of the underlying collateral, the principal exit strategies for the loans, prevailing interest rates and credit risk.
Policy Loans
The Company's valuation technique for policy loans is to discount cash flows at the current policy loan coupon rate. Policy loans are fully collateralized by the cash surrender value of underlying insurance policies. As a result, the carrying value of the policy loans approximates the fair value.
Short-Term Investments, Cash and Cash Equivalents, Accrued Investment Income, Receivables from Parent and Affiliates and Other Assets
The Company believes that due to the short-term nature of certain assets, the carrying value approximates fair value. These assets include: certain short-term investments, which are not securities, recorded at amortized cost, cash and cash equivalent instruments; accrued investment income; receivables from parent and affiliates; and other assets that meet the definition of financial instruments, including receivables such as unsettled trades and accounts receivable.
Reinsurance Recoverables and Deposit Receivables
Reinsurance recoverables and deposit receivables include receivables from modified coinsurance arrangements and other reinsurance arrangements between the Company, its affiliates, and third-parties. See Note 12 for additional information about the Company's reinsurance arrangements. Deposit receivables primarily consist of deposit assets related to the reinsurance agreements. Deposits made are included in "Reinsurance recoverables and deposit receivables". The deposit assets are adjusted as amounts are paid, consistent with the underlying contracts.
Policyholders’ Account Balances - Investment Contracts
Only the portion of policyholders’ account balances related to products that are investment contracts (those without significant mortality or morbidity risk) are reflected in the table above. For fixed deferred annuities, payout annuities and other similar contracts without life contingencies, fair values are generally derived using discounted projected cash flows based on interest rates that are representative of the Company’s financial strength ratings, and hence reflect the Company’s NPR. For those balances that can be withdrawn by the customer at any time without prior notice or penalty, the fair value is the amount estimated to be payable to the customer as of the reporting date, which is generally the carrying value.
Cash Collateral for Loaned Securities
Cash collateral for loaned securities represents the collateral received or paid in connection with loaning or borrowing securities. Due to the short-term nature of these transactions, the carrying value approximates fair value.
Reinsurance and Funds Withheld Payables
Reinsurance and funds withheld payables include amounts payable to the reinsurer under coinsurance with funds withheld arrangements where the Company is the cedant. Deposits received are included in "Reinsurance and funds withheld payables". The deposit liabilities are adjusted as amounts are received, consistent with the underlying contracts.
Payables to Parent and Affiliates
Payables to parent and affiliates is primarily related to accrued expense payables. Due to the short-term until settlement of most of these liabilities, the Company believes that carrying value approximates fair value.
Other Liabilities
Other liabilities are primarily payables, such as unsettled trades, drafts, and escrow deposits. Due to the short-term until settlement of most of these liabilities, the Company believes that carrying value approximates fair value.
v3.26.1
Deferred Policy Acquisition Costs, Deferred Reinsurance and Deferred Sales Inducements
 12 Months Ended
Dec. 31, 2025
Deferred Charges, Insurers [Abstract]  
Deferred Policy Acquisition Costs, Deferred Reinsurance and Deferred Sales Inducements DEFERRED POLICY ACQUISITION COSTS, DEFERRED REINSURANCE AND DEFERRED SALES INDUCEMENTS
Deferred Policy Acquisition Costs

The following table shows a rollforward for the lines of business that contain DAC balances, along with a reconciliation to the Company's total DAC balance: 
Fixed AnnuitiesVariable AnnuitiesTerm LifeVariable / Universal LifeTotal
 (in thousands)
Balance, December 31, 2022$102,251 $3,759,819 $648,837 $2,445,290 $6,956,197 
Capitalization117,851 263,869 159,000 580,715 1,121,435 
Amortization expense(22,165)(331,368)(63,949)(122,028)(539,510)
Other(1)0 (393,385)0 (1)(393,386)
Balance, December 31, 2023197,937 3,298,935 743,888 2,903,976 7,144,736 
Capitalization216,410 430,520 183,463 703,465 1,533,858 
Amortization expense(42,705)(356,254)(63,447)(140,951)(603,357)
Other(2)(3)0 0 (249,836)(18,341)(268,177)
Balance, December 31, 2024371,642 3,373,201 614,068 3,448,149 7,807,060 
Capitalization185,807 387,360 184,695 735,656 1,493,518 
Amortization expense(59,503)(403,516)(48,252)(152,256)(663,527)
Other(1,235)16,937 (637)3,067 18,132 
Balance, December 31, 2025$496,711 $3,373,982 $749,874 $4,034,616 $8,655,183 
(1)    Includes the impact of the reinsurance agreement with AuguStar. See Note 12 for additional information.
(2)    Includes the impacts of the Universal Life reinsurance transaction with PAR U and PURE. See Note 12 for additional information.
(3)    Includes the impacts of the Term Life reinsurance transaction with PARCC. See Note 12 for additional information.
Deferred Reinsurance Losses

The following table shows a rollforward for the lines of business that contain DRL balances, along with a reconciliation to the Company's total DRL balance:

Variable AnnuitiesTerm LifeVariable /
Universal Life		Total
(in thousands)
Balance, December 31, 2022$223,515 $69,378 $0 $292,893 
Amortization(29,403)(8,374)0 (37,777)
Other(1)0 0 (1)
Balance, December 31, 2023194,111 61,004 0 255,115 
Amortization(29,876)(15,345)(9,528)(54,749)
Other(1)(2)3 351,025 979,000 1,330,028 
Balance, December 31, 2024164,238 396,684 969,472 1,530,394 
Amortization(29,685)(36,797)(37,800)(104,282)
Other4 0 0 4 
Balance, December 31, 2025$134,557 $359,887 $931,672 $1,426,116 
(1)    Includes $979 million DRL related to the reinsurance transaction with Wilton Re. See Note 12 for additional information.
(2)    Includes $351 million DRL related to the reinsurance transaction with PARCC. See Note 12 for additional information.
Deferred Reinsurance Gains

The following table shows a rollforward for the lines of business that contain DRG balances, along with a reconciliation to the Company's total DRG balance:
Fixed AnnuitiesVariable AnnuitiesVariable / Universal LifeInternationalTotal
(in thousands)
Balance, December 31, 2022$57,898 $0 $1,434,958 $0 $1,492,856 
Amortization(9,790)(15,612)(71,462)0 (96,864)
Other(1)(34)277,333 0 0 277,299 
Balance, December 31, 202348,074 261,721 1,363,496 0 1,673,291 
Amortization(10,516)(20,061)(121,190)0 (151,767)
Other(2)(3)(10)(32)1,797,303 0 1,797,261 
Balance, December 31, 202437,548 241,628 3,039,609 0 3,318,785 
Amortization(9,303)(19,298)(120,590)(726)(149,917)
Other(4)159 76 (1,396,768)13,208 (1,383,325)
Balance, December 31, 2025$28,404 $222,406 $1,522,251 $12,482 $1,785,543 
(1)    Includes the impact of the reinsurance agreement with AuguStar. See Note 12 for additional information.
(2)    Includes the impact of the Universal Life reinsurance transaction with PAR U, PURE and Prudential Insurance effective January 1, 2024, including $1,207 million of DRG, partially offset by a $116 million write-off of the DRG that was recognized with the previous reinsurance agreement. See Note 12 for additional information.
(3)    Includes the impact of the Universal Life reinsurance transaction with PAR U and Prudential Insurance effective October 2024, including $798 million DRG, partially offset by a $94 million write-off of the DRG that was recognized with the previous reinsurance agreement. See Note 12 for additional information.
(4) Includes the impact of recognizing the previously existing DRG, attributable to the recapture of certain YRT transactions from Prudential Insurance effective October 1, 2025. See Note 12 for additional information.
Deferred Sales Inducements

The following table shows a rollforward of DSI balances for variable annuity products, which is the only line of business that contains a DSI balance, along with a reconciliation to the Company's total DSI balance:

Variable Annuities
(in thousands)
Balance, December 31, 2022$381,504 
Capitalization1,514 
Amortization expense(31,625)
Other31 
Balance, December 31, 2023351,424 
Capitalization1,243 
Amortization expense(30,316)
Balance, December 31, 2024322,351 
Capitalization4,047 
Amortization expense(29,370)
Other385 
Balance, December 31, 2025$297,413 
v3.26.1
Separate Accounts
 12 Months Ended
Dec. 31, 2025
Separate Accounts Disclosure [Abstract]  
Separate Accounts SEPARATE ACCOUNTS
The Company issues variable annuity and variable life insurance contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contractholder. Most variable annuity and variable life insurance contracts are offered with both separate and general account options. See Note 10 for additional information.
The assets supporting the variable portion of variable annuity and variable life insurance contracts are carried at fair value and reported as “Separate account assets” with an equivalent amount reported as “Separate account liabilities”. The liabilities related to the net amount at risk are reflected within "Future policy benefits" or "Market risk benefit liabilities" (or "assets", if applicable). Amounts assessed against the contractholders for mortality, administration, and other services are included within revenue in “Policy charges and fee income” and changes in liabilities for minimum guarantees are generally included in “Policyholders’ benefits” or “Change in value of market risk benefits, net of related hedging gains (losses)”.

Separate Account Assets

The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows:

December 31, 2025December 31, 2024
(in thousands)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$16,501 $15,548 
Obligations of U.S. states and their political subdivisions authorities146 115 
 U.S. corporate securities57,197 24,458 
 Foreign corporate securities5,399 3,158 
Asset-backed securities0 1,099 
Mortgage-backed securities156 82 
Mutual funds:
Equity74,323,288 73,226,610 
Fixed Income30,602,384 33,828,097 
Other5,363,232 4,431,975 
Equity securities285,502 126,792 
Other invested assets7,916,554 6,444,077 
Short-term investments2,690 2,559 
   Cash and cash equivalents36,169 38,686 
Total$118,609,218 $118,143,256 

For the periods ended December 31, 2025, 2024, and 2023, there were no transfers of assets, other than cash, from the general account to a separate account; therefore, no gains or losses were recorded.
Separate Account Liabilities
The balances of and changes in separate account liabilities as of and for the periods indicated are as follows:
Year Ended December 31, 2025
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$85,183,055 $32,960,201 $118,143,256 
     Deposits554,841 4,087,138 4,641,979 
     Investment performance9,669,502 4,751,811 14,421,313 
     Policy charges(1,974,025)(1,009,626)(2,983,651)
     Surrenders and withdrawals(14,062,933)(699,640)(14,762,573)
     Benefit payments(81,959)(357,630)(439,589)
     Net transfers (to) from general account9,237 (551,221)(541,984)
     Other5,986 124,481 130,467 
Balance, end of period$79,303,704 $39,305,514 $118,609,218 
Cash surrender value(1)$78,673,352 $37,814,966 $116,488,318 
Year Ended December 31, 2024
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$92,383,121 $26,805,364 $119,188,485 
Deposits601,236 3,513,738 4,114,974 
Investment performance8,395,586 4,657,022 13,052,608 
Policy charges(2,210,261)(923,275)(3,133,536)
Surrenders and withdrawals(13,827,431)(450,573)(14,278,004)
Benefit payments(66,029)(285,680)(351,709)
Net transfers (to) from general account(100,193)(380,869)(481,062)
Other7,026 24,474 31,500 
Balance, end of period$85,183,055 $32,960,201 $118,143,256 
Cash surrender value(1)$84,325,382 $29,592,881 $113,918,263 
Year Ended December 31, 2023
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$91,785,447 $22,265,799 $114,051,246 
Deposits440,707 2,745,751 3,186,458 
Investment performance12,219,777 4,310,729 16,530,506 
Policy charges(2,296,859)(829,539)(3,126,398)
Surrenders and withdrawals(9,687,372)(347,955)(10,035,327)
Benefit payments(73,791)(226,242)(300,033)
Net transfers (to) from general account(2)(15,121)(1,175,575)(1,190,696)
Other10,333 62,396 72,729 
Balance, end of period$92,383,121 $26,805,364 $119,188,485 
Cash surrender value(1)$91,201,190 $23,700,726 $114,901,916 
(1) Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
(2) Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 16 for additional information.
v3.26.1
Liability for Future Policy Benefits
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
Liability for Future Policy Benefits LIABILITY FOR FUTURE POLICY BENEFITS
Liability for future policy benefits primarily consists of the following sub-components, which are discussed in greater detail below.

•Benefit reserves;
•Deferred profit liability; and
•Additional insurance reserves

In 2025, the Company recognized a favorable impact to net income attributable to its annual reviews and update of assumptions and other refinements for liability for future policy benefits. The impact was favorable for direct and assumed benefit reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort, primarily due to updates to mortality assumptions in individual life insurance. Additionally, there was a favorable impact for direct and assumed AIR, primarily due to offsetting impacts from updated policyholder behavior assumptions and mortality assumptions on universal life policies.

In 2024, the Company recognized an impact to net income attributable to our annual reviews and update of assumptions and other refinements for liability for future policy benefits. Overall impact is immaterial for direct and assumed benefit reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort. Additionally, for direct and assumed AIR, the Company recognized an unfavorable impact primarily due to updates to policyholder behavior assumptions on universal life policies with secondary guarantees.

In 2023, the Company recognized an impact to net income attributable to the annual reviews and update of assumptions and other refinements for liability for future policy benefits. Overall impact is immaterial for direct and assumed benefit reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort. Additionally, for direct and assumed AIR, the Company recognized an unfavorable impact primarily due to unfavorable model refinements, partially offset by updates to economic assumptions, including expected future rates of returns on universal life policies with secondary guarantees.
Benefit Reserves

The balances of and changes in benefit reserves as of and for the periods indicated consist of the three tables presented below: present value of expected net premiums rollforward, present value of expected future policy benefits rollforward, and net liability for future policy benefits.

Year Ended December 31, 2025
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,414,703 $0 $10,414,703 
Effect of cumulative changes in discount rate assumptions, beginning of period567,443 0 567,443 
Balance at original discount rate, beginning of period10,982,146 0 10,982,146 
Effect of assumption update(207,935)0 (207,935)
Effect of actual variances from expected experience and other activity(165,564)110 (165,454)
Adjusted balance, beginning of period10,608,647 110 10,608,757 
Issuances785,281 48,472 833,753 
Net premiums / considerations collected(1,301,943)(48,582)(1,350,525)
Interest accrual511,138 0 511,138 
Other adjustments(1)(226,656)0 (226,656)
Balance at original discount rate, end of period10,376,467 0 10,376,467 
Effect of cumulative changes in discount rate assumptions, end of period(292,273)0 (292,273)
Balance, end of period$10,084,194 $0 $10,084,194 


Year Ended December 31, 2025
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$17,689,399 $238,086 $17,927,485 
Effect of cumulative changes in discount rate assumptions, beginning of period1,091,673 19,442 1,111,115 
Balance at original discount rate, beginning of period18,781,072 257,528 19,038,600 
Effect of assumption update(332,969)22 (332,947)
Effect of actual variances from expected experience and other activity(224,159)4,279 (219,880)
Adjusted balance, beginning of period18,223,944 261,829 18,485,773 
Issuances785,281 48,472 833,753 
Interest accrual902,570 10,656 913,226 
Benefit payments(1,365,376)(36,560)(1,401,936)
Other adjustments(1)60,282 (186)60,096 
Balance at original discount rate, end of period18,606,701 284,211 18,890,912 
Effect of cumulative changes in discount rate assumptions, end of period(574,785)(6,586)(581,371)
Balance, end of period$18,031,916 $277,625 $18,309,541 
Other, end of period1,447 
Total balance, end of period$18,310,988 
(1)     Includes the impact of recognizing the recapture of certain YRT transactions from Prudential Insurance effective October 1, 2025. See Note 12 for additional information.
Year Ended December 31, 2025
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,947,722 $277,625 $8,225,347 
Flooring impact, end of period566 0 566 
Balance, end of period, post-flooring7,948,288 277,625 8,225,913 
Less: Reinsurance recoverables7,170,499 22,913 7,193,412 
Balance after reinsurance recoverables, end of period, post-flooring$777,789 $254,712 $1,032,501 

Year Ended December 31, 2024
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,927,833 $0 $10,927,833 
Effect of cumulative changes in discount rate assumptions, beginning of period225,711 0 225,711 
Balance at original discount rate, beginning of period11,153,544 0 11,153,544 
Effect of assumption update21,466 0 21,466 
Effect of actual variances from expected experience and other activity(219,878)58 (219,820)
Adjusted balance, beginning of period10,955,132 58 10,955,190 
Issuances827,606 35,717 863,323 
Net premiums / considerations collected(1,319,501)(35,775)(1,355,276)
Interest accrual511,817 0 511,817 
Other adjustments7,092 0 7,092 
Balance at original discount rate, end of period10,982,146 0 10,982,146 
Effect of cumulative changes in discount rate assumptions, end of period(567,443)0 (567,443)
Balance, end of period$10,414,703 $0 $10,414,703 
Year Ended December 31, 2024
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$18,426,207 $228,788 $18,654,995 
Effect of cumulative changes in discount rate assumptions, beginning of period331,571 19,521 351,092 
Balance at original discount rate, beginning of period18,757,778 248,309 19,006,087 
Effect of assumption update21,480 (3,643)17,837 
Effect of actual variances from expected experience and other activity(259,137)502 (258,635)
Adjusted balance, beginning of period18,520,121 245,168 18,765,289 
Issuances827,606 35,717 863,323 
Interest accrual893,983 9,119 903,102 
Benefit payments(1,471,863)(32,225)(1,504,088)
Other adjustments11,225 (251)10,974 
Balance at original discount rate, end of period18,781,072 257,528 19,038,600 
Effect of cumulative changes in discount rate assumptions, end of period(1,091,673)(19,442)(1,111,115)
Balance, end of period$17,689,399 $238,086 $17,927,485 
Other, end of period1,474 
Total balance, end of period$17,928,959 

Year Ended December 31, 2024
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,274,696 $238,086 $7,512,782 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,274,740 238,086 7,512,826 
Less: Reinsurance recoverables6,753,842 20,516 6,774,358 
Balance after reinsurance recoverables, end of period, post-flooring$520,898 $217,570 $738,468 


Year Ended December 31, 2023
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,911,794 $0 $10,911,794 
Effect of cumulative changes in discount rate assumptions, beginning of period554,896 0 554,896 
Balance at original discount rate, beginning of period11,466,690 0 11,466,690 
Effect of assumption update(790)0 (790)
Effect of actual variances from expected experience and other activity(200,513)(989)(201,502)
Adjusted balance, beginning of period11,265,387 (989)11,264,398 
Issuances712,495 36,646 749,141 
Net premiums / considerations collected(1,345,514)(35,657)(1,381,171)
Interest accrual521,176 0 521,176 
Balance at original discount rate, end of period11,153,544 0 11,153,544 
Effect of cumulative changes in discount rate assumptions, end of period(225,711)0 (225,711)
Balance, end of period$10,927,833 $0 $10,927,833 
Year Ended December 31, 2023
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$17,835,251 $204,727 $18,039,978 
Effect of cumulative changes in discount rate assumptions, beginning of period962,035 24,876 986,911 
Balance at original discount rate, beginning of period18,797,286 229,603 19,026,889 
Effect of assumption update(1,044)0 (1,044)
Effect of actual variances from expected experience and other activity(263,243)6,991 (256,252)
Adjusted balance, beginning of period18,532,999 236,594 18,769,593 
Issuances712,495 36,646 749,141 
Interest accrual895,023 8,440 903,463 
Benefit payments(1,386,583)(33,287)(1,419,870)
Other adjustments3,844 (84)3,760 
Balance at original discount rate, end of period18,757,778 248,309 19,006,087 
Effect of cumulative changes in discount rate assumptions, end of period(331,571)(19,521)(351,092)
Balance, end of period$18,426,207 $228,788 $18,654,995 
Other, end of period1,765 
Total balance, end of period$18,656,760 

Year Ended December 31, 2023
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,498,374 $228,788 $7,727,162 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,498,418 228,788 7,727,206 
Less: Reinsurance recoverables6,817,488 18,489 6,835,977 
Balance after reinsurance recoverables, end of period, post-flooring$680,930 $210,299 $891,229 

The following tables provide supplemental information related to the balances of and changes in benefit reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:
Year Ended December 31, 2025
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$22,036,916 $0
Discounted expected future gross premiums (at original discount rate)$14,871,462 $0
Discounted expected future gross premiums (at current discount rate)$14,532,537 $0
Undiscounted expected future benefits and expenses$28,846,500 $380,345
Weighted-average duration of the liability in years (at original discount rate)96
Weighted-average duration of the liability in years (at current discount rate)96
Weighted-average interest rate (at original discount rate)5.10 %4.20 %
Weighted-average interest rate (at current discount rate)5.27 %5.13 %
Year Ended December 31, 2024
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,815,010 $0 
Discounted expected future gross premiums (at original discount rate)$14,889,078 $0 
Discounted expected future gross premiums (at current discount rate)$14,154,658 $0 
Undiscounted expected future benefits and expenses$29,163,241 $346,892 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)96
Weighted-average interest rate (at original discount rate)5.13 %3.94 %
Weighted-average interest rate (at current discount rate)5.59 %5.49 %
Year Ended December 31, 2023
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,871,767 $0 
Discounted expected future gross premiums (at original discount rate)$15,027,611 $0 
Discounted expected future gross premiums (at current discount rate)$14,748,999 $0 
Undiscounted expected future benefits and expenses$29,118,532 $332,902 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)106
Weighted-average interest rate (at original discount rate)5.17 %3.70 %
Weighted-average interest rate (at current discount rate)4.99 %4.95 %
For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2.
For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss, respectively.

In 2025, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts.

In 2024, there was a $29 million gain in net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, which was offset by a $28 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.

In 2023, there was a $31 million gain in net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, which was offset by a $30 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.
The balances of and changes in DPL for the years ended December 31, are as follows:

202520242023
Fixed Annuities
(in thousands)
Balance, beginning of period, post-flooring$22,939 $14,818 $18,193 
Effect of assumption update(21)2,110 0 
Effect of actual variances from expected experience and other activity(2,280)580 (6,978)
Adjusted balance, beginning of period20,638 17,508 11,215 
Profits deferred4,826 7,070 5,191 
Interest accrual974 729 552 
Amortization(3,052)(2,345)(2,129)
Other adjustments(12)(23)(11)
Balance, end of period, post-flooring23,374 22,939 14,818 
Less: Reinsurance recoverables2,226 1,513 1,365 
Balance after reinsurance recoverables, end of period$21,148 $21,426 $13,453 
    
Additional Insurance Reserves

AIR represents the additional liability for annuitization, death, or other insurance benefits, including guaranteed minimum death benefits ("GMDB") and guaranteed lifetime withdrawal benefit ("GLWB") contract features, that are above and beyond the contractholder's account balance for certain long-duration life and annuity contracts.

The following table shows a rollforward of AIR balances for variable and universal life and fixed annuities products, for the periods indicated, along with a reconciliation to the Company's total AIR balance:
Year Ended December 31, 2025
Variable / Universal LifeFixed AnnuitiesTotal
(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring$16,351,052 $0 $16,351,052 
Flooring impact and amounts in AOCI617,186 0 617,186 
Balance, excluding amounts in AOCI, beginning of period, pre-flooring16,968,238 0 16,968,238 
Effect of assumption update(41,977)0 (41,977)
Effect of actual variances from expected experience and other activity180,041 70,226 250,267 
Adjusted balance, beginning of period17,106,302 70,226 17,176,528 
Assessments collected(1)1,196,649 68,398 1,265,047 
Interest accrual593,950 2,262 596,212 
Benefits paid(377,813)0 (377,813)
Other adjustments(2)430,761 0 430,761 
Balance, excluding amounts in AOCI, end of period, pre-flooring18,949,849 140,886 19,090,735 
Flooring impact and amounts in AOCI(430,105)(2,011)(432,116)
Balance, including amounts in AOCI, end of period, post-flooring18,519,744 138,875 18,658,619 
Less: Reinsurance recoverables18,257,481 0 18,257,481 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$262,263 $138,875 401,138 
Other7,391 
Total balance after reinsurance recoverables$408,529 
Year Ended December 31, 2024
Variable / Universal LifeFixed AnnuitiesTotal
(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring$14,280,792 $0 $14,280,792 
Flooring impact and amounts in AOCI831,583 0 831,583 
Balance, excluding amounts in AOCI, beginning of period, pre-flooring15,112,375 0 15,112,375 
Effect of assumption update154,058 0 154,058 
Effect of actual variances from expected experience and other activity265,684 0 265,684 
Adjusted balance, beginning of period15,532,117 0 15,532,117 
Assessments collected(1)1,242,684 0 1,242,684 
Interest accrual536,678 0 536,678 
Benefits paid(343,241)0 (343,241)
Balance, excluding amounts in AOCI, end of period, pre-flooring16,968,238 0 16,968,238 
Flooring impact and amounts in AOCI(617,186)0 (617,186)
Balance, including amounts in AOCI, end of period, post-flooring16,351,052 0 16,351,052 
Less: Reinsurance recoverables16,129,846 0 16,129,846 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$221,206 $0 221,206 
Other0 
Total balance after reinsurance recoverables$221,206 

Year Ended December 31, 2023
Variable / Universal LifeFixed AnnuitiesTotal
(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring$12,664,445 $0 $12,664,445 
Flooring impact and amounts in AOCI1,269,236 0 1,269,236 
Balance, excluding amounts in AOCI, beginning of period, pre-flooring13,933,681 0 13,933,681 
Effect of assumption update22,910 0 22,910 
Effect of actual variances from expected experience and other activity34,021 0 34,021 
Adjusted balance, beginning of period13,990,612 0 13,990,612 
Assessments collected(1)929,709 0 929,709 
Interest accrual486,253 0 486,253 
Benefits paid(294,199)0 (294,199)
Balance, excluding amounts in AOCI, end of period, pre-flooring15,112,375 0 15,112,375 
Flooring impact and amounts in AOCI(831,583)0 (831,583)
Balance, including amounts in AOCI, end of period, post-flooring14,280,792 0 14,280,792 
Less: Reinsurance recoverables14,054,600 0 14,054,600 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$226,192 $0 226,192 
Other0 
Total balance after reinsurance recoverables$226,192 
(1)     Represents the portion of gross assessments required to fund the future policy benefits.
(2)     Includes the impact of recognizing the recapture of certain YRT transactions from Prudential Insurance effective October 1, 2025. See Note 12 for additional information.
Year Ended December 31, 2025
Variable / Universal LifeFixed Annuities
Weighted-average duration of the liability in years (at original discount rate)2121
Weighted-average interest rate (at original discount rate)3.34 %2.71 %

Year Ended December 31, 2024
Variable / Universal LifeFixed Annuities
Weighted-average duration of the liability in years (at original discount rate)22N/A
Weighted-average interest rate (at original discount rate)3.33 %N/A

Year Ended December 31, 2023
Variable / Universal LifeFixed Annuities
Weighted-average duration of the liability in years (at original discount rate)22N/A
Weighted-average interest rate (at original discount rate)3.39 %N/A
Future Policy Benefits Reconciliation

The following table presents the reconciliation of the ending balances from the above rollforwards, benefit reserves, DPL, and AIR, including other liabilities, gross of related reinsurance recoverables, to the total liability for future policy benefits as reported on the Company's Consolidated Statements of Financial Position for the years ended December 31,:
202520242023
(in thousands)
Benefit reserves, end of period, post-flooring$8,225,913 $7,512,826 $7,727,206 
Deferred profit liability, end of period, post-flooring23,374 22,939 14,818 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring18,658,619 16,351,052 14,280,792 
Subtotal of amounts disclosed above26,907,906 23,886,817 22,022,816 
Other Future policy benefits reserves(1)1,322,192 1,226,950 1,182,389 
Total Future policy benefits$28,230,098 $25,113,767 $23,205,205 
(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.
Revenue and Interest Expense

The following tables present revenue and interest expense related to benefit reserves, DPL, and AIR, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations for the periods indicated:

Year Ended December 31, 2025
Revenues(1)
Term LifeVariable / Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$1,815,456 $0 $48,938 $1,864,394 
Deferred profit liability0 0 (436)(436)
Additional insurance reserves0 1,765,102 43,484 1,808,586 
Total$1,815,456 $1,765,102 $91,986 $3,672,544 
Year Ended December 31, 2024
Revenues(1)
Term LifeVariable / Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$1,833,017 $0 $43,092 $1,876,109 
Deferred profit liability0 0 (8,121)(8,121)
Additional insurance reserves0 2,050,441 0 2,050,441 
Total$1,833,017 $2,050,441 $34,971 $3,918,429 

Year Ended December 31, 2023
Revenues(1)
Term LifeVariable / Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$1,804,955 $0 $41,111 $1,846,066 
Deferred profit liability0 0 3,375 3,375 
Additional insurance reserves0 1,405,696 0 1,405,696 
Total$1,804,955 $1,405,696 $44,486 $3,255,137 
(1)Represents gross premiums for benefit reserves; revenue for DPL and gross assessments for AIR.
Year Ended December 31, 2025
Interest Expense
Term LifeVariable / Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$391,432 $0 $10,656 $402,088 
Deferred profit liability0 0 974 974 
Additional insurance reserves0 593,950 2,261 596,211 
Total$391,432 $593,950 $13,891 $999,273 

Year Ended December 31, 2024
Interest Expense
Term LifeVariable / Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$382,165 $0 $9,119 $391,284 
Deferred profit liability0 0 729 729 
Additional insurance reserves0 536,678 0 536,678 
Total$382,165 $536,678 $9,848 $928,691 

Year Ended December 31, 2023
Interest Expense
Term LifeVariable / Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$373,845 $0 $8,440 $382,285 
Deferred profit liability0 0 552 552 
Additional insurance reserves0 486,253 0 486,253 
Total$373,845 $486,253 $8,992 $869,090 
MARKET RISK BENEFITS
The following tables show a rollforward of MRB balances for variable and fixed annuity products, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
Year Ended December 31, 2025
Variable AnnuitiesFixed AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$2,488,463 $0 $(844,582)$1,643,881 
Effect of cumulative changes in non-performance risk626,845 0 0 626,845 
Balance, beginning of period, before effect of changes in non-performance risk3,115,308 0 (844,582)2,270,726 
Attributed fees collected1,008,519 19,936 (232,779)795,676 
Claims paid(53,926)0 5,400 (48,526)
Interest accrual168,951 4,611 (50,303)123,259 
Actual in force different from expected63,484 (1,554)(19,029)42,901 
Effect of changes in interest rates(267,183)(34,582)79,628 (222,137)
Effect of changes in equity markets(1,128,930)(12,609)118,797 (1,022,742)
Effect of assumption update and other refinements120,191 151,000 (23,026)248,165 
Issuances57,950 28,494 (6,074)80,370 
Other adjustments29,602 11,615 (22,568)18,649 
Effect of changes in current period counterparty non-performance risk0 0 (18,039)(18,039)
Balance, end of period, before effect of changes in non-performance risk3,113,966 166,911 (1,012,575)2,268,302 
Effect of cumulative changes in non-performance risk(451,282)9,531 0 (441,751)
Balance, end of period$2,662,684 $176,442 $(1,012,575)$1,826,551 
Year Ended December 31, 2024
Variable AnnuitiesFixed AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$3,707,407 $0 $(917,792)$2,789,615 
Effect of cumulative changes in non-performance risk1,067,983 0 0 1,067,983 
Balance, beginning of period, before effect of changes in non-performance risk4,775,390 0 (917,792)3,857,598 
Attributed fees collected1,095,139 0 (259,099)836,040 
Claims paid(57,083)0 5,669 (51,414)
Interest accrual226,734 0 (56,043)170,691 
Actual in force different from expected49,864 0 (21,062)28,802 
Effect of changes in interest rates(1,436,230)0 277,354 (1,158,876)
Effect of changes in equity markets(1,660,907)0 177,329 (1,483,578)
Effect of assumption update and other refinements(1)82,619 0 3,984 86,603 
Issuances70,965 0 (5,019)65,946 
Other adjustments(1)(31,183)0 11,566 (19,617)
Effect of changes in current period counterparty non-performance risk0 0 (61,469)(61,469)
Balance, end of period, before effect of changes in non-performance risk3,115,308 0 (844,582)2,270,726 
Effect of cumulative changes in non-performance risk(626,845)0 0 (626,845)
Balance, end of period$2,488,463 $0 $(844,582)$1,643,881 
Year Ended December 31, 2023
Variable AnnuitiesFixed AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$4,550,625 $0 $(422,261)$4,128,364 
Effect of cumulative changes in non-performance risk1,727,910 0 0 1,727,910 
Balance, beginning of period, before effect of changes in non-performance risk6,278,535 0 (422,261)5,856,274 
Attributed fees collected1,158,879 0 (246,747)912,132 
Claims paid(85,898)0 9,952 (75,946)
Interest accrual293,205 0 (53,016)240,189 
Actual in force different from expected79,030 0 (13,338)65,692 
Effect of changes in interest rates(1,438,873)0 455,062 (983,811)
Effect of changes in equity markets(1,845,207)0 180,953 (1,664,254)
Effect of assumption update and other refinements(1)235,543 0 (54,067)181,476 
Issuances29,433 0 7,680 37,113 
Other adjustments(1)(2)70,743 0 (635,011)(564,268)
Effect of changes in current period counterparty non-performance risk0 0 (146,999)(146,999)
Balance, end of period, before effect of changes in non-performance risk4,775,390 0 (917,792)3,857,598 
Effect of cumulative changes in non-performance risk(1,067,983)0 0 (1,067,983)
Balance, end of period$3,707,407 $0 $(917,792)$2,789,615 
(1)     Prior period amounts have been updated to conform to current presentation.
(2) Other adjustments for December 31, 2023 primarily includes $638 million related to the reinsurance transaction with AuguStar. See Note 12 for additional information.
    
In 2025, 2024, and 2023, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to policyholder behavior assumptions.

The Company issues certain variable annuity insurance contracts where the Company contractually guarantees to the contractholder a return of no less than (1) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return, and/or (2) the highest anniversary contract value on a specified date adjusted for any withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods.

The Company also issues indexed annuity contracts for which the return is tied to the return of specific indices where the Company contractually guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals upon death. In certain of these indexed annuity contracts, the Company also contractually guarantees to the contractholder withdrawal benefits payable during specific periods.

For guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, contract lapses and contractholder mortality.

For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, timing of annuitization, contract lapses and contractholder mortality.
For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance.

For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including equity market returns, interest rates, market volatility and contractholder behavior.

The following tables present accompanying information to the rollforward table above.
December 31, 2025
Variable AnnuitiesFixed Annuities
($ in thousands)
Net amount at risk(1)$7,619,998 $513,514 
Weighted-average attained age of contractholders7268
December 31, 2024
Variable AnnuitiesFixed Annuities
($ in thousands)
Net amount at risk(1)$8,722,499 N/A
Weighted-average attained age of contractholders71N/A
December 31, 2023
Variable AnnuitiesFixed Annuities
($ in thousands)
Net amount at risk(1)$9,041,651 N/A
Weighted-average attained age of contractholders70N/A
(1)     For contracts with multiple benefit features, the highest net amount at risk for each contract is included.

The tables below reconciles MRB asset and liability positions as of the following dates:

December 31, 2025
Variable AnnuitiesFixed AnnuitiesTotal
(in thousands)
Direct and assumed$1,373,383 $2,890 $1,376,273 
Ceded1,279,593 0 1,279,593 
Total market risk benefit assets$2,652,976 $2,890 $2,655,866 
Direct and assumed$4,036,066 $179,332 $4,215,398 
Ceded267,019 0 267,019 
Total market risk benefit liabilities$4,303,085 $179,332 $4,482,417 
Net liability$1,650,109 $176,442 $1,826,551 
December 31, 2024
Variable AnnuitiesFixed AnnuitiesTotal
(in thousands)
Direct and assumed$1,492,186 $0 $1,492,186 
Ceded1,145,177 0 1,145,177 
Total market risk benefit assets$2,637,363 $0 $2,637,363 
Direct and assumed$3,980,650 $0 $3,980,650 
Ceded300,594 0 300,594 
Total market risk benefit liabilities$4,281,244 $0 $4,281,244 
Net liability$1,643,881 $0 $1,643,881 
December 31, 2023
Variable AnnuitiesFixed AnnuitiesTotal
(in thousands)
Direct and assumed$1,201,945 $0 $1,201,945 
Ceded1,165,298 0 1,165,298 
Total market risk benefit assets$2,367,243 $0 $2,367,243 
Direct and assumed$4,909,352 $0 $4,909,352 
Ceded247,506 0 247,506 
Total market risk benefit liabilities$5,156,858 $0 $5,156,858 
Net liability$2,789,615 $0 $2,789,615 
v3.26.1
Policyholders' Account Balances
 12 Months Ended
Dec. 31, 2025
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract]  
Policyholders' Account Balances POLICYHOLDERS' ACCOUNT BALANCES
The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:

Year Ended December 31, 2025
Fixed
Annuities		Variable AnnuitiesVariable / Universal LifeTotal
($ in thousands)
Balance, beginning of period$11,197,337 $33,217,331 $20,691,139 $65,105,807 
Deposits5,877,276 7,229,457 2,464,812 15,571,545 
Interest credited371,237 700,947 405,205 1,477,389 
Policy charges(53,687)(74,755)(1,852,624)(1,981,066)
Surrenders and withdrawals(932,262)(1,129,264)(1,085,963)(3,147,489)
Benefit payments(112,631)(23,656)(112,991)(249,278)
Net transfers (to) from separate account0 (9,237)551,221 541,984 
Change in market value and other adjustments(1)266,360 3,301,161 530,988 4,098,509 
Balance, end of period$16,613,630 $43,211,984 $21,591,787 $81,417,401 
Unearned revenue reserve5,064,778 
Other110,786 
Total Policyholders' account balance$86,592,965 
Weighted-average crediting rate2.67 %1.83 %1.92 %2.02 %
Net amount at risk(3)$1 $0 $366,953,069 $366,953,070 
Cash surrender value(4)$15,072,015 $41,954,173 $17,937,783 $74,963,971 
Year Ended December 31, 2024
Fixed
Annuities		Variable AnnuitiesVariable / Universal LifeTotal
($ in thousands)
Balance, beginning of period$6,164,313 $22,810,665 $20,167,713 $49,142,691 
Deposits5,215,817 8,315,212 2,157,575 15,688,604 
Interest credited222,516 516,018 570,988 1,309,522 
Policy charges(5,290)(32,987)(1,831,168)(1,869,445)
Surrenders and withdrawals(554,653)(782,216)(778,928)(2,115,797)
Benefit payments(55,956)(30,427)(70,363)(156,746)
Net transfers (to) from separate account0 100,193 380,869 481,062 
Change in market value and other adjustments(1)210,590 2,320,873 94,453 2,625,916 
Balance, end of period$11,197,337 $33,217,331 $20,691,139 $65,105,807 
Unearned revenue reserve4,415,187 
Other107,324 
Total Policyholders' account balance$69,628,318 
Weighted-average crediting rate2.56 %1.72 %2.79 %2.23 %
Net amount at risk(3)$11 $0 $345,969,571 $345,969,582 
Cash surrender value(4)$9,863,990 $31,516,776 $19,391,617 $60,772,383 

Year Ended December 31, 2023
Fixed
Annuities		Variable AnnuitiesVariable / Universal LifeTotal
($ in thousands)
Balance, beginning of period$3,575,823 $16,432,032 $18,736,365 $38,744,220 
Deposits2,612,775 4,633,727 2,117,153 9,363,655 
Interest credited101,192 243,908 556,057 901,157 
Policy charges(8,438)(23,368)(1,810,644)(1,842,450)
Surrenders and withdrawals(229,843)(516,039)(845,436)(1,591,318)
Benefit payments(50,522)(30,461)(83,409)(164,392)
Net transfers (to) from separate account(2)0 15,121 1,175,575 1,190,696 
Change in market value and other adjustments(1)163,326 2,055,745 322,052 2,541,123 
Balance, end of period$6,164,313 $22,810,665 $20,167,713 $49,142,691 
Unearned revenue reserve3,741,426 
Other102,583 
Total Policyholders' account balance$52,986,700 
Weighted-average crediting rate2.08 %1.40 %2.86 %2.12 %
Net amount at risk(3)$15 $0 $323,508,432 $323,508,447 
Cash surrender value(4)$5,307,537 $20,490,433 $18,676,852 $44,474,822 
(1)    Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)    Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 16 for additional information.
(3)    The net amount at risk calculation includes both general and separate account balances.
(4)    Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.

The Company issues variable life and universal life insurance contracts which may also include a “no-lapse guarantee” where the Company contractually guarantees to the contractholder a death benefit even when the account value drops to zero, as long as the “no-lapse guarantee” premium is paid.
The net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including contractholder mortality, contract lapses, and premium pattern, as well as interest rate and equity market returns.

The Company also issues annuity contracts that provide certain death benefit and/or living benefit guarantees and are accounted for as MRBs. See Note 11 for additional information, including the net amount at risk associated with these guarantees.

The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points ("bps"), between rates being credited to policyholders and the respective guaranteed minimums are as follows:

December 31, 2025
Range of Guaranteed Minimum
Crediting Rate(1)		At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$2,772 $6,838 $28,283 $1,743,492 $1,781,385 
1.00% - 1.99%
368,54643,071167,83345,496624,946
2.00% - 2.99%
348,8061,458,294542,95714,8292,364,886
3.00% - 4.00%
2,861,9515,50411,4682,6272,881,550
Greater than 4.00%
00000
Total$3,582,075 $1,513,707 $750,541 $1,806,444 $7,652,767 
Variable Annuities
Less than 1.00%
$421,525 $119,969 $331,807 $124 $873,425 
1.00% - 1.99%
79,576431,9364940512,006
2.00% - 2.99%
15,5866,2513,931025,768
3.00% - 4.00%
709,665000709,665
Greater than 4.00%
1,2620001,262
Total$1,227,614 $558,156 $336,232 $124 $2,122,126 
Variable / Universal Life
Less than 1.00%
$0 $0 $0 $210,112 $210,112 
1.00% - 1.99%
387,03501,863,0911,746,6313,996,757
2.00% - 2.99%
37,1071,601,0672,681,677538,0404,857,891
3.00% - 4.00%
3,631,9461,696,5571,105,32006,433,823
Greater than 4.00%
2,044,6650002,044,665
Total$6,100,753 $3,297,624 $5,650,088 $2,494,783 $17,543,248 
December 31, 2024
Range of Guaranteed Minimum
Crediting Rate(1)		At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$249 $3,103 $11,939 $1,021,834 $1,037,125 
1.00% - 1.99%
430,477 62,519 172,877 68,973 734,846 
2.00% - 2.99%
302,520 459,748 557,349 15,794 1,335,411 
3.00% - 4.00%
1,894,646 6,114 10,896 3,219 1,914,875 
Greater than 4.00%
0 0000
Total$2,627,892 $531,484 $753,061 $1,109,820 $5,022,257 
Variable Annuities
Less than 1.00%
$128,748 $502,988 $647,480 $182 $1,279,398 
1.00% - 1.99%
121,336 294,635 2,494 0418,465 
2.00% - 2.99%
17,039 3,829 4,162 025,030 
3.00% - 4.00%
819,316 1,860 00821,176 
Greater than 4.00%
1,978 0001,978 
Total$1,088,417 $803,312 $654,136 $182 $2,546,047 
Variable / Universal Life
Less than 1.00%
$3,167 $0 $0 $177,213 $180,380 
1.00% - 1.99%
289,677 0 1,849,854 1,513,273 3,652,804 
2.00% - 2.99%
30,500 1,535,762 2,695,823 390,117 4,652,202 
3.00% - 4.00%
4,149,638 1,716,374 1,082,026 0 6,948,038 
Greater than 4.00%
2,095,235 0002,095,235 
Total$6,568,217 $3,252,136 $5,627,703 $2,080,603 $17,528,659 
December 31, 2023
Range of Guaranteed Minimum
Crediting Rate(1)		At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$105 $337 $994 $117,377 $118,813 
1.00% - 1.99%
487,191 73,393 234,487 79,713 874,784 
2.00% - 2.99%
301,132 469,276 562,347 16,881 1,349,636 
3.00% - 4.00%
29,131 0 0 0 29,131 
Greater than 4.00%
0 0 0 0 0 
Total$817,559 $543,006 $797,828 $213,971 $2,372,364 
Variable Annuities
Less than 1.00%
$908,097 $807,460 $18,083 $2 $1,733,642 
1.00% - 1.99%
214,377 2,061 1,060 0217,498 
2.00% - 2.99%
23,323 4,071 4,135 031,529 
3.00% - 4.00%
903,953 9,245 330913,231 
Greater than 4.00%
2,046 0002,046 
Total$2,051,796 $822,837 $23,311 $2 $2,897,946 
Variable / Universal Life
Less than 1.00%
$0 $0 $0 $196,692 $196,692 
1.00% - 1.99%
201,121 0 2,588,458 528,155 3,317,734 
2.00% - 2.99%
28,061 1,445,439 2,789,520 260,651 4,523,671 
3.00% - 4.00%
3,956,631 2,217,133 1,107,726 07,281,490 
Greater than 4.00%
2,136,137 0002,136,137 
Total$6,321,950 $3,662,572 $6,485,704 $985,498 $17,455,724 
(1)     Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.

Unearned Revenue Reserve

The balances of and changes in URR as of and for the periods ended are as follows:

Years Ended December 31,
202520242023
Variable / Universal Life
(in thousands)
Balance, beginning of period$4,415,187 $3,741,426 $3,067,336 
Unearned revenue853,071859,231 827,960
Amortization expense(203,506)(185,468)(153,779)
Other adjustments26 (2)(91)
Balance, end of period$5,064,778 $4,415,187 $3,741,426 
v3.26.1
Market Risk Benefits
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
Market Risk Benefits LIABILITY FOR FUTURE POLICY BENEFITS
Liability for future policy benefits primarily consists of the following sub-components, which are discussed in greater detail below.

•Benefit reserves;
•Deferred profit liability; and
•Additional insurance reserves

In 2025, the Company recognized a favorable impact to net income attributable to its annual reviews and update of assumptions and other refinements for liability for future policy benefits. The impact was favorable for direct and assumed benefit reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort, primarily due to updates to mortality assumptions in individual life insurance. Additionally, there was a favorable impact for direct and assumed AIR, primarily due to offsetting impacts from updated policyholder behavior assumptions and mortality assumptions on universal life policies.

In 2024, the Company recognized an impact to net income attributable to our annual reviews and update of assumptions and other refinements for liability for future policy benefits. Overall impact is immaterial for direct and assumed benefit reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort. Additionally, for direct and assumed AIR, the Company recognized an unfavorable impact primarily due to updates to policyholder behavior assumptions on universal life policies with secondary guarantees.

In 2023, the Company recognized an impact to net income attributable to the annual reviews and update of assumptions and other refinements for liability for future policy benefits. Overall impact is immaterial for direct and assumed benefit reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort. Additionally, for direct and assumed AIR, the Company recognized an unfavorable impact primarily due to unfavorable model refinements, partially offset by updates to economic assumptions, including expected future rates of returns on universal life policies with secondary guarantees.
Benefit Reserves

The balances of and changes in benefit reserves as of and for the periods indicated consist of the three tables presented below: present value of expected net premiums rollforward, present value of expected future policy benefits rollforward, and net liability for future policy benefits.

Year Ended December 31, 2025
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,414,703 $0 $10,414,703 
Effect of cumulative changes in discount rate assumptions, beginning of period567,443 0 567,443 
Balance at original discount rate, beginning of period10,982,146 0 10,982,146 
Effect of assumption update(207,935)0 (207,935)
Effect of actual variances from expected experience and other activity(165,564)110 (165,454)
Adjusted balance, beginning of period10,608,647 110 10,608,757 
Issuances785,281 48,472 833,753 
Net premiums / considerations collected(1,301,943)(48,582)(1,350,525)
Interest accrual511,138 0 511,138 
Other adjustments(1)(226,656)0 (226,656)
Balance at original discount rate, end of period10,376,467 0 10,376,467 
Effect of cumulative changes in discount rate assumptions, end of period(292,273)0 (292,273)
Balance, end of period$10,084,194 $0 $10,084,194 


Year Ended December 31, 2025
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$17,689,399 $238,086 $17,927,485 
Effect of cumulative changes in discount rate assumptions, beginning of period1,091,673 19,442 1,111,115 
Balance at original discount rate, beginning of period18,781,072 257,528 19,038,600 
Effect of assumption update(332,969)22 (332,947)
Effect of actual variances from expected experience and other activity(224,159)4,279 (219,880)
Adjusted balance, beginning of period18,223,944 261,829 18,485,773 
Issuances785,281 48,472 833,753 
Interest accrual902,570 10,656 913,226 
Benefit payments(1,365,376)(36,560)(1,401,936)
Other adjustments(1)60,282 (186)60,096 
Balance at original discount rate, end of period18,606,701 284,211 18,890,912 
Effect of cumulative changes in discount rate assumptions, end of period(574,785)(6,586)(581,371)
Balance, end of period$18,031,916 $277,625 $18,309,541 
Other, end of period1,447 
Total balance, end of period$18,310,988 
(1)     Includes the impact of recognizing the recapture of certain YRT transactions from Prudential Insurance effective October 1, 2025. See Note 12 for additional information.
Year Ended December 31, 2025
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,947,722 $277,625 $8,225,347 
Flooring impact, end of period566 0 566 
Balance, end of period, post-flooring7,948,288 277,625 8,225,913 
Less: Reinsurance recoverables7,170,499 22,913 7,193,412 
Balance after reinsurance recoverables, end of period, post-flooring$777,789 $254,712 $1,032,501 

Year Ended December 31, 2024
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,927,833 $0 $10,927,833 
Effect of cumulative changes in discount rate assumptions, beginning of period225,711 0 225,711 
Balance at original discount rate, beginning of period11,153,544 0 11,153,544 
Effect of assumption update21,466 0 21,466 
Effect of actual variances from expected experience and other activity(219,878)58 (219,820)
Adjusted balance, beginning of period10,955,132 58 10,955,190 
Issuances827,606 35,717 863,323 
Net premiums / considerations collected(1,319,501)(35,775)(1,355,276)
Interest accrual511,817 0 511,817 
Other adjustments7,092 0 7,092 
Balance at original discount rate, end of period10,982,146 0 10,982,146 
Effect of cumulative changes in discount rate assumptions, end of period(567,443)0 (567,443)
Balance, end of period$10,414,703 $0 $10,414,703 
Year Ended December 31, 2024
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$18,426,207 $228,788 $18,654,995 
Effect of cumulative changes in discount rate assumptions, beginning of period331,571 19,521 351,092 
Balance at original discount rate, beginning of period18,757,778 248,309 19,006,087 
Effect of assumption update21,480 (3,643)17,837 
Effect of actual variances from expected experience and other activity(259,137)502 (258,635)
Adjusted balance, beginning of period18,520,121 245,168 18,765,289 
Issuances827,606 35,717 863,323 
Interest accrual893,983 9,119 903,102 
Benefit payments(1,471,863)(32,225)(1,504,088)
Other adjustments11,225 (251)10,974 
Balance at original discount rate, end of period18,781,072 257,528 19,038,600 
Effect of cumulative changes in discount rate assumptions, end of period(1,091,673)(19,442)(1,111,115)
Balance, end of period$17,689,399 $238,086 $17,927,485 
Other, end of period1,474 
Total balance, end of period$17,928,959 

Year Ended December 31, 2024
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,274,696 $238,086 $7,512,782 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,274,740 238,086 7,512,826 
Less: Reinsurance recoverables6,753,842 20,516 6,774,358 
Balance after reinsurance recoverables, end of period, post-flooring$520,898 $217,570 $738,468 


Year Ended December 31, 2023
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,911,794 $0 $10,911,794 
Effect of cumulative changes in discount rate assumptions, beginning of period554,896 0 554,896 
Balance at original discount rate, beginning of period11,466,690 0 11,466,690 
Effect of assumption update(790)0 (790)
Effect of actual variances from expected experience and other activity(200,513)(989)(201,502)
Adjusted balance, beginning of period11,265,387 (989)11,264,398 
Issuances712,495 36,646 749,141 
Net premiums / considerations collected(1,345,514)(35,657)(1,381,171)
Interest accrual521,176 0 521,176 
Balance at original discount rate, end of period11,153,544 0 11,153,544 
Effect of cumulative changes in discount rate assumptions, end of period(225,711)0 (225,711)
Balance, end of period$10,927,833 $0 $10,927,833 
Year Ended December 31, 2023
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$17,835,251 $204,727 $18,039,978 
Effect of cumulative changes in discount rate assumptions, beginning of period962,035 24,876 986,911 
Balance at original discount rate, beginning of period18,797,286 229,603 19,026,889 
Effect of assumption update(1,044)0 (1,044)
Effect of actual variances from expected experience and other activity(263,243)6,991 (256,252)
Adjusted balance, beginning of period18,532,999 236,594 18,769,593 
Issuances712,495 36,646 749,141 
Interest accrual895,023 8,440 903,463 
Benefit payments(1,386,583)(33,287)(1,419,870)
Other adjustments3,844 (84)3,760 
Balance at original discount rate, end of period18,757,778 248,309 19,006,087 
Effect of cumulative changes in discount rate assumptions, end of period(331,571)(19,521)(351,092)
Balance, end of period$18,426,207 $228,788 $18,654,995 
Other, end of period1,765 
Total balance, end of period$18,656,760 

Year Ended December 31, 2023
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,498,374 $228,788 $7,727,162 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,498,418 228,788 7,727,206 
Less: Reinsurance recoverables6,817,488 18,489 6,835,977 
Balance after reinsurance recoverables, end of period, post-flooring$680,930 $210,299 $891,229 

The following tables provide supplemental information related to the balances of and changes in benefit reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:
Year Ended December 31, 2025
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$22,036,916 $0
Discounted expected future gross premiums (at original discount rate)$14,871,462 $0
Discounted expected future gross premiums (at current discount rate)$14,532,537 $0
Undiscounted expected future benefits and expenses$28,846,500 $380,345
Weighted-average duration of the liability in years (at original discount rate)96
Weighted-average duration of the liability in years (at current discount rate)96
Weighted-average interest rate (at original discount rate)5.10 %4.20 %
Weighted-average interest rate (at current discount rate)5.27 %5.13 %
Year Ended December 31, 2024
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,815,010 $0 
Discounted expected future gross premiums (at original discount rate)$14,889,078 $0 
Discounted expected future gross premiums (at current discount rate)$14,154,658 $0 
Undiscounted expected future benefits and expenses$29,163,241 $346,892 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)96
Weighted-average interest rate (at original discount rate)5.13 %3.94 %
Weighted-average interest rate (at current discount rate)5.59 %5.49 %
Year Ended December 31, 2023
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,871,767 $0 
Discounted expected future gross premiums (at original discount rate)$15,027,611 $0 
Discounted expected future gross premiums (at current discount rate)$14,748,999 $0 
Undiscounted expected future benefits and expenses$29,118,532 $332,902 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)106
Weighted-average interest rate (at original discount rate)5.17 %3.70 %
Weighted-average interest rate (at current discount rate)4.99 %4.95 %
For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2.
For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss, respectively.

In 2025, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts.

In 2024, there was a $29 million gain in net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, which was offset by a $28 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.

In 2023, there was a $31 million gain in net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, which was offset by a $30 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.
The balances of and changes in DPL for the years ended December 31, are as follows:

202520242023
Fixed Annuities
(in thousands)
Balance, beginning of period, post-flooring$22,939 $14,818 $18,193 
Effect of assumption update(21)2,110 0 
Effect of actual variances from expected experience and other activity(2,280)580 (6,978)
Adjusted balance, beginning of period20,638 17,508 11,215 
Profits deferred4,826 7,070 5,191 
Interest accrual974 729 552 
Amortization(3,052)(2,345)(2,129)
Other adjustments(12)(23)(11)
Balance, end of period, post-flooring23,374 22,939 14,818 
Less: Reinsurance recoverables2,226 1,513 1,365 
Balance after reinsurance recoverables, end of period$21,148 $21,426 $13,453 
    
Additional Insurance Reserves

AIR represents the additional liability for annuitization, death, or other insurance benefits, including guaranteed minimum death benefits ("GMDB") and guaranteed lifetime withdrawal benefit ("GLWB") contract features, that are above and beyond the contractholder's account balance for certain long-duration life and annuity contracts.

The following table shows a rollforward of AIR balances for variable and universal life and fixed annuities products, for the periods indicated, along with a reconciliation to the Company's total AIR balance:
Year Ended December 31, 2025
Variable / Universal LifeFixed AnnuitiesTotal
(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring$16,351,052 $0 $16,351,052 
Flooring impact and amounts in AOCI617,186 0 617,186 
Balance, excluding amounts in AOCI, beginning of period, pre-flooring16,968,238 0 16,968,238 
Effect of assumption update(41,977)0 (41,977)
Effect of actual variances from expected experience and other activity180,041 70,226 250,267 
Adjusted balance, beginning of period17,106,302 70,226 17,176,528 
Assessments collected(1)1,196,649 68,398 1,265,047 
Interest accrual593,950 2,262 596,212 
Benefits paid(377,813)0 (377,813)
Other adjustments(2)430,761 0 430,761 
Balance, excluding amounts in AOCI, end of period, pre-flooring18,949,849 140,886 19,090,735 
Flooring impact and amounts in AOCI(430,105)(2,011)(432,116)
Balance, including amounts in AOCI, end of period, post-flooring18,519,744 138,875 18,658,619 
Less: Reinsurance recoverables18,257,481 0 18,257,481 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$262,263 $138,875 401,138 
Other7,391 
Total balance after reinsurance recoverables$408,529 
Year Ended December 31, 2024
Variable / Universal LifeFixed AnnuitiesTotal
(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring$14,280,792 $0 $14,280,792 
Flooring impact and amounts in AOCI831,583 0 831,583 
Balance, excluding amounts in AOCI, beginning of period, pre-flooring15,112,375 0 15,112,375 
Effect of assumption update154,058 0 154,058 
Effect of actual variances from expected experience and other activity265,684 0 265,684 
Adjusted balance, beginning of period15,532,117 0 15,532,117 
Assessments collected(1)1,242,684 0 1,242,684 
Interest accrual536,678 0 536,678 
Benefits paid(343,241)0 (343,241)
Balance, excluding amounts in AOCI, end of period, pre-flooring16,968,238 0 16,968,238 
Flooring impact and amounts in AOCI(617,186)0 (617,186)
Balance, including amounts in AOCI, end of period, post-flooring16,351,052 0 16,351,052 
Less: Reinsurance recoverables16,129,846 0 16,129,846 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$221,206 $0 221,206 
Other0 
Total balance after reinsurance recoverables$221,206 

Year Ended December 31, 2023
Variable / Universal LifeFixed AnnuitiesTotal
(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring$12,664,445 $0 $12,664,445 
Flooring impact and amounts in AOCI1,269,236 0 1,269,236 
Balance, excluding amounts in AOCI, beginning of period, pre-flooring13,933,681 0 13,933,681 
Effect of assumption update22,910 0 22,910 
Effect of actual variances from expected experience and other activity34,021 0 34,021 
Adjusted balance, beginning of period13,990,612 0 13,990,612 
Assessments collected(1)929,709 0 929,709 
Interest accrual486,253 0 486,253 
Benefits paid(294,199)0 (294,199)
Balance, excluding amounts in AOCI, end of period, pre-flooring15,112,375 0 15,112,375 
Flooring impact and amounts in AOCI(831,583)0 (831,583)
Balance, including amounts in AOCI, end of period, post-flooring14,280,792 0 14,280,792 
Less: Reinsurance recoverables14,054,600 0 14,054,600 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$226,192 $0 226,192 
Other0 
Total balance after reinsurance recoverables$226,192 
(1)     Represents the portion of gross assessments required to fund the future policy benefits.
(2)     Includes the impact of recognizing the recapture of certain YRT transactions from Prudential Insurance effective October 1, 2025. See Note 12 for additional information.
Year Ended December 31, 2025
Variable / Universal LifeFixed Annuities
Weighted-average duration of the liability in years (at original discount rate)2121
Weighted-average interest rate (at original discount rate)3.34 %2.71 %

Year Ended December 31, 2024
Variable / Universal LifeFixed Annuities
Weighted-average duration of the liability in years (at original discount rate)22N/A
Weighted-average interest rate (at original discount rate)3.33 %N/A

Year Ended December 31, 2023
Variable / Universal LifeFixed Annuities
Weighted-average duration of the liability in years (at original discount rate)22N/A
Weighted-average interest rate (at original discount rate)3.39 %N/A
Future Policy Benefits Reconciliation

The following table presents the reconciliation of the ending balances from the above rollforwards, benefit reserves, DPL, and AIR, including other liabilities, gross of related reinsurance recoverables, to the total liability for future policy benefits as reported on the Company's Consolidated Statements of Financial Position for the years ended December 31,:
202520242023
(in thousands)
Benefit reserves, end of period, post-flooring$8,225,913 $7,512,826 $7,727,206 
Deferred profit liability, end of period, post-flooring23,374 22,939 14,818 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring18,658,619 16,351,052 14,280,792 
Subtotal of amounts disclosed above26,907,906 23,886,817 22,022,816 
Other Future policy benefits reserves(1)1,322,192 1,226,950 1,182,389 
Total Future policy benefits$28,230,098 $25,113,767 $23,205,205 
(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.
Revenue and Interest Expense

The following tables present revenue and interest expense related to benefit reserves, DPL, and AIR, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations for the periods indicated:

Year Ended December 31, 2025
Revenues(1)
Term LifeVariable / Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$1,815,456 $0 $48,938 $1,864,394 
Deferred profit liability0 0 (436)(436)
Additional insurance reserves0 1,765,102 43,484 1,808,586 
Total$1,815,456 $1,765,102 $91,986 $3,672,544 
Year Ended December 31, 2024
Revenues(1)
Term LifeVariable / Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$1,833,017 $0 $43,092 $1,876,109 
Deferred profit liability0 0 (8,121)(8,121)
Additional insurance reserves0 2,050,441 0 2,050,441 
Total$1,833,017 $2,050,441 $34,971 $3,918,429 

Year Ended December 31, 2023
Revenues(1)
Term LifeVariable / Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$1,804,955 $0 $41,111 $1,846,066 
Deferred profit liability0 0 3,375 3,375 
Additional insurance reserves0 1,405,696 0 1,405,696 
Total$1,804,955 $1,405,696 $44,486 $3,255,137 
(1)Represents gross premiums for benefit reserves; revenue for DPL and gross assessments for AIR.
Year Ended December 31, 2025
Interest Expense
Term LifeVariable / Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$391,432 $0 $10,656 $402,088 
Deferred profit liability0 0 974 974 
Additional insurance reserves0 593,950 2,261 596,211 
Total$391,432 $593,950 $13,891 $999,273 

Year Ended December 31, 2024
Interest Expense
Term LifeVariable / Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$382,165 $0 $9,119 $391,284 
Deferred profit liability0 0 729 729 
Additional insurance reserves0 536,678 0 536,678 
Total$382,165 $536,678 $9,848 $928,691 

Year Ended December 31, 2023
Interest Expense
Term LifeVariable / Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$373,845 $0 $8,440 $382,285 
Deferred profit liability0 0 552 552 
Additional insurance reserves0 486,253 0 486,253 
Total$373,845 $486,253 $8,992 $869,090 
MARKET RISK BENEFITS
The following tables show a rollforward of MRB balances for variable and fixed annuity products, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
Year Ended December 31, 2025
Variable AnnuitiesFixed AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$2,488,463 $0 $(844,582)$1,643,881 
Effect of cumulative changes in non-performance risk626,845 0 0 626,845 
Balance, beginning of period, before effect of changes in non-performance risk3,115,308 0 (844,582)2,270,726 
Attributed fees collected1,008,519 19,936 (232,779)795,676 
Claims paid(53,926)0 5,400 (48,526)
Interest accrual168,951 4,611 (50,303)123,259 
Actual in force different from expected63,484 (1,554)(19,029)42,901 
Effect of changes in interest rates(267,183)(34,582)79,628 (222,137)
Effect of changes in equity markets(1,128,930)(12,609)118,797 (1,022,742)
Effect of assumption update and other refinements120,191 151,000 (23,026)248,165 
Issuances57,950 28,494 (6,074)80,370 
Other adjustments29,602 11,615 (22,568)18,649 
Effect of changes in current period counterparty non-performance risk0 0 (18,039)(18,039)
Balance, end of period, before effect of changes in non-performance risk3,113,966 166,911 (1,012,575)2,268,302 
Effect of cumulative changes in non-performance risk(451,282)9,531 0 (441,751)
Balance, end of period$2,662,684 $176,442 $(1,012,575)$1,826,551 
Year Ended December 31, 2024
Variable AnnuitiesFixed AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$3,707,407 $0 $(917,792)$2,789,615 
Effect of cumulative changes in non-performance risk1,067,983 0 0 1,067,983 
Balance, beginning of period, before effect of changes in non-performance risk4,775,390 0 (917,792)3,857,598 
Attributed fees collected1,095,139 0 (259,099)836,040 
Claims paid(57,083)0 5,669 (51,414)
Interest accrual226,734 0 (56,043)170,691 
Actual in force different from expected49,864 0 (21,062)28,802 
Effect of changes in interest rates(1,436,230)0 277,354 (1,158,876)
Effect of changes in equity markets(1,660,907)0 177,329 (1,483,578)
Effect of assumption update and other refinements(1)82,619 0 3,984 86,603 
Issuances70,965 0 (5,019)65,946 
Other adjustments(1)(31,183)0 11,566 (19,617)
Effect of changes in current period counterparty non-performance risk0 0 (61,469)(61,469)
Balance, end of period, before effect of changes in non-performance risk3,115,308 0 (844,582)2,270,726 
Effect of cumulative changes in non-performance risk(626,845)0 0 (626,845)
Balance, end of period$2,488,463 $0 $(844,582)$1,643,881 
Year Ended December 31, 2023
Variable AnnuitiesFixed AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$4,550,625 $0 $(422,261)$4,128,364 
Effect of cumulative changes in non-performance risk1,727,910 0 0 1,727,910 
Balance, beginning of period, before effect of changes in non-performance risk6,278,535 0 (422,261)5,856,274 
Attributed fees collected1,158,879 0 (246,747)912,132 
Claims paid(85,898)0 9,952 (75,946)
Interest accrual293,205 0 (53,016)240,189 
Actual in force different from expected79,030 0 (13,338)65,692 
Effect of changes in interest rates(1,438,873)0 455,062 (983,811)
Effect of changes in equity markets(1,845,207)0 180,953 (1,664,254)
Effect of assumption update and other refinements(1)235,543 0 (54,067)181,476 
Issuances29,433 0 7,680 37,113 
Other adjustments(1)(2)70,743 0 (635,011)(564,268)
Effect of changes in current period counterparty non-performance risk0 0 (146,999)(146,999)
Balance, end of period, before effect of changes in non-performance risk4,775,390 0 (917,792)3,857,598 
Effect of cumulative changes in non-performance risk(1,067,983)0 0 (1,067,983)
Balance, end of period$3,707,407 $0 $(917,792)$2,789,615 
(1)     Prior period amounts have been updated to conform to current presentation.
(2) Other adjustments for December 31, 2023 primarily includes $638 million related to the reinsurance transaction with AuguStar. See Note 12 for additional information.
    
In 2025, 2024, and 2023, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to policyholder behavior assumptions.

The Company issues certain variable annuity insurance contracts where the Company contractually guarantees to the contractholder a return of no less than (1) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return, and/or (2) the highest anniversary contract value on a specified date adjusted for any withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods.

The Company also issues indexed annuity contracts for which the return is tied to the return of specific indices where the Company contractually guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals upon death. In certain of these indexed annuity contracts, the Company also contractually guarantees to the contractholder withdrawal benefits payable during specific periods.

For guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, contract lapses and contractholder mortality.

For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, timing of annuitization, contract lapses and contractholder mortality.
For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance.

For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including equity market returns, interest rates, market volatility and contractholder behavior.

The following tables present accompanying information to the rollforward table above.
December 31, 2025
Variable AnnuitiesFixed Annuities
($ in thousands)
Net amount at risk(1)$7,619,998 $513,514 
Weighted-average attained age of contractholders7268
December 31, 2024
Variable AnnuitiesFixed Annuities
($ in thousands)
Net amount at risk(1)$8,722,499 N/A
Weighted-average attained age of contractholders71N/A
December 31, 2023
Variable AnnuitiesFixed Annuities
($ in thousands)
Net amount at risk(1)$9,041,651 N/A
Weighted-average attained age of contractholders70N/A
(1)     For contracts with multiple benefit features, the highest net amount at risk for each contract is included.

The tables below reconciles MRB asset and liability positions as of the following dates:

December 31, 2025
Variable AnnuitiesFixed AnnuitiesTotal
(in thousands)
Direct and assumed$1,373,383 $2,890 $1,376,273 
Ceded1,279,593 0 1,279,593 
Total market risk benefit assets$2,652,976 $2,890 $2,655,866 
Direct and assumed$4,036,066 $179,332 $4,215,398 
Ceded267,019 0 267,019 
Total market risk benefit liabilities$4,303,085 $179,332 $4,482,417 
Net liability$1,650,109 $176,442 $1,826,551 
December 31, 2024
Variable AnnuitiesFixed AnnuitiesTotal
(in thousands)
Direct and assumed$1,492,186 $0 $1,492,186 
Ceded1,145,177 0 1,145,177 
Total market risk benefit assets$2,637,363 $0 $2,637,363 
Direct and assumed$3,980,650 $0 $3,980,650 
Ceded300,594 0 300,594 
Total market risk benefit liabilities$4,281,244 $0 $4,281,244 
Net liability$1,643,881 $0 $1,643,881 
December 31, 2023
Variable AnnuitiesFixed AnnuitiesTotal
(in thousands)
Direct and assumed$1,201,945 $0 $1,201,945 
Ceded1,165,298 0 1,165,298 
Total market risk benefit assets$2,367,243 $0 $2,367,243 
Direct and assumed$4,909,352 $0 $4,909,352 
Ceded247,506 0 247,506 
Total market risk benefit liabilities$5,156,858 $0 $5,156,858 
Net liability$2,789,615 $0 $2,789,615 
v3.26.1
Reinsurance
 12 Months Ended
Dec. 31, 2025
Reinsurance Disclosures [Abstract]  
Reinsurance REINSURANCE
The Company participates in reinsurance with its affiliates Prudential Arizona Reinsurance Captive Company (“PARCC”), PAR U, PURE, Lotus Reinsurance Company Ltd. (“Lotus Re”), The Prudential Life Insurance Company, Ltd. (“Prudential of Japan”), prior to January 1, 2024 with its affiliates Prudential Universal Reinsurance Company (“PURC”) and Gibraltar Universal Life Reinsurance Company (“GUL Re”), and prior to October 1, 2024 with its affiliates Prudential Arizona Reinsurance Term Company (“PAR Term”), Prudential Term Reinsurance Company (“Term Re”) and Dryden Arizona Reinsurance Term Company (“DART”). The Company also participates in reinsurance with its parent company Prudential Insurance, as well as third-parties. The reinsurance agreements provide risk diversification and additional capacity for future growth, limit the maximum net loss potential, manage statutory capital, and facilitate the Company's capital market hedging program. Life reinsurance is accomplished through various plans of reinsurance, primarily YRT and coinsurance. Reinsurance ceded arrangements do not discharge the Company as the primary insurer. Ceded balances would represent a liability of the Company in the event the reinsurers were unable to meet their obligations to the Company under the terms of the reinsurance agreements. The Company believes a material reinsurance liability resulting from such inability of reinsurers to meet their obligations is unlikely.
Effective October 2024, the Company entered into an agreement with Wilton Reassurance Company and Wilton Reinsurance Bermuda Limited (collectively, “Wilton Re”) to coinsure a closed block of guaranteed universal life (“GUL”) policies, resulting in a DRL of $979 million. To effectuate this transaction the Company recaptured all risks associated with the subject GUL policies from PAR U and subsequently established YRT reinsurance for the subject GUL business with Prudential Insurance. As a result of these transactions, the Company recognized a $270 million pre-tax recapture gain and a $798 million DRG, respectively. The DRL and DRG are amortized into income over the remaining life of the reinsured policies. Effective October 1, 2025, the Company recaptured the YRT treaties with Prudential Insurance and subsequently established YRT reinsurance for the business with third-party reinsurers. The Company immediately recognized a $768 million gain from the recognition of the existing DRG from the previous YRT transaction with Prudential Insurance.

Effective January 2024, the Company entered into an agreement with Somerset Reinsurance Ltd. (“Somerset Re”) to coinsure a closed block of GUL policies to PURE, a wholly-owned subsidiary of Prudential Insurance, with retrocession by PURE of such liabilities on a modified coinsurance basis, to Somerset Re. This transaction is effective as of January 1, 2024, whereby, the Company recaptured all risks associated with the subject GUL policies from PAR U, PURC and GUL Re and subsequently established YRT reinsurance for the subject GUL business with Prudential Insurance. As a result of these transactions, the Company recognized a $990 million pre-tax recapture loss and a $1,207 million DRG, respectively. The DRG is amortized into income over the estimated remaining life of the reinsured policies. Effective October 1, 2025, the Company recaptured certain YRT treaties with Prudential Insurance and subsequently established YRT reinsurance for the business with third-party reinsurers. The Company immediately recognized a $629 million gain from the recognition of the existing DRG from the previous YRT transaction with Prudential Insurance.
Reserves related to reinsured long-duration contracts are accounted for using assumptions consistent with those used to account for the underlying contracts. Amounts recoverable from reinsurers for long-duration reinsurance arrangements are estimated in a manner consistent with the claim liabilities and policy benefits associated with the reinsured policies. Reinsurance policy charges and fee income ceded for universal life and variable annuity products are accounted for as a reduction of policy charges and fee income. Reinsurance premiums ceded for term insurance products are accounted for as a reduction of premiums.
Reinsurance agreements that do not expose the Company to a reasonable possibility of a significant loss from insurance risk are recorded using the deposit method of accounting. The deposit assets on reinsurance are recorded within “Reinsurance recoverables and deposit receivables” and the corresponding funds withheld liability for assets retained under these reinsurance agreements are recorded within “Reinsurance and funds withheld payables”. Balances associated with these agreements are included in the tables below.
“Change in value of market risk benefits, net of related hedging gains (losses)” includes the impact of reinsurance agreements, particularly reinsurance agreements involving living benefit guarantees. The Company has entered into reinsurance agreements to transfer the risk related to the living benefit guarantees on variable annuities within the PLNJ business to Prudential Insurance. These reinsurance agreements are MRBs and have been accounted for in the same manner.
Reinsurance amounts included in the Company’s Consolidated Statements of Financial Position as of December 31, were as follows:
20252024
 (in thousands)
Reinsurance recoverables and deposit receivables$54,370,370 $48,247,817 
Policy loans(1,174,371)(1,143,726)
Deferred policy acquisition costs(3,202,535)(3,319,067)
Deferred sales inducements(30,203)(32,573)
Market risk benefit assets1,280,120 1,145,580 
Other assets1,515,354 1,538,231 
Policyholders’ account balances5,124,249 5,567,661 
Future policy benefits8,984,370 7,443,997 
Market risk benefit liabilities267,981 302,310 
Reinsurance and funds withheld payables11,377,505 8,611,141 
Other liabilities1,780,787 3,282,713 
Unaffiliated reinsurance amounts included in the table above and in the Company's Consolidated Statements of Financial Position as of December 31, were as follows:
20252024
(in thousands)
Policy loans$(50,877)$(48,644)
Deferred policy acquisition costs(659,377)(637,555)
Market risk benefit assets927,836 804,015 
Other assets1,052,840 1,118,974 
Policyholders’ account balances1,499,098 1,665,998 
Future policy benefits(14,427)160 
Market risk benefit liabilities124,638 151,432 
Reinsurance and funds withheld payables9,194,564 3,360,901 
Other liabilities251,136 257,929 
Reinsurance recoverables and deposit receivables by counterparty as of December 31, were as follows:
20252024
 (in thousands)
Affiliated:
     PAR U$11,617,403 $11,426,975 
     PURE8,192,212 7,951,965 
     PARCC7,021,834 7,049,164 
     Lotus Re3,380,675 2,130,095 
     Prudential Insurance2,810,762 7,507,414 
     Prudential of Japan13,237 0 
     Total affiliated33,036,123 36,065,613 
Unaffiliated:
     Wilton Re8,013,159 7,478,467 
     Somerset Re2,490,716 2,581,977 
     FLIAC1,351,271 1,395,008 
     Resolution Re849,213 0 
     Prismic Re327,763 0 
     Other(1)8,302,125 726,752 
     Total unaffiliated21,334,247 12,182,204 
Total reinsurance recoverables and deposit receivables$54,370,370 $48,247,817 
(1) Four major reinsurance companies account for approximately 56% of Other as of December 31, 2025.

Reinsurance amounts, included in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, were as follows:

202520242023
 (in thousands)
Premiums:
Direct$1,874,352 $1,846,109 $1,853,184 
Assumed271,129 92 (61)
Ceded(1,598,280)(1,453,074)(1,524,226)
Net premiums$547,201 $393,127 $328,897 
Policy charges and fee income:
Direct$3,224,720 $3,190,753 $2,995,595 
Assumed808,083 899,767 604,311 
Ceded(2,325,465)3,292,277 (2,063,300)
Net policy charges and fee income$1,707,338 $7,382,797 $1,536,606 
202520242023
 (in thousands)
Net investment income:
Direct$3,262,367 $2,474,541 $1,700,684 
Assumed1,294 1,325 1,364 
Ceded(53,139)(53,849)(26,526)
Net investment income(1)$3,210,522 $2,422,017 $1,675,522 
Asset administration fees:
Direct$315,865 $329,181 $323,444 
Ceded(110,533)(105,618)(90,494)
Net asset administration fees$205,332 $223,563 $232,950 
Other income (loss):
Direct$594,774 $297,868 $636,930 
Assumed752 2,983 (475)
Ceded1,666,250 458,905 114,908 
Net other income (loss)(1)$2,261,776 $759,756 $751,363 
Realized investment gains (losses), net:
Direct$(1,207,587)$500,023 $(1,203,453)
Assumed46,559 85,248 162,291 
Ceded(269,397)(133,854)(105,937)
Realized investment gains (losses), net(1)$(1,430,425)$451,417 $(1,147,099)
Change in value of market risk benefits, net of related hedging gains (losses):
Direct$(433,206)$(98,562)$287,936 
Assumed958 2,626 (4,115)
Ceded(74,746)(338,019)(390,594)
Net change in value of market risk benefits, net of related hedging gains (losses)$(506,994)$(433,955)$(106,773)
Policyholders’ benefits (including change in reserves):
Direct$4,242,114 $3,825,305 $3,354,306 
Assumed1,310,907 1,058,315 1,258,651 
Ceded(4,773,299)3,468,713 (4,109,168)
Net policyholders’ benefits (including change in reserves)(1)$779,722 $8,352,333 $503,789 
Change in estimates of liability for future policy benefits:
Direct$(97,867)$303,141 $(18,361)
Assumed(39,222)92,766 8,644 
Ceded57,584 (416,550)13,669 
Net change in estimates of liability for future policy benefits$(79,505)$(20,643)$3,952 
Interest credited to policyholders’ account balances:
Direct$1,485,366 $1,310,867 $884,527 
Assumed130,432 153,052 136,725 
Ceded(438,138)(426,188)(399,607)
Net interest credited to policyholders’ account balances$1,177,660 $1,037,731 $621,645 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization$(388,473)$(1,398,843)$(403,517)
(1)Amounts include reinsurance agreements using the deposit method of accounting.
Unaffiliated reinsurance assumed and ceded amounts included in the table above and in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, were as follows:

202520242023
(in thousands)
Premiums:
Assumed$104 $89 $(69)
Ceded(349,326)(107,449)(70,169)
Policy charges and fee income:
Assumed1,379 1,381 1,563 
Ceded(5,208,556)(191,368)(143,764)
Net investment income(1):
Ceded(1,668)(1,659)23,023 
Asset administration fees:
Ceded(25,093)(28,354)(22,415)
Other income (loss)(1):
Assumed26 2,983 (475)
Ceded168,056 142,267 44,260 
Realized investment gains (losses), net(1):
Assumed46,559 85,248 162,291 
Ceded(179,100)(91,712)(101,449)
Change in value of market risk benefits, net of related hedging gains (losses):
Assumed958 2,626 (4,115)
Ceded6,482 (124,816)(186,996)
Policyholders' benefits (including change in reserves)(1):
Assumed(14,561)348 804 
Ceded(7,776,099)(366,669)(157,344)
Change in estimates of liability for future policy benefits:
Assumed1,464 0 0 
Ceded(20,592)96,014 (1,367)
Interest credited to policyholders' account balances:
Assumed25,705 39,263 16,243 
Ceded(99,881)(24,550)0 
(1)Amounts include reinsurance agreements using the deposit method of accounting.
The gross and net amounts of life insurance face amount in force as of December 31, were as follows:
202520242023
 (in thousands)
Direct gross life insurance face amount in force$1,590,247,115 $1,181,531,932 $1,127,561,798 
Assumed gross life insurance face amount in force40,086,143 34,530,341 35,558,423 
Reinsurance ceded(1,450,508,310)(1,080,451,145)(1,027,473,705)
Net life insurance face amount in force$179,824,948 $135,611,128 $135,646,516 
Significant Affiliated Reinsurance Agreements
PAR U
Pruco Life reinsures 70% of the risks associated with Universal Protector policies having no-lapse guarantees as well as certain other universal life policies, with effective dates prior to January 1, 2011.
Effective July 1, 2012, PLNJ reinsures 95% of the risks associated with Universal Protector policies having no-lapse guarantees as well as certain other universal life policies, with effective dates through December 31, 2019, excluding those policies that are subject to principle-based reserving.
On January 2, 2013, Pruco Life began to assume GUL business from Prudential Insurance in connection with the acquisition of the Hartford Life Business. The GUL business assumed from Prudential Insurance was subsequently retroceded to PAR U.
Effective January 1, 2024, Pruco Life recaptured the policies equal to 70% of the risks associated with Universal Protector policies having no-lapse guarantees as well as certain other universal life policies, with effective dates prior to January 1, 2011. Effective January 1, 2024, Pruco Life reinsures 25% of the risks associated with universal life policies with effective dates prior to January 1, 2015 and 100% of the risks associated with universal life policies with effective dates beginning January 1, 2015.
Effective January 1, 2024, PLNJ recaptured the policies previously reinsured by PAR U with effective dates prior to January 1, 2015. Effective January 1, 2024, PLNJ reinsures 100% of the risks associated with universal life policies, with effective dates from January 1, 2015 to December 31, 2019.
Effective October 1, 2024, Pruco Life recaptured the remaining portion of the policies equal to 25% of the risks associated with universal life policies with effective dates prior to January 1, 2015 and 100% of the risks associated with universal life policies with effective dates beginning January 1, 2015. As a result of the recapture, the Company recognized a $270 million pre-tax recapture gain, as discussed above, which includes the recognition of a prior $94 million DRG related to the previous reinsurance agreement. Following the result of this recapture, Pruco Life only cedes the GUL business in connection with the Hartford Life Business to PAR U as of December 31, 2024.
Effective October 1, 2024, PLNJ recaptured 100% of the risks associated with the remaining universal life policies, with effective dates from January 1, 2015 to December 31, 2019. As a result of the recapture, the Company recognized a $29 million pre-tax recapture loss which is part of the $270 million pre-tax recapture gain discussed above. The loss includes the recognition of a prior $8 million DRG related to the previous reinsurance agreement. Following the result of this recapture, PLNJ no longer cedes to PAR U as of December 31, 2024.
On March 28, 2024, PURC and GUL Re merged into PAR U.
PURE
Effective January 1, 2024, Pruco Life reinsures 75% of the risks associated with Universal Protector policies having no-lapse guarantees as well as certain other universal life policies, with effective dates prior to January 1, 2015.
Effective January 1, 2024, PLNJ reinsures 100% of the risks associated with Universal Protector policies having no-lapse guarantees as well as certain other universal life policies, with effective dates prior to January 1, 2015.
PURC
Pruco Life reinsures 70% of the risks associated with its Universal Protector policies having no-lapse guarantees as well as certain other universal life policies, with effective dates from January 1, 2011 through December 31, 2013, with PURC and 95% of the risks associated with Universal Protector policies having no-lapse guarantees, as well as certain other universal life policies, with effective dates from January 1, 2014 through December 31, 2016.
Effective January 1, 2024, the Company recaptured the policies previously reinsured by PURC. As a result of the recapture, the Company recorded a write-off of $116 million of DRG that was recognized with the previous reinsurance agreement.
On March 28, 2024, PURC merged into PAR U.
PARCC
Prior to July 1, 2019, the Company reinsured 90% of the risks under its term life insurance policies, with effective dates prior to January 1, 2010 through an automatic coinsurance agreement with PARCC. Effective July 1, 2019, the Company amended the coinsurance agreement to increase the percentage from 90% to 100% of the policy risk amount reinsured. The amended agreement does not impact contracts issued by PLNJ, which remain at the original percentage.
Effective October 1, 2024, the Company revised the existing coinsurance terms with PARCC, increasing the quota share of reinsured policies to 100% which includes policies which were previously reinsured to PAR Term, Term Re and DART. As a result of the revised terms, the Company recognized a $351 million DRL that is amortized into income over the estimated remaining life of the reinsured policies.
On November 20, 2024, PAR Term, Term Re and DART merged into PARCC.
GUL Re
Effective January 1, 2017, Pruco Life entered into an automatic coinsurance agreement with GUL Re to reinsure 95% of the risks associated with Universal Protector policies having no-lapse guarantees, as well as certain other universal life policies, with effective dates on or after January 1, 2017 through December 31, 2019, excluding those policies that are subject to principle-based reserving.
Effective July 1, 2017, Pruco Life amended this agreement to include 30% of Universal Protector policies having no-lapse guarantees as well as certain other universal life policies with effective dates prior to January 1, 2014.
Effective January 1, 2024, the Company recaptured the policies previously reinsured by GUL Re.
On March 28, 2024, GUL Re merged into PAR U.
PAR Term
Prior to July 1, 2019, the Company reinsures 95% of the risks under its term life insurance policies with effective dates January 1, 2010 through December 31, 2013, through an automatic coinsurance agreement with PAR Term. Effective July 1, 2019, the Company amended the coinsurance agreement to increase the percentage from 95% to 100% of the policy risk amount reinsured. The amended agreement does not impact contracts issued by PLNJ, which remain at the original percentage.
On November 20, 2024, PAR Term merged into PARCC.
Term Re
The Company reinsures 95% of the risks under its term life insurance policies, with effective dates on or after January 1, 2014 through December 31, 2017, through an automatic coinsurance agreement with Term Re.

On November 20, 2024, Term Re merged into PARCC.
Prudential Insurance
The Company has a YRT reinsurance agreement with Prudential Insurance and reinsures the majority of all mortality risks not otherwise reinsured. This agreement was terminated for new business effective January 1, 2020, with certain new business (primarily universal life policies) terminated as early as 2017. The Company now reinsures a portion of the mortality risk directly to third-party reinsurers and retains all of the non-reinsured portion of the mortality risk. Effective July 1, 2019, certain term life insurance policies were recaptured and subsequently reinsured to PARCC and PAR Term as noted above. As of January 1, 2022, most of the variable life insurance policies were recaptured resulting in a $305 million loss recorded through “Policy charges and fee income”. Those policies were then reinsured to Lotus Re as mentioned below. Effective January 1, 2024, the Company recaptured all GUL policies with Prudential Insurance and subsequently entered into a YRT reinsurance agreement with Prudential Insurance to reinsure the mortality risk for the totality of GUL policies reinsured to PURE. Effective October 1, 2024, the Company recaptured the term business from Prudential Insurance, and revised the existing coinsurance terms with PARCC to reflect revised quota share. As a result of the recapture, the Company recognized a $3 million pre-tax recapture loss. Additionally, effective October 1, 2024, the Company entered into a YRT reinsurance agreement with Prudential Insurance to reinsure the mortality risk of recaptured GUL policies from PAR U.

Effective October 1, 2025, Prudential Insurance novated several unaffiliated YRT treaties to Pruco Life. To effectuate the novation of YRT treaties, Pruco Life entered into certain new YRT pass-through agreements with Prudential Insurance and recaptured certain YRT treaties it had ceded to Prudential Insurance, including those related to reinsurance transactions effective January 2024 and October 2024 with Somerset Re and Wilton Re, respectively.
On January 2, 2013, Pruco Life began to assume GUL business from Prudential Insurance in connection with the acquisition of the Hartford Financial Services Group, Inc. (“Hartford Financial”). The GUL business assumed from Prudential Insurance was subsequently retroceded to PAR U. In May 2018, Hartford Financial sold a group of operating subsidiaries, which includes two of Prudential Insurance's counterparties to these reinsurance arrangements. There was no impact to the terms, rights or obligations of Prudential Insurance, or operation of these reinsurance arrangements, as a result of this change in control of such counterparties. Similarly, there was no impact to the Company's reinsurance arrangements with respect to such GUL business as a result of this change in control. In January 2021, there was a definitive agreement announced to subsequently sell the two counterparties mentioned above, which were then acquired by Sixth Street in July 2021. There was no impact to the terms, rights or obligations of the Company, or operation of these reinsurance arrangements, as a result of this change in control of such counterparties.
The Company has reinsured a group annuity contract with Prudential Insurance, in consideration for a single premium payment by the Company, providing reinsurance equal to 100% of payments due under the contract.
Effective April 1, 2016, PLNJ entered into a reinsurance agreement to reinsure its variable annuity base contracts, along with the living benefit guarantees to Prudential Insurance. This reinsurance agreement covers new and in force business. Effective February 1, 2023, PLNJ began selling indexed variable annuities products, which is reinsured to Prudential Insurance through the existing reinsurance agreement. The reinsurance of the indexed variable annuities transfers all significant risks, including mortality risk, embedded in the reinsured contracts to Prudential Insurance. As a result of the agreement, reinsurance payables includes the ceded modified coinsurance arrangement, which reflects the value of the invested assets retained by the Company and the associated asset returns.
Lotus Re
Effective October 1, 2021, the Company entered into an automatic coinsurance agreement with Lotus Re to reinsure $32 million of liabilities associated with the risks associated with a portion of its variable life policies in the extended term policy status.
Effective January 1, 2022 the Company recaptured the risks that were previously ceded to Lotus Re from October 1, 2021 through December 31, 2021. Immediately thereafter, the Company entered into a reinsurance agreement with Lotus Re to cede 100% of the risks associated with a closed block of variable life business on a coinsurance and modified coinsurance basis including policies in the extended term policy status. The amount of the net liabilities associated with the transaction for coinsurance and modified coinsurance were $1,387 million and $14,037 million, respectively. As part of the consideration, the Company also ceded to Lotus Re $855 million of policy loan assets associated with the reinsured policies while receiving $820 million in cash from Lotus Re. As a result, the Company recorded a $1,352 million deferred gain, which is recognized over the remaining life of the underlying policies. In tandem with the transaction, effective January 1, 2022, Lotus Re established an automatic YRT agreement with the Company to cede back a portion of the mortality risks associated with the reinsured policies for the purposes of the Company maintaining YRT reinsurance with external counterparties.
Effective December 15, 2024, the Company entered into a reinsurance agreement with Lotus Re to cede 100% of the risks associated with certain fixed rated annuities and fixed indexed annuities contracts issued on or after the effective date of the agreement on a coinsurance basis. The deposit receivables were $1,311 million and $52 million as of December 31, 2025 and December 31, 2024, respectively.
DART
Effective January 1, 2018, the Company entered into an automatic coinsurance agreement with DART to reinsure 95% of the risks associated with its term life insurance policies with effective dates on or after January 1, 2018 through December 31, 2019, excluding those policies that are subject to principle-based reserving.
On November 20, 2024, DART merged into PARCC.

Prudential of Japan
Effective January 2025, the Company entered into an agreement with Prudential of Japan to reinsure GMDB associated with yen-denominated variable whole life policies. As a result of this transaction, the Company assumed $5 million of GMDB liabilities and recognized a $14 million DRG at inception. The DRG is amortized into income over the estimated remaining life of the reinsured policies.
Significant Third-Party Reinsurance Arrangements
AuguStar Life Insurance Company (Formerly Known as The Ohio National Life Insurance Company)
Effective April 1, 2023, the Company entered into an agreement with AuguStar, an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits. This block represents approximately 10% of the Company’s remaining legacy in force traditional variable annuity block by account value. The Company ceded 100% of separate account liabilities under modified coinsurance and 100% of general account liabilities under coinsurance of its PDI traditional variable annuity contracts. The general account liabilities associated with PDI's guaranteed living and death benefits and the corresponding reinsurance of those liabilities are accounted for as MRBs. As a result of the transaction, the Company recognized a $277 million DRG at inception that is amortized into income over the estimated remaining life of the reinsured policies.
FLIAC
Effective December 1, 2021, the Company entered into a reinsurance agreement with Prudential Annuities Life Assurance Corporation (“PALAC”), a previously wholly-owned subsidiary of Prudential Financial sold in April 2022, and now known as FLIAC, under which the Company assumed all of FLIAC's indexed variable annuities under modified coinsurance. The reinsurance of the indexed variable annuities transfers all significant risks, including mortality risk, embedded in the reinsured contracts to the Company. As a result of the agreement, “Reinsurance recoverables and deposit receivables” includes the assumed modified coinsurance receivable, which reflects the value of the invested assets retained by FLIAC and the associated asset returns. The Company also assumed via coinsurance all of FLIAC’s fixed indexed annuities and fixed annuities with a guaranteed lifetime withdrawal income feature which are accounted for under the deposit method of accounting. The reinsurance agreement offers the policyholders the opportunity to novate their contracts from FLIAC to the Company and any such novated contracts shall cease to be reinsured under this agreement. Reinsurance recoverables and deposit receivables were $1,351 million and $1,395 million as of December 31, 2025 and 2024, respectively.
Somerset Re
Effective October 1, 2021, the Company entered into a reinsurance agreement with Somerset Re to coinsure business, on a quota share funds withheld basis, related to fixed indexed annuities. Under the reinsurance agreement, the Company cedes to Somerset Re its quota share of the insurance liabilities with respect to the reinsured contracts. The deposit assets on reinsurance totaled $2,491 million and $2,582 million at December 31, 2025 and 2024, respectively. The funds withheld payables totaled $2,602 million and $2,434 million at December 31, 2025 and 2024, respectively.
Union Hamilton
Between April 1, 2015 and December 31, 2016, the Company, excluding its subsidiary, reinsured approximately 50% of the new business related to “highest daily” living benefits rider guarantees on HDI v.3.0 product, available with Prudential Premier® Retirement Variable Annuity, to Union Hamilton. This reinsurance remains in force for the duration of the underlying annuity contracts. New sales of HDI v.3.0 subsequent to December 31, 2016 are not covered by this external reinsurance agreement. As of December 31, 2025, $1.6 billion of HDI v.3.0 account values are reinsured to Union Hamilton.
Wilton Re
Effective October 1, 2024, the Company entered into a reinsurance agreement with Wilton Re to coinsure a closed block of GUL policies. Reinsurance recoverables were $8,013 million and $7,478 million as of December 31, 2025 and 2024, respectively.
Resolution Re
Effective July 1, 2025, the Company entered into a reinsurance agreement with Resolution Re, Ltd. ("Resolution Re") to cede risks associated with certain fixed rate annuity contracts and indexed annuity contracts issued on or after the effective date of the agreement on a quota share funds withheld basis. The deposit assets on reinsurance totaled $849 million at December 31, 2025. The funds withheld payables totaled $852 million at December 31, 2025.
Prismic Re
Effective October 1, 2025, the Company entered into a reinsurance agreement with Prismic Life Reinsurance, Ltd. (“Prismic Re”) to cede risks associated with certain fixed rate annuity contracts issued on or after the effective date of the agreement on a coinsurance and coinsurance with funds withheld basis. The deposit assets on reinsurance totaled $328 million at December 31, 2025. The funds withheld payables totaled $279 million at December 31, 2025
v3.26.1
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
The following schedule discloses significant components of income tax expense (benefit) for each year presented:
Years Ended December 31,
202520242023
(in thousands)
Current tax expense (benefit):
U.S. federal$292,713 $151,544 $698,170 
State and local4,088 5,763 14,550 
Total296,801 157,307 712,720 
Deferred tax expense (benefit):
U.S. federal123,717 (22,612)(686,252)
State and local65 454 0 
Total123,782 (22,158)(686,252)
Total income tax expense (benefit) on income (loss) before equity in earnings of operating joint ventures420,583 135,149 26,468 
Income tax expense (benefit) on equity in earnings of operating joint ventures(70)24 (109)
Income tax expense (benefit) reported in equity related to:
Other comprehensive income (loss)162,925 (151,234)(5,638)
Total income tax expense (benefit)$583,438 $(16,061)$20,721 

Reconciliation of Expected Tax at Statutory Rates to Reported Income Tax Expense (Benefit)
The differences between income taxes expected at the U.S. federal statutory income tax rate of 21% applicable for 2025 and the reported income tax expense (benefit) are summarized as follows:
Year Ended December 31, 2025
($ in thousands)
Expected federal income tax expense/(benefit)$475,966 21.0 %
State taxes (net of federal benefit)3,281 0.2 %
Tax credits(23,245)(1.0)%
Nontaxable or nondeductible items(36,341)(1.6)%
Other reconciling items2,876 0.1 %
Foreign tax effects(1,954)(0.1)%
Total$420,583 18.6 %

The differences between income taxes expected at the U.S. federal statutory income tax rate of 21% applicable for 2024 and 2023, and the reported income tax expense (benefit) are summarized as follows:
Years Ended December 31,
20242023
($ in thousands)
Expected federal income tax expense (benefit)$204,342 $100,305 
Non-taxable investment income(42,621)(42,730)
Tax credits(29,001)(42,578)
State taxes (net of federal benefit)4,911 11,495 
Other(2,482)(24)
Reported income tax expense (benefit)$135,149 $26,468 
Effective tax rate13.9 %5.5 %
The following is a description of items that had a significant impact on the difference between the Company’s statutory U.S. federal income tax rate of 21% applicable for 2025, 2024, and 2023, and the Company’s effective tax rate during the periods presented:
Non-Taxable Investment Income. The U.S. Dividends Received Deduction (“DRD”) reduces the amount of dividend income subject to U.S. tax and is included in the non-taxable investment income shown in the table above. More specifically, the U.S. DRD constitutes $35 million of the total $37 million of 2025 non-taxable investment income, $41 million of the total $43 million of 2024 non-taxable investment income, and $40 million of the total $43 million of 2023 non-taxable investment income. The DRD for the current period was estimated using information from 2024, current year investment results, and current year’s equity market performance. The actual current year DRD can vary based on factors such as, but not limited to, changes in the amount of dividends received that are eligible for the DRD, changes in the amount of distributions received from fund investments, changes in the account balances of variable life and annuity contracts, and the Company’s taxable income before the DRD.
Tax Credits. These amounts primarily represent tax credits relating to foreign taxes withheld on the Company’s separate account investments.
State and Local Income Taxes. State income tax in Illinois represents the majority of the State and local income tax category. Note that in most jurisdictions, the Company’s insurance operations are subject to state premium taxes in lieu of state income taxes. Premium taxes are recorded as a general expense.

Other. This line item represents reconciling items that are individually less than 5% of the computed expected federal income tax expense (benefit) and have therefore been aggregated for purposes of this reconciliation in accordance with relevant disclosure guidance.
Schedule of Deferred Tax Assets and Deferred Tax Liabilities
December 31,
20252024
 (in thousands)
Deferred tax assets:
Insurance reserves$2,012,833 $1,749,792 
Investments846,847 1,033,856 
Net unrealized loss on securities122,067 410,718 
Other0 5,647 
Deferred tax assets2,981,747 3,200,013 
Deferred tax liabilities:
Deferred policy acquisition cost1,298,694 1,227,858 
Deferred sales inducements61,449 66,686 
Other12,305 0 
Deferred tax liabilities1,372,448 1,294,544 
Net deferred tax asset (liability)$1,609,299 $1,905,469 

The application of U.S. GAAP requires the Company to evaluate the recoverability of deferred tax assets and establish a valuation allowance if necessary to reduce the deferred tax asset to an amount that is more likely than not expected to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, the Company considers many factors, including: (1) the nature of the deferred tax assets and liabilities; (2) whether they are ordinary or capital; (3) in which tax jurisdictions they were generated and the timing of their reversal; (4) taxable income in prior carryback years as well as projected taxable earnings exclusive of reversing temporary differences and carryforwards; (5) the length of time that carryovers can be utilized in the various taxing jurisdictions; (6) any unique tax rules that would impact the utilization of the deferred tax assets; and (7) any tax planning strategies that the Company would employ to avoid a tax benefit from expiring unused. Although realization is not assured, management believes it is more likely than not that the deferred tax assets, net of valuation allowances, will be realized.
Changes in market conditions, including the significant rise in interest rates since the beginning of 2022, resulted in the recording of deferred tax assets related to net unrealized tax capital losses in the Company. When assessing recoverability of these deferred tax assets, the Company considers its ability and intent to hold the underlying securities to recovery in value, if necessary, as well as other factors as noted above. As of December 31, 2025, based on all available evidence, including capital loss carryback capacity, the Company concluded that the deferred tax assets related to the unrealized tax capital losses on the available-for-sale securities portfolios are, more likely than not, expected to be realized.
The Company had no valuation allowance as of December 31, 2025, and 2024. Adjustments to the valuation allowance will be made if there is a change in management’s assessment of the amount of deferred tax asset that is realizable.
The Company’s “Income (loss) from operations before income taxes and equity in earnings of operating joint venture” includes income from domestic operations of $2,267 million, $973 million and $478 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Income Taxes Paid

Income taxes paid during the year are disclosed in the table below and include tax installments made for the current year as well as tax payments and refunds related to prior periods.

December 31,
2025
 (in thousands)
Federal$194,863 
State170 
Foreign3,658 
Total$198,691 
Tax Audit and Unrecognized Tax Benefits
The Company’s liability for income taxes includes the liability for unrecognized tax benefits and interest that relate to tax years still subject to review by the IRS or other taxing authorities. The completion of review or the expiration of the Federal statute of limitations for a given audit period could result in an adjustment to the liability for income taxes.
The Company had no unrecognized tax benefits as of December 31, 2025, 2024, and 2023.
The Company classifies all interest and penalties related to tax uncertainties as income tax expense (benefit). The Company did not recognize tax related interest and penalties.
At December 31, 2025, the Company remains subject to examination in the U.S. for tax years 2014 through 2025.
The Company participates in the IRS’s Compliance Assurance Program. Under this program, the IRS assigns an examination team to review completed transactions as they occur in order to reach agreement with the Company on how they should be reported in the relevant tax returns. If disagreements arise, accelerated resolutions programs are available to resolve the disagreements in a timely manner.
v3.26.1
Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Equity EQUITY
Accumulated Other Comprehensive Income (Loss)
AOCI represents the cumulative OCI items that are reported separate from net income and detailed on the Consolidated Statements of Operations and Comprehensive Income (Loss). Net unrealized investment gains (losses) are described in further detail in Note 2, Note 9 (Interest rate remeasurement of future policy benefits) and Note 11 (Gain (loss) from changes in non-performance risk on market risk benefits). The balance of and changes in each component of AOCI as of and for the years ended December 31, are as follows:
 Accumulated Other Comprehensive Income (Loss)
 Foreign Currency
Translation
Adjustment		Net Unrealized
Investment Gains
(Losses)(1)		Interest Rate Remeasurement of Future Policy BenefitsGain (Loss) from Changes in Non-Performance Risk on Market Risk BenefitsTotal Accumulated
Other
Comprehensive
Income (Loss)
 (in thousands)
Balance, December 31, 2022$(20,007)$(1,474,475)$119,368 $1,365,049 $(10,065)
Change in OCI before reclassifications2,419 677,735 (60,978)(659,927)(40,751)
Amounts reclassified from AOCI0 14,217 0 0 14,217 
Income tax benefit (expense)(497)(145,255)12,805 138,585 5,638 
Balance, December 31, 2023(18,085)(927,778)71,195 843,707 (30,961)
Change in OCI before reclassifications(4,595)(416,996)58,676 (441,138)(804,053)
Amounts reclassified from AOCI0 81,903 0 0 81,903 
Income tax benefit (expense)739 70,169 (12,313)92,639 151,234 
Balance, December 31, 2024(21,941)(1,192,702)117,558 495,208 (601,877)
Change in OCI before reclassifications3,326 892,453 (40,022)(185,092)670,665 
Amounts reclassified from AOCI0 102,992 0 0 102,992 
Income tax benefit (expense)(1,277)(208,922)8,404 38,870 (162,925)
Balance, December 31, 2025$(19,892)$(406,179)$85,940 $348,986 $8,855 
(1)Includes cash flow hedges of $(133) million, $111 million, and $12 million as of December 31, 2025, 2024, and 2023, respectively.
Reclassifications out of Accumulated Other Comprehensive Income (Loss) 
Years Ended December 31,
202520242023
 (in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges—Currency/Interest rate(3)$(20,578)$85,491 $16,976 
Net unrealized investment gains (losses) on available-for-sale securities(82,414)(167,394)(31,193)
Total net unrealized investment gains (losses)(4)(102,992)(81,903)(14,217)
Total reclassifications for the period$(102,992)$(81,903)$(14,217)
(1)All amounts are shown before tax.
(2)Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI.
(3)See Note 5 for additional information on cash flow hedges.
(4)See table below for additional information on unrealized investment gains (losses), including the impact on future policy benefits and policyholders’ account balances.
Net Unrealized Investment Gains (Losses)
Net unrealized investment gains (losses) on available-for-sale fixed maturity securities and certain other invested assets and other assets are included in the Company’s Consolidated Statements of Financial Position as a component of AOCI. Changes in these amounts include reclassification adjustments to exclude from OCI those items that are included as part of “Net income (loss)” for a period that had been part of OCI in earlier periods. The amounts for the periods indicated below, split between amounts related to net unrealized investment gains (losses) on available-for-sale fixed maturity securities on which an allowance for credit losses has been recognized, and all other net unrealized investment gains (losses), are as follows:
Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on Which an Allowance for Credit Losses has been RecognizedNet Unrealized Gains (Losses) on All Other Investments(1)
Other Costs(2)		Future Policy
Benefits, Policyholders' Account Balances and Reinsurance Payables
Income Tax
Benefit (Expense)		Accumulated Other Comprehensive
Income (Loss) Related to Net Unrealized Investment Gains (Losses)
 (in thousands)
Balance, December 31, 2022$4,371 $(2,161,026)$(1,198,422)$1,488,679 $391,923 $(1,474,475)
Net investment gains (losses) on investments arising during the period(4,482)744,727 0 0 (155,393)584,852 
Reclassification adjustment for (gains) losses included in net income(265)14,482 0 0 (2,984)11,233 
Reclassification due to allowance for credit losses recorded during the period2,363 (2,363)0 0 0 0 
Impact of net unrealized investment (gains) losses0 0 397,071 (459,581)13,122 (49,388)
Balance, December 31, 20231,987 (1,404,180)(801,351)1,029,098 246,668 (927,778)
Net investment gains (losses) on investments arising during the period(773)(525,222)0 0 110,227 (415,768)
Reclassification adjustment for (gains) losses included in net income(175)82,078 0 0 (17,164)64,739 
Reclassification due to allowance for credit losses recorded during the period(146)146 0 0 0 0 
Impact of net unrealized investment (gains) losses0 0 217,642 (108,643)(22,894)86,105 
Balance, December 31, 2024893 (1,847,178)(583,709)920,455 316,837 (1,192,702)
Net investment gains (losses) on investments arising during the period(247)1,029,138 0 0 (215,954)812,937 
Reclassification adjustment for (gains) losses included in net income(2,361)105,353 0 0 (21,617)81,375 
Reclassification due to allowance for credit losses recorded during the period363 (363)0 0 0 0 
Impact of net unrealized investment (gains) losses0 0 335,647 (472,085)28,649 (107,789)
Balance, December 31, 2025$(1,352)$(713,050)$(248,062)$448,370 $107,915 $(406,179)
(1)Includes cash flow hedges. See Note 5 for information on cash flow hedges.
(2)"Other costs" primarily includes reinsurance recoverables and DRL.

Noncontrolling Interests

For certain subsidiaries, the Company owns a controlling interest that is less than 100% ownership of the subsidiary but must consolidate 100% of the subsidiary’s financial statements in accordance with U.S. GAAP. Noncontrolling interests represent the portion of equity ownership in a consolidated subsidiary that is not attributable to the Company.
v3.26.1
Statutory Net Income and Surplus and Dividend Restrictions
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
Statutory Net Income and Surplus and Dividend Restrictions STATUTORY NET INCOME AND SURPLUS AND DIVIDEND RESTRICTIONS
The Company is required to prepare statutory financial statements in accordance with accounting practices prescribed or permitted by the Arizona Department of Insurance ("AZDOI"). It's subsidiary PLNJ is required to prepare statutory financial statements in accordance with accounting practices prescribed or permitted by the New Jersey Department of Insurance and Banking. Statutory accounting practices primarily differ from U.S. GAAP by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions as well as valuing investments and certain assets and accounting for deferred taxes on a different basis.
The following table summarizes certain statutory financial information for the Company, including its subsidiary PLNJ, for the periods indicated:
Years Ended December 31,
202520242023
(in millions)
Statutory net income (loss)$446 $(5,195)$4,923 
Statutory capital and surplus5,821 5,730 5,161 
The Company does not utilize prescribed or permitted practices that vary materially from the statutory accounting practices prescribed by the NAIC.
The Company is subject to Arizona law, which limits the amount of dividends that insurance companies can pay to stockholders without approval of the AZDOI. The maximum dividend, which may be paid in any twelve-month period without notification or approval, is limited to the lesser of 10% of statutory surplus as of December 31 of the preceding year or the net gain from operations of the preceding calendar year. Cash dividends may only be paid out of surplus derived from realized net profits. The Company must obtain approval from AZDOI prior to paying a dividend if the dividend, together with other dividend distributions made within the preceding twelve months, would exceed the lesser of 10% of statutory surplus or net gain from operations. Based on these limitations, there is a capacity to pay a dividend of $582 million in 2026 without prior approval. There was no return of capital in 2025. The Company did not pay dividends to Prudential Insurance in 2025, 2024, and 2023.
v3.26.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions RELATED PARTY TRANSACTIONS
The Company has extensive transactions and relationships with Prudential Insurance and other affiliates. Although we seek to ensure that these transactions and relationships are fair and reasonable, it is possible that the terms of these transactions are not the same as those that would result from transactions among unrelated parties.
Expense Charges and Allocations
The majority of the Company’s expenses are allocations or charges from Prudential Insurance or other affiliates. These expenses can be grouped into general and administrative expenses and agency distribution expenses.
The Company’s general and administrative expenses are charged to the Company using allocation methodologies based on business production processes. Management believes that the methodology is reasonable and reflects costs incurred by Prudential Insurance to process transactions on behalf of the Company. The Company operates under service and lease agreements whereby services of officers and employees, supplies, use of equipment and office space are provided by Prudential Insurance. The Company reviews its allocation methodology periodically which it may adjust accordingly. General and administrative expenses include allocations of stock compensation expenses related to a stock-based awards program and a deferred compensation program issued by Prudential Financial. The expense charged to the Company for the stock-based awards program was $1 million for each of the years ended December 31, 2025, 2024, and 2023. The expense charged to the Company for the deferred compensation program was $5 million, $6 million and $5 million for the years ended December 31, 2025, 2024, and 2023, respectively.
The Company is charged for its share of employee benefit expenses. These expenses include costs for funded and non-funded, non-contributory defined benefit pension plans. Some of these benefits are based on final earnings and length of service while others are based on an account balance, which takes into consideration age, service and earnings during a career. The Company’s share of net expense for the pension plans was $14 million, $11 million and $13 million for the years ended December 31, 2025, 2024, and 2023, respectively.
The Company is also charged for its share of the costs associated with welfare plans issued by Prudential Insurance. These expenses include costs related to medical, dental, life insurance and disability. The Company's share of net expense for the welfare plans was $19 million, $18 million and $14 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Prudential Insurance sponsors voluntary savings plans for its employee 401(k) plans. The plans provide for salary reduction contributions by employees and matching contributions by the Company of up to 4% of annual salary. The Company’s expense for its share of the voluntary savings plan was $9 million, $8 million and $7 million for the years ended December 31, 2025, 2024, and 2023, respectively.
The Company is charged distribution expenses from Prudential’s proprietary nationwide advice organization, “Prudential Advisors” through a transfer pricing agreement, which is intended to reflect a market-based pricing arrangement. Prudential Advisors distributes Prudential life insurance, annuities, and investment products with proprietary and non-proprietary product options. In November 2024, the Company, along with three other affiliated entities, entered into several agreements with a third-party, LPL Financial Holdings Inc. (“LPL”). Under these agreements, the Company pays distribution expenses to LPL, of which 98% are returned to Prudential Advisors. Distribution expenses paid by the Company to LPL and subsequently returned to Prudential Advisors were $473 million and $56 million for the years ended December 31, 2025, and 2024, respectively.
The Company pays commissions and certain other fees to Prudential Annuities Distributors, Inc. (“PAD”) in consideration for PAD’s marketing and underwriting of the Company’s annuity products. Commissions and fees are paid by PAD to broker-dealers who sell the Company’s annuity products. Commissions and fees paid by the Company to PAD were $760 million, $820 million and $587 million for the years ended December 31, 2025, 2024, and 2023, respectively.
The Company is charged for its share of corporate expenses incurred by Prudential Financial to benefit its businesses, such as advertising, executive oversight, external affairs and philanthropic activity. The Company’s share of corporate expenses was $105 million, $131 million and $144 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Corporate-Owned Life Insurance
The Company has sold five Corporate Owned Life Insurance (“COLI”) policies to Prudential Insurance, and one to Prudential Financial. The cash surrender value included in separate accounts for these COLI policies was $5,098 million and $4,657 million as of December 31, 2025 and 2024, respectively. Fees related to these COLI policies were $59 million, $55 million and $50 million for the years ended December 31, 2025, 2024, and 2023, respectively. The Company reinsures the risk associated with these COLI policies to an affiliate reinsurer as part of a broader program related to variable insurance policies.
In May 2023, the Company funded a policy loan from the Prudential Financial COLI policy noted above in an amount of $900 million to an affiliated irrevocable trust, commonly referred to as a “rabbi trust”, which Prudential Financial created to support certain non-qualified retirement plans. The outstanding balance of the policy loan with the rabbi trust was $888 million and $897 million as of December 31, 2025 and 2024, respectively. Interest income related to the policy loan was $41 million, $42 million and $26 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Affiliated Investment Management Expenses
In accordance with an agreement with PGIM, Inc. ("PGIM"), the Company pays investment management expenses to PGIM who acts as investment manager to certain Company general account and separate account assets. Investment management expenses paid to PGIM related to this agreement were $91 million, $69 million and $53 million for the years ended December 31, 2025, 2024, and 2023, respectively. These expenses are recorded as “Net investment income” in the Consolidated Statements of Operations and Comprehensive Income (Loss).
Derivative Trades
In its ordinary course of business, the Company enters into OTC derivative contracts with an affiliate, PGF. For these OTC derivative contracts, PGF has a substantially equal and offsetting position with an external counterparty. See Note 5 for additional information.
The interest income to the Company from PGF related to affiliated cash collateral was $417 million, $490 million and $499 million for the years ended December 31, 2025, 2024, and 2023, respectively, and are included in "Other income (loss)".
Joint Ventures
The Company has made investments in joint ventures with certain subsidiaries of Prudential Financial. "Other invested assets" includes $1,852 million and $1,100 million of investments in joint ventures as of December 31, 2025 and 2024, respectively. "Net investment income" related to these ventures includes gains of $168 million, $68 million and $5 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Affiliated Asset Administration Fee Income
The Company has a revenue sharing agreement with AST Investment Services, Inc. ("ASTISI") and PGIM Investments LLC ("PGIM Investments") whereby the Company receives fee income based on policyholders' separate account balances invested in the Advanced Series Trust. Income received from ASTISI and PGIM Investments related to this agreement was $247 million, $271 million and $274 million for the years ended December 31, 2025, 2024, and 2023, respectively. These revenues are recorded as “Asset administration fees” in the Consolidated Statements of Operations and Comprehensive Income (Loss).
The Company has a revenue sharing agreement with PGIM Investments, whereby the Company receives fee income based on policyholders’ separate account balances invested in The Prudential Series Fund. Income received from PGIM Investments related to this agreement was $52 million, $47 million and $38 million for the years ended December 31, 2025, 2024, and 2023, respectively. These revenues are recorded as “Asset administration fees” in the Consolidated Statements of Operations and Comprehensive Income (Loss).
Affiliated Notes Receivable
Affiliated notes receivable included in “Receivables from parent and affiliates” at December 31, was as follows:
Maturity DatesInterest Rates20252024
(in thousands)
U.S. dollar fixed rate notes2026-20380.00%-12.13 %$649,771 $520,462 
Total notes receivable - affiliated(1)$649,771 $520,462 
(1)All notes receivable may be called for prepayment prior to the respective maturity dates under specified circumstances.
The affiliated notes receivable shown above are classified as available-for-sale securities and other trading assets carried at fair value. The Company monitors the internal and external credit ratings of these loans and loan performance. The Company also considers any guarantees made by Prudential Insurance for loans due from affiliates.
Accrued interest receivable related to these loans was $3 million and $1 million at December 31, 2025 and 2024, respectively, and is included in “Other assets”. Revenues related to these loans were $8 million, $3 million and $3 million for the years ended December 31, 2025, 2024, and 2023, respectively, and are included in “Other income (loss)”.
Affiliated Commercial Mortgage Loan
The affiliated commercial mortgage loan included in "Commercial mortgage and other loans" at December 31, 2025 and 2024 was $0 million.
The commercial mortgage loan is carried at unpaid principal balance, net of unamortized deferred loan origination fees and expenses, and net of an allowance for losses. The Company reviews the performance and credit quality of the commercial mortgage loan on an on-going basis.
Accrued interest receivable related to the loan was $0 million at both December 31, 2025 and 2024, and is included in "Accrued investment income". Revenues were $0.0 million, $5.5 million and $6.9 million for the years ended December 31, 2025, 2024, and 2023, respectively, and are included in "Net investment income"
Affiliated Asset Transfers
The Company participates in affiliated asset trades with parent and sister companies. Book and market value differences for trades with a parent and sister are recognized within "Additional paid-in capital" ("APIC") and "Realized investment gains (losses), net", respectively. The table below shows affiliated asset trades for the years ended December 31, 2025 and 2024.
AffiliateDateTransactionSecurity TypeFair
Value		Book ValueAPIC, Net of
Tax Increase/
(Decrease)		Realized
Investment
Gain/(Loss)
    (in thousands)
PAR UJanuary 2024Transfer inFixed Maturities$1,598,161 $1,598,161 $0 $0 
PAR UJanuary 2024Transfer inFixed Maturities$778,745 $778,745 $0 $0 
PURCJanuary 2024Transfer inFixed Maturities$2,155,560 $2,155,560 $0 $0 
GUL ReJanuary 2024Transfer inFixed Maturities$1,685,582 $1,685,582 $0 $0 
GUL ReJanuary 2024Transfer inEquities$4,976 $4,976 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$1,598,161 $1,598,161 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$778,745 $778,745 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$2,155,560 $2,155,560 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$1,685,582 $1,685,582 $0 $0 
PUREJanuary 2024Transfer outEquities$4,976 $4,976 $0 $0 
IronboundJanuary 2024PurchaseOther Invested Assets$60,414 $60,414 $0 $0 
Windhill CLO 1, Ltd.February 2024SaleFixed Maturities$18,428 $18,858 $0 $(430)
Windhill CLO 2, Ltd.February 2024SaleFixed Maturities$19,652 $20,057 $0 $(405)
PAR TermFebruary 2024PurchaseFixed Maturities$43,084 $43,084 $0 $0 
Windhill CLO 1, Ltd.March 2024SaleFixed Maturities$10,148 $10,387 $0 $(239)
Windhill CLO 2, Ltd.March 2024SaleFixed Maturities$14,763 $15,091 $0 $(328)
Prudential InsuranceMarch 2024PurchaseFixed Maturities$198,804 $206,285 $5,910 $0 
PAR UMarch 2024Transfer inOther Invested Assets$188,500 $188,500 $0 $0 
PUREMarch 2024Transfer outOther Invested Assets$188,500 $188,500 $0 $0 
Windhill CLO 1, Ltd.April 2024SaleFixed Maturities$2,261 $2,300 $0 $(39)
Windhill CLO 2, Ltd.May 2024SaleFixed Maturities$14,034 $14,415 $0 $(381)
Windhill CLO 1, Ltd.June 2024SaleFixed Maturities$2,045 $2,100 $0 $(55)
Windhill CLO 2, Ltd.June 2024SaleFixed Maturities$23,342 $23,743 $0 $(401)
PAR UJune 2024Transfer inOther Invested Assets$326 $326 $0 $0 
PUREJune 2024Transfer outOther Invested Assets$326 $326 $0 $0 
AffiliateDateTransactionSecurity TypeFair
Value		Book ValueAPIC, Net of
Tax Increase/
(Decrease)		Realized
Investment
Gain/(Loss)
PAR UJune 2024PurchaseCommercial Mortgage and Other Loans$12,555 $12,555 $0 $0 
Windhill CLO 2, Ltd.July 2024SaleFixed Maturities$53,462 $54,628 $0 $(1,166)
Windhill CLO 2, Ltd.July 2024SaleFixed Maturities$6,579 $6,695 $0 $(116)
Windhill CLO 1, Ltd.July 2024SaleFixed Maturities$2,136 $2,200 $0 $(64)
PAR UJuly 2024PurchaseFixed Maturities$17,402 $17,402 $0 $0 
Prudential InsuranceJuly 2024PurchaseFixed Maturities$22,655 $23,433 $614 $0 
PAR UJuly 2024PurchaseFixed Maturities$1,239 $1,239 $0 $0 
PAR UJuly 2024PurchaseDerivatives$2,975 $2,975 $0 $0 
Windhill CLO 2, Ltd.August 2024SaleFixed Maturities$21,929 $22,500 $0 $(571)
Windhill CLO 1, Ltd.August 2024SaleFixed Maturities$13,650 $14,100 $0 $(450)
PAR UAugust 2024PurchaseFixed Maturities$46,742 $46,742 $0 $0 
PAR UAugust 2024PurchaseFixed Maturities$4,793 $4,793 $0 $0 
Prudential InsuranceAugust 2024PurchaseFixed Maturities$35,872 $35,085 $(621)$0 
Windhill CLO 2, Ltd.September 2024SaleFixed Maturities$57,613 $57,613 $0 $0 
Windhill CLO 2, Ltd.September 2024SaleFixed Maturities$24,575 $24,911 $0 $(336)
Prudential InsuranceSeptember 2024PurchaseFixed Maturities$44,773 $43,632 $(901)$0 
HirakataOctober 2024PurchaseFixed Maturities$21,229 $21,229 $0 $0 
HirakataOctober 2024PurchaseFixed Maturities$3,901 $3,901 $0 $0 
PAR UOctober 2024Transfer inFixed Maturities$6,615,438 $6,615,438 $0 $0 
Windhill CLO 3, Ltd.October 2024SaleFixed Maturities$232,036 $235,610 $0 $(3,574)
Windhill CLO 2, Ltd.October 2024SaleFixed Maturities$5,824 $5,899 $0 $(75)
Windhill CLO 2, Ltd.October 2024SaleFixed Maturities$14,690 $14,959 $0 $(269)
Windhill CLO 1, Ltd.October 2024SaleFixed Maturities$3,038 $3,100 $0 $(62)
PAR UOctober 2024Transfer inEquities$6,120 $6,120 $0 $0 
Windhill CLO 3, Ltd.November 2024SaleFixed Maturities$17,409 $17,518 $0 $(109)
Windhill CLO 3, Ltd.December 2024SaleFixed Maturities$38,020 $38,537 $0 $(517)
Windhill CLO 3, Ltd.December 2024SaleShort-term Investments$2,882 $2,905 $0 $(23)
AffiliateDateTransactionSecurity TypeFair
Value		Book ValueAPIC, Net of
Tax Increase/
(Decrease)		Realized
Investment
Gain/(Loss)
Prudential InsuranceDecember 2024Contributed CapitalEquities$415,696 $416,265 $0 $0 
Windhill CLO 2, Ltd.January 2025SaleFixed Maturities$2,738 $2,800 $0 $(62)
Windhill CLO 3, Ltd.January 2025SaleFixed Maturities$17,046 $17,363 $0 $(317)
Windhill CLO 1, Ltd.January 2025SaleFixed Maturities$2,152 $2,200 $0 $(48)
PAR UFebruary 2025PurchaseDerivatives$417,169 $417,169 $0 $0 
Windhill CLO 2, Ltd.February 2025SaleFixed Maturities$7,482 $7,600 $0 $(118)
Windhill CLO 3, Ltd.February 2025SaleFixed Maturities$17,172 $17,410 $0 $(238)
Windhill CLO 1, Ltd.February 2025SaleFixed Maturities$9,784 $9,900 $0 $(116)
Prudential InsuranceFebruary 2025PurchaseFixed Maturities$100,033 $101,147 $880 $0 
Prudential InsuranceMarch 2025PurchaseFixed Maturities$226,726 $260,396 $26,599 $0 
Windhill CLO 3, Ltd.March 2025SaleFixed Maturities$9,019 $9,144 $0 $(125)
Windhill CLO 1, Ltd.March 2025SaleFixed Maturities$8,469 $8,500 $0 $(31)
Windhill CLO 1, Ltd.March 2025SaleFixed Maturities$10,184 $10,301 $0 $(117)
Windhill CLO 1, Ltd.March 2025PurchaseFixed Maturities$921 $921 $0 $0 
Windhill CLO 1, Ltd.April 2025SaleFixed Maturities$21,646 $22,003 $0 $(357)
Windhill CLO 2, Ltd.April 2025SaleFixed Maturities$8,597 $8,646 $0 $(49)
Windhill CLO 3, Ltd.April 2025SaleFixed Maturities$33,528 $34,110 $0 $(582)
Windhill CLO 1, Ltd.April 2025PurchaseFixed Maturities$24 $24 $0 $0 
Prudential InsuranceApril 2025PurchaseFixed Maturities$51,030 $53,646 $2,066 $0 
Windhill CLO 1, Ltd.May 2025SaleFixed Maturities$9,254 $9,388 $0 $(134)
Windhill CLO 2, Ltd.May 2025SaleFixed Maturities$14,667 $14,792 $0 $(125)
Windhill CLO 4, Ltd.May 2025SaleFixed Maturities$235,316 $237,464 $0 $(2,148)
Prudential InsuranceMay 2025PurchaseFixed Maturities$24,037 $24,000 $(29)$0 
PARCCMay 2025PurchaseFixed Maturities$103,549 $103,549 $0 $0 
Prudential InsuranceMay 2025Contributed CapitalOther Invested Assets$207,870 $207,870 $0 $0 
Windhill CLO 2, Ltd.June 2025SaleFixed Maturities$500 $500 $0 $0 
Windhill CLO 3, Ltd.June 2025SaleFixed Maturities$2,608 $2,608 $0 $0 
Windhill CLO 4, Ltd.June 2025SaleFixed Maturities$19,136 $19,351 $0 $(215)
AffiliateDateTransactionSecurity TypeFair
Value		Book ValueAPIC, Net of
Tax Increase/
(Decrease)		Realized
Investment
Gain/(Loss)
Windhill CLO 1, Ltd.July 2025SaleFixed Maturities$2,189 $2,200 $0 $(11)
Windhill CLO 2, Ltd.July 2025SaleFixed Maturities$1,800 $1,800 $0 $0 
Windhill CLO 3, Ltd.July 2025SaleFixed Maturities$1,681 $1,700 $0 $(19)
Windhill CLO 4, Ltd.July 2025SaleFixed Maturities$644 $650 $0 $(6)
Windhill CLO 1, Ltd.August 2025SaleFixed Maturities$16,310 $16,526 $0 $(216)
Windhill CLO 2, Ltd.August 2025SaleFixed Maturities$2,920 $2,920 $0 $0 
Windhill CLO 3, Ltd.August 2025SaleFixed Maturities$2,090 $2,090 $0 $0 
Prudential InsuranceAugust 2025PurchaseFixed Maturities$117,008 $116,592 $(328)$0 
Windhill CLO 1, Ltd.September 2025SaleFixed Maturities$1,195 $1,200 $0 $(5)
Windhill CLO 2, Ltd.September 2025SaleFixed Maturities$9,273 $9,314 $0 $(41)
Windhill CLO 3, Ltd.September 2025SaleShort-term Investments$235 $235 $0 $0 
Windhill CLO 4, Ltd.September 2025SaleFixed Maturities$4,910 $4,941 $0 $(31)
PGIM Strategic Investments IncSeptember 2025SaleOther Invested Assets$61,361 $61,361 $0 $0 
Windhill CLO 2, Ltd.October 2025SaleFixed Maturities$1,389 $1,400 $0 $(11)
Windhill CLO 3, Ltd.October 2025SaleFixed Maturities$4,791 $4,800 $0 $(9)
Windhill CLO 4, Ltd.October 2025SaleFixed Maturities$75,800 $76,335 $0 $(535)
Windhill CLO 5, Ltd.November 2025SaleFixed Maturities$134,211 $135,041 $0 $(830)
Prudential InsuranceNovember 2025SaleCommercial Mortgage and Other Loans$101,514 $99,786 $1,365 $0 
Prudential InsuranceNovember 2025SaleFixed Maturities$29,140 $28,813 $258 $0 
Prudential InsuranceNovember 2025SaleFixed Maturities$758 $781 $(19)$0 
Prudential InsuranceNovember 2025PurchaseFixed Maturities$148,886 $149,101 $169 $0 
Prudential InsuranceDecember 2025PurchaseFixed Maturities$28,011 $29,000 $781 $0 
Prudential InsuranceDecember 2025PurchaseFixed Maturities$9,337 $9,060 $0 $(277)
Windhill CLO 1, Ltd.December 2025PurchaseFixed Maturities$1,112 $1,112 $0 $0 
Windhill CLO 1, Ltd.December 2025SaleFixed Maturities$16,955 $17,075 $0 $(120)
Windhill CLO 2, Ltd.December 2025SaleFixed Maturities$4,896 $4,920 $0 $(24)
Windhill CLO 3, Ltd.December 2025SaleFixed Maturities$9,008 $9,076 $0 $(68)
AffiliateDateTransactionSecurity TypeFair
Value		Book ValueAPIC, Net of
Tax Increase/
(Decrease)		Realized
Investment
Gain/(Loss)
Windhill CLO 3, Ltd.December 2025SaleShort-term Investments$353 $353 $0 $0 
Windhill CLO 4, Ltd.December 2025SaleFixed Maturities$10,562 $10,662 $0 $(100)
Windhill CLO 5, Ltd.December 2025SaleFixed Maturities$27,642 $27,913 $0 $(271)
Passaic Fund LLCDecember 2025SaleOther Invested Assets$35,828 $35,828 $0 $0 

Debt Agreements
The Company is authorized to borrow funds up to $7 billion from affiliates to meet its capital and other funding needs. There was no debt outstanding as of December 31, 2025 and 2024.
The total interest expense to the Company related to affiliated loans and cash collateral with PGF was $16 million, $39 million and $17 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Contributed Capital and Dividends
In February 2026, the Company received a capital contribution of $300 million from Prudential Insurance. In February, May, August and December 2025, the Company received capital contributions from Prudential Insurance in the amounts of $220 million, $216 million, $17 million and $400 million, respectively, with the May contribution including $208 million in invested assets. In December 2024, the Company received capital contributions in the amount of $416 million from Prudential Insurance in the form of invested assets. In February and December 2023, the Company received capital contributions in the amount of $405 million and $7 million, respectively, from Prudential Insurance.
In June 2024, there was a $550 million return of capital to Prudential Insurance. In June, September, and December 2023, there was a $300 million, $650 million, and $450 million return of capital, respectively, to Prudential Insurance.
In 2025, 2024, and 2023, the Company did not pay any dividends to Prudential Insurance.
Reinsurance with Affiliates
As discussed in Note 12, the Company participates in reinsurance transactions with certain affiliates.
v3.26.1
Commitments and Contingent Liabilities
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingent Liabilities COMMITMENTS AND CONTINGENT LIABILITIES
Commitments
The Company has made commitments to fund commercial mortgage and agricultural property loans. As of December 31, 2025 and 2024, the outstanding balances on these commitments were $85 million and $230 million, respectively. These amounts include unfunded commitments that are not unconditionally cancellable. For related credit exposure, there was an allowance for credit losses of $0.5 million and $0.3 million as of December 31, 2025 and 2024, respectively, which is a change of $0.2 million and $0.0 million for the years ended December 31, 2025 and 2024, respectively. The Company also made commitments to purchase or fund investments, mostly fund investments and private fixed maturities, some of which are contingent upon events or circumstances not under the Company’s control, including those at the discretion of the Company’s counterparties. The Company anticipates a portion of these commitments will ultimately be funded from its separate accounts. As of December 31, 2025 and 2024, $2,142 million and $1,359 million, respectively, of these commitments were outstanding. These amounts include unfunded commitments that are not unconditionally cancellable. There were no related charges for credit losses for both the years ended December 31, 2025 and 2024.
Guarantees
In July 2017, Pruco Life formed a joint venture with CT Corp to provide life insurance solutions in Indonesia. Pruco Life owns a 49% interest in the joint venture and has entered into a shareholders agreement with CT Corp that sets out their respective rights and obligations with respect to the joint venture. Among other things, the shareholders agreement obligates Pruco Life and CT Corp to provide capital to the joint venture, as necessary to comply with applicable law or to maintain a specified minimum amount of capital in the joint venture. This obligation is not limited to a maximum amount. Pruco Life does not expect to make any payments on this guarantee and is not carrying any liabilities associated with the guarantee.
Since 2001, Pruco Life entered into an arrangement with Prudential of Taiwan. In June 2021, PIIH completed the sale of Prudential of Taiwan. As a result of the sale, Pruco Life has a financial guarantee to stand ready to perform in an event that both Prudential of Taiwan and the Buyer default and fail to perform their obligations to make payments to the policyholders. Pruco Life has a liability of $31 million and $32 million as of December 31, 2025 and 2024, respectively, which represents the fair value of the guarantee and is amortized in revenue over a period which approximates the life of the underlying insurance in force. Since this obligation is not subject to limitations, it is not possible to determine the maximum potential amount due under this guarantee.

Guarantees of Asset Values

December 31,
20252024
(in thousands)
Guaranteed value of third-parties assets$4,186,284 $3,958,847 
Fair value of collateral supporting these assets$3,912,881 $3,543,500 
Asset (liability) associated with guarantee, carried at fair value $0 $111 

Certain contracts underwritten by Pruco Life include guarantees related to financial assets owned by the guaranteed party. These contracts are accounted for as derivatives and carried at fair value. The collateral supporting these guarantees is not reflected on the Consolidated Statements of Financial Position.

Contingent Liabilities
On an ongoing basis, the Company and its regulators review its operations including, but not limited to, sales and other customer interface procedures and practices, and procedures for meeting obligations to its customers and other parties. These reviews may result in the modification or enhancement of processes or the imposition of other action plans, including concerning management oversight, sales and other customer interface procedures and practices, and the timing or computation of payments to customers and other parties. In certain cases, if appropriate, the Company may offer customers or other parties remediation and may incur charges, including the cost of such remediation, administrative costs and regulatory fines.
The Company is subject to the laws and regulations of states and other jurisdictions concerning the identification, reporting and escheatment of unclaimed or abandoned funds, and is subject to audit and examination for compliance with these requirements.
It is possible that the results of operations or the cash flows of the Company in a particular quarterly or annual period could be materially affected as a result of payments in connection with the matters discussed above or other matters depending, in part, upon the results of operations or cash flows for such period. Management believes, however, that ultimate payments in connection with these matters, after consideration of applicable reserves and rights to indemnification, should not have a material adverse effect on the Company’s financial position.
Litigation and Regulatory Matters
The Company is subject to legal and regulatory actions in the ordinary course of its business. Pending legal and regulatory actions include proceedings specific to the Company and proceedings generally applicable to business practices in the industry in which it operates. The Company is subject to class action lawsuits and other litigation involving a variety of issues and allegations involving sales practices, claims payments and procedures, premium charges, policy servicing and breach of fiduciary duty to customers. The Company is also subject to litigation arising out of its general business activities, such as its investments, contracts, leases and labor and employment relationships, including claims of discrimination and harassment, and could be exposed to claims or litigation concerning certain business or process patents. In addition, the Company, along with other participants in the businesses in which it engages, may be subject from time to time to investigations, examinations and inquiries, in some cases industry-wide, concerning issues or matters upon which such regulators have determined to focus. In some of the Company’s pending legal and regulatory actions, parties are seeking large and/or indeterminate amounts, including punitive or exemplary damages. The outcome of litigation or a regulatory matter, and the amount or range of potential loss at any particular time, is often inherently uncertain.
The Company establishes accruals for litigation and regulatory matters when it is probable that a loss has been incurred and the amount of that loss can be reasonably estimated. For litigation and regulatory matters where a loss may be reasonably possible, but not probable, or is probable but not reasonably estimable, no accrual is established, but the matter, if material, is disclosed. The Company estimates that as of December 31, 2025, the aggregate range of reasonably possible losses in excess of accruals established for those litigation and regulatory matters for which such an estimate currently can be made is less than $100 million. This estimate is not an indication of expected loss, if any, or the Company's maximum possible loss exposure on such matters. The Company reviews relevant information with respect to its litigation and regulatory matters on a quarterly and annual basis and updates its accruals, disclosures and estimates of reasonably possible loss based on such reviews.

Individual Annuities and Individual Life
California Advocates for Nursing Home Reform v. The Prudential Insurance Company of America and Pruco Life Insurance Company, et al.
In January 2024, a putative class action complaint entitled California Advocates for Nursing Home Reform v. The Prudential Insurance Company of America and Pruco Life Insurance Company, et al., was filed in California Superior Court, Alameda County, alleging that the Company has failed to comply with California laws requiring that life insurance policies issued or delivered in California: (i) provide for a contractual 60-day grace period pre-lapse during which a policy must stay in force; (ii) provide policyholders and designees with notice of payment default within 30 days and a 30-day advance written notice of pending lapse; and (iii) notify policyholders annually of their right to designate additional recipients for lapse notices. The complaint asserts claims for violation of California’s Unfair Competition law ("UCL") and seeks unspecified damages along with declaratory and injunctive relief. In February 2024, defendants removed the action from California state court to the United States District Court for the Northern District of California. Plaintiff filed a motion to remand the action to the California Superior Court, Alameda County, and in December 2024, the motion was granted. In April 2025, Plaintiff filed a First Amended Complaint removing allegations related to the Unclaimed Life Insurance and Annuities Act, and the Defendant filed a demurrer seeking to dismiss the Amended Complaint. In October 2025, the Court issued an Order: (i) sustaining Defendant’s demurrer as to Plaintiff’s declaratory relief claim, and (ii) denying the demurrer as to the UCL claim.

Summary
The Company’s litigation and regulatory matters are subject to many uncertainties, and given their complexity and scope, their outcome cannot be predicted. It is possible that the Company’s results of operations or cash flows in a particular quarterly or annual period could be materially affected by an ultimate unfavorable resolution of pending litigation and regulatory matters depending, in part, upon the results of operations or cash flows for such period. In light of the unpredictability of the Company’s litigation and regulatory matters, it is also possible that in certain cases an ultimate unfavorable resolution of one or more pending litigation or regulatory matters could have a material adverse effect on the Company’s financial statements. Management believes, however, that, based on information currently known to it, the ultimate outcome of all pending litigation and regulatory matters, after consideration of applicable reserves and rights to indemnification, is not likely to have a material adverse effect on the Company’s financial statements.
v3.26.1
Schedule I - Summary of Investments Other Than investments in Related Parties
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]  
Schedule I - Summary of Investments Other Than investments in Related Parties
Type of InvestmentAmortized Cost or CostFair
Value		Amount
Shown in the
Balance Sheet
Fixed maturities, available-for-sale:
Bonds:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$1,196,805 $1,117,320 $1,117,320 
Obligations of U.S. states and their political subdivisions460,634 434,528 434,528 
Foreign governments456,138 424,735 424,735 
Asset-backed securities5,051,514 5,076,048 5,076,048 
Commercial mortgage-backed securities1,370,898 1,354,310 1,354,310 
Residential mortgage-backed securities936,614 941,965 941,965 
Public utilities3,553,256 3,401,020 3,401,020 
All other corporate bonds35,134,183 34,801,972 34,801,972 
Redeemable preferred stock70,176 72,273 72,273 
Total fixed maturities, available-for-sale$48,230,218 $47,624,171 $47,624,171 
Equity securities:
Common stocks:
Other common stocks $2,569,208 $2,608,156 $2,608,156 
Mutual funds 237,773 241,178 241,178 
Non-redeemable preferred stocks 19,661 20,297 20,297 
Total equity securities, at fair value$2,826,642 $2,869,631 $2,869,631 
Fixed maturities, trading$5,241,598 $4,892,507 $4,892,507 
Commercial mortgage and other loans10,082,667 10,082,667 
Policy loans1,666,965 1,666,965 
Short-term investments320,794 320,794 
Other invested assets 2,297,535 2,297,535 
Total investments$70,666,419 $69,754,270 
v3.26.1
Schedule II - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
Schedule II - Condensed Financial Information of Registrant
PRUCO LIFE INSURANCE COMPANY
Schedule II
Condensed Financial Information of Registrant
Condensed Statements of Financial Position
December 31, 2025 and 2024
(in thousands, except share amounts)
December 31, 2025December 31, 2024
ASSETS
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1)
$43,866,735 $31,964,802 
Fixed maturities, trading, at fair value (amortized cost: 2025 – $5,203,043; 2024 – $4,391,322)
4,853,273 3,823,792 
Equity securities, at fair value (cost: 2025 – $2,633,413; 2024 – $2,650,189)
2,676,833 2,623,758 
Policy loans527,440 422,891 
Short-term investments (net of allowance for credit losses: 2025 – $0; 2024 – $49)
320,794 505,991 
Commercial mortgage and other loans (net of $48,775 and $36,002 allowance for credit losses at December 31, 2025 and 2024, respectively)
9,497,730 7,281,995 
Other invested assets (includes $77,641 and $12,999 of assets measured at fair value at December 31, 2025 and 2024, respectively)(1)
2,129,812 1,363,038 
Total investments63,872,617 47,986,267 
Cash and cash equivalents(1)2,586,041 3,144,542 
Deferred policy acquisition costs8,179,344 7,389,743 
Accrued investment income(1)548,524 405,115 
Reinsurance recoverables and deposit receivables (net of $145 and $10 allowance for credit losses; includes $373,491 and $379,582 of embedded derivatives at fair value at December 31, 2025 and 2024, respectively)
49,739,181 44,233,228 
Investment in subsidiaries1,618,782 1,472,500 
Receivables from parent and affiliates854,168 567,631 
Deferred sales inducements297,413 322,351 
Income tax assets(1)1,627,258 2,013,349 
Market risk benefit assets2,160,239 2,144,919 
Other assets(1)1,823,202 1,833,801 
Separate account assets103,737,191 103,635,702 
TOTAL ASSETS$237,043,960 $215,149,148 
LIABILITIES AND EQUITY
LIABILITIES
Policyholders’ account balances$81,224,030 $65,114,184 
Future policy benefits26,224,147 23,096,707 
Market risk benefit liabilities3,986,790 3,788,800 
Cash collateral for loaned securities22,622 121,372 
Reinsurance and funds withheld payables (includes $265 and $0 of embedded derivatives at fair value at December 31, 2025 and 2024, respectively)
9,203,855 7,192,595 
Payables to parent and affiliates(1)2,418,541 3,653,229 
Other liabilities(1)2,303,716 3,950,118 
Separate account liabilities103,737,191 103,635,702 
Total liabilities229,120,892 210,552,707 
EQUITY
Common stock ($10 par value; 1,000,000 shares authorized; 250,000 shares issued and 250,000 outstanding)
2,500 2,500 
Additional paid-in capital5,806,878 4,923,299 
Retained earnings / (accumulated deficit)2,104,835 272,519 
Accumulated other comprehensive income (loss)8,855 (601,877)
Total equity7,923,068 4,596,441 
TOTAL LIABILITIES AND EQUITY$237,043,960 $215,149,148 
    
(1) See Note 4 to the Consolidated Financial Statements for details of balances associated with variable interest entities.
202520242023
REVENUES
Premiums (includes $2,191, $(2,740) and $6,296 of gains (losses) from changes in estimates on deferred profit liability amortization for the years ended December 31, 2025, 2024, and 2023, respectively)
$500,031 $344,383 $289,344 
Policy charges and fee income1,623,176 6,677,744 1,476,927 
Net investment income2,912,127 2,154,525 1,507,280 
Asset administration fees192,382 212,328 223,803 
Other income (loss)2,242,832 743,843 747,789 
Realized investment gains (losses), net(1,242,504)498,953 (1,102,789)
Change in value of market risk benefits, net of related hedging gains (losses)(522,945)(473,209)(169,565)
TOTAL REVENUES5,705,099 10,158,567 2,972,789 
BENEFITS AND EXPENSES
Policyholders’ benefits714,135 7,338,059 448,286 
Change in estimates of liability for future policy benefits(62,248)(14,594)6,067 
Interest credited to policyholders’ account balances1,116,400 956,863 557,510 
Amortization of deferred policy acquisition costs643,498 (285,676)518,939 
General, administrative and other expenses1,134,168 1,180,030 1,074,134 
TOTAL BENEFITS AND EXPENSES3,545,953 9,174,682 2,604,936 
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES AND OPERATING JOINT VENTURE2,159,146 983,885 367,853 
Income tax expense (benefit)411,664 147,233 14,006 
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES AND OPERATING JOINT VENTURE1,747,482 836,652 353,847 
Equity in earnings of subsidiaries85,169 (12,237)96,844 
Equity in earnings of operating joint venture, net of taxes(335)(425)(433)
NET INCOME (LOSS)$1,832,316 $823,990 $450,258 
Other comprehensive income (loss), before tax:
Net unrealized investment gains (losses)914,172 (246,952)632,819 
Interest rate remeasurement of future policy benefits(37,656)45,461 (50,679)
Gain (loss) from changes in non-performance risk on market risk benefits(169,143)(401,884)(597,135)
Other66,284 (118,775)(11,539)
Total773,657 (722,150)(26,534)
Less: Income tax expense (benefit) related to other comprehensive income (loss)162,925 (151,234)(5,638)
Other comprehensive income (loss), net of taxes610,732 (570,916)(20,896)
Total comprehensive income (loss)$2,443,048 $253,074 $429,362 
202520242023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash flows from (used in) operating activities$3,644,663 $3,363,590 $2,365,722 
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale5,210,345 3,425,809 1,622,501 
Fixed maturities, trading1,560,828 800,588 95,872 
Equity securities2,278,334 957,650 189,210 
Policy loans173,984 157,478 152,275 
Ceded policy loans(108,452)(87,521)(117,589)
Short-term investments872,948 1,280,677 444,983 
Commercial mortgage and other loans370,562 724,559 157,116 
Other invested assets267,660 73,632 17,405 
Notes receivable from parent and affiliates231,823 722 3,858 
Payments for the purchase/origination of:
Fixed maturities, available-for-sale(15,563,807)(12,273,347)(6,762,400)
Fixed maturities, trading(2,534,641)(1,819,224)(857,717)
Equity securities(2,453,816)(2,373,213)(678,790)
Policy loans(253,540)(222,724)(236,886)
Ceded policy loans95,058 117,552 147,961 
Short-term investments(792,990)(1,412,350)(679,224)
Commercial mortgage and other loans(2,503,344)(2,145,910)(1,239,173)
Other invested assets(859,300)(406,031)(174,680)
Notes receivable from parent and affiliates(354,399)(297,850)(31)
Capital contributions to subsidiaries(407,432)(549,964)(323,909)
Return of capital from subsidiaries403,596 414,859 0 
Other, net(141,435)164,779 (60,358)
Cash flows from (used in) investing activities(14,508,018)(13,469,829)(8,299,576)
CASH FLOWS FROM FINANCING ACTIVITIES:
Policyholders’ account deposits15,792,652 16,148,664 10,508,549 
Affiliated ceded policyholders’ account deposits(1,778,143)(826,393)(870,031)
Policyholders’ account withdrawals(4,229,523)(3,600,010)(3,287,164)
Affiliated ceded policyholders’ account withdrawals398,376 454,788 360,211 
Contributed capital620,000 0 405,000 
Return of capital0 (550,000)(1,400,000)
Other, net(498,508)(329,656)28,817 
Cash flows from (used in) financing activities10,304,854 11,297,393 5,745,382 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS(558,501)1,191,154 (188,472)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR3,144,542 1,953,388 2,141,860 
CASH AND CASH EQUIVALENTS, END OF YEAR$2,586,041 $3,144,542 $1,953,388 
SUPPLEMENTAL CASH FLOW INFORMATION
Income taxes paid (refunded), net$174,626 $360,742 $57,749 
Interest paid$810 $2,644 $4,377 
Significant Non-Cash Transactions
2025
"Cash flows from (used in) operating activities" for the year ended December 31, 2025 excludes certain non-cash activities in the amount of $(1,397) million related to the affiliated reinsurance transaction with The Prudential Insurance Company of America ("Prudential Insurance") effective October 1, 2025. See Note 12 for additional information.

2024
"Cash flows from (used in) operating activities" and "Cash flows from (used in) investing activities" for the year ended December 31, 2024, excludes certain non-cash activities in the amount of $(7,469) million primarily related to reinsurance recoverables and $6,722 million related to invested asset transfers, respectively. These transactions are associated with the unaffiliated reinsurance agreement with Wilton Reassurance Company and Wilton Reinsurance Bermuda Limited (collectively, "Wilton Re"), effective October 1, 2024. Associated with the transaction with Wilton Re, "Cash flows from (used in) operating activities" and "Cash flows from (used in) investing activities" for the year ended December 31, 2024, exclude largely offsetting affiliated non-cash activities in the amount of $7,190 million, primarily related to reinsurance recoverables and payables, and $(6,722) million related to invested asset transfers, respectively. These are related to the recapture of the risks associated with the business that had previously been reinsured with Prudential Arizona Reinsurance Universal Company ("PAR U") as well as assumption of those recaptured by Pruco Life Insurance Company of New Jersey from PAR U. See Note 12 for additional information.

"Cash flows from (used in) operating activities" for the year ended December 31, 2024 excludes certain non-cash activities in the amount of $(78) million related to the affiliated reinsurance transaction with Prudential Arizona Reinsurance Captive Company, effective October 1, 2024. See Note 12 for additional information.

"Cash flows from (used in) operating activities" for the year ended December 31, 2024 excludes certain non-cash activities in the amount of $936 million related to the affiliated reinsurance transaction with Prudential Universal Reinsurance Entity Company and The Prudential Insurance Company of America, effective January 1, 2024. See Note 12 for additional information.

"Cash flows from (used in) investing activities" and "Cash flows from (used in) financing activities" for the year ended December 31, 2024 excludes non-cash activities related to invested asset transfers in the amount of $416 million, related to capital contributions the Company received from Prudential Insurance. See Note 16 for additional information.

2023
"Cash flows from (used in) operating activities" for the year ended December 31, 2023 excludes certain non-cash activities in the amount of $475 million related to the novated indexed variable annuities under the reinsurance agreement with Fortitude Life Insurance & Annuity Company (“FLIAC”). See Note 12 for more details regarding this transaction.
1.ORGANIZATION AND PRESENTATION

Pruco Life Insurance Company, (“Pruco Life”) is a wholly-owned subsidiary of The Prudential Insurance Company of America, which in turn is a direct wholly-owned subsidiary of Prudential Financial, Inc. Pruco Life is a stock life insurance company organized in 1971 under the laws of the State of Arizona. It is licensed to sell life insurance and annuities in the District of Columbia, Guam and in all states except New York, and sells such products primarily through affiliated and unaffiliated distributors.

The condensed financial information of Pruco Life should be read in conjunction with the consolidated financial statements of Pruco Life and its subsidiaries and the notes thereto (the “Consolidated Financial Statements”). The condensed financial statements of Pruco Life reflect its direct wholly-owned subsidiary and majority-owned subsidiaries using the equity method of accounting.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Significant Accounting Policies and Pronouncements (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

The Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Consolidated Financial Statements include the accounts of Pruco Life and entities over which the Company exercises control, including majority-owned subsidiaries, and variable interest entities ("VIEs") in which the Company is considered the primary beneficiary. Intercompany balances and transactions have been eliminated.
Use of Estimates
Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The most significant estimates include those used in determining future policy benefits; policyholders' account balances and reinsurance related to the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products; market risk benefits; the valuation of investments including derivatives, the measurement of allowance for credit losses, and the recognition of other-than-temporary impairments; reinsurance recoverables; any provision for income taxes and valuation of deferred tax assets; and accruals for contingent liabilities, including estimates for losses in connection with unresolved legal and regulatory matters.
Reclassifications
Reclassifications

Certain amounts in prior periods have been reclassified to conform to the current period presentation.
Investments and Investment-Related Liabilities
Fixed maturities, available-for-sale, at fair value ("AFS debt securities") includes bonds, notes and redeemable preferred stock that are carried at fair value. See Note 6 for additional information regarding the determination of fair value. The purchased cost of fixed maturities is adjusted for amortization of premiums and accretion of discounts to maturity or, if applicable, call date.

AFS debt securities, where fair value is below amortized cost, are reviewed quarterly to determine whether the amortized cost basis of the security is recoverable. For mortgage-backed and asset-backed AFS debt securities, a credit impairment will be recognized in earnings as an allowance for credit losses and reported in “Realized investment gains (losses), net,” to the extent the amortized cost exceeds the net present value of projected future cash flows (the “net present value”) for the security. A credit impairment recorded cannot exceed the difference between the amortized cost and fair value of the respective security. The net present value used to measure a credit impairment is calculated by discounting the Company’s best estimate of projected future cash flows at the effective interest rate implicit in the AFS debt security at the date of acquisition. Once the Company has deemed all or a portion of the amortized cost uncollectible, the allowance is removed from the balance sheet by writing down the amortized cost basis of the AFS debt security. Any amount of an AFS debt security’s change in fair value not recorded as an allowance for credit losses will be recorded in Other Comprehensive Income (loss) (“OCI”).

For all other AFS debt securities, qualitative factors are first considered including, but not limited to, the extent of the decline and the reasons for the decline in value (e.g., credit events, currency or interest-rate related, including general credit spread widening), and the financial condition of the issuer. If analysis of these qualitative factors results in the security needing to be impaired, a credit impairment will be recognized and measured using the same process for mortgage-backed and asset-backed AFS debt securities.

When an AFS debt security's fair value is below amortized cost and the Company has the intent to sell the AFS debt security, or it is more likely than not the Company will be required to sell the AFS debt security before its anticipated recovery, the amortized cost basis of the AFS debt security is written down to fair value and any previously recognized allowance is reversed. The write-down is reported in "Realized investment gains (losses), net".

Interest income, including amortization of premium and accretion of discount, are included in “Net investment income” under the effective yield method. Prepayment premiums are also included in “Net investment income”.

For high credit quality mortgage-backed and asset-backed AFS debt securities (those rated AA or above), the amortized cost and effective yield of the securities are adjusted as necessary to reflect historical prepayment experience and changes in estimated future prepayments. The adjustments to amortized cost are recorded as a charge or credit to “Net investment income” in accordance with the retrospective method.

For mortgage-backed and asset-backed AFS debt securities rated below AA, the effective yield is adjusted prospectively for any changes in the estimated timing and amount of cash flows unless the investment is purchased with credit deterioration or an allowance is currently recorded for the respective security. If an investment is impaired, any changes in the estimated timing and amount of cash flows will be recorded as the credit impairment, as opposed to a yield adjustment. If the asset is purchased with credit deterioration (or previously impaired), the effective yield will be adjusted if there are favorable changes in cash flows subsequent to the allowance being reduced to zero.
For mortgage-backed and asset-backed AFS debt securities, cash flow estimates consider the payment terms of the underlying assets backing a particular security, including interest rate and prepayment assumptions based on data from widely accepted third-party data sources or internal estimates. In addition to interest rate and prepayment assumptions, cash flow estimates also include other assumptions regarding the underlying collateral including default rates and recoveries, which vary based on the asset type and geographic location, as well as the vintage year of the security. These assumptions can significantly impact income recognition, unrealized gains and loss recorded in OCI, and the amount of impairment recognized in earnings. The payment priority of the respective security is also considered. For all other AFS debt securities, cash flow estimates are driven by assumptions regarding probability of default and estimates regarding timing and amount of recoveries associated with a default. The Company has developed these estimates using information based on its historical experience as well as using market observable data, such as industry analyst reports and forecasts, sector credit ratings and other data relevant to the collectability of a security, such as the general payment terms of the security and the security’s position within the capital structure of the issuer.

Fixed maturities, trading, at fair value ("Trading debt securities") includes debt securities that are carried at fair value. See Note 6 for additional information regarding the determination of fair value. Realized and unrealized gains and losses for these investments are reported in “Other income (loss),” and interest income from these investments is reported in “Net investment income”.

Equity securities, at fair value consists of common stock and mutual fund shares carried at fair value. Realized and unrealized gains and losses on these investments are reported in “Other income (loss),” and dividend income is reported in “Net investment income” on the ex-dividend date.

Policy loans represents funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in “Net investment income” at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies.

Short-term investments primarily consists of highly liquid debt instruments with a maturity of twelve months or less and greater than three months when purchased. These investments are generally carried at fair value or amortized cost that approximates fair value and include certain money market investments, funds managed similar to regulated money market funds, short-term debt securities issued by government-sponsored entities and other highly liquid debt instruments.

Commercial mortgage and other loans consist of commercial mortgage loans, agricultural property loans, residential mortgage loans, as well as certain other collateralized loans. Commercial mortgage and other loans held for investment are generally carried at unpaid principal balance, net of unamortized deferred loan origination fees and expenses and net of any current expected credit loss ("CECL") allowance. Certain off-balance sheet credit exposures (e.g., indemnification of serviced mortgage loans, and certain unfunded mortgage loan commitments where the Company cannot unconditionally cancel the commitment) are also subject to a CECL allowance. See Note 17 for additional information.

Commercial mortgage and other loans acquired, including those related to the acquisition of a business, are recorded at fair value when purchased, reflecting any premiums or discounts to unpaid principal balances. Interest income, and the amortization of the related premiums or discounts, are included in “Net investment income” under the effective yield method. Prepayment fees are also included in “Net investment income”.

The CECL allowance represents the Company’s best estimate of expected credit losses over the remaining life of the assets or off-balance sheet credit exposures. The determination of the allowance considers historical credit loss experience, current conditions, and reasonable and supportable forecasts. The allowance is calculated separately for commercial mortgage loans, agricultural property loans, residential mortgage loans, and other collateralized loans.

For commercial mortgage and agricultural property loans, the allowance is calculated using an internally developed CECL model that pools together loans that share similar risk characteristics. Similar risk characteristics used to create the pools include, but are not limited to, vintage, maturity, credit rating, and collateral type.
Key inputs to the CECL model include unpaid principal balances, internal credit ratings, annual expected loss factors, average lives of the loans adjusted for prepayment considerations, current and historical interest rate assumptions, and other factors influencing the Company’s view of the current stage of the economic cycle and future economic conditions. Subjective considerations include a review of whether historical loss experience is representative of current market conditions and the Company’s view of the credit cycle. Model assumptions and factors are reviewed and updated as appropriate. Information about certain key inputs is detailed below.

Key factors in determining the internal credit ratings for commercial mortgage and agricultural property loans include loan-to-value and debt-service-coverage ratios. Other factors include amortization, loan term, and estimated market value growth rate and volatility for the property type and region. The loan-to-value ratio compares the carrying amount of the loan to the fair value of the underlying property or properties collateralizing the loan, and is commonly expressed as a percentage. Loan-to-value ratios greater than 100% indicate that the carrying amount of the loan exceeds the collateral value. A loan-to-value ratio less than 100% indicates an excess of collateral value over the carrying amount of the loan. The debt service coverage ratio is a property’s net operating income as a percentage of its debt service payments. Debt service coverage ratios less than 1.0 indicates that property operations do not generate enough income to cover the loan’s current debt payments. A debt service coverage ratio greater than 1.0 indicates an excess of net operating income over the debt service payments. The values utilized in calculating these ratios are developed as part of the Company’s periodic review of the commercial mortgage loan and agricultural property loan portfolios, which includes an internal appraisal of the underlying collateral value. The Company’s periodic review also includes a quality re-rating process, whereby the internal quality rating originally assigned at underwriting is updated based on current loan, property and market information using a proprietary quality rating system. See Note 3 for additional information related to the loan-to-value ratios and debt service coverage ratios related to the Company’s commercial mortgage and agricultural property loan portfolios.

Annual expected loss rates are based on historical default and loss experience factors. Using average lives, the annual expected loss rates are converted into life-of-loan loss expectations.

When individual loans no longer have the credit risk characteristics of the commercial mortgage or agricultural property loan pools, they are removed from the pools and are evaluated individually for an allowance. The allowance is determined based on the outstanding loan balance less the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent.

For residential mortgage loans, the allowance is calculated using an internally developed CECL model that pools together loans that share similar risk characteristics. The estimated lifetime loss of the pool is calculated from the risk profiles of the loans, including borrower credit score, loan-to-value ratio, property type, and several key attributes of the loan and property including: loan type, loan age, loan performance history, and current performing or nonperforming status. Estimated lifetime loss rates are calculated by weighting projected losses in multiple economic scenarios based on the Company’s view of the current stage of the economic cycle and future economic conditions. The scenario losses are calibrated to industry historical experience of defaults, loss severities, and prepayment rates in multiple economic cycles, reflective of similar loan characteristics.

The CECL allowance on commercial mortgage and other loans can increase or decrease from period to period based on the factors noted above. The change in allowance is reported in “Realized investment gains (losses), net”. As it relates to unfunded commitments that are in scope of this guidance, the CECL allowance is reported in “Other liabilities”, and the change in the allowance is reported in “Realized investment gains (losses), net”.

The CECL allowance for other collateralized loans carried at amortized cost is determined based on probability of default and loss given default assumptions by sector, credit quality and average lives of the loans. Additions to or releases of the allowance are reported in “Realized investment gains (losses), net”.

Once the Company has deemed a portion of the amortized cost to be uncollectible, the uncollectible portion of allowance is removed from the balance sheet by writing down the amortized cost basis of the loan. The carrying amount of the loan is not adjusted for subsequent recoveries in value.

Interest received on loans that are past due is either applied against the principal or reported as net investment income based on the Company’s assessment as to the collectability of the principal. The Company defines “past due” as principal or interest not collected at least 30 days past the scheduled contractual due date. See Note 3 for additional information about the Company’s past due loans.
The Company discontinues accruing interest on loans after the loans become 90 days delinquent as to principal or interest payments, or earlier when the Company has doubts about collectability. When the Company discontinues accruing interest on a loan, any accrued but uncollectible interest on the loan and other loans backed by the same collateral, if any, is charged against interest income in the same period. Generally, a loan is restored to accrual status only after all delinquent interest and principal are brought current and, in the case of loans where the payment of interest has been interrupted for a substantial period, or the loan has been modified, a regular payment performance has been established.

Commercial mortgage and other loans are occasionally restructured. These restructurings generally include one or more of the following: full or partial payoffs outside of the original contract terms; changes to interest rates; extensions of maturity; or additions or modifications to covenants. Additionally, the Company may accept assets in full or partial satisfaction of the debt.

All restructurings are evaluated under the modification guidance in ASC 310-20. When a loan is modified, the Company evaluates whether the restructuring results in a continuation of the existing loan or a new loan. For modifications that result in a continuation of the existing loan, the CECL allowance of the loan is remeasured using the modified terms, including the loan’s post-modification effective yield, and the allowance is adjusted accordingly.

For modifications that result in a new loan, any CECL allowance is reversed and a direct write-down of the loan is recorded for the amount of the allowance, and any additional loss, net of recoveries, or any gain is recorded for the difference between the fair value of the new loan and the recorded investment in the loan. The new loan is evaluated prospectively for credit impairment based on the CECL allowance process noted above.

Other invested assets consist of the Company’s non-coupon investments in limited partnerships and limited liability companies ("LPs/LLCs"), other than operating joint ventures, as well as derivative assets. LPs/LLCs interests are accounted for using either the equity method of accounting, or at fair value. The Company’s income from investments in LPs/LLCs accounted for using the equity method, other than the Company’s investments in operating joint ventures, is included in “Net investment income”. The carrying value of these investments is written down, or impaired, to fair value when a decline in value is considered to be other-than-temporary. In applying the equity method (including assessment for OTTI), the Company uses financial information provided by the investee, generally on a one to three-month lag. For the investments reported at fair value with changes in fair value reported in current earnings, the associated realized and unrealized gains and losses are reported in “Other income (loss)”. The Company consolidates LPs in certain other instances where it is deemed to exercise control, or is considered the primary beneficiary of a variable interest entity. See Note 4 for additional information about VIEs.
Realized investment gains (losses), net includes realized gains or losses from sales and maturities of investments, changes to the allowance for credit losses, other impairments, fair value changes on mortgage loans where the fair value option has been elected, and derivative gains or losses. The derivative gains or losses include the impact of maturities, terminations and changes in fair value of the derivative instruments, including embedded derivatives, and other hedging instruments. Realized investment gains (losses) from the sales of securities are generally calculated using the specific identification method.
Cash and cash equivalents
Cash and cash equivalents includes cash on hand, amounts due from banks, certain money market investments, funds managed similar to regulated money market funds, other debt instruments with maturities of three months or less when purchased, other than cash equivalents that are included in "Fixed maturities, available-for-sale, at fair value,” and receivables related to securities purchased under agreements to resell (see also "Securities sold under agreements to repurchase" below.) The Company also engages in overnight borrowing and lending of funds with Prudential Financial and affiliates which are considered cash and cash equivalents. These assets are generally carried at fair value or amortized cost which approximates fair value.
Deferred policy acquisition costs
Deferred policy acquisition costs ("DAC") represents costs directly related to the successful acquisition of new and renewal insurance and annuity business. Such DAC primarily includes commissions, costs of policy issuance and underwriting, and certain other expenses that are directly related to successfully acquired contracts. In each reporting period, previously capitalized DAC is amortized and included in “Amortization of deferred policy acquisition costs”.

DAC for most long-duration contracts is amortized on a constant-level basis at a grouped contract level over the expected life of the underlying insurance contracts. Contracts are grouped consistent with the groupings used to estimate the liability for future policy benefits (or other related balances) for the corresponding contracts. Since contracts within a grouping may be of different sizes, contracts within a group are weighted to achieve appropriate amortization and to ensure that DAC is derecognized when a policy is no longer in force. The constant-level basis used to weight contracts within a grouping and amortize DAC is generally defined as follows:

•Life insurance contracts – DAC associated with life insurance contracts is generally amortized in proportion to the initial face amount of life insurance in force. This is applicable to traditional and universal life insurance products.

•Payout annuity contracts – DAC associated with payout annuity contracts is amortized in proportion to annual benefit payments.
•Deferred annuity contracts – DAC associated with fixed and variable deferred annuity contracts is amortized in proportion to deposits.

For single premium immediate annuities without life contingencies, acquisition expenses are deferred and amortized over the expected life of the contracts using the interest method.

Current period DAC amortization reflects the impact of changes in actual insurance in force during the period and changes in future assumptions effected as of the end of the quarter, where applicable. The Company typically updates actuarial assumptions annually in the second quarter, unless a material change is observed in an interim period that is indicative of a long-term trend. Generally, the Company does not expect trends to change significantly in the short-term and, to the extent these trends may change, the Company expects such changes to be gradual over the long-term.

Assumptions used for DAC are consistent with those used in estimating the liability for future policy benefits (or any other related balance) for the corresponding contract. Determining the level of aggregation and actuarial assumptions used in projecting in force terminations requires judgment. Internal criteria are developed to determine the level of aggregation by considering both qualitative and quantitative materiality thresholds.

The assumptions used in projecting in force terminations are mortality, mortality improvement, and lapse assumptions. These assumptions are generally based on the Company’s experience, industry experience and/or other factors, as applicable. For variable deferred annuity contracts, lapse rates are adjusted at the contract level based on the in-the-moneyness of the living benefits and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates are also generally assumed to be lower for the period where surrender charges apply.

For some products, policyholders can elect to modify product benefits, features, rights or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacements. If policyholders surrender traditional life insurance policies in exchange for life insurance policies that do not have fixed and guaranteed terms, the Company immediately charges to expense the remaining unamortized DAC on the surrendered policies. For other internal replacement transactions, except those that involve the addition of a non-integrated contract feature that does not change the existing base contract, the unamortized DAC is immediately charged to expense if the terms of the new policies are not substantially similar to those of the former policies. If the new terms are substantially similar to those of the earlier policies, the DAC is retained with respect to the new policies and amortized over the expected life of the new policies. See Note 7 for additional information regarding DAC.
Accrued investment income
Accrued investment income primarily includes accruals of interest and dividend income from investments that have been earned but not yet received.
Reinsurance
Reinsurance recoverables and deposit receivables includes amounts recoverable under reinsurance agreements and receivables that follow the deposit method of accounting (see “Reinsurance” below).
Reinsurance and funds withheld payables represents amounts payable under reinsurance agreements (see “Reinsurance” below). Reinsurance and funds withheld payables may also include derivative instruments for which fair values are determined as described below under "Derivative Financial Instruments".
Reinsurance

The Company participates in reinsurance arrangements in various capacities as either the ceding entity or as the reinsurer (i.e., assuming entity). See Note 12 for additional information regarding the Company’s reinsurance arrangements. Reinsurance assumed business is generally accounted for consistent with direct business. Amounts currently recoverable under reinsurance agreements are included in “Reinsurance recoverables and deposit receivables” and amounts payable are included in “Reinsurance and funds withheld payables”. “Reinsurance recoverables and deposit receivables” also includes deposit receivables where the Company has ceded fixed indexed annuities, including from coinsurance with funds withheld arrangements and receivables from modified coinsurance arrangements where the Company is the cedant, and in certain instances are net of the payables under these arrangements which generally reflect the fair value of the invested assets retained by the cedant. “Reinsurance and funds withheld payables” also includes amounts payable to the reinsurer under coinsurance with funds withheld arrangements where the Company is the cedant, and generally reflect the fair value of the invested assets retained by the Company. The receivables and payables associated with each of these coinsurance with funds withheld and modified coinsurance arrangements each contain an embedded derivative that is bifurcated and accounted for at fair value separately from the host contract, with changes in fair value recorded through “Realized investment gains (losses), net”, and are ultimately presented net within “Reinsurance recoverables and deposit receivables”. Revenues and benefits and expenses include amounts assumed under reinsurance agreements and are reflected net of reinsurance ceded.

Reinsurance ceded arrangements do not discharge the Company as the primary insurer. Ceded balances would represent a liability of the Company in the event the reinsurers were unable to meet their obligations to the Company under the terms of the reinsurance agreements. Reinsurance recoverables are reported on the Consolidated Statements of Financial Position net of the CECL allowance. The CECL allowance considers the credit quality of the reinsurance counterparty and is generally determined based on the probability of default and loss given default assumptions, after considering any applicable collateral arrangements. The CECL allowance does not apply to reinsurance recoverables with affiliated counterparties under common control. Additions to or releases of the allowance are reported in “Policyholders’ benefits”. Reinsurance premiums, commissions, expense reimbursements, benefits and reserves related to reinsured long-duration contracts under coinsurance arrangements are accounted for over the life of the underlying reinsured contracts using assumptions consistent with those used to account for the underlying contracts. For reinsurance of in force blocks of non-participating traditional and limited-payment contracts, the current value of the direct liability as of inception of the reinsurance agreement is used to calculate the reinsurance recoverable and cost of reinsurance such that there is no immediate other comprehensive income or loss from recognition of the reinsurance recoverable at inception. Consistent with the direct liability, the reinsurance recoverable for non-participating traditional and limited-payment contracts is remeasured each period using current single A rates with the effect on the reinsurance recoverable resulting from such updates recorded in "Interest rate remeasurement of future policy benefits" in OCI. For reinsurance of limited-payment contracts, the Company establishes a cost of reinsurance asset relating to the direct DPL and amortizes this balance through “Premiums” using the same methodology and assumptions used to amortize the direct DPL.

For reinsurance of existing in force blocks of long-duration contracts that transfer significant insurance risk, the difference between the fair value of the net consideration exchanged and the net liabilities ceded related to the underlying reinsured contracts is considered the net cost of reinsurance at the inception of the reinsurance agreement. This initial net cost of reinsurance is deferred and amortized into income over the remaining life of the reinsured policies on a basis consistent with the methodologies and assumptions used for amortizing DAC. This initial net cost of reinsurance may result in a deferred reinsurance gain which is recorded in "Other liabilities" and amortized through "Other income (loss)", or a deferred reinsurance loss which is recorded in "Other assets" and amortized through "General, administrative and other expenses".

Consistent with direct contracts, reinsurance agreements may also include features that meet the definition of an MRB and, if so, are accounted for at fair value. The fair value of direct or assumed MRBs reflects the Company's NPR, while the fair value of ceded MRBs reflects the counterparty credit risk of the reinsurer. Changes in the fair value of ceded MRBs, including the impact of changes in counterparty credit risk, are recorded in net income in "Change in value of market risk benefits, net of related hedging gains (losses)".
Coinsurance arrangements contrast with the Company’s yearly renewable term ("YRT") arrangements, where only mortality risk is transferred to the reinsurer and premiums are paid to the reinsurer to reinsure that risk. The mortality risk that is reinsured under YRT arrangements represents the difference between the stated death benefits in the underlying reinsured contracts and the corresponding reserves or account value carried by the Company on those same contracts. The premiums paid to the reinsurer are based upon negotiated amounts, not on the actual premiums paid by the underlying contractholders to the Company. As YRT arrangements are usually entered into by the Company with the expectation that the contracts will be in force for the lives of the underlying policies, they are considered to be long-duration reinsurance contracts. The cost of reinsurance for universal life products is generally recognized based on the gross assessments of the underlying direct policies. The cost of reinsurance for term insurance products is generally recognized in proportion to direct premiums over the life of the underlying policies.

If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in “Reinsurance and funds withheld payables” and deposits made are included in “Reinsurance recoverables and deposit receivables”. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as “Other income (loss)” or “General, administrative and other expenses”, as appropriate.
Market Risk Benefit (assets and liabilities)
Market risk benefit assets represents market risk benefits ("MRBs") in an asset position and are presented separately from MRBs in a liability position. See “Market risk benefit liabilities” below. MRB assets also reflect ceded MRBs resulting from reinsurance of the Company's Prudential Defined Income ("PDI") traditional variable annuity contracts. See Note 12 for additional information regarding the reinsurance of PDI.
Market risk benefit liabilities represents contracts or contract features that provide protection to the contractholder and exposes the Company to other than nominal capital market risk, primarily related to deferred annuities with guaranteed minimum benefits associated with annuities products including guaranteed minimum death benefits (“GMDB”), guaranteed minimum income benefits (“GMIB”), guaranteed minimum accumulation benefits (“GMAB”), guaranteed minimum withdrawal benefits (“GMWB”) and guaranteed minimum income and withdrawal benefits (“GMIWB”). The benefits are accounted for using a fair value measurement framework. If a contract contains multiple market risk benefits, the benefits are bundled together and accounted for as a single compound market risk benefit. Market risk benefits in an asset position are presented separately from those in a liability position as there is no legal right of offset between contracts. The fair value of market risk benefits is calculated as the present value of expected future benefit payments to contractholders less the present value of expected future rider fees attributable to the market risk benefits. The fair value of market risk benefits is based on assumptions a market participant would use in valuing market risk benefits. For additional information regarding the valuation of market risk benefits, see Note 6. On a quarterly basis, changes in the fair value of market risk benefits are recorded in net income, net of related hedges, in "Change in value of market risk benefits, net of related hedging gains (losses)", except for the portion of the change attributable to changes in the Company’s non-performance risk ("NPR") which is recorded in OCI. See Note 11 for additional information regarding market risk benefits. See "Reinsurance" below for information regarding the reinsurance of MRBs.
Deferred sales inducements
Deferred Sales Inducements ("DSI") are amounts that are credited to a policyholders’ account balance primarily as an inducement to purchase fixed and/or variable deferred annuity contracts. The Company defers sales inducements and amortizes them over the expected life of the policy using the same methodology, factors and assumptions used to amortize DAC. The Company records amortization of DSI in “Interest credited to policyholders’ account balances”. Unlike DAC, DSI are considered contractual cash flows and, as a result, are subject to periodic recoverability testing. See Note 7 for additional information regarding DSI.
Income taxes assets
Income tax assets primarily represents the net deferred tax asset and the Company’s estimated taxes receivable for the current year and open audit years.

The Company is a member of the federal income tax return of Prudential Financial and primarily files separate company state and local tax returns. Pursuant to the tax allocation arrangement with Prudential Financial, total federal income tax expense is determined on a separate company basis. Members record tax benefits to the extent tax losses or tax credits are recognized in the consolidated federal tax provision.
The application of U.S. GAAP requires the Company to evaluate the recoverability of the Company’s deferred tax assets and establish a valuation allowance if necessary to reduce the Company’s deferred tax assets to an amount that is more likely than not expected to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. See Note 13 for a discussion of factors considered when evaluating the need for a valuation allowance.

U.S. GAAP prescribes a comprehensive model for how a company should recognize, measure, present, and disclose in its financial statements uncertain tax positions that a company has taken or expects to take on tax returns. The application of this guidance is a two-step process. First, the Company determines whether it is more likely than not, based on the technical merits, that the tax position will be sustained upon examination. If a tax position does not meet the more likely than not recognition threshold, the benefit of that position is not recognized in the financial statements. The second step is measurement. The Company measures the tax position as the largest amount of benefit that is greater than 50% likely to be realized upon ultimate resolution with a taxing authority that has full knowledge of all relevant information. This measurement considers the amounts and probabilities of the outcomes that could be realized upon ultimate settlement using the facts, circumstances, and information available at the reporting date.

The Company accrues a liability for unrecognized tax benefits, interest and penalties which relate to tax years still subject to review by the Internal Revenue Service ("IRS") or other taxing jurisdictions. Audit periods remain open for review until the statute of limitations has passed. Generally, for tax years which produce net operating losses, capital losses or tax credit carryforwards (“tax attributes”), the statute of limitations does not close, to the extent of these tax attributes, until the expiration of the statute of limitations for the tax year in which they are fully utilized. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the liability for income taxes. The Company classifies all interest and penalties related to tax uncertainties as income tax expense. See Note 13 for additional information regarding income taxes.
Other assets and Other liabilities
Other assets consists primarily of deferred reinsurance losses ("DRL") (see "Reinsurance" below) which are amortized over the expected life of the reinsured contracts on a constant-level basis, receivables resulting from sales of securities that had not yet settled at the balance sheet date, premiums due, prepaid tax expenses, and the Company’s investments in operating joint ventures. Investments in operating joint ventures are generally accounted for under the equity method. The carrying value of these investments is written down, or impaired, to fair value when a decline in value is considered to be other-than-temporary.
Other liabilities consists primarily of deferred reinsurance gains ("DRG") (see "Reinsurance" below), accrued expenses, technical overdrafts, payables resulting from purchases of securities that had not yet settled at the balance sheet date. The amortization method for DRG is amortized over the expected life of the reinsured contracts on a constant-level basis.
Separate account assets and Separate account liabilities
Separate account assets represents segregated funds that are invested for certain policyholders, and other customers. The assets consist primarily of equity securities, fixed maturities, real estate-related investments, real estate mortgage loans, short-term investments and derivative instruments and are reported at fair value. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. The investment income and realized investment gains or losses from separate account assets generally accrue to the policyholders and are not included in the Company’s results of operations. Mortality, policy administration and surrender charges assessed against the accounts are included in “Policy charges and fee income”. Asset administration fees charged to the accounts are included in “Asset administration fees”. Seed money that the Company invests in separate accounts is reported in the appropriate general account asset line. Investment income and realized investment gains or losses from seed money invested in separate accounts accrue to the Company and are included in the Company’s results of operations. See Note 8 for additional information regarding separate account arrangements with contractual guarantees. See also “Separate account liabilities” below.
Separate account liabilities primarily represents the contractholders’ account balances in separate account assets and to a lesser extent borrowings of the separate account, and will be equal and offsetting to total separate account assets. See also “Separate account assets” above.
Future policy benefits
Future policy benefits primarily consists of the present value of expected future payments to or on behalf of policyholders, where the timing and amount of such payments depend on policyholder mortality or morbidity, less the present value of expected future net premiums (where net premiums are gross premiums multiplied by the Net-To-Gross ("NTG") ratio discussed below). The liability for future policy benefits is accrued over time as premium revenue is recognized. See Note 9 for additional information regarding future policy benefits.
The reserving methodology used for non-participating traditional and limited-payment contracts include the following:

•Cash Flow Assumptions. In measuring the liability for future policy benefits, the net premium valuation methodology is utilized. Under this methodology, a liability for future policy benefits is established using current best estimate insurance assumptions and interest rate assumptions locked-in at contract issuance date. The NTG ratio is calculated as the ratio of the present value of expected policy benefits and non-level claim settlement expenses divided by the present value of expected gross premiums. The NTG ratio is applied to gross premiums, as premium revenue is recognized, to determine net premiums. The liability is then determined as the present value of expected future policy benefits and non-level claim settlement expenses less the present value of expected future net premiums. The result of the net premium valuation methodology is that the liability at any point in time represents an accumulation of the portion of premiums received to date expected to fund future benefits (i.e., net premiums received to date), less any benefits and expenses already paid. The liability does not necessarily reflect the full policyholder obligation the Company expects to pay at the conclusion of the contract since a portion of that obligation would be funded by net premiums received in the future and would be recognized in the liability at that time. For purposes of liability measurement, contracts are grouped into cohorts based primarily on issue year and major product line.

The NTG ratio is generally updated quarterly for actual experience and annually in the second quarter of each year for future cash flow assumption updates during the Company’s annual assumptions review process unless a material change is observed in an interim period that is indicative of a long-term trend, with the exception of claim settlement expense assumptions which the Company has made an entity-wide election to lock-in as of contract issuance. The NTG ratio is subject to a retrospective unlocking method whereby the Company updates its best estimate of cash flows expected over the life of the cohort using actual historical experience and updated future cash flow assumptions. These updated cash flows are used to calculate the revised NTG ratio, which is used to derive an updated liability for future policy benefits as of the beginning of the current reporting period, discounted at the original contract issuance discount rate. The updated liability for future policy benefit amount as of the beginning of the quarter is then compared to the carrying amount of the liability as of that same date, before the updates for actual experience or future cash flow assumptions, to determine the current period change in liability estimate. This current period change in the liability is the liability remeasurement gain or loss that is recorded through current period earnings in “Change in estimates of liability for future policy benefits”. In subsequent periods, the revised NTG ratio is used to measure the liability for future policy benefits, subject to future revisions.

If a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for expected future policy benefits and non-level claim settlement expenses, the NTG ratio is capped at 100%. In these instances, all changes in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately. While the liability for future policy benefits cannot be less than zero (i.e., a contra-liability) at the cohort level and thus the balance is floored at zero (i.e., “flooring”), the NTG ratio may be negative. This would be the case whereby conditions have improved such that the present value of future net premiums plus the existing liability for future policy benefits as of the valuation date exceed the present value of expected future policy benefits and non-level claim settlement expenses. In this case, the negative NTG ratio would be applied going forward to gross premiums received, effectively amortizing the gain into income and reducing the liability over time.

In addition, for limited-payment contracts, the liability for future policy benefits also includes a Deferred Profit Liability ("DPL") representing gross premiums received in excess of net premiums and is generally recognized in revenue in a constant relationship with insurance in force for life contracts or with the amount of expected future benefit payments for annuity contracts. The DPL is subject to a retrospective unlocking adjustment consistent with the liability for future policy benefits discussed above. The DPL cannot be less than zero (i.e., a contra-liability) at the cohort level and thus the balance is floored at zero (i.e., “flooring”).

•Discount Rate Assumption. The locked-in discount rate is generally based on expected investment returns at contract inception for contracts issued prior to January 1, 2021 and the upper medium grade fixed income corporate instrument yield (i.e., global single A) at contract inception for contracts issued on or after January 1, 2021. The discount rate in effect at contract inception is locked-in for the calculation of the NTG ratio and accretion of interest cost on the liability through net income. However, for balance sheet remeasurement purposes, the discount rate is updated using the current single A rate at each reporting period, with the effect on the liability resulting from such update recorded in “Interest rate remeasurement of future policy benefits" in OCI.
The methodology used in constructing the single A discount rate curve for discounting cash flows used to calculate the liability for future policy benefits is intended to be reflective of the characteristics of the applicable insurance liabilities. The single A discount rate curve is developed by reference to upper medium grade (low credit risk) fixed income instrument yields that reflect the duration characteristics of the applicable insurance liabilities. The single A discount curve for the United States is developed using government bond rates plus public corporate A spreads in the observable periods. The definition of upper medium grade is based on Moody’s Investor Service, Inc. ("Moody's") definition which includes the spectrum of A (i.e., A- to A+). Liquidity is considered in defining the observable period and linear extrapolation is performed to the Company's ultimate long-term economic assumptions. Annually, the Company performs a comprehensive review of the economic assumptions, including long-term interest rate assumptions and equity return assumptions, generally utilizing relevant economic outlook information and industry surveys as the primary basis.

The Company’s liability for future policy benefits also includes net liabilities for guaranteed benefits related to certain long-duration life contracts, such as no-lapse guarantee contract features (Additional Insurance Reserves or "AIR" liability), for which a liability is established when associated assessments are recognized (which include investment margin on policyholders' account balances deposited to fixed and indexed funds and all policy charges including charges for administration, mortality, expense, surrender, and other charges). This liability is established using current best estimate assumptions and is based on the ratio of the present value of total expected excess payments (i.e., payments in excess of account value) over the life of the contract divided by the present value of total expected assessments (i.e., benefit ratio). The liability equals the current benefit ratio multiplied by cumulative assessments recognized to date, plus interest, less cumulative excess payments to date. The liability does not necessarily reflect the full policyholder obligation the Company expects to pay at the conclusion of the contract since a portion of that excess payment would be funded by assessments received in the future and would be recognized in the liability at that time. The reserves are subject to adjustments based on annual reviews of assumptions and quarterly adjustments for experience as described below, including market performance. These adjustments reflect the impact on the benefit ratio of using actual historical experience from the issuance date to the balance sheet date plus updated estimates of future experience. The updated benefit ratio is then applied to all prior periods’ assessments to derive an adjustment to the reserve recognized through a benefit or charge to current period earnings. Any adjustments to this liability related to net unrealized gains (losses) on securities classified as available-for-sale are included in AOCI.

For universal life type contracts and participating contracts, the Company performs premium deficiency tests using best estimate assumptions as of the testing date, at a minimum, on an annual basis, and on a quarterly basis for business whose profitability is closely tied to equity market performance. If the liabilities determined based on these best estimate assumptions are greater than the net reserves (i.e., GAAP reserves including unearned revenue reserves ("URR"), net of reinsurance and any DSI asset), the existing net reserves are adjusted by first reducing assets, such as DSI or deferred reinsurance loss, by the amount of the deficiency or to zero through a charge to current period earnings. If the deficiency is more than these asset balances for insurance contracts, the net reserves are increased by the excess through a charge to current period earnings included in "Policyholders' benefits". Since investment yields are used as the discount rate, the premium deficiency test is also performed using a discount rate based on the market yield (i.e., assuming what would be the impact if any unrealized gains (losses) were realized as of the testing date). In the event that by using the market yield a deficiency occurs, an adjustment is established for the deficiency and is included in AOCI.
The Company’s liability for future policy benefits also includes a liability for unpaid claims and claim adjustment expenses. The Company does not establish claim liabilities until a loss has been incurred. However, unpaid claims and claim adjustment expenses include estimates of claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date. Expense assumptions included in the liability only include claim related expenses and exclude acquisition costs and non-claim related costs such as costs relating to investments, general administration, policy maintenance, product development, market research, and general overhead.
Policyholders' account balances Policyholders’ account balances represents the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. This liability is primarily associated with the accumulated account deposits, plus interest credited, less policyholder withdrawals and other charges assessed against the account balance, as applicable. These policyholders’ account balances also include provision for benefits under non-life contingent payout annuities and certain unearned revenues. The unearned revenue liability represents policy charges for services to be provided in future periods. The charges are deferred as incurred and are generally amortized over the expected life of the contract using the same methodology, factors, and assumption used to amortize DAC. See Note 10 for additional information regarding policyholders’ account balances. Policyholders' account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products. The changes in the fair value of the embedded derivatives are recorded in net income. For additional information regarding the valuation of these embedded derivatives, see Note 6.
Cash collateral for loaned securities
Cash collateral for loaned securities represents liabilities to return cash proceeds from security lending transactions. Securities lending transactions are used primarily to earn spread income. As part of securities lending transactions, the Company transfers U.S. and foreign debt and equity securities, as well as U.S. government and government agency securities, and receives cash as collateral. Cash proceeds from securities lending transactions are primarily used to earn spread income, and are typically invested in cash equivalents, short-term investments or fixed maturities. Securities lending transactions are treated as financing arrangements and are recorded at the amount of cash received. The Company obtains collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. The Company monitors the market value of the securities loaned on a daily basis with additional collateral obtained as necessary. Substantially all of the Company’s securities lending transactions are with large brokerage firms and large banks. Income and expenses associated with securities lending transactions used to earn spread income are reported as "Net investment income".
Securities sold under agreements to repurchase
Securities sold under agreements to repurchase represents liabilities associated with securities repurchase agreements that are used primarily to earn spread income. As part of securities repurchase agreements, the Company transfers U.S. government and government agency securities to a third-party, and receives cash as collateral. For securities repurchase agreements, the cash received is typically invested in cash equivalents, short-term investments or fixed maturities. Receivables associated with securities purchased under agreements to resell are generally reflected as cash equivalents. As part of securities resale agreements, the Company invests cash and receives as collateral U.S. government securities or other debt securities.

Securities repurchase and resale agreements that satisfy certain criteria are treated as secured borrowing or secured lending arrangements. These agreements are carried at the amounts at which the securities will be subsequently resold or reacquired, as specified in the respective transactions. For securities purchased under agreements to resell, the Company’s policy is to take possession or control of the securities either directly or through a third-party custodian. These securities are valued daily, and additional securities or cash collateral is received, or returned, when appropriate to protect against credit exposure. Securities to be resold are the same, or substantially the same, as the securities received. The majority of these transactions are with large brokerage firms and large banks. For securities sold under agreements to repurchase, the market value of the securities to be repurchased is monitored, and additional collateral is obtained where appropriate, to protect against credit exposure. The Company obtains collateral in an amount at least equal to 95% of the fair value of the securities sold. Securities to be repurchased are the same, or substantially the same, as those sold. The majority of these transactions are with highly rated money market funds. Income and expenses related to these transactions executed within the insurance companies used to earn spread income are reported as “Net investment income”.
Short-term and long-term debt
Short-term and long-term debt liabilities are primarily carried at an amount equal to unpaid principal balance, net of unamortized discount or premium and debt issuance costs. Original-issue discount or premium and debt-issue costs are recognized as a component of interest expense over the period the debt is expected to be outstanding, using the interest method of amortization. Interest expense is generally presented within “General, administrative and other expenses” in the Company’s Consolidated Statements of Operations. Short-term debt is debt coming due in the next twelve months, including that portion of debt otherwise classified as long-term. The short-term debt caption may exclude short-term debt items for which the Company has the intent and ability to refinance on a long-term basis in the near term. See Note 16 for additional information regarding short-term and long-term debt.
Commitments and contingent liabilities
Commitments and contingent liabilities are accrued if it is probable that a liability has been incurred and an amount is reasonably estimable. Management evaluates whether there are incremental legal or other costs directly associated with the ultimate resolution of the matter that are reasonably estimable and, if so, they are included in the accrual. These accruals are generally reported in “Other liabilities”.
Insurance Revenue and Expense Recognition
Insurance Revenue and Expense Recognition

Premiums from individual life products, other than universal and variable life contracts, are recognized when due. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium (i.e., the portion of the gross premium required to provide for all expected future policy benefits and non-level claim settlement expenses) is generally deferred and recognized into revenue in a constant relationship to insurance in force. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized as described in "Future policy benefits" above.

Premiums from single premium immediate annuities with life contingencies are recognized when due. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium is generally deferred and recognized into revenue based on expected future benefit payments. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized as described in "Future policy benefits" above.

Certain individual annuity contracts provide the contractholder a guarantee that the benefit received upon death or annuitization will be no less than a minimum prescribed amount. These benefits are generally accounted for as market risk benefits (see “Market risk benefits” above).

Amounts received from policyholders as payment for universal or variable individual life contracts, deferred fixed or variable annuities and other contracts without life contingencies are reported as deposits to “Policyholders’ account balances” and/or “Separate account liabilities”. Revenues from these contracts are reflected in “Policy charges and fee income” consisting primarily of fees assessed during the period against the policyholders’ account balances for mortality and other benefit charges, policy administration charges and surrender charges. In addition to fees, the Company earns investment income from the investment of deposits in the Company’s general account portfolio. Fees assessed that represent compensation to the Company for services to be provided in future periods and certain other fees are generally deferred and amortized into revenue over the life of the related contracts using the same methodology, factors, and assumption used to amortize DAC as described above. Benefits and expenses for these products include claims in excess of related account balances, expenses of contract administration, interest credited to policyholders’ account balances and amortization of DAC and DSI.

Policyholders’ account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products where changes in the value of the embedded derivatives are recorded through "Realized investment gains (losses), net". For additional information regarding the valuation of these embedded derivatives, see Note 6.
Asset administration fees Asset administration fees primarily include asset administration fee income received on contractholders’ account balances invested in The Prudential Series Funds, which are a portfolio of mutual fund investments related to the Company’s separate account products. Also, the Company receives fee income calculated on contractholder separate account balances invested in the Advanced Series Trust ("AST") (see Note 16). In addition, the Company receives fees from contractholders’ account balances invested in funds managed by companies other than affiliates of Prudential Insurance. Asset administration fees are recognized as income when earned.
Other income
Other income (loss) includes realized and unrealized gains or losses from investments reported as “Fixed maturities, trading, at fair value”, “Equity securities, at fair value”, and “Other invested assets” that are measured at fair value as well as interest income related to affiliated cash collateral. See Note 16 for more information related to affiliated cash collateral. Other income (loss) in 2025 also includes the recognition of previously deferred reinsurance gains.
Derivative Financial Instruments
Derivative Financial Instruments

Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, values of securities or commodities, credit spreads, market volatility, expected returns, and liquidity. Values can also be affected by changes in estimates and assumptions, including those related to counterparty behavior and NPR used in valuation models. Derivative financial instruments generally used by the Company include swaps, futures, forwards and options and may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties, while others are bilateral contracts between two counterparties. Derivative positions are carried at fair value, generally by obtaining quoted market prices or through the use of valuation models.

Derivatives are used to manage the interest rate and currency characteristics of assets or liabilities. Additionally, derivatives may be used to reduce exposure to risks such as interest rate, credit, foreign currency and equity associated with assets held or expected to be purchased or sold, and liabilities incurred or expected to be incurred. As discussed in detail below and in Note 5, all realized and unrealized changes in fair value of derivatives are recorded in current earnings, with the exception of cash flow hedges. Cash flows from derivatives are reported in the operating, investing or financing activities sections in the Consolidated Statements of Cash Flows based on the nature and purpose of the derivative.

Derivatives are recorded either as assets, within “Other invested assets”, or as liabilities, within “Payables to parent and affiliates”, except for embedded derivatives which are recorded with the associated host contract. The Company nets the fair value of all derivative financial instruments with counterparties for which a master netting arrangement has been executed.

The Company designates derivatives as either (1) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow” hedge); or (2) a derivative that does not qualify for hedge accounting.

To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated risk of the hedged item. Effectiveness of the hedge is formally assessed at inception and throughout the life of the hedging relationship.

The Company formally documents at inception all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives designated as cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions.
When a derivative is designated as a cash flow hedge and is determined to be highly effective, changes in its fair value are recorded in AOCI until earnings are affected by the variability of cash flows being hedged (e.g., when periodic settlements on a variable-rate asset or liability are recorded in earnings). At that time, the related portion of deferred gains or losses on the derivative instrument is reclassified and reported in the Consolidated Statements of Operations line item associated with the hedged item.

If it is determined that a derivative no longer qualifies as an effective cash flow hedge or management removes the hedge designation, the derivative will continue to be carried on the balance sheet at its fair value, with changes in fair value recognized currently in “Realized investment gains (losses), net”. The component of AOCI related to discontinued cash flow hedges is reclassified to the Consolidated Statements of Operations line associated with the hedged cash flows consistent with the earnings impact of the original hedged cash flows.

When hedge accounting is discontinued because the hedged item no longer meets the definition of a firm commitment, or because it is probable that the forecasted transaction will not occur by the end of the specified time period, the derivative will continue to be carried on the balance sheet at its fair value, with changes in fair value recognized currently in “Realized investment gains (losses), net”. Any asset or liability that was recorded pursuant to recognition of the firm commitment is removed from the balance sheet and recognized currently in “Realized investment gains (losses), net”. Gains and losses that were in AOCI pursuant to the hedge of a forecasted transaction are recognized immediately in “Realized investment gains (losses), net”.

If a derivative does not qualify for hedge accounting, all changes in its fair value, including net receipts and payments, are included in “Realized investment gains (losses), net” without considering changes in the fair value of the economically associated assets or liabilities.

The Company is a party to financial instruments that contain derivative instruments that are “embedded” in the financial instruments. At inception, the Company assesses whether the economic characteristics of the embedded instrument are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the host contract) and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that (1) the embedded instrument possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded instrument qualifies as an embedded derivative that is separated from the host contract, carried at fair value, and changes in its fair value are included in “Realized investment gains (losses), net”. For certain financial instruments that contain an embedded derivative that otherwise would need to be bifurcated and reported at fair value, the Company may elect to carry the entire instrument at fair value and report it within "Other invested assets" and "Reinsurance recoverable and deposit receivables", or as liabilities, within “Payables to parent and affiliates” or "Reinsurance and funds withheld payables".

The Company sells variable annuity contracts that include optional living benefit features that may be treated from an accounting perspective as embedded derivatives. The embedded derivatives related to the living benefit features and the related reinsurance agreements are carried at fair value and included in “Future policy benefits" and “Reinsurance recoverables and deposit receivables”. Additionally, changes in the fair value are determined using valuation models as described in Note 6 and are recorded in “Realized investment gains (losses), net".
New accounting pronouncements including the Adoption of ASU 2018-12
ASUs adopted during the year ended December 31, 2025

StandardDescriptionEffective date and method of adoptionEffect on the financial statements or other significant matters
ASU 2023-09—Income Taxes (Topic 740) Improvements to Income Tax DisclosuresThis ASU requires entities to provide additional information primarily related to the effective tax rate reconciliation and income taxes paid.January 1, 2025 using the prospective method.Adoption of the ASU did not have an impact on the Company's Consolidated Financial Statements but resulted in expanded disclosures in the Notes to the Consolidated Financial Statements.
Future Adoption Of New Accounting Pronouncements
ASUs issued but not yet adopted as of December 31, 2025

StandardDescriptionEffective date and method of adoptionEffect on the financial statements or other significant matters
ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement ExpensesThis ASU requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements.Effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted and applied either prospectively or retrospectively.The Company is currently assessing the impact of the ASU on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements.
v3.26.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Investments [Abstract]  
Fixed Maturities, Available-for-sale Securities
The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:
 December 31, 2025
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$1,196,805 $24,151 $103,636 $0 $1,117,320 
Obligations of U.S. states and their political subdivisions460,634 1,245 27,351 0 434,528 
Foreign government securities456,138 7,187 38,590 0 424,735 
U.S. public corporate securities19,566,876 302,845 801,659 75 19,067,987 
U.S. private corporate securities6,790,444 99,408 175,094 12,146 6,702,612 
Foreign public corporate securities5,306,445 100,625 85,439 415 5,321,216 
Foreign private corporate securities7,093,850 331,109 241,209 300 7,183,450 
Asset-backed securities(1)5,051,514 31,060 5,180 1,346 5,076,048 
Commercial mortgage-backed securities1,370,898 17,493 34,081 0 1,354,310 
Residential mortgage-backed securities(2)936,614 9,989 4,638 0 941,965 
Total fixed maturities, available-for-sale$48,230,218 $925,112 $1,516,877 $14,282 $47,624,171 
(1)    Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans and education loans.
(2)    Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

 December 31, 2024
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$1,199,628 $8,357 $108,744 $0 $1,099,241 
Obligations of U.S. states and their political subdivisions570,253 1,156 30,343 0 541,066 
Foreign government securities362,154 646 52,466 0 310,334 
U.S. public corporate securities14,134,828 60,917 957,316 1 13,238,428 
U.S. private corporate securities6,030,898 35,828 301,451 11,178 5,754,097 
Foreign public corporate securities3,804,503 21,136 126,767 21 3,698,851 
Foreign private corporate securities5,838,939 43,334 511,426 29,214 5,341,633 
Asset-backed securities(1)3,728,073 31,431 8,841 0 3,750,663 
Commercial mortgage-backed securities944,652 4,567 53,444 0 895,775 
Residential mortgage-backed securities(2)367,005 861 11,794 0 356,072 
Total fixed maturities, available-for-sale$36,980,933 $208,233 $2,162,592 $40,414 $34,986,160 
(1)    Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans and education loans.
(2)    Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
Duration Of Gross Unrealized Losses On Fixed Maturity Securities
The following tables set forth the fair value and gross unrealized losses on available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:
 December 31, 2025
 Less Than Twelve MonthsTwelve Months or MoreTotal
 Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$187,705 $7,191 $386,544 $96,445 $574,249 $103,636 
Obligations of U.S. states and their political subdivisions34,212 853 259,746 26,498 293,958 27,351 
Foreign government securities54,155 214 159,018 38,376 213,173 38,590 
U.S. public corporate securities1,659,501 31,308 4,933,894 770,153 6,593,395 801,461 
U.S. private corporate securities673,009 7,201 2,616,271 167,702 3,289,280 174,903 
Foreign public corporate securities391,306 3,528 759,461 81,911 1,150,767 85,439 
Foreign private corporate securities183,588 2,294 2,000,967 238,882 2,184,555 241,176 
Asset-backed securities158,585 349 40,059 3,301 198,644 3,650 
Commercial mortgage-backed securities54,331 212 400,953 33,869 455,284 34,081 
Residential mortgage-backed securities9,148 8 109,013 4,630 118,161 4,638 
  Total fixed maturities, available-for-sale$3,405,540 $53,158 $11,665,926 $1,461,767 $15,071,466 $1,514,925 

 December 31, 2024
 Less Than Twelve MonthsTwelve Months or MoreTotal
 Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$377,531 $13,829 $238,723 $94,915 $616,254 $108,744 
Obligations of U.S. states and their political subdivisions226,731 5,019 212,060 25,324 438,791 30,343 
Foreign government securities118,168 2,615 171,166 49,851 289,334 52,466 
U.S. public corporate securities4,320,552 105,145 4,677,336 852,171 8,997,888 957,316 
U.S. private corporate securities1,999,008 41,931 2,379,755 259,489 4,378,763 301,420 
Foreign public corporate securities1,088,644 20,465 716,172 106,294 1,804,816 126,759 
Foreign private corporate securities1,977,169 69,399 2,107,705 440,330 4,084,874 509,729 
Asset-backed securities363,744 5,510 140,090 3,331 503,834 8,841 
Commercial mortgage-backed securities101,821 1,356 489,490 52,088 591,311 53,444 
Residential mortgage-backed securities142,961 1,946 123,853 9,848 266,814 11,794 
  Total fixed maturities, available-for-sale$10,716,329 $267,215 $11,256,350 $1,893,641 $21,972,679 $2,160,856 
Fixed Maturities Classified by Contractual Maturity Date
The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated:
 December 31, 2025
 Amortized CostFair Value
 (in thousands)
Fixed maturities, available-for-sale:
Due in one year or less$1,745,409 $1,738,607 
Due after one year through five years15,738,281 15,930,893 
Due after five years through ten years12,444,358 12,660,246 
Due after ten years10,943,144 9,922,102 
Asset-backed securities5,051,514 5,076,048 
Commercial mortgage-backed securities1,370,898 1,354,310 
Residential mortgage-backed securities936,614 941,965 
Total fixed maturities, available-for-sale$48,230,218 $47,624,171 
Sources of Fixed Maturity Proceeds and Related Investment Gains (Losses), and Losses on Impairments
The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the periods indicated:
Years Ended December 31
202520242023
  (in thousands) 
Fixed maturities, available-for-sale:
Proceeds from sales(1)$2,589,307 $2,097,519 $460,596 
Proceeds from maturities/prepayments3,663,766 2,300,919 1,218,844 
Gross investment gains from sales and maturities27,112 23,978 11,482 
Gross investment losses from sales and maturities(58,814)(143,432)(43,078)
Write-downs recognized in earnings(2)(76,892)(9,534)(2,358)
(Addition to) release of allowance for credit losses26,180 (38,406)2,761 
(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $106.2 million, $(158.4) million and $57.4 million for the years ended December 31, 2025, 2024, and 2023, respectively.
(2)Amounts represent write-downs of credit adverse securities and securities actively marketed for sale.
Allowance for Credit Losses for Fixed Maturity Securities
The following tables set forth the balance of and changes in the allowance for credit losses for fixed maturity securities, as of and for the periods indicated:
Year Ended December 31, 2025
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government SecuritiesU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $40,414 $0 $0 $0 $40,414 
Additions to allowance for credit losses not previously recorded0 0 26,779 3,500 0 0 30,279 
Reductions for securities sold during the period0 0 (2,127)(925)0 0 (3,052)
Additions (reductions) on securities with previous allowance0 0 4,072 (1,229)0 0 2,843 
Write-downs charged against the allowance0 0 (56,202)0 0 0 (56,202)
Balance, end of period$0 $0 $12,936 $1,346 $0 $0 $14,282 

Year Ended December 31, 2024
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government SecuritiesU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $2,000 $1 $0 $7 $2,008 
Additions to allowance for credit losses not previously recorded0 0 39,600 0 0 5 39,605 
Reductions for securities sold during the period0 0 (2,002)0 0 0 (2,002)
Additions (reductions) on securities with previous allowance0 0 337 (1)0 (12)324 
Assets transferred (to) from parent and affiliates0 0 479 0 0 0 479 
Balance, end of period$0 $0 $40,414 $0 $0 $0 $40,414 
Commercial Mortgage and Other Loans
The following table sets forth the composition of “Commercial mortgage and other loans”, as of the dates indicated:
 December 31, 2025December 31, 2024
 Amount% of
Total		Amount% of
Total
($ in thousands)
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family$2,612,457 27.4 %$1,949,926 25.0 %
Health Care Senior Living(1)119,507 1.3 134,195 1.7 
Hospitality108,227 1.0 97,603 1.3 
Industrial3,448,599 36.2 2,906,413 37.3 
Office525,136 5.5 556,586 7.1 
Retail865,298 9.1 693,949 9.0 
Self-Storage(1)665,544 7.0 543,701 7.0 
Other(1)119,202 1.3 72,645 0.9 
Total commercial mortgage loans8,463,970 88.8 6,955,018 89.3 
Agricultural property loans1,068,014 11.2 830,041 10.7 
Total commercial mortgage and agricultural property loans9,531,984 100.0 %7,785,059 100.0 %
Allowance for credit losses(45,604)(37,715)
Total net commercial mortgage and agricultural property loans9,486,380 7,747,344 
Other loans:
Residential mortgage loans
589,937 0 
Other collateralized loans11,936 11,979 
Total other loans 601,873 11,979 
Allowance for credit losses
(5,586)0 
Total net other loans596,287 11,979 
Total net commercial mortgage and other loans$10,082,667 $7,759,323 
(1) Prior period amounts have been updated to conform to current period presentation.
Allowance for Credit Losses
The following table sets forth the balance of and changes in the allowance for credit losses for commercial mortgage and other loans, as of and for the periods ended:
Commercial Mortgage LoansAgricultural Property LoansResidential
Mortgage Loans		Total
 (in thousands)
Balance at December 31, 2022$19,665 $598 $0 $20,263 
Addition to (release of) allowance for expected losses17,093 333 0 17,426 
Balance at December 31, 202336,758 931 0 37,689 
Addition to (release of) allowance for expected losses5,613 3,780 0 9,393 
Write-downs charged against allowance(9,367)0 0 (9,367)
Balance at December 31, 202433,004 4,711 0 37,715 
Addition to (release of) allowance for expected losses12,327 2,573 5,586 20,486 
Write-downs charged against allowance(1,915)(5,096)0 (7,011)
Balance at December 31, 2025$43,416 $2,188 $5,586 $51,190 
Write-downs of Loans by Origination Year
The following table sets forth the write-downs of commercial mortgage and other loans by origination year for the year ended December 31, 2025:
December 31, 2025
Amortized Cost by Origination Year
20252024202320222021PriorTotal
(in thousands)
Commercial mortgage loans
$0 $0 $0 $0 $0 $1,915 $1,915 
Agricultural property loans
0 0 3,461 1,635 0 0 5,096 
Total$0 $0 $3,461 $1,635 $0 $1,915 $7,011 
Financing Receivable Credit Quality Indicators
The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:
December 31, 2025
Amortized Cost by Origination Year
20252024202320222021PriorRevolving LoansTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$583,935 $386,956 $339,226 $432,721 $516,692 $1,248,164 $12,429 $3,520,123 
60%-69.99%1,119,839 1,128,626 453,007 144,375 318,216 192,472 0 3,356,535 
70%-79.99%112,150 223,390 344,004 68,791 266,035 118,452 0 1,132,822 
80% or greater0 1,196 0 76,282 160,304 216,708 0 454,490 
Total$1,815,924 $1,740,168 $1,136,237 $722,169 $1,261,247 $1,775,796 $12,429 $8,463,970 
Debt Service Coverage Ratio:
Greater than 1.2x$1,709,249 $1,718,881 $944,699 $704,034 $1,261,247 $1,656,396 $10,839 $8,005,345 
1.0 - 1.2x94,819 12,972 191,538 0 0 47,395 1,590 348,314 
Less than 1.0x11,856 8,315 0 18,135 0 72,005 0 110,311 
Total$1,815,924 $1,740,168 $1,136,237 $722,169 $1,261,247 $1,775,796 $12,429 $8,463,970 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$226,434 $242,422 $74,777 $198,123 $126,275 $61,392 $35,759 $965,182 
60%-69.99%13,068 29,560 19,282 0 4,950 0 17,083 83,943 
70%-79.99%0 0 0 0 0 0 0 0 
80% or greater0 0 0 6,061 0 0 12,828 18,889 
Total$239,502 $271,982 $94,059 $204,184 $131,225 $61,392 $65,670 $1,068,014 
Debt Service Coverage Ratio:
Greater than 1.2x$239,502 $260,566 $85,966 $158,503 $124,612 $47,718 $52,842 $969,709 
1.0 - 1.2x0 10,473 2,358 4,755 0 10,298 0 27,884 
Less than 1.0x0 943 5,735 40,926 6,613 3,376 12,828 70,421 
Total$239,502 $271,982 $94,059 $204,184 $131,225 $61,392 $65,670 $1,068,014 
December 31, 2024
Amortized Cost by Origination Year
20242023202220212020PriorRevolving LoansTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$452,940 $232,276 $306,684 $482,596 $134,403 $1,138,394 $6,479 $2,753,772 
60%-69.99%972,161 541,849 273,258 360,457 110,515 303,107 0 2,561,347 
70%-79.99%362,701 365,111 134,208 330,355 6,774 77,399 0 1,276,548 
80% or greater1,196 0 56,204 84,761 3,870 217,320 0 363,351 
Total$1,788,998 $1,139,236 $770,354 $1,258,169 $255,562 $1,736,220 $6,479 $6,955,018 
Debt Service Coverage Ratio:
Greater than 1.2x$1,728,895 $962,290 $755,350 $1,256,699 $255,562 $1,616,904 $0 $6,575,700 
1.0 - 1.2x60,103 176,946 15,004 0 0 59,871 6,479 318,403 
Less than 1.0x0 0 0 1,470 0 59,445 0 60,915 
Total$1,788,998 $1,139,236 $770,354 $1,258,169 $255,562 $1,736,220 $6,479 $6,955,018 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$241,715 $89,569 $163,820 $126,368 $23,488 $38,478 $18,834 $702,272 
60%-69.99%29,560 19,396 49,210 0 0 0 0 98,166 
70%-79.99%0 0 0 5,213 0 0 0 5,213 
80% or greater0 0 7,295 0 1,657 0 15,438 24,390 
Total$271,275 $108,965 $220,325 $131,581 $25,145 $38,478 $34,272 $830,041 
Debt Service Coverage Ratio:
Greater than 1.2x$259,647 $95,087 $211,030 $129,865 $23,488 $38,478 $18,834 $776,429 
1.0 - 1.2x11,628 13,878 9,295 0 0 0 15,438 50,239 
Less than 1.0x0 0 0 1,716 1,657 0 0 3,373 
Total$271,275 $108,965 $220,325 $131,581 $25,145 $38,478 $34,272 $830,041 
Residential mortgage loans primarily include fixed-rate, amortizing mortgage loans on rental properties owned by borrowers with Fair Isaac Corporation ("FICO") scores typically considered prime or above. The primary credit quality indicator is whether a loan is performing or nonperforming. The Company defines nonperforming residential mortgage loans as those that are 90 days or more past due and/or in nonaccrual status.
December 31, 2025
Amortized Cost by Origination Year
20252024202320222021PriorTotal
(in thousands)
Residential mortgage loans
Performance indicators:
Performing
$571,247 $18,549 $141 $0 $0 $0 $589,937 
Nonperforming
0 0 0 0 0 0 0 
Total$571,247 $18,549 $141 $0 $0 $0 $589,937 
Amortized Cost Basis of Loan Modifications made to Borrowers Experiencing Financial Difficulties
The following tables set forth the amortized cost basis of loan modifications made to borrowers experiencing financial difficulties during the periods indicated:
Year Ended December 31, 2025
Term
Extension		Other Than Insignificant Delay in Payment% of
Amortized Cost
($ in thousands)
Commercial mortgage loans$0 $0 0.0 %
Year Ended December 31, 2024
Term
Extension		Other Than Insignificant Delay in Payment% of
Amortized Cost
($ in thousands)
Commercial mortgage loans$14,546 $4,570 0.2 %
Aging of Past Due Commercial Mortgage and Other Loans and Nonaccrual Status
The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:
December 31, 2025
Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past Due(1)Total LoansNon-Accrual Status(2)
(in thousands)
Commercial mortgage loans$8,462,579 $0 $0 $1,391 $8,463,970 $2,586 
Agricultural property loans1,033,714 0 0 34,300 1,068,014 38,649 
Residential mortgage loans588,368 1,569 0 0 589,937 0
Other collateralized loans11,936 0 0 0 11,936 0
Total $10,096,597 $1,569 $0 $35,691 $10,133,857 $41,235 
(1)As of December 31, 2025, there were no loans in this category accruing interest.
(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2.
December 31, 2024
Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past Due(1)Total LoansNon-Accrual Status(2)
(in thousands)
Commercial mortgage loans$6,951,093 $0 $0 $3,925 $6,955,018 $5,120 
Agricultural property loans804,804 0 2,505 22,732 830,041 24,765 
Residential mortgage loans0 0 0 0 0 0 
Other collateralized loans11,979 0 0 0 11,979 0 
Total $7,767,876 $0 $2,505 $26,657 $7,797,038 $29,885 
(1)As of December 31, 2024, there were no loans in this category accruing interest.
(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2.
Other Invested Assets
The following table sets forth the composition of “Other invested assets”, as of the dates indicated:
December 31,
20252024
 (in thousands)
LPs/LLCs:
Equity method:
Private equity$374,958 $388,822 
Hedge funds1,671,779 1,024,534 
Real estate-related68,373 75,730 
Subtotal equity method2,115,110 1,489,086 
Fair value:
Private equity19,523 28,094 
Hedge funds52,591 14 
Real estate-related15,233 16,016 
Subtotal fair value87,347 44,124 
Total LPs/LLCs2,202,457 1,533,210 
Derivative instruments46,483 24,499 
Other(1)48,595 24,385 
Total other invested assets$2,297,535 $1,582,094 
(1)Includes tax advantaged investments and investments in separate account funds.
Equity Method Investments
The following tables set forth summarized combined financial information for significant LP/LLC interests accounted for under the equity method, including the Company’s investments in operating joint ventures. Changes between periods in the tables below reflect changes in the activities within the operating joint ventures and LPs/LLCs, as well as changes in the Company’s level of investment in such entities:
 December 31,
 20252024
 (in thousands)
STATEMENTS OF FINANCIAL POSITION
Total assets(1)$64,973,949 $66,477,439 
Total liabilities(2)$10,051,385 $1,894,242 
Partners’ capital54,922,564 64,583,197 
Total liabilities and partners’ capital$64,973,949 $66,477,439 
Equity in LP/LLC interests included above$1,858,303 $1,338,056 
Equity in LP/LLC interests not included above325,315 230,687 
Carrying value$2,183,618 $1,568,743 
(1)Amount represents gross assets of each fund where the Company has a significant investment. These assets consist primarily of investments in real estate, investments in securities and other miscellaneous assets.
(2)Amount represents gross liabilities of each fund where the Company has a significant investment. These liabilities consist primarily of third-party borrowed funds and other miscellaneous liabilities.
 Years Ended December 31,
 202520242023
 (in thousands)
STATEMENTS OF OPERATIONS
Total revenues(1)$4,783,207 $1,678,772 $3,465,807 
Total expenses(2)(924,378)(473,445)(979,287)
Net earnings (losses)$3,858,829 $1,205,327 $2,486,520 
Equity in net earnings (losses) of LP/LLC interests included above$137,546 $57,119 $17,795 
Equity in net earnings (losses) of LP/LLC interests not included above31,862 18,193 11,792 
Total equity in net earnings (losses)$169,408 $75,312 $29,587 
(1)Amount represents gross revenue of each fund where the Company has a significant investment. This revenue consists of income from investments in real estate, investments in securities and other income.
(2)Amount represents gross expenses of each fund where the Company has a significant investment. These expenses consist primarily of interest expense, investment management fees, salary expenses and other expenses.
Accrued Investment Income
The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:
December 31,
20252024
(in thousands)
Fixed maturities$531,247 $396,173 
Equity securities218 436 
Commercial mortgage and other loans46,092 29,437 
Policy loans31,288 30,820 
Short-term investments and cash equivalents9,188 9,528 
Total accrued investment income$618,033 $466,394 
Net Investment Income
The following table sets forth “Net investment income” by investment type, for the periods indicated: 
Years Ended December 31,
202520242023
 (in thousands)
Fixed maturities, available-for-sale$2,182,678 $1,622,898 $1,139,581 
Fixed maturities, trading211,123 156,407 96,128 
Equity securities63,218 30,698 14,772 
Commercial mortgage and other loans444,449 328,853 231,994 
Policy loans66,917 65,825 48,118 
Other invested assets249,245 140,376 98,369 
Short-term investments and cash equivalents122,337 182,094 123,857 
Gross investment income3,339,967 2,527,151 1,752,819 
Less: investment expenses(129,445)(105,134)(77,297)
Net investment income$3,210,522 $2,422,017 $1,675,522 
Realized Investment Gains (Losses), Net
The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:
Years Ended December 31,
202520242023
(in thousands)
Fixed maturities(1)$(82,414)$(167,394)$(31,193)
Commercial mortgage and other loans(21,697)(11,113)(17,854)
LPs/LLCs(2)(6)576 (272)
Derivatives(1,129,307)713,403 (1,136,331)
Short-term investments and cash equivalents142 974 2,033 
Ceded income on modified coinsurance assets(2)(3)(191,080)(85,069)37,120 
Other(2)(6,063)40 (602)
Realized investment gains (losses), net$(1,430,425)$451,417 $(1,147,099)
(1)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading.
(2)Prior period amounts have been updated to conform to current period presentation.
(3)Includes changes in the value of reinsurance and funds withheld payables, primarily reflecting the impact of net investment income on withheld assets that are ceded to certain reinsurance counterparties.
Net Unrealized Gains and (Losses) on Investments
The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated: 
December 31,
202520242023
(in thousands)
Fixed maturity securities, available-for-sale with an allowance$(1,352)$893 $1,987 
Fixed maturity securities, available-for-sale without an allowance(590,413)(1,955,252)(1,406,265)
Derivatives designated as cash flow hedges(1)(132,690)110,565 11,934 
Affiliated notes(2,094)(3,276)(8,760)
Other investments(2)12,147 785 (1,089)
Net unrealized gains (losses) on investments$(714,402)$(1,846,285)$(1,402,193)
(1)For additional information regarding cash flow hedges, see Note 5.
(2)Includes net unrealized gains (losses) on certain joint ventures that are strategic in nature and are included in "Other assets".
Repurchase Agreements and Securities Lending
The following table sets forth the composition of “Cash collateral for loaned securities,” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:
December 31, 2025December 31, 2024
Remaining Contractual Maturities of the AgreementsRemaining Contractual Maturities of the Agreements
Overnight & ContinuousUp to 30 DaysTotalOvernight & ContinuousUp to 30 DaysTotal
(in thousands)
Obligations of U.S. states and their political subdivisions$1,123 $0 $1,123 $1,139 $0 $1,139 
U.S. public corporate securities3,227 0 3,227 6,949 0 6,949 
U.S. private corporate securities0 0 0 18 0 18 
Foreign public corporate securities18,272 0 18,272 10,100 0 10,100 
Equity securities0 0 0 103,166 0 103,166 
Total cash collateral for loaned securities(1)$22,622 $0 $22,622 $121,372 $0 $121,372 
(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.
Securities Pledged The following table sets forth the carrying value of investments pledged to third-parties and the carrying amount of the associated liabilities supported by the pledged collateral, as of the dates indicated:
December 31,
20252024
 (in thousands)
Securities pledged:
Fixed maturities, available-for-sale$5,661,731 $3,856,216 
Fixed maturities, trading0 17 
Equity securities0 100,601 
Total securities pledged$5,661,731 $3,956,834 
Liabilities supported by the pledged collateral:
Cash collateral for loaned securities$22,622 $121,372 
Other liabilities2,482,215 3,622,596 
Total liabilities supported by the pledged collateral$2,504,837 $3,743,968 
v3.26.1
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2025
Variable Interest Entity, Measure of Activity [Abstract]  
Schedule of Consolidated Variable Interest Entities
The table below reflects the carrying amount and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported:

December 31, 2025December 31, 2024
(in thousands)
Fixed maturities, available-for-sale, at fair value$39,593 $0 
Other invested assets52,590 0 
Accrued investment income129 0 
Cash and cash equivalents157 0 
Income tax assets14 0 
Other assets84 0 
Total assets of consolidated variable interest entities$92,567 $0 
Payables to parent and affiliates$739 $0 
Other liabilities3,945 0 
Total liabilities of consolidated variable interest entities$4,684 $0 
v3.26.1
Derivatives and Hedging (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks, excluding embedded derivatives and associated reinsurance recoverables and deposit receivables. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account the netting effects of master netting agreements and cash collateral.
 December 31, 2025December 31, 2024
Primary Underlying Risk/Instrument TypeFair ValueFair Value
Gross
Notional		AssetsLiabilitiesGross
Notional		AssetsLiabilities
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Currency/Interest Rate
Interest Rate Swaps$2,664 $0 $(103)$2,851 $0 $(209)
Foreign Currency Swaps4,731,873 84,065 (215,779)3,308,842 202,606 (27,523)
Total Derivatives Designated as Hedge Accounting Instruments$4,734,537 $84,065 $(215,882)$3,311,693 $202,606 $(27,732)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$191,366,960 $8,656,717 $(20,427,373)$174,170,160 $9,029,399 $(20,888,553)
Interest Rate Futures2,076,700 2,227 (1,587)1,518,400 1,967 (1,443)
Interest Rate Options27,025,000 133,690 (1,331,534)29,135,000 279,414 (1,406,265)
Interest Rate Forwards0 0 0 0 0 0 
Interest Rate Total Return Swaps
843,143 215,517 (219,681)223,721 1,472 (2,121)
Foreign Currency
Foreign Currency Forwards2,388,287 1,918 (12,705)1,146,861 30,078 (181)
Credit
Credit Default Swaps874,950 9,667 0 911,850 9,606 0 
Currency/Interest Rate
Foreign Currency Swaps2,138,269 51,698 (55,778)2,285,052 164,152 (9,277)
Equity
Equity Total Return Swaps
31,287,562 2,697,977 (2,473,729)23,025,217 1,160,080 (1,182,913)
Equity Options199,267,054 9,954,651 (8,727,823)117,107,059 4,453,762 (3,717,637)
Equity Futures836,190 2,208 (4,586)1,802,205 15 (6,060)
Synthetic GICs4,186,284 0 0 3,958,847 143 (31)
Total Derivatives Not Qualifying as Hedge Accounting Instruments$462,290,399 $21,726,270 $(33,254,796)$355,284,372 $15,130,088 $(27,214,481)
Total Derivatives(1)(2)$467,024,936 $21,810,335 $(33,470,678)$358,596,065 $15,332,694 $(27,242,213)
(1)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $17,801 million and $11,968 million as of December 31, 2025 and 2024, respectively, primarily included in "Policyholders' account balances".
(2)Recorded in “Other invested assets”, “Payables to parent and affiliates” and "Other liabilities" on the Consolidated Statements of Financial Position.
Offsetting of Financial Assets
The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables and deposit receivables), and repurchase and reverse repurchase agreements that are offset in the Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Consolidated Statements of Financial Position.
 December 31, 2025
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the Consolidated
Statements of
Financial
Position		Net
Amounts
Presented in
the Consolidated Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives$21,810,330 $(21,763,852)$46,478 $0 $46,478 
Total Assets$21,810,330 $(21,763,852)$46,478 $0 $46,478 
Offsetting of Financial Liabilities:
Derivatives$33,470,678 $(30,988,463)$2,482,215 $(2,482,215)$0 
Total Liabilities$33,470,678 $(30,988,463)$2,482,215 $(2,482,215)$0 

 December 31, 2024
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the Consolidated
Statements of
Financial
Position		Net
Amounts
Presented in
the Consolidated Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives$15,332,538 $(15,308,195)$24,343 $0 $24,343 
Total Assets$15,332,538 $(15,308,195)$24,343 $0 $24,343 
Offsetting of Financial Liabilities:
Derivatives$27,242,182 $(23,619,586)$3,622,596 $(3,622,596)$0 
Total Liabilities$27,242,182 $(23,619,586)$3,622,596 $(3,622,596)$0 
(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
Offsetting of Financial Liabilities
The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables and deposit receivables), and repurchase and reverse repurchase agreements that are offset in the Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Consolidated Statements of Financial Position.
 December 31, 2025
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the Consolidated
Statements of
Financial
Position		Net
Amounts
Presented in
the Consolidated Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives$21,810,330 $(21,763,852)$46,478 $0 $46,478 
Total Assets$21,810,330 $(21,763,852)$46,478 $0 $46,478 
Offsetting of Financial Liabilities:
Derivatives$33,470,678 $(30,988,463)$2,482,215 $(2,482,215)$0 
Total Liabilities$33,470,678 $(30,988,463)$2,482,215 $(2,482,215)$0 

 December 31, 2024
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the Consolidated
Statements of
Financial
Position		Net
Amounts
Presented in
the Consolidated Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives$15,332,538 $(15,308,195)$24,343 $0 $24,343 
Total Assets$15,332,538 $(15,308,195)$24,343 $0 $24,343 
Offsetting of Financial Liabilities:
Derivatives$27,242,182 $(23,619,586)$3,622,596 $(3,622,596)$0 
Total Liabilities$27,242,182 $(23,619,586)$3,622,596 $(3,622,596)$0 
(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, excluding the offset of the hedged item in an effective hedge relationship.
  
Year Ended December 31, 2025
 Realized
Investment
Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)Net
Investment
Income		Other
Income
(Loss)		Change in AOCI
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate$3 $0 $(63)$0 $90 
Currency/Interest Rate3,904 0 56,229 (80,651)(243,345)
Total cash flow hedges3,907 0 56,166 (80,651)(243,255)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate50,408 (791,731)0 0 0 
Currency(149,674)0 0 0 0 
Currency/Interest Rate(120,149)0 0 (1,037)0 
Credit14,684 0 0 0 0 
Equity3,505,905 (744,447)0 0 0 
Embedded Derivatives(4,434,388)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(1,133,214)(1,536,178)0 (1,037)0 
Total$(1,129,307)$(1,536,178)$56,166 $(81,688)$(243,255)
  
Year Ended December 31, 2024
 
Realized
Investment
Gains (Losses)
Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)Net
Investment
Income		Other
Income
(Loss)		Change in AOCI
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate$3 $0 $(118)$0 $46 
Currency/Interest Rate2,256 0 48,523 34,827 98,585 
Total cash flow hedges2,259 0 48,405 34,827 98,631 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate35,600 (2,094,268)0 0 0 
Currency54,543 0 0 0 0 
Currency/Interest Rate77,166 0 0 523 0 
Credit16,856 0 0 0 0 
Equity3,207,538 (761,850)0 0 0 
Embedded Derivatives(2,680,559)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments711,144 (2,856,118)0 523 0 
Total$713,403 $(2,856,118)$48,405 $35,350 $98,631 

 Year Ended December 31, 2023
 Realized
Investment
Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)Net
Investment
Income		Other
Income
(Loss)		Change in AOCI
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate$2 $0 $(118)$0 $72 
Currency/Interest Rate(636)0 43,934 (26,206)(126,765)
Total cash flow hedges(634)0 43,816 (26,206)(126,693)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate25,329 (1,555,807)0 0 0 
Currency(16,012)0 0 0 0 
Currency/Interest Rate(102,238)0 0 (257)0 
Credit14,350 0 0 0 0 
Equity1,744,218 (821,996)0 0 0 
Embedded Derivatives(2,798,232)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(1,132,585)(2,377,803)0 (257)0 
Total$(1,133,219)$(2,377,803)$43,816 $(26,463)$(126,693)
Schedule of Derivative Instruments Recognized in Accumulated Other Comprehensive Income(Loss) Before Taxes
Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:
(in thousands)
Balance, December 31, 2022$138,627 
Amount recorded in AOCI
Interest Rate(44)
Currency/Interest Rate(109,673)
Total amount recorded in AOCI(109,717)
Amount reclassified from AOCI to income
Interest Rate116 
Currency/Interest Rate(17,092)
Total amount reclassified from AOCI to income(16,976)
Balance, December 31, 2023$11,934 
Amount recorded in AOCI
Interest Rate(69)
Currency/Interest Rate184,191 
Total amount recorded in AOCI184,122 
Amount reclassified from AOCI to income
Interest Rate115 
Currency/Interest Rate(85,606)
Total amount reclassified from AOCI to income(85,491)
Balance, December 31, 2024$110,565 
Amount recorded in AOCI
Interest Rate30 
Currency/Interest Rate(263,863)
Total amount recorded in AOCI(263,833)
Amount reclassified from AOCI to income
Interest Rate60 
Currency/Interest Rate20,518 
Total amount reclassified from AOCI to income20,578 
Balance, December 31, 2025$(132,690)
v3.26.1
Fair Value of Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value, Assets and Liabilities Measured on Recurring Basis The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.
 December 31, 2025
Level 1Level 2Level 3Netting(1)Total
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $1,117,320 $0 $$1,117,320 
Obligations of U.S. states and their political subdivisions0 434,528 0 434,528 
Foreign government securities0 424,735 0 424,735 
U.S. corporate public securities0 19,067,987 0 19,067,987 
U.S. corporate private securities0 5,860,168 842,444 6,702,612 
Foreign corporate public securities0 5,312,470 8,746 5,321,216 
Foreign corporate private securities0 6,722,526 460,924 7,183,450 
Asset-backed securities(2)0 3,814,974 1,261,074 5,076,048 
Commercial mortgage-backed securities0 1,278,970 75,340 1,354,310 
Residential mortgage-backed securities0 933,162 8,803 941,965 
Subtotal0 44,966,840 2,657,331 47,624,171 
Market risk benefit assets0 0 2,655,866 2,655,866 
Fixed maturities, trading0 4,738,551 153,956 4,892,507 
Equity securities2,731,986 135,295 2,350 2,869,631 
Short-term investments0 271,028 164 271,192 
Cash equivalents50,286 2,464,769 0 2,515,055 
Other invested assets(3)285,479 21,524,856 0 (21,763,852)46,483 
Reinsurance recoverables and deposit receivables0 0 804,855 804,855 
Receivables from parent and affiliates0 291,583 358,188 649,771 
Subtotal excluding separate account assets3,067,751 74,392,922 6,632,710 (21,763,852)62,329,531 
Separate account assets(4)(5)567,387 110,105,979 21,982 110,695,348 
Total assets$3,635,138 $184,498,901 $6,654,692 $(21,763,852)$173,024,879 
Market risk benefit liabilities$0 $0 $4,482,417 $$4,482,417 
Policyholders' account balances0 0 18,606,282 18,606,282 
Reinsurance and funds withheld payables0 2650 265 
Payables to parent and affiliates0 33,211,800 0 (30,731,963)2,479,837 
Other liabilities258,878 0 0 (256,500)2,378 
Total liabilities$258,878 $33,212,065 $23,088,699 $(30,988,463)$25,571,179 
 December 31, 2024
 Level 1Level 2Level 3Netting(1)Total
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $1,099,241 $0 $$1,099,241 
Obligations of U.S. states and their political subdivisions0 541,066 0 541,066 
Foreign government securities0 309,686 648 310,334 
U.S. corporate public securities0 13,238,428 0 13,238,428 
U.S. corporate private securities0 4,996,400 757,697 5,754,097 
Foreign corporate public securities0 3,692,124 6,727 3,698,851 
Foreign corporate private securities0 4,906,450 435,183 5,341,633 
Asset-backed securities(2)0 3,126,089 624,574 3,750,663 
Commercial mortgage-backed securities0 820,457 75,318 895,775 
Residential mortgage-backed securities0 356,072 0 356,072 
Subtotal0 33,086,013 1,900,147 34,986,160 
Market risk benefit assets0 0 2,637,363 2,637,363 
Fixed maturities, trading0 3,778,760 66,285 3,845,045 
Equity securities2,587,791 15,514 20,515 2,623,820 
Short-term investments0 390,745 105,540 496,285 
Cash equivalents0 2,851,250 33 2,851,283 
Other invested assets(3)2,302 15,330,249 143 (15,308,195)24,499 
Reinsurance recoverables and deposit receivables0 0 645,193 645,193 
Receivables from parent and affiliates0 169,072 351,390 520,462 
Subtotal excluding separate account assets2,590,093 55,621,603 5,726,609 (15,308,195)48,630,110 
Separate account assets(4)(5)273,288 111,415,717 10,547 111,699,552 
Total assets$2,863,381 $167,037,320 $5,737,156 $(15,308,195)$160,329,662 
Market risk benefit liabilities$0 $0 $4,281,244 $$4,281,244 
Policyholders' account balances0 0 12,624,585 12,624,585 
Payables to parent and affiliates0 27,232,920 0 (23,617,643)3,615,277 
Other liabilities7,988 1,274 31 (1,943)7,350 
Total liabilities$7,988 $27,234,194 $16,905,860 $(23,619,586)$20,528,456 
(1)"Netting" amounts represent cash collateral of $(9,225) million and $(8,311) million as of December 31, 2025 and 2024, respectively, and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.
(2)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans and education loans.
(3)Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value ("NAV") per share (or its equivalent) as a practical expedient. At December 31, 2025 and 2024, the fair value of such investments was $87 million and $44 million, respectively.
(4)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company's Consolidated Statements of Financial Position.
(5)Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and a corporate-owned life insurance fund. At December 31, 2025 and 2024, the fair value of such investments was $7,914 million and $6,444 million, respectively.
Fair Value Inputs, Assets and Liabilities, Quantitative Information The tables below present quantitative information regarding significant internally-priced Level 3 assets and liabilities.
 December 31, 2025
 Fair Value    Valuation  
Techniques		Unobservable 
Inputs  		Minimum  MaximumWeighted
Average		Impact of 
Increase in Input on Fair Value(1)(2)
 (in thousands)
Assets:
Corporate securities(3)$1,187,393 Discounted cash flowDiscount rate1.85 %25.50 %9.62 %Decrease
Market comparablesEBITDA multiple(4)7.00 X7.00 X7.00 XIncrease
LiquidationLiquidation value12.01 %30.83 %28.88 %Increase
Asset-backed securities$403,303 Discounted cash flow Discount rate 2.10 %10.05 %5.42 %Decrease
Commercial mortgage-backed securities$75,340 Discounted cash flowLiquidity premium0.90 %0.90 %0.90 %Decrease
Market risk benefit assets(5)$2,655,866 Discounted cash flowLapse rate(6)1 %20 %Increase
Spread over SOFR(7)0.38 %1.61 %Increase
Utilization rate(8)37 %94 %Decrease
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %16 %Increase
Equity volatility curve15 %25 %Decrease
Reinsurance recoverables and deposit receivables(11)$804,855 Discounted cash flowLapse rate(6)0 %80 %Decrease
Spread over SOFR(7)0.38 %1.61 %Decrease
Option budget(13)(2)%9 %Increase
Receivables from parent and affiliates$354,207 LiquidationLiquidation value100 %100 %100 %Increase
Liabilities:
Market risk benefit liabilities(5)$4,482,417 Discounted cash flowLapse rate(6)1 %20 %Decrease
Spread over SOFR(7)0.38 %1.61 %Decrease
Utilization rate(8)37 %94 %Increase
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %16 %Decrease
Equity volatility curve15 %25 %Increase
Policyholders' account balances(12)$18,606,282 Discounted cash flowLapse rate(6)0 %80 %Decrease
Spread over SOFR(7)0.38 %1.61 %Decrease
Mortality rate(10)0 %23 %Decrease
Option budget(13)(2)%9 %Increase
 December 31, 2024
 Fair ValueValuation 
Techniques		Unobservable 
Inputs   		MinimumMaximumWeighted
Average		Impact of 
Increase in Input on Fair Value(1)(2)
 (in thousands)
Assets:
Corporate securities(3)$1,130,627 Discounted cash flowDiscount rate2.15 %20.00 %11.15 %Decrease
Market comparablesEBITDA multiple(4)5.0 X5.0 X5.0 XIncrease
LiquidationLiquidation value75.00 %75.00 %75.00 %Increase
Asset-backed securities$90,370 Discounted cash flowDiscount rate2.30 %10.70 %6.18 %Decrease
Commercial mortgage-backed securities$75,318 Discounted cash flowLiquidity premium1.00 %1.00 %1.00 %Decrease
Market risk benefit assets(5)$2,637,363 Discounted cash flowLapse rate(6)1 %20 %Increase
Spread over SOFR(7)0.29 %1.79 %Increase
Utilization rate(8)37 %94 %Decrease
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %16 %Increase
Equity volatility curve16 %25 %Decrease
Reinsurance recoverables and deposit receivables(11)$645,193 Discounted cash flowLapse rate(6)0 %80 %Decrease
Spread over SOFR(7)0.29 %1.71 %Decrease
Option budget(13)(1)%7 %Increase
Receivables from parent and affiliates$328,001 LiquidationLiquidation value100 %100 %100 %Increase
Liabilities:
Market risk benefit liabilities(5)$4,281,244 Discounted cash flowLapse rate(6)1 %20 %Decrease
Spread over SOFR(7)0.29 %1.79 %Decrease
Utilization rate(8)37 %94 %Increase
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %16 %Decrease
Equity volatility curve16 %25 %Increase
Policyholders' account balances(12)$12,624,585 Discounted cash flowLapse rate(6)0 %80 %Decrease
Spread over SOFR(7)0.29 %1.73 %Decrease
Mortality rate(10)0 %23 %Decrease
Option budget(13)(1)%7 %Increase
(1)Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table.
(2)Directional impacts for MRB assets and liabilities are associated with the directional impacts of direct and assumed MRBs.
(3)Includes assets classified as fixed maturities, available-for-sale and fixed maturities, trading.
(4)Represents multiple of earnings before interest, taxes, depreciation and amortization ("EBITDA"), and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments.
(5)Market risk benefits primarily represent fair value for all living benefit guarantees including accumulation, withdrawal and income benefits. Since the valuation methodology for these assets and liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.
(6)Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these balances.
(7)The spread over the SOFR swap curve represents the premium added to the proxy for the risk-free rate (SOFR) to reflect the Company's estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of December 31, 2025 and 2024, respectively. This spread includes an estimate of NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar Life Insurance Company ("AuguStar"), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits. See Note 12 for additional information regarding this transaction. As a result of this transaction, a ceded MRB asset balance was established to fair value the reinsurance reimbursements to the Company. The establishment of the fair value also required an estimate of NPR for AuguStar, which may differ from the Company's; however, the NPR spreads for AuguStar were developed using a methodology similar to that of the Company.
(8)The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits.
(9)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of both December 31, 2025 and 2024, the minimum withdrawal rate assumption is 78% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.
(10)The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 50 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age and duration. A mortality improvement assumption is also incorporated into the overall mortality table.
(11)Includes deposit assets related to reinsurance agreements using deposit method of accounting and modified coinsurance agreements, which include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain annuity products.
(12)Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.
(13)Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price and interest rate changes. The level of option budget determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 11). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.
Year Ended December 31, 2025(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into
Level 3(7)		Transfers out of Level 3(7)Fair Value, end of periodUnrealized gains (losses) for assets and liabilities still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Foreign government$648 $(8)$0 $0 $0 $(640)$0 $0 $0 $0 $0 
Corporate securities(3)1,199,607 (18,352)1,298,618 (929,011)0 (275,269)(3,819)54,950 (14,610)1,312,114 (26,070)
Structured securities(4)699,892 6,535 879,448 (38,219)0 (229,224)(30,444)292,257 (235,028)1,345,217 4,813 
Other assets:
Fixed maturities, trading66,285 22,926 565,106 0 0 (46,805)26,461 2,166 (482,183)153,956 26,447 
Equity securities20,515 (140)2,249 0 0 0 0 0 (20,274)2,350 (140)
Other invested assets143 (143)0 0 0 0 0 0 0 0 (143)
Short-term investments105,540 (201)4,018 (104,545)0 (25,279)(1,741)22,372 0 164 (226)
Cash equivalents33 (46)2,660 (35)0 (2,305)(307)0 0 0 (80)
Reinsurance recoverables and deposit receivables(5)645,193 (19,866)179,528 0 0 0 0 0 0 804,855 (337,374)
Separate account assets10,547 520 12,710 (789)0 (1,006)0 0 0 21,982 533 
Receivables from parent and affiliates351,390 (8,467)159,069 (16,034)0 (135,122)30,792 0 (23,440)358,188 (588)
Liabilities:
Policyholders' account balances(5)(12,624,585)(4,407,178)0 0 (1,574,519)0 0 0 0 (18,606,282)675,999 
Other liabilities(31)31 0 0 0 0 0 0 0 0 31 
Notes issued by consolidated variable interest entities0 0 0 0 (17,538)17,538 0 0 0 0 0 
Year Ended December 31, 2025
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets and liabilities still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(51,531)$0 $0 $38,751 $955 $(57,441)$0 $0 $36,184 
Other assets:
Fixed maturities, trading0 23,182 0 0 (256)0 26,447 0 0 
Equity securities0 (140)0 0 0 0 (140)0 0 
Other invested assets(143)0 0 0 0 (143)0 0 0 
Short-term investments184 0 0 (385)0 125 0 0 (351)
Cash equivalents(46)0 0 0 0 (80)0 0 0 
Reinsurance recoverables and deposit receivables(19,866)0 0 0 0 (337,374)0 0 0 
Separate account assets0 0 520 0 0 0 0 533 0 
Receivables from parent and affiliates(7,689)0 0 (778)0 0 0 0 (588)
Liabilities:
Policyholders' account balances(4,407,178)0 0 0 0 675,999 0 0 0 
Other liabilities31 0 0 0 0 31 0 0 0 
Notes issued by consolidated variable interest entities0 0 0 0 0 0 0 0 0 
Year Ended December 31, 2024(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into
Level 3(7)		Transfers out of Level 3(7)Fair Value, end of periodUnrealized gains (losses) for assets and liabilities still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Foreign government$682 $(34)$0 $0 $0 $0 $0 $0 $0 $648 $(44)
Corporate securities(3)1,014,343 (69,658)1,172,201 (702,073)0 (183,577)(64,672)33,043 0 1,199,607 (61,011)
Structured securities(4)177,237 (5,386)771,208 (40,508)0 (96,067)65,480 34,578 (206,650)699,892 (3,394)
Other assets:
Fixed maturities, trading34,048 (9,654)261,968 (52)0 (2,261)0 18,842 (236,606)66,285 (9,705)
Equity securities28,709 (2,135)273 (6,120)0 (6,332)6,120 0 0 20,515 (230)
Other invested assets1 142 0 0 0 0 0 0 0 143 142 
Short-term investments1,759 1,539 117,046 (13,113)0 (1,488)(203)0 0 105,540 321 
Cash equivalents0 (41)744 0 0 (65)(605)0 0 33 (41)
Reinsurance recoverables and deposit receivables(5)192,642 26,029 333,291 0 0 0 93,231 0 0 645,193 (122,807)
Separate account assets5,985 457 5,823 (2,050)0 (126)0 458 0 10,547 457 
Receivables from parent and affiliates0 90 418,916 (51,199)0 0 0 0 (16,417)351,390 90 
Liabilities:
Policyholders' account balances(5)(7,697,627)(2,687,101)0 0 (2,286,786)0 46,929 0 0 (12,624,585)1,254,144 
Other liabilities0 (31)0 0 0 0 0 0 0 (31)(31)
Year Ended December 31, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets and liabilities still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(54,924)$0 $0 $(19,313)$(841)$(40,765)$0 $0 $(23,684)
Other assets:
Fixed maturities, trading0 (9,661)0 0 7 0 (9,705)0 0 
Equity securities0 (2,135)0 0 0 0 (230)0 0 
Other invested assets142 0 0 0 0 142 0 0 0 
Short-term investments1,142 0 0 385 12 (64)0 0 385 
Cash equivalents(41)0 0 0 0 (41)0 0 0 
Reinsurance recoverables and deposit receivables26,029 0 0 0 0 (122,807)0 0 0 
Separate account assets0 0 457 0 0 0 0 457 0 
Receivables from parent and affiliates0 0 0 90 0 0 0 0 90 
Liabilities:
Policyholders' account balances(2,687,101)0 0 0 0 1,254,144 0 0 0 
Other liabilities(31)0 0 0 0 (31)0 0 0 
Year Ended December 31, 2023
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets and liabilities still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(2,081)$0 $0 $(2,808)$490 $(2,904)$0 $0 $(2,420)
Other assets:
Fixed maturities, trading0 1,080 0 0 3 0 1,225 0 0 
Equity securities0 (928)0 0 0 0 (928)0 0 
Other invested assets1 0 0 0 0 1 0 0 0 
Short-term investments1,857 0 0 (73)789 0 0 0 0 
Reinsurance recoverables and deposit receivables(104,596)0 0 0 0 (119,067)0 0 0 
Separate account assets0 0 408 0 0 0 0 406 0 
Liabilities:
Policyholders' account balances(2,649,136)0 0 0 0 (368,507)0 0 0 
(1)"Other" includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities.
(2)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.
(3)Includes U.S. corporate private, foreign corporate public, foreign corporate private, and foreign government bonds.
(4)Includes asset-backed, commercial mortgage-backed, and residential mortgage-backed securities.
(5)Purchases/issuances and settlements for Policyholders' account balances and Reinsurance recoverables and deposit receivables are presented net in the rollforward.
(6)Excludes MRB assets of $2,656 million and $2,637 million and MRB liabilities of $4,482 million and $4,281 million as of December 31, 2025 and 2024, respectively. See Note 11 for additional information.
(7)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 11). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.
Year Ended December 31, 2025(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into
Level 3(7)		Transfers out of Level 3(7)Fair Value, end of periodUnrealized gains (losses) for assets and liabilities still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Foreign government$648 $(8)$0 $0 $0 $(640)$0 $0 $0 $0 $0 
Corporate securities(3)1,199,607 (18,352)1,298,618 (929,011)0 (275,269)(3,819)54,950 (14,610)1,312,114 (26,070)
Structured securities(4)699,892 6,535 879,448 (38,219)0 (229,224)(30,444)292,257 (235,028)1,345,217 4,813 
Other assets:
Fixed maturities, trading66,285 22,926 565,106 0 0 (46,805)26,461 2,166 (482,183)153,956 26,447 
Equity securities20,515 (140)2,249 0 0 0 0 0 (20,274)2,350 (140)
Other invested assets143 (143)0 0 0 0 0 0 0 0 (143)
Short-term investments105,540 (201)4,018 (104,545)0 (25,279)(1,741)22,372 0 164 (226)
Cash equivalents33 (46)2,660 (35)0 (2,305)(307)0 0 0 (80)
Reinsurance recoverables and deposit receivables(5)645,193 (19,866)179,528 0 0 0 0 0 0 804,855 (337,374)
Separate account assets10,547 520 12,710 (789)0 (1,006)0 0 0 21,982 533 
Receivables from parent and affiliates351,390 (8,467)159,069 (16,034)0 (135,122)30,792 0 (23,440)358,188 (588)
Liabilities:
Policyholders' account balances(5)(12,624,585)(4,407,178)0 0 (1,574,519)0 0 0 0 (18,606,282)675,999 
Other liabilities(31)31 0 0 0 0 0 0 0 0 31 
Notes issued by consolidated variable interest entities0 0 0 0 (17,538)17,538 0 0 0 0 0 
Year Ended December 31, 2025
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets and liabilities still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(51,531)$0 $0 $38,751 $955 $(57,441)$0 $0 $36,184 
Other assets:
Fixed maturities, trading0 23,182 0 0 (256)0 26,447 0 0 
Equity securities0 (140)0 0 0 0 (140)0 0 
Other invested assets(143)0 0 0 0 (143)0 0 0 
Short-term investments184 0 0 (385)0 125 0 0 (351)
Cash equivalents(46)0 0 0 0 (80)0 0 0 
Reinsurance recoverables and deposit receivables(19,866)0 0 0 0 (337,374)0 0 0 
Separate account assets0 0 520 0 0 0 0 533 0 
Receivables from parent and affiliates(7,689)0 0 (778)0 0 0 0 (588)
Liabilities:
Policyholders' account balances(4,407,178)0 0 0 0 675,999 0 0 0 
Other liabilities31 0 0 0 0 31 0 0 0 
Notes issued by consolidated variable interest entities0 0 0 0 0 0 0 0 0 
Year Ended December 31, 2024(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into
Level 3(7)		Transfers out of Level 3(7)Fair Value, end of periodUnrealized gains (losses) for assets and liabilities still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Foreign government$682 $(34)$0 $0 $0 $0 $0 $0 $0 $648 $(44)
Corporate securities(3)1,014,343 (69,658)1,172,201 (702,073)0 (183,577)(64,672)33,043 0 1,199,607 (61,011)
Structured securities(4)177,237 (5,386)771,208 (40,508)0 (96,067)65,480 34,578 (206,650)699,892 (3,394)
Other assets:
Fixed maturities, trading34,048 (9,654)261,968 (52)0 (2,261)0 18,842 (236,606)66,285 (9,705)
Equity securities28,709 (2,135)273 (6,120)0 (6,332)6,120 0 0 20,515 (230)
Other invested assets1 142 0 0 0 0 0 0 0 143 142 
Short-term investments1,759 1,539 117,046 (13,113)0 (1,488)(203)0 0 105,540 321 
Cash equivalents0 (41)744 0 0 (65)(605)0 0 33 (41)
Reinsurance recoverables and deposit receivables(5)192,642 26,029 333,291 0 0 0 93,231 0 0 645,193 (122,807)
Separate account assets5,985 457 5,823 (2,050)0 (126)0 458 0 10,547 457 
Receivables from parent and affiliates0 90 418,916 (51,199)0 0 0 0 (16,417)351,390 90 
Liabilities:
Policyholders' account balances(5)(7,697,627)(2,687,101)0 0 (2,286,786)0 46,929 0 0 (12,624,585)1,254,144 
Other liabilities0 (31)0 0 0 0 0 0 0 (31)(31)
Year Ended December 31, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets and liabilities still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(54,924)$0 $0 $(19,313)$(841)$(40,765)$0 $0 $(23,684)
Other assets:
Fixed maturities, trading0 (9,661)0 0 7 0 (9,705)0 0 
Equity securities0 (2,135)0 0 0 0 (230)0 0 
Other invested assets142 0 0 0 0 142 0 0 0 
Short-term investments1,142 0 0 385 12 (64)0 0 385 
Cash equivalents(41)0 0 0 0 (41)0 0 0 
Reinsurance recoverables and deposit receivables26,029 0 0 0 0 (122,807)0 0 0 
Separate account assets0 0 457 0 0 0 0 457 0 
Receivables from parent and affiliates0 0 0 90 0 0 0 0 90 
Liabilities:
Policyholders' account balances(2,687,101)0 0 0 0 1,254,144 0 0 0 
Other liabilities(31)0 0 0 0 (31)0 0 0 
Year Ended December 31, 2023
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets and liabilities still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(2,081)$0 $0 $(2,808)$490 $(2,904)$0 $0 $(2,420)
Other assets:
Fixed maturities, trading0 1,080 0 0 3 0 1,225 0 0 
Equity securities0 (928)0 0 0 0 (928)0 0 
Other invested assets1 0 0 0 0 1 0 0 0 
Short-term investments1,857 0 0 (73)789 0 0 0 0 
Reinsurance recoverables and deposit receivables(104,596)0 0 0 0 (119,067)0 0 0 
Separate account assets0 0 408 0 0 0 0 406 0 
Liabilities:
Policyholders' account balances(2,649,136)0 0 0 0 (368,507)0 0 0 
(1)"Other" includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities.
(2)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.
(3)Includes U.S. corporate private, foreign corporate public, foreign corporate private, and foreign government bonds.
(4)Includes asset-backed, commercial mortgage-backed, and residential mortgage-backed securities.
(5)Purchases/issuances and settlements for Policyholders' account balances and Reinsurance recoverables and deposit receivables are presented net in the rollforward.
(6)Excludes MRB assets of $2,656 million and $2,637 million and MRB liabilities of $4,482 million and $4,281 million as of December 31, 2025 and 2024, respectively. See Note 11 for additional information.
(7)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.
Fair Value Disclosure Financial Instruments Not Carried at Fair Value
The tables below present the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.
 December 31, 2025
Fair ValueCarrying
Amount(1)
Level 1Level 2Level 3TotalTotal
 (in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $10,113,511 $10,113,511 $10,082,667 
Policy loans0 0 1,666,965 1,666,965 1,666,965 
Short-term investments49,602 0 0 49,602 49,602 
Cash and cash equivalents361,333 0 0 361,333 361,333 
Accrued investment income0 618,033 0 618,033 618,033 
Reinsurance recoverables and deposit receivables0 0 4,588,399 4,588,399 4,589,685 
Receivables from parent and affiliates0 313,681 0 313,681 313,681 
Other assets0 267,560 0 267,560 267,560 
Total assets$410,935 $1,199,274 $16,368,875 $17,979,084 $17,949,526 
Liabilities:
Policyholders’ account balances - investment contracts$0 $762,066 $14,868,285 $15,630,351 $15,644,802 
Cash collateral for loaned securities0 22,622 0 22,622 22,622 
Reinsurance and funds withheld payables0 2,886,507 0 2,886,507 2,886,507 
Payables to parent and affiliates0 17,380 0 17,380 17,380 
Other liabilities0 657,530 30,794 688,324 688,324 
Total liabilities$0 $4,346,105 $14,899,079 $19,245,184 $19,259,635 
 December 31, 2024
  
Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $7,534,909 $7,534,909 $7,759,323 
Policy loans0 0 1,541,480 1,541,480 1,541,480 
Short-term investments21,101 0 0 21,101 21,101 
Cash and cash equivalents474,415 0 0 474,415 474,415 
Accrued investment income0 466,394 0 466,394 466,394 
Reinsurance recoverables and deposit receivables0 0 2,355,489 2,355,489 2,357,292 
Receivables from parent and affiliates0 157,566 0 157,566 157,566 
Other assets0 203,493 0 203,493 203,493 
Total assets$495,516 $827,453 $11,431,878 $12,754,847 $12,981,064 
Liabilities:
Policyholders’ account balances - investment contracts$0 $815,520 $9,995,841 $10,811,361 $10,826,931 
Cash collateral for loaned securities0 121,372 0 121,372 121,372 
Reinsurance and funds withheld payables0 2,602,140 0 2,602,140 2,602,140 
Payables to parent and affiliates0 38,571 0 38,571 38,571 
Other liabilities0 849,278 31,606 880,884 880,884 
Total liabilities$0 $4,426,881 $10,027,447 $14,454,328 $14,469,898 
(1)Carrying values presented herein differ from those in the Company’s Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or are out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.
v3.26.1
Deferred Policy Acquisition Costs, Deferred Reinsurance and Deferred Sales Inducements (Tables)
 12 Months Ended
Dec. 31, 2025
Deferred Charges, Insurers [Abstract]  
Deferred Policy Acquisition Costs
The following table shows a rollforward for the lines of business that contain DAC balances, along with a reconciliation to the Company's total DAC balance: 
Fixed AnnuitiesVariable AnnuitiesTerm LifeVariable / Universal LifeTotal
 (in thousands)
Balance, December 31, 2022$102,251 $3,759,819 $648,837 $2,445,290 $6,956,197 
Capitalization117,851 263,869 159,000 580,715 1,121,435 
Amortization expense(22,165)(331,368)(63,949)(122,028)(539,510)
Other(1)0 (393,385)0 (1)(393,386)
Balance, December 31, 2023197,937 3,298,935 743,888 2,903,976 7,144,736 
Capitalization216,410 430,520 183,463 703,465 1,533,858 
Amortization expense(42,705)(356,254)(63,447)(140,951)(603,357)
Other(2)(3)0 0 (249,836)(18,341)(268,177)
Balance, December 31, 2024371,642 3,373,201 614,068 3,448,149 7,807,060 
Capitalization185,807 387,360 184,695 735,656 1,493,518 
Amortization expense(59,503)(403,516)(48,252)(152,256)(663,527)
Other(1,235)16,937 (637)3,067 18,132 
Balance, December 31, 2025$496,711 $3,373,982 $749,874 $4,034,616 $8,655,183 
(1)    Includes the impact of the reinsurance agreement with AuguStar. See Note 12 for additional information.
(2)    Includes the impacts of the Universal Life reinsurance transaction with PAR U and PURE. See Note 12 for additional information.
(3)    Includes the impacts of the Term Life reinsurance transaction with PARCC. See Note 12 for additional information.
Deferred Reinsurance Losses
The following table shows a rollforward for the lines of business that contain DRL balances, along with a reconciliation to the Company's total DRL balance:

Variable AnnuitiesTerm LifeVariable /
Universal Life		Total
(in thousands)
Balance, December 31, 2022$223,515 $69,378 $0 $292,893 
Amortization(29,403)(8,374)0 (37,777)
Other(1)0 0 (1)
Balance, December 31, 2023194,111 61,004 0 255,115 
Amortization(29,876)(15,345)(9,528)(54,749)
Other(1)(2)3 351,025 979,000 1,330,028 
Balance, December 31, 2024164,238 396,684 969,472 1,530,394 
Amortization(29,685)(36,797)(37,800)(104,282)
Other4 0 0 4 
Balance, December 31, 2025$134,557 $359,887 $931,672 $1,426,116 
(1)    Includes $979 million DRL related to the reinsurance transaction with Wilton Re. See Note 12 for additional information.
(2)    Includes $351 million DRL related to the reinsurance transaction with PARCC. See Note 12 for additional information.
Deferred Reinsurance Gains
The following table shows a rollforward for the lines of business that contain DRG balances, along with a reconciliation to the Company's total DRG balance:
Fixed AnnuitiesVariable AnnuitiesVariable / Universal LifeInternationalTotal
(in thousands)
Balance, December 31, 2022$57,898 $0 $1,434,958 $0 $1,492,856 
Amortization(9,790)(15,612)(71,462)0 (96,864)
Other(1)(34)277,333 0 0 277,299 
Balance, December 31, 202348,074 261,721 1,363,496 0 1,673,291 
Amortization(10,516)(20,061)(121,190)0 (151,767)
Other(2)(3)(10)(32)1,797,303 0 1,797,261 
Balance, December 31, 202437,548 241,628 3,039,609 0 3,318,785 
Amortization(9,303)(19,298)(120,590)(726)(149,917)
Other(4)159 76 (1,396,768)13,208 (1,383,325)
Balance, December 31, 2025$28,404 $222,406 $1,522,251 $12,482 $1,785,543 
(1)    Includes the impact of the reinsurance agreement with AuguStar. See Note 12 for additional information.
(2)    Includes the impact of the Universal Life reinsurance transaction with PAR U, PURE and Prudential Insurance effective January 1, 2024, including $1,207 million of DRG, partially offset by a $116 million write-off of the DRG that was recognized with the previous reinsurance agreement. See Note 12 for additional information.
(3)    Includes the impact of the Universal Life reinsurance transaction with PAR U and Prudential Insurance effective October 2024, including $798 million DRG, partially offset by a $94 million write-off of the DRG that was recognized with the previous reinsurance agreement. See Note 12 for additional information.
(4) Includes the impact of recognizing the previously existing DRG, attributable to the recapture of certain YRT transactions from Prudential Insurance effective October 1, 2025. See Note 12 for additional information.
Deferred Sales Inducements
The following table shows a rollforward of DSI balances for variable annuity products, which is the only line of business that contains a DSI balance, along with a reconciliation to the Company's total DSI balance:

Variable Annuities
(in thousands)
Balance, December 31, 2022$381,504 
Capitalization1,514 
Amortization expense(31,625)
Other31 
Balance, December 31, 2023351,424 
Capitalization1,243 
Amortization expense(30,316)
Balance, December 31, 2024322,351 
Capitalization4,047 
Amortization expense(29,370)
Other385 
Balance, December 31, 2025$297,413 
v3.26.1
Separate Accounts (Tables)
 12 Months Ended
Dec. 31, 2025
Separate Accounts Disclosure [Abstract]  
Separate Account Assets
The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows:

December 31, 2025December 31, 2024
(in thousands)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$16,501 $15,548 
Obligations of U.S. states and their political subdivisions authorities146 115 
 U.S. corporate securities57,197 24,458 
 Foreign corporate securities5,399 3,158 
Asset-backed securities0 1,099 
Mortgage-backed securities156 82 
Mutual funds:
Equity74,323,288 73,226,610 
Fixed Income30,602,384 33,828,097 
Other5,363,232 4,431,975 
Equity securities285,502 126,792 
Other invested assets7,916,554 6,444,077 
Short-term investments2,690 2,559 
   Cash and cash equivalents36,169 38,686 
Total$118,609,218 $118,143,256 
Separate Account Liabilities
The balances of and changes in separate account liabilities as of and for the periods indicated are as follows:
Year Ended December 31, 2025
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$85,183,055 $32,960,201 $118,143,256 
     Deposits554,841 4,087,138 4,641,979 
     Investment performance9,669,502 4,751,811 14,421,313 
     Policy charges(1,974,025)(1,009,626)(2,983,651)
     Surrenders and withdrawals(14,062,933)(699,640)(14,762,573)
     Benefit payments(81,959)(357,630)(439,589)
     Net transfers (to) from general account9,237 (551,221)(541,984)
     Other5,986 124,481 130,467 
Balance, end of period$79,303,704 $39,305,514 $118,609,218 
Cash surrender value(1)$78,673,352 $37,814,966 $116,488,318 
Year Ended December 31, 2024
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$92,383,121 $26,805,364 $119,188,485 
Deposits601,236 3,513,738 4,114,974 
Investment performance8,395,586 4,657,022 13,052,608 
Policy charges(2,210,261)(923,275)(3,133,536)
Surrenders and withdrawals(13,827,431)(450,573)(14,278,004)
Benefit payments(66,029)(285,680)(351,709)
Net transfers (to) from general account(100,193)(380,869)(481,062)
Other7,026 24,474 31,500 
Balance, end of period$85,183,055 $32,960,201 $118,143,256 
Cash surrender value(1)$84,325,382 $29,592,881 $113,918,263 
Year Ended December 31, 2023
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$91,785,447 $22,265,799 $114,051,246 
Deposits440,707 2,745,751 3,186,458 
Investment performance12,219,777 4,310,729 16,530,506 
Policy charges(2,296,859)(829,539)(3,126,398)
Surrenders and withdrawals(9,687,372)(347,955)(10,035,327)
Benefit payments(73,791)(226,242)(300,033)
Net transfers (to) from general account(2)(15,121)(1,175,575)(1,190,696)
Other10,333 62,396 72,729 
Balance, end of period$92,383,121 $26,805,364 $119,188,485 
Cash surrender value(1)$91,201,190 $23,700,726 $114,901,916 
(1) Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
(2) Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 16 for additional information.
v3.26.1
Liability for Future Policy Benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
Liability for Future Policy Benefits
The balances of and changes in benefit reserves as of and for the periods indicated consist of the three tables presented below: present value of expected net premiums rollforward, present value of expected future policy benefits rollforward, and net liability for future policy benefits.

Year Ended December 31, 2025
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,414,703 $0 $10,414,703 
Effect of cumulative changes in discount rate assumptions, beginning of period567,443 0 567,443 
Balance at original discount rate, beginning of period10,982,146 0 10,982,146 
Effect of assumption update(207,935)0 (207,935)
Effect of actual variances from expected experience and other activity(165,564)110 (165,454)
Adjusted balance, beginning of period10,608,647 110 10,608,757 
Issuances785,281 48,472 833,753 
Net premiums / considerations collected(1,301,943)(48,582)(1,350,525)
Interest accrual511,138 0 511,138 
Other adjustments(1)(226,656)0 (226,656)
Balance at original discount rate, end of period10,376,467 0 10,376,467 
Effect of cumulative changes in discount rate assumptions, end of period(292,273)0 (292,273)
Balance, end of period$10,084,194 $0 $10,084,194 


Year Ended December 31, 2025
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$17,689,399 $238,086 $17,927,485 
Effect of cumulative changes in discount rate assumptions, beginning of period1,091,673 19,442 1,111,115 
Balance at original discount rate, beginning of period18,781,072 257,528 19,038,600 
Effect of assumption update(332,969)22 (332,947)
Effect of actual variances from expected experience and other activity(224,159)4,279 (219,880)
Adjusted balance, beginning of period18,223,944 261,829 18,485,773 
Issuances785,281 48,472 833,753 
Interest accrual902,570 10,656 913,226 
Benefit payments(1,365,376)(36,560)(1,401,936)
Other adjustments(1)60,282 (186)60,096 
Balance at original discount rate, end of period18,606,701 284,211 18,890,912 
Effect of cumulative changes in discount rate assumptions, end of period(574,785)(6,586)(581,371)
Balance, end of period$18,031,916 $277,625 $18,309,541 
Other, end of period1,447 
Total balance, end of period$18,310,988 
(1)     Includes the impact of recognizing the recapture of certain YRT transactions from Prudential Insurance effective October 1, 2025. See Note 12 for additional information.
Year Ended December 31, 2025
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,947,722 $277,625 $8,225,347 
Flooring impact, end of period566 0 566 
Balance, end of period, post-flooring7,948,288 277,625 8,225,913 
Less: Reinsurance recoverables7,170,499 22,913 7,193,412 
Balance after reinsurance recoverables, end of period, post-flooring$777,789 $254,712 $1,032,501 

Year Ended December 31, 2024
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,927,833 $0 $10,927,833 
Effect of cumulative changes in discount rate assumptions, beginning of period225,711 0 225,711 
Balance at original discount rate, beginning of period11,153,544 0 11,153,544 
Effect of assumption update21,466 0 21,466 
Effect of actual variances from expected experience and other activity(219,878)58 (219,820)
Adjusted balance, beginning of period10,955,132 58 10,955,190 
Issuances827,606 35,717 863,323 
Net premiums / considerations collected(1,319,501)(35,775)(1,355,276)
Interest accrual511,817 0 511,817 
Other adjustments7,092 0 7,092 
Balance at original discount rate, end of period10,982,146 0 10,982,146 
Effect of cumulative changes in discount rate assumptions, end of period(567,443)0 (567,443)
Balance, end of period$10,414,703 $0 $10,414,703 
Year Ended December 31, 2024
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$18,426,207 $228,788 $18,654,995 
Effect of cumulative changes in discount rate assumptions, beginning of period331,571 19,521 351,092 
Balance at original discount rate, beginning of period18,757,778 248,309 19,006,087 
Effect of assumption update21,480 (3,643)17,837 
Effect of actual variances from expected experience and other activity(259,137)502 (258,635)
Adjusted balance, beginning of period18,520,121 245,168 18,765,289 
Issuances827,606 35,717 863,323 
Interest accrual893,983 9,119 903,102 
Benefit payments(1,471,863)(32,225)(1,504,088)
Other adjustments11,225 (251)10,974 
Balance at original discount rate, end of period18,781,072 257,528 19,038,600 
Effect of cumulative changes in discount rate assumptions, end of period(1,091,673)(19,442)(1,111,115)
Balance, end of period$17,689,399 $238,086 $17,927,485 
Other, end of period1,474 
Total balance, end of period$17,928,959 

Year Ended December 31, 2024
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,274,696 $238,086 $7,512,782 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,274,740 238,086 7,512,826 
Less: Reinsurance recoverables6,753,842 20,516 6,774,358 
Balance after reinsurance recoverables, end of period, post-flooring$520,898 $217,570 $738,468 


Year Ended December 31, 2023
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,911,794 $0 $10,911,794 
Effect of cumulative changes in discount rate assumptions, beginning of period554,896 0 554,896 
Balance at original discount rate, beginning of period11,466,690 0 11,466,690 
Effect of assumption update(790)0 (790)
Effect of actual variances from expected experience and other activity(200,513)(989)(201,502)
Adjusted balance, beginning of period11,265,387 (989)11,264,398 
Issuances712,495 36,646 749,141 
Net premiums / considerations collected(1,345,514)(35,657)(1,381,171)
Interest accrual521,176 0 521,176 
Balance at original discount rate, end of period11,153,544 0 11,153,544 
Effect of cumulative changes in discount rate assumptions, end of period(225,711)0 (225,711)
Balance, end of period$10,927,833 $0 $10,927,833 
Year Ended December 31, 2023
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$17,835,251 $204,727 $18,039,978 
Effect of cumulative changes in discount rate assumptions, beginning of period962,035 24,876 986,911 
Balance at original discount rate, beginning of period18,797,286 229,603 19,026,889 
Effect of assumption update(1,044)0 (1,044)
Effect of actual variances from expected experience and other activity(263,243)6,991 (256,252)
Adjusted balance, beginning of period18,532,999 236,594 18,769,593 
Issuances712,495 36,646 749,141 
Interest accrual895,023 8,440 903,463 
Benefit payments(1,386,583)(33,287)(1,419,870)
Other adjustments3,844 (84)3,760 
Balance at original discount rate, end of period18,757,778 248,309 19,006,087 
Effect of cumulative changes in discount rate assumptions, end of period(331,571)(19,521)(351,092)
Balance, end of period$18,426,207 $228,788 $18,654,995 
Other, end of period1,765 
Total balance, end of period$18,656,760 

Year Ended December 31, 2023
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,498,374 $228,788 $7,727,162 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,498,418 228,788 7,727,206 
Less: Reinsurance recoverables6,817,488 18,489 6,835,977 
Balance after reinsurance recoverables, end of period, post-flooring$680,930 $210,299 $891,229 

The following tables provide supplemental information related to the balances of and changes in benefit reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:
Year Ended December 31, 2025
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$22,036,916 $0
Discounted expected future gross premiums (at original discount rate)$14,871,462 $0
Discounted expected future gross premiums (at current discount rate)$14,532,537 $0
Undiscounted expected future benefits and expenses$28,846,500 $380,345
Weighted-average duration of the liability in years (at original discount rate)96
Weighted-average duration of the liability in years (at current discount rate)96
Weighted-average interest rate (at original discount rate)5.10 %4.20 %
Weighted-average interest rate (at current discount rate)5.27 %5.13 %
Year Ended December 31, 2024
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,815,010 $0 
Discounted expected future gross premiums (at original discount rate)$14,889,078 $0 
Discounted expected future gross premiums (at current discount rate)$14,154,658 $0 
Undiscounted expected future benefits and expenses$29,163,241 $346,892 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)96
Weighted-average interest rate (at original discount rate)5.13 %3.94 %
Weighted-average interest rate (at current discount rate)5.59 %5.49 %
Year Ended December 31, 2023
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,871,767 $0 
Discounted expected future gross premiums (at original discount rate)$15,027,611 $0 
Discounted expected future gross premiums (at current discount rate)$14,748,999 $0 
Undiscounted expected future benefits and expenses$29,118,532 $332,902 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)106
Weighted-average interest rate (at original discount rate)5.17 %3.70 %
Weighted-average interest rate (at current discount rate)4.99 %4.95 %
The balances of and changes in DPL for the years ended December 31, are as follows:

202520242023
Fixed Annuities
(in thousands)
Balance, beginning of period, post-flooring$22,939 $14,818 $18,193 
Effect of assumption update(21)2,110 0 
Effect of actual variances from expected experience and other activity(2,280)580 (6,978)
Adjusted balance, beginning of period20,638 17,508 11,215 
Profits deferred4,826 7,070 5,191 
Interest accrual974 729 552 
Amortization(3,052)(2,345)(2,129)
Other adjustments(12)(23)(11)
Balance, end of period, post-flooring23,374 22,939 14,818 
Less: Reinsurance recoverables2,226 1,513 1,365 
Balance after reinsurance recoverables, end of period$21,148 $21,426 $13,453 
    
The following table shows a rollforward of AIR balances for variable and universal life and fixed annuities products, for the periods indicated, along with a reconciliation to the Company's total AIR balance:
Year Ended December 31, 2025
Variable / Universal LifeFixed AnnuitiesTotal
(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring$16,351,052 $0 $16,351,052 
Flooring impact and amounts in AOCI617,186 0 617,186 
Balance, excluding amounts in AOCI, beginning of period, pre-flooring16,968,238 0 16,968,238 
Effect of assumption update(41,977)0 (41,977)
Effect of actual variances from expected experience and other activity180,041 70,226 250,267 
Adjusted balance, beginning of period17,106,302 70,226 17,176,528 
Assessments collected(1)1,196,649 68,398 1,265,047 
Interest accrual593,950 2,262 596,212 
Benefits paid(377,813)0 (377,813)
Other adjustments(2)430,761 0 430,761 
Balance, excluding amounts in AOCI, end of period, pre-flooring18,949,849 140,886 19,090,735 
Flooring impact and amounts in AOCI(430,105)(2,011)(432,116)
Balance, including amounts in AOCI, end of period, post-flooring18,519,744 138,875 18,658,619 
Less: Reinsurance recoverables18,257,481 0 18,257,481 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$262,263 $138,875 401,138 
Other7,391 
Total balance after reinsurance recoverables$408,529 
Year Ended December 31, 2024
Variable / Universal LifeFixed AnnuitiesTotal
(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring$14,280,792 $0 $14,280,792 
Flooring impact and amounts in AOCI831,583 0 831,583 
Balance, excluding amounts in AOCI, beginning of period, pre-flooring15,112,375 0 15,112,375 
Effect of assumption update154,058 0 154,058 
Effect of actual variances from expected experience and other activity265,684 0 265,684 
Adjusted balance, beginning of period15,532,117 0 15,532,117 
Assessments collected(1)1,242,684 0 1,242,684 
Interest accrual536,678 0 536,678 
Benefits paid(343,241)0 (343,241)
Balance, excluding amounts in AOCI, end of period, pre-flooring16,968,238 0 16,968,238 
Flooring impact and amounts in AOCI(617,186)0 (617,186)
Balance, including amounts in AOCI, end of period, post-flooring16,351,052 0 16,351,052 
Less: Reinsurance recoverables16,129,846 0 16,129,846 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$221,206 $0 221,206 
Other0 
Total balance after reinsurance recoverables$221,206 

Year Ended December 31, 2023
Variable / Universal LifeFixed AnnuitiesTotal
(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring$12,664,445 $0 $12,664,445 
Flooring impact and amounts in AOCI1,269,236 0 1,269,236 
Balance, excluding amounts in AOCI, beginning of period, pre-flooring13,933,681 0 13,933,681 
Effect of assumption update22,910 0 22,910 
Effect of actual variances from expected experience and other activity34,021 0 34,021 
Adjusted balance, beginning of period13,990,612 0 13,990,612 
Assessments collected(1)929,709 0 929,709 
Interest accrual486,253 0 486,253 
Benefits paid(294,199)0 (294,199)
Balance, excluding amounts in AOCI, end of period, pre-flooring15,112,375 0 15,112,375 
Flooring impact and amounts in AOCI(831,583)0 (831,583)
Balance, including amounts in AOCI, end of period, post-flooring14,280,792 0 14,280,792 
Less: Reinsurance recoverables14,054,600 0 14,054,600 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$226,192 $0 226,192 
Other0 
Total balance after reinsurance recoverables$226,192 
(1)     Represents the portion of gross assessments required to fund the future policy benefits.
(2)     Includes the impact of recognizing the recapture of certain YRT transactions from Prudential Insurance effective October 1, 2025. See Note 12 for additional information.
Year Ended December 31, 2025
Variable / Universal LifeFixed Annuities
Weighted-average duration of the liability in years (at original discount rate)2121
Weighted-average interest rate (at original discount rate)3.34 %2.71 %

Year Ended December 31, 2024
Variable / Universal LifeFixed Annuities
Weighted-average duration of the liability in years (at original discount rate)22N/A
Weighted-average interest rate (at original discount rate)3.33 %N/A

Year Ended December 31, 2023
Variable / Universal LifeFixed Annuities
Weighted-average duration of the liability in years (at original discount rate)22N/A
Weighted-average interest rate (at original discount rate)3.39 %N/A
The following table presents the reconciliation of the ending balances from the above rollforwards, benefit reserves, DPL, and AIR, including other liabilities, gross of related reinsurance recoverables, to the total liability for future policy benefits as reported on the Company's Consolidated Statements of Financial Position for the years ended December 31,:
202520242023
(in thousands)
Benefit reserves, end of period, post-flooring$8,225,913 $7,512,826 $7,727,206 
Deferred profit liability, end of period, post-flooring23,374 22,939 14,818 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring18,658,619 16,351,052 14,280,792 
Subtotal of amounts disclosed above26,907,906 23,886,817 22,022,816 
Other Future policy benefits reserves(1)1,322,192 1,226,950 1,182,389 
Total Future policy benefits$28,230,098 $25,113,767 $23,205,205 
(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.
The following tables present revenue and interest expense related to benefit reserves, DPL, and AIR, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations for the periods indicated:

Year Ended December 31, 2025
Revenues(1)
Term LifeVariable / Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$1,815,456 $0 $48,938 $1,864,394 
Deferred profit liability0 0 (436)(436)
Additional insurance reserves0 1,765,102 43,484 1,808,586 
Total$1,815,456 $1,765,102 $91,986 $3,672,544 
Year Ended December 31, 2024
Revenues(1)
Term LifeVariable / Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$1,833,017 $0 $43,092 $1,876,109 
Deferred profit liability0 0 (8,121)(8,121)
Additional insurance reserves0 2,050,441 0 2,050,441 
Total$1,833,017 $2,050,441 $34,971 $3,918,429 

Year Ended December 31, 2023
Revenues(1)
Term LifeVariable / Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$1,804,955 $0 $41,111 $1,846,066 
Deferred profit liability0 0 3,375 3,375 
Additional insurance reserves0 1,405,696 0 1,405,696 
Total$1,804,955 $1,405,696 $44,486 $3,255,137 
(1)Represents gross premiums for benefit reserves; revenue for DPL and gross assessments for AIR.
Year Ended December 31, 2025
Interest Expense
Term LifeVariable / Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$391,432 $0 $10,656 $402,088 
Deferred profit liability0 0 974 974 
Additional insurance reserves0 593,950 2,261 596,211 
Total$391,432 $593,950 $13,891 $999,273 

Year Ended December 31, 2024
Interest Expense
Term LifeVariable / Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$382,165 $0 $9,119 $391,284 
Deferred profit liability0 0 729 729 
Additional insurance reserves0 536,678 0 536,678 
Total$382,165 $536,678 $9,848 $928,691 

Year Ended December 31, 2023
Interest Expense
Term LifeVariable / Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$373,845 $0 $8,440 $382,285 
Deferred profit liability0 0 552 552 
Additional insurance reserves0 486,253 0 486,253 
Total$373,845 $486,253 $8,992 $869,090 
v3.26.1
Policyholders' Account Balances (Tables)
 12 Months Ended
Dec. 31, 2025
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract]  
Policyholder Account Balance
The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:

Year Ended December 31, 2025
Fixed
Annuities		Variable AnnuitiesVariable / Universal LifeTotal
($ in thousands)
Balance, beginning of period$11,197,337 $33,217,331 $20,691,139 $65,105,807 
Deposits5,877,276 7,229,457 2,464,812 15,571,545 
Interest credited371,237 700,947 405,205 1,477,389 
Policy charges(53,687)(74,755)(1,852,624)(1,981,066)
Surrenders and withdrawals(932,262)(1,129,264)(1,085,963)(3,147,489)
Benefit payments(112,631)(23,656)(112,991)(249,278)
Net transfers (to) from separate account0 (9,237)551,221 541,984 
Change in market value and other adjustments(1)266,360 3,301,161 530,988 4,098,509 
Balance, end of period$16,613,630 $43,211,984 $21,591,787 $81,417,401 
Unearned revenue reserve5,064,778 
Other110,786 
Total Policyholders' account balance$86,592,965 
Weighted-average crediting rate2.67 %1.83 %1.92 %2.02 %
Net amount at risk(3)$1 $0 $366,953,069 $366,953,070 
Cash surrender value(4)$15,072,015 $41,954,173 $17,937,783 $74,963,971 
Year Ended December 31, 2024
Fixed
Annuities		Variable AnnuitiesVariable / Universal LifeTotal
($ in thousands)
Balance, beginning of period$6,164,313 $22,810,665 $20,167,713 $49,142,691 
Deposits5,215,817 8,315,212 2,157,575 15,688,604 
Interest credited222,516 516,018 570,988 1,309,522 
Policy charges(5,290)(32,987)(1,831,168)(1,869,445)
Surrenders and withdrawals(554,653)(782,216)(778,928)(2,115,797)
Benefit payments(55,956)(30,427)(70,363)(156,746)
Net transfers (to) from separate account0 100,193 380,869 481,062 
Change in market value and other adjustments(1)210,590 2,320,873 94,453 2,625,916 
Balance, end of period$11,197,337 $33,217,331 $20,691,139 $65,105,807 
Unearned revenue reserve4,415,187 
Other107,324 
Total Policyholders' account balance$69,628,318 
Weighted-average crediting rate2.56 %1.72 %2.79 %2.23 %
Net amount at risk(3)$11 $0 $345,969,571 $345,969,582 
Cash surrender value(4)$9,863,990 $31,516,776 $19,391,617 $60,772,383 

Year Ended December 31, 2023
Fixed
Annuities		Variable AnnuitiesVariable / Universal LifeTotal
($ in thousands)
Balance, beginning of period$3,575,823 $16,432,032 $18,736,365 $38,744,220 
Deposits2,612,775 4,633,727 2,117,153 9,363,655 
Interest credited101,192 243,908 556,057 901,157 
Policy charges(8,438)(23,368)(1,810,644)(1,842,450)
Surrenders and withdrawals(229,843)(516,039)(845,436)(1,591,318)
Benefit payments(50,522)(30,461)(83,409)(164,392)
Net transfers (to) from separate account(2)0 15,121 1,175,575 1,190,696 
Change in market value and other adjustments(1)163,326 2,055,745 322,052 2,541,123 
Balance, end of period$6,164,313 $22,810,665 $20,167,713 $49,142,691 
Unearned revenue reserve3,741,426 
Other102,583 
Total Policyholders' account balance$52,986,700 
Weighted-average crediting rate2.08 %1.40 %2.86 %2.12 %
Net amount at risk(3)$15 $0 $323,508,432 $323,508,447 
Cash surrender value(4)$5,307,537 $20,490,433 $18,676,852 $44,474,822 
(1)    Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)    Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 16 for additional information.
(3)    The net amount at risk calculation includes both general and separate account balances.
(4)    Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate
The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points ("bps"), between rates being credited to policyholders and the respective guaranteed minimums are as follows:

December 31, 2025
Range of Guaranteed Minimum
Crediting Rate(1)		At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$2,772 $6,838 $28,283 $1,743,492 $1,781,385 
1.00% - 1.99%
368,54643,071167,83345,496624,946
2.00% - 2.99%
348,8061,458,294542,95714,8292,364,886
3.00% - 4.00%
2,861,9515,50411,4682,6272,881,550
Greater than 4.00%
00000
Total$3,582,075 $1,513,707 $750,541 $1,806,444 $7,652,767 
Variable Annuities
Less than 1.00%
$421,525 $119,969 $331,807 $124 $873,425 
1.00% - 1.99%
79,576431,9364940512,006
2.00% - 2.99%
15,5866,2513,931025,768
3.00% - 4.00%
709,665000709,665
Greater than 4.00%
1,2620001,262
Total$1,227,614 $558,156 $336,232 $124 $2,122,126 
Variable / Universal Life
Less than 1.00%
$0 $0 $0 $210,112 $210,112 
1.00% - 1.99%
387,03501,863,0911,746,6313,996,757
2.00% - 2.99%
37,1071,601,0672,681,677538,0404,857,891
3.00% - 4.00%
3,631,9461,696,5571,105,32006,433,823
Greater than 4.00%
2,044,6650002,044,665
Total$6,100,753 $3,297,624 $5,650,088 $2,494,783 $17,543,248 
December 31, 2024
Range of Guaranteed Minimum
Crediting Rate(1)		At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$249 $3,103 $11,939 $1,021,834 $1,037,125 
1.00% - 1.99%
430,477 62,519 172,877 68,973 734,846 
2.00% - 2.99%
302,520 459,748 557,349 15,794 1,335,411 
3.00% - 4.00%
1,894,646 6,114 10,896 3,219 1,914,875 
Greater than 4.00%
0 0000
Total$2,627,892 $531,484 $753,061 $1,109,820 $5,022,257 
Variable Annuities
Less than 1.00%
$128,748 $502,988 $647,480 $182 $1,279,398 
1.00% - 1.99%
121,336 294,635 2,494 0418,465 
2.00% - 2.99%
17,039 3,829 4,162 025,030 
3.00% - 4.00%
819,316 1,860 00821,176 
Greater than 4.00%
1,978 0001,978 
Total$1,088,417 $803,312 $654,136 $182 $2,546,047 
Variable / Universal Life
Less than 1.00%
$3,167 $0 $0 $177,213 $180,380 
1.00% - 1.99%
289,677 0 1,849,854 1,513,273 3,652,804 
2.00% - 2.99%
30,500 1,535,762 2,695,823 390,117 4,652,202 
3.00% - 4.00%
4,149,638 1,716,374 1,082,026 0 6,948,038 
Greater than 4.00%
2,095,235 0002,095,235 
Total$6,568,217 $3,252,136 $5,627,703 $2,080,603 $17,528,659 
December 31, 2023
Range of Guaranteed Minimum
Crediting Rate(1)		At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$105 $337 $994 $117,377 $118,813 
1.00% - 1.99%
487,191 73,393 234,487 79,713 874,784 
2.00% - 2.99%
301,132 469,276 562,347 16,881 1,349,636 
3.00% - 4.00%
29,131 0 0 0 29,131 
Greater than 4.00%
0 0 0 0 0 
Total$817,559 $543,006 $797,828 $213,971 $2,372,364 
Variable Annuities
Less than 1.00%
$908,097 $807,460 $18,083 $2 $1,733,642 
1.00% - 1.99%
214,377 2,061 1,060 0217,498 
2.00% - 2.99%
23,323 4,071 4,135 031,529 
3.00% - 4.00%
903,953 9,245 330913,231 
Greater than 4.00%
2,046 0002,046 
Total$2,051,796 $822,837 $23,311 $2 $2,897,946 
Variable / Universal Life
Less than 1.00%
$0 $0 $0 $196,692 $196,692 
1.00% - 1.99%
201,121 0 2,588,458 528,155 3,317,734 
2.00% - 2.99%
28,061 1,445,439 2,789,520 260,651 4,523,671 
3.00% - 4.00%
3,956,631 2,217,133 1,107,726 07,281,490 
Greater than 4.00%
2,136,137 0002,136,137 
Total$6,321,950 $3,662,572 $6,485,704 $985,498 $17,455,724 
(1)     Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.
Additional Liability, Long-Duration Insurance
The balances of and changes in URR as of and for the periods ended are as follows:

Years Ended December 31,
202520242023
Variable / Universal Life
(in thousands)
Balance, beginning of period$4,415,187 $3,741,426 $3,067,336 
Unearned revenue853,071859,231 827,960
Amortization expense(203,506)(185,468)(153,779)
Other adjustments26 (2)(91)
Balance, end of period$5,064,778 $4,415,187 $3,741,426 
v3.26.1
Market Risk Benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
Market Risk Benefits
The following tables show a rollforward of MRB balances for variable and fixed annuity products, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
Year Ended December 31, 2025
Variable AnnuitiesFixed AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$2,488,463 $0 $(844,582)$1,643,881 
Effect of cumulative changes in non-performance risk626,845 0 0 626,845 
Balance, beginning of period, before effect of changes in non-performance risk3,115,308 0 (844,582)2,270,726 
Attributed fees collected1,008,519 19,936 (232,779)795,676 
Claims paid(53,926)0 5,400 (48,526)
Interest accrual168,951 4,611 (50,303)123,259 
Actual in force different from expected63,484 (1,554)(19,029)42,901 
Effect of changes in interest rates(267,183)(34,582)79,628 (222,137)
Effect of changes in equity markets(1,128,930)(12,609)118,797 (1,022,742)
Effect of assumption update and other refinements120,191 151,000 (23,026)248,165 
Issuances57,950 28,494 (6,074)80,370 
Other adjustments29,602 11,615 (22,568)18,649 
Effect of changes in current period counterparty non-performance risk0 0 (18,039)(18,039)
Balance, end of period, before effect of changes in non-performance risk3,113,966 166,911 (1,012,575)2,268,302 
Effect of cumulative changes in non-performance risk(451,282)9,531 0 (441,751)
Balance, end of period$2,662,684 $176,442 $(1,012,575)$1,826,551 
Year Ended December 31, 2024
Variable AnnuitiesFixed AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$3,707,407 $0 $(917,792)$2,789,615 
Effect of cumulative changes in non-performance risk1,067,983 0 0 1,067,983 
Balance, beginning of period, before effect of changes in non-performance risk4,775,390 0 (917,792)3,857,598 
Attributed fees collected1,095,139 0 (259,099)836,040 
Claims paid(57,083)0 5,669 (51,414)
Interest accrual226,734 0 (56,043)170,691 
Actual in force different from expected49,864 0 (21,062)28,802 
Effect of changes in interest rates(1,436,230)0 277,354 (1,158,876)
Effect of changes in equity markets(1,660,907)0 177,329 (1,483,578)
Effect of assumption update and other refinements(1)82,619 0 3,984 86,603 
Issuances70,965 0 (5,019)65,946 
Other adjustments(1)(31,183)0 11,566 (19,617)
Effect of changes in current period counterparty non-performance risk0 0 (61,469)(61,469)
Balance, end of period, before effect of changes in non-performance risk3,115,308 0 (844,582)2,270,726 
Effect of cumulative changes in non-performance risk(626,845)0 0 (626,845)
Balance, end of period$2,488,463 $0 $(844,582)$1,643,881 
Year Ended December 31, 2023
Variable AnnuitiesFixed AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$4,550,625 $0 $(422,261)$4,128,364 
Effect of cumulative changes in non-performance risk1,727,910 0 0 1,727,910 
Balance, beginning of period, before effect of changes in non-performance risk6,278,535 0 (422,261)5,856,274 
Attributed fees collected1,158,879 0 (246,747)912,132 
Claims paid(85,898)0 9,952 (75,946)
Interest accrual293,205 0 (53,016)240,189 
Actual in force different from expected79,030 0 (13,338)65,692 
Effect of changes in interest rates(1,438,873)0 455,062 (983,811)
Effect of changes in equity markets(1,845,207)0 180,953 (1,664,254)
Effect of assumption update and other refinements(1)235,543 0 (54,067)181,476 
Issuances29,433 0 7,680 37,113 
Other adjustments(1)(2)70,743 0 (635,011)(564,268)
Effect of changes in current period counterparty non-performance risk0 0 (146,999)(146,999)
Balance, end of period, before effect of changes in non-performance risk4,775,390 0 (917,792)3,857,598 
Effect of cumulative changes in non-performance risk(1,067,983)0 0 (1,067,983)
Balance, end of period$3,707,407 $0 $(917,792)$2,789,615 
(1)     Prior period amounts have been updated to conform to current presentation.
(2) Other adjustments for December 31, 2023 primarily includes $638 million related to the reinsurance transaction with AuguStar. See Note 12 for additional information.
    
The following tables present accompanying information to the rollforward table above.
December 31, 2025
Variable AnnuitiesFixed Annuities
($ in thousands)
Net amount at risk(1)$7,619,998 $513,514 
Weighted-average attained age of contractholders7268
December 31, 2024
Variable AnnuitiesFixed Annuities
($ in thousands)
Net amount at risk(1)$8,722,499 N/A
Weighted-average attained age of contractholders71N/A
December 31, 2023
Variable AnnuitiesFixed Annuities
($ in thousands)
Net amount at risk(1)$9,041,651 N/A
Weighted-average attained age of contractholders70N/A
(1)     For contracts with multiple benefit features, the highest net amount at risk for each contract is included.

The tables below reconciles MRB asset and liability positions as of the following dates:

December 31, 2025
Variable AnnuitiesFixed AnnuitiesTotal
(in thousands)
Direct and assumed$1,373,383 $2,890 $1,376,273 
Ceded1,279,593 0 1,279,593 
Total market risk benefit assets$2,652,976 $2,890 $2,655,866 
Direct and assumed$4,036,066 $179,332 $4,215,398 
Ceded267,019 0 267,019 
Total market risk benefit liabilities$4,303,085 $179,332 $4,482,417 
Net liability$1,650,109 $176,442 $1,826,551 
December 31, 2024
Variable AnnuitiesFixed AnnuitiesTotal
(in thousands)
Direct and assumed$1,492,186 $0 $1,492,186 
Ceded1,145,177 0 1,145,177 
Total market risk benefit assets$2,637,363 $0 $2,637,363 
Direct and assumed$3,980,650 $0 $3,980,650 
Ceded300,594 0 300,594 
Total market risk benefit liabilities$4,281,244 $0 $4,281,244 
Net liability$1,643,881 $0 $1,643,881 
December 31, 2023
Variable AnnuitiesFixed AnnuitiesTotal
(in thousands)
Direct and assumed$1,201,945 $0 $1,201,945 
Ceded1,165,298 0 1,165,298 
Total market risk benefit assets$2,367,243 $0 $2,367,243 
Direct and assumed$4,909,352 $0 $4,909,352 
Ceded247,506 0 247,506 
Total market risk benefit liabilities$5,156,858 $0 $5,156,858 
Net liability$2,789,615 $0 $2,789,615 
v3.26.1
Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2025
Reinsurance Disclosures [Abstract]  
Reinsurance impact on balance sheet
Reinsurance amounts included in the Company’s Consolidated Statements of Financial Position as of December 31, were as follows:
20252024
 (in thousands)
Reinsurance recoverables and deposit receivables$54,370,370 $48,247,817 
Policy loans(1,174,371)(1,143,726)
Deferred policy acquisition costs(3,202,535)(3,319,067)
Deferred sales inducements(30,203)(32,573)
Market risk benefit assets1,280,120 1,145,580 
Other assets1,515,354 1,538,231 
Policyholders’ account balances5,124,249 5,567,661 
Future policy benefits8,984,370 7,443,997 
Market risk benefit liabilities267,981 302,310 
Reinsurance and funds withheld payables11,377,505 8,611,141 
Other liabilities1,780,787 3,282,713 
Unaffiliated reinsurance amounts included in the table above and in the Company's Consolidated Statements of Financial Position as of December 31, were as follows:
20252024
(in thousands)
Policy loans$(50,877)$(48,644)
Deferred policy acquisition costs(659,377)(637,555)
Market risk benefit assets927,836 804,015 
Other assets1,052,840 1,118,974 
Policyholders’ account balances1,499,098 1,665,998 
Future policy benefits(14,427)160 
Market risk benefit liabilities124,638 151,432 
Reinsurance and funds withheld payables9,194,564 3,360,901 
Other liabilities251,136 257,929 
Reinsurance recoverables and deposit receivables by counterparty
Reinsurance recoverables and deposit receivables by counterparty as of December 31, were as follows:
20252024
 (in thousands)
Affiliated:
     PAR U$11,617,403 $11,426,975 
     PURE8,192,212 7,951,965 
     PARCC7,021,834 7,049,164 
     Lotus Re3,380,675 2,130,095 
     Prudential Insurance2,810,762 7,507,414 
     Prudential of Japan13,237 0 
     Total affiliated33,036,123 36,065,613 
Unaffiliated:
     Wilton Re8,013,159 7,478,467 
     Somerset Re2,490,716 2,581,977 
     FLIAC1,351,271 1,395,008 
     Resolution Re849,213 0 
     Prismic Re327,763 0 
     Other(1)8,302,125 726,752 
     Total unaffiliated21,334,247 12,182,204 
Total reinsurance recoverables and deposit receivables$54,370,370 $48,247,817 
(1) Four major reinsurance companies account for approximately 56% of Other as of December 31, 2025.
Reinsurance impact on income statement
Reinsurance amounts, included in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, were as follows:

202520242023
 (in thousands)
Premiums:
Direct$1,874,352 $1,846,109 $1,853,184 
Assumed271,129 92 (61)
Ceded(1,598,280)(1,453,074)(1,524,226)
Net premiums$547,201 $393,127 $328,897 
Policy charges and fee income:
Direct$3,224,720 $3,190,753 $2,995,595 
Assumed808,083 899,767 604,311 
Ceded(2,325,465)3,292,277 (2,063,300)
Net policy charges and fee income$1,707,338 $7,382,797 $1,536,606 
202520242023
 (in thousands)
Net investment income:
Direct$3,262,367 $2,474,541 $1,700,684 
Assumed1,294 1,325 1,364 
Ceded(53,139)(53,849)(26,526)
Net investment income(1)$3,210,522 $2,422,017 $1,675,522 
Asset administration fees:
Direct$315,865 $329,181 $323,444 
Ceded(110,533)(105,618)(90,494)
Net asset administration fees$205,332 $223,563 $232,950 
Other income (loss):
Direct$594,774 $297,868 $636,930 
Assumed752 2,983 (475)
Ceded1,666,250 458,905 114,908 
Net other income (loss)(1)$2,261,776 $759,756 $751,363 
Realized investment gains (losses), net:
Direct$(1,207,587)$500,023 $(1,203,453)
Assumed46,559 85,248 162,291 
Ceded(269,397)(133,854)(105,937)
Realized investment gains (losses), net(1)$(1,430,425)$451,417 $(1,147,099)
Change in value of market risk benefits, net of related hedging gains (losses):
Direct$(433,206)$(98,562)$287,936 
Assumed958 2,626 (4,115)
Ceded(74,746)(338,019)(390,594)
Net change in value of market risk benefits, net of related hedging gains (losses)$(506,994)$(433,955)$(106,773)
Policyholders’ benefits (including change in reserves):
Direct$4,242,114 $3,825,305 $3,354,306 
Assumed1,310,907 1,058,315 1,258,651 
Ceded(4,773,299)3,468,713 (4,109,168)
Net policyholders’ benefits (including change in reserves)(1)$779,722 $8,352,333 $503,789 
Change in estimates of liability for future policy benefits:
Direct$(97,867)$303,141 $(18,361)
Assumed(39,222)92,766 8,644 
Ceded57,584 (416,550)13,669 
Net change in estimates of liability for future policy benefits$(79,505)$(20,643)$3,952 
Interest credited to policyholders’ account balances:
Direct$1,485,366 $1,310,867 $884,527 
Assumed130,432 153,052 136,725 
Ceded(438,138)(426,188)(399,607)
Net interest credited to policyholders’ account balances$1,177,660 $1,037,731 $621,645 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization$(388,473)$(1,398,843)$(403,517)
(1)Amounts include reinsurance agreements using the deposit method of accounting.
Unaffiliated reinsurance assumed and ceded amounts included in the table above and in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, were as follows:

202520242023
(in thousands)
Premiums:
Assumed$104 $89 $(69)
Ceded(349,326)(107,449)(70,169)
Policy charges and fee income:
Assumed1,379 1,381 1,563 
Ceded(5,208,556)(191,368)(143,764)
Net investment income(1):
Ceded(1,668)(1,659)23,023 
Asset administration fees:
Ceded(25,093)(28,354)(22,415)
Other income (loss)(1):
Assumed26 2,983 (475)
Ceded168,056 142,267 44,260 
Realized investment gains (losses), net(1):
Assumed46,559 85,248 162,291 
Ceded(179,100)(91,712)(101,449)
Change in value of market risk benefits, net of related hedging gains (losses):
Assumed958 2,626 (4,115)
Ceded6,482 (124,816)(186,996)
Policyholders' benefits (including change in reserves)(1):
Assumed(14,561)348 804 
Ceded(7,776,099)(366,669)(157,344)
Change in estimates of liability for future policy benefits:
Assumed1,464 0 0 
Ceded(20,592)96,014 (1,367)
Interest credited to policyholders' account balances:
Assumed25,705 39,263 16,243 
Ceded(99,881)(24,550)0 
(1)Amounts include reinsurance agreements using the deposit method of accounting.
Gross and net life insurance in force
The gross and net amounts of life insurance face amount in force as of December 31, were as follows:
202520242023
 (in thousands)
Direct gross life insurance face amount in force$1,590,247,115 $1,181,531,932 $1,127,561,798 
Assumed gross life insurance face amount in force40,086,143 34,530,341 35,558,423 
Reinsurance ceded(1,450,508,310)(1,080,451,145)(1,027,473,705)
Net life insurance face amount in force$179,824,948 $135,611,128 $135,646,516 
v3.26.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The following schedule discloses significant components of income tax expense (benefit) for each year presented:
Years Ended December 31,
202520242023
(in thousands)
Current tax expense (benefit):
U.S. federal$292,713 $151,544 $698,170 
State and local4,088 5,763 14,550 
Total296,801 157,307 712,720 
Deferred tax expense (benefit):
U.S. federal123,717 (22,612)(686,252)
State and local65 454 0 
Total123,782 (22,158)(686,252)
Total income tax expense (benefit) on income (loss) before equity in earnings of operating joint ventures420,583 135,149 26,468 
Income tax expense (benefit) on equity in earnings of operating joint ventures(70)24 (109)
Income tax expense (benefit) reported in equity related to:
Other comprehensive income (loss)162,925 (151,234)(5,638)
Total income tax expense (benefit)$583,438 $(16,061)$20,721 
Schedule of Effective Income Tax Rate Reconciliation
The differences between income taxes expected at the U.S. federal statutory income tax rate of 21% applicable for 2025 and the reported income tax expense (benefit) are summarized as follows:
Year Ended December 31, 2025
($ in thousands)
Expected federal income tax expense/(benefit)$475,966 21.0 %
State taxes (net of federal benefit)3,281 0.2 %
Tax credits(23,245)(1.0)%
Nontaxable or nondeductible items(36,341)(1.6)%
Other reconciling items2,876 0.1 %
Foreign tax effects(1,954)(0.1)%
Total$420,583 18.6 %

The differences between income taxes expected at the U.S. federal statutory income tax rate of 21% applicable for 2024 and 2023, and the reported income tax expense (benefit) are summarized as follows:
Years Ended December 31,
20242023
($ in thousands)
Expected federal income tax expense (benefit)$204,342 $100,305 
Non-taxable investment income(42,621)(42,730)
Tax credits(29,001)(42,578)
State taxes (net of federal benefit)4,911 11,495 
Other(2,482)(24)
Reported income tax expense (benefit)$135,149 $26,468 
Effective tax rate13.9 %5.5 %
Schedule of Deferred Tax Assets and Liabilities
Schedule of Deferred Tax Assets and Deferred Tax Liabilities
December 31,
20252024
 (in thousands)
Deferred tax assets:
Insurance reserves$2,012,833 $1,749,792 
Investments846,847 1,033,856 
Net unrealized loss on securities122,067 410,718 
Other0 5,647 
Deferred tax assets2,981,747 3,200,013 
Deferred tax liabilities:
Deferred policy acquisition cost1,298,694 1,227,858 
Deferred sales inducements61,449 66,686 
Other12,305 0 
Deferred tax liabilities1,372,448 1,294,544 
Net deferred tax asset (liability)$1,609,299 $1,905,469 
Schedule of Income Taxes Paid
Income taxes paid during the year are disclosed in the table below and include tax installments made for the current year as well as tax payments and refunds related to prior periods.

December 31,
2025
 (in thousands)
Federal$194,863 
State170 
Foreign3,658 
Total$198,691 
v3.26.1
Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Components of Accumulated Other Comprehensive Income (Loss) The balance of and changes in each component of AOCI as of and for the years ended December 31, are as follows:
 Accumulated Other Comprehensive Income (Loss)
 Foreign Currency
Translation
Adjustment		Net Unrealized
Investment Gains
(Losses)(1)		Interest Rate Remeasurement of Future Policy BenefitsGain (Loss) from Changes in Non-Performance Risk on Market Risk BenefitsTotal Accumulated
Other
Comprehensive
Income (Loss)
 (in thousands)
Balance, December 31, 2022$(20,007)$(1,474,475)$119,368 $1,365,049 $(10,065)
Change in OCI before reclassifications2,419 677,735 (60,978)(659,927)(40,751)
Amounts reclassified from AOCI0 14,217 0 0 14,217 
Income tax benefit (expense)(497)(145,255)12,805 138,585 5,638 
Balance, December 31, 2023(18,085)(927,778)71,195 843,707 (30,961)
Change in OCI before reclassifications(4,595)(416,996)58,676 (441,138)(804,053)
Amounts reclassified from AOCI0 81,903 0 0 81,903 
Income tax benefit (expense)739 70,169 (12,313)92,639 151,234 
Balance, December 31, 2024(21,941)(1,192,702)117,558 495,208 (601,877)
Change in OCI before reclassifications3,326 892,453 (40,022)(185,092)670,665 
Amounts reclassified from AOCI0 102,992 0 0 102,992 
Income tax benefit (expense)(1,277)(208,922)8,404 38,870 (162,925)
Balance, December 31, 2025$(19,892)$(406,179)$85,940 $348,986 $8,855 
(1)Includes cash flow hedges of $(133) million, $111 million, and $12 million as of December 31, 2025, 2024, and 2023, respectively.
Reclassification out of Accumulated Other Comprehensive Income (Loss)
Reclassifications out of Accumulated Other Comprehensive Income (Loss) 
Years Ended December 31,
202520242023
 (in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges—Currency/Interest rate(3)$(20,578)$85,491 $16,976 
Net unrealized investment gains (losses) on available-for-sale securities(82,414)(167,394)(31,193)
Total net unrealized investment gains (losses)(4)(102,992)(81,903)(14,217)
Total reclassifications for the period$(102,992)$(81,903)$(14,217)
(1)All amounts are shown before tax.
(2)Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI.
(3)See Note 5 for additional information on cash flow hedges.
(4)See table below for additional information on unrealized investment gains (losses), including the impact on future policy benefits and policyholders’ account balances.
OTTI, Allowance and All Other Net Unrealized Investment Gains (Losses) AOCI Rollforward The amounts for the periods indicated below, split between amounts related to net unrealized investment gains (losses) on available-for-sale fixed maturity securities on which an allowance for credit losses has been recognized, and all other net unrealized investment gains (losses), are as follows:
Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on Which an Allowance for Credit Losses has been RecognizedNet Unrealized Gains (Losses) on All Other Investments(1)
Other Costs(2)		Future Policy
Benefits, Policyholders' Account Balances and Reinsurance Payables
Income Tax
Benefit (Expense)		Accumulated Other Comprehensive
Income (Loss) Related to Net Unrealized Investment Gains (Losses)
 (in thousands)
Balance, December 31, 2022$4,371 $(2,161,026)$(1,198,422)$1,488,679 $391,923 $(1,474,475)
Net investment gains (losses) on investments arising during the period(4,482)744,727 0 0 (155,393)584,852 
Reclassification adjustment for (gains) losses included in net income(265)14,482 0 0 (2,984)11,233 
Reclassification due to allowance for credit losses recorded during the period2,363 (2,363)0 0 0 0 
Impact of net unrealized investment (gains) losses0 0 397,071 (459,581)13,122 (49,388)
Balance, December 31, 20231,987 (1,404,180)(801,351)1,029,098 246,668 (927,778)
Net investment gains (losses) on investments arising during the period(773)(525,222)0 0 110,227 (415,768)
Reclassification adjustment for (gains) losses included in net income(175)82,078 0 0 (17,164)64,739 
Reclassification due to allowance for credit losses recorded during the period(146)146 0 0 0 0 
Impact of net unrealized investment (gains) losses0 0 217,642 (108,643)(22,894)86,105 
Balance, December 31, 2024893 (1,847,178)(583,709)920,455 316,837 (1,192,702)
Net investment gains (losses) on investments arising during the period(247)1,029,138 0 0 (215,954)812,937 
Reclassification adjustment for (gains) losses included in net income(2,361)105,353 0 0 (21,617)81,375 
Reclassification due to allowance for credit losses recorded during the period363 (363)0 0 0 0 
Impact of net unrealized investment (gains) losses0 0 335,647 (472,085)28,649 (107,789)
Balance, December 31, 2025$(1,352)$(713,050)$(248,062)$448,370 $107,915 $(406,179)
(1)Includes cash flow hedges. See Note 5 for information on cash flow hedges.
(2)"Other costs" primarily includes reinsurance recoverables and DRL.
v3.26.1
Statutory Net Income and Surplus and Dividend Restrictions (Tables)
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
Statutory Net Income and Surplus and Dividend Restrictions
The following table summarizes certain statutory financial information for the Company, including its subsidiary PLNJ, for the periods indicated:
Years Ended December 31,
202520242023
(in millions)
Statutory net income (loss)$446 $(5,195)$4,923 
Statutory capital and surplus5,821 5,730 5,161 
v3.26.1
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Affiliated Notes Receivable
Affiliated notes receivable included in “Receivables from parent and affiliates” at December 31, was as follows:
Maturity DatesInterest Rates20252024
(in thousands)
U.S. dollar fixed rate notes2026-20380.00%-12.13 %$649,771 $520,462 
Total notes receivable - affiliated(1)$649,771 $520,462 
(1)All notes receivable may be called for prepayment prior to the respective maturity dates under specified circumstances.
Affiliated Asset Transfers The table below shows affiliated asset trades for the years ended December 31, 2025 and 2024.
AffiliateDateTransactionSecurity TypeFair
Value		Book ValueAPIC, Net of
Tax Increase/
(Decrease)		Realized
Investment
Gain/(Loss)
    (in thousands)
PAR UJanuary 2024Transfer inFixed Maturities$1,598,161 $1,598,161 $0 $0 
PAR UJanuary 2024Transfer inFixed Maturities$778,745 $778,745 $0 $0 
PURCJanuary 2024Transfer inFixed Maturities$2,155,560 $2,155,560 $0 $0 
GUL ReJanuary 2024Transfer inFixed Maturities$1,685,582 $1,685,582 $0 $0 
GUL ReJanuary 2024Transfer inEquities$4,976 $4,976 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$1,598,161 $1,598,161 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$778,745 $778,745 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$2,155,560 $2,155,560 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$1,685,582 $1,685,582 $0 $0 
PUREJanuary 2024Transfer outEquities$4,976 $4,976 $0 $0 
IronboundJanuary 2024PurchaseOther Invested Assets$60,414 $60,414 $0 $0 
Windhill CLO 1, Ltd.February 2024SaleFixed Maturities$18,428 $18,858 $0 $(430)
Windhill CLO 2, Ltd.February 2024SaleFixed Maturities$19,652 $20,057 $0 $(405)
PAR TermFebruary 2024PurchaseFixed Maturities$43,084 $43,084 $0 $0 
Windhill CLO 1, Ltd.March 2024SaleFixed Maturities$10,148 $10,387 $0 $(239)
Windhill CLO 2, Ltd.March 2024SaleFixed Maturities$14,763 $15,091 $0 $(328)
Prudential InsuranceMarch 2024PurchaseFixed Maturities$198,804 $206,285 $5,910 $0 
PAR UMarch 2024Transfer inOther Invested Assets$188,500 $188,500 $0 $0 
PUREMarch 2024Transfer outOther Invested Assets$188,500 $188,500 $0 $0 
Windhill CLO 1, Ltd.April 2024SaleFixed Maturities$2,261 $2,300 $0 $(39)
Windhill CLO 2, Ltd.May 2024SaleFixed Maturities$14,034 $14,415 $0 $(381)
Windhill CLO 1, Ltd.June 2024SaleFixed Maturities$2,045 $2,100 $0 $(55)
Windhill CLO 2, Ltd.June 2024SaleFixed Maturities$23,342 $23,743 $0 $(401)
PAR UJune 2024Transfer inOther Invested Assets$326 $326 $0 $0 
PUREJune 2024Transfer outOther Invested Assets$326 $326 $0 $0 
AffiliateDateTransactionSecurity TypeFair
Value		Book ValueAPIC, Net of
Tax Increase/
(Decrease)		Realized
Investment
Gain/(Loss)
PAR UJune 2024PurchaseCommercial Mortgage and Other Loans$12,555 $12,555 $0 $0 
Windhill CLO 2, Ltd.July 2024SaleFixed Maturities$53,462 $54,628 $0 $(1,166)
Windhill CLO 2, Ltd.July 2024SaleFixed Maturities$6,579 $6,695 $0 $(116)
Windhill CLO 1, Ltd.July 2024SaleFixed Maturities$2,136 $2,200 $0 $(64)
PAR UJuly 2024PurchaseFixed Maturities$17,402 $17,402 $0 $0 
Prudential InsuranceJuly 2024PurchaseFixed Maturities$22,655 $23,433 $614 $0 
PAR UJuly 2024PurchaseFixed Maturities$1,239 $1,239 $0 $0 
PAR UJuly 2024PurchaseDerivatives$2,975 $2,975 $0 $0 
Windhill CLO 2, Ltd.August 2024SaleFixed Maturities$21,929 $22,500 $0 $(571)
Windhill CLO 1, Ltd.August 2024SaleFixed Maturities$13,650 $14,100 $0 $(450)
PAR UAugust 2024PurchaseFixed Maturities$46,742 $46,742 $0 $0 
PAR UAugust 2024PurchaseFixed Maturities$4,793 $4,793 $0 $0 
Prudential InsuranceAugust 2024PurchaseFixed Maturities$35,872 $35,085 $(621)$0 
Windhill CLO 2, Ltd.September 2024SaleFixed Maturities$57,613 $57,613 $0 $0 
Windhill CLO 2, Ltd.September 2024SaleFixed Maturities$24,575 $24,911 $0 $(336)
Prudential InsuranceSeptember 2024PurchaseFixed Maturities$44,773 $43,632 $(901)$0 
HirakataOctober 2024PurchaseFixed Maturities$21,229 $21,229 $0 $0 
HirakataOctober 2024PurchaseFixed Maturities$3,901 $3,901 $0 $0 
PAR UOctober 2024Transfer inFixed Maturities$6,615,438 $6,615,438 $0 $0 
Windhill CLO 3, Ltd.October 2024SaleFixed Maturities$232,036 $235,610 $0 $(3,574)
Windhill CLO 2, Ltd.October 2024SaleFixed Maturities$5,824 $5,899 $0 $(75)
Windhill CLO 2, Ltd.October 2024SaleFixed Maturities$14,690 $14,959 $0 $(269)
Windhill CLO 1, Ltd.October 2024SaleFixed Maturities$3,038 $3,100 $0 $(62)
PAR UOctober 2024Transfer inEquities$6,120 $6,120 $0 $0 
Windhill CLO 3, Ltd.November 2024SaleFixed Maturities$17,409 $17,518 $0 $(109)
Windhill CLO 3, Ltd.December 2024SaleFixed Maturities$38,020 $38,537 $0 $(517)
Windhill CLO 3, Ltd.December 2024SaleShort-term Investments$2,882 $2,905 $0 $(23)
AffiliateDateTransactionSecurity TypeFair
Value		Book ValueAPIC, Net of
Tax Increase/
(Decrease)		Realized
Investment
Gain/(Loss)
Prudential InsuranceDecember 2024Contributed CapitalEquities$415,696 $416,265 $0 $0 
Windhill CLO 2, Ltd.January 2025SaleFixed Maturities$2,738 $2,800 $0 $(62)
Windhill CLO 3, Ltd.January 2025SaleFixed Maturities$17,046 $17,363 $0 $(317)
Windhill CLO 1, Ltd.January 2025SaleFixed Maturities$2,152 $2,200 $0 $(48)
PAR UFebruary 2025PurchaseDerivatives$417,169 $417,169 $0 $0 
Windhill CLO 2, Ltd.February 2025SaleFixed Maturities$7,482 $7,600 $0 $(118)
Windhill CLO 3, Ltd.February 2025SaleFixed Maturities$17,172 $17,410 $0 $(238)
Windhill CLO 1, Ltd.February 2025SaleFixed Maturities$9,784 $9,900 $0 $(116)
Prudential InsuranceFebruary 2025PurchaseFixed Maturities$100,033 $101,147 $880 $0 
Prudential InsuranceMarch 2025PurchaseFixed Maturities$226,726 $260,396 $26,599 $0 
Windhill CLO 3, Ltd.March 2025SaleFixed Maturities$9,019 $9,144 $0 $(125)
Windhill CLO 1, Ltd.March 2025SaleFixed Maturities$8,469 $8,500 $0 $(31)
Windhill CLO 1, Ltd.March 2025SaleFixed Maturities$10,184 $10,301 $0 $(117)
Windhill CLO 1, Ltd.March 2025PurchaseFixed Maturities$921 $921 $0 $0 
Windhill CLO 1, Ltd.April 2025SaleFixed Maturities$21,646 $22,003 $0 $(357)
Windhill CLO 2, Ltd.April 2025SaleFixed Maturities$8,597 $8,646 $0 $(49)
Windhill CLO 3, Ltd.April 2025SaleFixed Maturities$33,528 $34,110 $0 $(582)
Windhill CLO 1, Ltd.April 2025PurchaseFixed Maturities$24 $24 $0 $0 
Prudential InsuranceApril 2025PurchaseFixed Maturities$51,030 $53,646 $2,066 $0 
Windhill CLO 1, Ltd.May 2025SaleFixed Maturities$9,254 $9,388 $0 $(134)
Windhill CLO 2, Ltd.May 2025SaleFixed Maturities$14,667 $14,792 $0 $(125)
Windhill CLO 4, Ltd.May 2025SaleFixed Maturities$235,316 $237,464 $0 $(2,148)
Prudential InsuranceMay 2025PurchaseFixed Maturities$24,037 $24,000 $(29)$0 
PARCCMay 2025PurchaseFixed Maturities$103,549 $103,549 $0 $0 
Prudential InsuranceMay 2025Contributed CapitalOther Invested Assets$207,870 $207,870 $0 $0 
Windhill CLO 2, Ltd.June 2025SaleFixed Maturities$500 $500 $0 $0 
Windhill CLO 3, Ltd.June 2025SaleFixed Maturities$2,608 $2,608 $0 $0 
Windhill CLO 4, Ltd.June 2025SaleFixed Maturities$19,136 $19,351 $0 $(215)
AffiliateDateTransactionSecurity TypeFair
Value		Book ValueAPIC, Net of
Tax Increase/
(Decrease)		Realized
Investment
Gain/(Loss)
Windhill CLO 1, Ltd.July 2025SaleFixed Maturities$2,189 $2,200 $0 $(11)
Windhill CLO 2, Ltd.July 2025SaleFixed Maturities$1,800 $1,800 $0 $0 
Windhill CLO 3, Ltd.July 2025SaleFixed Maturities$1,681 $1,700 $0 $(19)
Windhill CLO 4, Ltd.July 2025SaleFixed Maturities$644 $650 $0 $(6)
Windhill CLO 1, Ltd.August 2025SaleFixed Maturities$16,310 $16,526 $0 $(216)
Windhill CLO 2, Ltd.August 2025SaleFixed Maturities$2,920 $2,920 $0 $0 
Windhill CLO 3, Ltd.August 2025SaleFixed Maturities$2,090 $2,090 $0 $0 
Prudential InsuranceAugust 2025PurchaseFixed Maturities$117,008 $116,592 $(328)$0 
Windhill CLO 1, Ltd.September 2025SaleFixed Maturities$1,195 $1,200 $0 $(5)
Windhill CLO 2, Ltd.September 2025SaleFixed Maturities$9,273 $9,314 $0 $(41)
Windhill CLO 3, Ltd.September 2025SaleShort-term Investments$235 $235 $0 $0 
Windhill CLO 4, Ltd.September 2025SaleFixed Maturities$4,910 $4,941 $0 $(31)
PGIM Strategic Investments IncSeptember 2025SaleOther Invested Assets$61,361 $61,361 $0 $0 
Windhill CLO 2, Ltd.October 2025SaleFixed Maturities$1,389 $1,400 $0 $(11)
Windhill CLO 3, Ltd.October 2025SaleFixed Maturities$4,791 $4,800 $0 $(9)
Windhill CLO 4, Ltd.October 2025SaleFixed Maturities$75,800 $76,335 $0 $(535)
Windhill CLO 5, Ltd.November 2025SaleFixed Maturities$134,211 $135,041 $0 $(830)
Prudential InsuranceNovember 2025SaleCommercial Mortgage and Other Loans$101,514 $99,786 $1,365 $0 
Prudential InsuranceNovember 2025SaleFixed Maturities$29,140 $28,813 $258 $0 
Prudential InsuranceNovember 2025SaleFixed Maturities$758 $781 $(19)$0 
Prudential InsuranceNovember 2025PurchaseFixed Maturities$148,886 $149,101 $169 $0 
Prudential InsuranceDecember 2025PurchaseFixed Maturities$28,011 $29,000 $781 $0 
Prudential InsuranceDecember 2025PurchaseFixed Maturities$9,337 $9,060 $0 $(277)
Windhill CLO 1, Ltd.December 2025PurchaseFixed Maturities$1,112 $1,112 $0 $0 
Windhill CLO 1, Ltd.December 2025SaleFixed Maturities$16,955 $17,075 $0 $(120)
Windhill CLO 2, Ltd.December 2025SaleFixed Maturities$4,896 $4,920 $0 $(24)
Windhill CLO 3, Ltd.December 2025SaleFixed Maturities$9,008 $9,076 $0 $(68)
AffiliateDateTransactionSecurity TypeFair
Value		Book ValueAPIC, Net of
Tax Increase/
(Decrease)		Realized
Investment
Gain/(Loss)
Windhill CLO 3, Ltd.December 2025SaleShort-term Investments$353 $353 $0 $0 
Windhill CLO 4, Ltd.December 2025SaleFixed Maturities$10,562 $10,662 $0 $(100)
Windhill CLO 5, Ltd.December 2025SaleFixed Maturities$27,642 $27,913 $0 $(271)
Passaic Fund LLCDecember 2025SaleOther Invested Assets$35,828 $35,828 $0 $0 
v3.26.1
Commitments and Contingent Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Guarantees
Guarantees of Asset Values

December 31,
20252024
(in thousands)
Guaranteed value of third-parties assets$4,186,284 $3,958,847 
Fair value of collateral supporting these assets$3,912,881 $3,543,500 
Asset (liability) associated with guarantee, carried at fair value $0 $111 
v3.26.1
Business and Basis of Presentation (Narrative) (Details)
 12 Months Ended
Dec. 31, 2025
subsidiary
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number Of Subsidiaries | subsidiary 1
Number of reportable segments | segment 1
v3.26.1
Significant Accounting Policies and Pronouncements (Narrative) (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Accounting Policies [Abstract]    
Commercial mortgage and other loans, Loan-to-value ratios (greater than) 100.00%  
Commercial mortgage and other loans, Loan-to-value ratios (less than) 100.00%  
Commercial mortgage and other loans, Debt service coverage ratios (less than) 1.0  
Commercial mortgage and agricultural mortgage loans, Debt service coverage ratios (greater than) 1.0  
Securities Loaned Transactions Collateral Fair Value of Domestic Securities 102.00%  
Securities Loaned Transactions Collateral Fair Value of Foreign Securities 105.00%  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Equity, Attributable to Parent $ 7,923,068,000 $ 4,596,441,000
Maximum    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Equity method investment, financial information, lag period 3 months  
Net To Gross Ratio 1  
Minimum      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Equity method investment, financial information, lag period 1 month  
Repurchase and Resale Agreements, Collateral, Percentage 95.00%  
Minimum   | Liability for Future Policy Benefit    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Liability for Future Policy Benefits, cohort level and balance floored $ 0  
Minimum   | Deferred Profit Liability    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Liability for Future Policy Benefits, cohort level and balance floored $ 0  
v3.26.1
Investments (Fixed Maturities Securities Excluding Investments Classified as Trading) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost $ 48,230,218 $ 36,980,933  
Gross Unrealized Gains 925,112 208,233  
Gross Unrealized Losses 1,516,877 2,162,592  
Allowance for credit losses 14,282 40,414 $ 2,008
Fair Value [1] 47,624,171 34,986,160  
U.S. Treasury securities and obligations of U.S. government authorities and agencies      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 1,196,805 1,199,628  
Gross Unrealized Gains 24,151 8,357  
Gross Unrealized Losses 103,636 108,744  
Allowance for credit losses 0 0 0
Fair Value 1,117,320 1,099,241  
Obligations of U.S. states and their political subdivisions      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 460,634 570,253  
Gross Unrealized Gains 1,245 1,156  
Gross Unrealized Losses 27,351 30,343  
Allowance for credit losses 0 0  
Fair Value 434,528 541,066  
Foreign government securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 456,138 362,154  
Gross Unrealized Gains 7,187 646  
Gross Unrealized Losses 38,590 52,466  
Allowance for credit losses 0 0 0
Fair Value 424,735 310,334  
U.S. public corporate securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 19,566,876 14,134,828  
Gross Unrealized Gains 302,845 60,917  
Gross Unrealized Losses 801,659 957,316  
Allowance for credit losses 75 1  
Fair Value 19,067,987 13,238,428  
U.S. private corporate securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 6,790,444 6,030,898  
Gross Unrealized Gains 99,408 35,828  
Gross Unrealized Losses 175,094 301,451  
Allowance for credit losses 12,146 11,178  
Fair Value 6,702,612 5,754,097  
Foreign public corporate securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 5,306,445 3,804,503  
Gross Unrealized Gains 100,625 21,136  
Gross Unrealized Losses 85,439 126,767  
Allowance for credit losses 415 21  
Fair Value 5,321,216 3,698,851  
Foreign private corporate securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 7,093,850 5,838,939  
Gross Unrealized Gains 331,109 43,334  
Gross Unrealized Losses 241,209 511,426  
Allowance for credit losses 300 29,214  
Fair Value 7,183,450 5,341,633  
Asset-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 5,051,514 3,728,073  
Gross Unrealized Gains 31,060 31,431  
Gross Unrealized Losses 5,180 8,841  
Allowance for credit losses 1,346 0 1
Fair Value 5,076,048 3,750,663  
Commercial mortgage-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 1,370,898 944,652  
Gross Unrealized Gains 17,493 4,567  
Gross Unrealized Losses 34,081 53,444  
Allowance for credit losses 0 0 0
Fair Value 1,354,310 895,775  
Residential mortgage-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 936,614 367,005  
Gross Unrealized Gains 9,989 861  
Gross Unrealized Losses 4,638 11,794  
Allowance for credit losses 0 0 $ 7
Fair Value 941,965 $ 356,072  
Fixed maturities | U.S. Treasury securities and obligations of U.S. government authorities and agencies      
Debt Securities, Available-for-sale [Line Items]      
Fair Value 1,117,320    
Fixed maturities | Obligations of U.S. states and their political subdivisions      
Debt Securities, Available-for-sale [Line Items]      
Fair Value 434,528    
Fixed maturities | Foreign government securities      
Debt Securities, Available-for-sale [Line Items]      
Fair Value 424,735    
Fixed maturities | Asset-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Fair Value 5,076,048    
Fixed maturities | Commercial mortgage-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Fair Value 1,354,310    
Fixed maturities | Residential mortgage-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Fair Value $ 941,965    
[1] See Note 4 for details of balances associated with variable interest entities.
v3.26.1
Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value $ 3,405,540 $ 10,716,329
Less than Twelve Months, Gross Unrealized Losses 53,158 267,215
Twelve Months or More Fair Value 11,665,926 11,256,350
Twelve Months or More, Gross Unrealized Losses 1,461,767 1,893,641
Total, Fair Value 15,071,466 21,972,679
Total, Gross Unrealized Losses 1,514,925 2,160,856
U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 187,705 377,531
Less than Twelve Months, Gross Unrealized Losses 7,191 13,829
Twelve Months or More Fair Value 386,544 238,723
Twelve Months or More, Gross Unrealized Losses 96,445 94,915
Total, Fair Value 574,249 616,254
Total, Gross Unrealized Losses 103,636 108,744
Obligations of U.S. states and their political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 34,212 226,731
Less than Twelve Months, Gross Unrealized Losses 853 5,019
Twelve Months or More Fair Value 259,746 212,060
Twelve Months or More, Gross Unrealized Losses 26,498 25,324
Total, Fair Value 293,958 438,791
Total, Gross Unrealized Losses 27,351 30,343
Foreign government securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 54,155 118,168
Less than Twelve Months, Gross Unrealized Losses 214 2,615
Twelve Months or More Fair Value 159,018 171,166
Twelve Months or More, Gross Unrealized Losses 38,376 49,851
Total, Fair Value 213,173 289,334
Total, Gross Unrealized Losses 38,590 52,466
U.S. public corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 1,659,501 4,320,552
Less than Twelve Months, Gross Unrealized Losses 31,308 105,145
Twelve Months or More Fair Value 4,933,894 4,677,336
Twelve Months or More, Gross Unrealized Losses 770,153 852,171
Total, Fair Value 6,593,395 8,997,888
Total, Gross Unrealized Losses 801,461 957,316
U.S. private corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 673,009 1,999,008
Less than Twelve Months, Gross Unrealized Losses 7,201 41,931
Twelve Months or More Fair Value 2,616,271 2,379,755
Twelve Months or More, Gross Unrealized Losses 167,702 259,489
Total, Fair Value 3,289,280 4,378,763
Total, Gross Unrealized Losses 174,903 301,420
Foreign public corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 391,306 1,088,644
Less than Twelve Months, Gross Unrealized Losses 3,528 20,465
Twelve Months or More Fair Value 759,461 716,172
Twelve Months or More, Gross Unrealized Losses 81,911 106,294
Total, Fair Value 1,150,767 1,804,816
Total, Gross Unrealized Losses 85,439 126,759
Foreign private corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 183,588 1,977,169
Less than Twelve Months, Gross Unrealized Losses 2,294 69,399
Twelve Months or More Fair Value 2,000,967 2,107,705
Twelve Months or More, Gross Unrealized Losses 238,882 440,330
Total, Fair Value 2,184,555 4,084,874
Total, Gross Unrealized Losses 241,176 509,729
Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 158,585 363,744
Less than Twelve Months, Gross Unrealized Losses 349 5,510
Twelve Months or More Fair Value 40,059 140,090
Twelve Months or More, Gross Unrealized Losses 3,301 3,331
Total, Fair Value 198,644 503,834
Total, Gross Unrealized Losses 3,650 8,841
Commercial mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 54,331 101,821
Less than Twelve Months, Gross Unrealized Losses 212 1,356
Twelve Months or More Fair Value 400,953 489,490
Twelve Months or More, Gross Unrealized Losses 33,869 52,088
Total, Fair Value 455,284 591,311
Total, Gross Unrealized Losses 34,081 53,444
Residential mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 9,148 142,961
Less than Twelve Months, Gross Unrealized Losses 8 1,946
Twelve Months or More Fair Value 109,013 123,853
Twelve Months or More, Gross Unrealized Losses 4,630 9,848
Total, Fair Value 118,161 266,814
Total, Gross Unrealized Losses $ 4,638 $ 11,794
v3.26.1
Investments (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Investments [Line Items]      
Fixed Maturity Purchased with Credit Deterioration $ 0 $ 0  
Accrued Investment Income Write Down 0 0  
Securities sold under agreements to repurchase $ 0 $ 0  
Commercial mortgage loans, Percentage 100.00% 100.00%  
Write-downs charged against allowance $ 7,011 $ 9,400  
Loans on non-accrual status recognized in interest income 500 700  
Loans on non-accrual status, do not have allowance for credit losses 21,200 2,000  
Loans acquired 589,900 12,600  
Loans sold 100,000 0  
Commercial mortgage and other loans purchased with credit deterioration 0 0  
Fixed maturities, available-for-sale [1] 47,624,171 34,986,160  
Fixed Maturities, trading 4,892,507 3,845,045  
Fair value of collateral that could be sold or repledged 0 0  
Assets Deposited With Governmental Authorities 0 3,600  
Gross Unrealized Losses 1,514,925 2,160,856  
Twelve Months or More, Gross Unrealized Losses 1,461,767 $ 1,893,641  
Commercial mortgage Loans | Extended Maturity      
Schedule of Investments [Line Items]      
Financing Receivable, Modified, Weighted Average Term Increase from Modification   1 year  
Carrying value of non-income producing assets      
Schedule of Investments [Line Items]      
Fixed maturities, available-for-sale 19,100    
Fixed Maturities, trading 200    
Fixed maturities | Trading      
Schedule of Investments [Line Items]      
Fixed Maturities, trading 4,892,507    
NAIC high or highest quality rating | Fixed maturities      
Schedule of Investments [Line Items]      
Gross Unrealized Losses 1,469,000 $ 2,059,000  
NAIC other than high or highest quality rating | Fixed maturities      
Schedule of Investments [Line Items]      
Gross Unrealized Losses $ 46,000 102,000  
California      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 23.00%    
Residential mortgage loans, Percentage 10.00%    
Florida      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 8.00%    
Residential mortgage loans, Percentage 13.00%    
Texas      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 8.00%    
Europe      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 8.00%    
Australia      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 1.00%    
Mexico      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 1.00%    
New York      
Schedule of Investments [Line Items]      
Residential mortgage loans, Percentage 9.00%    
Other Income | Fixed maturities | Trading      
Schedule of Investments [Line Items]      
Unrealized Gain (Loss) on Investments $ 231,700 (182,900) $ 65,600
Other Income | Equity securities      
Schedule of Investments [Line Items]      
Unrealized Gain (Loss) on Investments (86,300) (34,200) $ 25,800
Fixed maturities      
Schedule of Investments [Line Items]      
Twelve Months or More, Gross Unrealized Losses $ 1,462,000 $ 1,894,000  
[1] See Note 4 for details of balances associated with variable interest entities.
v3.26.1
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Amortized Cost    
Due in one year or less $ 1,745,409  
Due after one year through five years 15,738,281  
Due after five years through ten years 12,444,358  
Due after ten years 10,943,144  
Amortized Cost 48,230,218 $ 36,980,933
Fair Value    
Due in one year or less 1,738,607  
Due after one year through five years 15,930,893  
Due after five years through ten years 12,660,246  
Due after ten years 9,922,102  
Fair Value [1] 47,624,171 34,986,160
Asset-backed securities    
Amortized Cost    
Debt Securities, Available-for-sale,Maturity, without Single Maturity Date,Amortized Cost 5,051,514  
Amortized Cost 5,051,514 3,728,073
Fair Value    
Debt Securities, Available-for-sale,Maturity, without Single Maturity Date,Fair Value 5,076,048  
Fair Value 5,076,048 3,750,663
Commercial mortgage-backed securities    
Amortized Cost    
Debt Securities, Available-for-sale,Maturity, without Single Maturity Date,Amortized Cost 1,370,898  
Amortized Cost 1,370,898 944,652
Fair Value    
Debt Securities, Available-for-sale,Maturity, without Single Maturity Date,Fair Value 1,354,310  
Fair Value 1,354,310 895,775
Residential mortgage-backed securities    
Amortized Cost    
Debt Securities, Available-for-sale,Maturity, without Single Maturity Date,Amortized Cost 936,614  
Amortized Cost 936,614 367,005
Fair Value    
Debt Securities, Available-for-sale,Maturity, without Single Maturity Date,Fair Value 941,965  
Fair Value $ 941,965 $ 356,072
[1] See Note 4 for details of balances associated with variable interest entities.
v3.26.1
Investments (Fixed Maturities Securities Proceeds) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]      
Proceeds from maturities/prepayments $ 6,359,317 $ 4,240,000 $ 1,736,809
Fixed maturities | Available-for-sale      
Debt Securities, Available-for-sale [Line Items]      
Proceeds from sales 2,589,307 2,097,519 460,596
Proceeds from maturities/prepayments 3,663,766 2,300,919 1,218,844
Gross investment gains from sales and maturities 27,112 23,978 11,482
Gross investment losses from sales and maturities (58,814) (143,432) (43,078)
Write-downs recognized in earnings (76,892) (9,534) (2,358)
(Addition to) release of allowance for credit losses 26,180 (38,406) 2,761
Noncash or part noncash divestiture, amount of consideration received $ 106,200 $ (158,400) $ 57,400
v3.26.1
Investments (Credit Losses Recognized In Earnings on Fixed Maturity Securities Held by the Company) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period $ 40,414 $ 2,008
Additions to allowance for credit losses not previously recorded 30,279 39,605
Reductions for securities sold during the period (3,052) (2,002)
Addition (reductions) on securities with previous allowance 2,843 324
Write-downs charged against the allowance (56,202)  
Assets transferred (to) from parent and affiliates   479
Balance, end of period 14,282 40,414
U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 0 0
Additions to allowance for credit losses not previously recorded 0 0
Reductions for securities sold during the period 0 0
Addition (reductions) on securities with previous allowance 0 0
Write-downs charged against the allowance 0  
Assets transferred (to) from parent and affiliates   0
Balance, end of period 0 0
Foreign government securities    
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 0 0
Additions to allowance for credit losses not previously recorded 0 0
Reductions for securities sold during the period 0 0
Addition (reductions) on securities with previous allowance 0 0
Write-downs charged against the allowance 0  
Assets transferred (to) from parent and affiliates   0
Balance, end of period 0 0
U.S. and Foreign Corporate Securities    
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 40,414 2,000
Additions to allowance for credit losses not previously recorded 26,779 39,600
Reductions for securities sold during the period (2,127) (2,002)
Addition (reductions) on securities with previous allowance 4,072 337
Write-downs charged against the allowance (56,202)  
Assets transferred (to) from parent and affiliates   479
Balance, end of period 12,936 40,414
Asset-backed securities    
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 0 1
Additions to allowance for credit losses not previously recorded 3,500 0
Reductions for securities sold during the period (925) 0
Addition (reductions) on securities with previous allowance (1,229) (1)
Write-downs charged against the allowance 0  
Assets transferred (to) from parent and affiliates   0
Balance, end of period 1,346 0
Commercial mortgage-backed securities    
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 0 0
Additions to allowance for credit losses not previously recorded 0 0
Reductions for securities sold during the period 0 0
Addition (reductions) on securities with previous allowance 0 0
Write-downs charged against the allowance 0  
Assets transferred (to) from parent and affiliates   0
Balance, end of period 0 0
Residential mortgage-backed securities    
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 0 7
Additions to allowance for credit losses not previously recorded 0 5
Reductions for securities sold during the period 0 0
Addition (reductions) on securities with previous allowance 0 (12)
Write-downs charged against the allowance 0  
Assets transferred (to) from parent and affiliates   0
Balance, end of period $ 0 $ 0
v3.26.1
Investments (Commercial Mortgage and Other Loans) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Commercial Mortgage and Other Loans [Line Items]        
Commercial mortgage and agricultural property loans $ 9,531,984 $ 7,785,059    
Total net loans 10,082,667 7,759,323    
Other loans 601,873 11,979    
Allowance for credit losses, Other loan (51,190) (37,715) $ (37,689) $ (20,263)
Total commercial mortgage and other loans $ 10,082,667 $ 7,759,323    
Commercial mortgage loans, Percentage 100.00% 100.00%    
Commercial mortgage Loans        
Commercial Mortgage and Other Loans [Line Items]        
Commercial mortgage and agricultural property loans $ 8,463,970 $ 6,955,018    
Allowance for credit losses, Other loan $ (43,416) $ (33,004) (36,758) (19,665)
Commercial mortgage loans, Percentage 88.80% 89.30%    
Commercial Mortgage and Agricultural Loans        
Commercial Mortgage and Other Loans [Line Items]        
Allowance for Credit Losses $ (45,604) $ (37,715)    
Total net loans 9,486,380 7,747,344    
Residential mortgage loans        
Commercial Mortgage and Other Loans [Line Items]        
Other loans 589,937 0    
Allowance for credit losses, Other loan (5,586) 0 $ 0 $ 0
Other Collateralized Loans        
Commercial Mortgage and Other Loans [Line Items]        
Other loans 11,936 11,979    
Other loans        
Commercial Mortgage and Other Loans [Line Items]        
Total net loans 596,287 11,979    
Allowance for credit losses, Other loan (5,586) 0    
Apartments and multi-family        
Commercial Mortgage and Other Loans [Line Items]        
Commercial mortgage and agricultural property loans $ 2,612,457 $ 1,949,926    
Commercial mortgage loans, Percentage 27.40% 25.00%    
Health Care Senior Living        
Commercial Mortgage and Other Loans [Line Items]        
Commercial mortgage and agricultural property loans $ 119,507 $ 134,195    
Commercial mortgage loans, Percentage 1.30% 1.70%    
Hospitality        
Commercial Mortgage and Other Loans [Line Items]        
Commercial mortgage and agricultural property loans $ 108,227 $ 97,603    
Commercial mortgage loans, Percentage 1.00% 1.30%    
Industrial        
Commercial Mortgage and Other Loans [Line Items]        
Commercial mortgage and agricultural property loans $ 3,448,599 $ 2,906,413    
Commercial mortgage loans, Percentage 36.20% 37.30%    
Office        
Commercial Mortgage and Other Loans [Line Items]        
Commercial mortgage and agricultural property loans $ 525,136 $ 556,586    
Commercial mortgage loans, Percentage 5.50% 7.10%    
Retail        
Commercial Mortgage and Other Loans [Line Items]        
Commercial mortgage and agricultural property loans $ 865,298 $ 693,949    
Commercial mortgage loans, Percentage 9.10% 9.00%    
Self-Storage        
Commercial Mortgage and Other Loans [Line Items]        
Commercial mortgage and agricultural property loans $ 665,544 $ 543,701    
Commercial mortgage loans, Percentage 7.00% 7.00%    
Other        
Commercial Mortgage and Other Loans [Line Items]        
Commercial mortgage and agricultural property loans $ 119,202 $ 72,645    
Commercial mortgage loans, Percentage 1.30% 0.90%    
Agricultural property loans        
Commercial Mortgage and Other Loans [Line Items]        
Commercial mortgage and agricultural property loans $ 1,068,014 $ 830,041    
Commercial mortgage loans, Percentage 11.20% 10.70%    
v3.26.1
Investments (Allowance for Credit Losses) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Allowance for Loan and Lease Losses [Roll Forward]      
Balance, beginning of year $ 37,715 $ 37,689 $ 20,263
Addition to (release of) allowance for expected losses 20,486 9,393 17,426
Write-downs charged against allowance (7,011) (9,367)  
Total ending balance 51,190 37,715 37,689
Commercial mortgage loans      
Allowance for Loan and Lease Losses [Roll Forward]      
Balance, beginning of year 33,004 36,758 19,665
Addition to (release of) allowance for expected losses 12,327 5,613 17,093
Write-downs charged against allowance (1,915) (9,367)  
Total ending balance 43,416 33,004 36,758
Agricultural Property Loans      
Allowance for Loan and Lease Losses [Roll Forward]      
Balance, beginning of year 4,711 931 598
Addition to (release of) allowance for expected losses 2,573 3,780 333
Write-downs charged against allowance (5,096) 0  
Total ending balance 2,188 4,711 931
Residential mortgage loans      
Allowance for Loan and Lease Losses [Roll Forward]      
Balance, beginning of year 0 0 0
Addition to (release of) allowance for expected losses 5,586 0 0
Write-downs charged against allowance 0 0  
Total ending balance $ 5,586 $ 0 $ 0
v3.26.1
Investments (Write-downs of Loans by Origination Year) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year $ 0  
One Year Prior 0  
Two Year Prior 3,461  
Three Year Prior 1,635  
Four Year Prior 0  
Prior 1,915  
Write-downs of loans by origination year 7,011 $ 9,400
Commercial mortgage Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0  
One Year Prior 0  
Two Year Prior 0  
Three Year Prior 0  
Four Year Prior 0  
Prior 1,915  
Write-downs of loans by origination year 1,915  
Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0  
One Year Prior 0  
Two Year Prior 3,461  
Three Year Prior 1,635  
Four Year Prior 0  
Prior 0  
Write-downs of loans by origination year $ 5,096  
v3.26.1
Investments (Credit Quality Indicators) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Financing Receivable, Credit Quality Indicator [Line Items]    
Recording investment gross of allowance for credit losses $ 10,133,857 $ 7,797,038
Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 1,815,924 1,788,998
One Year Prior 1,740,168 1,139,236
Two Year Prior 1,136,237 770,354
Three Year Prior 722,169 1,258,169
Four Year Prior 1,261,247 255,562
Prior 1,775,796 1,736,220
Revolving Loans 12,429 6,479
Recording investment gross of allowance for credit losses 8,463,970 6,955,018
Commercial mortgage loans | ≥ 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 1,709,249 1,728,895
One Year Prior 1,718,881 962,290
Two Year Prior 944,699 755,350
Three Year Prior 704,034 1,256,699
Four Year Prior 1,261,247 255,562
Prior 1,656,396 1,616,904
Revolving Loans 10,839 0
Recording investment gross of allowance for credit losses 8,005,345 6,575,700
Commercial mortgage loans | 1.0X to 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 94,819 60,103
One Year Prior 12,972 176,946
Two Year Prior 191,538 15,004
Three Year Prior 0 0
Four Year Prior 0 0
Prior 47,395 59,871
Revolving Loans 1,590 6,479
Recording investment gross of allowance for credit losses 348,314 318,403
Commercial mortgage loans | Less than 1.0X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 11,856 0
One Year Prior 8,315 0
Two Year Prior 0 0
Three Year Prior 18,135 1,470
Four Year Prior 0 0
Prior 72,005 59,445
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 110,311 60,915
Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 239,502 271,275
One Year Prior 271,982 108,965
Two Year Prior 94,059 220,325
Three Year Prior 204,184 131,581
Four Year Prior 131,225 25,145
Prior 61,392 38,478
Revolving Loans 65,670 34,272
Recording investment gross of allowance for credit losses 1,068,014 830,041
Agricultural Property Loans | ≥ 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 239,502 259,647
One Year Prior 260,566 95,087
Two Year Prior 85,966 211,030
Three Year Prior 158,503 129,865
Four Year Prior 124,612 23,488
Prior 47,718 38,478
Revolving Loans 52,842 18,834
Recording investment gross of allowance for credit losses 969,709 776,429
Agricultural Property Loans | 1.0X to 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 11,628
One Year Prior 10,473 13,878
Two Year Prior 2,358 9,295
Three Year Prior 4,755 0
Four Year Prior 0 0
Prior 10,298 0
Revolving Loans 0 15,438
Recording investment gross of allowance for credit losses 27,884 50,239
Agricultural Property Loans | Less than 1.0X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 0
One Year Prior 943 0
Two Year Prior 5,735 0
Three Year Prior 40,926 1,716
Four Year Prior 6,613 1,657
Prior 3,376 0
Revolving Loans 12,828 0
Recording investment gross of allowance for credit losses 70,421 3,373
Residential mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 571,247  
One Year Prior 18,549  
Two Year Prior 141  
Three Year Prior 0  
Four Year Prior 0  
Prior 0  
Recording investment gross of allowance for credit losses 589,937  
Residential mortgage loans | Performing    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 571,247  
One Year Prior 18,549  
Two Year Prior 141  
Three Year Prior 0  
Four Year Prior 0  
Prior 0  
Recording investment gross of allowance for credit losses 589,937  
Residential mortgage loans | Nonperforming    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0  
One Year Prior 0  
Two Year Prior 0  
Three Year Prior 0  
Four Year Prior 0  
Prior 0  
Recording investment gross of allowance for credit losses 0  
0%-59.99% | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 583,935 452,940
One Year Prior 386,956 232,276
Two Year Prior 339,226 306,684
Three Year Prior 432,721 482,596
Four Year Prior 516,692 134,403
Prior 1,248,164 1,138,394
Revolving Loans 12,429 6,479
Recording investment gross of allowance for credit losses 3,520,123 2,753,772
0%-59.99% | Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 226,434 241,715
One Year Prior 242,422 89,569
Two Year Prior 74,777 163,820
Three Year Prior 198,123 126,368
Four Year Prior 126,275 23,488
Prior 61,392 38,478
Revolving Loans 35,759 18,834
Recording investment gross of allowance for credit losses 965,182 702,272
60%-69.99% | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 1,119,839 972,161
One Year Prior 1,128,626 541,849
Two Year Prior 453,007 273,258
Three Year Prior 144,375 360,457
Four Year Prior 318,216 110,515
Prior 192,472 303,107
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 3,356,535 2,561,347
60%-69.99% | Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 13,068 29,560
One Year Prior 29,560 19,396
Two Year Prior 19,282 49,210
Three Year Prior 0 0
Four Year Prior 4,950 0
Prior 0 0
Revolving Loans 17,083 0
Recording investment gross of allowance for credit losses 83,943 98,166
70%-79.99% | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 112,150 362,701
One Year Prior 223,390 365,111
Two Year Prior 344,004 134,208
Three Year Prior 68,791 330,355
Four Year Prior 266,035 6,774
Prior 118,452 77,399
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 1,132,822 1,276,548
70%-79.99% | Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 0
One Year Prior 0 0
Two Year Prior 0 0
Three Year Prior 0 5,213
Four Year Prior 0 0
Prior 0 0
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 0 5,213
80% or greater | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 1,196
One Year Prior 1,196 0
Two Year Prior 0 56,204
Three Year Prior 76,282 84,761
Four Year Prior 160,304 3,870
Prior 216,708 217,320
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 454,490 363,351
80% or greater | Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 0
One Year Prior 0 0
Two Year Prior 0 7,295
Three Year Prior 6,061 0
Four Year Prior 0 1,657
Prior 0 0
Revolving Loans 12,828 15,438
Recording investment gross of allowance for credit losses $ 18,889 $ 24,390
v3.26.1
Investments (Amortized Cost Basis of Loan Modifications made to Borrowers Experiencing Financial Difficulties) (Details) - Commercial mortgage loans - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Term Extension    
Financing Receivable, Modified [Line Items]    
Amortized cost basis $ 0 $ 14,546
Amortized cost, percent 0.00% 0.20%
Other Than Insignificant Delay in Payment    
Financing Receivable, Modified [Line Items]    
Amortized cost basis $ 0 $ 4,570
v3.26.1
Investments (Analysis of Past Due Commercial Mortgage, Agricultural and Other Loans) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses $ 10,133,857 $ 7,797,038
Non-Accrual Status 41,235 29,885
Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 10,096,597 7,767,876
30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 1,569 0
60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 2,505
90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 35,691 26,657
Commercial mortgage loans    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 8,463,970 6,955,018
Non-Accrual Status 2,586 5,120
Commercial mortgage loans | Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 8,462,579 6,951,093
Commercial mortgage loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Commercial mortgage loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Commercial mortgage loans | 90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 1,391 3,925
Agricultural Loan    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 1,068,014 830,041
Non-Accrual Status 38,649 24,765
Agricultural Loan | Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 1,033,714 804,804
Agricultural Loan | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Agricultural Loan | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 2,505
Agricultural Loan | 90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 34,300 22,732
Residential mortgage loans    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 589,937 0
Non-Accrual Status 0 0
Residential mortgage loans | Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 588,368 0
Residential mortgage loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 1,569 0
Residential mortgage loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Residential mortgage loans | 90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Other Collateralized Loans    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 11,936 11,979
Non-Accrual Status 0 0
Other Collateralized Loans | Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 11,936 11,979
Other Collateralized Loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Other Collateralized Loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Other Collateralized Loans | 90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Loans | 90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Accruing Interest $ 0 $ 0
v3.26.1
Investments (Other Invested Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Other Invested Assets [Line Items]    
Other invested assets [1] $ 2,297,535 $ 1,582,094
Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 2,202,457 1,533,210
Derivatives    
Other Invested Assets [Line Items]    
Other invested assets 46,483 24,499
Other    
Other Invested Assets [Line Items]    
Other invested assets 48,595 24,385
Equity Method | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 2,115,110 1,489,086
Equity Method | Private equity | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 374,958 388,822
Equity Method | Hedge funds | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 1,671,779 1,024,534
Equity Method | Real estate-related | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 68,373 75,730
Fair Value | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 87,347 44,124
Fair Value | Private equity | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 19,523 28,094
Fair Value | Hedge funds | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 52,591 14
Fair Value | Real estate-related | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets $ 15,233 $ 16,016
[1] See Note 4 for details of balances associated with variable interest entities.
v3.26.1
Investments (Equity Method Investments, Statement of Financial Position) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]    
Total assets $ 262,393,370 $ 238,454,729
Total liabilities 254,349,092 233,752,749
Partners’ capital 7,923,068 4,596,441
Total liabilities and partners’ capital 262,393,370 238,454,729
LP/LLC Interests    
Schedule of Equity Method Investments [Line Items]    
Total liabilities and partners’ capital included above 1,858,303 1,338,056
Equity in LP/LLC interests not included above 325,315 230,687
Carrying value 2,183,618 1,568,743
Equity Method Investment    
Schedule of Equity Method Investments [Line Items]    
Total assets 64,973,949 66,477,439
Total liabilities 10,051,385 1,894,242
Partners’ capital 54,922,564 64,583,197
Total liabilities and partners’ capital $ 64,973,949 $ 66,477,439
v3.26.1
Investments (Equity Method Investments, Statement of Operations) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Investments [Abstract]      
Total Revenue $ 4,783,207 $ 1,678,772 $ 3,465,807
Total Expenses (924,378) (473,445) (979,287)
Net earnings (losses) 3,858,829 1,205,327 2,486,520
Earnings in net earnings (losses) included above 137,546 57,119 17,795
Equity in net earnings (losses) of LP/LLC interests not included above 31,862 18,193 11,792
Total equity in net earnings (losses) $ 169,408 $ 75,312 $ 29,587
v3.26.1
Investments (Accrued Investment Income) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Net Investment Income    
Accrued investment income [1] $ 618,033 $ 466,394
Fixed maturities    
Net Investment Income    
Accrued investment income 531,247 396,173
Equity securities    
Net Investment Income    
Accrued investment income 218 436
Commercial mortgage and other loans    
Net Investment Income    
Accrued investment income 46,092 29,437
Policy loans    
Net Investment Income    
Accrued investment income 31,288 30,820
Short-term investments and cash equivalents    
Net Investment Income    
Accrued investment income $ 9,188 $ 9,528
[1] See Note 4 for details of balances associated with variable interest entities.
v3.26.1
Investments (Net Investment Income) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income $ 3,339,967 $ 2,527,151 $ 1,752,819
Less: investment expenses (129,445) (105,134) (77,297)
Net investment income 3,210,522 2,422,017 1,675,522
Equity securities      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 63,218 30,698 14,772
Commercial mortgage and other loans      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 444,449 328,853 231,994
Policy loans      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 66,917 65,825 48,118
Other invested assets      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 249,245 140,376 98,369
Short-term investments and cash equivalents      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 122,337 182,094 123,857
Available-for-sale | Fixed maturities      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 2,182,678 1,622,898 1,139,581
Trading | Fixed maturities      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income $ 211,123 $ 156,407 $ 96,128
v3.26.1
Investments (Realized Investment Gains Losses, Net) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Gain (Loss) on Investments [Line Items]      
Realized investment gains (losses), net $ (1,430,425) $ 451,417 $ (1,147,099)
Fixed maturities      
Schedule of Gain (Loss) on Investments [Line Items]      
Realized investment gains (losses), net (82,414) (167,394) (31,193)
Commercial mortgage and other loans      
Schedule of Gain (Loss) on Investments [Line Items]      
Realized investment gains (losses), net (21,697) (11,113) (17,854)
LPs/LLCs      
Schedule of Gain (Loss) on Investments [Line Items]      
Realized investment gains (losses), net (6) 576 (272)
Derivatives      
Schedule of Gain (Loss) on Investments [Line Items]      
Realized investment gains (losses), net (1,129,307) 713,403 (1,136,331)
Short-term investments and cash equivalents      
Schedule of Gain (Loss) on Investments [Line Items]      
Realized investment gains (losses), net 142 974 2,033
Ceded income on modified coinsurance investments      
Schedule of Gain (Loss) on Investments [Line Items]      
Realized investment gains (losses), net (191,080) (85,069) 37,120
Other      
Schedule of Gain (Loss) on Investments [Line Items]      
Realized investment gains (losses), net $ (6,063) $ 40 $ (602)
v3.26.1
Investments (Net Unrealized Gains Losses on Investments by Asset Class) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Gain (Loss) on Securities [Line Items]      
Net Unrealized Gains (Losses) on Investments $ (714,402) $ (1,846,285) $ (1,402,193)
Fixed maturities | Available-for-sale | With an allowance      
Gain (Loss) on Securities [Line Items]      
Net Unrealized Gains (Losses) on Investments (1,352) 893 1,987
Fixed maturities | Available-for-sale | Without an allowance      
Gain (Loss) on Securities [Line Items]      
Net Unrealized Gains (Losses) on Investments (590,413) (1,955,252) (1,406,265)
Derivatives designated as cash flow hedges      
Gain (Loss) on Securities [Line Items]      
Net Unrealized Gains (Losses) on Investments (132,690) 110,565 11,934
Affiliated notes      
Gain (Loss) on Securities [Line Items]      
Net Unrealized Gains (Losses) on Investments (2,094) (3,276) (8,760)
Other investments      
Gain (Loss) on Securities [Line Items]      
Net Unrealized Gains (Losses) on Investments $ 12,147 $ 785 $ (1,089)
v3.26.1
Investments (Repurchase Agreements and Securities Lending) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities $ 22,622 $ 121,372
Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 22,622 121,372
Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 0
30 days or greater    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 0
Obligations of U.S. states and their political subdivisions    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 1,123 1,139
Obligations of U.S. states and their political subdivisions | Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 1,123 1,139
Obligations of U.S. states and their political subdivisions | Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 0
U.S. public corporate securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 3,227 6,949
U.S. public corporate securities | Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 3,227 6,949
U.S. public corporate securities | Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 0
U.S. private corporate securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 18
U.S. private corporate securities | Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 18
U.S. private corporate securities | Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 0
Foreign public corporate securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 18,272 10,100
Foreign public corporate securities | Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 18,272 10,100
Foreign public corporate securities | Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 0
Equity securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 103,166
Equity securities | Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 103,166
Equity securities | Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities $ 0 $ 0
v3.26.1
Investments (Securities Pledged) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total securities pledged $ 5,661,731 $ 3,956,834
Total liabilities supported by pledged collateral 2,504,837 3,743,968
Equity securities    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total securities pledged 0 100,601
Cash collateral for loaned securities    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total liabilities supported by pledged collateral 22,622 121,372
Other liabilities    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total liabilities supported by pledged collateral 2,482,215 3,622,596
Available-for-sale | Fixed maturities    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total securities pledged 5,661,731 3,856,216
Trading | Fixed maturities    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total securities pledged $ 0 $ 17
v3.26.1
Variable Interest Entities (Assets and Liabilities of Consolidated VIEs) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Fixed maturities, available-for-sale [1] $ 47,624,171 $ 34,986,160
Other invested assets [1] 2,297,535 1,582,094
Accrued investment income [1] 618,033 466,394
Cash and cash equivalents [1] 2,876,388 3,325,698
Income taxes assets [1] 1,741,122 2,120,654
Other assets [1] 1,852,055 1,850,800
Total assets of consolidated variable interest entities 262,393,370 238,454,729
Payables to parent and affiliates [1] 2,497,217 3,653,848
Other liabilities [1] 2,537,050 4,199,803
Total liabilities of consolidated variable interest entities 254,349,092 233,752,749
Consolidated VIEs for Which the Company is the Investment Manager    
Variable Interest Entity [Line Items]    
Fixed maturities, available-for-sale 39,593 0
Other invested assets 52,590 0
Accrued investment income 129 0
Cash and cash equivalents 157 0
Income taxes assets 14 0
Other assets 84 0
Total assets of consolidated variable interest entities 92,567 0
Payables to parent and affiliates 739 0
Other liabilities 3,945 0
Total liabilities of consolidated variable interest entities $ 4,684 $ 0
[1] See Note 4 for details of balances associated with variable interest entities.
v3.26.1
Variable Interest Entities (Narratives) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Total liabilities $ 254,349,092 $ 233,752,749
Unconsolidated VIEs    
Variable Interest Entity [Line Items]    
Total liabilities 0  
Other invested assets | Unconsolidated VIEs    
Variable Interest Entity [Line Items]    
Maximum exposure to loss on these investments $ 80,000 $ 0
v3.26.1
Derivatives and Hedging (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Gross Notional $ 467,024,936 $ 358,596,065
Fair Value Assets 21,810,335 15,332,694
Fair Value Liabilities (33,470,678) (27,242,213)
Derivatives Designated as Hedge Accounting Instruments:    
Derivative [Line Items]    
Gross Notional 4,734,537 3,311,693
Fair Value Assets 84,065 202,606
Fair Value Liabilities (215,882) (27,732)
Derivatives Designated as Hedge Accounting Instruments: | Interest Rate Swaps    
Derivative [Line Items]    
Gross Notional 2,664 2,851
Fair Value Assets 0 0
Fair Value Liabilities (103) (209)
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Swaps    
Derivative [Line Items]    
Gross Notional 4,731,873 3,308,842
Fair Value Assets 84,065 202,606
Fair Value Liabilities (215,779) (27,523)
Derivatives Not Qualifying as Hedge Accounting Instruments:    
Derivative [Line Items]    
Gross Notional 462,290,399 355,284,372
Fair Value Assets 21,726,270 15,130,088
Fair Value Liabilities (33,254,796) (27,214,481)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Swaps    
Derivative [Line Items]    
Gross Notional 191,366,960 174,170,160
Fair Value Assets 8,656,717 9,029,399
Fair Value Liabilities (20,427,373) (20,888,553)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Future    
Derivative [Line Items]    
Gross Notional 2,076,700 1,518,400
Fair Value Assets 2,227 1,967
Fair Value Liabilities (1,587) (1,443)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Option    
Derivative [Line Items]    
Gross Notional 27,025,000 29,135,000
Fair Value Assets 133,690 279,414
Fair Value Liabilities (1,331,534) (1,406,265)
Derivatives Not Qualifying as Hedge Accounting Instruments: | interest rate forward    
Derivative [Line Items]    
Gross Notional 0 0
Fair Value Assets 0 0
Fair Value Liabilities 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Total Return Swaps    
Derivative [Line Items]    
Gross Notional 843,143 223,721
Fair Value Assets 215,517 1,472
Fair Value Liabilities (219,681) (2,121)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Forwards    
Derivative [Line Items]    
Gross Notional 2,388,287 1,146,861
Fair Value Assets 1,918 30,078
Fair Value Liabilities (12,705) (181)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit Default Swaps    
Derivative [Line Items]    
Gross Notional 874,950 911,850
Fair Value Assets 9,667 9,606
Fair Value Liabilities 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Swaps    
Derivative [Line Items]    
Gross Notional 2,138,269 2,285,052
Fair Value Assets 51,698 164,152
Fair Value Liabilities (55,778) (9,277)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Total Return Swap    
Derivative [Line Items]    
Gross Notional 31,287,562 23,025,217
Fair Value Assets 2,697,977 1,160,080
Fair Value Liabilities (2,473,729) (1,182,913)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Options    
Derivative [Line Items]    
Gross Notional 199,267,054 117,107,059
Fair Value Assets 9,954,651 4,453,762
Fair Value Liabilities (8,727,823) (3,717,637)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Futures    
Derivative [Line Items]    
Gross Notional 836,190 1,802,205
Fair Value Assets 2,208 15
Fair Value Liabilities (4,586) (6,060)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Synthetic Gics    
Derivative [Line Items]    
Gross Notional 4,186,284 3,958,847
Fair Value Assets 0 143
Fair Value Liabilities $ 0 $ (31)
v3.26.1
Derivatives and Hedging (Offsetting Balance Sheet) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Offsetting of Financial Assets, Derivatives    
Gross Amounts of Recognized Financial Instruments $ 21,810,330 $ 15,332,538
Derivatives, Gross Amounts Offset in the Consolidated Statement of Financial Position (21,763,852) (15,308,195)
Derivatives, Net Amounts Presented in the Consolidated Statements of Financial Position 46,478 24,343
Derivatives, Financial Instruments/Collateral 0 0
Net Amount 46,478 24,343
Offsetting of Financial Assets, Total Assets    
Total Assets, Gross Amounts of Recognized Financial Instruments 21,810,330 15,332,538
Total Assets, Gross Amounts Offset in the Consolidated Statement of Financial Position (21,763,852) (15,308,195)
Total Assets, Net Amounts Presented in the Consolidated Statements of Financial Position 46,478 24,343
Total Assets, Financial Instruments/Collateral 0 0
Total Assets, Net Amount 46,478 24,343
Offsetting of Financial Liabilities, Derivatives    
Derivatives, Gross Amounts of Recognized Financial Instruments 33,470,678 27,242,182
Derivatives, Gross Amounts Offset in the Consolidated Statement of Financial Position (30,988,463) (23,619,586)
Derivatives, Net Amounts Presented in the Consolidated Statements of Financial Position 2,482,215 3,622,596
Derivatives, Financial Instruments/Collateral (2,482,215) (3,622,596)
Derivatives, Net Amount 0 0
Offsetting of Financial Liabilities, Total Liabilities    
Total Liabilities, Gross Amounts of Recognized Financial Instruments 33,470,678 27,242,182
Total Liabilities, Gross Amounts Offset in the Consolidated Statement of Financial Position (30,988,463) (23,619,586)
Total Liabilities, Net Amounts Presented in the Consolidated Statements of Financial Position 2,482,215 3,622,596
Total Liabilities, Financial Instruments/Collateral (2,482,215) (3,622,596)
Total Liabilities, Net Amount $ 0 $ 0
v3.26.1
Derivatives and Hedging (Financial Statement Classification and Impact of Derivatives Used in Qualifying and Non-qualifying Hedge Relationships) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net $ (1,129,307) $ 713,403 $ (1,133,219)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Realized Investment Gains (Losses) Realized Investment Gains (Losses) Realized Investment Gains (Losses)
Market Risk Benefit, Increase (Decrease)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net $ (1,536,178) $ (2,856,118) $ (2,377,803)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Change in value of market risk benefits, net of related hedging gain (losses) Change in value of market risk benefits, net of related hedging gain (losses) Change in value of market risk benefits, net of related hedging gain (losses)
Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net $ 56,166 $ 48,405 $ 43,816
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Net investment income Net investment income Net investment income
Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net $ (81,688) $ 35,350 $ (26,463)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Income (loss) Other Income (loss) Other Income (loss)
AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net $ (243,255) $ 98,631 $ (126,693)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Comprehensive Income (Loss), Net of Tax Other Comprehensive Income (Loss), Net of Tax Other Comprehensive Income (Loss), Net of Tax
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net $ 3,907 $ 2,259 $ (634)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Market Risk Benefit, Increase (Decrease)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 56,166 48,405 43,816
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net (80,651) 34,827 (26,206)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net (243,255) 98,631 (126,693)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate Contract | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 3 3 2
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate Contract | Market Risk Benefit, Increase (Decrease)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate Contract | Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net (63) (118) (118)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate Contract | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate Contract | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 90 46 72
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 3,904 2,256 (636)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Market Risk Benefit, Increase (Decrease)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 56,229 48,523 43,934
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net (80,651) 34,827 (26,206)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net (243,345) 98,585 (126,765)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net (1,133,214) 711,144 (1,132,585)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Market Risk Benefit, Increase (Decrease)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net (1,536,178) (2,856,118) (2,377,803)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net (1,037) 523 (257)
Derivatives Not Qualifying as Hedge Accounting Instruments: | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Contract | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 50,408 35,600 25,329
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Contract | Market Risk Benefit, Increase (Decrease)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net (791,731) (2,094,268) (1,555,807)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Contract | Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Contract | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Contract | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net (149,674) 54,543 (16,012)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Market Risk Benefit, Increase (Decrease)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net (120,149) 77,166 (102,238)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Market Risk Benefit, Increase (Decrease)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net (1,037) 523 (257)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 14,684 16,856 14,350
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Market Risk Benefit, Increase (Decrease)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 3,505,905 3,207,538 1,744,218
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Market Risk Benefit, Increase (Decrease)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net (744,447) (761,850) (821,996)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivative Financial Instruments | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net (4,434,388) (2,680,559) (2,798,232)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivative Financial Instruments | Market Risk Benefit, Increase (Decrease)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivative Financial Instruments | Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivative Financial Instruments | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivative Financial Instruments | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net $ 0 $ 0 $ 0
v3.26.1
Derivatives and Hedging (Current Period Cash Flow Hedges in AOCI (loss) before Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance $ 4,701,980    
Ending Balance 8,044,278 $ 4,701,980  
Accumulated Gain (Loss), Net, Cash Flow Hedge      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance 110,565 11,934 $ 138,627
Total amount recorded in AOCI (263,833) 184,122 (109,717)
Total amount reclassified from AOCI to income 20,578 (85,491) (16,976)
Ending Balance (132,690) 110,565 11,934
Interest Rate Contract | Accumulated Gain (Loss), Net, Cash Flow Hedge      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Total amount recorded in AOCI 30 (69) (44)
Total amount reclassified from AOCI to income 60 115 116
Currency/Interest Rate | Accumulated Gain (Loss), Net, Cash Flow Hedge      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Total amount recorded in AOCI (263,863) 184,191 (109,673)
Total amount reclassified from AOCI to income $ 20,518 $ (85,606) $ (17,092)
v3.26.1
Derivatives and Hedging (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months $ 38,000,000  
Embedded Derivative, Fair Value of Embedded Derivative, Net Liability (17,801,000,000) $ (11,968,000,000)
Credit derivatives exposure on purchased credit protection 0 0
Credit Default Swap, Selling Protection    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 875,000,000 912,000,000
Credit Risk Derivatives, at Fair Value, Net Asset (Liability) (less than) 10,000,000 $ 10,000,000
Credit Default Swap, Selling Protection | NAIC 3    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 845,000,000  
Credit Default Swap, Selling Protection | NAIC 6    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted $ 30,000,000  
v3.26.1
Fair Value of Assets and Liabilities (Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) [1] $ 47,624,171 $ 34,986,160  
Market risk benefit assets 2,655,866 2,637,363 $ 2,367,243
Fixed Maturities, trading 4,892,507 3,845,045  
Equity securities 2,869,631 2,623,820  
Short-term investments 320,794    
Other invested assets [1] 2,297,535 1,582,094  
Receivables from parent and affiliates 963,452 678,028  
Separate account assets 118,609,218 118,143,256  
TOTAL ASSETS 262,393,370 238,454,729  
Market risk benefit liabilities 4,482,417 4,281,244 $ 5,156,858
Reinsurance and funds withheld payables 11,377,505 8,611,141  
Payables to parent and affiliates [1] 2,497,217 3,653,848  
Total liabilities 254,349,092 233,752,749  
U.S. Treasury securities and obligations of U.S. government authorities and agencies      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 1,117,320 1,099,241  
Obligations of U.S. states and their political subdivisions      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 434,528 541,066  
Foreign government securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 424,735 310,334  
U.S. corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 19,067,987 13,238,428  
U.S. corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 6,702,612 5,754,097  
Foreign corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 5,321,216 3,698,851  
Foreign corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 7,183,450 5,341,633  
Asset-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 5,076,048 3,750,663  
Commercial mortgage-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 1,354,310 895,775  
Residential mortgage-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 941,965 356,072  
Fair Value, Measurements, Recurring      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 47,624,171 34,986,160  
Market risk benefit assets 2,655,866 2,637,363  
Fixed Maturities, trading 4,892,507 3,845,045  
Equity securities 2,869,631 2,623,820  
Short-term investments 271,192 496,285  
Cash equivalents 2,515,055 2,851,283  
Other invested assets 46,483 24,499  
Reinsurance recoverables and deposit receivables 804,855 645,193  
Receivables from parent and affiliates 649,771 520,462  
Subtotal excluding separate account assets 62,329,531 48,630,110  
Separate account assets 110,695,348 111,699,552  
TOTAL ASSETS 173,024,879 160,329,662  
Market risk benefit liabilities 4,482,417 4,281,244  
Policyholders’ account balances 18,606,282 12,624,585  
Reinsurance and funds withheld payables 265    
Payables to parent and affiliates 2,479,837 3,615,277  
Other liabilities 2,378 7,350  
Total liabilities 25,571,179 20,528,456  
Assets netting (21,763,852) (15,308,195)  
Liabilities netting (30,988,463) (23,619,586)  
Derivative liability, cash collateral (9,225,000) (8,311,000)  
Fair Value, Measurements, Recurring | Payables to parent and affiliates      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Liabilities netting (30,731,963) (23,617,643)  
Fair Value, Measurements, Recurring | Other liabilities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Liabilities netting (256,500) (1,943)  
Fair Value, Measurements, Recurring | U.S. Treasury securities and obligations of U.S. government authorities and agencies      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 1,117,320 1,099,241  
Fair Value, Measurements, Recurring | Obligations of U.S. states and their political subdivisions      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 434,528 541,066  
Fair Value, Measurements, Recurring | Foreign government securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 424,735 310,334  
Fair Value, Measurements, Recurring | U.S. corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 19,067,987 13,238,428  
Fair Value, Measurements, Recurring | U.S. corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 6,702,612 5,754,097  
Fair Value, Measurements, Recurring | Foreign corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 5,321,216 3,698,851  
Fair Value, Measurements, Recurring | Foreign corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 7,183,450 5,341,633  
Fair Value, Measurements, Recurring | Asset-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 5,076,048 3,750,663  
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 1,354,310 895,775  
Fair Value, Measurements, Recurring | Residential mortgage-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 941,965 356,072  
Fair Value, Measurements, Recurring | Level 1      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 0 0  
Market risk benefit assets 0 0  
Fixed Maturities, trading 0 0  
Equity securities 2,731,986 2,587,791  
Short-term investments 0 0  
Cash equivalents 50,286 0  
Other invested assets 285,479 2,302  
Reinsurance recoverables and deposit receivables 0 0  
Receivables from parent and affiliates 0 0  
Subtotal excluding separate account assets 3,067,751 2,590,093  
Separate account assets 567,387 273,288  
TOTAL ASSETS 3,635,138 2,863,381  
Market risk benefit liabilities 0 0  
Policyholders’ account balances 0 0  
Reinsurance and funds withheld payables 0    
Payables to parent and affiliates 0 0  
Other liabilities 258,878 7,988  
Total liabilities 258,878 7,988  
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury securities and obligations of U.S. government authorities and agencies      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 0 0  
Fair Value, Measurements, Recurring | Level 1 | Obligations of U.S. states and their political subdivisions      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 0 0  
Fair Value, Measurements, Recurring | Level 1 | Foreign government securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 0 0  
Fair Value, Measurements, Recurring | Level 1 | U.S. corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 0 0  
Fair Value, Measurements, Recurring | Level 1 | U.S. corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 0 0  
Fair Value, Measurements, Recurring | Level 1 | Foreign corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 0 0  
Fair Value, Measurements, Recurring | Level 1 | Foreign corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 0 0  
Fair Value, Measurements, Recurring | Level 1 | Asset-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 0 0  
Fair Value, Measurements, Recurring | Level 1 | Commercial mortgage-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 0 0  
Fair Value, Measurements, Recurring | Level 1 | Residential mortgage-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 0 0  
Fair Value, Measurements, Recurring | Level 2      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 44,966,840 33,086,013  
Market risk benefit assets 0 0  
Fixed Maturities, trading 4,738,551 3,778,760  
Equity securities 135,295 15,514  
Short-term investments 271,028 390,745  
Cash equivalents 2,464,769 2,851,250  
Other invested assets 21,524,856 15,330,249  
Reinsurance recoverables and deposit receivables 0 0  
Receivables from parent and affiliates 291,583 169,072  
Subtotal excluding separate account assets 74,392,922 55,621,603  
Separate account assets 110,105,979 111,415,717  
TOTAL ASSETS 184,498,901 167,037,320  
Market risk benefit liabilities 0 0  
Policyholders’ account balances 0 0  
Reinsurance and funds withheld payables 265    
Payables to parent and affiliates 33,211,800 27,232,920  
Other liabilities 0 1,274  
Total liabilities 33,212,065 27,234,194  
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury securities and obligations of U.S. government authorities and agencies      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 1,117,320 1,099,241  
Fair Value, Measurements, Recurring | Level 2 | Obligations of U.S. states and their political subdivisions      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 434,528 541,066  
Fair Value, Measurements, Recurring | Level 2 | Foreign government securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 424,735 309,686  
Fair Value, Measurements, Recurring | Level 2 | U.S. corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 19,067,987 13,238,428  
Fair Value, Measurements, Recurring | Level 2 | U.S. corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 5,860,168 4,996,400  
Fair Value, Measurements, Recurring | Level 2 | Foreign corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 5,312,470 3,692,124  
Fair Value, Measurements, Recurring | Level 2 | Foreign corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 6,722,526 4,906,450  
Fair Value, Measurements, Recurring | Level 2 | Asset-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 3,814,974 3,126,089  
Fair Value, Measurements, Recurring | Level 2 | Commercial mortgage-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 1,278,970 820,457  
Fair Value, Measurements, Recurring | Level 2 | Residential mortgage-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 933,162 356,072  
Fair Value, Measurements, Recurring | Level 3      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 2,657,331 1,900,147  
Market risk benefit assets 2,655,866 2,637,363  
Fixed Maturities, trading 153,956 66,285  
Equity securities 2,350 20,515  
Short-term investments 164 105,540  
Cash equivalents 0 33  
Other invested assets 0 143  
Reinsurance recoverables and deposit receivables 804,855 645,193  
Receivables from parent and affiliates 358,188 351,390  
Subtotal excluding separate account assets 6,632,710 5,726,609  
Separate account assets 21,982 10,547  
TOTAL ASSETS 6,654,692 5,737,156  
Market risk benefit liabilities 4,482,417 4,281,244  
Policyholders’ account balances 18,606,282 12,624,585  
Reinsurance and funds withheld payables 0    
Payables to parent and affiliates 0 0  
Other liabilities 0 31  
Total liabilities 23,088,699 16,905,860  
Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury securities and obligations of U.S. government authorities and agencies      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 0 0  
Fair Value, Measurements, Recurring | Level 3 | Obligations of U.S. states and their political subdivisions      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 0 0  
Fair Value, Measurements, Recurring | Level 3 | Foreign government securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 0 648  
Fair Value, Measurements, Recurring | Level 3 | U.S. corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 0 0  
Fair Value, Measurements, Recurring | Level 3 | U.S. corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 842,444 757,697  
Fair Value, Measurements, Recurring | Level 3 | Foreign corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 8,746 6,727  
Fair Value, Measurements, Recurring | Level 3 | Foreign corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 460,924 435,183  
Fair Value, Measurements, Recurring | Level 3 | Asset-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 1,261,074 624,574  
Fair Value, Measurements, Recurring | Level 3 | Commercial mortgage-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 75,340 75,318  
Fair Value, Measurements, Recurring | Level 3 | Residential mortgage-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 8,803 0  
Other invested assets      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fair value investment measured at NAV per share 87,000 44,000  
Separate account assets      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fair value investment measured at NAV per share $ 7,914,000 $ 6,444,000  
[1] See Note 4 for details of balances associated with variable interest entities.
v3.26.1
Fair Value of Assets and Liabilities (Quantitative Info for Level 3 Inputs) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Corporate securities $ 2,826,642 $ 2,650,542  
Market risk benefit assets 2,655,866 2,637,363 $ 2,367,243
Receivables from parent and affiliates 963,452 678,028  
Market risk benefit liabilities 4,482,417 4,281,244 $ 5,156,858
Fair Value, Measurements, Recurring      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Market risk benefit assets 2,655,866 2,637,363  
Reinsurance recoverables and deposit receivables 804,855 645,193  
Receivables from parent and affiliates 649,771 520,462  
Market risk benefit liabilities 4,482,417 4,281,244  
Policyholders’ account balances 18,606,282 12,624,585  
Level 3      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Funds held under reinsurance agreements $ 10,000,000    
Level 3 | Minimum        
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Fair Value Inputs, Policyholder Age 50 years    
Level 3 | Minimum   | Market risk benefit liabilities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Mortality rate 0.00%    
Level 3 | Maximum      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Fair Value Inputs, Policyholder Age 90 years    
Level 3 | Fair Value, Measurements, Recurring      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Market risk benefit assets $ 2,655,866 2,637,363  
Reinsurance recoverables and deposit receivables 804,855 645,193  
Receivables from parent and affiliates 358,188 351,390  
Market risk benefit liabilities 4,482,417 4,281,244  
Policyholders’ account balances $ 18,606,282 $ 12,624,585  
Level 3 | Internal | Minimum   | Discounted cash flow | Market risk benefit liabilities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 1.00% 1.00%  
Spread over SOFR 0.38% 0.29%  
Utilization rate 37.00% 37.00%  
Withdrawal rate (greater than maximum range) 78.00% 78.00%  
Mortality rate 0.00% 0.00%  
Equity volatility curve 15.00% 16.00%  
Level 3 | Internal | Minimum   | Discounted cash flow | Policyholders' account balances      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 0.00% 0.00%  
Spread over SOFR 0.38% 0.29%  
Mortality rate 0.00% 0.00%  
Option budget (2.00%) (1.00%)  
Level 3 | Internal | Minimum   | Discounted cash flow | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate 1.85% 2.15%  
Level 3 | Internal | Minimum   | Discounted cash flow | Asset-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate 2.10% 2.30%  
Level 3 | Internal | Minimum   | Discounted cash flow | Commercial mortgage-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidity premium 0.90% 1.00%  
Level 3 | Internal | Minimum   | Discounted cash flow | Market risk benefit assets      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 1.00% 1.00%  
Spread over SOFR 0.38% 0.29%  
Utilization rate 37.00% 37.00%  
Withdrawal rate (greater than maximum range) 78.00% 78.00%  
Mortality rate 0.00% 0.00%  
Equity volatility curve 15.00% 16.00%  
Level 3 | Internal | Minimum   | Discounted cash flow | Reinsurance recoverables and deposit receivables      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 0.00% 0.00%  
Spread over SOFR 0.38% 0.29%  
Option budget (2.00%) (1.00%)  
Level 3 | Internal | Minimum   | Market comparables | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
EBITDA multiples 7.00 5.0  
Level 3 | Internal | Minimum   | Liquidation | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidation value 12.01% 75.00%  
Level 3 | Internal | Minimum   | Liquidation | Receivables from parent and affiliates      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidation value 100.00% 100.00%  
Level 3 | Internal | Maximum | Discounted cash flow | Market risk benefit liabilities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 20.00% 20.00%  
Spread over SOFR 1.61% 1.79%  
Utilization rate 94.00% 94.00%  
Withdrawal rate (greater than maximum range) 100.00% 100.00%  
Mortality rate 16.00% 16.00%  
Equity volatility curve 25.00% 25.00%  
Level 3 | Internal | Maximum | Discounted cash flow | Policyholders' account balances      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 80.00% 80.00%  
Spread over SOFR 1.61% 1.73%  
Mortality rate 23.00% 23.00%  
Option budget 9.00% 7.00%  
Level 3 | Internal | Maximum | Discounted cash flow | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate 25.50% 20.00%  
Level 3 | Internal | Maximum | Discounted cash flow | Asset-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate 10.05% 10.70%  
Level 3 | Internal | Maximum | Discounted cash flow | Commercial mortgage-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidity premium 0.90% 1.00%  
Level 3 | Internal | Maximum | Discounted cash flow | Market risk benefit assets      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 20.00% 20.00%  
Spread over SOFR 1.61% 1.79%  
Utilization rate 94.00% 94.00%  
Withdrawal rate (greater than maximum range) 100.00% 100.00%  
Mortality rate 16.00% 16.00%  
Equity volatility curve 25.00% 25.00%  
Level 3 | Internal | Maximum | Discounted cash flow | Reinsurance recoverables and deposit receivables      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 80.00% 80.00%  
Spread over SOFR 1.61% 1.71%  
Option budget 9.00% 7.00%  
Level 3 | Internal | Maximum | Market comparables | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
EBITDA multiples 7.00 5.0  
Level 3 | Internal | Maximum | Liquidation | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidation value 30.83% 75.00%  
Level 3 | Internal | Maximum | Liquidation | Receivables from parent and affiliates      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidation value 100.00% 100.00%  
Level 3 | Internal | Weighted Average | Discounted cash flow | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate 9.62% 11.15%  
Level 3 | Internal | Weighted Average | Discounted cash flow | Asset-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate 5.42% 6.18%  
Level 3 | Internal | Weighted Average | Discounted cash flow | Commercial mortgage-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidity premium 0.90% 1.00%  
Level 3 | Internal | Weighted Average | Market comparables | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
EBITDA multiples 7.00 5.0  
Level 3 | Internal | Weighted Average | Liquidation | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidation value 28.88% 75.00%  
Level 3 | Internal | Weighted Average | Liquidation | Receivables from parent and affiliates      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidation value 100.00% 100.00%  
Level 3 | Internal | Fair Value, Measurements, Recurring | Market risk benefit liabilities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Market risk benefit liabilities $ 4,482,417 $ 4,281,244  
Level 3 | Internal | Fair Value, Measurements, Recurring | Policyholders' account balances      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Policyholders’ account balances 18,606,282 12,624,585  
Level 3 | Internal | Fair Value, Measurements, Recurring | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Corporate securities 1,187,393 1,130,627  
Level 3 | Internal | Fair Value, Measurements, Recurring | Asset-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Asset backed securities 403,303 90,370  
Level 3 | Internal | Fair Value, Measurements, Recurring | Commercial mortgage-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Commercial mortgage-backed securities 75,340 75,318  
Level 3 | Internal | Fair Value, Measurements, Recurring | Market risk benefit assets      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Market risk benefit assets 2,655,866 2,637,363  
Level 3 | Internal | Fair Value, Measurements, Recurring | Reinsurance recoverables and deposit receivables      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Reinsurance recoverables and deposit receivables 804,855 645,193  
Level 3 | Internal | Fair Value, Measurements, Recurring | Receivables from parent and affiliates      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Receivables from parent and affiliates $ 354,207 $ 328,001  
v3.26.1
Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrealized gains (losses) for assets/liabilities still held:      
Market risk benefit assets $ 2,655,866 $ 2,637,363 $ 2,367,243
Market risk benefit liabilities 4,482,417 4,281,244 5,156,858
Equity securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 20,515 28,709  
Purchases 2,249 273  
Sales 0 (6,120)  
Issuances 0 0  
Settlements 0 (6,332)  
Other 0 6,120  
Transfers into Level 3 0 0  
Transfers out of Level 3 (20,274) 0  
Fair Value, end of period 2,350 20,515 28,709
Total gains (losses) (realized/unrealized):      
Included in earnings (140) (2,135)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (140) (230)  
Equity securities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Equity securities | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings (140) (2,135) (928)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (140) (230) (928)
Equity securities | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Equity securities | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Equity securities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Other invested assets      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 143 1  
Purchases 0 0  
Sales 0 0  
Issuances 0 0  
Settlements 0 0  
Other 0 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 0 143 1
Total gains (losses) (realized/unrealized):      
Included in earnings (143) 142  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (143) 142  
Other invested assets | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (143) 142 1
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (143) 142 1
Other invested assets | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Other invested assets | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Other invested assets | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Other invested assets | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Short-term investments      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 105,540 1,759  
Purchases 4,018 117,046  
Sales (104,545) (13,113)  
Issuances 0 0  
Settlements (25,279) (1,488)  
Other (1,741) (203)  
Transfers into Level 3 22,372 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 164 105,540 1,759
Total gains (losses) (realized/unrealized):      
Included in earnings (201) 1,539  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (226) 321  
Short-term investments | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 184 1,142 1,857
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 125 (64) 0
Short-term investments | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Short-term investments | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Short-term investments | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings (385) 385 (73)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (351) 385 0
Short-term investments | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 12 789
Cash equivalents      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 33 0  
Purchases 2,660 744  
Sales (35) 0  
Issuances 0 0  
Settlements (2,305) (65)  
Other (307) (605)  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 0 33 0
Total gains (losses) (realized/unrealized):      
Included in earnings (46) (41)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (80) (41)  
Cash equivalents | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (46) (41)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (80) (41)  
Cash equivalents | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Cash equivalents | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Cash equivalents | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Cash equivalents | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Reinsurance recoverables and deposit receivables      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 645,193 192,642  
Purchases 179,528 333,291  
Sales 0 0  
Issuances 0 0  
Settlements 0 0  
Other 0 93,231  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 804,855 645,193 192,642
Total gains (losses) (realized/unrealized):      
Included in earnings (19,866) 26,029  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (337,374) (122,807)  
Reinsurance recoverables and deposit receivables | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (19,866) 26,029 (104,596)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (337,374) (122,807) (119,067)
Reinsurance recoverables and deposit receivables | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Reinsurance recoverables and deposit receivables | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Reinsurance recoverables and deposit receivables | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Reinsurance recoverables and deposit receivables | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Separate account assets      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 10,547 5,985  
Purchases 12,710 5,823  
Sales (789) (2,050)  
Issuances 0 0  
Settlements (1,006) (126)  
Other 0 0  
Transfers into Level 3 0 458  
Transfers out of Level 3 0 0  
Fair Value, end of period 21,982 10,547 5,985
Total gains (losses) (realized/unrealized):      
Included in earnings 520 457  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 533 457  
Separate account assets | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Separate account assets | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Separate account assets | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 520 457 408
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 533 457 406
Separate account assets | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Separate account assets | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Receivables from parent and affiliates      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 351,390 0  
Purchases 159,069 418,916  
Sales (16,034) (51,199)  
Issuances 0 0  
Settlements (135,122) 0  
Other 30,792 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 (23,440) (16,417)  
Fair Value, end of period 358,188 351,390 0
Total gains (losses) (realized/unrealized):      
Included in earnings (8,467) 90  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (588) 90  
Receivables from parent and affiliates | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (7,689) 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Receivables from parent and affiliates | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Receivables from parent and affiliates | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Receivables from parent and affiliates | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings (778) 90  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (588) 90  
Receivables from parent and affiliates | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Policyholders' account balances      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period (12,624,585) (7,697,627)  
Purchases 0 0  
Sales 0 0  
Issuances (1,574,519) (2,286,786)  
Settlements 0 0  
Other 0 46,929  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period (18,606,282) (12,624,585) (7,697,627)
Total gains (losses) (realized/unrealized):      
Included in earnings (4,407,178) (2,687,101)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 675,999 1,254,144  
Policyholders' account balances | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (4,407,178) (2,687,101) (2,649,136)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 675,999 1,254,144 (368,507)
Policyholders' account balances | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Policyholders' account balances | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Policyholders' account balances | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Policyholders' account balances | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Other liabilities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period (31) 0  
Purchases 0 0  
Sales 0 0  
Issuances 0 0  
Settlements 0 0  
Other 0 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 0 (31) 0
Total gains (losses) (realized/unrealized):      
Included in earnings 31 (31)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 31 (31)  
Other liabilities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 31 (31)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 31 (31)  
Other liabilities | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Other liabilities | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Other liabilities | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Other liabilities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Notes issued by consolidated VIEs      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 0    
Purchases 0    
Sales 0    
Issuances (17,538)    
Settlements 17,538    
Other 0    
Transfers into Level 3 0    
Transfers out of Level 3 0    
Fair Value, end of period 0 0  
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Notes issued by consolidated VIEs | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Notes issued by consolidated VIEs | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Notes issued by consolidated VIEs | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Notes issued by consolidated VIEs | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Notes issued by consolidated VIEs | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Available-for-sale | Fixed maturities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (51,531) (54,924) (2,081)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (57,441) (40,765) (2,904)
Available-for-sale | Fixed maturities | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Available-for-sale | Fixed maturities | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Available-for-sale | Fixed maturities | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 38,751 (19,313) (2,808)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 36,184 (23,684) (2,420)
Available-for-sale | Fixed maturities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 955 (841) 490
Available-for-sale | Fixed maturities | Foreign government      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 648 682  
Purchases 0 0  
Sales 0 0  
Issuances 0 0  
Settlements (640) 0  
Other 0 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 0 648 682
Total gains (losses) (realized/unrealized):      
Included in earnings (8) (34)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 (44)  
Available-for-sale | Fixed maturities | Corporate securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 1,199,607 1,014,343  
Purchases 1,298,618 1,172,201  
Sales (929,011) (702,073)  
Issuances 0 0  
Settlements (275,269) (183,577)  
Other (3,819) (64,672)  
Transfers into Level 3 54,950 33,043  
Transfers out of Level 3 (14,610) 0  
Fair Value, end of period 1,312,114 1,199,607 1,014,343
Total gains (losses) (realized/unrealized):      
Included in earnings (18,352) (69,658)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (26,070) (61,011)  
Available-for-sale | Fixed maturities | Structured securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 699,892 177,237  
Purchases 879,448 771,208  
Sales (38,219) (40,508)  
Issuances 0 0  
Settlements (229,224) (96,067)  
Other (30,444) 65,480  
Transfers into Level 3 292,257 34,578  
Transfers out of Level 3 (235,028) (206,650)  
Fair Value, end of period 1,345,217 699,892 177,237
Total gains (losses) (realized/unrealized):      
Included in earnings 6,535 (5,386)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 4,813 (3,394)  
Trading | Fixed maturities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 66,285 34,048  
Purchases 565,106 261,968  
Sales 0 (52)  
Issuances 0 0  
Settlements (46,805) (2,261)  
Other 26,461 0  
Transfers into Level 3 2,166 18,842  
Transfers out of Level 3 (482,183) (236,606)  
Fair Value, end of period 153,956 66,285 34,048
Total gains (losses) (realized/unrealized):      
Included in earnings 22,926 (9,654)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 26,447 (9,705)  
Trading | Fixed maturities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Trading | Fixed maturities | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 23,182 (9,661) 1,080
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 26,447 (9,705) 1,225
Trading | Fixed maturities | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Trading | Fixed maturities | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Trading | Fixed maturities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings $ (256) $ 7 $ 3
v3.26.1
Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets:    
Policy loans $ 1,666,965 $ 1,541,480
Short-term investments 320,794  
Cash and cash equivalents [1] 2,876,388 3,325,698
Accrued investment income [1] 618,033 466,394
Receivables from parent and affiliates 963,452 678,028
Liabilities:    
Cash collateral for loaned securities 22,622 121,372
Reinsurance and funds withheld payables 11,377,505 8,611,141
Fair Value    
Assets:    
Commercial mortgage and other loans 10,113,511 7,534,909
Policy loans 1,666,965 1,541,480
Short-term investments 49,602 21,101
Cash and cash equivalents 361,333 474,415
Accrued investment income 618,033 466,394
Reinsurance recoverables and deposit receivables 4,588,399 2,355,489
Receivables from parent and affiliates 313,681 157,566
Other assets 267,560 203,493
Total assets 17,979,084 12,754,847
Liabilities:    
Policyholders’ account balances - investment contracts 15,630,351 10,811,361
Cash collateral for loaned securities 22,622 121,372
Reinsurance and funds withheld payables 2,886,507 2,602,140
Payables to parent and affiliates 17,380 38,571
Other liabilities 688,324 880,884
Total liabilities 19,245,184 14,454,328
Carrying Amount    
Assets:    
Commercial mortgage and other loans 10,082,667 7,759,323
Policy loans 1,666,965 1,541,480
Short-term investments 49,602 21,101
Cash and cash equivalents 361,333 474,415
Accrued investment income 618,033 466,394
Reinsurance recoverables and deposit receivables 4,589,685 2,357,292
Receivables from parent and affiliates 313,681 157,566
Other assets 267,560 203,493
Total assets 17,949,526 12,981,064
Liabilities:    
Policyholders’ account balances - investment contracts 15,644,802 10,826,931
Cash collateral for loaned securities 22,622 121,372
Reinsurance and funds withheld payables 2,886,507 2,602,140
Payables to parent and affiliates 17,380 38,571
Other liabilities 688,324 880,884
Total liabilities 19,259,635 14,469,898
Level 1 | Fair Value    
Assets:    
Commercial mortgage and other loans 0 0
Policy loans 0 0
Short-term investments 49,602 21,101
Cash and cash equivalents 361,333 474,415
Accrued investment income 0 0
Reinsurance recoverables and deposit receivables 0 0
Receivables from parent and affiliates 0 0
Other assets 0 0
Total assets 410,935 495,516
Liabilities:    
Policyholders’ account balances - investment contracts 0 0
Cash collateral for loaned securities 0 0
Reinsurance and funds withheld payables 0 0
Payables to parent and affiliates 0 0
Other liabilities 0 0
Total liabilities 0 0
Level 2 | Fair Value    
Assets:    
Commercial mortgage and other loans 0 0
Policy loans 0 0
Short-term investments 0 0
Cash and cash equivalents 0 0
Accrued investment income 618,033 466,394
Reinsurance recoverables and deposit receivables 0 0
Receivables from parent and affiliates 313,681 157,566
Other assets 267,560 203,493
Total assets 1,199,274 827,453
Liabilities:    
Policyholders’ account balances - investment contracts 762,066 815,520
Cash collateral for loaned securities 22,622 121,372
Reinsurance and funds withheld payables 2,886,507 2,602,140
Payables to parent and affiliates 17,380 38,571
Other liabilities 657,530 849,278
Total liabilities 4,346,105 4,426,881
Level 3 | Fair Value    
Assets:    
Commercial mortgage and other loans 10,113,511 7,534,909
Policy loans 1,666,965 1,541,480
Short-term investments 0 0
Cash and cash equivalents 0 0
Accrued investment income 0 0
Reinsurance recoverables and deposit receivables 4,588,399 2,355,489
Receivables from parent and affiliates 0 0
Other assets 0 0
Total assets 16,368,875 11,431,878
Liabilities:    
Policyholders’ account balances - investment contracts 14,868,285 9,995,841
Cash collateral for loaned securities 0 0
Reinsurance and funds withheld payables 0 0
Payables to parent and affiliates 0 0
Other liabilities 30,794 31,606
Total liabilities $ 14,899,079 $ 10,027,447
[1] See Note 4 for details of balances associated with variable interest entities.
v3.26.1
Deferred Policy Acquisition Costs, Deferred Reinsurance and Deferred Sales Inducements (Balance of and Changes in DAC) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]      
Deferred Policy Acquisition Cost, Beginning Balance $ 7,807,060 $ 7,144,736 $ 6,956,197
Capitalization 1,493,518 1,533,858 1,121,435
Amortization Expense (663,527) (603,357) (539,510)
Other 18,132 (268,177) (393,386)
Balance, end of period 8,655,183 7,807,060 7,144,736
Fixed Annuities      
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]      
Deferred Policy Acquisition Cost, Beginning Balance 371,642 197,937 102,251
Capitalization 185,807 216,410 117,851
Amortization Expense (59,503) (42,705) (22,165)
Other (1,235) 0 0
Balance, end of period 496,711 371,642 197,937
Variable Annuties      
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]      
Deferred Policy Acquisition Cost, Beginning Balance 3,373,201 3,298,935 3,759,819
Capitalization 387,360 430,520 263,869
Amortization Expense (403,516) (356,254) (331,368)
Other 16,937 0 (393,385)
Balance, end of period 3,373,982 3,373,201 3,298,935
Term Life      
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]      
Deferred Policy Acquisition Cost, Beginning Balance 614,068 743,888 648,837
Capitalization 184,695 183,463 159,000
Amortization Expense (48,252) (63,447) (63,949)
Other (637) (249,836) 0
Balance, end of period 749,874 614,068 743,888
Variable / Universal Life      
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]      
Deferred Policy Acquisition Cost, Beginning Balance 3,448,149 2,903,976 2,445,290
Capitalization 735,656 703,465 580,715
Amortization Expense (152,256) (140,951) (122,028)
Other 3,067 (18,341) (1)
Balance, end of period $ 4,034,616 $ 3,448,149 $ 2,903,976
v3.26.1
Deferred Policy Acquisition Costs, Deferred Reinsurance and Deferred Sales Inducements (Balance of and Changes in Deferred Reinsurance Losses) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period $ 1,530,394 $ 255,115 $ 292,893
Amortization expense (104,282) (54,749) (37,777)
Other 4 1,330,028 (1)
Balance, end of period 1,426,116 1,530,394 255,115
Wilton Re      
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]      
Other   979,000  
PARCC      
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]      
Other   351,000  
Variable Annuties      
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period 164,238 194,111 223,515
Amortization expense (29,685) (29,876) (29,403)
Other 4 3 (1)
Balance, end of period 134,557 164,238 194,111
Term Life      
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period 396,684 61,004 69,378
Amortization expense (36,797) (15,345) (8,374)
Other 0 351,025 0
Balance, end of period 359,887 396,684 61,004
Variable / Universal Life      
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period 969,472 0 0
Amortization expense (37,800) (9,528) 0
Other 0 979,000 0
Balance, end of period $ 931,672 $ 969,472 $ 0
v3.26.1
Deferred Policy Acquisition Costs, Deferred Reinsurance and Deferred Sales Inducements (Balance of and Changes in Deferred Reinsurance Gain) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]      
Balance, beginning of period $ 3,318,785 $ 1,673,291 $ 1,492,856
Amortization (149,917) (151,767) (96,864)
Other 1,383,325 (1,797,261) (277,299)
Balance, end of period 1,785,543 3,318,785 1,673,291
Fixed Annuities      
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]      
Balance, beginning of period 37,548 48,074 57,898
Amortization (9,303) (10,516) (9,790)
Other (159) 10 34
Balance, end of period 28,404 37,548 48,074
Variable Annuties      
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]      
Balance, beginning of period 241,628 261,721 0
Amortization (19,298) (20,061) (15,612)
Other (76) 32 (277,333)
Balance, end of period 222,406 241,628 261,721
Variable / Universal Life      
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]      
Balance, beginning of period 3,039,609 1,363,496 1,434,958
Amortization (120,590) (121,190) (71,462)
Other 1,396,768 (1,797,303) 0
Balance, end of period 1,522,251 3,039,609 1,363,496
Variable / Universal Life | Somerset Re      
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]      
Other   1,207,000  
Variable / Universal Life | PURC      
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]      
Other   (116,000)  
Variable / Universal Life | Wilton Re      
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]      
Other   798,000  
Variable / Universal Life | PARU      
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]      
Other   (94,000)  
International      
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]      
Balance, beginning of period 0 0 0
Amortization (726) 0 0
Other (13,208) 0 0
Balance, end of period $ 12,482 $ 0 $ 0
v3.26.1
Deferred Policy Acquisition Costs, Deferred Reinsurance and Deferred Sales Inducements (Balance of and Changes in DSI) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Movement in Deferred Sales Inducements [Roll Forward]      
Beginning Balance $ 322,351    
Ending Balance 297,413 $ 322,351  
Variable Annuties      
Movement in Deferred Sales Inducements [Roll Forward]      
Beginning Balance 322,351 351,424 $ 381,504
Capitalization 4,047 1,243 1,514
Amortization expense (29,370) (30,316) (31,625)
Other adjustments 385   31
Ending Balance $ 297,413 $ 322,351 $ 351,424
v3.26.1
Separate Accounts (Separate Account Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Separate Account Investment [Line Items]    
Separate account assets $ 118,609,218 $ 118,143,256
U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 16,501 15,548
Obligations of U.S. states and their political subdivisions authorities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 146 115
U.S. corporate securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 57,197 24,458
Foreign corporate securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 5,399 3,158
Asset-backed securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 1,099
Mortgage-backed securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 156 82
Equity    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 74,323,288 73,226,610
Fixed Income    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 30,602,384 33,828,097
Other    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 5,363,232 4,431,975
Equity securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 285,502 126,792
Other invested assets    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 7,916,554 6,444,077
Short-term investments    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 2,690 2,559
Cash and cash equivalents    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets $ 36,169 $ 38,686
v3.26.1
Separate Accounts (Narratives) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Separate Accounts Disclosure [Abstract]      
Assets Transferred, Other Than Cash, From General Account to Separate Account $ 0 $ 0 $ 0
Gain (Loss) Recognized on Assets Transferred to Separate Account $ 0 $ 0 $ 0
v3.26.1
Separate Accounts (Separate Account Liabilities) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Separate Account, Liability [Roll Forward]      
Balance, beginning of period $ 118,143,256 $ 119,188,485 $ 114,051,246
Deposits 4,641,979 4,114,974 3,186,458
Investment performance 14,421,313 13,052,608 16,530,506
Policy charges (2,983,651) (3,133,536) (3,126,398)
Surrenders and withdrawals (14,762,573) (14,278,004) (10,035,327)
Benefit payments (439,589) (351,709) (300,033)
Net transfers (to) from general account (541,984) (481,062) (1,190,696)
Other 130,467 31,500 72,729
Balance, end of period 118,609,218 118,143,256 119,188,485
Cash surrender value 116,488,318 113,918,263 114,901,916
Variable Annuties      
Separate Account, Liability [Roll Forward]      
Balance, beginning of period 85,183,055 92,383,121 91,785,447
Deposits 554,841 601,236 440,707
Investment performance 9,669,502 8,395,586 12,219,777
Policy charges (1,974,025) (2,210,261) (2,296,859)
Surrenders and withdrawals (14,062,933) (13,827,431) (9,687,372)
Benefit payments (81,959) (66,029) (73,791)
Net transfers (to) from general account 9,237 (100,193) (15,121)
Other 5,986 7,026 10,333
Balance, end of period 79,303,704 85,183,055 92,383,121
Cash surrender value 78,673,352 84,325,382 91,201,190
Variable Life      
Separate Account, Liability [Roll Forward]      
Balance, beginning of period 32,960,201 26,805,364 22,265,799
Deposits 4,087,138 3,513,738 2,745,751
Investment performance 4,751,811 4,657,022 4,310,729
Policy charges (1,009,626) (923,275) (829,539)
Surrenders and withdrawals (699,640) (450,573) (347,955)
Benefit payments (357,630) (285,680) (226,242)
Net transfers (to) from general account (551,221) (380,869) (1,175,575)
Other 124,481 24,474 62,396
Balance, end of period 39,305,514 32,960,201 26,805,364
Cash surrender value $ 37,814,966 $ 29,592,881 23,700,726
Policy loan funding to an affiliated irrevocable trust | Variable Life      
Separate Account, Liability [Roll Forward]      
Net transfers (to) from general account     $ (900,000)
v3.26.1
Liability for Future Policy Benefits (Benefit Reserves) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Other adjustments $ 79,505 $ 20,643 $ (3,952)  
Other Businesses        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of period 1,474 1,765    
Balance after transition, at current discount rate 1,447 1,474 1,765  
Total        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of period 17,928,959 18,656,760    
Balance after transition, at current discount rate 18,310,988 17,928,959 18,656,760  
Term Life        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Balance, beginning of period 10,414,703 10,927,833 10,911,794  
Effect of cumulative changes in discount rate assumptions, beginning of period 567,443 225,711 554,896  
Balance at original discount rate, beginning of period 10,982,146 11,153,544 11,466,690  
Effect of assumption update   (207,935) 21,466 $ (790)
Effect of actual variances from expected experiences and other activity   (165,564) (219,878) (200,513)
Adjusted balance, beginning of period   10,608,647 10,955,132 11,265,387
Issuances 785,281 827,606 712,495  
Net Premium / Consideration Collected (1,301,943) (1,319,501) (1,345,514)  
Interest accural 511,138 511,817 521,176  
Other adjustments (226,656) 7,092    
Balance at original discount rate, end of period 10,376,467 10,982,146 11,153,544  
Effect of cumulative changes in discount rate assumptions, end of period (292,273) (567,443) (225,711)  
Balance, end of period 10,084,194 10,414,703 10,927,833  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of period 17,689,399 18,426,207 17,835,251  
Effect of cumulative changes in discount rate assumptions, beginning of period 1,091,673 331,571 962,035  
Balance at original discount rate, beginning of period 18,781,072 18,757,778 18,797,286  
Effect of assumption update   (332,969) 21,480 (1,044)
Effect of actual variance from expected experience and other activity   (224,159) (259,137) (263,243)
Adjusted balance, beginning of period   18,223,944 18,520,121 18,532,999
Issuances 785,281 827,606 712,495  
Interest accrual 902,570 893,983 895,023  
Benefit Payments (1,365,376) (1,471,863) (1,386,583)  
Other adjustments 60,282 11,225 3,844  
Balance at original discount rate, end of period 18,606,701 18,781,072 18,757,778  
Effect of cumulative changes in discount rate assumptions, end of period (574,785) (1,091,673) (331,571)  
Balance after transition, at current discount rate 18,031,916 17,689,399 18,426,207  
Balance, end of period, pre-flooring 7,947,722 7,274,696 7,498,374  
Flooring impact, end of period 566 44 44  
Balance, end of period, post-flooring 7,948,288 7,274,740 7,498,418  
Less: Reinsurance Recoverable 7,170,499 6,753,842 6,817,488  
Balance after transition, net of reinsurance recoverable 777,789 520,898 680,930  
Term Life | Gross Basis        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Undiscounted expected future gross premiums 22,036,916 21,815,010 21,871,767  
Discounted expected future gross premiums (at original discount rate) 14,871,462 14,889,078 15,027,611  
Discounted expected future gross premiums (at current discount rate) 14,532,537 14,154,658 14,748,999  
Undiscounted expected future benefits and expenses $ 28,846,500 $ 29,163,241 $ 29,118,532  
Weighted-average duration of the liability in years (at original discount rate) 9 years 10 years 10 years  
Weighted-average duration of the liability in years (at current discount rate) 9 years 9 years 10 years  
Weighted-Average Interest Rate (At Original Discount Rate) 5.10% 5.13% 5.17%  
Weighted-average interest rate (at current discount rate) 5.27% 5.59% 4.99%  
Fixed Annuities        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Balance, beginning of period $ 0 $ 0 $ 0  
Effect of cumulative changes in discount rate assumptions, beginning of period 0 0 0  
Balance at original discount rate, beginning of period 0 0 0  
Effect of assumption update   0 0 0
Effect of actual variances from expected experiences and other activity   110 58 (989)
Adjusted balance, beginning of period   110 58  
Issuances 48,472 35,717 36,646  
Net Premium / Consideration Collected (48,582) (35,775) (35,657)  
Interest accural 0 0 0  
Other adjustments 0 0    
Balance at original discount rate, end of period 0 0 0  
Effect of cumulative changes in discount rate assumptions, end of period 0 0 0  
Balance, end of period 0 0 0  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of period 238,086 228,788 204,727  
Effect of cumulative changes in discount rate assumptions, beginning of period 19,442 19,521 24,876  
Balance at original discount rate, beginning of period 257,528 248,309 229,603  
Effect of assumption update   22 (3,643) 0
Effect of actual variance from expected experience and other activity   4,279 502 6,991
Adjusted balance, beginning of period   261,829 245,168 236,594
Issuances 48,472 35,717 36,646  
Interest accrual 10,656 9,119 8,440  
Benefit Payments (36,560) (32,225) (33,287)  
Other adjustments (186) (251) (84)  
Balance at original discount rate, end of period 284,211 257,528 248,309  
Effect of cumulative changes in discount rate assumptions, end of period (6,586) (19,442) (19,521)  
Balance after transition, at current discount rate 277,625 238,086 228,788  
Balance, end of period, pre-flooring 277,625 238,086 228,788  
Flooring impact, end of period 0 0 0  
Balance, end of period, post-flooring 277,625 238,086 228,788  
Less: Reinsurance Recoverable 22,913 20,516 18,489  
Balance after transition, net of reinsurance recoverable 254,712 217,570 210,299  
Fixed Annuities | Gross Basis        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Undiscounted expected future gross premiums 0 0 0  
Discounted expected future gross premiums (at original discount rate) 0 0 0  
Discounted expected future gross premiums (at current discount rate) 0 0 0  
Undiscounted expected future benefits and expenses $ 380,345 $ 346,892 $ 332,902  
Weighted-average duration of the liability in years (at original discount rate) 6 years 7 years 7 years  
Weighted-average duration of the liability in years (at current discount rate) 6 years 6 years 6 years  
Weighted-Average Interest Rate (At Original Discount Rate) 4.20% 3.94% 3.70%  
Weighted-average interest rate (at current discount rate) 5.13% 5.49% 4.95%  
Fixed Annuity        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Adjusted balance, beginning of period       (989)
Term Life and Fixed Annuities        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Balance, beginning of period $ 10,414,703 $ 10,927,833 $ 10,911,794  
Effect of cumulative changes in discount rate assumptions, beginning of period 567,443 225,711 554,896  
Balance at original discount rate, beginning of period 10,982,146 11,153,544 11,466,690  
Effect of assumption update   (207,935) 21,466 (790)
Effect of actual variances from expected experiences and other activity   (165,454) (219,820) (201,502)
Adjusted balance, beginning of period   10,608,757 10,955,190 11,264,398
Issuances 833,753 863,323 749,141  
Net Premium / Consideration Collected (1,350,525) (1,355,276) (1,381,171)  
Interest accural 511,138 511,817 521,176  
Other adjustments (226,656) 7,092    
Balance at original discount rate, end of period 10,376,467 10,982,146 11,153,544  
Effect of cumulative changes in discount rate assumptions, end of period (292,273) (567,443) (225,711)  
Balance, end of period 10,084,194 10,414,703 10,927,833  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of period 17,927,485 18,654,995 18,039,978  
Effect of cumulative changes in discount rate assumptions, beginning of period 1,111,115 351,092 986,911  
Balance at original discount rate, beginning of period 19,038,600 19,006,087 19,026,889  
Effect of assumption update   (332,947) 17,837 (1,044)
Effect of actual variance from expected experience and other activity   (219,880) (258,635) (256,252)
Adjusted balance, beginning of period   18,485,773 18,765,289 $ 18,769,593
Issuances 833,753 863,323 749,141  
Interest accrual 913,226 903,102 903,463  
Benefit Payments (1,401,936) (1,504,088) (1,419,870)  
Other adjustments 60,096 10,974 3,760  
Balance at original discount rate, end of period 18,890,912 19,038,600 19,006,087  
Effect of cumulative changes in discount rate assumptions, end of period (581,371) (1,111,115) (351,092)  
Balance after transition, at current discount rate 18,309,541 17,927,485 18,654,995  
Balance, end of period, pre-flooring 8,225,347 7,512,782 7,727,162  
Flooring impact, end of period 566 44 44  
Balance, end of period, post-flooring 8,225,913 7,512,826 7,727,206  
Less: Reinsurance Recoverable 7,193,412 6,774,358 6,835,977  
Balance after transition, net of reinsurance recoverable $ 1,032,501 738,468 891,229  
Nonparticipating Traditional and Limited-Pay Business        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Loss in net income   28,000 31,000  
Gain in net income   $ 29,000 $ 30,000  
v3.26.1
Liability for Future Policy Benefits (Deferred Profit Liability) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Other adjustments $ 79,505 $ 20,643 $ (3,952)  
Fixed Annuities | Deferred Profit Liability        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of period 22,939 14,818 18,193  
Effect of assumption update   (21) 2,110 $ 0
Effect of actual variance from expected experience and other activity   (2,280) 580 (6,978)
Adjusted balance, beginning of period   20,638 17,508 $ 11,215
Profits deferred 4,826 7,070 5,191  
Interest accrual 974 729 552  
Amortization (3,052) (2,345) (2,129)  
Other adjustments (12) (23) (11)  
Balance, end of period 23,374 22,939 14,818  
Less: Reinsurance Recoverable 2,226 1,513 1,365  
Balance after reinsurance recoverable $ 21,148 $ 21,426 $ 13,453  
v3.26.1
Liability for Future Policy Benefits (Additional Insurance Reserves) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Additional Liability, Long-Duration Insurance [Line Items]        
Balance including amounts in AOCI, beginning of period, post-flooring $ 16,351,052 $ 14,280,792 $ 12,664,445  
Flooring Impact and amounts in AOCI 617,186 831,583 1,269,236  
Balance, excluding amounts in AOCI, beginning of period, pre-flooring   16,968,238 15,112,375 $ 13,933,681
Effect of assumption updates   (41,977) 154,058 22,910
Effect of actual variance from expected experience and other activity   250,267 265,684 34,021
Adjusted balance, beginning of period   17,176,528 15,532,117 13,990,612
Assessments collected 1,265,047 1,242,684 929,709  
Interest accrual 596,212 536,678 486,253  
Benefits paid (377,813) (343,241) (294,199)  
Other adjustments 430,761      
Balance, excluding amounts in AOCI, end of period, pre-flooring 19,090,735 16,968,238 15,112,375  
Flooring Impact and amounts in AOCI (432,116) (617,186) (831,583)  
Balance, including amounts in AOCI, end of period, post-flooring 18,658,619 16,351,052 14,280,792  
Less: Reinsurance recoverable 18,257,481 16,129,846 14,054,600  
Balance after reinsurance recoverable, including amounts in AOCI, end of period 401,138 221,206 226,192  
Other Businesses        
Additional Liability, Long-Duration Insurance [Line Items]        
Balance after reinsurance recoverable, including amounts in AOCI, end of period 7,391 0 0  
Total        
Additional Liability, Long-Duration Insurance [Line Items]        
Balance after reinsurance recoverable, including amounts in AOCI, end of period 408,529 221,206 226,192  
Variable / Universal Life        
Additional Liability, Long-Duration Insurance [Line Items]        
Balance including amounts in AOCI, beginning of period, post-flooring 16,351,052 14,280,792 12,664,445  
Flooring Impact and amounts in AOCI 617,186 831,583 1,269,236  
Balance, excluding amounts in AOCI, beginning of period, pre-flooring   16,968,238 15,112,375 13,933,681
Effect of assumption updates   (41,977) 154,058 22,910
Effect of actual variance from expected experience and other activity   180,041 265,684 34,021
Adjusted balance, beginning of period   17,106,302 15,532,117 13,990,612
Assessments collected 1,196,649 1,242,684 929,709  
Interest accrual 593,950 536,678 486,253  
Benefits paid (377,813) (343,241) (294,199)  
Other adjustments 430,761      
Balance, excluding amounts in AOCI, end of period, pre-flooring 18,949,849 16,968,238 15,112,375  
Flooring Impact and amounts in AOCI (430,105) (617,186) (831,583)  
Balance, including amounts in AOCI, end of period, post-flooring 18,519,744 16,351,052 14,280,792  
Less: Reinsurance recoverable 18,257,481 16,129,846 14,054,600  
Balance after reinsurance recoverable, including amounts in AOCI, end of period $ 262,263 $ 221,206 $ 226,192  
Weighted-average duration of the liability in years (at original discount rate) 21 years 22 years 22 years  
Weighted-average interest rate (at original discount rate) 3.34% 3.33% 3.39%  
Fixed Annuities        
Additional Liability, Long-Duration Insurance [Line Items]        
Balance including amounts in AOCI, beginning of period, post-flooring $ 0 $ 0 $ 0  
Flooring Impact and amounts in AOCI 0 0 0  
Balance, excluding amounts in AOCI, beginning of period, pre-flooring   0 0 0
Effect of assumption updates   0 0 0
Effect of actual variance from expected experience and other activity   70,226 0 0
Adjusted balance, beginning of period   70,226 0 $ 0
Assessments collected 68,398 0 0  
Interest accrual 2,262 0 0  
Benefits paid 0 0 0  
Other adjustments 0      
Balance, excluding amounts in AOCI, end of period, pre-flooring 140,886 0 0  
Flooring Impact and amounts in AOCI (2,011) 0 0  
Balance, including amounts in AOCI, end of period, post-flooring 138,875 0 0  
Less: Reinsurance recoverable 0 0 0  
Balance after reinsurance recoverable, including amounts in AOCI, end of period $ 138,875 $ 0 $ 0  
Weighted-average duration of the liability in years (at original discount rate) 21 years      
Weighted-average interest rate (at original discount rate) 2.71%      
v3.26.1
Liability for Future Policy Benefits (Future Policy Benefits Reconciliation) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Insurance [Abstract]      
Benefit reserves, end of period, post-flooring $ 8,225,913 $ 7,512,826 $ 7,727,206
Deferred profit liability, end of period, post-flooring 23,374 22,939 14,818
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring 18,658,619 16,351,052 14,280,792
Subtotal of amounts disclosed above 26,907,906 23,886,817 22,022,816
Other future policy benefit reserves 1,322,192 1,226,950 1,182,389
Future policy benefits $ 28,230,098 $ 25,113,767 $ 23,205,205
v3.26.1
Liability for Future Policy Benefits (Revenue and Interest Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Benefit Reserves | Term Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue $ 1,815,456 $ 1,833,017 $ 1,804,955
Interest expense 391,432 382,165 373,845
Benefit Reserves | Variable / Universal Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 0 0 0
Interest expense 0 0 0
Benefit Reserves | Fixed Annuities      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 48,938 43,092 41,111
Interest expense 10,656 9,119 8,440
Benefit Reserves | Total      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 1,864,394 1,876,109 1,846,066
Interest expense 402,088 391,284 382,285
Deferred Profit Liability | Term Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 0 0 0
Interest expense 0 0 0
Deferred Profit Liability | Variable / Universal Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 0 0 0
Interest expense 0 0 0
Deferred Profit Liability | Fixed Annuities      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 974 729 552
Deferred Profit Liability | Total      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 974 729 552
Deferred Profit Liability | Fixed Annuities      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue (436) (8,121) 3,375
Deferred Profit Liability | Total      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue (436) (8,121) 3,375
Additional Insurance Reserves | Term Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 0 0 0
Interest expense 0 0 0
Additional Insurance Reserves | Variable / Universal Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 1,765,102 2,050,441 1,405,696
Interest expense 593,950 536,678 486,253
Additional Insurance Reserves | Fixed Annuities      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 43,484 0 0
Interest expense 2,261 0 0
Additional Insurance Reserves | Total      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 1,808,586 2,050,441 1,405,696
Interest expense 596,211 536,678 486,253
Revenues | Term Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 1,815,456 1,833,017 1,804,955
Revenues | Variable / Universal Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 1,765,102 2,050,441 1,405,696
Revenues | Fixed Annuities      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 91,986 34,971 44,486
Revenues | Total      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 3,672,544 3,918,429 3,255,137
Interest Expense | Term Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 391,432 382,165 373,845
Interest Expense | Variable / Universal Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 593,950 536,678 486,253
Interest Expense | Fixed Annuities      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 13,891 9,848 8,992
Interest Expense | Total      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense $ 999,273 $ 928,691 $ 869,090
v3.26.1
Policyholders' Account Balances (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period $ 69,628,318 $ 52,986,700  
Transfer (to) from separate account 541,984 481,062 $ 1,190,696
Unearned revenue reserve 5,064,778 4,415,187 3,741,426
Other 110,786 107,324 102,583
Total Policyholders' account balance $ 86,592,965 $ 69,628,318 $ 52,986,700
Weighted-average crediting rate 2.02% 2.23% 2.12%
Net amount at risk $ 366,953,070 $ 345,969,582 $ 323,508,447
Cash surrender value 74,963,971 60,772,383 44,474,822
Total      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period 65,105,807 49,142,691 38,744,220
Deposits 15,571,545 15,688,604 9,363,655
Interest credited 1,477,389 1,309,522 901,157
Policy charges (1,981,066) (1,869,445) (1,842,450)
Surrenders and withdrawals (3,147,489) (2,115,797) (1,591,318)
Benefit payments (249,278) (156,746) (164,392)
Transfer (to) from separate account 541,984 481,062 1,190,696
Change in market value and other adjustments 4,098,509 2,625,916 2,541,123
Balance, end of period 81,417,401 65,105,807 49,142,691
Total Policyholders' account balance   65,105,807 49,142,691
Fixed Annuities      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period 11,197,337 6,164,313 3,575,823
Deposits 5,877,276 5,215,817 2,612,775
Interest credited 371,237 222,516 101,192
Policy charges (53,687) (5,290) (8,438)
Surrenders and withdrawals (932,262) (554,653) (229,843)
Benefit payments (112,631) (55,956) (50,522)
Transfer (to) from separate account 0 0 0
Change in market value and other adjustments 266,360 210,590 163,326
Balance, end of period $ 16,613,630 11,197,337 6,164,313
Total Policyholders' account balance   $ 11,197,337 $ 6,164,313
Weighted-average crediting rate 2.67% 2.56% 2.08%
Net amount at risk $ 1 $ 11 $ 15
Cash surrender value 15,072,015 9,863,990 5,307,537
Variable Annuties      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period 33,217,331 22,810,665 16,432,032
Deposits 7,229,457 8,315,212 4,633,727
Interest credited 700,947 516,018 243,908
Policy charges (74,755) (32,987) (23,368)
Surrenders and withdrawals (1,129,264) (782,216) (516,039)
Benefit payments (23,656) (30,427) (30,461)
Transfer (to) from separate account (9,237) 100,193 15,121
Change in market value and other adjustments 3,301,161 2,320,873 2,055,745
Balance, end of period $ 43,211,984 33,217,331 22,810,665
Total Policyholders' account balance   $ 33,217,331 $ 22,810,665
Weighted-average crediting rate 1.83% 1.72% 1.40%
Net amount at risk $ 0 $ 0 $ 0
Cash surrender value 41,954,173 31,516,776 20,490,433
Variable / Universal Life      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period 20,691,139 20,167,713 18,736,365
Deposits 2,464,812 2,157,575 2,117,153
Interest credited 405,205 570,988 556,057
Policy charges (1,852,624) (1,831,168) (1,810,644)
Surrenders and withdrawals (1,085,963) (778,928) (845,436)
Benefit payments (112,991) (70,363) (83,409)
Transfer (to) from separate account 551,221 380,869 1,175,575
Change in market value and other adjustments 530,988 94,453 322,052
Balance, end of period $ 21,591,787 20,691,139 20,167,713
Total Policyholders' account balance   $ 20,691,139 $ 20,167,713
Weighted-average crediting rate 1.92% 2.79% 2.86%
Net amount at risk $ 366,953,069 $ 345,969,571 $ 323,508,432
Cash surrender value 17,937,783 19,391,617 18,676,852
Variable Life      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Transfer (to) from separate account $ 551,221 $ 380,869 1,175,575
Policy loans | Variable Life      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Transfer (to) from separate account     $ 900,000
v3.26.1
Policyholders' Account Balances (Guaranteed Minimum Crediting Rate) (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 86,592,965 $ 69,628,318 $ 52,986,700  
1 - 50 bps above guaranteed minimum | Maximum        
Policyholder Account Balance [Line Items]        
Policyholder account balance, above guaranteed minimum crediting rate 50 50 50  
1 - 50 bps above guaranteed minimum | Minimum          
Policyholder Account Balance [Line Items]        
Policyholder account balance, above guaranteed minimum crediting rate 1 1 1  
51 - 150 bps above guaranteed minimum | Maximum        
Policyholder Account Balance [Line Items]        
Policyholder account balance, above guaranteed minimum crediting rate 150 150 150  
51 - 150 bps above guaranteed minimum | Minimum          
Policyholder Account Balance [Line Items]        
Policyholder account balance, above guaranteed minimum crediting rate 51 51 51  
Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholder account balance, above guaranteed minimum crediting rate 150 150 150  
Fixed Annuities        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances   $ 11,197,337 $ 6,164,313 $ 3,575,823
Variable Annuties        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances   33,217,331 22,810,665 16,432,032
Variable / Universal Life        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances   20,691,139 20,167,713 $ 18,736,365
Less than 1.00% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 1,781,385 $ 1,037,125 $ 118,813  
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00% 1.00%  
Less than 1.00% | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 2,772 $ 249 $ 105  
Less than 1.00% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 6,838 3,103 337  
Less than 1.00% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 28,283 11,939 994  
Less than 1.00% | Fixed Annuities | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 1,743,492 1,021,834 117,377  
Less than 1.00% | Variable Annuties        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 873,425 $ 1,279,398 $ 1,733,642  
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00% 1.00%  
Less than 1.00% | Variable Annuties | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 421,525 $ 128,748 $ 908,097  
Less than 1.00% | Variable Annuties | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 119,969 502,988 807,460  
Less than 1.00% | Variable Annuties | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 331,807 647,480 18,083  
Less than 1.00% | Variable Annuties | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 124 182 2  
Less than 1.00% | Variable / Universal Life        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 210,112 $ 180,380 $ 196,692  
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00% 1.00%  
Less than 1.00% | Variable / Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 0 $ 3,167 $ 0  
Less than 1.00% | Variable / Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
Less than 1.00% | Variable / Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
Less than 1.00% | Variable / Universal Life | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 210,112 177,213 196,692  
1.00% - 1.99% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 624,946 $ 734,846 $ 874,784  
1.00% - 1.99% | Fixed Annuities | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.99% 1.99% 1.99%  
1.00% - 1.99% | Fixed Annuities | Minimum          
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00% 1.00%  
1.00% - 1.99% | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 368,546 $ 430,477 $ 487,191  
1.00% - 1.99% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 43,071 62,519 73,393  
1.00% - 1.99% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 167,833 172,877 234,487  
1.00% - 1.99% | Fixed Annuities | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 45,496 68,973 79,713  
1.00% - 1.99% | Variable Annuties        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 512,006 $ 418,465 $ 217,498  
1.00% - 1.99% | Variable Annuties | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.99% 1.99% 1.99%  
1.00% - 1.99% | Variable Annuties | Minimum          
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00% 1.00%  
1.00% - 1.99% | Variable Annuties | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 79,576 $ 121,336 $ 214,377  
1.00% - 1.99% | Variable Annuties | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 431,936 294,635 2,061  
1.00% - 1.99% | Variable Annuties | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 494 2,494 1,060  
1.00% - 1.99% | Variable Annuties | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
1.00% - 1.99% | Variable / Universal Life        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 3,996,757 $ 3,652,804 $ 3,317,734  
1.00% - 1.99% | Variable / Universal Life | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.99% 1.99% 1.99%  
1.00% - 1.99% | Variable / Universal Life | Minimum          
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00% 1.00%  
1.00% - 1.99% | Variable / Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 387,035 $ 289,677 $ 201,121  
1.00% - 1.99% | Variable / Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
1.00% - 1.99% | Variable / Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 1,863,091 1,849,854 2,588,458  
1.00% - 1.99% | Variable / Universal Life | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 1,746,631 1,513,273 528,155  
2.00% - 2.99% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 2,364,886 $ 1,335,411 $ 1,349,636  
2.00% - 2.99% | Fixed Annuities | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.99% 2.99% 2.99%  
2.00% - 2.99% | Fixed Annuities | Minimum          
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.00% 2.00% 2.00%  
2.00% - 2.99% | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 348,806 $ 302,520 $ 301,132  
2.00% - 2.99% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 1,458,294 459,748 469,276  
2.00% - 2.99% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 542,957 557,349 562,347  
2.00% - 2.99% | Fixed Annuities | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 14,829 15,794 16,881  
2.00% - 2.99% | Variable Annuties        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 25,768 $ 25,030 $ 31,529  
2.00% - 2.99% | Variable Annuties | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.99% 2.99% 2.99%  
2.00% - 2.99% | Variable Annuties | Minimum          
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.00% 2.00% 2.00%  
2.00% - 2.99% | Variable Annuties | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 15,586 $ 17,039 $ 23,323  
2.00% - 2.99% | Variable Annuties | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 6,251 3,829 4,071  
2.00% - 2.99% | Variable Annuties | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 3,931 4,162 4,135  
2.00% - 2.99% | Variable Annuties | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
2.00% - 2.99% | Variable / Universal Life        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 4,857,891 $ 4,652,202 $ 4,523,671  
2.00% - 2.99% | Variable / Universal Life | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.99% 2.99% 2.99%  
2.00% - 2.99% | Variable / Universal Life | Minimum          
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.00% 2.00% 2.00%  
2.00% - 2.99% | Variable / Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 37,107 $ 30,500 $ 28,061  
2.00% - 2.99% | Variable / Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 1,601,067 1,535,762 1,445,439  
2.00% - 2.99% | Variable / Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 2,681,677 2,695,823 2,789,520  
2.00% - 2.99% | Variable / Universal Life | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 538,040 390,117 260,651  
3.00% - 4.00% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 2,881,550 $ 1,914,875 $ 29,131  
3.00% - 4.00% | Fixed Annuities | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00% 4.00%  
3.00% - 4.00% | Fixed Annuities | Minimum          
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 3.00% 3.00% 3.00%  
3.00% - 4.00% | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 2,861,951 $ 1,894,646 $ 29,131  
3.00% - 4.00% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 5,504 6,114 0  
3.00% - 4.00% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 11,468 10,896 0  
3.00% - 4.00% | Fixed Annuities | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 2,627 3,219 0  
3.00% - 4.00% | Variable Annuties        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 709,665 $ 821,176 $ 913,231  
3.00% - 4.00% | Variable Annuties | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00% 4.00%  
3.00% - 4.00% | Variable Annuties | Minimum          
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 3.00% 3.00% 3.00%  
3.00% - 4.00% | Variable Annuties | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 709,665 $ 819,316 $ 903,953  
3.00% - 4.00% | Variable Annuties | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 1,860 9,245  
3.00% - 4.00% | Variable Annuties | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 33  
3.00% - 4.00% | Variable Annuties | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
3.00% - 4.00% | Variable / Universal Life        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 6,433,823 $ 6,948,038 $ 7,281,490  
3.00% - 4.00% | Variable / Universal Life | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00% 4.00%  
3.00% - 4.00% | Variable / Universal Life | Minimum          
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 3.00% 3.00% 3.00%  
3.00% - 4.00% | Variable / Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 3,631,946 $ 4,149,638 $ 3,956,631  
3.00% - 4.00% | Variable / Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 1,696,557 1,716,374 2,217,133  
3.00% - 4.00% | Variable / Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 1,105,320 1,082,026 1,107,726  
3.00% - 4.00% | Variable / Universal Life | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
Greater than 4.00% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 0 $ 0 $ 0  
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00% 4.00%  
Greater than 4.00% | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 0 $ 0 $ 0  
Greater than 4.00% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
Greater than 4.00% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
Greater than 4.00% | Fixed Annuities | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
Greater than 4.00% | Variable Annuties        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 1,262 $ 1,978 $ 2,046  
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00% 4.00%  
Greater than 4.00% | Variable Annuties | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 1,262 $ 1,978 $ 2,046  
Greater than 4.00% | Variable Annuties | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
Greater than 4.00% | Variable Annuties | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
Greater than 4.00% | Variable Annuties | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
Greater than 4.00% | Variable / Universal Life        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 2,044,665 $ 2,095,235 $ 2,136,137  
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00% 4.00%  
Greater than 4.00% | Variable / Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 2,044,665 $ 2,095,235 $ 2,136,137  
Greater than 4.00% | Variable / Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
Greater than 4.00% | Variable / Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
Greater than 4.00% | Variable / Universal Life | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
Total | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 7,652,767 5,022,257 2,372,364  
Total | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 3,582,075 2,627,892 817,559  
Total | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 1,513,707 531,484 543,006  
Total | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 750,541 753,061 797,828  
Total | Fixed Annuities | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 1,806,444 1,109,820 213,971  
Total | Variable Annuties        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 2,122,126 2,546,047 2,897,946  
Total | Variable Annuties | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 1,227,614 1,088,417 2,051,796  
Total | Variable Annuties | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 558,156 803,312 822,837  
Total | Variable Annuties | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 336,232 654,136 23,311  
Total | Variable Annuties | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 124 182 2  
Total | Variable / Universal Life        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 17,543,248 17,528,659 17,455,724  
Total | Variable / Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 6,100,753 6,568,217 6,321,950  
Total | Variable / Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 3,297,624 3,252,136 3,662,572  
Total | Variable / Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 5,650,088 5,627,703 6,485,704  
Total | Variable / Universal Life | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 2,494,783 $ 2,080,603 $ 985,498  
v3.26.1
Policyholders' Account Balances (Additional Insurance Reserves) (Details) - Variable / Universal Life - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]      
Balance, beginning of period $ 4,415,187 $ 3,741,426 $ 3,067,336
Unearned revenue 853,071 859,231 827,960
Amortization expense (203,506) (185,468) (153,779)
Other adjustments 26 (2) (91)
Balance, end of period $ 5,064,778 $ 4,415,187 $ 3,741,426
v3.26.1
Market Risk Benefits - Rollforward of Balances for Variable Annuity Products (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Variable Annuity      
Market Risk Benefit [Roll Forward]      
Balance, beginning of period $ 2,488,463 $ 3,707,407 $ 4,550,625
Effect of cumulative changes in non-performance risk 626,845 1,067,983 1,727,910
Balance, beginning of period, before effect of changes in non-performance risk 3,115,308 4,775,390 6,278,535
Attributed fees collected 1,008,519 1,095,139 1,158,879
Claims Paid (53,926) (57,083) (85,898)
Interest accrual 168,951 226,734 293,205
Actual in force different from expected 63,484 49,864 79,030
Effect of changes in interest rates (267,183) (1,436,230) (1,438,873)
Effect of changes in equity markets (1,128,930) (1,660,907) (1,845,207)
Effect of assumption update and other refinements 120,191 82,619 235,543
Issuances 57,950 70,965 29,433
Other adjustments 29,602 (31,183) 70,743
Effect of changes in current period counterparty non-performance risk 0 0 0
Balance, end of period, before effect of changes in non-performance risk 3,113,966 3,115,308 4,775,390
Effect of cumulative changes in non-performance risk (451,282) (626,845) (1,067,983)
Balance, end of period 2,662,684 2,488,463 3,707,407
Individual Fixed      
Market Risk Benefit [Roll Forward]      
Balance, beginning of period 0 0 0
Effect of cumulative changes in non-performance risk 0 0 0
Balance, beginning of period, before effect of changes in non-performance risk 0 0 0
Attributed fees collected 19,936 0 0
Claims Paid 0 0 0
Interest accrual 4,611 0 0
Actual in force different from expected (1,554) 0 0
Effect of changes in interest rates (34,582) 0 0
Effect of changes in equity markets (12,609) 0 0
Effect of assumption update and other refinements 151,000 0 0
Issuances 28,494 0 0
Other adjustments 11,615 0 0
Effect of changes in current period counterparty non-performance risk 0 0 0
Balance, end of period, before effect of changes in non-performance risk 166,911 0 0
Effect of cumulative changes in non-performance risk 9,531 0 0
Balance, end of period 176,442 0 0
Less: Reinsured Market Risk Benefits      
Market Risk Benefit [Roll Forward]      
Balance, beginning of period (844,582) (917,792) (422,261)
Effect of cumulative changes in non-performance risk 0 0 0
Balance, beginning of period, before effect of changes in non-performance risk (844,582) (917,792) (422,261)
Interest accrual (50,303) (56,043) (53,016)
Actual in force different from expected (19,029) (21,062) (13,338)
Effect of changes in interest rates 79,628 277,354 455,062
Effect of changes in equity markets 118,797 177,329 180,953
Effect of assumption update and other refinements (23,026) 3,984 (54,067)
Other adjustments (22,568) 11,566 (635,011)
Effect of changes in current period counterparty non-performance risk (18,039) (61,469) (146,999)
Balance, end of period, before effect of changes in non-performance risk (1,012,575) (844,582) (917,792)
Effect of cumulative changes in non-performance risk 0 0 0
Balance, end of period (1,012,575) (844,582) (917,792)
Less: Reinsured Market Risk Benefits | Augustar      
Market Risk Benefit [Roll Forward]      
Other adjustments     638,000
Less: Reinsured Market Risk Benefits      
Market Risk Benefit [Roll Forward]      
Attributed fees collected (232,779) (259,099) (246,747)
Claims Paid 5,400 5,669 9,952
Issuances (6,074) (5,019) 7,680
Total, Net of Reinsurance      
Market Risk Benefit [Roll Forward]      
Balance, beginning of period 1,643,881 2,789,615 4,128,364
Effect of cumulative changes in non-performance risk 626,845 1,067,983 1,727,910
Balance, beginning of period, before effect of changes in non-performance risk 2,270,726 3,857,598 5,856,274
Attributed fees collected 795,676 836,040 912,132
Claims Paid (48,526) (51,414) (75,946)
Interest accrual 123,259 170,691 240,189
Actual in force different from expected 42,901 28,802 65,692
Effect of changes in interest rates (222,137) (1,158,876) (983,811)
Effect of changes in equity markets (1,022,742) (1,483,578) (1,664,254)
Effect of assumption update and other refinements 248,165 86,603 181,476
Issuances 80,370 65,946 37,113
Other adjustments 18,649 (19,617) (564,268)
Effect of changes in current period counterparty non-performance risk (18,039) (61,469) (146,999)
Balance, end of period, before effect of changes in non-performance risk 2,268,302 2,270,726 3,857,598
Effect of cumulative changes in non-performance risk (441,751) (626,845) (1,067,983)
Balance, end of period $ 1,826,551 $ 1,643,881 $ 2,789,615
v3.26.1
Market Risk Benefits - Market Risk Benefits In Asset and Liability Positions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Liability for Future Policy Benefit, Activity [Line Items]      
Direct and assumed $ 1,376,273 $ 1,492,186 $ 1,201,945
Ceded 1,279,593 1,145,177 1,165,298
Total market risk benefit assets 2,655,866 2,637,363 2,367,243
Direct and assumed 4,215,398 3,980,650 4,909,352
Ceded 267,019 300,594 247,506
Total market risk benefit liabilities 4,482,417 4,281,244 5,156,858
Net liability 1,826,551 1,643,881 2,789,615
Variable Annuity      
Liability for Future Policy Benefit, Activity [Line Items]      
Net amount at risk $ 7,619,998 $ 8,722,499 $ 9,041,651
Weighted-average attained age of contractholders 72 years 71 years 70 years
Direct and assumed $ 1,373,383 $ 1,492,186 $ 1,201,945
Ceded 1,279,593 1,145,177 1,165,298
Total market risk benefit assets 2,652,976 2,637,363 2,367,243
Direct and assumed 4,036,066 3,980,650 4,909,352
Ceded 267,019 300,594 247,506
Total market risk benefit liabilities 4,303,085 4,281,244 5,156,858
Net liability 1,650,109 1,643,881 2,789,615
Fixed Annuities      
Liability for Future Policy Benefit, Activity [Line Items]      
Net amount at risk $ 513,514    
Weighted-average attained age of contractholders 68 years    
Direct and assumed $ 2,890 0 0
Ceded 0 0 0
Total market risk benefit assets 2,890 0 0
Direct and assumed 179,332 0 0
Ceded 0 0 0
Total market risk benefit liabilities 179,332 0 0
Net liability $ 176,442 $ 0 $ 0
v3.26.1
Reinsurance (Balance Sheet Reinsurance Results) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Effects of Reinsurance [Line Items]        
Reinsurance recoverables and deposit receivables $ 54,370,370 $ 48,247,817    
Policy loans (1,666,965) (1,541,480)    
Deferred policy acquisition costs 8,655,183 7,807,060 $ 7,144,736 $ 6,956,197
Deferred sales inducements (297,413) (322,351)    
Market risk benefit assets 2,655,866 2,637,363 2,367,243  
Other assets [1] 1,852,055 1,850,800    
Future policy benefits 28,230,098 25,113,767 23,205,205  
Market risk benefit liabilities 4,482,417 4,281,244 $ 5,156,858  
Reinsurance and funds withheld payables 11,377,505 8,611,141    
Other liabilities [1] 2,537,050 4,199,803    
Impacts of Reinsurance        
Effects of Reinsurance [Line Items]        
Reinsurance recoverables and deposit receivables 54,370,370 48,247,817    
Policy loans (1,174,371) (1,143,726)    
Deferred policy acquisition costs (3,202,535) (3,319,067)    
Deferred sales inducements (30,203) (32,573)    
Market risk benefit assets 1,280,120 1,145,580    
Other assets 1,515,354 1,538,231    
Policyholders’ account balances 5,124,249 5,567,661    
Future policy benefits 8,984,370 7,443,997    
Market risk benefit liabilities 267,981 302,310    
Reinsurance and funds withheld payables 11,377,505 8,611,141    
Other liabilities 1,780,787 3,282,713    
Unaffiliated activity        
Effects of Reinsurance [Line Items]        
Reinsurance recoverables and deposit receivables 21,334,247 12,182,204    
Market risk benefit assets 927,836 804,015    
Other assets 1,052,840 1,118,974    
Policyholders’ account balances 1,499,098 1,665,998    
Future policy benefits   160    
Market risk benefit liabilities 124,638 151,432    
Reinsurance and funds withheld payables 9,194,564 3,360,901    
Other liabilities 251,136 257,929    
Unaffiliated activity        
Effects of Reinsurance [Line Items]        
Policy loans (50,877) (48,644)    
Deferred policy acquisition costs (659,377) $ (637,555)    
Future policy benefits $ (14,427)      
[1] See Note 4 for details of balances associated with variable interest entities.
v3.26.1
Reinsurance (Reinsurance Recoverable and Deposit Receivables by Counterparty) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
reinsuranceCompany
Dec. 31, 2024
USD ($)
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables $ 54,370,370 $ 48,247,817
Number of Reinsurance Companies | reinsuranceCompany 4  
Total affiliated    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables $ 33,036,123 36,065,613
Total unaffiliated    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables 21,334,247 12,182,204
PAR U | Total affiliated    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables 11,617,403 11,426,975
PURE | Total affiliated    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables 8,192,212 7,951,965
PARCC | Total affiliated    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables 7,021,834 7,049,164
Lotus Re | Total affiliated    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables 3,380,675 2,130,095
Prudential Insurance | Total affiliated    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables 2,810,762 7,507,414
Prudential of Japan | Total affiliated    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables 13,237 0
Wilton Re    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables 8,013,000 7,478,000
Wilton Re | Total unaffiliated    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables 8,013,159 7,478,467
Somerset Re | Total unaffiliated    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables 2,490,716 2,581,977
FLIAC | Total unaffiliated    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables 1,351,271 1,395,008
Resolution Re | Total unaffiliated    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables 849,213 0
Prismic Re | Total unaffiliated    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables 327,763 0
Other | Total unaffiliated    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables $ 8,302,125 $ 726,752
Four major reinsurance companies, percentage 56.00%  
v3.26.1
Reinsurance (Income Statement Reinsurance Results) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Premiums:      
Direct $ 1,874,352 $ 1,846,109 $ 1,853,184
Assumed 271,129 92 (61)
Ceded (1,598,280) (1,453,074) (1,524,226)
Net premiums 547,201 393,127 328,897
Policy charges and fee income:      
Direct 3,224,720 3,190,753 2,995,595
Assumed 808,083 899,767 604,311
Ceded (2,325,465) 3,292,277 (2,063,300)
Net policy charges and fee income 1,707,338 7,382,797 1,536,606
Net investment income:      
Direct 3,262,367 2,474,541 1,700,684
Assumed 1,294 1,325 1,364
Ceded (53,139) (53,849) (26,526)
Net investment income 3,210,522 2,422,017 1,675,522
Asset administration fees:      
Direct 315,865 329,181 323,444
Ceded (110,533) (105,618) (90,494)
Net asset administration fees 205,332 223,563 232,950
Other income (loss):      
Direct 594,774 297,868 636,930
Assumed 752 2,983 (475)
Ceded 1,666,250 458,905 114,908
Net other income (loss) 2,261,776 759,756 751,363
Realized investment gains (losses), net:      
Direct (1,207,587) 500,023 (1,203,453)
Assumed 46,559 85,248 162,291
Ceded (269,397) (133,854) (105,937)
Realized investment gains (losses), net (1,430,425) 451,417 (1,147,099)
Change in value of market risk benefits, net of related hedging gains (losses):      
Direct (433,206) (98,562) 287,936
Assumed 958 2,626 (4,115)
Ceded (74,746) (338,019) (390,594)
Net change in value of market risk benefits, net of related hedging gain (loss) (506,994) (433,955) (106,773)
Policyholders’ benefits (including change in reserves):      
Direct 4,242,114 3,825,305 3,354,306
Assumed 1,310,907 1,058,315 1,258,651
Ceded (4,773,299) 3,468,713 (4,109,168)
Net policyholders’ benefits (including change in reserves) 779,722 8,352,333 503,789
Change in estimates of liability for future policy benefits:      
Direct (97,867) 303,141 (18,361)
Assumed (39,222) 92,766 8,644
Ceded 57,584 (416,550) 13,669
Change in estimates of liability for future policy benefits (79,505) (20,643) 3,952
Interest credited to policyholders’ account balances:      
Direct 1,485,366 1,310,867 884,527
Assumed 130,432 153,052 136,725
Ceded (438,138) (426,188) (399,607)
Net interest credited to policyholders’ account balances 1,177,660 1,037,731 621,645
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization (388,473) (1,398,843) (403,517)
Unaffiliated activity      
Premiums:      
Assumed 104 89 (69)
Ceded (349,326) (107,449) (70,169)
Policy charges and fee income:      
Assumed 1,379 1,381 1,563
Ceded (5,208,556) (191,368) (143,764)
Net investment income:      
Ceded (1,668) (1,659) 23,023
Asset administration fees:      
Ceded (25,093) (28,354) (22,415)
Other income (loss):      
Assumed 26 2,983 (475)
Ceded 168,056 142,267 44,260
Realized investment gains (losses), net:      
Assumed 46,559 85,248 162,291
Ceded (179,100) (91,712) (101,449)
Change in value of market risk benefits, net of related hedging gains (losses):      
Assumed 958 2,626 (4,115)
Ceded 6,482 (124,816) (186,996)
Policyholders’ benefits (including change in reserves):      
Assumed   348 804
Ceded (7,776,099) (366,669) (157,344)
Change in estimates of liability for future policy benefits:      
Assumed 1,464 0 0
Ceded (20,592) 96,014 (1,367)
Interest credited to policyholders’ account balances:      
Assumed 25,705 39,263 16,243
Ceded (99,881) $ (24,550) $ 0
Unaffiliated activity      
Policyholders’ benefits (including change in reserves):      
Assumed $ (14,561)    
v3.26.1
Reinsurance (Life Insurance In Force) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reinsurance Disclosures [Abstract]      
Direct gross life insurance face amount in force $ 1,590,247,115 $ 1,181,531,932 $ 1,127,561,798
Assumed gross life insurance face amount in force 40,086,143 34,530,341 35,558,423
Reinsurance ceded (1,450,508,310) (1,080,451,145) (1,027,473,705)
Net life insurance face amount in force $ 179,824,948 $ 135,611,128 $ 135,646,516
v3.26.1
Reinsurance (Narrative) (Details)
$ in Thousands
 3 Months Ended 12 Months Ended 21 Months Ended 24 Months Ended 36 Months Ended 48 Months Ended 60 Months Ended
Dec. 15, 2024
Oct. 01, 2024
USD ($)
Apr. 01, 2023
USD ($)
Jan. 01, 2022
USD ($)
Jul. 01, 2019
Jan. 01, 2015
Dec. 31, 2014
Dec. 31, 2013
Jul. 01, 2012
Dec. 31, 2010
Dec. 31, 2009
Dec. 31, 2021
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2016
Dec. 31, 2019
Dec. 31, 2019
Dec. 31, 2016
Dec. 31, 2013
Dec. 31, 2017
Dec. 31, 2013
Dec. 31, 2019
Oct. 01, 2025
USD ($)
Jan. 01, 2025
USD ($)
Jan. 01, 2024
USD ($)
Dec. 31, 2022
USD ($)
Oct. 01, 2021
USD ($)
Jan. 01, 2021
counterparty
May 01, 2018
counterparty
Effects of Reinsurance [Line Items]                                                            
Deferred reinsurance gain                         $ 1,785,543 $ 3,318,785 $ 1,673,291                       $ 1,492,856      
Deferred reinsurance loss                         1,426,116 1,530,394 255,115                       292,893      
Policy charges and fee income                         1,707,338 7,382,797 1,536,606                              
Policy loans                         1,666,965 1,541,480                                
Reinsurance recoverables                         54,370,370 48,247,817                                
Variable Annuties                                                            
Effects of Reinsurance [Line Items]                                                            
Deferred reinsurance gain                         222,406 241,628 261,721                       0      
Deferred reinsurance loss                         134,557 164,238 194,111                       223,515      
Fixed Annuities                                                            
Effects of Reinsurance [Line Items]                                                            
Deferred reinsurance gain                         28,404 37,548 $ 48,074                       $ 57,898      
Impacts of Reinsurance                                                            
Effects of Reinsurance [Line Items]                                                            
Policy loans                         1,174,371 1,143,726                                
Reinsurance recoverables                         54,370,370 48,247,817                                
Prudential of Japan                                                            
Effects of Reinsurance [Line Items]                                                            
Deferred reinsurance gain                                                 $ 14,000          
Guaranteed Minimum Death Benefit                                                 $ 5,000          
AuguStar                                                            
Effects of Reinsurance [Line Items]                                                            
Deferred reinsurance gain     $ 277,000                                                      
Reinsured Amount     $ 10,000,000                                                      
Percent of total reinsured block     0.10                                                      
AuguStar | Separate account liabilities under MODCO                                                            
Effects of Reinsurance [Line Items]                                                            
Reinsurance Retention Policy, Reinsured Risk, Percentage     100.00%                                                      
AuguStar | General account liabilities under MODCO                                                            
Effects of Reinsurance [Line Items]                                                            
Reinsurance Retention Policy, Reinsured Risk, Percentage     100.00%                                                      
FLIAC                                                            
Effects of Reinsurance [Line Items]                                                            
Reinsurance recoverables and deposit receivables                         1,351,000 1,395,000                                
Somerset Re                                                            
Effects of Reinsurance [Line Items]                                                            
Recapture loss                                                   $ 990,000        
Deferred reinsurance gain                                               $ 629,000   1,207,000        
Deposit assets on reinsurance                         2,491,000 2,582,000                                
Funds withheld payables                         2,602,000 2,434,000                                
Union Hamilton                                                            
Effects of Reinsurance [Line Items]                                                            
Reinsurance recoverables                         1,600,000                                  
Union Hamilton | Quote Share Reinsurance                                                            
Effects of Reinsurance [Line Items]                                                            
Reinsurance Retention Policy, Reinsured Risk, Percentage                               50.00%                            
Wilton Re                                                            
Effects of Reinsurance [Line Items]                                                            
Recapture gain   $ 270,000                                                        
Deferred reinsurance gain   798,000                                           $ 768,000            
Deferred reinsurance loss   979,000                                                        
Reinsurance recoverables                         8,013,000 7,478,000                                
Resolution Re                                                            
Effects of Reinsurance [Line Items]                                                            
Deposit assets on reinsurance                         849,000                                  
Funds withheld payables                         852,000                                  
Prismic Re                                                            
Effects of Reinsurance [Line Items]                                                            
Deposit assets on reinsurance                         328,000                                  
Funds withheld payables                         $ 279,000                                  
Affiliated Entity | PAR U                                                            
Effects of Reinsurance [Line Items]                                                            
Recapture gain   270,000                                                        
Deferred reinsurance gain   94,000                                                        
Reinsurance Retention Policy, Reinsured Risk, Percentage           100.00% 25.00%     70.00%                                        
Affiliated Entity | PURE                                                            
Effects of Reinsurance [Line Items]                                                            
Reinsurance Retention Policy, Reinsured Risk, Percentage             75.00%                                              
Affiliated Entity | PURC                                                            
Effects of Reinsurance [Line Items]                                                            
Deferred reinsurance gain                                                   $ 116,000        
Reinsurance Retention Policy, Reinsured Risk, Percentage                                     95.00% 70.00%                    
Affiliated Entity | PARCC                                                            
Effects of Reinsurance [Line Items]                                                            
Deferred reinsurance loss   $ 351,000                                                        
Reinsurance Retention Policy, Reinsured Risk, Percentage   100.00%     100.00%           90.00%                                      
Affiliated Entity | GUL Re                                                            
Effects of Reinsurance [Line Items]                                                            
Reinsurance Retention Policy, Reinsured Risk, Percentage               30.00%                   95.00%                        
Affiliated Entity | PAR Term                                                            
Effects of Reinsurance [Line Items]                                                            
Reinsurance Retention Policy, Reinsured Risk, Percentage         100.00%                                 95.00%                
Affiliated Entity | Term Re                                                            
Effects of Reinsurance [Line Items]                                                            
Reinsurance Retention Policy, Reinsured Risk, Percentage                                         95.00%                  
Affiliated Entity | Prudential Insurance                                                            
Effects of Reinsurance [Line Items]                                                            
Reinsurance Retention Policy, Reinsured Risk, Percentage                         100.00%                                  
Affiliated Entity | Prudential Insurance | Impacts of Reinsurance                                                            
Effects of Reinsurance [Line Items]                                                            
Recapture loss   $ 3,000                                                        
Policy charges and fee income       $ (305,000)                                                    
Number Of Counterparties | counterparty                                                         2 2
Affiliated Entity | Lotus Re | Impacts of Reinsurance                                                            
Effects of Reinsurance [Line Items]                                                            
Reinsurance liabilities associated with the risks of the coinsurance agreement                                                       $ 32,000    
Reinsurance agreement ceded risk 100.00%                     100.00%                                    
Net liabilities associated with the transaction for coinsurance                       $ 1,387,000                                    
Net liabilities associated with the transaction for modified coinsurance                       14,037,000                                    
Policy loans                       855,000                                    
Cash received                       820,000                                    
Recognized gains                       $ 1,352,000                                    
Deposit assets on reinsurance                         $ 1,311,000 $ 52,000                                
Affiliated Entity | DART                                                            
Effects of Reinsurance [Line Items]                                                            
Reinsurance Retention Policy, Reinsured Risk, Percentage                                 95.00%                          
PLNJ | PAR U                                                            
Effects of Reinsurance [Line Items]                                                            
Recapture loss   29,000                                                        
Deferred reinsurance gain   8,000                                                        
PLNJ | Affiliated Entity | PAR U                                                            
Effects of Reinsurance [Line Items]                                                            
Recapture gain   $ 270,000                                                        
Reinsurance Retention Policy, Reinsured Risk, Percentage                 95.00%                           100.00%              
PLNJ | Affiliated Entity | PURE                                                            
Effects of Reinsurance [Line Items]                                                            
Reinsurance Retention Policy, Reinsured Risk, Percentage             100.00%                                              
v3.26.1
Income Taxes (Components of Income Tax Expense (Benefit)) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current tax expense (benefit):      
U.S. federal $ 292,713 $ 151,544 $ 698,170
State and local 4,088 5,763 14,550
Total 296,801 157,307 712,720
Deferred tax expense (benefit):      
U.S. federal 123,717 (22,612) (686,252)
State and local 65 454 0
Total 123,782 (22,158) (686,252)
Income tax expense (benefit) 420,583 135,149 26,468
Income tax expense (benefit) on equity in earnings of operating joint ventures (70) 24 (109)
Income tax expense (benefit) reported in equity related to:      
Other comprehensive income (loss) 162,925 (151,234) (5,638)
Total income tax expense (benefit) $ 583,438 $ (16,061) $ 20,721
v3.26.1
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Statutory federal income tax rate 21.00% 21.00% 21.00%
DRD constituting non-taxable investment income $ 35 $ 41 $ 40
Non-taxable investment income $ 37 43 43
Percent of income tax expense (benefit) 5.00%    
Deferred Tax Assets, Valuation Allowance $ 0 0  
Income (loss) from domestic operations 2,267 973 478
Unrecognized Tax Benefits $ 0 $ 0 $ 0
v3.26.1
Income Taxes (Reconciliation To Effective Rate) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]      
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount $ 475,966 $ 204,342 $ 100,305
Tax Jurisdiction of Domicile [Extensible Enumeration]      
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount $ 3,281    
Effective Income Tax Rate Reconciliation, Tax Credit, Amount (23,245)    
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount (36,341)    
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount 2,876    
Income tax expense (benefit) $ 420,583 $ 135,149 $ 26,468
Statutory federal income tax rate 21.00% 21.00% 21.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent 0.20%    
Effective Income Tax Rate Reconciliation, Tax Credit, Percent (1.00%)    
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Percent (1.60%)    
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Percent 0.10%    
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent (0.10%)    
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount $ (1,954)    
Effective tax rate 18.60% 13.90% 5.50%
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount $ 475,966 $ 204,342 $ 100,305
Non-taxable investment income   (42,621) (42,730)
Tax credits   (29,001) (42,578)
State and Local Income Tax Expense (Benefit)   4,911 11,495
Other   (2,482) (24)
Total income tax expense (benefit) on income (loss) before equity in earnings of operating joint ventures $ 420,583 $ 135,149 $ 26,468
Effective tax rate 18.60% 13.90% 5.50%
v3.26.1
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Insurance reserves $ 2,012,833 $ 1,749,792
Deferred Tax Assets, Investments 846,847 1,033,856
Net unrealized loss on securities 122,067 410,718
Other 0 5,647
Deferred tax assets 2,981,747 3,200,013
Deferred tax liabilities:    
Deferred policy acquisition cost 1,298,694 1,227,858
Deferred sales inducements 61,449 66,686
Other 12,305 0
Deferred tax liabilities 1,372,448 1,294,544
Net deferred tax asset $ 1,609,299 $ 1,905,469
v3.26.1
Income Taxes Paid (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes Paid [Line Items]      
Income Tax Paid, Federal, after Refund Received $ 194,863    
Income Tax Paid, State and Local, after Refund Received 170    
Income Tax Paid, Foreign, after Refund Received 3,658    
Income Taxes Paid, Net $ 198,691 [1] $ 363,208 $ 67,203
[1] See Note 13 for additional information regarding the income taxes paid (refunded), net amount by jurisdiction for the year ended December 31, 2025.
v3.26.1
Equity (Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance $ 4,701,980    
Income tax benefit (expense) (162,925) $ 151,234 $ 5,638
Ending Balance 8,044,278 4,701,980  
Foreign Currency Translation Adjustment      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance (21,941) (18,085) (20,007)
Change in OCI before reclassifications 3,326 (4,595) 2,419
Amounts reclassified from AOCI 0 0 0
Income tax benefit (expense) (1,277) 739 (497)
Ending Balance (19,892) (21,941) (18,085)
Net Unrealized Investment Gains (Losses)      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance (1,192,702) (927,778) (1,474,475)
Change in OCI before reclassifications 892,453 (416,996) 677,735
Amounts reclassified from AOCI 102,992 81,903 14,217
Income tax benefit (expense) (208,922) 70,169 (145,255)
Ending Balance (406,179) (1,192,702) (927,778)
AOCI, Liability for Future Policy Benefit, Parent      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance 117,558 71,195 119,368
Change in OCI before reclassifications (40,022) 58,676 (60,978)
Amounts reclassified from AOCI 0 0 0
Income tax benefit (expense) 8,404 (12,313) 12,805
Ending Balance 85,940 117,558 71,195
AOCI, Market Risk Benefit, Instrument-Specific Credit Risk      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance 495,208 843,707 1,365,049
Change in OCI before reclassifications (185,092) (441,138) (659,927)
Amounts reclassified from AOCI 0 0 0
Income tax benefit (expense) 38,870 92,639 138,585
Ending Balance 348,986 495,208 843,707
Total Accumulated Other Comprehensive Income (Loss)      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance (601,877) (30,961) (10,065)
Change in OCI before reclassifications 670,665 (804,053) (40,751)
Amounts reclassified from AOCI 102,992 81,903 14,217
Income tax benefit (expense) (162,925) 151,234 5,638
Ending Balance 8,855 (601,877) (30,961)
Cash flow hedges | Net Unrealized Investment Gains (Losses)      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance 111,000 12,000  
Ending Balance $ (133,000) $ 111,000 $ 12,000
v3.26.1
Equity (Reclassification out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Total net unrealized investment gains (losses)      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Amounts reclassified from AOCI $ 102,992 $ 81,903 $ 14,217
Accumulated Other   Comprehensive  Income (Loss)      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Amounts reclassified from AOCI 102,992 81,903 14,217
Amounts reclassified from AOCI | Total net unrealized investment gains (losses)      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Amounts reclassified from AOCI (102,992) (81,903) (14,217)
Amounts reclassified from AOCI | Accumulated Other   Comprehensive  Income (Loss)      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Amounts reclassified from AOCI (102,992) (81,903) (14,217)
Amounts reclassified from AOCI | Net unrealized investment gains (losses) on available-for-sale securities      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Unrealized Gain (Loss) on Investments (82,414) (167,394) (31,193)
Amounts reclassified from AOCI | Currency/Interest Rate | Cash flow hedges      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Unrealized Gain (Loss) on Investments $ (20,578) $ 85,491 $ 16,976
v3.26.1
Equity (Net Unrealized Investment Gains (Losses) in AOCI on AFS Fixed Maturity Securities with OTTI, Allowance for Credit Losses and All Other Investments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance $ 4,701,980    
Ending Balance 8,044,278 $ 4,701,980  
Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses)      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance (1,192,702) (927,778) $ (1,474,475)
Ending Balance (406,179) (1,192,702) (927,778)
Net Unrealized Investment Gains (losses) | Accumulated Net Unrealized Investment Gains (Losses) Pre-Tax with Allowance      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance 893 1,987 4,371
Net unrealized investment gains (losses) on investments arising during period (247) (773) (4,482)
Reclassification adjustment for (gains) losses included in net income (2,361) (175) (265)
Reclassification due to allowance for credit losses recorded during the period 363 (146) 2,363
Impact of net unrealized investment (gains) losses 0 0 0
Ending Balance (1,352) 893 1,987
Net Unrealized Investment Gains (losses) | Accumulated Net Unrealized Investment Gains (Losses) Pre Tax All Other      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance (1,847,178) (1,404,180) (2,161,026)
Net unrealized investment gains (losses) on investments arising during period 1,029,138 (525,222) 744,727
Reclassification adjustment for (gains) losses included in net income 105,353 82,078 14,482
Reclassification due to allowance for credit losses recorded during the period (363) 146 (2,363)
Impact of net unrealized investment (gains) losses 0 0 0
Ending Balance (713,050) (1,847,178) (1,404,180)
Net Unrealized Investment Gains (losses) | Deferred Policy Acquisition Costs and Other Costs      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance (583,709) (801,351) (1,198,422)
Net unrealized investment gains (losses) on investments arising during period 0 0 0
Reclassification adjustment for (gains) losses included in net income 0 0 0
Reclassification due to allowance for credit losses recorded during the period 0 0 0
Impact of net unrealized investment (gains) losses 335,647 217,642 397,071
Ending Balance (248,062) (583,709) (801,351)
Net Unrealized Investment Gains (losses) | Future Policy Benefits and Policyholders' Account Balances and Other Liabilities      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance 920,455 1,029,098 1,488,679
Net unrealized investment gains (losses) on investments arising during period 0 0 0
Reclassification adjustment for (gains) losses included in net income 0 0 0
Reclassification due to allowance for credit losses recorded during the period 0 0 0
Impact of net unrealized investment (gains) losses (472,085) (108,643) (459,581)
Ending Balance 448,370 920,455 1,029,098
Net Unrealized Investment Gains (losses) | Income Tax Benefit (Expense)      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance 316,837 246,668 391,923
Net unrealized investment gains (losses) on investments arising during period (215,954) 110,227 (155,393)
Reclassification adjustment for (gains) losses included in net income (21,617) (17,164) (2,984)
Reclassification due to allowance for credit losses recorded during the period 0 0 0
Impact of net unrealized investment (gains) losses 28,649 (22,894) 13,122
Ending Balance 107,915 316,837 246,668
Net Unrealized Investment Gains (losses) | Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses)      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance (1,192,702) (927,778) (1,474,475)
Net unrealized investment gains (losses) on investments arising during period 812,937 (415,768) 584,852
Reclassification adjustment for (gains) losses included in net income 81,375 64,739 11,233
Reclassification due to allowance for credit losses recorded during the period 0 0 0
Impact of net unrealized investment (gains) losses (107,789) 86,105 (49,388)
Ending Balance $ (406,179) $ (1,192,702) $ (927,778)
v3.26.1
Equity - Narrative (Details)
Dec. 31, 2025
Certain Subsidiaries  
Subsidiary or Equity Method Investee [Line Items]  
Subsidiary, ownership percentage 100.00%
v3.26.1
Statutory Net Income and Surplus and Dividend Restrictions (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statutory Accounting Practices [Line Items]      
Statutory net income (loss) $ 446 $ (5,195) $ 4,923
Statutory capital and surplus 5,821 5,730 5,161
Statutory surplus capacity to pay divided without prior approval in 2026 582    
Return of Capital 0    
Statutory dividend paid to Prudential Insurance $ 0 $ 0 $ 0
Pruco Life Insurance      
Statutory Accounting Practices [Line Items]      
Statutory Accounting Practices Dividends And Distributions Surplus Restriction 10.00%    
v3.26.1
Related Party Transactions (Narrative) (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 28, 2026
USD ($)
Dec. 31, 2025
USD ($)
Aug. 31, 2025
USD ($)
May 31, 2025
USD ($)
Feb. 28, 2025
USD ($)
Dec. 31, 2024
USD ($)
Nov. 30, 2024
entity
Dec. 31, 2023
USD ($)
May 31, 2023
USD ($)
Feb. 28, 2023
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Sep. 30, 2023
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2025
USD ($)
policy
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Related Party Transaction [Line Items]                                  
Commissions and fees                             $ 1,707,338,000 $ 7,382,797,000 $ 1,536,606,000
Company's share of corporate expenses                             924,378,000 473,445,000 979,287,000
Payments to Fund Policy Loans                             307,747,000 255,811,000 1,162,959,000
Policy loans   $ 1,666,965,000       $ 1,541,480,000                 1,666,965,000 1,541,480,000  
Net investment income                             3,210,522,000 2,422,017,000 1,675,522,000
Commercial Mortgage Loans   10,082,667,000       7,759,323,000                 10,082,667,000 7,759,323,000  
Accrued investment income [1]   618,033,000       466,394,000                 618,033,000 466,394,000  
Return of Capital                             0    
Prudential Insurance                                  
Related Party Transaction [Line Items]                                  
Contributed capital   400,000,000 $ 17,000,000 $ 216,000,000 $ 220,000,000 416,000,000   $ 7,000,000   $ 405,000,000              
Return of Capital                     $ 550,000,000 $ 450,000,000 $ 650,000,000 $ 300,000,000   (550,000,000) (1,400,000,000)
Dividend                             0 0 0
Prudential Insurance | Other invested assets                                  
Related Party Transaction [Line Items]                                  
Contributed capital       $ 208,000,000                          
Prudential Insurance | Subsequent Event                                  
Related Party Transaction [Line Items]                                  
Contributed capital $ 300,000,000                                
Prudential Insurance and Prudential FInancial                                  
Related Party Transaction [Line Items]                                  
Life Insurance, Corporate or Bank Owned, amount   5,098,000,000       4,657,000,000                 5,098,000,000 4,657,000,000  
Fees related to Life Insurance, Corporate or Bank Owned, amount                             59,000,000 55,000,000 50,000,000
Prudential Insurance                                  
Related Party Transaction [Line Items]                                  
Stock option program plan expense                             1,000,000 1,000,000 1,000,000
Deferred compensation program expense                             5,000,000 6,000,000 5,000,000
Pension plan expense                             14,000,000 11,000,000 13,000,000
Welfare plan expense                             $ 19,000,000 18,000,000 14,000,000
Defined contribution plan, employer matching contribution, percent (up to)                             4.00%    
Defined contribution plan, cost recognized                             $ 9,000,000 8,000,000 7,000,000
Number of Corporate Owned Life Insurance policies sold | policy                             5    
PRUCO Life Insurance Company                                  
Related Party Transaction [Line Items]                                  
Company's share of corporate expenses                             $ 105,000,000 131,000,000 144,000,000
Number of Corporate Owned Life Insurance policies sold | policy                             1    
Payments to Fund Policy Loans                 $ 900,000,000                
Policy loans   888,000,000       897,000,000                 $ 888,000,000 897,000,000  
Interest and Fee Income, Other Loans                             41,000,000 42,000,000 26,000,000
Affiliated Entity                                  
Related Party Transaction [Line Items]                                  
Number of other affiliated entities | entity             3                    
Net investment income                             0.0 5,500,000 6,900,000
Accrued interest receivable related to long-term notes   3,000,000       1,000,000                 3,000,000 1,000,000  
Revenue related to long-term notes receivable                             8,000,000 3,000,000 3,000,000
Accrued investment income   0       0                 0 0  
Line of credit facility, maximum borrowing capacity   7,000,000,000                         7,000,000,000    
Long-Term and Short-Term debt to affiliates   0       0                 0 0  
Interest expense related to loans payable, Related Party                             16,000,000 39,000,000 17,000,000
Affiliated Entity | Commercial mortgage Loans                                  
Related Party Transaction [Line Items]                                  
Commercial Mortgage Loans   0       0                 0 0  
Affiliated Entity | PAD                                  
Related Party Transaction [Line Items]                                  
Commissions and fees                             760,000,000 820,000,000 587,000,000
Affiliated Entity | ASTISI and Prudential Investments                                  
Related Party Transaction [Line Items]                                  
Fee income from revenue sharing agreement                             247,000,000 271,000,000 274,000,000
Affiliated Entity | PGIM Investments                                  
Related Party Transaction [Line Items]                                  
Fee income from revenue sharing agreement                             52,000,000 47,000,000 38,000,000
Affiliated Entity | PGIM                                  
Related Party Transaction [Line Items]                                  
Net investment income                             $ 91,000,000 69,000,000 53,000,000
Affiliated Entity | Prudential Advisors                                  
Related Party Transaction [Line Items]                                  
Selling expenses - Percentage return to Related Party                             98.00%    
Distribution Expenses                             $ 473,000,000 56,000,000  
Prudential Financial Joint Venture                                  
Related Party Transaction [Line Items]                                  
Net investment income                             168,000,000 68,000,000 5,000,000
Other invested assets   $ 1,852,000,000       $ 1,100,000,000                 1,852,000,000 1,100,000,000  
PGF                                  
Related Party Transaction [Line Items]                                  
Investment Income, Interest                             $ 417,000,000 $ 490,000,000 $ 499,000,000
[1] See Note 4 for details of balances associated with variable interest entities.
v3.26.1
Related Party Transactions (Affiliated Notes Receivable) (Details) - Affiliated Entity - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]    
Total long-term notes receivable - affiliated $ 649,771 $ 520,462
U.S. Dollar fixed rate notes    
Related Party Transaction [Line Items]    
Total long-term notes receivable - affiliated $ 649,771 $ 520,462
U.S. Dollar fixed rate notes | Minimum      
Related Party Transaction [Line Items]    
Interest Rates 0.00%  
U.S. Dollar fixed rate notes | Maximum    
Related Party Transaction [Line Items]    
Interest Rates 12.13%  
v3.26.1
Related Party Transactions (Affiliated Asset Transfers) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]      
Realized investment gains (losses), net $ (1,430,425) $ 451,417 $ (1,147,099)
Affiliated Entity | PAR U - January 2024, Transfer in, Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 1,598,161    
Book Value 1,598,161    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PAR U, January 2024, Transfer in, Fixed Maturities 1      
Related Party Transaction [Line Items]      
Fair Value 778,745    
Book Value 778,745    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PURC - January 2024 - Transfer in - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 2,155,560    
Book Value 2,155,560    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | GUL Re - January 2024 - Transfer in - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 1,685,582    
Book Value 1,685,582    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | GUL Re - January 2024 - Transfer in - Equities1      
Related Party Transaction [Line Items]      
Fair Value 4,976    
Book Value 4,976    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PURE - January 2024 - Transfer out - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 1,598,161    
Book Value 1,598,161    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PURE, January 2024, Transfer out, Fixed Maturities 1      
Related Party Transaction [Line Items]      
Fair Value 778,745    
Book Value 778,745    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PURE - January 2024 - Transfer out - Fixed Maturities 2      
Related Party Transaction [Line Items]      
Fair Value 2,155,560    
Book Value 2,155,560    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PURE - January 2024 - Transfer out - Fixed Maturities 3      
Related Party Transaction [Line Items]      
Fair Value 1,685,582    
Book Value 1,685,582    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PURE - January 2024 - Transfer out - Fixed Maturities 4      
Related Party Transaction [Line Items]      
Fair Value 4,976    
Book Value 4,976    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Ironbound - January 2024 - Purchase - Other Invested Assets      
Related Party Transaction [Line Items]      
Fair Value 60,414    
Book Value 60,414    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 1, Ltd. - February 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 18,428    
Book Value 18,858    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (430)    
Affiliated Entity | Windhill CLO 2, Ltd. - February 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 19,652    
Book Value 20,057    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (405)    
Affiliated Entity | PAR Term - February 2024 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 43,084    
Book Value 43,084    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 1, Ltd. - March 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 10,148    
Book Value 10,387    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (239)    
Affiliated Entity | Windhill CLO 2, Ltd. - March 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 14,763    
Book Value 15,091    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (328)    
Affiliated Entity | Prudential Insurance - March 2024 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 198,804    
Book Value 206,285    
APIC, Net of Tax Increase/ (Decrease) 5,910    
Realized investment gains (losses), net 0    
Affiliated Entity | PAR U - March 2024 - Transfer in - Other Invested Assets      
Related Party Transaction [Line Items]      
Fair Value 188,500    
Book Value 188,500    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PURE - March 2024 - Transfer out - Other Invested Assets      
Related Party Transaction [Line Items]      
Fair Value 188,500    
Book Value 188,500    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 1, Ltd. - April 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 2,261    
Book Value 2,300    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (39)    
Affiliated Entity | Windhill CLO 2, Ltd. - May 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 14,034    
Book Value 14,415    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (381)    
Affiliated Entity | Windhill CLO 1, Ltd. - June 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 2,045    
Book Value 2,100    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (55)    
Affiliated Entity | Windhill CLO 2, Ltd. - June 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 23,342    
Book Value 23,743    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (401)    
Affiliated Entity | PAR U - June 2024 - Transfer in - Other Invested Assets      
Related Party Transaction [Line Items]      
Fair Value 326    
Book Value 326    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PURE - June 2024 - Transfer out - Other Invested Assets      
Related Party Transaction [Line Items]      
Fair Value 326    
Book Value 326    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PAR U - June 2024 - Purchase - Commercial Mortgage and Othe Loans      
Related Party Transaction [Line Items]      
Fair Value 12,555    
Book Value 12,555    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 2, Ltd. - July 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 53,462    
Book Value 54,628    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (1,166)    
Affiliated Entity | Windhill CLO 2, Ltd. - July 2024 - Sale - Fixed Maturities1      
Related Party Transaction [Line Items]      
Fair Value 6,579    
Book Value 6,695    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (116)    
Affiliated Entity | Windhill CLO 1, Ltd. - July 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 2,136    
Book Value 2,200    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (64)    
Affiliated Entity | PAR U - July 2024 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 17,402    
Book Value 17,402    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance - July 2024 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 22,655    
Book Value 23,433    
APIC, Net of Tax Increase/ (Decrease) 614    
Realized investment gains (losses), net 0    
Affiliated Entity | PAR U - July 2024 - Purchase - Fixed Maturities1      
Related Party Transaction [Line Items]      
Fair Value 1,239    
Book Value 1,239    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PAR U - July 2024 - Purchase - Derivatives      
Related Party Transaction [Line Items]      
Fair Value 2,975    
Book Value 2,975    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 2, Ltd. - August 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 21,929    
Book Value 22,500    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (571)    
Affiliated Entity | Windhill CLO 1, Ltd. - August 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 13,650    
Book Value 14,100    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (450)    
Affiliated Entity | PAR U - August 2024 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 46,742    
Book Value 46,742    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PAR U - August 2024 - Purchase - Fixed Maturities1      
Related Party Transaction [Line Items]      
Fair Value 4,793    
Book Value 4,793    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance - August 2024 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 35,872    
Book Value 35,085    
APIC, Net of Tax Increase/ (Decrease) (621)    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 2, Ltd. - September 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 57,613    
Book Value 57,613    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 2, Ltd. - September 2024 - Sale - Fixed Maturities1      
Related Party Transaction [Line Items]      
Fair Value 24,575    
Book Value 24,911    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (336)    
Affiliated Entity | Prudential Insurance - September 2024 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 44,773    
Book Value 43,632    
APIC, Net of Tax Increase/ (Decrease) (901)    
Realized investment gains (losses), net 0    
Affiliated Entity | Hirakata - October 2024 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 21,229    
Book Value 21,229    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Hirakata - October 2024 - Purchase - Fixed Maturities1      
Related Party Transaction [Line Items]      
Fair Value 3,901    
Book Value 3,901    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PAR U - October 2024 - Transfer in - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 6,615,438    
Book Value 6,615,438    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 3, Ltd. - October 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 232,036    
Book Value 235,610    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (3,574)    
Affiliated Entity | Windhill CLO 2, Ltd. - October 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 5,824    
Book Value 5,899    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (75)    
Affiliated Entity | Windhill CLO 2, Ltd. - October 2024 - Sale - Fixed Maturities1      
Related Party Transaction [Line Items]      
Fair Value 14,690    
Book Value 14,959    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (269)    
Affiliated Entity | Windhill CLO 1, Ltd. - October 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 3,038    
Book Value 3,100    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (62)    
Affiliated Entity | PAR U - October 2024 - Transfer in - Equities      
Related Party Transaction [Line Items]      
Fair Value 6,120    
Book Value 6,120    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 3, Ltd. - November 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 17,409    
Book Value 17,518    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (109)    
Affiliated Entity | Windhill CLO 3, Ltd. - December 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 38,020    
Book Value 38,537    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (517)    
Affiliated Entity | Windhill CLO 3, Ltd. - December 2024 - Sale - Short-term Investments      
Related Party Transaction [Line Items]      
Fair Value 2,882    
Book Value 2,905    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (23)    
Affiliated Entity | Prudential Insurance - December 2024 - Contributed Capital - Equities      
Related Party Transaction [Line Items]      
Fair Value 415,696    
Book Value 416,265    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 2, Ltd. - January 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 2,738    
Book Value 2,800    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (62)    
Affiliated Entity | Windhill CLO 3, Ltd. - January 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 17,046    
Book Value 17,363    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (317)    
Affiliated Entity | Windhill CLO 1, Ltd. - January 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 2,152    
Book Value 2,200    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (48)    
Affiliated Entity | PAR U - February 2025 - Purchase - Derivatives      
Related Party Transaction [Line Items]      
Fair Value 417,169    
Book Value 417,169    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 2, Ltd. - February 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 7,482    
Book Value 7,600    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (118)    
Affiliated Entity | Windhill CLO 3, Ltd. - February 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 17,172    
Book Value 17,410    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (238)    
Affiliated Entity | Windhill CLO 1, Ltd. - February 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 9,784    
Book Value 9,900    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (116)    
Affiliated Entity | Prudential Insurance - February 2025 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 100,033    
Book Value 101,147    
APIC, Net of Tax Increase/ (Decrease) 880    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance - March 2025 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 226,726    
Book Value 260,396    
APIC, Net of Tax Increase/ (Decrease) 26,599    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 3, Ltd. - March 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 9,019    
Book Value 9,144    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (125)    
Affiliated Entity | Windhill CLO 1, Ltd. - March 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 8,469    
Book Value 8,500    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (31)    
Affiliated Entity | Windhill CLO 1, Ltd. - March 2025 - Sale - Fixed Maturities1      
Related Party Transaction [Line Items]      
Fair Value 10,184    
Book Value 10,301    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (117)    
Affiliated Entity | Windhill CLO 1, Ltd. - March 2025 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 921    
Book Value 921    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 1, Ltd. - April 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 21,646    
Book Value 22,003    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (357)    
Affiliated Entity | Windhill CLO 2, Ltd. - April 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 8,597    
Book Value 8,646    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (49)    
Affiliated Entity | Windhill CLO 3, Ltd. - April 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 33,528    
Book Value 34,110    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (582)    
Affiliated Entity | Windhill CLO 1, Ltd. - April 2025 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 24    
Book Value 24    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance - April 2025 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 51,030    
Book Value 53,646    
APIC, Net of Tax Increase/ (Decrease) 2,066    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 1, Ltd. - May 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 9,254    
Book Value 9,388    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (134)    
Affiliated Entity | Windhill CLO 2, Ltd. - May 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 14,667    
Book Value 14,792    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (125)    
Affiliated Entity | Windhill CLO 4, Ltd. - May 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 235,316    
Book Value 237,464    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (2,148)    
Affiliated Entity | Prudential Insurance - May 2025 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 24,037    
Book Value 24,000    
APIC, Net of Tax Increase/ (Decrease) (29)    
Realized investment gains (losses), net 0    
Affiliated Entity | PARCC - May 2025 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 103,549    
Book Value 103,549    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance - May 2025 - Contributed Capital - Other Invested Assets      
Related Party Transaction [Line Items]      
Fair Value 207,870    
Book Value 207,870    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 2, Ltd. - June 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 500    
Book Value 500    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 3, Ltd. - June 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 2,608    
Book Value 2,608    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 4, Ltd. - June 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 19,136    
Book Value 19,351    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (215)    
Affiliated Entity | Windhill CLO 1, Ltd. - July 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 2,189    
Book Value 2,200    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (11)    
Affiliated Entity | Windhill CLO 2, Ltd. - July 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 1,800    
Book Value 1,800    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 3, Ltd. - July 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 1,681    
Book Value 1,700    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (19)    
Affiliated Entity | Windhill CLO 4, Ltd. - July 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 644    
Book Value 650    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (6)    
Affiliated Entity | Windhill CLO 1, Ltd. - August 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 16,310    
Book Value 16,526    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (216)    
Affiliated Entity | Windhill CLO 2, Ltd. - August 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 2,920    
Book Value 2,920    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 3, Ltd. - August 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 2,090    
Book Value 2,090    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance - August 2025 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 117,008    
Book Value 116,592    
APIC, Net of Tax Increase/ (Decrease) (328)    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 1, Ltd. - September 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 1,195    
Book Value 1,200    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (5)    
Affiliated Entity | Windhill CLO 2, Ltd. - September 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 9,273    
Book Value 9,314    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (41)    
Affiliated Entity | Windhill CLO 3, Ltd. - September 2025 - Sale -Short-term Investments      
Related Party Transaction [Line Items]      
Fair Value 235    
Book Value 235    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 4, Ltd. - September 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 4,910    
Book Value 4,941    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (31)    
Affiliated Entity | PGIM Strategic Investments Inc - September 2025 - Sale - Other Invested Assets      
Related Party Transaction [Line Items]      
Fair Value 61,361    
Book Value 61,361    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 2, Ltd. - October 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 1,389    
Book Value 1,400    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (11)    
Affiliated Entity | Windhill CLO 3, Ltd. - October 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 4,791    
Book Value 4,800    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (9)    
Affiliated Entity | Windhill CLO 4, Ltd. - October 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 75,800    
Book Value 76,335    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (535)    
Affiliated Entity | Windhill CLO 5, Ltd. - November 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 134,211    
Book Value 135,041    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (830)    
Affiliated Entity | Prudential Insurance - November 2025 - Sale - Commercial Mortgage and Other Loans      
Related Party Transaction [Line Items]      
Fair Value 101,514    
Book Value 99,786    
APIC, Net of Tax Increase/ (Decrease) 1,365    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance - November 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 29,140    
Book Value 28,813    
APIC, Net of Tax Increase/ (Decrease) 258    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance - November 2025 - Sale - Fixed Maturitie1      
Related Party Transaction [Line Items]      
Fair Value 758    
Book Value 781    
APIC, Net of Tax Increase/ (Decrease) (19)    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance - November 2025 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 148,886    
Book Value 149,101    
APIC, Net of Tax Increase/ (Decrease) 169    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance - November 2025 - Purchase - Fixed Maturities1      
Related Party Transaction [Line Items]      
Fair Value 28,011    
Book Value 29,000    
APIC, Net of Tax Increase/ (Decrease) 781    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance - November 2025 - Purchase - Fixed Maturities2      
Related Party Transaction [Line Items]      
Fair Value 9,337    
Book Value 9,060    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (277)    
Affiliated Entity | Windhill CLO 1, Ltd. - December 2025 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 1,112    
Book Value 1,112    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 1, Ltd. - December 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 16,955    
Book Value 17,075    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (120)    
Affiliated Entity | Windhill CLO 2, Ltd. - December 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 4,896    
Book Value 4,920    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (24)    
Affiliated Entity | Windhill CLO 3, Ltd. - December 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 9,008    
Book Value 9,076    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (68)    
Affiliated Entity | Windhill CLO 3, Ltd. - December 2025 - Sale - Short-term Investments      
Related Party Transaction [Line Items]      
Fair Value 353    
Book Value 353    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 4, Ltd. - December 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 10,562    
Book Value 10,662    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (100)    
Affiliated Entity | Windhill CLO 5, Ltd. - December 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 27,642    
Book Value 27,913    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (271)    
Affiliated Entity | Passaic Fund LLC - December 2025 - Sale - Other Invested Assets      
Related Party Transaction [Line Items]      
Fair Value 35,828    
Book Value 35,828    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net $ 0    
v3.26.1
Commitments and Contingent Liabilities (Details) - Fair Value Guarantee [Member] - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Commitments and Contingent Liabilities [Line Items]    
Guaranteed value of third-parties assets $ 4,186,284 $ 3,958,847
Fair value of collateral supporting these assets 3,912,881 3,543,500
Asset (liability) associated with guarantee, carried at fair value $ 0 $ 111
v3.26.1
Commitments and Contingent Liabilities (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Jul. 31, 2017
Commitments and Contingent Liabilities [Line Items]      
Litigation and regulatory matters loss contingency, range of possible loss, maximum (less than) $ 100.0    
Indonesia | Joint Venture With CT Corp      
Commitments and Contingent Liabilities [Line Items]      
Joint Venture with CT Corp, Ownership Percentage     49.00%
Commitments | Commercial mortgage loans      
Commitments and Contingent Liabilities [Line Items]      
Total outstanding commercial mortgage loan commitments 85.0 $ 230.0  
Allowance for credit losses 0.5 0.3  
Change in allowance for credit loss expense (reversal) 0.2 0.0  
Commitments | Investments      
Commitments and Contingent Liabilities [Line Items]      
Commitments to purchase investment (excluding commercial mortgage loans) 2,142.0 1,359.0  
Purchase Commitment      
Commitments and Contingent Liabilities [Line Items]      
Change in allowance for credit loss expense (reversal) 0.0 0.0  
Other Guarantees      
Commitments and Contingent Liabilities [Line Items]      
Accrued Liabilities $ 31.0 $ 32.0  
v3.26.1
Revision to Prior Year Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Assets:        
Deferred policy acquisition costs $ 8,655,183 $ 7,807,060 $ 7,144,736 $ 6,956,197
Reinsurance recoverables and deposit receivables 54,370,370 48,247,817    
Income taxes assets [1] 1,741,122 2,120,654    
Total assets 262,393,370 238,454,729    
Liabilities:        
Policyholder Account Balance 86,592,965 69,628,318 52,986,700  
Total market risk benefit liabilities 4,482,417 4,281,244 5,156,858  
Reinsurance and funds withheld payables 11,377,505 8,611,141    
Total liabilities 254,349,092 233,752,749    
EQUITY        
Retained Earnings (accumulated deficit) 2,104,835 272,519    
Accumulated other comprehensive income (loss) 8,855 (601,877)    
Total equity 8,044,278 4,701,980    
Total liabilities and partners’ capital 262,393,370 238,454,729    
REVENUES        
Other Income (loss) 2,261,776 759,756 751,363  
Realized investment gains (losses), net (1,430,425) 451,417 (1,147,099)  
Change in value of market risk benefits, net of related hedging gain (losses) (506,994) (433,955) (106,773)  
TOTAL REVENUES 5,994,750 11,198,722 3,271,466  
BENEFITS AND EXPENSES        
Interest credited to policyholders’ account balances 1,177,660 1,037,731 621,645  
Amortization of deferred policy acquisition costs 663,527 (372,201) 539,510  
General, administrative and other expense 1,186,839 1,228,443 1,124,923  
TOTAL BENEFITS AND EXPENSES 3,728,243 10,225,663 2,793,819  
Income tax expense (benefit) 420,583 135,149 26,468  
NET INCOME (LOSS) ATTRIBUTABLE TO PRUCO LIFE INSURANCE COMPANY 1,832,316 823,990 450,258  
Gain (loss) from changes in non-performance risk on market risk benefits (185,092) (441,138) (659,927)  
Total 773,657 (722,150) (26,534)  
Less: Income tax expense (benefit) related to other comprehensive income (loss) 162,925 (151,234) (5,638)  
Other Comprehensive Income (Loss), Net of Tax 610,732 (570,916) (20,896)  
Comprehensive income (loss) 2,456,321 266,569 429,850  
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 4,701,980      
Comprehensive income (loss):        
Net Income (Loss) 1,845,589 837,485 450,746  
Other Comprehensive Income (Loss), Net of Tax 610,732 (570,916) (20,896)  
Total comprehensive income (loss) 2,456,321 266,569 429,850  
Ending Balance 8,044,278 4,701,980    
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income (Loss) 1,845,589 837,485 450,746  
Realized investment gains (losses), net 1,430,425 (451,417) 1,147,099  
Change in value of market risk benefits, net of related hedging gain (losses) 506,994 433,955 106,773  
Change in:        
Reinsurance related-balances (2,205,000) (1,124,001) (678,725)  
Deferred policy acquisition costs (848,123) (950,022) (581,925)  
Income taxes 207,081 (228,166) (40,796)  
Cash flows from (used in) operating activities 4,161,279 3,480,451 2,459,895  
Retained Earnings        
EQUITY        
Total equity 2,104,835 272,519 (551,471) (1,001,729)
BENEFITS AND EXPENSES        
Comprehensive income (loss) 1,832,316 823,990 450,258  
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 272,519 (551,471) (1,001,729)  
Comprehensive income (loss):        
Net Income (Loss) 1,832,316 823,990 450,258  
Total comprehensive income (loss) 1,832,316 823,990 450,258  
Ending Balance 2,104,835 272,519 (551,471)  
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income (Loss) 1,832,316 823,990 450,258  
AOCI        
EQUITY        
Total equity 8,855 (601,877) (30,961) (10,065)
BENEFITS AND EXPENSES        
Other Comprehensive Income (Loss), Net of Tax 610,732 (570,916) (20,896)  
Comprehensive income (loss) 610,732 (570,916) (20,896)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance (601,877) (30,961) (10,065)  
Comprehensive income (loss):        
Other Comprehensive Income (Loss), Net of Tax 610,732 (570,916) (20,896)  
Total comprehensive income (loss) 610,732 (570,916) (20,896)  
Ending Balance 8,855 (601,877) (30,961)  
Total  Equity        
EQUITY        
Total equity 8,044,278 4,701,980 4,502,864 $ 5,028,620
BENEFITS AND EXPENSES        
Other Comprehensive Income (Loss), Net of Tax 610,732 (570,916) (20,896)  
Comprehensive income (loss) 2,456,321 266,569 429,850  
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 4,701,980 4,502,864 5,028,620  
Comprehensive income (loss):        
Net Income (Loss) 1,845,589 837,485 450,746  
Other Comprehensive Income (Loss), Net of Tax 610,732 (570,916) (20,896)  
Total comprehensive income (loss) 2,456,321 266,569 429,850  
Ending Balance 8,044,278 4,701,980 4,502,864  
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income (Loss) $ 1,845,589 $ 837,485 $ 450,746  
[1] See Note 4 for details of balances associated with variable interest entities.
v3.26.1
Subsequent Events (Narrative) (Details) - Prudential Insurance - USD ($)
$ in Millions
 1 Months Ended
Feb. 28, 2026
Dec. 31, 2025
Aug. 31, 2025
May 31, 2025
Feb. 28, 2025
Dec. 31, 2024
Dec. 31, 2023
Feb. 28, 2023
Subsequent Event [Line Items]                
Contributed capital   $ 400 $ 17 $ 216 $ 220 $ 416 $ 7 $ 405
Subsequent Event                
Subsequent Event [Line Items]                
Contributed capital $ 300              
v3.26.1
Schedule I - Summary of Investments Other Than investments in Related Parties (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Schedule of Investments [Line Items]    
Fixed maturities, available-for-sale, amortized cost $ 48,230,218 $ 36,980,933
Fair Value [1] 47,624,171 34,986,160
Equity securities, at cost 2,826,642 2,650,542
Equity securities 2,869,631 2,623,820
Fixed maturities, trading, amortized cost 5,241,598 4,415,277
Fixed Maturities, trading 4,892,507 3,845,045
Commercial Mortgage Loans 10,082,667 7,759,323
Policy loans 1,666,965 1,541,480
Short-term Investments 320,794  
Other invested assets [1] 2,297,535 1,582,094
Total Investment at Cost 70,666,419  
Total investment per Balance Sheet 69,754,270 52,855,308
Equity securities    
Schedule of Investments [Line Items]    
Equity securities, at cost 2,826,642  
Equity securities 2,869,631  
Available-for-sale | Fixed maturities    
Schedule of Investments [Line Items]    
Fixed maturities, available-for-sale, amortized cost 48,230,218  
Fair Value 47,624,171  
Trading | Fixed maturities    
Schedule of Investments [Line Items]    
Fixed maturities, trading, amortized cost 5,241,598  
Fixed Maturities, trading 4,892,507  
U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Schedule of Investments [Line Items]    
Fixed maturities, available-for-sale, amortized cost 1,196,805 1,199,628
Fair Value 1,117,320 1,099,241
U.S. Treasury securities and obligations of U.S. government authorities and agencies | Fixed maturities    
Schedule of Investments [Line Items]    
Fair Value 1,117,320  
Obligations of U.S. states and their political subdivisions    
Schedule of Investments [Line Items]    
Fixed maturities, available-for-sale, amortized cost 460,634 570,253
Fair Value 434,528 541,066
Obligations of U.S. states and their political subdivisions | Fixed maturities    
Schedule of Investments [Line Items]    
Fair Value 434,528  
Foreign government securities    
Schedule of Investments [Line Items]    
Fixed maturities, available-for-sale, amortized cost 456,138 362,154
Fair Value 424,735 310,334
Foreign government securities | Fixed maturities    
Schedule of Investments [Line Items]    
Fair Value 424,735  
Asset-backed securities    
Schedule of Investments [Line Items]    
Fixed maturities, available-for-sale, amortized cost 5,051,514 3,728,073
Fair Value 5,076,048 3,750,663
Asset-backed securities | Fixed maturities    
Schedule of Investments [Line Items]    
Fair Value 5,076,048  
Commercial mortgage-backed securities    
Schedule of Investments [Line Items]    
Fixed maturities, available-for-sale, amortized cost 1,370,898 944,652
Fair Value 1,354,310 895,775
Commercial mortgage-backed securities | Fixed maturities    
Schedule of Investments [Line Items]    
Fair Value 1,354,310  
Residential mortgage-backed securities    
Schedule of Investments [Line Items]    
Fixed maturities, available-for-sale, amortized cost 936,614 367,005
Fair Value 941,965 $ 356,072
Residential mortgage-backed securities | Fixed maturities    
Schedule of Investments [Line Items]    
Fair Value 941,965  
Public utilities | Available-for-sale | Fixed maturities    
Schedule of Investments [Line Items]    
Fixed maturities, available-for-sale, amortized cost 3,553,256  
Fair Value 3,401,020  
All other corporate bonds | Available-for-sale | Fixed maturities    
Schedule of Investments [Line Items]    
Fixed maturities, available-for-sale, amortized cost 35,134,183  
Fair Value 34,801,972  
Redeemable preferred stock | Available-for-sale | Fixed maturities    
Schedule of Investments [Line Items]    
Fixed maturities, available-for-sale, amortized cost 70,176  
Fair Value 72,273  
Other common stocks | Equity securities    
Schedule of Investments [Line Items]    
Equity securities, at cost 2,569,208  
Equity securities 2,608,156  
Non-redeemable Preferred Stock | Equity securities    
Schedule of Investments [Line Items]    
Equity securities, at cost 19,661  
Equity securities 20,297  
Mutual funds | Equity securities    
Schedule of Investments [Line Items]    
Equity securities, at cost 237,773  
Equity securities 241,178  
Total Net Commercial Mortgage and Other Loans    
Schedule of Investments [Line Items]    
Commercial Mortgage Loans $ 10,082,667  
[1] See Note 4 for details of balances associated with variable interest entities.
v3.26.1
Schedule II - Condensed Financial Information of Registrant (Condensed Statements of Financial Position) (Details) - USD ($)
$ / shares in Units, $ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Assets:        
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) [1] $ 47,624,171 $ 34,986,160    
Fixed maturities, trading, at fair value (amortized cost: 2025 – $5,203,043; 2024 – $4,391,322) 4,892,507 3,845,045    
Equity securities, at fair value (cost: 2025 – $2,633,413; 2024 – $2,650,189) 2,869,631 2,623,820    
Policy loans 1,666,965 1,541,480    
Short-term investments (net of allowance for credit losses: 2025 – $0; 2024 – $49) 320,794 517,386    
Commercial mortgage and other loans (net of $48,775 and $36,002 allowance for credit losses at December 31, 2025 and 2024, respectively) 10,082,667 7,759,323    
Other invested assets (includes $77,641 and $12,999 of assets measured at fair value at December 31, 2025 and 2024, respectively)(1) [1] 2,297,535 1,582,094    
Total investments 69,754,270 52,855,308    
Cash and cash equivalents [1] 2,876,388 3,325,698    
Deferred policy acquisition costs 8,655,183 7,807,060 $ 7,144,736 $ 6,956,197
Accrued investment income [1] 618,033 466,394    
Reinsurance recoverables and deposit receivables (net of $145 and $10 allowance for credit losses; includes $373,491 and $379,582 of embedded derivatives at fair value at December 31, 2025 and 2024, respectively) 54,370,370 48,247,817    
Receivables from parent and affiliates 963,452 678,028    
Deferred sales inducements 297,413 322,351    
Income taxes assets [1] 1,741,122 2,120,654    
Market risk benefit assets 2,655,866 2,637,363 2,367,243  
Other assets [1] 1,852,055 1,850,800    
Separate account assets 118,609,218 118,143,256    
TOTAL ASSETS 262,393,370 238,454,729    
Liabilities:        
Policyholders’ account balances 86,592,965 69,628,318 52,986,700  
Future policy benefits 28,230,098 25,113,767 23,205,205  
Market risk benefit liabilities 4,482,417 4,281,244 5,156,858  
Cash collateral for loaned securities 22,622 121,372    
Reinsurance and funds withheld payables (includes $265 and $0 of embedded derivatives at fair value at December 31, 2025 and 2024, respectively) 11,377,505 8,611,141    
Payables to parent and affiliates [1] 2,497,217 3,653,848    
Other liabilities [1] 2,537,050 4,199,803    
Separate account liabilities 118,609,218 118,143,256 119,188,485 114,051,246
Total liabilities 254,349,092 233,752,749    
Equity        
Common stock ($10 par value; 1,000,000 shares authorized; 250,000 shares issued and 250,000 outstanding) 2,500 2,500    
Additional paid-in capital 5,806,878 4,923,299    
Retained Earnings (accumulated deficit) 2,104,835 272,519    
Accumulated other comprehensive income (loss) 8,855 (601,877)    
Total equity 8,044,278 4,701,980    
TOTAL LIABILITIES AND EQUITY 262,393,370 238,454,729    
Fixed Maturities, Available-for-sale, allowance for credit losses 14,282 40,414 2,008  
Fixed maturities, available-for-sale, amortized cost 48,230,218 36,980,933    
Fixed maturities, trading, amortized cost 5,241,598 4,415,277    
Equity securities, at cost 2,826,642 2,650,542    
Commercial mortgage and other loans, allowance for credit losses 51,190 37,715 $ 37,689 $ 20,263
Other invested assets, at fair value 133,830 68,623    
Reinsurance Recoverable, Allowance for Credit Loss 145 10    
Reinsurance recoverable and deposit receivables, embedded derivatives at fair value 804,855 645,193    
Reinsurance and funds withheld payables, embedded derivatives at fair value $ 265 $ 0    
Common stock, par value (in dollars per share) $ 10 $ 10    
Common stock, shares authorized 1,000,000 1,000,000    
Common stock, shares issued 250,000 250,000    
Common stock, shares outstanding 250,000 250,000    
ASU 2016-13        
Equity        
Short-term investments, allowance for credit losses $ 0 $ 49    
PRUCO Life Insurance Company        
Assets:        
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1) 43,866,735 31,964,802    
Fixed maturities, trading, at fair value (amortized cost: 2025 – $5,203,043; 2024 – $4,391,322) 4,853,273 3,823,792    
Equity securities, at fair value (cost: 2025 – $2,633,413; 2024 – $2,650,189) 2,676,833 2,623,758    
Policy loans 527,440 422,891    
Short-term investments (net of allowance for credit losses: 2025 – $0; 2024 – $49) 320,794 505,991    
Commercial mortgage and other loans (net of $48,775 and $36,002 allowance for credit losses at December 31, 2025 and 2024, respectively) 9,497,730 7,281,995    
Other invested assets (includes $77,641 and $12,999 of assets measured at fair value at December 31, 2025 and 2024, respectively)(1) 2,129,812 1,363,038    
Total investments 63,872,617 47,986,267    
Cash and cash equivalents 2,586,041 3,144,542    
Deferred policy acquisition costs 8,179,344 7,389,743    
Accrued investment income 548,524 405,115    
Reinsurance recoverables and deposit receivables (net of $145 and $10 allowance for credit losses; includes $373,491 and $379,582 of embedded derivatives at fair value at December 31, 2025 and 2024, respectively) 49,739,181 44,233,228    
Investment in subsidiaries 1,618,782 1,472,500    
Receivables from parent and affiliates 854,168 567,631    
Deferred sales inducements 297,413 322,351    
Income taxes assets 1,627,258 2,013,349    
Market risk benefit assets 2,160,239 2,144,919    
Other assets 1,823,202 1,833,801    
Separate account assets 103,737,191 103,635,702    
TOTAL ASSETS 237,043,960 215,149,148    
Liabilities:        
Policyholders’ account balances 81,224,030 65,114,184    
Future policy benefits 26,224,147 23,096,707    
Market risk benefit liabilities 3,986,790 3,788,800    
Cash collateral for loaned securities 22,622 121,372    
Reinsurance and funds withheld payables (includes $265 and $0 of embedded derivatives at fair value at December 31, 2025 and 2024, respectively) 9,203,855 7,192,595    
Payables to parent and affiliates 2,418,541 3,653,229    
Other liabilities 2,303,716 3,950,118    
Separate account liabilities 103,737,191 103,635,702    
Total liabilities 229,120,892 210,552,707    
Equity        
Common stock ($10 par value; 1,000,000 shares authorized; 250,000 shares issued and 250,000 outstanding) 2,500 2,500    
Additional paid-in capital 5,806,878 4,923,299    
Retained Earnings (accumulated deficit) 2,104,835 272,519    
Accumulated other comprehensive income (loss) 8,855 (601,877)    
Total equity 7,923,068 4,596,441    
TOTAL LIABILITIES AND EQUITY 237,043,960 215,149,148    
Fixed Maturities, Available-for-sale, allowance for credit losses 12,121 40,414    
Fixed maturities, available-for-sale, amortized cost 44,270,098 33,648,311    
Fixed maturities, trading, amortized cost 5,203,043 4,391,322    
Equity securities, at cost 2,633,413 2,650,189    
Commercial mortgage and other loans, allowance for credit losses 48,775 36,002    
Other invested assets, at fair value 77,641 12,999    
Reinsurance Recoverable, Allowance for Credit Loss 145 10    
Reinsurance recoverable and deposit receivables, embedded derivatives at fair value 373,491 379,582    
Reinsurance and funds withheld payables, embedded derivatives at fair value $ 265 $ 0    
Common stock, par value (in dollars per share) $ 10 $ 10    
Common stock, shares authorized 1,000,000 1,000,000    
Common stock, shares issued 250,000 250,000    
Common stock, shares outstanding 250,000 250,000    
[1] See Note 4 for details of balances associated with variable interest entities.
v3.26.1
Schedule II - Condensed Financial Information of Registrant (Condensed Statements of Operations) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
REVENUES      
Premiums (includes $2,191, $(2,740) and $6,296 of gains (losses) from changes in estimates on deferred profit liability amortization for the years ended December 31, 2025, 2024, and 2023, respectively) $ 547,201 $ 393,127 $ 328,897
Policy charges and fee income 1,707,338 7,382,797 1,536,606
Net investment income 3,210,522 2,422,017 1,675,522
Asset administration fees 205,332 223,563 232,950
Other Income (loss) 2,261,776 759,756 751,363
Realized Investment Gains (Losses) (1,430,425) 451,417 (1,147,099)
Change in value of market risk benefits, net of related hedging gain (losses) (506,994) (433,955) (106,773)
TOTAL REVENUES 5,994,750 11,198,722 3,271,466
BENEFITS AND EXPENSES      
Policyholders’ benefits 779,722 8,352,333 503,789
Change in estimates of liability for future policy benefits (79,505) (20,643) 3,952
Interest credited to policyholders’ account balances 1,177,660 1,037,731 621,645
Amortization of deferred policy acquisition costs 663,527 (372,201) 539,510
General, administrative and other expense 1,186,839 1,228,443 1,124,923
TOTAL BENEFITS AND EXPENSES 3,728,243 10,225,663 2,793,819
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES AND OPERATING JOINT VENTURE 2,266,507 973,059 477,647
Income tax expense (benefit) 420,583 135,149 26,468
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE 1,845,924 837,910 451,179
Equity in earnings of operating joint venture, net of taxes (335) (425) (433)
Net income (loss) 1,845,589 837,485 450,746
Net unrealized investment gains (losses) 995,445 (335,093) 691,952
Interest rate remeasurement of future policy benefits (40,022) 58,676 (60,978)
Gain (loss) from changes in non-performance risk on market risk benefits (185,092) (441,138) (659,927)
Total 773,657 (722,150) (26,534)
Less: Income tax expense (benefit) related to other comprehensive income (loss) 162,925 (151,234) (5,638)
Total Comprehensive Income (Loss) 2,443,048 253,074 429,362
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Amortization Expense, Realized Gain (Loss) 2,301 (2,690) 6,978
PRUCO Life Insurance Company      
REVENUES      
Premiums (includes $2,191, $(2,740) and $6,296 of gains (losses) from changes in estimates on deferred profit liability amortization for the years ended December 31, 2025, 2024, and 2023, respectively) 500,031 344,383 289,344
Policy charges and fee income 1,623,176 6,677,744 1,476,927
Net investment income 2,912,127 2,154,525 1,507,280
Asset administration fees 192,382 212,328 223,803
Other Income (loss) 2,242,832 743,843 747,789
Realized Investment Gains (Losses) (1,242,504) 498,953 (1,102,789)
Change in value of market risk benefits, net of related hedging gain (losses) (522,945) (473,209) (169,565)
TOTAL REVENUES 5,705,099 10,158,567 2,972,789
BENEFITS AND EXPENSES      
Policyholders’ benefits 714,135 7,338,059 448,286
Change in estimates of liability for future policy benefits (62,248) (14,594) 6,067
Interest credited to policyholders’ account balances 1,116,400 956,863 557,510
Amortization of deferred policy acquisition costs 643,498 (285,676) 518,939
General, administrative and other expense 1,134,168 1,180,030 1,074,134
TOTAL BENEFITS AND EXPENSES 3,545,953 9,174,682 2,604,936
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES AND OPERATING JOINT VENTURE 2,159,146 983,885 367,853
Income tax expense (benefit) 411,664 147,233 14,006
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE 1,747,482 836,652 353,847
Equity In Earnings Of Subsidiaries 85,169 (12,237) 96,844
Equity in earnings of operating joint venture, net of taxes (335) (425) (433)
Net income (loss) 1,832,316 823,990 450,258
Net unrealized investment gains (losses) 914,172 (246,952) 632,819
Interest rate remeasurement of future policy benefits (37,656) 45,461 (50,679)
Gain (loss) from changes in non-performance risk on market risk benefits (169,143) (401,884) (597,135)
Other 66,284 (118,775) (11,539)
Total 773,657 (722,150) (26,534)
Less: Income tax expense (benefit) related to other comprehensive income (loss) 162,925 (151,234) (5,638)
Other Comprehensive Income (Loss), Net of Tax 610,732 (570,916) (20,896)
Total Comprehensive Income (Loss) 2,443,048 253,074 429,362
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Amortization Expense, Realized Gain (Loss) $ 2,191 $ (2,740) $ 6,296
v3.26.1
Schedule II - Condensed Financial Information of Registrant (Condensed Statements of Cash Flow) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:        
Cash flows from (used in) operating activities $ 4,161,279 $ 3,480,451 $ 2,459,895  
Proceeds from the sale/maturity/prepayment of:        
Fixed maturities, available-for-sale 6,359,317 4,240,000 1,736,809  
Fixed maturities, trading 1,570,879 802,378 97,693  
Equity securities 2,558,597 961,421 189,237  
Policy loans 214,557 188,153 182,973  
Ceded Policy Loans Proceeds (112,060) (113,148) (119,787)  
Short-term investments 887,118 1,303,977 456,983  
Commercial mortgage and other loans 490,870 731,440 167,888  
Other invested assets 280,923 99,852 19,693  
Notes receivable from parent and affiliates 245,595 722 4,500  
Payments for the purchase/origination of:        
Fixed maturities, available-for-sale (17,330,688) (13,766,055) (7,544,596)  
Fixed maturities, trading (2,560,208) (1,819,224) (857,717)  
Equity securities (2,925,243) (2,373,486) (678,847)  
Policy loans (307,747) (255,811) (1,162,959)  
Ceded policy loans 99,749 125,795 151,019  
Short-term investments (795,865) (1,441,031) (690,173)  
Commercial mortgage and other loans (2,725,871) (2,392,198) (1,341,450)  
Other invested assets (939,389) (460,721) (190,826)  
Notes receivable from parent and affiliates (378,745) (367,700) (44)  
Other, net (22,519) (3,264) (4,808)  
Cash flows from (used in) investing activities (15,499,064) (14,367,670) (9,639,503)  
CASH FLOWS FROM FINANCING ACTIVITIES:        
Policyholders’ account deposits 16,982,148 17,265,165 12,101,043  
Affiliated ceded policyholders’ account deposits (2,093,412) (1,169,002) (1,189,331)  
Policyholders’ account withdrawals (4,832,965) (3,980,496) (3,695,248)  
Affiliated ceded policyholders’ account withdrawals 685,223 764,421 625,238  
Contributed capital 620,000 0 405,000  
Return of capital 0 550,000 1,400,000  
Other, net (352,109) 36,725 34,110  
Cash flows from (used in) financing activities 10,888,475 12,073,125 6,921,773  
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (449,310) 1,185,906 (257,835)  
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 2,876,388 3,325,698 2,139,792 $ 2,397,627
CASH AND CASH EQUIVALENTS, END OF YEAR 2,876,388 3,325,698 2,139,792 2,397,627
SUPPLEMENTAL CASH FLOW INFORMATION        
Income taxes paid (refunded), net 198,691 [1] 363,208 67,203  
Interest paid 852 2,644 4,533  
PRUCO Life Insurance Company        
CASH FLOWS FROM OPERATING ACTIVITIES:        
Cash flows from (used in) operating activities 3,644,663 3,363,590 2,365,722  
Proceeds from the sale/maturity/prepayment of:        
Fixed maturities, available-for-sale 5,210,345 3,425,809 1,622,501  
Fixed maturities, trading 1,560,828 800,588 95,872  
Equity securities 2,278,334 957,650 189,210  
Policy loans 173,984 157,478 152,275  
Ceded Policy Loans Proceeds (108,452) (87,521) (117,589)  
Short-term investments 872,948 1,280,677 444,983  
Commercial mortgage and other loans 370,562 724,559 157,116  
Other invested assets 267,660 73,632 17,405  
Notes receivable from parent and affiliates 231,823 722 3,858  
Payments for the purchase/origination of:        
Fixed maturities, available-for-sale (15,563,807) (12,273,347) (6,762,400)  
Fixed maturities, trading (2,534,641) (1,819,224) (857,717)  
Equity securities (2,453,816) (2,373,213) (678,790)  
Policy loans (253,540) (222,724) (236,886)  
Ceded policy loans 95,058 117,552 147,961  
Short-term investments (792,990) (1,412,350) (679,224)  
Commercial mortgage and other loans (2,503,344) (2,145,910) (1,239,173)  
Other invested assets (859,300) (406,031) (174,680)  
Notes receivable from parent and affiliates (354,399) (297,850) (31)  
Capital contributions to subsidiaries (407,432) (549,964) (323,909)  
Return of capital from subsidiaries 403,596 414,859 0  
Other, net (141,435) 164,779 (60,358)  
Cash flows from (used in) investing activities (14,508,018) (13,469,829) (8,299,576)  
CASH FLOWS FROM FINANCING ACTIVITIES:        
Policyholders’ account deposits 15,792,652 16,148,664 10,508,549  
Affiliated ceded policyholders’ account deposits (1,778,143) (826,393) (870,031)  
Policyholders’ account withdrawals (4,229,523) (3,600,010) (3,287,164)  
Affiliated ceded policyholders’ account withdrawals 398,376 454,788 360,211  
Contributed capital 620,000 0 405,000  
Return of capital 0 550,000 1,400,000  
Other, net (498,508) (329,656) 28,817  
Cash flows from (used in) financing activities 10,304,854 11,297,393 5,745,382  
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (558,501) 1,191,154 (188,472)  
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 2,586,041 3,144,542 1,953,388 2,141,860
CASH AND CASH EQUIVALENTS, END OF YEAR 2,586,041 3,144,542 1,953,388 $ 2,141,860
SUPPLEMENTAL CASH FLOW INFORMATION        
Income taxes paid (refunded), net 174,626 360,742 57,749  
Interest paid $ 810 $ 2,644 $ 4,377  
[1] See Note 13 for additional information regarding the income taxes paid (refunded), net amount by jurisdiction for the year ended December 31, 2025.
v3.26.1
Schedule II - Condensed Financial Information of Registrant (Condensed Statements of Cash Flow) (Narratives) (Details)) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Capital contributions | Affiliated Entity      
Non-cash activity   $ 416  
FLIAC | Reinsurance agreement      
Non-cash activity     $ 475
PARCC | Affiliated Entity      
Non-cash activity   (78)  
PURE and Prudential Insurance | Affiliated Entity      
Non-cash activity   936  
Wilton Re | Reinsurance agreement      
Non-cash activity   6,722  
Non-cash activity   (7,469)  
PAR U | Affiliated Entity      
Non-cash activity   7,190  
Non-cash activity   $ (6,722)  
Affiliated Entity | Reinsurance agreement      
Non-cash activity $ (1,397)    
v3.26.1
Submission
May 11, 2026
Submission [Line Items]  
Central Index Key 0000777917
Registrant Name Pruco Life Insurance Company
Registration File Number 333-293964
Form Type S-1
Submission Type S-1/A
Fee Exhibit Type EX-FILING FEES
v3.26.1
Offerings - Offering: 1
May 11, 2026
USD ($)
Offering:  
Fee Previously Paid true
Rule 457(o) true
Security Type Other
Security Class Title Contingent Deferred Annuity Contracts
Maximum Aggregate Offering Price $ 41,500,000.00
Amount of Registration Fee $ 5,731.15
Offering Note (1)The Amount Registered and the Proposed Maximum Offering Price Per Unit are not applicable because the securities are not issued in predetermined amounts or units. (2)The maximum aggregate offering price is estimated solely for purposes of determining the registration fee.(3)A wire transfer in the amount of $5,731.15 was transmitted to the Securities and Exchange Commission on March 18, 2026.
v3.26.1
Fees Summary
May 11, 2026
USD ($)
Fees Summary [Line Items]  
Total Offering $ 41,500,000.00
Previously Paid Amount 0.00
Total Fee Amount 5,731.15
Total Offset Amount 0.00
Net Fee $ 5,731.15
Offset Table N/A N/A
Combined Prospectus Table N/A N/A