PRUDENTIAL FINANCIAL INC, 10-K filed on 2/12/2026
Annual Report
v3.25.4
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2025
Jan. 31, 2026
Jun. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Amendment Flag false    
Document Period End Date Dec. 31, 2025    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Document Transition Report false    
Entity File Number 001-16707    
Entity Registrant Name Prudential Financial, Inc.    
Entity Central Index Key 0001137774    
Entity Incorporation, State or Country Code NJ    
Entity Tax Identification Number 22-3703799    
Entity Address, Address Line One 751 Broad Street    
Entity Address, City or Town Newark    
Entity Address, State or Province NJ    
Entity Address, Postal Zip Code 07102    
City Area Code 973    
Local Phone Number 802-6000    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Current Fiscal Year End Date --12-31    
Entity Shell Company false    
Entity Common Stock, Shares Outstanding   348,000,000  
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Public Float     $ 37,810,000,000
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Documents Incorporated by Reference
Part III of this Form 10-K incorporates by reference certain information from the Registrant’s Definitive Proxy Statement for the Annual Meeting of Shareholders to be held on May 12, 2026, to be filed by the Registrant with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the year ended December 31, 2025.
    
Common Class A      
Document Information [Line Items]      
Title of 12(b) Security Common Stock, Par Value $.01    
Trading Symbol PRU    
Security Exchange Name NYSE    
5.950% Junior Subordinated Notes      
Document Information [Line Items]      
Title of 12(b) Security 5.950% Junior Subordinated Notes    
Trading Symbol PRH    
Security Exchange Name NYSE    
5.625% Junior Subordinated Notes      
Document Information [Line Items]      
Title of 12(b) Security 5.625% Junior Subordinated Notes    
Trading Symbol PRS    
Security Exchange Name NYSE    
4.125% Junior Subordinated Note      
Document Information [Line Items]      
Title of 12(b) Security 4.125% Junior Subordinated Notes    
Trading Symbol PFH    
Security Exchange Name NYSE    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Location New York, New York
Auditor Firm ID 238
v3.25.4
Consolidated Statements of Financial Position - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025-$183; 2024-$331) (amortized cost: 2025-$357,996; 2024-$341,004) [1] $ 331,455 $ 311,570
Fixed maturities, trading, at fair value (amortized cost: 2025-$15,536; 2024-$13,631) [1] 14,869 12,530
Assets supporting experience-rated contractholder liabilities, at fair value 4,842 3,707
Equity securities, at fair value (cost: 2025-$8,303; 2024-$7,043) [1] 10,972 9,417
Commercial mortgage and other loans (net of $469 and $574 allowance for credit losses; includes $1,056 and $702 of loans measured at fair value under the fair value option at December 31, 2025 and 2024, respectively) [1] 64,715 62,341
Policy loans 9,958 9,795
Other invested assets (net of $2 and $2 allowance for credit losses; includes $8,285 and $7,574 of assets measured at fair value at December 31, 2025 and 2024, respectively) [1] 27,294 26,351
Short-term investments (net of allowance for credit losses: 2025-$0; 2024-$0) 6,414 9,069
Total investments 470,519 444,780
Cash and cash equivalents [1] 19,712 18,497
Accrued investment income [1] 3,636 3,441
Deferred policy acquisition cost 21,530 20,448
Value of business acquired 397 435
Market risk benefit assets 2,330 2,331
Reinsurance recoverables and deposit receivables (net of $14 and $12 allowance for credit losses; includes $573 and $849 of embedded derivatives at fair value at December 31, 2025 and 2024, respectively) [2] 44,077 37,680
Income Tax Assets 279 866
Other assets (net of $1 and $2 allowance for credit losses; includes $0 and $0 of assets at fair value at December 31, 2025 and 2024, respectively) [1],[2] 15,009 13,737
Separate account assets 196,251 193,372
TOTAL ASSETS 773,740 735,587
LIABILITIES    
Future policy benefits 266,914 268,912
Policyholders' account balances 191,307 166,254
Market risk benefit liabilities 4,623 4,455
Policyholder's dividends 1,272 718
Securities sold under agreements to repurchase 9,598 6,796
Cash collateral for loaned securities 8,700 9,621
Reinsurance and funds withheld payables (includes $174 and $(118) of embedded derivatives at fair value at December 31, 2025 and 2024, respectively) [2] 18,844 17,084
Short-term debt 1,443 953
Long-term debt 18,856 19,187
Other liabilities (includes $16 and $14 allowance for credit losses and $6,215 and $4,751 of derivatives at fair value at December 31, 2025 and 2024, respectively) [1] 17,692 16,679
Notes issued by consolidated variable interest entities (includes $767 and $60 measured at fair value under the fair value option at December 31, 2025 and 2024, respectively) [1] 2,659 1,430
Separate account liabilities 196,251 193,372
Total liabilities 738,159 705,461
COMMITMENTS AND CONTINGENT LIABILITIES
Redeemable noncontrolling interests 2,794 1,939
Total mezzanine equity 2,794 1,939
EQUITY    
Preferred Stock ($0.01 par value; 10,000,000 shares authorized; none issued) 0 0
Common Stock ($0.01 par value; 1,500,000,000 shares authorized; 666,305,189 shares issued as of both December 31, 2025 and 2024) 6 6
Additional paid-in capital 26,013 25,901
Common Stock held in treasury, at cost (318,361,498 and 311,738,187 shares at December 31, 2025 and 2024, respectively) (25,335) (24,511)
Accumulated other comprehensive income (loss) [2] (3,077) (6,711)
Retained Earnings 34,831 33,187
Total Prudential Financial, Inc. equity 32,438 27,872
Noncontrolling Interests 349 315
Total equity 32,787 28,187
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 773,740 $ 735,587
[1] See Note 4 for details of balances associated with variable interest entities.
[2] See Note 24 for additional information regarding related party transactions.
v3.25.4
Consolidated Statements of Financial Position (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fixed Maturities, AFS, allowance for credit losses $ 183 $ 331
Fixed Maturities, available-for-sale, Amortized Cost 357,996 341,004
Fixed Maturities, Trading, amortized cost 15,536 13,631
Equity securities, AFS, amortized cost 8,303 7,043
Commercial mortgage and other loans, allowance for credit losses 469 574
Commercial mortgage and other loans [1] 64,715 62,341
Other invested assets, allowance for credit losses [1] 27,294 26,351
Reinsurance recoverables and deposit receivables, allowance for credit losses 14 12
Reinsurance recoverable and deposit receivables, embedded derivatives at fair value 573 849
Other assets, assets at fair value 0 0
Reinsurance and funds withheld payables, embedded derivatives at fair value 174 (118)
Other Liabilities, derivatives at fair value 6,215 4,751
Notes Issued by Consolidated Variable Interest Entities [1] $ 2,659 $ 1,430
Preferred Stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred Stock, Shares Authorized 10,000,000 10,000,000
Preferred Stock, Shares Issued 0 0
Common Stock, par value (in dollars per share) $ 0.01 $ 0.01
Common Stock, Shares Authorized 1,500,000,000 1,500,000,000
Common Stock, Shares, Issued 666,305,189 666,305,189
Treasury Stock, Shares 318,361,498 311,738,187
Fair value option    
Commercial mortgage and other loans $ 1,056 $ 702
Other invested assets, allowance for credit losses 26 19
Notes Issued by Consolidated Variable Interest Entities 767 60
Leveraged lease loans    
Other invested assets, allowance for credit losses 2 2
Other invested assets, at fair value 8,286 7,574
ASU 2016-13    
Short term investments, allowance for credit losses 0 0
Other assets, allowance for credit losses 1 2
Other liabilities, allowance for credit losses $ 16 $ 14
[1] See Note 4 for details of balances associated with variable interest entities.
v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
REVENUES      
Premiums (includes $122, $73 and $323 of gains (losses) from changes in estimates on deferred profit liability amortization for the year ended December 31, 2025, 2024 and 2023, respectively) [1] $ 30,797 $ 42,897 $ 27,364
Policy charges and fee income 4,666 4,298 4,527
Net Investment Income 21,473 19,909 17,865
Asset management and service fees [1] 4,019 4,090 3,717
Other income (loss) [1] 4,426 3,037 4,065
Realized investment gains (losses), net [1],[2] (4,132) (3,429) (3,615)
Change in value of market risk benefits, net of related hedging gains (losses) (475) (397) 56
Total revenues 60,774 70,405 53,979
BENEFITS AND EXPENSES      
Policyholders’ benefits [1] 35,224 47,119 30,931
Change in estimates of liability for future policy benefits [1] 103 (37) 337
Interest credited to policyholders’ account balances 5,068 4,582 3,983
Dividends to policyholders 1,076 698 1,069
Amortization of deferred policy acquisition costs [1] 1,635 1,492 1,459
Goodwill impairment 0 0 177
General and administrative expenses [1] 13,012 13,342 12,951
Total benefits and expenses 56,118 67,196 50,907
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES 4,656 3,209 3,072
Total income tax expense (benefit) 1,053 507 613
INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES 3,603 2,702 2,459
Equity in earnings of joint ventures and other operating entities, net of taxes 129 144 49
NET INCOME (LOSS) 3,732 2,846 2,508
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 156 119 20
NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC. $ 3,576 $ 2,727 $ 2,488
Basic earnings per share-Common Stock:      
Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share) $ 10.05 $ 7.54 $ 6.76
Diluted earnings per share-Common Stock:      
Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share) $ 9.99 $ 7.50 $ 6.74
[1] See Note 24 for additional information regarding related party transactions.
[2] See Note 24 for additional information regarding related party transactions.
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 3,732 $ 2,846 $ 2,508
Other comprehensive income (loss), before tax:      
Foreign currency translation adjustments for the period 446 (852) (264)
Net unrealized investment gains (losses) (653) (10,125) 6,219
Interest rate remeasurement of future policy benefits [1] 5,385 11,804 (8,770)
Gain (loss) from changes in non-performance risk on market risk benefits (195) (466) (693)
Defined benefit pension and postretirement unrecognized periodic benefit (cost) (346) (204) (27)
Total 4,637 157 (3,535)
Less: Income tax expense (benefit) related to other comprehensive income (loss) 1,003 364 (837)
Other comprehensive income (loss), net of taxes 3,634 (207) (2,698)
Comprehensive income (loss) 7,366 2,639 (190)
Less: Comprehensive income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 156 119 20
Comprehensive income (loss) attributable to Prudential Financial, Inc. $ 7,210 $ 2,520 $ (210)
[1] See Note 24 for additional information regarding related party transactions.
v3.25.4
Consolidated Statements of Equity - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Common Stock Held in Treasury
Common Stock
Accumulated Other Comprehensive Income (Loss)
Total Prudential Financial, Inc. Equity
Noncontrolling Interests
redeemable noncontrolling interest
Beginning Balance at Dec. 31, 2022 $ 30,934 $ 6 $ 25,747 $ 31,714 $ (23,068) $ (3,806) $ 30,593 $ 341 $ 985
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Common Stock acquired (1,006)       (1,006)   (1,006)    
Contributions from noncontrolling interests 19             19 190
Distributions to noncontrolling interests (40)             (40) (15)
Consolidations/(deconsolidations) of noncontrolling interests (36)             (36) 592
Stock-based compensation programs 293   (1)   294   293    
Dividends declared on Common Stock (1,850)     (1,850)     (1,850)    
Comprehensive income:                  
Net income (loss) 2,508     2,488     2,488 6 14
Other Comprehensive Income (Loss), Net of Tax (2,698)         (2,698) (2,698) 0 0
Total comprehensive income (loss) (190)     2,488   (2,698) (210) 6 14
Ending Balance at Dec. 31, 2023 28,110 6 25,746 32,352 (23,780) (6,504) 27,820 290 1,766
Comprehensive income:                  
Net Income (Loss), excluding portion attributable to redeemable noncontrolling interest 2,494                
Total comprehensive income (loss) excluding portion attributable to redeemable noncontrolling interest (204)                
Common Stock acquired (1,006)       (1,006)   (1,006)    
Contributions from noncontrolling interests 15             15 203
Distributions to noncontrolling interests (63)             (63) (120)
Consolidations/(deconsolidations) of noncontrolling interests (3)             (3) 47
Stock-based compensation programs 430   155   275   430    
Dividends declared on Common Stock (1,892)     (1,892)     (1,892)    
Net income (loss) 2,846     2,727     2,727 76 43
Other Comprehensive Income (Loss), Net of Tax (207)         (207) (207) 0 0
Total comprehensive income (loss) 2,639     2,727   (207) 2,520 76 43
Ending Balance at Dec. 31, 2024 28,187 6 25,901 33,187 (24,511) (6,711) 27,872 315 1,939
Comprehensive income:                  
Net Income (Loss), excluding portion attributable to redeemable noncontrolling interest 2,803                
Total comprehensive income (loss) excluding portion attributable to redeemable noncontrolling interest 2,596                
Common Stock acquired (1,007)       (1,007)   (1,007)    
Contributions from noncontrolling interests 65             65 435
Distributions to noncontrolling interests (68)             (68) (119)
Consolidations/(deconsolidations) of noncontrolling interests 30             30 390
Stock-based compensation programs 295   112   183   295    
Dividends declared on Common Stock (1,932)     (1,932)     (1,932)    
Net income (loss) 3,732     3,576     3,576 7 149
Other Comprehensive Income (Loss), Net of Tax 3,634         3,634 3,634 0 0
Total comprehensive income (loss) 7,366     3,576   3,634 7,210 7 149
Ending Balance at Dec. 31, 2025 32,787 $ 6 $ 26,013 $ 34,831 $ (25,335) $ (3,077) $ 32,438 $ 349 $ 2,794
Comprehensive income:                  
Net Income (Loss), excluding portion attributable to redeemable noncontrolling interest 3,583                
Total comprehensive income (loss) excluding portion attributable to redeemable noncontrolling interest $ 7,217                
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ 3,732 $ 2,846 $ 2,508
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Realized investment gains(losses), net [1],[2] 4,132 3,429 3,615
Change in value of market risk benefits, net of related hedging (gains) losses 475 397 (56)
Policy charges and fee income (2,028) (2,128) (2,186)
Interest credited to policyholders' account balances 5,068 4,582 3,983
Goodwill impairment 0 0 177
Depreciation and amortization 128 383  
Depreciation and amortization     (70)
(Gains) losses on assets supporting experience-rated contractholder liabilities, net (648) (595) (503)
Change in:      
Deferred policy acquisition costs [2] (1,215) (1,111) (869)
Future policy benefits and other insurance liabilities 3,493 4,803 5,489
Reinsurance related-balances [2] (2,263) (2,731) (683)
Income Taxes (493) (146) (442)
Derivatives, net 377 897 (746)
Other, net [2] (4,487) (2,124) (3,707)
Cash flows from (used in) operating activities 6,271 8,502 6,510
Proceeds from the sale/maturity/prepayment of:      
Fixed maturities, available-for-sale 45,218 59,059 44,097
Fixed maturities, held-to-maturity 0 0 22
Fixed maturities, trading 4,151 3,398 1,559
Assets supporting experience-rated contractholder liabilities 1,356 1,474 2,286
Equity securities 7,741 5,790 4,348
Commercial mortgage and other loans 7,762 5,466 3,985
Policy loans 1,846 1,972 1,806
Other invested assets 2,784 1,936 1,260
Short-term investments 33,226 33,316 32,684
Payments for the purchase/origination of:      
Fixed maturities, available-for-sale (67,592) (72,997) (47,580)
Fixed maturities, trading (6,339) (7,041) (4,174)
Assets supporting experience-rated contractholder liabilities (1,895) (1,773) (2,290)
Equity securities (8,473) (6,576) (4,296)
Commercial mortgage and other loans (9,572) (9,134) (6,359)
Policy loans (1,610) (1,601) (1,544)
Other invested assets (3,074) (3,884) (3,049)
Short-term investments (31,039) (37,244) (32,872)
Derivatives, net (175) (696) (1,329)
Other, net [2] (207) (50) (676)
Cash flows from (used in) investing activities (25,892) (28,585) (12,122)
CASH FLOWS FROM FINANCING ACTIVITIES      
Policyholders’ account deposits 39,889 35,913 28,521
Policyholders’ account withdrawals (20,251) (19,388) (18,307)
Net change in securities sold under agreements to repurchase and cash collateral for loaned securities 1,881 3,884 (156)
Cash dividends paid on Common Stock (1,926) (1,891) (1,846)
Net change in financing arrangements (maturities 90 days or less) 449 (583) 10
Common Stock acquired (1,000) (1,000) (1,012)
Common Stock reissued for exercise of stock options 109 201 126
Proceeds from the issuance of debt (maturities longer than 90 days) 1,195 1,423 716
Repayments of debt (maturities longer than 90 days) (1,546) (814) (1,982)
Proceeds from notes issued by consolidated VIEs 1,564 1,436 1,360
Repayments of notes issued by consolidated VIEs (439) (617) (336)
Other, net [2] 848 830 645
Cash flows from (used in) financing activities 20,773 19,394 7,739
Effect of foreign exchange rate changes on cash balances 77 (254) 37
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS 1,229 (943) 2,164
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR 18,520 19,463 17,299
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF YEAR 19,749 18,520 19,463
SUPPLEMENTAL CASH FLOW INFORMATION      
Income taxes paid, net of refunds 1,398 [3] 756 895
Interest paid 1,907 1,995 1,555
NON-CASH TRANSACTIONS DURING THE YEAR      
Treasury Stock shares issued for stock-based compensation programs 187 217 282
Assets transferred upon surrender of IRA contracts 0 0 2,019 [4]
RECONCILIATION TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION      
Cash and cash equivalents 19,712 [5] 18,497 [5] 19,419
Restricted cash and restricted cash equivalents (included in “Other assets”) 37 23 44
Total cash, cash equivalents, restricted cash and restricted cash equivalents 19,749 18,520 19,463
Novation of annuity contracts from FLIAC      
NON-CASH TRANSACTIONS DURING THE YEAR      
Novation of contracts under reinsurance agreement 0 0 491 [6]
Novation of investment contracts to Empower      
NON-CASH TRANSACTIONS DURING THE YEAR      
Novation of contracts under reinsurance agreement 2,157 [7] 0 0
Significant pension risk transfer transactions:      
NON-CASH TRANSACTIONS DURING THE YEAR      
Assets received, excluding Cash and cash equivalents 108 11,693 2,264
Liabilities assumed 489 16,020 3,257
Net cash received / (paid) 381 4,327 993
Prismic Re      
NON-CASH TRANSACTIONS DURING THE YEAR      
Net assets transferred, excluding Cash and cash equivalent 0 0 [8] 1,351 [8]
Payables established under coinsurance with funds withheld 0 102 [8] 8,185 [8]
Reinsurance recoverables established for Future policy benefits ceded 0 0 [8] (5,584) [8]
Deposit assets established for Policyholders' account balances ceded 0 0 [8] (3,723) [8]
Unwind of Deferred policy acquisition costs ceded 0 0 [8] 23 [8]
Deferred reinsurance loss 0 (102) [8] (240) [8]
Net cash received / (paid) 0 0 [8] 12 [8]
Somerset Re      
NON-CASH TRANSACTIONS DURING THE YEAR      
Reinsurance recoverable 0 (578) [8] 0
Unwind of Deferred policy acquisition costs ceded 0 284 [8] 0
Deferred reinsurance gain 0 363 [8] 0
Net cash received / (paid) 0 69 [8] 0
Wilton Re      
NON-CASH TRANSACTIONS DURING THE YEAR      
Net assets transferred, excluding Cash and cash equivalent 0 6,679 [8] 0
Policy loans ceded 0 44 [8] 0
Reinsurance recoverable 0 (7,362) [8] 0
Unwind of Deferred policy acquisition costs ceded 0 699 [8] 0
Deferred reinsurance loss 0 (980) [8] 0
Reinsurance payables 0 175 [8] 0
Net cash received / (paid) 0 (745) [8] 0
Prismic Re International      
NON-CASH TRANSACTIONS DURING THE YEAR      
Net assets transferred, excluding Cash and cash equivalent 6,069 [8] 0 0
Deposit assets established for Policyholders' account balances ceded (6,366) [8] 0 0
Unwind of Deferred policy acquisition costs ceded 219 [8] 0 0
Net cash received / (paid) $ (78) [8] $ 0 $ 0
[1] See Note 24 for additional information regarding related party transactions.
[2] See Note 24 for additional information regarding related party transactions.
[3] See Note 17 for additional information regarding the income taxes paid, net of refunds amount by jurisdiction for the year ended December 31, 2025
[4] “Cash flows from (used in) operating activities” exclude certain non-cash activities related to the sale of the Full Service Retirement business as a result of the surrender of certain Stable Value Individual Retirement Account (“IRA”) contracts from the Company to Great-West Life & Annuity Insurance Company.
[5] See Note 4 for details of balances associated with variable interest entities.
[6] “Cash flows from (used in) operating activities” and “Cash flows from (used in) investing activities” exclude non-cash activities related to the novation of certain, previously reinsured, annuity products, from Fortitude Group Holdings, LLC to the Company.
[7] “Cash flows from (used in) operating activities” exclude certain non-cash activities related to the novation of certain investment contracts from the Company to Empower Annuity Insurance Company of America and Empower Life & Annuity Insurance Company of New York (collectively, “Empower”). See note 15 for additional information regarding the reinsurance agreement with Empower.
[8] See Note 15 for additional information regarding the reinsurance agreements with Prismic Life Reinsurance, Ltd (“Prismic Re”), Somerset Reinsurance Ltd. (“Somerset Re”), Wilton Reassurance Company and Wilton Reinsurance Bermuda Limited (collectively, “Wilton Re”), and Prismic Life Reinsurance International, Ltd (“Prismic Re International”).
v3.25.4
Unaudited Interim Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Gain (loss) from changes in estimates on deferred profit liability amortization $ 122 $ 73 $ 323
v3.25.4
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
Prudential Financial, Inc. (“Prudential Financial”) and its subsidiaries (collectively, “Prudential” or the “Company”) provide a wide range of insurance, investment management, and other financial products and services to both individual and institutional customers throughout the United States and in many other countries. Principal products and services provided include life insurance, annuities, retirement solutions, mutual funds and investment management.

The Company’s principal operations consist of PGIM (the Company’s global investment management business), the U.S. Businesses (consisting of the Retirement Strategies, Group Insurance and Individual Life businesses), the International Businesses, the Closed Block division, and the Company’s Corporate and Other operations. The Closed Block division is accounted for as a divested business that is reported separately from the Divested and Run-off Businesses that are included within Corporate and Other operations. Divested and Run-off Businesses consist of businesses that have been, or will be, sold or exited, including businesses that have been placed in wind-down status that do not qualify for “discontinued operations” accounting treatment under U.S. GAAP. The Company’s Corporate and Other operations include corporate items and initiatives that are not allocated to business segments as well as the Divested and Run-off Businesses described above.

Effective in the first quarter of 2025, consistent with changes to the Company’s internal management structure, the Company’s International Businesses are reflected as a single operating and reportable segment, which is how the chief operating decision maker (“CODM”) now assesses its performance and allocates resources. Prior to the first quarter of 2025, International Businesses consisted of the Life Planner and Gibraltar Life and Other operating segments, each of which was a reportable segment under U.S. GAAP. The change has been applied retrospectively and did not have any impact on the Company’s Consolidated Financial Statements contained herein or to any previously issued financial statements. See Note 23 for additional information regarding the Company’s segments.

In the third quarter of 2023, the Company, through its Corporate and Other operations, acquired a 20% equity interest as a limited partner, in Prismic Life Holding Company LP (“Prismic”), a Bermuda-exempted limited partnership that owns all of the outstanding capital stock of Prismic Life Reinsurance, Ltd. (“Prismic Re”) and Prismic Life Reinsurance International, Ltd. (“Prismic Re International”), which are licensed Bermuda-based life and annuity reinsurance companies. Beginning with the fourth quarter of 2023, the operating results of Corporate and Other reflect the Company’s share of earnings in Prismic on a quarter lag. As this investment is accounted for under the equity method, Prismic, Prismic Re, and Prismic Re International are considered related parties. For additional information regarding related party transactions, see Note 24. For information regarding the Company’s reinsurance transactions with Prismic Re and Prismic Re International, see Note 15.

As part of its continuous improvement process, the Company is working to become a leaner and more agile company by simplifying its management structure, empowering its employees with faster decision-making processes and investing in technology and data platforms. As part of this, the Company recorded charges of $135 million in the fourth quarter of 2025 and $200 million in the fourth quarter of 2023 to “General and administrative expenses” within its Corporate and Other operations. These actions, primarily related to its domestic operations and PGIM, reflect management’s ongoing efforts in evaluating the optimal workforce structure required to deliver on its long-term growth strategy. The Company expects these continued actions will create operating efficiencies, and provide reinvestment capacity to build capabilities, realize additional efficiencies, strengthen its competitiveness and fuel future growth.

In February 2026, in conjunction with its previously announced internal investigation into employee misconduct in Japan, the Company voluntarily suspended new sales activity at Prudential of Japan for a 90-day period, commencing February 9, 2026. See “—Litigation and Regulatory Matters—Regulatory” within Note 25 for additional information.

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 Prudential Financial, entities over which the Company exercises control, including majority-owned subsidiaries and minority-owned entities such as limited partnerships in which the Company is the general partner and variable interest entities (“VIEs”) in which the Company is considered the primary beneficiary. See Note 4 for additional information regarding the Company’s consolidated variable interest entities. Intercompany balances and transactions have been eliminated.
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 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 measurement of goodwill and any related impairment; the valuation of investments including derivatives, the measurement of allowance for credit losses, and the recognition of other-than-temporary impairments (“OTTI”); pension and other postretirement benefits; 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.

Out of Period Adjustments

In the first quarter of 2025, the Company recorded out of period adjustments resulting in a net charge of $150 million to “Income (loss) from operations before income taxes and equity in earnings of joint ventures and other operating entities” for the year ended 2025. The adjustments included an overstatement of “Reinsurance recoverables and deposit receivables” and an understatement of “Deferred policy acquisition costs.”

The impact of these adjustments, individually and in the aggregate, was not material to any previously reported annual financial statements and is not material to the 2025 annual financial statements.
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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.

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 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”).

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, such as fixed maturities with embedded features that are considered derivatives and assets contained within consolidated variable interest entities. 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.”

Assets supporting experience-rated contractholder liabilities, at fair value includes invested assets that consist of fixed maturities, equity securities, short-term investments and cash equivalents, that support certain products which are experience-rated, meaning that the investment results associated with these products are expected to ultimately accrue to contractholders. Realized and unrealized gains and losses for these investments are reported in “Other income (loss).” Interest and dividend income from these investments is reported in “Net investment income.”

Equity securities, at fair value consists of common stock, mutual fund shares and non-redeemable preferred stock 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.

Commercial mortgage and other loans consists of commercial mortgage loans, agricultural property loans, residential mortgage loans, as well as certain other collateralized and uncollateralized loans. Uncollateralized loans primarily represent reverse dual currency loans and corporate loans held by the Company’s international insurance operations.

Commercial mortgage and other loans originated and 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 25 for additional information. The Company carries certain commercial mortgage loans originated within the Company’s commercial mortgage operations at fair value where the fair value option has been elected. Loans held for sale
where the Company has not elected the fair value option are carried at the lower of cost or fair value. 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 and uncollateralized 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. When individual loans become nonperforming, the allowance is determined based on annual expected loss rates for nonperforming loans or the fair value of the collateral if the loan is collateral dependent. The Company defines nonperforming residential mortgage loans as those that are 90 days or more past due and/or in nonaccrual status.
The CECL allowance for other collateralized and uncollateralized loans (e.g., corporate 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.

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.”

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.

The Company’s PGIM business provides commercial mortgage origination, underwriting and servicing for certain government sponsored entities (“GSEs”). The Company has agreed to indemnify the GSEs for a portion of the credit risk associated with certain of the mortgages it services. Management has established a CECL allowance that factors in historical loss information, current conditions and reasonable and supportable forecasts. The allowance also considers the remaining lives of the loans subject to the indemnification. The CECL allowance is included in “Other liabilities” and changes in the CECL allowance are reported in “Realized investment gains (losses), net.” See Note 25 for additional information.

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.

Other invested assets consists of the Company’s non-coupon investments in limited partnerships and limited liability companies (“LPs/LLCs”), other than joint ventures and other operating entities, as well as wholly-owned investment real estate, derivative assets and other investments. LPs/LLCs interests are accounted for using either the equity method of accounting, or at fair value with changes in fair value reported in “Other income (loss).” The Company’s income from investments in LPs/LLCs accounted for using the equity method, other than the Company’s investments in joint ventures and other operating entities, 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. The Company consolidates LPs/LLCs 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.

The Company’s wholly-owned investment real estate consists of real estate which the Company has the intent to hold for the production of income as well as real estate held for sale. Real estate which the Company has the intent to hold for the production of income is carried at depreciated cost less any write-downs to fair value for impairment losses and is reviewed for impairment whenever events or circumstances indicate that the carrying value may not be recoverable. Real estate held for sale is carried at the lower of depreciated cost or fair value less estimated selling costs and is not further depreciated once classified as such. An impairment loss is recognized when the carrying value of the investment real estate exceeds the estimated undiscounted future cash flows (excluding interest charges) from the investment. At that time, the carrying value of the investment real estate is written down to fair value. Decreases in the carrying value of investment real estate held for the production of income due to OTTI are recorded in “Realized investment gains (losses), net.” Depreciation on real estate held for the production of income is computed using the straight-line method over the estimated useful lives of the properties and is included in “Net investment income.”

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, other than those debt instruments meeting this definition that are included in “Assets supporting experience-rated contractholder liabilities, at fair value.” 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.

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 “Assets supporting experience-rated contractholder liabilities, at fair value,” and receivables related to securities purchased under agreements to resell (see also “Securities sold under agreements to repurchase” below). These assets are generally carried at fair value or amortized cost which approximates fair value.

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

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 in the Individual Life and International Businesses segments and Closed Block division, and group corporate- and bank-owned life insurance contracts in the Group Insurance segment.
•Payout annuity contracts – DAC associated with payout annuity contracts in the Retirement Strategies segment is amortized in proportion to annual benefit payments.
•Deferred annuity contracts – DAC associated with fixed and variable deferred annuity contracts in the Retirement Strategies and International Businesses segments is amortized in proportion to deposits.
•Health contracts – DAC associated with health contracts in the International Businesses segment is generally amortized in proportion to maximum lifetime benefits.
For funding agreement note contracts, single premium structured settlement contracts without life contingencies, and single premium immediate annuities without life contingencies, acquisition expenses are deferred and amortized over the expected life of the contracts using the interest method. For other group life and disability insurance contracts and guaranteed investment contracts (“GICs”), acquisition costs are expensed as incurred.

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.

Value of business acquired (“VOBA”) represents identifiable intangible assets to which a portion of the purchase price in a business acquisition is attributed under the application of purchase accounting. VOBA represents an adjustment to the stated value of in-force insurance contract liabilities to present them at fair value, determined as of the acquisition date. VOBA balances are subject to recoverability testing in the manner in which they were acquired. The Company has established a VOBA asset primarily for its acquired life insurance products and accident and health products with fixed benefits. As of December 31, 2025, the majority of the VOBA balance relates to the 2011 acquisition of AIG Star Life Insurance Co., Ltd, AIG Edison Life Insurance Company, AIG Financial Assurance Japan K.K. and AIG Edison Service Co., Ltd. (collectively, the “Star and Edison Businesses”). The Company records amortization of VOBA in “General and administrative expenses” and amortizes it over the anticipated life of the acquired contracts using the same methodology, factors, and assumptions used to amortize DAC and deferred sales inducements (“DSI”). See Note 7 for additional information regarding VOBA.

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 15 for additional information regarding the reinsurance of PDI.

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

Other assets consists primarily of prepaid pension benefit costs (see Note 19), certain restricted assets (e.g., cash and cash equivalents), trade receivables, goodwill and other intangible assets, “right-of-use” lease assets (see “Other liabilities” below), DSI, the Company’s investments in joint ventures and other operating entities, property and equipment, deferred reinsurance losses (“DRL”) (see “Reinsurance” below) and receivables resulting from sales of securities that had not yet settled at the balance sheet date.
Property and equipment are carried at cost less accumulated depreciation. Depreciation is determined using the straight-line method over the estimated useful lives of the related assets, which generally range from 3 to 40 years.

As a result of certain acquisitions, the Company recognizes an asset for goodwill representing the excess of cost over the net fair value of the assets acquired and liabilities assumed. Goodwill is assigned to reporting units at the date the goodwill is initially recorded. A reporting unit is an operating segment, or a unit one level below the operating segment if discrete financial information is prepared and regularly reviewed by management at that level. Once goodwill has been assigned to reporting units, it no longer retains its association with a particular acquisition, and all of the activities within a reporting unit, whether acquired or organically grown, are available to support the value of the goodwill.

The Company tests goodwill for impairment annually as of December 31 and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Accounting guidance provides for an optional qualitative assessment for testing goodwill impairment that may allow companies to skip the quantitative test. As part of the annual goodwill impairment test, the Company estimates the fair value of the reporting units by applying the quantitative test, which involves comparing each reporting unit’s fair value to its carrying value including goodwill. If the fair value of a reporting unit exceeds its carrying value, the applicable goodwill is considered not to be impaired. If the carrying value exceeds fair value, goodwill is reduced and an impairment charge to income is recognized for the excess. The measurement of a goodwill impairment loss includes the related income tax effect from any tax deductible goodwill. The impairment loss cannot exceed the amount of goodwill assigned to a reporting unit, and the loss establishes a new basis in the goodwill. Subsequent reversal of goodwill impairment losses is not permitted. Management is required to make significant estimates in determining the fair value of a reporting unit including, but not limited to: projected revenues and operating margins, applicable discount and growth rates, and comparative market multiples. See Note 10 for additional information regarding goodwill.

Deferred Sales Inducements 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.

Identifiable intangible assets primarily include customer relationships and mortgage servicing rights and are recorded net of accumulated amortization. The Company tests identifiable intangible assets for impairment on an annual basis as of December 31 of each year or whenever events or circumstances suggest that the carrying value of an identifiable intangible asset may exceed the sum of the undiscounted cash flows expected to result from its use and eventual disposition. If this condition exists and the carrying value of an identifiable intangible asset exceeds its fair value, the excess is recognized as an impairment and is recorded as a charge against net income. Measuring intangible assets requires the use of estimates. Significant estimates include the projected net cash flow attributable to the intangible asset and the rate at which future net cash flows are discounted for purposes of estimating fair value, as applicable. See Note 10 for additional information regarding identifiable intangible assets.

Investments in joint ventures and other operating entities 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. See Note 9 for additional information regarding investments in joint ventures and other operating entities.

Leases are recorded on the balance sheet as “right-of-use” assets and lease liabilities within “Other assets” and “Other liabilities” respectively. Leases are classified as either operating or finance leases and lease expense is recognized within “General and administrative expenses.” As a lessee, for operating leases, total lease expense is recognized using a straight-line method. Finance leases are treated as the purchase of an asset on a financing basis. Additionally, as a lessor, for sales-type and direct financing leases, the Company derecognizes the carrying value of the leased asset that is considered to have been transferred to a lessee and records a lease receivable and residual asset (“receivable and residual” approach). See Note 11 for additional information regarding leases.

Separate account assets represents segregated funds that are invested for certain policyholders, pension funds 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 management fees charged to the accounts are included in “Asset management and service 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 12 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, reportable segment 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 and foreign economies, such as Japan, with observable corporate A spreads, is developed using government bond rates, plus globally equivalent 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+). The rate used in foreign operations (with the exception of certain emerging markets, as discussed below) is based on the equivalent of a single A rate from a global rating agency for corporate bonds issued in the same currency and country in which the insurance contract is written. 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 has foreign currency denominated insurance obligations to policyholders in certain emerging markets where there is limited or no observable market data on upper-medium grade (low credit risk) fixed-income instrument yields. As a proxy for the upper-medium grade fixed-income instrument yield, the Company estimates an equivalent global single A yield in the currency of the emerging economy by converting a global single A U.S. dollar bond yield curve based on the relationship between market observable U.S. Treasury and foreign sovereign yield curves of similar duration as the insurance liability cash flows. The derived global single A curves in the foreign currency are evaluated against available evidence of observable global single A corporate bond rates in similar emerging economies. The Company uses interpolation and extrapolation techniques to complete the discount rate construction for the duration of the insurance liabilities to calculate the liability for future policy benefits denominated in the local currencies.

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 or VOBA asset), the existing net reserves are adjusted by first reducing assets such as DSI, VOBA 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 13 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 in the Retirement Strategies segment 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 14 for additional information regarding market risk benefits. See “Reinsurance” below for information regarding the reinsurance of MRBs.

Policyholders’ dividends includes dividends payable to policyholders and the policyholder dividend obligation associated with the participating policies included in the Closed Block. The dividends payable for participating policies included in the Closed Block are determined at the end of each year for the following year by the Board of Directors of The Prudential Insurance Company of America (“PICA”) based on its statutory results, capital position, ratings, and the emerging experience of the Closed Block. The policyholder dividend obligation represents amounts expected to be paid to Closed Block policyholders as an additional policyholder dividend unless otherwise offset by future Closed Block performance. Any adjustments to the policyholder dividend obligation related to net unrealized gains (losses) on securities classified as available-
for-sale are included in AOCI. For additional information regarding the policyholder dividend obligation, see Note 16. The dividends payable for policies other than the participating policies included in the Closed Block include dividends payable in accordance with certain group and individual insurance policies.

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.”

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.”

The Company also enters into securities lending transactions where non-cash collateral, typically U.S. government, Japanese government, or other sovereign bonds are received. The collateral received is not reported on the Company’s Consolidated Statements of Financial Position. In these transactions, the Company receives a fee and obtains collateral in an amount equal to 102% to 105% of the fair value of the loaned securities. The Company monitors the market value of the securities loaned on a daily basis with additional collateral obtained as necessary. Substantially all of these transactions are with large brokerage firms and large banks. Income is reported as “Net investment income.”

Reinsurance and funds withheld payables represents amounts payable under reinsurance agreements (see “Reinsurance” below).

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 and administrative expenses” in the Company’s Consolidated Statements of Operations. Interest expense may also be reported within “Net investment income” for certain activity, as prescribed by specialized industry guidance. 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 18 for additional information regarding short-term and long-term debt.

Other liabilities consists primarily of trade payables, lease liabilities (see “Other assets” above), pension and other employee benefit liabilities (see Note 19), derivative liabilities (see “Derivative Financial Instruments” below), deferred
reinsurance gains (“DRG”) (see “Reinsurance” below) and payables resulting from purchases of securities that had not yet settled at the balance sheet date.

Notes issued by consolidated variable interest entities represents notes issued by certain asset-backed investment vehicles, primarily collateralized loan obligations (“CLOs”) and rated feeder funds, which the Company is required to consolidate. The creditors of these VIEs do not have recourse to the Company in excess of the assets contained within the VIEs. The Company has elected the fair value option for certain of these notes. Changes in fair value are reported in “Other income (loss).”

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.

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.”

MEZZANINE EQUITY

Redeemable noncontrolling interests includes redeemable noncontrolling interests associated with certain consolidated PGIM-managed entities. These redeemable noncontrolling interests are classified as “Mezzanine equity” because their redemption is at the option of the holder and not within the control of the Company. Income (loss) attributable to redeemable noncontrolling interests is reported in “Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests.”

REVENUES, BENEFITS AND EXPENSES

Insurance Revenue and Expense Recognition

Premiums from individual life products, other than universal and variable life contracts, and health insurance and long-term care products 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 non-participating group annuities with life contingencies, single premium structured settlements with life contingencies and 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 group and individual life contracts, deferred fixed or variable annuities, structured settlements and other contracts without life contingencies, and participating group annuities 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, DSI and VOBA.

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.

For group life, other than universal and variable group life contracts, and disability insurance, premiums are generally recognized over the period to which the premiums relate in proportion to the amount of insurance protection provided. Claim and claim adjustment expenses are recognized when incurred.

Asset management and service fees principally includes asset-based asset management fees, which are recognized in the period in which the services are performed. In certain asset management fee arrangements, the Company is entitled to receive performance-based incentive fees when the return on assets under management exceeds certain benchmark returns or other performance targets. The Company may be required to return all, or part, of such performance-based incentive fees depending on future performance of these assets relative to performance benchmarks. The Company records performance-based incentive fee revenue when the contractual terms of the asset management fee arrangement have been satisfied and it is probable that a significant reversal in the amount of the fee will not occur. Under this principle, the Company records a deferred performance-based incentive fee liability to the extent it receives cash related to the performance-based incentive fee prior to meeting the revenue recognition criteria delineated above.

Other income (loss) includes realized and unrealized gains or losses from investments classified “Fixed maturities, trading, at fair value,” “Assets supporting experience-rated contractholder liabilities, at fair value,” “Equity securities, at fair value,” and “Other invested assets” that are measured at fair value and consolidated entities that follow specialized investment company fair value accounting. “Other income (loss)” also includes gains and losses primarily related to the remeasurement of foreign currency denominated assets and liabilities, as discussed in more detail under “Foreign Currency” below, as well as gains and losses related to business dispositions.

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, with the exception of some of the Company’s International Businesses portfolios where the average cost method is used.

OTHER ACCOUNTING POLICIES
Income taxes receivable (payable) primarily represents the net deferred tax asset or liability and the Company’s estimated taxes receivable or payable for the current year and open audit years.

The Company and its includable domestic subsidiaries file a consolidated federal income tax return that includes both life insurance companies and non-life insurance companies. Subsidiaries operating outside the U.S. are taxed, and income tax expense is recorded, based on applicable foreign statutes. See Note 17 for a discussion of certain non-U.S. jurisdictions for which the Company assumes repatriation of earnings.

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 17 for a discussion of factors considered when evaluating the need for a valuation allowance.

The Company has elected to treat taxes related to Global Intangible Low-Taxed Income (“GILTI”) as a period cost and records such amounts in income tax expense in the period incurred.

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 17 for additional information regarding income taxes.
Share-Based Payments

The Company applies the fair value-based measurement method in accounting for share-based payment transactions with employees except for equity instruments held by employee share ownership plans. Excess tax benefits (deficits) are recorded in earnings and represent the cumulative difference between the actual tax benefit realized and the amount of deferred tax assets recorded attributable to shared-based payment transactions.

The Company accounts for non-employee stock options using the fair value method in accordance with authoritative guidance and related interpretations on accounting for equity instruments that are issued to other than employees for acquiring, or in conjunction with selling, goods or services.

Earnings Per Share

Earnings per share of Common Stock reflects the consolidated earnings of Prudential Financial. Basic earnings per share is computed by dividing available income attributable to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share includes the effect of all dilutive potential common shares that were outstanding during the period. See Note 21 for additional information.

Foreign Currency

The currency in which the Company prepares its financial statements (the “reporting currency”) is the U.S. dollar. Assets, liabilities and results of foreign operations are recorded based on the functional currency of each foreign operation. The determination of the functional currency is based on economic facts and circumstances pertaining to each foreign operation. The local currencies of the Company’s foreign operations are typically their functional currencies with the most significant exception being the Company’s Japanese operations where multiple functional currencies exist.

There are two distinct processes for expressing these foreign transactions and balances in the Company’s financial statements: foreign currency measurement and foreign currency translation. Foreign currency measurement is the process by which transactions in foreign currencies are expressed in the functional currency. Gains and losses resulting from foreign currency measurement are reported in current earnings in “Other income (loss).” Foreign currency translation is the process of expressing a foreign entity’s functional currency financial statements in the reporting currency. Assets and liabilities of foreign operations and subsidiaries reported in currencies other than U.S. dollars are translated at the exchange rate in effect at the end of the period. Revenues, benefits and other expenses are translated at the average rate prevailing during the period. The effects of translating the statements of operations and financial position of non-U.S. entities with functional currencies other than the U.S. dollar are included, net of related qualifying hedge gains and losses and income taxes, in “Foreign currency translation adjustment,” a component of AOCI.
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 (OTC-cleared), while others are bilateral contracts between two counterparties (OTC-bilateral). 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 and to mitigate volatility of expected non-functional currency earnings and net investments in foreign operations resulting from changes in currency exchange rates. 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 and hedges of net investments in foreign operations. The Company may also enter into intercompany derivatives, the results of which ultimately eliminate in consolidation over the term of the instrument. 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 “Other liabilities,” 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 the fair value of a recognized asset or liability or unrecognized firm commitment (“fair value” hedge); (2) 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); (3) a foreign currency fair value or cash flow hedge (“foreign currency” hedge); (4) a hedge of a net investment in a foreign operation; or (5) 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 fair value, cash flow, or foreign currency hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. Hedges of a net investment in a foreign operation are linked to the specific foreign operation.

When a derivative is designated as a fair value hedge and is determined to be highly effective, changes in its fair value, along with changes in the fair value of the hedged asset or liability (including losses or gains on firm commitments), are reported on a net basis in the Consolidated Statements of Operations, generally in “Realized investment gains (losses), net.” When swaps are used in hedge accounting relationships, periodic settlements are recorded in the same Consolidated Statements of Operations line as the related settlements of the hedged items.

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.

When a derivative is designated as a foreign currency hedge and is determined to be highly effective, changes in its fair value are recorded either in current period earnings if the hedge transaction is a fair value hedge (e.g., a hedge of a recognized foreign currency asset or liability) or in AOCI if the hedge transaction is a cash flow hedge (e.g., a foreign currency denominated forecasted transaction). When a derivative is used as a hedge of a net investment in a foreign operation, its change
in fair value is accounted for in the same manner as a translation adjustment (i.e., reported in the cumulative translation adjustment account within AOCI).

If it is determined that a derivative no longer qualifies as an effective fair value or 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.” In this scenario, the hedged asset or liability under a fair value hedge will no longer be adjusted for changes in fair value associated with the hedged risk and the existing basis adjustment is amortized to the Consolidated Statements of Operations line associated with the asset or liability. 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 cash flow 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” or “Other liabilities.”

Reinsurance

For each of its reinsurance contracts, the Company determines if the contract provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. The Company reviews all contractual features, particularly those that may limit the amount of insurance risk to which the reinsurer is subject, or features that delay the timely reimbursement of claims.

The Company participates in reinsurance arrangements in various capacities as either the ceding entity or as the reinsurer (i.e., assuming entity). See Note 15 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 (1) an embedded derivative on deposit receivables where the Company has ceded fixed indexed annuities; and (2) embedded derivatives associated with receivables from modified coinsurance arrangements where the Company is the reinsurer, and net receivables from modified coinsurance arrangements where the Company is the cedant, and 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 or net payables from modified coinsurance arrangements where the Company is the cedant, and generally reflect the fair value of the invested assets retained by the Company and 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.” 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 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. 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 and administrative expenses.”

Consistent with direct contracts, reinsurance arrangements may also include features that meet the definition of MRBs 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 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 yearly renewable term 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 yearly renewable term 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. The cost of reinsurance related to short-duration reinsurance contracts is accounted for over the reinsurance contract period.

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 and administrative 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

Standard
Description
Effective date and method
of adoption
Effect on the financial statements or other significant matters
ASU 2023—09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures
This 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

Standard
Description
Effective date and method
of adoption
Effect 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 Expenses (DISE)
This 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.
v3.25.4
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 millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$26,334 $668 $4,823 $0 $22,179 
Obligations of U.S. states and their political subdivisions5,881 138 554 0 5,465 
Foreign government securities
62,469 497 12,352 0 50,614 
U.S. public corporate securities115,160 1,977 9,345 11 107,781 
U.S. private corporate securities(1)47,976 1,177 1,964 88 47,101 
Foreign public corporate securities24,496 413 1,178 28 23,703 
Foreign private corporate securities41,099 1,638 2,523 55 40,159 
Asset-backed securities(2)19,130 226 26 1 19,329 
Commercial mortgage-backed securities9,958 87 302 0 9,743 
Residential mortgage-backed securities(3)5,493 43 155 0 5,381 
Total fixed maturities, available-for-sale(1)
$357,996 $6,864 $33,222 $183 $331,455 
__________
(1)Excludes notes with amortized cost of $15,744 million (fair value, $15,744 million), which have been offset with the associated debt under a netting agreement.
(2)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans, education loans and other asset types.
(3)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 millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$24,869 $584 $5,105 $0 $20,348 
Obligations of U.S. states and their political subdivisions6,590 132 618 0 6,104 
Foreign government securities
63,523 1,837 7,881 0 57,479 
U.S. public corporate securities108,883 1,226 11,529 72 98,508 
U.S. private corporate securities(1)
45,854 918 2,926 57 43,789 
Foreign public corporate securities23,165 248 1,421 10 21,982 
Foreign private corporate securities38,652 314 4,311 192 34,463 
Asset-backed securities(2)
16,979 214 59 0 17,134 
Commercial mortgage-backed securities9,791 29 547 0 9,273 
Residential mortgage-backed securities(3)
2,698 15 223 0 2,490 
Total fixed maturities, available-for-sale(1)$341,004 $5,517 $34,620 $331 $311,570 
__________
(1)Excludes notes with amortized cost of $14,748 million (fair value, $14,748 million), which have been offset with the associated debt under a netting agreement.
(2)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans, education loans and other asset types.
(3)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 Months		Twelve Months
or More		Total
 Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$3,644 $83 $12,075 $4,740 $15,719 $4,823 
Obligations of U.S. states and their political subdivisions399 9 3,631 545 4,030 554 
Foreign government securities
9,886 510 23,570 11,842 33,456 12,352 
U.S. public corporate securities9,789 218 52,459 9,114 62,248 9,332 
U.S. private corporate securities3,297 68 24,064 1,895 27,361 1,963 
Foreign public corporate securities2,253 35 8,586 1,142 10,839 1,177 
Foreign private corporate securities849 44 16,286 2,473 17,135 2,517 
Asset-backed securities2,979 6 626 20 3,605 26 
Commercial mortgage-backed securities249 1 5,435 301 5,684 302 
Residential mortgage-backed securities353 2 1,210 153 1,563 155 
Total fixed maturities, available-for-sale$33,698 $976 $147,942 $32,225 $181,640 $33,201 


 December 31, 2024
 Less Than
Twelve Months		Twelve Months
or More		Total
 Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$6,667 $334 $10,161 $4,771 $16,828 $5,105 
Obligations of U.S. states and their political subdivisions1,592 53 3,288 565 4,880 618 
Foreign government securities
8,280 349 20,780 7,532 29,060 7,881 
U.S. public corporate securities25,420 1,036 48,152 10,485 73,572 11,521 
U.S. private corporate securities7,581 183 24,846 2,743 32,427 2,926 
Foreign public corporate securities5,751 170 8,084 1,246 13,835 1,416 
Foreign private corporate securities8,702 282 18,862 4,010 27,564 4,292 
Asset-backed securities1,488 11 1,015 48 2,503 59 
Commercial mortgage-backed securities1,092 8 6,432 539 7,524 547 
Residential mortgage-backed securities361 4 1,377 219 1,738 223 
Total fixed maturities, available-for-sale$66,934 $2,430 $142,997 $32,158 $209,931 $34,588 

As of December 31, 2025 and 2024, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance of $32,392 million and $33,437 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 $809 million and $1,151 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of December 31, 2025, the $32,225 million of gross unrealized losses of twelve months or more were concentrated in the consumer non-cyclical, finance and utility sectors within corporate securities, as well as in foreign government securities. As of December 31, 2024, the $32,158 million of gross unrealized losses of twelve months or more were concentrated in the finance, consumer non-cyclical and utility sectors within corporate securities, as well as in foreign government securities.
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 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 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
Cost		Fair
Value
 (in millions)
Fixed maturities, available-for-sale:
Due in one year or less$12,343 $12,446 
Due after one year through five years65,698 66,518 
Due after five years through ten years63,307 63,669 
Due after ten years(1)182,067 154,369 
Asset-backed securities19,130 19,329 
Commercial mortgage-backed securities9,958 9,743 
Residential mortgage-backed securities5,493 5,381 
Total$357,996 $331,455 
__________
(1)Excludes notes with amortized cost of $15,744 million (fair value, $15,744 million), which have been offset with the associated debt under a netting agreement.

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 millions)
Fixed maturities, available-for-sale:
Proceeds from sales(1)$19,029 $36,727 $27,161 
Proceeds from maturities/prepayments26,085 22,432 17,010 
Gross investment gains from sales and maturities727 1,400 973 
Gross investment losses from sales and maturities(1,367)(3,553)(2,183)
Write-downs recognized in earnings(2)(408)(924)(81)
(Addition to) release of allowance for credit losses148 (195)(22)
Fixed maturities, held-to-maturity:
Proceeds from maturities/prepayments(3)$0 $0 $21 
(Addition to) release of allowance for credit losses0 0 2 
__________
(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $104 million, $(100) million and $(74) million for the years ended December 31, 2025, 2024 and 2023, respectively.
(2)Amounts represent securities actively marketed for sale, securities where it is more likely than not the Company will be required to sell prior to the recovery of the amortized cost basis and write-downs on credit adverse securities.
(3)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $1 million for the year ended December 31, 2023. There were no fixed maturities, held-to-maturity assets during 2025 and 2024.
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. States
Foreign Government Securities
U.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $331 $0 $0 $0 $331 
Additions to allowance for credit losses not previously recorded0 0 113 1 0 0 114 
Reductions for securities sold during the period0 0 (30)0 0 0 (30)
Additions (reductions) on securities with previous allowance0 0 29 0 0 0 29 
Write-downs charged against the allowance
0 0 (261)0 0 0 (261)
Balance, end of period$0 $0 $182 $1 $0 $0 $183 


Year Ended December 31, 2024
U.S. Treasury Securities and Obligations of U.S. States
Foreign Government Securities
U.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $53 $105 $2 $0 $0 $160 
Additions to allowance for credit losses not previously recorded0 0 235 0 0 0 235 
Reductions for securities sold during the period0 (30)(55)0 0 0 (85)
Additions (reductions) on securities with previous allowance0 (23)46 (2)0 0 21 
Write-downs charged against the allowance
0 0 0 0 0 0 0 
Balance, end of period$0 $0 $331 $0 $0 $0 $331 

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 basic industry 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 in the consumer cyclical, capital goods 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.
Assets Supporting Experience-Rated Contractholder Liabilities
 
The following table sets forth the composition of “Assets supporting experience-rated contractholder liabilities,” as of the dates indicated:
 
 December 31, 2025December 31, 2024
 Amortized
Cost or Cost		Fair
Value		Amortized
Cost or Cost		Fair
Value
 (in millions)
Fixed maturities:
Corporate securities$57 $55 $68 $67 
Foreign government securities
611 596 544 539 
Obligations of U.S. government authorities and agencies and obligations of U.S. states
227 245 207 220 
Total fixed maturities(1)
895 896 819 826 
Equity securities2,234 3,946 1,763 2,881 
Total assets supporting experience-rated contractholder liabilities(2)$3,129 $4,842 $2,582 $3,707 
__________
(1)As a percentage of amortized cost, 99% of the portfolio was considered high or highest quality based on NAIC or equivalent ratings, as of both December 31, 2025 and 2024.
(2)As a percentage of amortized cost, 100% of the portfolio consisted of public securities as of both December 31, 2025 and 2024.

The net change in unrealized gains (losses) from assets supporting experience-rated contractholder liabilities still held at period end, recorded within “Other income (loss),” was $613 million, $495 million and $440 million during the years ended December 31, 2025, 2024 and 2023, respectively.

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 $461 million, $(551) million and $518 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 $750 million, $735 million and $612 million during the years ended December 31, 2025, 2024 and 2023, respectively.

Concentrations of Financial Instruments
 
The Company monitors its concentrations of financial instruments and mitigates credit risk by maintaining a diversified investment portfolio which limits exposure to any single issuer.
 
As of the dates indicated, the Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the Company’s equity included securities of the U.S. government and certain U.S. government agencies and securities guaranteed by the U.S. government, as well as the securities disclosed below:
 
 December 31, 2025December 31, 2024
 Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
(in millions)
Investments in Japanese government and government agency securities:
Fixed maturities, available-for-sale$54,863 $43,554 $56,457 $51,177 
Fixed maturities, trading 19 18 18 18 
Assets supporting experience-rated contractholder liabilities536 510 472 462 
Total$55,418 $44,082 $56,947 $51,657 
December 31, 2025December 31, 2024
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
(in millions)
Investments in Brazil government and government agency securities:
Fixed maturities, available-for-sale$3,651 $3,152 $2,753 $2,251 
Fixed maturities, trading0 0 44 40 
Short-term investments1 1 2 2 
Cash equivalents260 260 228 228 
Total$3,912 $3,413 $3,027 $2,521 
 
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 millions)
Commercial mortgage and agricultural property loans by property type:
Office$6,517 10.4 %$7,867 12.7 %
Retail5,680 9.0 5,552 9.0 
Apartments/Multi-Family18,522 29.5 17,522 28.3 
Industrial17,280 27.5 16,900 27.3 
Hospitality1,738 2.8 1,831 3.0 
Self-Storage(1)2,245 3.6 2,194 3.5 
Health Care Senior Living(1)1,832 2.9 1,858 3.0 
Other(1)689 1.1 334 0.6 
Total commercial mortgage loans54,503 86.8 54,058 87.4 
Agricultural property loans8,275 13.2 7,775 12.6 
Total commercial mortgage and agricultural property loans
62,778 100.0 %61,833 100.0 %
Allowance for credit losses(414)(528)
Total net commercial mortgage and agricultural property loans
62,364 61,305 
Other loans:
Residential mortgage loans1,632 19 
Uncollateralized loans171 595 
Other collateralized loans603 468 
Total other loans2,406 1,082 
Allowance for credit losses(55)(46)
Total net other loans
2,351 1,036 
Total net commercial mortgage and other loans(2)$64,715 $62,341 
__________
(1)Prior period amounts have been updated to conform to current period presentation.
(2)Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of December 31, 2025 and 2024, the net carrying value of these loans was $1,056 million and $702 million, respectively.

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 (28%), Florida (6%) and Texas (6%) and included loans secured by properties in Europe (6%), Mexico (2%), Japan (1%) and Australia (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
Loans		Agricultural
Property
Loans		Residential
Mortgage
Loans		Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Balance at December 31, 2022$188 $13 $0 $0 $2 $203 
Addition to (release of) allowance for expected losses282 3 0 0 (1)284 
Write-downs charged against the allowance
(29)0 0 0 0 (29)
Other2 0 0 0 0 2 
Balance at December 31, 2023443 16 0 0 1 460 
Addition to (release of) allowance for expected losses100 110 0 32 13 255 
Write-downs charged against the allowance
(132)(5)0 0 0 (137)
Other
(4)0 0 0 0 (4)
Balance at December 31, 2024407 121 0 32 14 574 
Addition to (release of) allowance for expected losses80 77 15 8 (14)166 
Write-downs charged against the allowance
(122)(150)0 0 0 (272)
Other1 0 0 0 0 1 
Balance at December 31, 2025$366 $48 $15 $40 $0 $469 

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, net reductions to the allowance for credit losses on commercial mortgage and other loans were primarily related to write-downs against loan-specific reserves within agricultural property loans and commercial mortgage loans in the retail sector, partially offset by an increase in loan-specific reserves within the retail sector. 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 reserves within agricultural property loans and commercial mortgage loans within the retail and office sectors along with the establishment of general reserves for both the collateralized and uncollateralized loan portfolios.

The following table sets forth the write-downs of commercial mortgage and agricultural property loans by origination year for the year ended December 31, 2025:


December 31, 2025
20252024202320222021PriorTotal
(in millions)
Commercial mortgage loans$0 $0 $0 $0 $0 $122 $122 
Agricultural property loans
0 0 13 117 1 19 150 
Total
$0 $0 $13 $117 $1 $141 $272 


For the year ended December 31, 2024, there were $137 million of write-downs of which $132 million was related to a loan originated in 2016 and $5 million related to a loan originated in 2015.
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
2025
2024
2023
20222021PriorRevolving LoansTotal
(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$2,816 $2,088 $2,057 $1,270 $2,570 $16,546 $62 $27,409 
60%-69.99%3,670 4,506 1,873 1,250 1,581 3,048 0 15,928 
70%-79.99%677 711 1,242 506 901 1,948 0 5,985 
80% or greater0 36 0 258 454 4,433 0 5,181 
Total$7,163 $7,341 $5,172 $3,284 $5,506 $25,975 $62 $54,503 
Debt Service Coverage Ratio:
Greater than 1.2x
$6,602 $6,779 $4,673 $2,963 $5,333 $23,384 $45 $49,779 
1.0 - 1.2x463 534 499 238 82 885 17 2,718 
Less than 1.0x98 28 0 83 91 1,706 0 2,006 
Total$7,163 $7,341 $5,172 $3,284 $5,506 $25,975 $62 $54,503 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$813 $624 $296 $977 $1,944 $1,927 $143 $6,724 
60%-69.99%76 140 554 8 15 85 58 936 
70%-79.99%0 0 0 0 0 16 0 16 
80% or greater4 0 5 433 10 104 43 599 
Total$893 $764 $855 $1,418 $1,969 $2,132 $244 $8,275 
Debt Service Coverage Ratio:
Greater than 1.2x
$893 $741 $799 $741 $1,849 $1,756 $201 $6,980 
1.0 - 1.2x0 19 40 65 62 148 0 334 
Less than 1.0x0 4 16 612 58 228 43 961 
Total$893 $764 $855 $1,418 $1,969 $2,132 $244 $8,275 
December 31, 2024
Amortized Cost by Origination Year
2024
2023
2022
20212020PriorRevolving Loans
Total
(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$2,122 $1,492 $1,183 $2,295 $1,378 $16,652 $36 $25,158 
60%-69.99%4,726 2,287 1,013 2,192 846 5,113 0 16,177 
70%-79.99%809 1,326 953 1,327 446 2,293 0 7,154 
80% or greater48 135 482 216 281 4,407 0 5,569 
Total$7,705 $5,240 $3,631 $6,030 $2,951 $28,465 $36 $54,058 
Debt Service Coverage Ratio:
Greater than 1.2x
$6,771 $4,563 $3,283 $5,929 $2,795 $25,790 $0 $49,131 
1.0 - 1.2x745 527 313 43 102 1,279 36 3,045 
Less than 1.0x189 150 35 58 54 1,396 0 1,882 
Total$7,705 $5,240 $3,631 $6,030 $2,951 $28,465 $36 $54,058 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$657 $371 $877 $2,004 $679 $1,491 $122 $6,201 
60%-69.99%87 555 125 10 53 43 0 873 
70%-79.99%0 0 0 6 0 3 0 9 
80% or greater0 6 521 0 71 42 52 692 
Total$744 $932 $1,523 $2,020 $803 $1,579 $174 $7,775 
Debt Service Coverage Ratio:
Greater than 1.2x
$688 $864 $932 $1,967 $739 $1,384 $122 $6,696 
1.0 - 1.2x56 63 530 45 23 98 52 867 
Less than 1.0x0 5 61 8 41 97 0 212 
Total$744 $932 $1,523 $2,020 $803 $1,579 $174 $7,775 

Residential mortgage loans primarily include fixed-rate, amortizing mortgage loans on rental properties owned by borrowers with 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
2025
2024
2023
2022
2021
Prior
Total
(in millions)
Residential mortgage loans
Performance indicators:
Performing
$1,561 $57 $0 $0 $0 $14 $1,632 
Nonperforming
0 0 0 0 0 0 0 
Total
$1,561 $57 $0 $0 $0 $14 $1,632 
December 31, 2024
Amortized Cost by Origination Year
20242023202220212020
Prior
Total
(in millions)
Residential mortgage loans
Performance indicators:
Performing
$0 $0 $0 $0 $0 $19 $19 
Nonperforming
0 0 0 0 0 0 0 
Total
$0 $0 $0 $0 $0 $19 $19 

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:

December 31, 2025December 31, 2024
Term
Extension
Other Than Insignificant Delay in Payment
% of
Amortized Cost
Term
Extension
Other Than Insignificant Delay in Payment
% of
Amortized Cost
($ in millions)
Commercial mortgage loans
$0 $0 0.0 %$337 $63 0.1 %
Agricultural property loans$0 $0 0.0 %$3 $0 0.0 %


During the year ended December 31, 2024, the modifications added less than one year to the weighted average life in both the commercial mortgage and agricultural property loan portfolios.

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 Due		60-89 Days
Past Due
90 Days or More Past Due(1)(2)
Total Past
Due		Total
Loans
Non-Accrual
Status(3)
 (in millions)
Commercial mortgage loans$54,349 $0 $0 $154 $154 $54,503 $190 
Agricultural property loans7,443 8 0 824 832 8,275 875 
Residential mortgage loans1,630 2 0 0 2 1,632 0 
Other collateralized loans603 0 0 0 0 603 0 
Uncollateralized loans171 0 0 0 0 171 25 
Total$64,196 $10 $0 $978 $988 $65,184 $1,090 
__________
(1)As of December 31, 2025, there were no loans in this category accruing interest.
(2)Includes loans for which no credit losses are expected due to U.S. agency guarantees.
(3)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2.

 December 31, 2024
 Current30-59 Days
Past Due		60-89 Days
Past Due
90 Days or More Past Due(1)(2)
Total Past
Due		Total
Loans
Non-Accrual
Status(3)
 (in millions)
Commercial mortgage loans$53,873 $0 $3 $182 $185 $54,058 $220 
Agricultural property loans7,012 0 21 742 763 7,775 767 
Residential mortgage loans
19 0 0 0 0 19 0 
Other collateralized loans468 0 0 0 0 468 0 
Uncollateralized loans595 0 0 0 0 595 25 
Total$61,967 $0 $24 $924 $948 $62,915 $1,012 
__________
(1)As of December 31, 2024, there were no loans in this category accruing interest.
(2)Includes loans for which no credit losses are expected due to U.S. agency guarantees.
(3)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2.

Loans on non-accrual status recognized interest of $5 million and $16 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 $442 million and $207 million as of December 31, 2025 and 2024, respectively.

For the years ended December 31, 2025 and 2024, there were $1,618 million and $0 million, respectively, of residential mortgage loans acquired.

For the years ended December 31, 2025 and 2024, there were no residential mortgage 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 millions)
LPs/LLCs:
Equity method:
Private equity$10,832 $10,615 
Hedge funds2,909 3,143 
Real estate-related(1)
2,761 2,661 
Subtotal equity method16,502 16,419 
Fair value:
Private equity848 1,076 
Hedge funds1,964 2,080 
Real estate-related810 951 
Subtotal fair value3,622 4,107 
Total LPs/LLCs20,124 20,526 
Real estate held through direct ownership(1)1,888 1,743 
Total alternative assets
22,012 22,269 
Credit-like instruments(2)1,929 933 
Derivative instruments1,667 1,597 
Other(3)1,686 1,552 
Total other invested assets$27,294 $26,351 
__________ 
(1)As of December 31, 2025 and 2024, real estate held through direct ownership had mortgage debt of $217 million and $185 million, respectively.
(2)Includes structured debt investments in feeder funds that are consolidated, resulting in the Company reporting the consolidated feeder funds’ proportionate share of the net assets of the master fund within Other invested assets.
(3)Primarily includes equity investments accounted for under the measurement alternative, tax advantaged investments, strategic investments made by investment management operations, leveraged leases and member and activity stock held in the Federal Home Loan Bank of New York. For additional information regarding the Company’s holdings in the Federal Home Loan Bank of New York, see Note 18.
 
In certain investment structures, the Company’s asset management business invests with other co-investors in an investment fund referred to as a feeder fund. In these structures, the invested capital of several feeder funds is pooled together and used to purchase ownership interests in another fund, referred to as a master fund. The master fund utilizes this invested capital and, in certain cases, other debt financing, to purchase various classes of assets on behalf of its investors. Specialized industry accounting for investment companies calls for the feeder fund to reflect its investment in the master fund as a single net asset equal to its proportionate share of the net assets of the master fund, regardless of its level of interest in the master fund. In cases where the Company consolidates the feeder fund, it retains the feeder fund’s net asset presentation and reports the consolidated feeder fund’s proportionate share of the net assets of the master fund in “Other long-term investments,” with any unaffiliated investors’ noncontrolling interests in the feeder fund reported in “Other liabilities” or “Noncontrolling interests.” The consolidated feeder funds’ investments in these master funds, reflected on this net asset basis, totaled $781 million and $788 million as of December 31, 2025 and 2024, respectively. There were $500 million and $450 million of unaffiliated interests in the consolidated feeder funds as of December 31, 2025 and 2024, respectively, and the master funds had gross assets of $44,434 million and $43,004 million, respectively, and gross liabilities of $42,644 million and $41,370 million, respectively, which are not included on the Company’s Consolidated Statements of Financial Position.
 
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 joint ventures and other operating entities that are described in more detail in Note 9. Changes between periods in the tables below reflect changes in the activities within the joint ventures and other operating entities and LPs/LLCs, as well as changes in the Company’s level of investment in such entities:
 
December 31,

20252024
 (in millions)
STATEMENTS OF FINANCIAL POSITION
Total assets(1)$1,056,789 $803,096 
Total liabilities(2)$102,261 $59,358 
Partners’ capital954,528 743,738 
Total liabilities and partners’ capital$1,056,789 $803,096 
Equity in LP/LLC interests included above
$17,131 $16,586 
Equity in LP/LLC interests not included above787 1,003 
Carrying value$17,918 $17,589 
__________
(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, securities repurchase agreements and other miscellaneous liabilities.

Years Ended December 31,

202520242023
 (in millions)
STATEMENTS OF OPERATIONS
Total revenues(1)
$118,643 $86,249 $43,325 
Total expenses(2)(35,549)(22,327)(14,551)
Net earnings (losses)$83,094 $63,922 $28,774 
Equity in net earnings (losses) of LP/LLC interests included above
$1,460 $1,112 $620 
Equity in net earnings (losses) of LP/LLC interests not included above(132)(245)22 
Total equity in net earnings (losses)$1,328 $867 $642 
__________
(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 millions)
Fixed maturities$3,089 $2,892 
Equity securities11 8 
Commercial mortgage and other loans250 228 
Policy loans230 236 
Other invested assets10 12 
Short-term investments and cash equivalents46 65 
Total accrued investment income$3,636 $3,441 
Write-downs on accrued investment income were $1 million and $2 million for the years ended December 31, 2025 and 2024, respectively.


Net Investment Income
 
The following table sets forth “Net investment income” by investment type, for the periods indicated:
 
Years Ended December 31,
202520242023
 (in millions)
Fixed maturities, available-for-sale(1)$15,700 $14,948 $13,305 
Fixed maturities, held-to-maturity(1)0 0 148 
Fixed maturities, trading 736 555 292 
Assets supporting experience-rated contractholder liabilities60 56 45 
Equity securities200 206 197 
Commercial mortgage and other loans2,842 2,591 2,279 
Policy loans484 492 499 
Other invested assets 1,968 1,326 1,347 
Short-term investments and cash equivalents958 1,171 954 
Gross investment income22,948 21,345 19,066 
Less: investment expenses(1,475)(1,436)(1,201)
Net investment income$21,473 $19,909 $17,865 
__________
(1)Includes income on credit-linked notes which are reported on the same financial statement line as related surplus notes, as conditions are met for right to offset.

The carrying value of non-income producing assets included $82 million in fixed maturities, available-for-sale, $8 million in fixed maturities, trading, and $7 million in commercial mortgage and other loans 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 millions)
Fixed maturities(1)$(900)$(3,272)$(1,311)
Commercial mortgage and other loans(151)(236)(255)
Investment real estate(10)0 45 
LPs/LLCs25 57 72 
Derivatives(2,513)678 (2,234)
Ceded income (loss) on modified coinsurance assets(2)(3)(597)(654)54 
Other(2)
14 (2)14 
Realized investment gains (losses), net$(4,132)$(3,429)$(3,615)
__________
(1)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 millions)
Fixed maturity securities, available-for-sale with an allowance
$(4)$6 $(72)
Fixed maturity securities, available-for-sale without an allowance
(26,354)(29,109)(18,045)
Derivatives designated as cash flow hedges(1)
(231)1,780 869 
Derivatives designated as fair value hedges(1)
(123)(64)(60)
Other investments(2)
67 106 57 
Net unrealized gains (losses) on investments
$(26,645)$(27,281)$(17,251)
__________
(1)For additional information regarding cash flow and fair value 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. The following table sets forth the composition of “Securities sold under agreements to repurchase,” 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 Days30 to 90 DaysTotal  Overnight & ContinuousUp to 30 Days30 to 90 DaysTotal
(in millions)
U.S. Treasury securities and obligations of U.S. government authorities and agencies$7,277 $1,701 $0 $8,978 $6,450 $0 $0 $6,450 
U.S. public corporate securities
0 527 0 527 0 327 0 327 
Foreign public corporate securities
0 18 0 18 0 19 0 19 
Commercial mortgage-backed securities75 0 0 75 0 0 0 0 
Total securities sold under agreements to repurchase
$7,352 $2,246 $0 $9,598 $6,450 $346 $0 $6,796 

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 DaysTotal  Overnight & ContinuousUp to 30 DaysTotal
(in millions)
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $0 $0 $1 $0 $1 
Obligations of U.S. states and their political subdivisions45 0 45 46 0 46 
Foreign government securities
226 0 226 122 6 128 
U.S. public corporate securities7,068 152 7,220 7,506 403 7,909 
Foreign public corporate securities1,157 16 1,173 1,181 118 1,299 
Equity securities36 0 36 238 0 238 
Total cash collateral for loaned securities(1)
$8,532 $168 $8,700 $9,094 $527 $9,621 
__________ 
(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.

Securities Pledged
 
The Company pledges as collateral investment securities it owns to unaffiliated parties 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, as of the dates indicated:
December 31,
20252024
 (in millions)
Fixed maturities, available-for-sale
$30,047 $22,891 
Fixed maturities, trading231 201 
Separate account assets275 442 
Equity securities244 476 
Short-term investments0 351 
Other319 357 
Total securities pledged(1)
$31,116 $24,718 
__________
(1)These assets are reported on the Company's Consolidated Statements of Financial Position.

The following table sets forth the carrying amount of the associated liabilities supported by the pledged collateral, as of the dates indicated:
December 31,
20252024
 (in millions)
Securities sold under agreements to repurchase$9,598 $6,796 
Cash collateral for loaned securities8,700 9,621 
Policyholders’ account balances(1)
2,501 2,501 
Separate account liabilities284 454 
Short-term debt0 1 
Long-term debt184 99 
Other liabilities(2)
6,215 4,762 
Total liabilities supported by the pledged collateral$27,482 $24,234 
__________
(1)Includes funding agreements issued to the Federal Home Loan Bank of New York.
(2)Primarily includes liabilities associated with derivative counterparties.

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 in customer accounts, securities purchased under agreements to resell and postings of collateral from OTC derivative counterparties. The fair value of this collateral was $1,532 million as of December 31, 2025 (the largest components of which included $637 million of securities and $895 million of cash from OTC derivative counterparties) and $1,920 million as of December 31, 2024 (the largest components of which included $265 million of securities and $1,655 million of cash from OTC derivative counterparties). A portion of the aforementioned securities, for both periods, had either been sold or repledged.

Assets on Deposit, Held in Trust, and Restricted as to Sale

The following table provides assets on deposit, assets held in trust, and securities restricted as to sale, as of the dates indicated:

December 31,
20252024
 (in millions)
Assets on deposit with governmental authorities or trustees$11 $10 
Assets held in voluntary trusts(1)548 533 
Assets held in trust related to reinsurance and other agreements(2)13,564 13,236 
Securities restricted as to sale(3)141 142 
Total assets on deposit, assets held in trust and securities restricted as to sale$14,264 $13,921 
    
__________
(1)Represents assets held in voluntary trusts established primarily to fund guaranteed dividends to certain policyholders and to fund certain employee benefits.
(2)Represents assets held in trust related to reinsurance agreements excluding reinsurance agreements between wholly-owned subsidiaries. Assets valued at $15.0 billion and $16.0 billion were held in trust related to reinsurance agreements between wholly-owned subsidiaries as of December 31, 2025 and 2024, respectively.
(3)Includes member and activity stock associated with membership in the Federal Home Loan Bank of New York.
v3.25.4
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 investment manager of certain asset-backed investment vehicles, commonly referred to as CLOs, and certain other vehicles for which the Company earns fee income for investment management services. The Company may sell or syndicate investments through these vehicles, principally as part of the strategic investing activity of the Company’s investment management businesses. Additionally, the Company may invest in securities issued by these vehicles. The Company is also the investment manager of certain investment structures whose beneficial interests are wholly-owned by consolidated subsidiaries.

The Company has analyzed these relationships and determined that for certain CLOs and other investment structures it is the primary beneficiary and consolidates these entities. This analysis includes a review of (1) the Company’s rights and responsibilities as investment manager and (2) variable interests (if any) held by the Company. The assets of these VIEs are restricted and must be used first to settle liabilities of the VIE. The Company is not required to provide, and has not provided, material financial or other support to any of these VIEs.
 
Additionally, 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. These include structured investments issued by a VIE that manages yen-denominated investments coupled with cross-currency coupon swap agreements thereby creating synthetic dual currency investments. 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. The liabilities primarily comprise obligations under debt instruments issued by the VIEs. The creditors of these VIEs do not have recourse to the Company in excess of the assets contained within the VIEs.
 

Consolidated VIEs for which
the Company is the
Investment Manager(1)
Other Consolidated VIEs
 December 31,December 31,
 2025202420252024
 (in millions)
Fixed maturities, available-for-sale$1,870 $1,250 $663 $716 
Fixed maturities, trading442 166 0 0 
Equity securities106 80 0 0 
Commercial mortgage and other loans583 681 244 490 
Other invested assets8,227 6,379 477 500 
Cash and cash equivalents654 308 0 0 
Accrued investment income12 6 1 3 
Other assets1,594 644 716 613 
Total assets of consolidated VIEs$13,488 $9,514 $2,101 $2,322 
Other liabilities$603 $218 $3 $1 
Notes issued by consolidated VIEs(2)2,644 1,392 15 38 
Total liabilities of consolidated VIEs$3,247 $1,610 $18 $39 
__________
(1)Total assets of consolidated VIEs reflect $4,801 million and $3,835 million as of December 31, 2025 and 2024, respectively, related to VIEs whose beneficial interests are wholly-owned by consolidated subsidiaries.
(2)Recourse is limited to the assets of the respective VIE and does not extend to the general credit of the Company. As of December 31, 2025, the maturities of these obligations were between 0 and 14 years.
 
Unconsolidated Variable Interest Entities
 
The Company has determined that it is not the primary beneficiary of certain VIEs for which it may or may not be the investment manager. These VIEs consist primarily of CLOs and 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 $1,484 million and $1,529 million at December 31, 2025 and 2024, respectively. These investments are reflected in “Fixed maturities, available-for-sale,” “Fixed maturities, trading,” “Equity securities” and “Other invested assets.” There are no liabilities associated with these unconsolidated VIEs on the Company’s Consolidated Statements of Financial Position.

In addition, in the normal course of its activities, the Company will invest in structured investments including VIEs for which it is not the investment manager. These structured investments typically invest in fixed income investments and are managed by third parties and include asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities. The Company’s maximum exposure to loss on these structured investments, both VIEs and non-VIEs, is limited to the amount of its investment. See Note 3 for details regarding the carrying amounts and classification of these assets. The Company has not provided material financial or other support that was not contractually required to these structures. The Company has determined that it is not the primary beneficiary of these structures due to the fact that it does not control these entities.

Limited Partnerships and Limited Liability Companies

In the normal course of its activities, the Company will invest in LPs/LLCs which include hedge funds, private equity funds and real estate-related funds and may or may not be VIEs. The Company classifies these investments as “Other invested assets” and its maximum exposure to loss associated with these VIE and non-VIE entities is limited to the amount of its investment, which was $20,509 million and $21,847 million as of December 31, 2025 and 2024, respectively. The Company has determined that it is not required to consolidate these entities because either (1) it does not control them or (2) it does not have the obligation to absorb losses of these entities that could be potentially significant to the entities or the right to receive benefits from the entities that could be potentially significant.
v3.25.4
Derivative Instruments
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments DERIVATIVES AND HEDGING
 
Types of Derivative and Hedging Instruments
 
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 their 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 equity asset (or equity market index) and SOFR plus an associated funding spread based on a notional amount. The Company generally uses equity 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 futures, options, forwards and swaps, and foreign currency denominated debts 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, and to hedge the currency risk associated with net investments in foreign operations and anticipated earnings of its foreign operations.
 
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. As noted above, the Company uses currency forwards to mitigate the impact of changes in currency exchange rates on U.S. dollar-equivalent earnings generated by certain of its non-U.S. businesses, primarily its international insurance and investment operations. The Company executes forward sales of the hedged currency in exchange for U.S. dollars
at a specified exchange rate. The maturities of these currency 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.

Under foreign currency denominated debts, the Company uses a portion of its foreign currency denominated debt (same functional currency of its foreign subsidiaries) to hedge the risk of change in the net investment in a foreign subsidiary due to changes in exchange rates. These debt obligations reduce the Company’s foreign currency exposure from equity investment and act as hedge of the investment.
 
Credit Contracts
 
The Company writes credit default swaps to gain exposure similar to investment in public fixed maturity cash instruments. With these 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 (in the case of a credit default index) or pay the referenced amount less the auction recovery rate. See credit derivatives section for further discussion of guarantees. In addition to selling credit protection, the Company purchases credit protection using credit derivatives to hedge specific credit exposures in the Company’s investment portfolio.
 
Other Contracts
 
“To Be Announced” (“TBA”) Forward Contracts. The Company uses TBA forward contracts to gain exposure to the investment risk and return of mortgage-backed securities. TBA transactions can help the Company enhance the return on its investment portfolio, and can provide a more liquid and cost-effective method of achieving these goals than purchasing or selling individual mortgage-backed pools. Typically, the price is agreed upon at the time of the contract and payment for such a contract is made at a specified future date. Additionally, pursuant to the Company’s mortgage dollar roll program, TBAs or mortgage-backed securities are transferred to counterparties with a corresponding agreement to repurchase them at a future date. These transactions do not qualify as secured borrowings and are accounted for as derivatives.
 
Loan Commitments. In its mortgage operations, the Company enters into commitments to fund commercial mortgage loans at specified interest rates and other applicable terms within specified periods of time. These commitments are legally binding agreements to extend credit to a counterparty. Loan commitments for loans that will be held for sale are recognized as derivatives and recorded at fair value. The determination of the fair value of loan commitments accounted for as derivatives considers various factors including, among others, terms of the related loan, the intended exit strategy for the loans based upon either securitization valuation models or investor purchase commitments, prevailing interest rates, origination income or expense, and the value of service rights. Loan commitments that relate to the origination of mortgage loans that will be held for investment are not accounted for as derivatives and accordingly are not recognized in the Company’s financial statements. See Note 25 for additional information.
 
Embedded Derivatives. The Company offers certain products (for example, indexed universal life) which may include features that are accounted for as embedded derivatives. These embedded derivatives are carried at fair value through “Realized investment gains (losses), net” based on the change in value of the underlying contractual features, which are determined using valuation models. As part of certain funds withheld reinsurance and modified coinsurance arrangements that are described in Note 15, the reinsurance arrangements may contain embedded derivatives, which would also be carried at fair value through “Realized investment gains (losses), net” based on the total return of the underlying asset portfolio.
 
Synthetic Guarantees. The Company sells synthetic GICs, through investment-only sales channels, to investment vehicles primarily used by qualified defined contribution pension plans. The synthetic GICs are issued in respect of assets that are owned by the trustees of such plans, who invest the assets according to the contract terms agreed to with the Company. The contracts establish participant balances and credit interest thereon. The participant balances are supported by the underlying assets. In connection with certain participant-initiated withdrawals, the contract guarantees that after all underlying assets are liquidated, any remaining participant balances will be paid by the Company. These contracts 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 they are utilized to manage, excluding embedded derivatives. 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. These netting impacts resulted in total derivative assets of $1,671 million and $1,601 million as of December 31, 2025 and 2024, respectively, and total derivative liabilities of $6,215 million and $4,751 million as of December 31, 2025 and 2024, respectively, reflected in the Consolidated Statements of Financial Position.
 December 31, 2025December 31, 2024
Primary Underlying Risk / Instrument TypeFair ValueFair Value
Gross NotionalAssetsLiabilitiesGross NotionalAssetsLiabilities
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$5,083 $23 $(344)$4,260 $11 $(404)
Interest Rate Forwards10 0 0 10 0 0 
Foreign Currency
Foreign Currency Forwards4,912 28 (208)4,771 92 (197)
Currency/Interest Rate
Foreign Currency Swaps33,823 1,286 (1,440)31,301 2,652 (368)
Total Derivatives Designated as Hedge
Accounting Instruments		$43,828 $1,337 $(1,992)$40,342 $2,755 $(969)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$244,336 $10,825 $(23,617)$228,392 $11,272 $(24,802)
Interest Rate Futures12,079 7 (22)9,773 6 (21)
Interest Rate Options30,025 134 (1,382)34,005 430 (1,583)
Interest Rate Forwards3,658 11 (7)2,544 9 (80)
Interest Rate Total Return Swaps
1,434 217 (221)485 4 (2)
Foreign Currency
Foreign Currency Forwards34,149 1,356 (1,383)27,819 1,625 (1,181)
Currency/Interest Rate
Foreign Currency Swaps7,318 370 (179)7,525 658 (129)
Credit
Credit Default Swaps5,784 112 0 4,027 90 0 
Equity
Equity Futures1,033 3 (6)2,019 6 (7)
Equity Options200,661 10,378 (9,189)104,438 4,507 (3,790)
Equity Total Return Swaps
14,973 1,366 (1,159)9,796 331 (327)
Other
Other(1)1,250 0 0 1,250 0 0 
Synthetic GICs75,883 0 0 76,416 1 (1)
Total Derivatives Not Qualifying as Hedge
Accounting Instruments		$632,583 $24,779 $(37,165)$508,489 $18,939 $(31,923)
Total Derivatives(2)(3)$676,411 $26,116 $(39,157)$548,831 $21,694 $(32,892)
__________
(1)“Other” primarily includes derivative contracts used to improve the balance of the Company’s tail longevity and mortality risk. Under these contracts, the Company’s gains (losses) are capped at the notional amount.
(2)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $18,404 million (including the Prismic funds withheld-related embedded derivative net liability of $194 million) and $11,783 million (including the Prismic funds withheld-related embedded derivative net liability of $(91) million) as of December 31, 2025, and 2024, respectively, primarily included in “Policyholders’ account balances” and “Reinsurance and funds withheld payables.”
(3)Recorded in “Other invested assets” and “Other liabilities” on the Consolidated Statements of Financial Position.

As of December 31, 2025, the following amounts were recorded on the Consolidated Statements of Financial Position related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges:
December 31, 2025December 31, 2024
Balance Sheet Line Item in which Hedged Item is RecordedCarrying Amount of the Hedged Assets (Liabilities)Cumulative Amount of
Fair Value Hedging Adjustment Included in the
Carrying Amount of the Hedged
Assets (Liabilities)(1)		Carrying Amount of the Hedged Assets (Liabilities)Cumulative Amount of
Fair Value Hedging Adjustment Included in the
Carrying Amount of the Hedged
Assets (Liabilities)(1)
(in millions)
Fixed maturities, available-for-sale, at fair value$594 $11 $216 $11 
Policyholders’ account balances$(1,588)$299 $(1,510)$327 
Future policy benefits$(2,405)$300 $(2,280)$423 
__________
(1)There were no material fair value hedging adjustments for hedged assets and liabilities for which hedge accounting has been discontinued.

Most of the Company’s derivatives do not qualify for hedge accounting for various reasons. For example: (i) derivatives that economically hedge embedded derivatives do not qualify for hedge accounting because changes in the fair value of the embedded derivatives are already recorded in net income; (ii) derivatives that are utilized as macro hedges of the Company’s exposure to various risks typically do not qualify for hedge accounting because they do not meet the criteria required under portfolio hedge accounting rules; and (iii) synthetic GICs, which are product standalone derivatives, do not qualify as hedging instruments under hedge accounting rules.
Offsetting Assets and Liabilities
 
The following tables present recognized derivative instruments (excluding embedded derivatives), 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
Statements of
Financial
Position		Net Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in millions)
Offsetting of Financial Assets:
Derivatives$25,990 $(24,445)$1,545 $(637)$908 
Securities purchased under agreement to resell0 0 0 0 0 
Total Assets$25,990 $(24,445)$1,545 $(637)$908 
Offsetting of Financial Liabilities:
Derivatives$39,157 $(32,942)$6,215 $(6,011)$204 
Securities sold under agreement to repurchase9,598 0 9,598 (9,523)75 
Total Liabilities$48,755 $(32,942)$15,813 $(15,534)$279 
 
 December 31, 2024
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Statements of
Financial
Position		Net Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in millions)
Offsetting of Financial Assets:
Derivatives$21,574 $(20,093)$1,481 $(696)$785 
Securities purchased under agreement to resell277 0 277 (277)0 
Total Assets$21,851 $(20,093)$1,758 $(973)$785 
Offsetting of Financial Liabilities:
Derivatives$32,891 $(28,141)$4,750 $(4,403)$347 
Securities sold under agreement to repurchase6,796 0 6,796 (6,796)0 
Total Liabilities$39,687 $(28,141)$11,546 $(11,199)$347 
__________
(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 “—Counterparty Credit Risk” below. 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 regarding the Company’s accounting policy for securities repurchase and resale agreements, see Note 2.
 
Cash Flow, Fair Value and Net Investment Hedges
 
The primary derivative and non-derivative instruments used by the Company in its fair value, cash flow and net investment hedge accounting relationships are interest rate swaps, currency swaps, currency forwards, and foreign currency denominated debts. 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 fair value, cash flow or net investment hedge accounting relationships.
 
The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, including the offset of the hedged item in fair value hedge relationships.

 Year Ended December 31, 2025
 
Realized
Investment
Gains
(Losses)
Change in Value of MRBs, Net of Related Hedging Gains (Losses)
Net
Investment
Income		Other
Income (Loss)		Interest
Expense		Interest
Credited to
Policyholders’
Account
Balances		Policyholders’ BenefitsChange in AOCI(1)
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Gains (losses) on derivatives designated as hedge instruments:
Interest Rate$(5)$0 $1 $0 $0 $20 $(1)$0 
Currency0 0 0 0 0 0 128 0 
Total gains (losses) on derivatives designated as hedge instruments(5)0 1 0 0 20 127 0 
Gains (losses) on the hedged item:
Interest Rate2 0 21 0 0 (28)(5)0 
Currency0 0 0 0 0 0 (127)0 
Total gains (losses) on hedged item2 0 21 0 0 (28)(132)0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (14)(59)
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (14)(59)
Total gains (losses) on fair value hedges net of hedged item(3)0 22 0 0 (8)(19)(59)
Cash flow hedges
Interest Rate0 0 (13)0 0 0 0 9 
Currency0 0 0 0 0 0 0 (107)
Currency/Interest Rate7 0 346 (460)0 0 0 (1,913)
Total gains (losses) on cash flow hedges7 0 333 (460)0 0 0 (2,011)
Net investment hedges
Currency0 0 0 0 0 0 0 (47)
Currency/Interest Rate0 0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 0 (47)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(47)(810)0 0 0 0 0 0 
Currency(684)0 0 (1)0 0 0 0 
Currency/Interest Rate(267)0 0 (7)0 0 0 0 
Credit96 0 0 0 0 0 0 0 
Equity3,441 (835)0 0 0 0 0 0 
Embedded Derivatives (2)
(4,834)0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments(2,295)(1,645)0 (8)0 0 0 0 
Total$(2,291)$(1,645)$355 $(468)$0 $(8)$(19)$(2,117)
 Year Ended December 31, 2024
 Realized
Investment
Gains
(Losses)
Change in Value of MRBs, Net of Related Hedging Gains (Losses)
Net
Investment
Income		Other
Income (Loss)		Interest
Expense		Interest
Credited to
Policyholders’
Account
Balances		Policyholders’ BenefitsChange in AOCI(1)
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Gains (losses) on derivatives designated as hedge instruments:
Interest Rate$8 $0 $0 $0 $0 $(119)$(125)$0 
Currency0 0 0 0 0 0 (31)0 
Total gains (losses) on derivatives designated as hedge instruments8 0 0 0 0 (119)(156)0 
Gains (losses) on the hedged item:
Interest Rate(8)0 12 0 0 109 95 0 
Currency0 0 0 0 0 0 31 0 
Total gains (losses) on hedged item(8)0 12 0 0 109 126 0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (10)(4)
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (10)(4)
Total gains (losses) on fair value hedges net of hedged item0 0 12 0 0 (10)(40)(4)
Cash flow hedges
Interest Rate(15)0 (16)0 0 0 0 2 
Currency0 0 0 0 0 0 0 52 
Currency/Interest Rate78 0 328 207 0 0 0 857 
Total gains (losses) on cash flow hedges63 0 312 207 0 0 0 911 
Net investment hedges
Currency0 0 0 0 0 0 0 27 
Currency/Interest Rate0 0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 0 27 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(1,554)(2,313)0 0 0 0 0 0 
Currency263 0 0 0 0 0 0 0 
Currency/Interest Rate292 0 0 2 0 0 0 0 
Credit109 0 0 0 0 0 0 0 
Equity3,257 (852)0 0 0 0 0 0 
Embedded Derivatives (2)
(1,752)0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments615 (3,165)0 2 0 0 0 0 
Total$678 $(3,165)$324 $209 $0 $(10)$(40)$934 
 
Year Ended December 31, 2023
 Realized
Investment
Gains
(Losses)
Change in Value of MRBs, Net of Related Hedging Gains (Losses)
Net
Investment
Income		Other
Income (Loss)		Interest
Expense		Interest
Credited to
Policyholders’
Account
Balances		Policyholders’ BenefitsChange in AOCI(1)
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Gains (losses) on derivatives designated as hedge instruments:
Interest Rate$2 $0 $0 $0 $0 $(31)$(39)$0 
Currency(1)0 (1)0 0 0 104 0 
Total gains (losses) on derivatives designated as hedge instruments1 0 (1)0 0 (31)65 0 
Gains (losses) on the hedged item:
Interest Rate(2)0 13 0 0 2 10 0 
Currency1 0 1 0 0 0 (102)0 
Total gains (losses) on hedged item(1)0 14 0 0 2 (92)0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (8)(6)
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (8)(6)
Total gains (losses) on fair value hedges net of hedged item0 0 13 0 0 (29)(35)(6)
Cash flow hedges
Interest Rate(21)0 (16)0 0 0 0 23 
Currency8 0 0 0 0 0 0 (122)
Currency/Interest Rate74 0 315 (189)0 0 0 (1,648)
Total gains (losses) on cash flow hedges61 0 299 (189)0 0 0 (1,747)
Net investment hedges
Currency0 0 0 0 0 0 0 12 
Currency/Interest Rate0 0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 0 12 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(285)(1,657)0 0 0 0 0 0 
Currency(567)0 0 3 0 0 0 0 
Currency/Interest Rate(211)0 0 (3)0 0 0 0 
Credit164 0 0 0 0 0 0 0 
Equity1,751 (929)0 0 0 0 0 0 
Embedded Derivatives (2)
(3,133)0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments(2,281)(2,586)0 0 0 0 0 0 
Total$(2,220)$(2,586)$312 $(189)$0 $(29)$(35)$(1,741)
Excludes changes related to net investment hedges using non-derivative instruments of $(3) million, $78 million, and $28 million for the years ended December 31, 2025, 2024, and 2023, respectively.
(2)Includes the Prismic funds withheld-related embedded derivative realized gain (loss) of $(284) million, $598 million, and $(508) million for the years ended December 31, 2025, 2024, and 2023 respectively.
Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:

(in millions)
Balance, December 31, 2022$2,616 
Amount recorded in AOCI
Interest Rate
(15)
Currency
(108)
Currency/Interest Rate
(1,448)
Total amount recorded in AOCI(1,571)
Amount reclassified from AOCI to income
Interest Rate
38 
Currency
(14)
Currency/Interest Rate
(200)
Total amount reclassified from AOCI to income(176)
Balance, December 31, 2023$869 
Amount recorded in AOCI
Interest Rate
(28)
Currency
55 
Currency/Interest Rate
1,469 
Total amount recorded in AOCI1,496 
Amount reclassified from AOCI to income
Interest Rate
30 
Currency
(3)
Currency/Interest Rate
(612)
Total amount reclassified from AOCI to income(585)
Balance, December 31, 2024$1,780 
Amount recorded in AOCI
Interest Rate
(4)
Currency
(115)
Currency/Interest Rate
(2,020)
Total amount recorded in AOCI(2,139)
Amount reclassified from AOCI to income
Interest Rate
13 
Currency
8 
Currency/Interest Rate
107 
Total amount reclassified from AOCI to income128 
Balance, December 31, 2025$(231)

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 Comprehensive Income; 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 approximately $281 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 future cash flows from forecasted transactions denominated in foreign currencies, the purchases of invested assets, and the receipt or payment of variable interest on existing financial instruments. The maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for forecasted transactions is 26 years.
 
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. In addition, there were no instances in which the Company discontinued fair value hedge accounting due to a hedged firm commitment no longer qualifying as a fair value hedge.

For net investment hedges, in addition to derivatives, the Company uses foreign currency denominated debt to hedge the risk of change in the net investment in a foreign subsidiary due to changes in exchange rates. For effective net investment hedges, the amounts, before applicable taxes, recorded in the cumulative translation adjustment within AOCI were $(49) million for the year ended December 31, 2025, $104 million for the year ended December 31, 2024, and $39 million for the year ended December 31, 2023.
Credit Derivatives
 
The following tables provide a summary of the notional and fair value of written credit protection, presented as assets (liabilities). The Company’s maximum amount at risk under these credit derivatives, assuming the value of the underlying referenced securities become worthless, is equal to the notional amounts. These credit derivatives have maturities of less than 10 years for index reference.

December 31, 2025
NAIC Rating Designation of Underlying Credit Obligation(1)
NAIC 1NAIC 2NAIC 3NAIC 4NAIC 5
NAIC 6(2)
Total
Gross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair Value
(in millions)
Single name reference(3)
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Index reference(3)
0 0 0 0 5,043 61 0 0 0 0 741 51 5,784 112 
Total$0 $0 $0 $0 $5,043 $61 $0 $0 $0 $0 $741 $51 $5,784 $112 

December 31, 2024
NAIC Rating Designation of Underlying Credit Obligation(1)
NAIC 1NAIC 2NAIC 3NAIC 4NAIC 5
NAIC 6(2)
Total
Gross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair Value
(in millions)
Single name reference(3)
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Index reference(3)
0 0 0 0 3,365 40 0 0 0 0 662 50 4,027 90 
Total$0 $0 $0 $0 $3,365 $40 $0 $0 $0 $0 $662 $50 $4,027 $90 
__________
(1)The NAIC rating designations are based on availability and the lowest ratings among “Moody's, Standard & Poor’s Rating Services (“S&P”) and Fitch Ratings Inc. (“Fitch”). If no rating is available from a rating agency, an NAIC 6 rating is used.
(2)The NAIC rating designation is due to approximately 3% and 4% of the index reference name rated as NAIC 6 as of December 31, 2025, and 2024, respectively.
(3)Single name credit default swaps may make reference to the credit of corporate debt, sovereign debt, and structured finance. Index reference NAIC designations are based on the lowest rated single name reference included in the index.

The Company has no exposure on purchased credit protection as of December 31, 2025, and 2024.
Counterparty Credit Risk
 
The Company is exposed to losses in the event of non-performance by counterparties to financial derivative transactions with a positive fair value. The Company manages credit risk by: (i) entering into derivative transactions with highly rated major 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. In addition, certain of the Company’s derivative agreements contain credit-risk related contingent features; if the credit rating of one of the parties to the derivative agreement is to fall below a certain level, the party with positive fair value could request termination at the then fair value or demand immediate full collateralization from the party whose credit rating fell and is in a net liability position.
As of December 31, 2025, there were no net liability derivative positions with counterparties with credit risk-related contingent features. All derivatives have been appropriately collateralized by the Company or the counterparty in accordance with the terms of the derivative agreements.
v3.25.4
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.
 
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 commercial mortgage loans, short-term investments, certain cash equivalents (primarily commercial paper), and certain OTC derivatives.
 
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, certain consolidated real estate funds for which the Company is the general partner, contracts or contract features pertaining to living benefit features (market risk benefits) of the Company’s variable annuity contracts and embedded derivatives associated with the index-linked features of certain universal life and annuity products.
 
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 3
Netting(1)
Total
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $22,179 $0 $$22,179 
Obligations of U.S. states and their political subdivisions0 5,460 5 5,465 
Foreign government securities0 50,609 5 50,614 
U.S. corporate public securities0 107,718 63 107,781 
U.S. corporate private securities(2)
0 42,007 5,094 47,101 
Foreign corporate public securities0 23,661 42 23,703 
Foreign corporate private securities0 38,425 1,734 40,159 
Asset-backed securities(3)
0 15,227 4,102 19,329 
Commercial mortgage-backed securities0 8,890 853 9,743 
Residential mortgage-backed securities0 5,281 100 5,381 
Subtotal0 319,457 11,998 331,455 
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies0 245 0 245 
Foreign government securities
0 596 0 596 
Corporate securities0 55 0 55 
Equity securities
2,225 1,721 0 3,946 
Subtotal2,225 2,617 0 4,842 
Market risk benefit assets0 0 2,330 2,330 
Fixed maturities, trading0 12,556 2,313 14,869 
Equity securities
8,052 2,294 626 10,972 
Commercial mortgage and other loans0 793 263 1,056 
Other invested assets(4)
301 25,816 1,088 (24,445)2,760 
Short-term investments116 5,664 1 5,781 
Cash equivalents1,466 11,372 0 12,838 
Reinsurance recoverables and deposit receivables
0 206 367 573 
Separate account assets(5)(6)
9,419 159,115 211 168,745 
Total assets$21,579 $539,890 $19,197 $(24,445)$556,221 
Market risk benefit liabilities$0 $0 $4,623 $$4,623 
Policyholders’ account balances0 0 18,799 18,799 
Reinsurance and funds withheld payables
0 174 0 174 
Other liabilities280 38,877 0 (32,942)6,215 
Notes issued by consolidated VIEs0 0 767 

767 
Total liabilities$280 $39,051 $24,189 $(32,942)$30,578 
 December 31, 2024
 Level 1Level 2Level 3
Netting(1)
Total
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $20,348 $0 $$20,348 
Obligations of U.S. states and their political subdivisions0 6,098 6 6,104 
Foreign government securities0 57,472 7 57,479 
U.S. corporate public securities0 98,442 66 98,508 
U.S. corporate private securities(2)
0 39,848 3,941 43,789 
Foreign corporate public securities0 21,946 36 21,982 
Foreign corporate private securities0 32,675 1,788 34,463 
Asset-backed securities(3)
0 15,654 1,480 17,134 
Commercial mortgage-backed securities0 8,420 853 9,273 
Residential mortgage-backed securities0 2,490 0 2,490 
Subtotal0 303,393 8,177 311,570 
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies0 220 0 220 
Foreign government securities
0 539 0 539 
Corporate securities0 67 0 67 
Equity securities1,522 1,359 0 2,881 
Subtotal1,522 2,185 0 3,707 
Market risk benefit assets0 0 2,331 2,331 
Fixed maturities, trading0 10,544 1,986 12,530 
Equity securities
7,154 1,745 518 9,417 
Commercial mortgage and other loans0 469 233 702 
Other invested assets(4)
10 21,683 953 (20,093)2,553 
Short-term investments1,896 6,238 461 8,595 
Cash equivalents326 10,365 0 10,691 
Reinsurance recoverables and deposit receivables0 236 613 849 
Separate account assets(5)(6)
8,441 157,999 232 166,672 
Total assets$19,349 $514,857 $15,504 $(20,093)$529,617 
Market risk benefit liabilities$0 $0 $4,455 $$4,455 
Policyholders’ account balances0 0 12,746 12,746 
Reinsurance and funds withheld payables
0 (118)0 (118)
Other liabilities
28 32,863 1 (28,141)4,751 
Notes issued by consolidated VIEs0 0 60 60 
Total liabilities$28 $32,745 $17,262 $(28,141)$21,894 
__________
(1)“Netting” amounts represent cash collateral of $(8,496) million and $(8,049) 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)Excludes notes with fair value of $15,744 million (carrying amount of $15,744 million) and $14,748 million (carrying amount of $14,748 million) as of December 31, 2025 and 2024, respectively, which have been offset with the associated debt under a netting agreement.
(3)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans, education loans and other asset types.
(4)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. As of December 31, 2025 and 2024, the fair value of such investments was $5,526 million and $5,021 million, respectively.
(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 other invested assets. As of December 31, 2025 and 2024, the fair value of such investments was $27,506 million and $26,700 million, respectively.
(6)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.

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-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.
 
Assets Supporting Experience-Rated Contractholder Liabilities—Assets supporting experience-rated contractholder liabilities consist primarily of fixed maturity securities, equity securities and derivatives whose fair values are determined consistent with similar instruments described above under “Fixed Maturity Securities” and below under “Equity Securities” and “Derivative Instruments.”
 
Equity Securities—Equity securities consist principally of investments in common and preferred stock of publicly-traded companies, perpetual preferred stock, 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. The fair values of perpetual preferred stock are based on inputs obtained from independent pricing services that are primarily based on indicative broker quotes. As a result, the fair values of perpetual preferred stock are classified as Level 3.
 
Commercial Mortgage and Other Loans—The fair value of loans held and accounted for using the fair value option is determined utilizing pricing indicators from the whole loan market, where investors are committed to purchase these loans at a predetermined price, which is considered the principal exit market for these loans. The Company evaluates the valuation inputs used for these assets, including the existence of predetermined exit prices, the terms of the loans, prevailing interest rates and credit risk, and deems the primary pricing inputs are Level 2 inputs in the fair value hierarchy.
 
Other Invested Assets—Other invested assets primarily include investments in LPs/LLCs, derivatives and certain limited partnerships which are consolidated because the Company is either deemed to exercise control or considered the primary beneficiary of a variable interest entity. These entities are primarily investment companies and follow specialized industry accounting whereby their assets are carried at fair value. The investments held by these entities include various feeder fund investments in underlying master funds (whose underlying holdings generally include public fixed maturities, equity securities and mutual funds), as well as wholly-owned real estate held within other investment funds. For the unconsolidated fund investments, the fair value is primarily determined by the fund managers and is measured at NAV as a practical expedient.
 
Reinsurance Recoverables and Deposit Receivables—Reinsurance recoverables and deposit receivables primarily include (1) an embedded derivative on deposit receivables where the Company has ceded fixed indexed annuities; and (2) embedded derivatives associated with receivables from modified coinsurance arrangements where the Company is the reinsurer, and net receivables from modified coinsurance arrangements where the Company is the cedant, and generally reflect the fair value of the invested assets retained by the cedant.

Other Assets—Other assets reflected in Level 3 includes the fair value of strategic investments held and accounted for using the fair value option.

Derivative Instruments—Derivatives are recorded at fair value either as assets, within “Other invested assets” or as liabilities, within “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, commodity prices, credit spreads, market volatility, expected returns, NPR, liquidity and other factors. For derivative positions included within Level 3 of the fair value hierarchy, liquidity valuation adjustments are made to reflect the cost of exiting significant risk positions, and consider the bid-ask spread, maturity, complexity and other specific attributes of the underlying derivative position.
 
The Company’s exchange-traded futures and options include Treasury futures, Eurodollar futures, commodity futures, Eurodollar options and commodity options. 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, commodity forward contracts, credit default swaps, loan commitments held for sale and to be announced (“TBA”) forward contracts on highly rated mortgage-backed securities issued by U.S. government sponsored entities 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.
 
The majority of the Company’s derivative agreements are with highly rated major international financial institutions. To reflect the market’s perception of its own and the counterparty’s NPR, the Company incorporates additional spreads over SOFR
into the discount rate used in determining the fair value of OTC derivative liabilities after netting of collateral. Rates used to discount expected cash flows to value OTC derivative assets reflect the terms of the Credit Support Annex (“CSA”).
 
Derivatives classified as Level 3 include look-back equity options and other structured products. These derivatives are valued based upon models, such as Monte Carlo simulation models and other techniques that utilize significant unobservable inputs. Level 3 methodologies are validated through periodic comparison of the Company’s fair values to external broker-dealer values.
 
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.
 
Separate Account Assets—Separate account assets include mutual funds, fixed maturity securities, treasuries, equity securities, real estate and commercial mortgage loans for which values are determined consistent with similar instruments described above under “Fixed Maturity Securities,” “Equity Securities” and “Commercial Mortgage and Other Loans.”

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 Retirement Strategies segment 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 contract holders 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 require the use of management’s judgement 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 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 15 which represents a total return swap associated with the assets supporting the liability to the reinsurer. 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.”

Notes issued by Consolidated VIEs—These notes are based on the fair values of corresponding bank loan collateral. Since the notes are valued based on reference collateral, they are classified as Level 3. See Note 4 and “Fair Value Option” below for additional information.
 
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 ValueValuation
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of
Increase in
Input on
Fair
Value(1)
 (in millions)
Assets:
Corporate securities(2)(3)$7,702 Discounted
cash flow		Discount rate1.10%25.50%8.47%Decrease
Market comparablesEBITDA multiple(4)5.5X8.5X7.5XIncrease
LiquidationLiquidation value12.01%39.00%30.18%Increase
Asset backed securities
$1,767 Discounted
cash flow		Discount rate2.10%10.05%6.10%
Decrease
Liquidity premium1.50%2.60%1.89%Decrease
Commercial mortgage-backed securities$853 Discounted
cash flow		Liquidity premium0.90%0.90%0.90%Decrease
Market risk benefit assets(6)
$2,330 Discounted cash flow
Lapse rate(8)
1%20%Increase
Spread over SOFR(9)
0.38%1.61%Increase
Utilization rate(10)
37%94%Decrease
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)
0%16%Increase
Equity volatility curve15%25%Decrease
Equity securities$214 Discounted
cash flow(5)
Discount rate(5)
40%40%Decrease
Market comparables
EBITDA multiple(4)
7.0X7.0X7.0XIncrease
Net Asset ValueShare price$3$1,809$778Increase
Commercial mortgage and other loans$263 Discounted
cash flow		Spread2.15%3.10%2.63%Decrease
Reinsurance recoverables and deposit receivables
$367 Discounted cash flow
Lapse rate(8)
1%50%Increase
Spread over SOFR(9)0.38%1.61%Increase
Option Budget(13)
0%6%Decrease
Liabilities:
Market risk benefit liabilities(6)
$4,623 Discounted
cash flow
Lapse rate(8)
1%20%Decrease
Spread over SOFR(9)
0.38%1.61%Decrease
Utilization rate(10)
37%94%Increase
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)
0%16%Decrease
   Equity volatility curve15%25% Increase
Policyholders’ account balances(7)
$18,716 Discounted
cash flow
Lapse rate(8)
0%80%Decrease
Spread over SOFR(9)
0.38%1.61%Decrease
Mortality rate(12)
0%23%Decrease
Option Budget(13)
(2)%9%Increase
Notes issued by consolidated VIEs$382 LiquidationLiquidation value100.00%100.00%100.00%Increase
 December 31, 2024

Fair ValueValuation
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of
Increase in
Input on
Fair
Value(1)
 (in millions)
Assets:
Corporate securities(2)(3)$6,763 Discounted
cash flow		Discount rate0.95%20.00%10.36%Decrease
Market comparables
EBITDA multiple(4)
3.0X8.8X7.6XIncrease
LiquidationLiquidation value75.00%75.00%75.00%Increase
Asset backed securities$529 Discounted
cash flow		Discount rate2.30%10.70%6.08%Decrease
Commercial mortgage-backed securities$853 Discounted
cash flow		Liquidity premium1.00%1.00%1.00%Decrease
Market risk benefit assets(6)
$2,331 
Discounted cash flow
Lapse rate(8)
1%20%Increase
Spread over SOFR(9)
0.29%1.71%Increase
Utilization rate(10)
37%94%Decrease
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)
0%16%Increase
Equity volatility curve16%25%Decrease
Equity securities$209 
Discounted
cash flow
Discount rate(5)
0.16%40%Decrease
Market comparables
EBITDA multiple(4)
5.5X12.2X6.0XIncrease
Net Asset ValueShare price$3$1,810$779Increase
Reinsurance recoverables and deposit receivables$613 Discounted cash flowLapse rate(8)1%50%Increase
Spread over SOFR(9)0.29%1.71%Increase
Option Budget(13)0%6%Decrease
Liabilities:
Market risk benefit liabilities(6)
$4,455 
Discounted
cash flow
Lapse rate(8)
1%20%Decrease
Spread over SOFR(9)
0.29%1.71%Decrease
Utilization rate(10)
37%94%Increase
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)
0%16%Decrease
   Equity volatility curve16%25% Increase
Policyholders’ account balances(7)
$12,741 
Discounted
cash flow
Lapse rate(8)
0%80%Decrease
Spread over SOFR(9)
0.29%1.73%Decrease
Mortality rate(12)
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)Includes assets classified as fixed maturities available-for-sale, assets supporting experience-rated contractholder liabilities and fixed maturities, trading.
(3)Excludes notes which have been offset with the associated debt under a netting agreement.
(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)For these investments, a range of discount rates is typically used and is therefore a more meaningful representation of the unobservable inputs used in the valuation rather than a weighted average.
(6)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.
(7)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.
(8)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.
(9)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 15 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.
(10)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.
(11)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%.
(12)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.
(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 14). 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 period
Unrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$6 $0 $0 $0 $0 $(1)$0 $0 $0 $5 $0 
Foreign government7 0 0 0 0 (2)0 0 0 5 0 
Corporate securities(3)5,831 (131)2,682 (547)0 (1,210)(42)413 (63)6,933 (165)
Structured securities(4)2,333 44 2,902 (169)0 (513)(174)1,220 (588)5,055 50 
Other assets:
Fixed maturities, trading1,986 (54)1,725 (324)0 (542)181 30 (689)2,313 (86)
Equity securities518 5 246 (82)0 (3)(8)131 (181)626 (7)
Commercial mortgage and other loans
233 (1)0 0 31 0 0 0 0 263 0 
Other invested assets953 (14)196 (46)0 (2)1 0 0 1,088 (15)
Short-term investments461 (1)39 (453)0 (62)(5)22 0 1 0 
Cash equivalents0 0 12 0 0 (10)(2)0 0 0 0 
Reinsurance recoverables and deposit receivables613 (29)94 0 0 (75)(236)0 0 367 (104)
Other assets0 0 0 0 0 0 0 0 0 0 0 
Separate account assets
232 20 99 (51)0 (68)0 4 (25)211 13 
Liabilities:
Policyholders’ account balances(5)
(12,746)(4,475)0 0 (1,570)0 (8)0 0 (18,799)616 
Other liabilities(1)1 0 0 0 0 0 0 0 0 1 
Notes issued by consolidated VIEs(60)5 0 0 (507)193 (398)0 0 (767)2 
 Year Ended December 31, 2025
Total realized and unrealized gains (losses)
Unrealized gains (losses) for assets and liabilities still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (loss)
Net investment incomeRealized investment gains (losses), netOther income
(loss)		Interest credited to policyholders’ account balances
Included in other comprehensive income (loss)
(in millions)
Fixed maturities, available-for-sale$(162)$0 $0 $80 $(5)$(190)$0 $0 $75 
Other assets:
Fixed maturities, trading0 (54)0 0 0 0 (86)0 0 
Equity securities0 5 0 0 0 0 (7)0 0 
Commercial mortgage and other loans
(1)0 0 0 0 0 0 0 0 
Other invested assets(1)(14)0 0 1 (1)(14)0 0 
Short-term investments0 0 0 (1)0 0 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables(29)0 0 0 0 (104)0 0 0 
Other assets0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 20 0 0 0 0 13 0 
Liabilities:
Policyholders’ account balances(4,475)0 0 0 0 616 0 0 0 
Other liabilities1 0 0 0 0 1 0 0 0 
Notes issued by consolidated VIEs0 5 0 0 0 0 2 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 period
Unrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$7 $0 $0 $0 $0 $0 $(1)$0 $0 $6 $(1)
Foreign government8 0 0 0 0 (1)0 0 0 7 0 
Corporate securities(3)4,806 (253)2,181 (145)0 (806)(144)250 (58)5,831 (227)
Structured securities(4)1,297 5 2,764 (244)0 (125)(494)67 (937)2,333 (2)
Other assets:
Fixed maturities, trading429 (67)1,826 (56)0 (218)1 466 (395)1,986 (64)
Equity securities512 (22)153 (55)0 (67)5 2 (10)518 (6)
Commercial mortgage and other loans
0 0 0 0 210 0 23 0 0 233 0 
Other invested assets846 (85)175 (2)0 0 19 0 0 953 (85)
Short-term investments29 0 488 (25)0 (6)(25)0 0 461 1 
Cash equivalents4 0 5 0 0 0 (9)0 0 0 0 
Reinsurance recoverables and deposit receivables224 144 223 0 0 (66)88 0 0 613 78 
Other assets
11 0 8 0 0 0 (19)0 0 0 0 
Separate account assets
1,094 (61)322 (1,061)0 (14)0 12 (60)232 (24)
Liabilities:
Policyholders’ account balances(5)(7,752)(2,785)0 0 (2,254)0 45 0 0 (12,746)1,165 
Other liabilities(1)0 0 0 0 0 0 0 0 (1)0 
Notes issued by consolidated VIEs(778)(5)0 0 (60)0 783 0 0 (60)0 
 Year Ended December 31, 2024
Total realized and unrealized gains (losses)
Unrealized gains (losses) for assets and liabilities still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (loss)
Net investment incomeRealized investment gains (losses), netOther income
(loss)		Interest credited to policyholders’ account balances
Included in other comprehensive income (loss)
(in millions)
Fixed maturities, available-for-sale$(269)$0 $0 $22 $(1)$(240)$0 $0 $10 
Other assets:
Fixed maturities, trading0 (69)0 0 2 0 (64)0 0 
Equity securities0 (22)0 0 0 0 (6)0 0 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 
Other invested assets(1)(84)0 0 0 (1)(84)0 0 
Short-term investments(1)0 0 0 1 0 0 0 1 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables144 0 0 0 0 78 0 0 0 
Other assets
0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 (61)0 0 0 0 (24)0 
Liabilities:
Policyholders’ account balances(2,785)0 0 0 0 1,165 0 0 0 
Other liabilities0 0 0 0 0 0 0 0 0 
Notes issued by consolidated VIEs0 (5)0 0 0 0 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 balances
Included in other comprehensive income (loss)
Net investment incomeRealized investment gains (losses), netOther income
(loss)		Interest credited to policyholders’ account balances
Included in other comprehensive income (loss)
(in millions)
Fixed maturities, available-for-sale$(25)$0 $0 $(5)$9 $(7)$0 $0 $(30)
Other assets:
Fixed maturities, trading0 9 0 0 2 0 5 0 0 
Equity securities(1)27 0 0 0 0 12 0 0 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 
Other invested assets(4)(34)0 0 0 (4)(34)0 0 
Short-term investments3 0 0 0 2 0 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables(40)0 0 0 0 (63)0 0 0 
Other assets
0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 55 0 0 0 0 42 0 
Liabilities:
Policyholders’ account balances(2,601)0 0 0 0 (322)0 0 0 
Other liabilities
0 0 0 0 0 0 0 0 0 
Notes issued by consolidated VIEs0 9 0 0 0 0 9 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 public, U.S. corporate private, foreign corporate public and foreign corporate private securities.
(4)Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities.
(5)Issuances and settlements for Policyholders’ account balances are presented net in the rollforward.
(6)Excludes MRB assets of $2,330 million and $2,331 million and MRB liabilities of $4,623 million and $4,455 million as of December 31, 2025 and 2024, respectively. See Note 14 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.
Derivative Fair Value Information
 
The following tables present the balances of certain derivative assets and liabilities measured at fair value on a recurring basis, as of the dates indicated, by the primary underlying risks they are used to manage. These tables include NPR and exclude embedded derivatives. The derivative assets and liabilities shown below are included in “Other invested assets” or “Other liabilities” in the tables contained within the sections “—Assets and Liabilities by Hierarchy Level” and “—Changes in Level 3 Assets and Liabilities,” above.
 
 As of December 31, 2025
 Level 1Level 2Level 3Netting(1)Total
 (in millions)
Derivative Assets:
Interest Rate$7 $11,210 $0 $$11,217 
Currency0 1,384 0 1,384 
Credit0 112 0 112 
Currency/Interest Rate0 1,656 0 1,656 
Equity293 11,454 0 11,747 
Netting(1)(24,445)(24,445)
Total derivative assets$300 $25,816 $0 $(24,445)$1,671 
Derivative Liabilities:
Interest Rate$22 $25,571 $0 $$25,593 
Currency0 1,591 0 1,591 
Credit0 00 0
Currency/Interest Rate0 1,619 0 1,619 
Equity258 10,096 0 10,354 
Netting(1)(32,942)(32,942)
Total derivative liabilities$280 $38,877 $0 $(32,942)$6,215 
 
 As of December 31, 2024
 Level 1Level 2Level 3Netting(1)Total
 (in millions)
Derivative Assets:
Interest Rate$7 $11,725 $1 $$11,733 
Currency0 1,717 0 1,717 
Credit0 90 0 90 
Currency/Interest Rate0 3,310 0 3,310 
Equity3 4,841 0 4,844 
Netting(1)(20,093)(20,093)
Total derivative assets$10 $21,683 $1 $(20,093)$1,601 
Derivative Liabilities:
Interest Rate$21 $26,871 $1 $$26,893 
Currency0 1,378 0 1,378 
Credit0 0 0 0 
Currency/Interest Rate0 497 0 497 
Equity7 4,117 0 4,124 
Netting(1)(28,141)(28,141)
Total derivative liabilities$28 $32,863 $1 $(28,141)$4,751 
__________
(1)“Netting” amounts represent cash collateral and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.
 
Changes in Level 3 Derivative Assets and Liabilities—The following tables provide a summary of the changes in fair value of Level 3 derivative 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:

Year Ended December 31, 2025
Fair Value, beginning of periodTotal realized and unrealized gains (losses) (1)PurchasesSalesIssuancesSettlementsOtherTransfers into
Level 3 (2)		Transfers out of Level 3 (2)Fair Value, end of periodUnrealized gains (losses) for assets still held (1)
(in millions)
Net Derivative - Equity$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Net Derivative - Interest Rate0 0 0 0 0 0 0 0 0 0 0 
 
Year Ended December 31, 2024
Fair Value, beginning of periodTotal realized and unrealized gains (losses) (1)PurchasesSalesIssuancesSettlementsOtherTransfers into
Level 3 (2)		Transfers out of Level 3 (2)Fair Value, end of periodUnrealized gains (losses) for assets still held (1)
(in millions)
Net Derivative - Equity$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Net Derivative - Interest Rate0 0 0 0 0 0 0 0 0 0 0 

Year Ended December 31, 2023
Fair Value, beginning of periodTotal realized and unrealized gains (losses) (1)PurchasesSalesIssuancesSettlementsOtherTransfers into
Level 3 (2)		Transfers out of Level 3 (2)Fair Value, end of periodUnrealized gains (losses) for assets still held (1)
(in millions)
Net Derivative - Equity$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Net Derivative - Interest Rate0 0 0 0 0 0 0 0 0 0 0 
__________
(1)Total realized and unrealized gains (losses) as well as unrealized gains (losses) for assets still held at the end of the period are recorded in “Realized investment gains (losses), net.”
(2)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.
Nonrecurring Fair Value Measurements—The following tables represent information for assets measured at fair value on a nonrecurring basis. The fair value measurement is nonrecurring as these assets are measured at fair value only when there is a triggering event (e.g., an evidence of impairment). Assets included in the table are those that were adjusted to fair value during the respective reporting periods and that are still held as of the reporting date. The estimated fair values for these amounts were determined using significant unobservable inputs (Level 3).

Year Ended December 31,
202520242023
(in millions)
Gains (Losses):
Commercial mortgage loans(1)$0 $0 $(29)
Investment real estate(2)
$(12)$(12)$(17)
Investment in JV/LP and Other(2)
$(70)$(7)$(76)
Equity securities(2)
$56 $0 $0 
Goodwill(3)
$0 $0 $(177)

Year Ended December 31,
20252024
(in millions)
Carrying value after measurement as of period end:
Commercial mortgage loans(1)
$0 $0 
Investment real estate(2)
$45 $73 
Investment in JV/LP and Other2)
$61 $128 
Equity securities(2)
$92 $0 
Goodwill
$0 $0 
__________
(1)Commercial mortgage loans are valued based on discounted cash flows utilizing market rates or the fair value of the underlying real estate collateral.
(2)Reported carrying values for 2025 include values as of the measurement periods of March 31, 2025 for “Investment real estate,” December 31, 2025 for “Investment in JV/LP and Other” and September 30, 2025 and December 31, 2025 for “Equity securities.” Reported carrying values for 2024 include values as of the measurement periods of March 31, 2024 for “Investment in JV/LP and Other” and June 30, 2024 and September 30, 2024 for “Investment real estate.”
(3)The Company recognized a goodwill impairment charge for Assurance IQ (“AIQ”) in 2023. The fair value was determined using weighting of an income approach, based on discounted cash flow valuation techniques and a market valuation approach based on a forward sales multiple.
Fair Value Option
 
The fair value option allows the Company to elect fair value as an alternative measurement for selected financial assets and financial liabilities not otherwise reported at fair value. Such elections have been made by the Company to help mitigate volatility in earnings that result from different measurement attributes. Electing the fair value option also allows the Company to achieve consistent accounting for certain assets and liabilities. Changes in fair value are reflected in “Realized investment gains (losses), net” for commercial mortgage and other loans and “Other income (loss)” for other assets and notes issued by consolidated VIEs. Changes in fair value due to instrument-specific credit risk are estimated using changes in credit spreads and quality ratings for the period reported. Interest income on commercial mortgage and other loans is included in “Net investment income.” Interest income on these loans is recorded based on the effective interest rate as determined at the closing of the loan.
 
The following tables present information regarding assets and liabilities where the fair value option has been elected:
 Year Ended December 31,
 202520242023
 (in millions)
Liabilities:
Notes issued by consolidated VIEs:
Changes in fair value$(5)$5 $(9)
 Year Ended December 31,
 202520242023
 (in millions)
Commercial mortgage and other loans:
Interest income$46 $26 $9 
Changes in fair value$(1)$0 $0 
Notes issued by consolidated VIEs:
Interest expense$13 $14 $11 
 
 Year Ended December 31,
 20252024
 (in millions)
Commercial mortgage and other loans(1):
Fair value as of period end$1,056 $702 
Aggregate contractual principal as of period end$1,048 $697 
Other invested assets:
Fair value as of period end$26 $19 
Notes issued by consolidated VIEs:
Fair value as of period end$767 $60 
Aggregate contractual principal as of period end$767 $60 
__________ 
(1)As of December 31, 2025, for loans for which the fair value option has been elected, none of the loans were 90 days or more past due.
 
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 millions)
Assets:
Commercial mortgage and other loans$0 $14 $63,164 $63,178 $63,659 
Policy loans12 0 9,946 9,958 9,958 
Other invested assets0 93 0 93 93 
Short-term investments632 1 0 633 633 
Cash and cash equivalents6,652 222 0 6,874 6,874 
Accrued investment income0 3,636 0 3,636 3,636 
Reinsurance recoverables and deposit receivables
0 8 6,710 6,718 6,718 
Other assets37 3,142 2 3,181 3,181 
Total assets$7,333 $7,116 $79,822 $94,271 $94,752 
Liabilities:
Policyholders’ account balances—investment contracts$0 $35,175 $49,931 $85,106 $89,970 
Securities sold under agreements to repurchase0 9,598 0 9,598 9,598 
Cash collateral for loaned securities0 8,700 0 8,700 8,700 
Reinsurance and funds withheld payables(2)
0 10,639 (32)10,607 10,607 
Short-term debt
0 1,408 33 1,441 1,443 
Long-term debt(3)
7,507 10,324 522 18,353 18,856 
Notes issued by consolidated VIEs
0 0 1,892 1,892 1,892 
Other liabilities0 6,993 31 7,024 7,024 
Separate account liabilities—investment contracts0 22,548 17,663 40,211 40,211 
Total liabilities$7,507 $105,385 $70,040 $182,932 $188,301 
 December 31, 2024
 Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in millions)
Assets:
Commercial mortgage and other loans$0 $17 $58,446 $58,463 $61,639 
Policy loans8 0 9,787 9,795 9,795 
Other invested assets0 95 0 95 95 
Short-term investments453 21 0 474 474 
Cash and cash equivalents7,352 454 0 7,806 7,806 
Accrued investment income0 3,441 0 3,441 3,441 
Reinsurance recoverables and deposit receivables
0 8 5,782 5,790 5,790 
Other assets
23 3,062 1 3,086 3,086 
Total assets$7,836 $7,098 $74,016 $88,950 $92,126 
Liabilities:
Policyholders’ account balances—investment contracts$0 $31,405 $43,466 $74,871 $79,571 
Securities sold under agreements to repurchase0 6,796 0 6,796 6,796 
Cash collateral for loaned securities0 9,621 0 9,621 9,621 
Reinsurance and funds withheld payables(2)
0 10,489 (35)10,454 10,454 
Short-term debt
0 521 439 960 953 
Long-term debt(3)
524 17,185 423 18,132 19,187 
Notes issued by consolidated VIEs
0 0 1,370 1,370 1,370 
Other liabilities
0 6,886 32 6,918 6,918 
Separate account liabilities—investment contracts0 21,144 18,677 39,821 39,821 
Total liabilities$524 $104,047 $64,372 $168,943 $174,691 
__________
(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.
(2)Includes contracts reinsured through coinsurance with funds withheld agreement with Prismic Re with a fair value of $7,513 million (carrying amount of $7,513 million) and $7,887 million (carrying amount of $7,887 million), a portion of which relates to insurance contracts as of December 31, 2025 and December 31, 2024, respectively. See Note 15 for additional information regarding the reinsurance arrangement with Prismic Re.
(3)Excludes debt with fair value of $15,744 million (carrying amount of $15,744 million) and $14,748 million (carrying amount of $14,748 million) as of December 31, 2025 and December 31, 2024, respectively, which have been offset with the associated notes under a netting agreement.

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 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; and other assets that meet the definition of financial instruments, including receivables, such as unsettled trades, accounts receivable and restricted cash.

Reinsurance Recoverables and Deposit Receivables

Reinsurance recoverables and deposit receivables includes receivables from modified coinsurance arrangements where the Company is the reinsurer and generally reflect the fair value of the invested assets retained by the cedant. 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, single premium endowments, 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 GICs, funding agreements, structured settlements without life contingencies and other similar products, fair values are generally derived using discounted projected cash flows based on interest rates being offered for similar contracts with maturities consistent with those of the contracts being valued. 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. For defined contribution and defined benefit contracts and certain other products, the fair value is the market value of the assets supporting the liabilities.
 
Securities Sold Under Agreements to Repurchase
 
The Company receives collateral for selling securities under agreements to repurchase, or pledges collateral under agreements to resell. Repurchase and resale agreements are also generally short-term in nature and, therefore, the carrying amounts of these instruments approximate fair value.

Cash Collateral for Loaned Securities
 
Cash collateral for loaned securities represents the collateral received or paid in connection with loaning or borrowing securities, similar to the securities sold under agreement to repurchase above. 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 includes 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.
 
Debt
 
The fair value of short-term and long-term debt, as well as notes issued by consolidated VIEs, is generally determined by either prices obtained from independent pricing services, which are validated by the Company, or discounted cash flow models. With the exception of the notes issued by consolidated VIEs for which recourse is limited to the assets of the respective VIE and does not extend to the general credit of the Company, the fair values of these instruments consider the Company’s NPR. Discounted cash flow models predominately use market observable inputs such as the borrowing rates currently available to the Company for debt and financial instruments with similar terms and remaining maturities. For commercial paper issuances and other debt with a maturity of less than 90 days, the carrying value approximates fair value.
 
Other Liabilities
 
Other liabilities are primarily payables, such as unsettled trades, drafts and accrued expense payables. Due to the short-term until settlement of most of these liabilities, the Company believes that carrying value approximates fair value.
 
Separate Account Liabilities—Investment Contracts
 
Only the portion of separate account liabilities related to products that are investment contracts are reflected in the table above. Separate account liabilities are recorded at the amount credited to the contractholder, which reflects the change in fair value of the corresponding separate account assets including contractholder deposits less withdrawals and fees; therefore, carrying value approximates fair value.
v3.25.4
Separate Accounts
 12 Months Ended
Dec. 31, 2025
Separate Accounts Disclosure [Abstract]  
Separate Account 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 13 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,
2025		December 31,
2024
(in millions)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$4,753 $4,674 
Obligations of U.S. states and their political subdivisions
2,514 2,224 
Foreign government bonds
109 93 
U.S. corporate securities
13,783 11,440 
Foreign corporate securities
4,282 3,010 
Asset-backed securities
3,445 1,283 
Mortgage-backed securities
10,154 14,144 
Mutual funds:
Equity
92,137 90,180 
Fixed Income
30,602 33,828 
Other
6,315 5,439 
Equity securities
5,459 4,845 
Commercial mortgage and other loans
53 54 
Other invested assets
19,749 19,352 
Short-term investments
1,276 1,137 
Cash and cash equivalents
1,620 1,669 
Total
$196,251 $193,372 

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 ended are as follows:

Year Ended December 31, 2025
Retirement Strategies
PGIM
Institutional
Individual
Group Insurance
Individual Life
Total
(in millions)
Balance, BOP
$28,645 $9,308 $86,974 $25,126 $46,891 $196,944 
Deposits
9,597 397 560 157 4,298 15,009 
Investment performance
1,930 698 9,914 2,359 6,762 21,663 
Policy charges
(64)(11)(1,994)(340)(1,250)(3,659)
Surrenders and withdrawals
(6,871)(604)(14,305)(119)(1,445)(23,344)
Benefit payments
(3,706)(544)(102)(400)(561)(5,313)
Net transfers (to) from general account
(36)(174)8 49 (763)(916)
Other
(217)(93)2 84 140 (84)
Balance, EOP
$29,278 $8,977 $81,057 $26,916 $54,072 $200,300 
Other businesses(1)
(4,049)
Total separate account liabilities
$196,251 
Cash surrender value(2)
$29,278 $8,977 $80,384 $26,828 $52,552 $198,019 
__________
(1)Primarily represents activity from the Company’s intercompany eliminations as well as Divested and Run-off Businesses. There are no associated cash surrender charges.
(2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.

Year Ended December 31, 2024
Retirement Strategies
PGIM
Institutional
Individual
Group Insurance
Individual Life
Total
(in millions)
Balance, BOP
$32,648 $11,011 $94,130 $25,021 $39,223 $202,033 
Deposits
15,374 143 606 734 3,728 20,585 
Investment performance
(45)146 8,722 1,013 7,032 16,868 
Policy charges
(69)(11)(2,231)(317)(1,168)(3,796)
Surrenders and withdrawals
(14,766)(1,050)(14,070)(370)(986)(31,242)
Benefit payments
(3,550)(541)(87)(303)(449)(4,930)
Net transfers (to) from general account
(184)(76)(102)6 (577)(933)
Other
(763)(314)6 (658)88 (1,641)
Balance, EOP
$28,645 $9,308 $86,974 $25,126 $46,891 196,944 
Other businesses(1)
(3,572)
Total separate account liabilities
$193,372 
Cash surrender value(2)
$28,645 $9,308 $86,081 $25,028 $43,333 $192,395 
__________
(1)Primarily represents activity from the Company’s intercompany eliminations as well as Divested and Run-off Businesses. There are no associated cash surrender charges.
(2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.

Year Ended December 31, 2023
Retirement Strategies
PGIM
Institutional
Individual
Group Insurance
Individual Life
Total
(in millions)
Balance, BOP
$40,056 $11,428 $93,395 $23,513 $32,930 $201,322 
Deposits
6,848 259 446 103 2,972 10,628 
Investment performance
(1,045)830 12,598 1,828 6,742 20,953 
Policy charges
(81)(12)(2,316)(337)(1,075)(3,821)
Surrenders and withdrawals
(8,109)(660)(9,891)(52)(765)(19,477)
Benefit payments
(3,477)(562)(95)(290)(342)(4,766)
Net transfers (to) from general account
(501)(74)(17)44 (1,344)(1,892)
Other
(1,043)(198)10 212 105 (914)
Balance, EOP
$32,648 $11,011 $94,130 $25,021 $39,223 202,033 
Other businesses(1)
(3,145)
Total separate account liabilities
$198,888 
Cash surrender value(2)
$32,648 $11,011 $92,927 $24,911 $35,921 $197,418 
__________
(1)Primarily represents activity from the Company’s intercompany eliminations as well as Divested and Run-off Businesses. There are no associated cash surrender charges.
(2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.
v3.25.4
Deferred Policy Acquisition Costs, Deferred Reinsurance, Deferred Sales Inducements and Value of Business Acquired
 12 Months Ended
Dec. 31, 2025
Deferred Charges, Insurers [Abstract]  
Deferred Policy Acquisition Costs, Deferred Reinsurance, Deferred Sales Inducements and Value of Business Acquired DEFERRED POLICY ACQUISITION COSTS, DEFERRED REINSURANCE, DEFERRED SALES INDUCEMENTS AND VALUE OF BUSINESS ACQUIRED
Deferred Policy Acquisition Costs

The following tables show a rollforward for the lines of business that contain material DAC balances, along with a reconciliation to the Company’s total DAC balance:

Year Ended December 31, 2025
Retirement StrategiesIndividual LifeInternational BusinessesTotal
Individual Variable
Term LifeVariable/
Universal Life
(in millions)
Balance, BOP$3,713 $2,215 $4,878 $9,304 $20,110 
Capitalization531 195 740 1,197 2,663 
Amortization expense(465)(207)(235)(697)(1,604)
Other adjustments(1)17 0 7 (214)(190)
Foreign currency adjustment0 0 0 88 88 
Balance, EOP$3,796 $2,203 $5,390 $9,678 21,067 
Other businesses463 
Total DAC balance$21,530 
__________
(1)Includes the impact of the reinsurance transaction with Prismic Re International in International Businesses. See Note 15 for additional information.

Year Ended December 31, 2024
Retirement StrategiesIndividual LifeInternational Businesses(1)Total
Individual Variable
Term LifeVariable/
Universal Life
(in millions)
Balance, BOP$3,676 $2,237 $5,364 $9,351 $20,628 
Capitalization423 186 734 1,139 2,482 
Amortization expense(386)(208)(241)(670)(1,505)
Other adjustments(2)0 0 (979)(40)(1,019)
Foreign currency adjustment0 0 0 (476)(476)
Balance, EOP$3,713 $2,215 $4,878 $9,304 20,110 
Other businesses338 
Total DAC balance$20,448 
__________
(1)Prior period amounts have been updated to conform to current presentation.
(2)Includes the impacts of the reinsurance transactions with Wilton Re and Somerset Re in Individual Life (Universal Life). See Note 15 for additional information

Year Ended December 31, 2023
Retirement StrategiesIndividual LifeInternational Businesses(1)Total
Individual Variable
Term LifeVariable/
Universal Life
(in millions)
Balance, BOP$4,171 $2,288 $5,000 $8,941 $20,400 
Capitalization261 160 608 1,196 2,225 
Amortization expense(366)(212)(244)(641)(1,463)
Other adjustments(2)
(390)1 0 20 (369)
Foreign currency adjustment0 0 0 (165)(165)
Balance, EOP$3,676 $2,237 $5,364 $9,351 20,628 
Other businesses228 
Total DAC balance$20,856 
__________
(1)Prior period amounts have been updated to conform to current presentation.
(2)Includes the impact of the reinsurance transaction with AuguStar in Individual Retirement Strategies. See Note 15 for additional information.

Deferred Reinsurance Losses

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

Year Ended December 31, 2025
Retirement StrategiesIndividual LifeTotal
Individual Variable
Institutional
Variable/
Universal Life
(in millions)
Balance, BOP$150 $130 $969 $1,249 
Amortization
(29)(3)(37)(69)
Balance, EOP$121 $127 $932 1,180 
Other businesses64 
Total DRL balance$1,244 

Year Ended December 31, 2024
Retirement StrategiesIndividual LifeTotal
Individual Variable
Institutional
Variable/
Universal Life
(in millions)
Balance, BOP$178 $132 $0 $310 
Deferred reinsurance loss(1)
0 0 979 979 
Amortization
(28)(2)(10)(40)
Balance, EOP$150 $130 $969 1,249 
Other businesses87 
Total DRL balance
$1,336 
__________
(1)Includes the impacts of the reinsurance transaction with Wilton Re. See Note 15 for additional information.
Year Ended December 31, 2023
Retirement StrategiesIndividual LifeTotal
Individual Variable
Institutional
Variable/
Universal Life
(in millions)
Balance, BOP$206 $0 $0 $206 
Deferred reinsurance loss(1)
0 224 0 224 
Amortization
(28)(1)0 (29)
Other adjustments(1)0 (91)0 (91)
Balance, EOP$178 $132 $0 310 
Other businesses0 
Total DRL balance
$310 
__________
(1)Includes the impacts of the reinsurance transaction with Prismic Re. See Note 15 for additional information.

Deferred Reinsurance Gains

The following tables show a rollforward for the lines of business that contain DRG balances, along with a reconciliation to the Company's total DRG balance:

Year Ended December 31, 2025
Retirement StrategiesIndividual LifeTotal
Individual Variable
Institutional
Variable/
Universal Life
(in millions)
Balance, BOP$287 $62 $348 $697 
Deferred reinsurance gain
0 6 0 6 
Amortization
(24)(3)(15)(42)
Foreign currency adjustment0 2 0 2 
Balance, EOP$263 $67 $333 663 
Other businesses40 
Total DRG balance$703 

Year Ended December 31, 2024
Retirement StrategiesIndividual LifeTotal
Individual Variable
Institutional
Variable/
Universal Life
(in millions)
Balance, BOP$311 $65 $0 $376 
Deferred reinsurance gain(1)
0 1 363 364 
Amortization
(24)(3)(15)(42)
Foreign currency adjustment0 (1)0 (1)
Balance, EOP$287 $62 $348 697 
Other businesses42 
Total DRG balance
$739 
__________
(1)Includes the impacts of the reinsurance transaction with Somerset Re. See Note 15 for additional information.
Year Ended December 31, 2023
Retirement StrategiesIndividual LifeTotal
Individual Variable
Institutional
Variable/
Universal Life
(in millions)
Balance, BOP$55 $62 $0 $117 
Deferred reinsurance gain(1)
277 3 0 280 
Amortization
(21)(3)0 (24)
Foreign currency adjustment0 3 0 3 
Balance, EOP$311 $65 $0 376 
Other businesses48 
Total DRG balance
$424 
__________
(1)Includes the impacts of the reinsurance transaction with AuguStar. See Note 15 for additional information.

Deferred Sales Inducements

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

Year Ended December 31,
202520242023
(in millions)
Balance, BOP
$376 $410 $446 
Capitalization
5 1 2 
Amortization expense
(34)(35)(38)
Balance, EOP
347 376 410 
Other businesses
28 30 33 
Total DSI balance
$375 $406 $443 

Value of Business Acquired

The following table shows a rollforward of VOBA balances for the acquisition of the Star and Edison Businesses for International Businesses, along with a reconciliation to the Company’s total VOBA balance:

Year Ended December 31,
202520242023
(in millions)
Balance, BOP
$421 $511 $597 
Amortization expense
(40)(42)(49)
Foreign currency adjustment
3 (48)(37)
Balance, EOP
384 421 511 
Other businesses(1)
13 14 19 
Total VOBA balance
$397 $435 $530 
__________
(1)Represents Aoba Life business.
The following table provides estimated future amortization for the periods indicated:

20262027202820292030ThereafterTotal
(in millions)
Estimated future VOBA amortization$37 $33 $30 $27 $25 $245 $397 
v3.25.4
Investments In Operating Joint Ventures
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments In Operating Joint Ventures INVESTMENTS IN JOINT VENTURES AND OTHER OPERATING ENTITIES
 
The Company has made investments in certain joint ventures and other operating entities that are strategic in nature and are made for other than the sole purpose of generating investment income. These investments are primarily accounted for under the equity method of accounting and are included in “Other assets” in the Company’s Consolidated Statements of Financial Position. The earnings from these investments are primarily included on an after-tax basis in “Equity in earnings of joint ventures and other operating entities, net of taxes” in the Company’s Consolidated Statements of Operations. The summarized financial information for the Company’s investments in joint ventures and other operating entities has been included in the summarized combined financial information for all significant equity method investments shown in Note 3.
 
The following table sets forth information related to the Company’s investments in joint ventures and other operating entities as of and for the years ended December 31:
 
202520242023(1)
 (in millions)
Investment in joint ventures and other operating entities
$1,030 $782 $1,192 
Dividends received from joint ventures and other operating entities
$107 $95 $66 
After-tax equity in earnings of joint ventures and other operating entities
$129 $144 $49 
__________
(1)In September of 2023, the Company acquired a 20% equity interest as a limited partner in Prismic. See Note 1 for additional information.
 
For the years ended December 31, 2025, 2024 and 2023, the Company recognized $61 million, $31 million and $10 million, respectively, of asset management fee income for services the Company provided to these joint ventures and other operating entities.
v3.25.4
Goodwill and Other Intangibles
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangibles GOODWILL AND OTHER INTANGIBLES
 
The changes in the carrying value of goodwill by reportable segment are as follows:
 
PGIMInternational
Businesses
Corporate and Other
OtherTotal
 (in millions)
Goodwill balance, December 31, 2022:$549 $115 $202 $10 $876 
Acquisitions(1)373 0 0 0 373 
Impairments(2)0 0 (177)0 (177)
Divestitures(3)
0 0 (23)0 (23)
Foreign currency translation30 (7)(1)0 22 
Goodwill balance, December 31, 2023:952 108 1 10 1,071 
Foreign currency translation and other(6)(12)0 0 (18)
Goodwill balance, December 31, 2024:946 96 1 10 1,053 
Foreign currency translation and other
47 1 (1)(10)37 
Goodwill balance, December 31, 2025:$993 $97 $0 $0 $1,090 
__________
(1)During 2023, PGIM acquired a majority stake in Deerpath Capital Management, LP, a leading U.S.-based private credit and direct lending manager. The goodwill associated with that acquisition includes a measurement period adjustment made during 2024.
(2)Corporate and Other includes the impairment of the remaining goodwill allocated with Assurance IQ.
(3)Corporate and Other includes a sale of a foreign operation classified as a divested business.

The Company tests goodwill for impairment annually, as of December 31, and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount, as discussed in further detail in Note 2. The Company performed the annual goodwill impairment test using the quantitative approach for its reporting units at December 31, 2025. The estimated fair values of both PGIM and International Businesses incorporated a market approach based on an earnings multiple and exceeded their carrying values, resulting in no goodwill impairment as of December 31, 2025.

Other Intangibles

Other intangible balances at December 31, are as follows:
 
 20252024
 Gross Carrying AmountAccumulated
Amortization		Net Carrying AmountGross Carrying AmountAccumulated
Amortization		Net Carrying Amount
 (in millions)
Subject to amortization:
Mortgage servicing rights$918 $(650)$268 $897 $(630)$267 
Customer relationships271 (197)74 260 (173)87 
Software and other35 (26)9 41 (30)11 
Not subject to amortization39 N/A39 41 N/A41 
Total$390 $406 
 
The fair values of net mortgage servicing rights were $271 million and $269 million at December 31, 2025 and 2024, respectively. Amortization expense for other intangibles was $73 million, $80 million and $89 million for the years ending December 31, 2025, 2024 and 2023, respectively. The amortization expense amounts for 2025, 2024 and 2023 do not include impairments recorded for mortgage servicing rights or other intangibles. See the nonrecurring fair value measurements section of Note 6 for additional information regarding these impairments.
The following table provides estimated future amortization for the periods indicated:

20262027202820292030
(in millions)
Estimated future amortization expense of other intangibles$69 $62 $56 $40 $32 
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Operating Leases, Lessee LEASES
The Company occupies leased office space and other facilities in many locations under various long-term leases and has entered into numerous leases covering the long-term use of computers and other equipment. The leases, depending on their specific terms, are classified as either operating or finance with the vast majority of leases falling under the operating classification. The leases in the Company’s portfolio have remaining lease terms from less than one year to 23 years, some of which include options to extend the leases for up to 15 years, and some of which include options to terminate the leases within 12 years. An analysis of all economic and non-economic factors associated with leases containing certain options, including factors such as the existence of cancellation penalties, leasehold improvements made to the underlying assets and location of the underlying assets, is conducted to determine whether those leases are reasonably certain to renew, and hence, should be included in the lease term that is used to establish the right-of-use assets and lease liabilities for those arrangements.

The Company does not have residual guarantees associated with its lessee arrangements, nor are there any restrictions or covenants associated with its lease arrangements.

Lessee
    
Supplemental balance sheet information related to leases where the Company is the lessee is included below. Right-of-use assets and lease liabilities are included within “Other assets” and “Other liabilities” respectively.

December 31,
20252024
($ in millions)
Operating Leases:
Right-of-use assets$366 $373 
Lease liabilities$408 $408 
Weighted average remaining lease term8 years9 years
Weighted average discount rate2.82 %2.58 %

Maturities of operating lease liabilities are as follows:
December 31, 2025
(in millions)
2026$92 
202781 
202856 
202946 
203041 
Thereafter189 
Total lease payments505 
Less imputed interest(97)
Total$408 

Lease expense is included in “General and administrative expenses,” which consisted of operating lease and short-term costs. Operating lease costs were $121 million, $123 million, and $121 million for the years ended December 31, 2025, 2024,
and 2023, respectively. Short-term lease costs were $70 million, $68 million, and $74 million for the years ended December 31, 2025, 2024, and 2023, respectively. Short-term lease costs relate to those leases with terms of twelve months or less that do not include an option to purchase the underlying asset that is reasonably certain of exercise.

Lessor
The Company directly owns certain real estate properties that are primarily reported within the investment portfolio. Such real estate is leased to third parties, with the Company serving as the lessor. The terms of the leases vary depending on property type (e.g., commercial or residential). In most cases, the lessee has an option to renew the lease contract based on market rates but does not have an option to purchase the property. The terms of the leases may also include provisions for the use of common areas. Such non-lease components are not separately accounted for by the Company, as a result of applying a practical expedient. Lease income included in “Net investment income” was $64 million, $69 million, and $79 million for the years ended December 31, 2025, 2024, and 2023, respectively. Lease income included in “Other income” was $12 million, $11 million, and $11 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Operating Leases, Lessor LEASES
The Company occupies leased office space and other facilities in many locations under various long-term leases and has entered into numerous leases covering the long-term use of computers and other equipment. The leases, depending on their specific terms, are classified as either operating or finance with the vast majority of leases falling under the operating classification. The leases in the Company’s portfolio have remaining lease terms from less than one year to 23 years, some of which include options to extend the leases for up to 15 years, and some of which include options to terminate the leases within 12 years. An analysis of all economic and non-economic factors associated with leases containing certain options, including factors such as the existence of cancellation penalties, leasehold improvements made to the underlying assets and location of the underlying assets, is conducted to determine whether those leases are reasonably certain to renew, and hence, should be included in the lease term that is used to establish the right-of-use assets and lease liabilities for those arrangements.

The Company does not have residual guarantees associated with its lessee arrangements, nor are there any restrictions or covenants associated with its lease arrangements.

Lessee
    
Supplemental balance sheet information related to leases where the Company is the lessee is included below. Right-of-use assets and lease liabilities are included within “Other assets” and “Other liabilities” respectively.

December 31,
20252024
($ in millions)
Operating Leases:
Right-of-use assets$366 $373 
Lease liabilities$408 $408 
Weighted average remaining lease term8 years9 years
Weighted average discount rate2.82 %2.58 %

Maturities of operating lease liabilities are as follows:
December 31, 2025
(in millions)
2026$92 
202781 
202856 
202946 
203041 
Thereafter189 
Total lease payments505 
Less imputed interest(97)
Total$408 

Lease expense is included in “General and administrative expenses,” which consisted of operating lease and short-term costs. Operating lease costs were $121 million, $123 million, and $121 million for the years ended December 31, 2025, 2024,
and 2023, respectively. Short-term lease costs were $70 million, $68 million, and $74 million for the years ended December 31, 2025, 2024, and 2023, respectively. Short-term lease costs relate to those leases with terms of twelve months or less that do not include an option to purchase the underlying asset that is reasonably certain of exercise.

Lessor
The Company directly owns certain real estate properties that are primarily reported within the investment portfolio. Such real estate is leased to third parties, with the Company serving as the lessor. The terms of the leases vary depending on property type (e.g., commercial or residential). In most cases, the lessee has an option to renew the lease contract based on market rates but does not have an option to purchase the property. The terms of the leases may also include provisions for the use of common areas. Such non-lease components are not separately accounted for by the Company, as a result of applying a practical expedient. Lease income included in “Net investment income” was $64 million, $69 million, and $79 million for the years ended December 31, 2025, 2024, and 2023, respectively. Lease income included in “Other income” was $12 million, $11 million, and $11 million for the years ended December 31, 2025, 2024, and 2023, respectively.
v3.25.4
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, partially offset by unfavorable updates for morbidity in Long-Term Care and mortality in Institutional Retirement Strategies. 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 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 Institutional Retirement Strategies and Long-Term Care, partially offset by unfavorable updates to policyholder behavior assumptions on certain life policies in International Businesses. Additionally, there was an unfavorable impact for direct and assumed AIR, primarily due to updates to policyholder behavior assumptions on universal life polices with secondary guarantees in Individual Life.

In 2023, the Company recognized an unfavorable 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 unfavorable 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 policyholder behavior and claim assumptions in Long-Term Care. Additionally, there was an unfavorable impact for direct and assumed AIR, 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 in Individual Life.
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
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$72,526 $10,724 $45,851 $2,854 $131,955 
Effect of cumulative changes in discount rate assumptions, BOP14,545 578 2,599 132 17,854 
Balance at original discount rate, BOP87,071 11,302 48,450 2,986 149,809 
Effect of assumption update169 (241)(1,072)8 (1,136)
Effect of actual variances from expected experience and other activity(49)(179)(803)106 (925)
Adjusted balance, BOP87,191 10,882 46,575 3,100 147,748 
Issuances13,848 813 2,880 0 17,541 
Net premiums / considerations collected(10,223)(1,365)(6,656)(310)(18,554)
Interest accrual3,638 527 1,449 142 5,756 
Foreign currency adjustment7,155 0 451 0 7,606 
Other adjustments0 60 91 0 151 
Balance at original discount rate, EOP101,609 10,917 44,790 2,932 160,248 
Effect of cumulative changes in discount rate assumptions, EOP(14,178)(280)(3,431)(64)(17,953)
Balance, EOP$87,431 $10,637 $41,359 $2,868 142,295 
Other businesses, EOP111 
Total balance, EOP$142,406 


Year Ended December 31, 2025
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$151,484 $18,996 $135,485 $11,178 $317,143 
Effect of cumulative changes in discount rate assumptions, BOP20,182 1,134 17,834 1,548 40,698 
Balance at original discount rate, BOP171,666 20,130 153,319 12,726 357,841 
Effect of assumption update322 (392)(1,013)14 (1,069)
Effect of actual variances from expected experience and other activity71 (230)(928)105 (982)
Adjusted balance, BOP172,059 19,508 151,378 12,845 355,790 
Issuances13,848 813 2,880 0 17,541 
Interest accrual7,238 943 4,738 617 13,536 
Benefit payments(15,095)(1,526)(8,430)(367)(25,418)
Foreign currency adjustment7,219 0 997 0 8,216 
Other adjustments5 30 247 0 282 
Balance at original discount rate, EOP185,274 19,768 151,810 13,095 369,947 
Effect of cumulative changes in discount rate assumptions, EOP(17,758)(602)(26,267)(1,435)(46,062)
Balance, EOP$167,516 $19,166 $125,543 $11,660 323,885 
Other businesses, EOP1,689 
Total balance, EOP$325,574 
Year Ended December 31, 2025
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring$80,086 $8,529 $84,184 $8,792 $181,591 
Flooring impact, EOP183 1 77 0 261 
Balance, EOP, post-flooring80,269 8,530 84,261 8,792 181,852 
Less: Reinsurance recoverable5,189 613 307 0 6,109 
Balance after reinsurance recoverable, EOP, post-flooring$75,080 $7,917 $83,954 $8,792 175,743 
Other businesses, EOP(1)1,522 
Total balance after reinsurance recoverable, EOP$177,265 

Year Ended December 31, 2024
Present Value of Expected Net Premiums
Retirement StrategiesIndividual LifeInternational Businesses(2)Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$71,407 $11,274 $55,431 $3,286 $141,398 
Effect of cumulative changes in discount rate assumptions, BOP11,869 228 1,218 16 13,331 
Balance at original discount rate, BOP83,276 11,502 56,649 3,302 154,729 
Effect of assumption update41 21 (863)(276)(1,077)
Effect of actual variances from expected experience and other activity568 (228)(2,160)122 (1,698)
Adjusted balance, BOP83,885 11,295 53,626 3,148 151,954 
Issuances24,498 857 3,354 0 28,709 
Net premiums / considerations collected(22,206)(1,379)(6,969)(311)(30,865)
Interest accrual2,896 530 1,527 149 5,102 
Foreign currency adjustment(2,002)0 (3,209)0 (5,211)
Other adjustments0 (1)121 0 120 
Balance at original discount rate, EOP87,071 11,302 48,450 2,986 149,809 
Effect of cumulative changes in discount rate assumptions, EOP(14,545)(578)(2,599)(132)(17,854)
Balance, EOP$72,526 $10,724 $45,851 $2,854 131,955 
Other businesses, EOP93 
Total balance, EOP$132,048 
Year Ended December 31, 2024
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP $141,135 $19,852 $158,858 $12,139 $331,984 
Effect of cumulative changes in discount rate assumptions, BOP 14,751 334 7,918 603 23,606 
Balance at original discount rate, BOP 155,886 20,186 166,776 12,742 355,590 
Effect of assumption update(481)21 (513)(394)(1,367)
Effect of actual variances from expected experience and other activity 716 (252)(2,184)99 (1,621)
Adjusted balance, BOP 156,121 19,955 164,079 12,447 352,602 
Issuances 24,498 857 3,354 0 28,709 
Interest accrual 6,290 945 4,717 606 12,558 
Benefit payments (13,131)(1,615)(9,163)(327)(24,236)
Foreign currency adjustment (2,017)0 (9,953)0 (11,970)
Other adjustments (95)(12)285 0 178 
Balance at original discount rate, EOP 171,666 20,130 153,319 12,726 357,841 
Effect of cumulative changes in discount rate assumptions, EOP (20,182)(1,134)(17,834)(1,548)(40,698)
Balance, EOP $151,484 $18,996 $135,485 $11,178 317,143 
Other businesses, EOP 1,646 
Total balance, EOP $318,789 

Year Ended December 31, 2024
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring $78,958 $8,272 $89,634 $8,324 $185,188 
Flooring impact, EOP 68 0 37 0 105 
Balance, EOP, post-flooring 79,026 8,272 89,671 8,324 185,293 
Less: Reinsurance recoverable 5,057 654 349 0 6,060 
Balance after reinsurance recoverable, EOP, post-flooring $73,969 $7,618 $89,322 $8,324 179,233 
Other businesses, EOP(1) 1,493 
Total balance after reinsurance recoverable, EOP $180,726 
Year Ended December 31, 2023
Present Value of Expected Net Premiums
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$52,620 $11,282 $59,640 $2,932 $126,474 
Effect of cumulative changes in discount rate assumptions, BOP14,349 572 2,680 103 17,704 
Balance at original discount rate, BOP66,969 11,854 62,320 3,035 144,178 
Effect of assumption update(1,117)(1)(97)266 (949)
Effect of actual variances from expected experience and other activity540 (223)(1,937)161 (1,459)
Adjusted balance, BOP66,392 11,630 60,286 3,462 141,770 
Issuances20,914 750 3,875 0 25,539 
Net premiums / considerations collected(10,389)(1,413)(7,637)(317)(19,756)
Interest accrual2,233 538 1,669 157 4,597 
Foreign currency adjustment4,126 0 (1,663)0 2,463 
Other adjustments0 (3)119 0 116 
Balance at original discount rate, EOP83,276 11,502 56,649 3,302 154,729 
Effect of cumulative changes in discount rate assumptions, EOP(11,869)(228)(1,218)(16)(13,331)
Balance, EOP$71,407 $11,274 $55,431 $3,286 141,398 
Other businesses, EOP86 
Total balance, EOP$141,484 

Year Ended December 31, 2023
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP $117,754 $19,288 $158,970 $10,685 $306,697 
Effect of cumulative changes in discount rate assumptions, BOP 20,170 1,012 14,985 1,216 37,383 
Balance at original discount rate, BOP 137,924 20,300 173,955 11,901 344,080 
Effect of assumption update(1,289)(1)189 357 (744)
Effect of actual variances from expected experience and other activity 514 (269)(1,836)160 (1,431)
Adjusted balance, BOP 137,149 20,030 172,308 12,418 341,905 
Issuances 20,914 750 3,875 0 25,539 
Interest accrual 5,109 944 4,902 594 11,549 
Benefit payments (11,477)(1,522)(9,022)(270)(22,291)
Foreign currency adjustment 4,209 0 (5,515)0 (1,306)
Other adjustments (18)(16)228 0 194 
Balance at original discount rate, EOP 155,886 20,186 166,776 12,742 355,590 
Effect of cumulative changes in discount rate assumptions, EOP (14,751)(334)(7,918)(603)(23,606)
Balance, EOP $141,135 $19,852 $158,858 $12,139 331,984 
Other businesses, EOP 1,716 
Total balance, EOP $333,700 
Year Ended December 31, 2023
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring $69,728 $8,578 $103,426 $8,852 $190,584 
Flooring impact, EOP 61 0 25 0 86 
Balance, EOP, post-flooring 69,789 8,578 103,451 8,852 190,670 
Less: Reinsurance recoverable 5,539 744 304 0 6,587 
Balance after reinsurance recoverable, EOP, post-flooring $64,250 $7,834 $103,147 $8,852 184,083 
Other businesses, EOP(1) 1,563 
Total balance after reinsurance recoverable, EOP $185,646 
__________
(1)Reflects balance after reinsurance recoverable of $55 million, $60 million, and $69 million at December 31, 2025, 2024 and 2023, respectively.
(2)Prior period amounts have been updated to conform to current period presentation.

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 period indicated:

Year Ended December 31, 2025
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$175,170 $23,101 $102,250 $6,397 
Discounted expected future gross premiums (at original discount rate) $109,368 $15,594 $79,537 $4,325 
Discounted expected future gross premiums (at current discount rate) $93,833 $15,249 $73,788 $4,240 
Undiscounted expected future benefits and expenses $301,899 $30,574 $250,822 $29,483 
Weighted-average duration of the liability in years (at original discount rate) 891716
Weighted-average duration of the liability in years (at current discount rate) 891415
Weighted-average interest rate (at original discount rate) 4.81 %5.11 %3.05 %4.91 %
Weighted-average interest rate (at current discount rate) 5.37 %5.27 %4.46 %5.78 %

Year Ended December 31, 2024
Retirement StrategiesIndividual LifeInternational Businesses(1)Corporate and Other
InstitutionalTerm LifeLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$145,442 $22,947 $107,844 $6,817 
Discounted expected future gross premiums (at original discount rate) $94,222 $15,662 $84,715 $4,542 
Discounted expected future gross premiums (at current discount rate) $78,237 $14,901 $80,616 $4,350 
Undiscounted expected future benefits and expenses $274,071 $31,068 $254,008 $29,661 
Weighted-average duration of the liability in years (at original discount rate) 8101817
Weighted-average duration of the liability in years (at current discount rate) 891616
Weighted-average interest rate (at original discount rate) 4.74 %5.30 %3.02 %4.91 %
Weighted-average interest rate (at current discount rate) 5.59 %5.78 %3.70 %5.85 %
Year Ended December 31, 2023
Retirement StrategiesIndividual Life
International Businesses(1)
Corporate and Other
InstitutionalTerm LifeLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$134,192 $23,083 $125,636 $6,852 
Discounted expected future gross premiums (at original discount rate) $90,606 $15,322 $98,959 $4,509 
Discounted expected future gross premiums (at current discount rate) $77,520 $15,044 $97,522 $4,491 
Undiscounted expected future benefits and expenses $242,617 $31,114 $280,791 $30,761 
Weighted-average duration of the liability in years (at original discount rate) 9101918
Weighted-average duration of the liability in years (at current discount rate) 8101817
Weighted-average interest rate (at original discount rate) 4.62 %5.17 %2.95 %4.91 %
Weighted-average interest rate (at current discount rate) 5.03 %4.99 %3.01 %5.25 %
__________
(1)Prior period amounts have been updated to conform to current period presentation.

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 $85 million charge to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, partially offset by an $8 million gain reflecting the impact of ceded reinsurance. The unfavorable impact in 2025 is primarily due to new pension risk transfer business sold in Institutional Retirement Strategies, for which the Present Value of Expected Benefits at the required discount rate exceeds the premium paid.

In 2024 and 2023, 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.
Deferred Profit Liability

The balances of and changes in DPL as of and for the period indicated are as follows:
Year Ended December 31, 2025
Deferred Profit Liability
Retirement StrategiesInternational BusinessesTotal
Institutional
(in millions)
Balance, BOP $5,670 $9,354 $15,024 
Flooring impact, BOP 0 2 2 
Balance, BOP, pre-flooring 5,670 9,352 15,022 
Effect of assumption update(73)(58)(131)
Effect of actual variances from expected experience and other activity 0 9 9 
Adjusted balance, BOP 5,597 9,303 14,900 
Profits deferred 131 2,565 2,696 
Interest accrual 230 353 583 
Amortization (570)(2,128)(2,698)
Foreign currency adjustment 19 90 109 
Other adjustments 0 40 40 
Balance, EOP, pre-flooring 5,407 10,223 15,630 
Flooring impact, EOP 0 2 2 
Balance, EOP 5,407 10,225 15,632 
Less: Reinsurance recoverable 391 44 435 
Balance after reinsurance recoverable $5,016 $10,181 15,197 
Other businesses
166 
Total balance after reinsurance recoverable $15,363 

Year Ended December 31, 2024
Deferred Profit Liability
Retirement Strategies
International Businesses(1)
InstitutionalTotal
(in millions)
Balance, BOP $5,615 $9,259 $14,874 
Flooring impact, BOP 0 2 2 
Balance, BOP, pre-flooring 5,615 9,257 14,872 
Effect of assumption update370 (288)82 
Effect of actual variances from expected experience and other activity (99)(59)(158)
Adjusted balance, BOP 5,886 8,910 14,796 
Profits deferred 142 2,679 2,821 
Interest accrual 236 320 556 
Amortization (588)(2,109)(2,697)
Foreign currency adjustment (6)(480)(486)
Other adjustments 0 32 32 
Balance, EOP, pre-flooring 5,670 9,352 15,022 
Flooring impact, EOP 0 2 2 
Balance, EOP 5,670 9,354 15,024 
Less: Reinsurance recoverable 391 40 431 
Balance after reinsurance recoverable $5,279 $9,314 14,593 
Other businesses
161 
Total balance after reinsurance recoverable $14,754 
Year Ended December 31, 2023
Deferred Profit Liability
Retirement StrategiesInternational Businesses(1)
InstitutionalTotal
(in millions)
Balance, BOP $5,532 $8,640 $14,172 
Flooring impact, BOP 0 1 1 
Balance, BOP, pre-flooring 5,532 8,639 14,171 
Effect of assumption update35 (295)(260)
Effect of actual variances from expected experience and other activity 21 (75)(54)
Adjusted balance, BOP 5,588 8,269 13,857 
Profits deferred 342 3,005 3,347 
Interest accrual 227 300 527 
Amortization (565)(2,173)(2,738)
Foreign currency adjustment 15 (176)(161)
Other adjustments 8 32 40 
Balance, EOP, pre-flooring 5,615 9,257 14,872 
Flooring impact, EOP 0 2 2 
Balance, EOP 5,615 9,259 14,874 
Less: Reinsurance recoverable 386 19 405 
Balance after reinsurance recoverable $5,229 $9,240 14,469 
Other businesses
148 
Total balance after reinsurance recoverable $14,617 
__________
(1)Prior period amounts have been updated to conform to current period presentation.
Additional Insurance Reserves

AIR represents the additional liability for annuitization, death, or other insurance benefits, including GMDB and GMIB contract features, that are above and beyond the contractholder's account balance.

The following table shows a rollforward of AIR balances for variable and universal life products within Individual Life, which is the only line of business that contains a material AIR balance, for the period indicated, along with a reconciliation to the Company’s total AIR balance:
Year Ended December 31,
2025
2024
2023
(in millions)
Balance, including amounts in AOCI, BOP, post-flooring$16,376 $14,308 $12,684 
Flooring impact and amounts in AOCI632 843 1,285 
Balance, excluding amounts in AOCI, BOP, pre-flooring17,008 15,151 13,969 
Effect of assumption update(39)153 23 
Effect of actual variances from expected experience and other activity147 266 32 
Adjusted balance, BOP17,116 15,570 14,024 
Assessments collected(1)1,203 1,251 938 
Interest accrual592 539 488 
Benefits paid(394)(353)(301)
Other adjustments
37 1 2 
Balance, excluding amounts in AOCI, EOP, pre-flooring18,554 17,008 15,151 
Flooring impact and amounts in AOCI(440)(632)(843)
Balance, including amounts in AOCI, EOP, post-flooring18,114 16,376 14,308 
Less: Reinsurance recoverable10,726 9,543 5,852 
Balance after reinsurance recoverable, including amounts in AOCI, EOP7,388 6,833 8,456 
Other businesses179 63 131 
Total balance after reinsurance recoverable$7,567 $6,896 $8,587 
__________
(1)Represents the portion of gross assessments required to fund the future policy benefits.

Year Ended December 31,
2025
2024
2023
Weighted-average duration of the liability in years (at original discount rate) 212122
Weighted-average interest rate (at original discount rate) 3.36 %3.36 %3.40 %
Future Policy Benefits Reconciliation

The following table presents the reconciliation of the ending balances from above rollforwards, Benefit Reserves, DPL, and AIR including other liabilities, gross of related reinsurance recoverable, to the total liability for Future Policy Benefits on the Company's Consolidated Statement of Financial Position as of the periods indicated:

Year Ended December 31,
2025
2024
2023
(in millions)
Benefit reserves, EOP, post-flooring$183,429 $186,846 $192,302 
Deferred profit liability, EOP, post-flooring15,798 15,185 15,022 
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring18,293 16,439 14,439 
Subtotal of amounts disclosed above217,520 218,470 221,763 
Other Future Policy Benefits reserves(1)49,394 50,442 51,518 
Total Future Policy Benefits$266,914 $268,912 $273,281 
__________
(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including Closed Block liabilities, 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 as of the periods indicated:

Year Ended December 31, 2025
Revenues(1)
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeOther BusinessesTotal
(in millions)
Benefit reserves$10,803 $1,919 $0 $10,489 $547 $23,758 
Deferred profit liability282 0 0 (781)(4)(503)
Additional insurance reserves0 0 3,219 92 44 3,355 
Total$11,085 $1,919 $3,219 $9,800 $587 $26,610 

Year Ended December 31, 2024
Revenues(1)
Retirement StrategiesIndividual Life
International Businesses(2)
InstitutionalTerm LifeVariable/Universal LifeOther BusinessesTotal
(in millions)
Benefit reserves$22,814 $1,892 $0 $11,061 $557 $36,324 
Deferred profit liability(61)0 0 (576)(12)(649)
Additional insurance reserves0 0 3,458 0 0 3,458 
Total$22,753 $1,892 $3,458 $10,485 $545 $39,133 

Year Ended December 31, 2023
Revenues(1)
Retirement StrategiesIndividual Life
International Businesses(2)
InstitutionalTerm LifeVariable/Universal LifeOther BusinessesTotal
(in millions)
Benefit reserves$11,156 $1,848 $0 $12,353 $540 $25,897 
Deferred profit liability(68)0 0 (794)34 (828)
Additional insurance reserves0 0 2,947 0 0 2,947 
Total$11,088 $1,848 $2,947 $11,559 $574 $28,016 

Year Ended December 31, 2025
Interest Expense
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeOther BusinessesTotal
(in millions)
Benefit reserves$3,600 $416 $0 $3,289 $525 $7,830 
Deferred profit liability230 0 0 353 4 587 
Additional insurance reserves0 0 592 2 1 595 
Total$3,830 $416 $592 $3,644 $530 $9,012 
Year Ended December 31, 2024
Interest Expense
Retirement StrategiesIndividual Life
International Businesses(2)
InstitutionalTerm LifeVariable/Universal LifeOther BusinessesTotal
(in millions)
Benefit reserves$3,394 $415 $0 $3,191 $505 $7,505 
Deferred profit liability236 0 0 320 4 560 
Additional insurance reserves0 0 539 1 0 540 
Total$3,630 $415 $539 $3,512 $509 $8,605 

Year Ended December 31, 2023
Interest Expense
Retirement StrategiesIndividual LifeInternational Businesses(2)
InstitutionalTerm LifeVariable/Universal LifeOther BusinessesTotal
(in millions)
Benefit reserves$2,876 $406 $0 $3,233 $490 $7,005 
Deferred profit liability227 0 0 300 4 531 
Additional insurance reserves0 0 488 2 0 490 
Total$3,103 $406 $488 $3,535 $494 $8,026 
__________
(1)Represents “Gross premiums” for benefit reserves, “Revenue” for DPL and “Gross assessments” for AIR.
(2)Prior period amounts have been updated to conform to current period presentation.
POLICYHOLDERS’ ACCOUNT BALANCES
The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:
Year Ended December 31, 2025
Retirement StrategiesGroup InsuranceIndividual LifeInternational BusinessesTotal
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal Life
($ in millions)
Balance, beginning of period$19,088 $34,085 $12,020 $4,974 $27,596 $54,270 $152,033 
Deposits9,706 7,232 5,922 1,363 2,887 9,159 36,269 
Interest credited884 729 392 137 605 2,169 4,916 
Dispositions0 0 0 0 0 0 0 
Policy charges(10)(75)(54)(325)(2,060)(618)(3,142)
Surrenders and withdrawals(5,639)(1,238)(1,079)(1,337)(1,960)(1,902)(13,155)
Benefit payments(664)(57)(135)0 (121)(2,295)(3,272)
Net transfers (to) from separate account0 15 0 (49)786 0 752 
Change in market value and other adjustments(1)1 3,301 266 0 535 (12)4,091 
Foreign currency adjustment0 0 0 0 0 175 175 
Balance, end of period$23,366 $43,992 $17,332 $4,763 $28,268 $60,946 178,667 
Closed Block Division4,273 
Unearned revenue reserve, unearned expense credit, and additional interest reserve6,782 
Other(2)
1,585 
Total Policyholders' account balance$191,307 
Weighted-average crediting rate4.16 %1.87 %2.67 %2.82 %2.16 %3.76 %2.97 %
Net amount at risk(3)
$0 $0 $0 $72,850 $418,361 $29,906 $521,117 
Cash surrender value(4)
$23,366 $42,831 $15,442 $3,871 $22,386 $55,511 $163,407 


Year Ended December 31, 2024
Retirement StrategiesGroup InsuranceIndividual LifeInternational Businesses(5)Total
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal Life
($ in millions)
Balance, beginning of period$17,738 $23,765 $7,095 $5,293 $27,439 $51,399 $132,729 
Deposits7,106 8,318 5,266 1,313 2,505 8,862 33,370 
Interest credited757 511 252 148 774 1,810 4,252 
Dispositions
0 0 0 0 0 (336)(336)
Policy charges(11)(33)(5)(322)(2,051)(570)(2,992)
Surrenders and withdrawals(5,895)(919)(719)(1,452)(1,654)(2,373)(13,012)
Benefit payments(607)(85)(79)0 (137)(2,348)(3,256)
Net transfers (to) from separate account0 122 0 (6)613 0 729 
Change in market value and other adjustments(1)0 2,406 210 0 107 (30)2,693 
Foreign currency adjustment0 0 0 0 0 (2,144)(2,144)
Balance, end of period$19,088 $34,085 $12,020 $4,974 $27,596 $54,270 152,033 
Closed Block Division4,359 
Unearned revenue reserve, unearned expense credit, and additional interest reserve6,009 
Other(2)
3,853 
Total Policyholders' account balance$166,254 
Weighted-average crediting rate4.11 %1.77 %2.64 %2.88 %2.81 %3.43 %2.99 %
Net amount at risk(3)
$0 $0 $0 $73,259 $400,990 $26,435 $500,684 
Cash surrender value(4)
$19,058 $32,501 $10,305 $3,892 $23,886 $49,028 $138,670 
Year Ended December 31, 2023
Retirement StrategiesGroup InsuranceIndividual LifeInternational Businesses(5)Total
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal Life
($ in millions)
Balance, beginning of period$17,376 $17,524 $4,643 $5,839 $26,502 $46,493 $118,377 
Deposits5,657 4,638 2,659 1,212 2,447 9,028 25,641 
Interest credited677 305 129 165 773 1,445 3,494 
Dispositions0 0 0 0 0 0 0 
Policy charges(23)(24)(9)(323)(2,047)(529)(2,955)
Surrenders and withdrawals(5,290)(704)(414)(1,552)(1,820)(1,705)(11,485)
Benefit payments(659)(76)(76)0 (154)(2,185)(3,150)
Net transfers (to) from separate account0 34 0 (48)1,393 0 1,379 
Change in market value and other adjustments(1)0 2,068 163 0 345 22 2,598 
Foreign currency adjustment0 0 0 0 0 (1,170)(1,170)
Balance, end of period$17,738 $23,765 $7,095 $5,293 $27,439 $51,399 132,729 
Closed Block Division4,500 
Unearned revenue reserve, unearned expense credit, and additional interest reserve5,326 
Other(2)
4,463 
Total Policyholders' account balance$147,018 
Weighted-average crediting rate3.85 %1.48 %2.21 %2.96 %2.87 %2.95 %2.78 %
Net amount at risk(3)
$0 $0 $0 $72,858 $382,399 $25,729 $480,986 
Cash surrender value(4)
$17,738 $21,640 $5,827 $4,021 $23,234 $45,101 $117,561 
__________
(1)Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)Includes $2,738 million, $5,099 million and $5,479 million of the Full Service Retirement business’s account balances reinsured to Empower for December 31, 2025, 2024 and 2023, respectively.
(3)The net amount at risk calculation includes both general account and separate account balances.
(4)Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the Institutional Retirement Strategies segment.
(5)Prior period amounts have been updated to conform to current period presentation.

“Policyholders’ account balances” for Institutional Retirement Strategies, International Businesses and Corporate and Other includes the Company’s Funding Agreement-Backed Notes (“FABN”) and Funding Agreement-Backed Commercial Paper (“FACP”) programs, which totaled $8,674 million, $5,547 million and $5,597 million, at December 31, 2025, 2024 and 2023, respectively. Under these programs, which have maximum authorized amounts of $15 billion of medium-term notes and $6 billion of commercial paper, Delaware statutory trusts issue short-term commercial paper and/or medium-term notes to investors that are secured by funding agreements issued to the trusts by PICA. The outstanding commercial paper and notes have fixed or floating interest rates that range from 0.0% to 5.6% and original maturities ranging from two months to ten years. Included in the amounts at December 31, 2025, 2024 and 2023 are funding agreements which secure the medium-term note liability, which are carried at amortized cost, of $5,694 million, $3,486 million and $3,474 million, respectively, and short-term note liability of $2,500 million, $2,086 million and $2,156 million, respectively, and Retail Note liability of $508 million, $136 million, and $0 million, respectively.

“Policyholders’ account balances” for Institutional Retirement Strategies also includes collateralized funding agreements issued to the Federal Home Loan Bank of New York (“FHLBNY”) totaling $2,628 million, $2,628 million, and $2,628 million, as of December 31, 2025, 2024 and 2023, respectively. These obligations, which are carried at amortized cost, have fixed interest rates that range from 1.925% to 4.510% and original maturities of seven years. For additional details regarding the FHLBNY program, see Note 18.

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 14 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 millions)
Retirement Strategies - Institutional
Less than 1.00%
$208 $0 $0 $0 $208 
1.00% - 1.99%
1,552 0 0 0 1,552 
2.00% - 2.99%
71 0 0 0 71 
3.00% - 4.00%
4,015 0 0 0 4,015 
Greater than 4.00%
6,316 0 0 0 6,316 
Total$12,162 $0 $0 $0 $12,162 
Retirement Strategies - Individual Variable
Less than 1.00%
$422 $120 $332 $0 $874 
1.00% - 1.99%
82 432 1 0 515 
2.00% - 2.99%
19 7 4 0 30 
3.00% - 4.00%
1,495 6 9 0 1,510 
Greater than 4.00%
73 0 0 0 73 
Total$2,091 $565 $346 $0 $3,002 
Retirement Strategies - Individual Fixed
Less than 1.00%
$3 $7 $28 $1,743 $1,781 
1.00% - 1.99%
395 46 208 46 695 
2.00% - 2.99%
572 1,463 543 15 2,593 
3.00% - 4.00%
3,072 12 11 3 3,098 
Greater than 4.00%
73 0 0 0 73 
Total$4,115 $1,528 $790 $1,807 $8,240 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $771 $771 
1.00% - 1.99%
3 0 0 2 5 
2.00% - 2.99%
40 0 0 0 40 
3.00% - 4.00%
1,418 7 69 4 1,498 
Greater than 4.00%
3 0 0 0 3 
Total$1,464 $7 $69 $777 $2,317 
Individual Life - Variable / Universal Life
Less than 1.00%
$0 $0 $0 $373 $373 
1.00% - 1.99%
387 0 2,063 1,747 4,197 
2.00% - 2.99%
267 1,604 2,731 567 5,169 
3.00% - 4.00%
5,166 1,952 1,349 54 8,521 
Greater than 4.00%
5,271 0 0 0 5,271 
Total$11,091 $3,556 $6,143 $2,741 $23,531 
International Businesses
Less than 1.00%
$3,652 $23 $0 $0 $3,675 
1.00% - 1.99%
14,806 32 0 0 14,838 
2.00% - 2.99%
7,725 276 24 0 8,025 
3.00% - 4.00%
10,265 0 0 0 10,265 
Greater than 4.00%
18,676 0 0 0 18,676 
Total$55,124 $331 $24 $0 $55,479 
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 millions)
Retirement Strategies - Institutional
Less than 1.00%
$401 $0 $0 $0 $401 
1.00% - 1.99%
1,552 0 0 0 1,552 
2.00% - 2.99%
79 0 0 0 79 
3.00% - 4.00%
3,889 0 0 0 3,889 
Greater than 4.00%
3,341 0 0 0 3,341 
Total$9,262 $0 $0 $0 $9,262 
Retirement Strategies - Individual Variable
Less than 1.00%
$129 $503 $647 $0 $1,279 
1.00% - 1.99%
124 295 2 0 421 
2.00% - 2.99%
21 4 4 0 29 
3.00% - 4.00%
1,708 3 8 0 1,719 
Greater than 4.00%
83 0 0 0 83 
Total$2,065 $805 $661 $0 $3,531 
Retirement Strategies - Individual Fixed
Less than 1.00%
$0 $3 $12 $1,022 $1,037 
1.00% - 1.99%
461 83 208 69 821 
2.00% - 2.99%
538 465 557 16 1,576 
3.00% - 4.00%
2,074 84 11 3 2,172 
Greater than 4.00%
84 0 0 0 84 
Total$3,157 $635 $788 $1,110 $5,690 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $959 $959 
1.00% - 1.99%
0 0 3 2 5 
2.00% - 2.99%
24 15 0 0 39 
3.00% - 4.00%
1,482 0 38 22 1,542 
Greater than 4.00%
3 0 0 0 3 
Total$1,509 $15 $41 $983 $2,548 
Individual Life - Variable / Universal Life
Less than 1.00%
$7 $0 $0 $317 $324 
1.00% - 1.99%
290 0 2,238 1,513 4,041 
2.00% - 2.99%
33 1,668 2,750 419 4,870 
3.00% - 4.00%
6,098 1,727 1,321 36 9,182 
Greater than 4.00%
5,384 0 0 0 5,384 
Total$11,812 $3,395 $6,309 $2,285 $23,801 
International Businesses(2)
Less than 1.00%
$15,556 $41 $80 $2,984 $18,661 
1.00% - 1.99%
10,431 79 0 0 10,510 
2.00% - 2.99%
4,546 267 29 0 4,842 
3.00% - 4.00%
6,699 0 0 0 6,699 
Greater than 4.00%
9,072 0 0 0 9,072 
Total$46,304 $387 $109 $2,984 $49,784 
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 millions)
Retirement Strategies - Institutional
Less than 1.00%
$589 $0 $0 $0 $589 
1.00% - 1.99%
1,552 0 0 0 1,552 
2.00% - 2.99%
596 0 0 0 596 
3.00% - 4.00%
5,041 0 0 0 5,041 
Greater than 4.00%
1,906 0 0 0 1,906 
Total$9,684 $0 $0 $0 $9,684 
Retirement Strategies - Individual Variable
Less than 1.00%
$908 $807 $18 $0 $1,733 
1.00% - 1.99%
218 2 1 0 221 
2.00% - 2.99%
29 4 4 0 37 
3.00% - 4.00%
1,942 13 10 0 1,965 
Greater than 4.00%
95 0 0 0 95 
Total$3,192 $826 $33 $0 $4,051 
Retirement Strategies - Individual Fixed
Less than 1.00%
$0 $0 $1 $117 $118 
1.00% - 1.99%
526 122 250 80 978 
2.00% - 2.99%
550 469 562 17 1,598 
3.00% - 4.00%
321 11 0 0 332 
Greater than 4.00%
95 0 0 0 95 
Total$1,492 $602 $813 $214 $3,121 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $1,147 $1,147 
1.00% - 1.99%
0 0 0 0 0 
2.00% - 2.99%
29 0 0 0 29 
3.00% - 4.00%
1,543 0 0 50 1,593 
Greater than 4.00%
73 0 0 0 73 
Total$1,645 $0 $0 $1,197 $2,842 
Individual Life - Variable / Universal Life
Less than 1.00%
$0 $0 $0 $368 $368 
1.00% - 1.99%
201 0 2,588 813 3,602 
2.00% - 2.99%
30 1,445 2,944 340 4,759 
3.00% - 4.00%
4,422 4,092 1,311 19 9,844 
Greater than 4.00%
5,491 0 0 0 5,491 
Total$10,144 $5,537 $6,843 $1,540 $24,064 
International Businesses(2)
Less than 1.00%
$16,306 $43 $89 $1,996 $18,434 
1.00% - 1.99%
11,985 91 0 0 12,076 
2.00% - 2.99%
5,238 310 36 0 5,584 
3.00% - 4.00%
4,732 0 0 0 4,732 
Greater than 4.00%
5,819 0 0 0 5,819 
Total$44,080 $444 $125 $1,996 $46,645 
__________
(1)Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products.
(2)Prior period amounts have been updated to conform to current period presentation.
Unearned Revenue Reserve

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

Year Ended December 31, 2025
Individual LifeInternational Businesses
Variable/ Universal Life
Total
(in millions)
Balance, beginning of period$5,245 $505 $5,750 
Unearned revenue866 195 1,061 
Amortization expense(255)(30)(285)
Other adjustments0 0 0 
Foreign currency adjustment0 (4)(4)
Balance, end of period$5,856 $666 6,522 
Other69 
Total unearned revenue reserve balance$6,591 

Year Ended December 31, 2024
Individual LifeInternational Businesses(1)
Variable/ Universal Life
Total
(in millions)
Balance, beginning of period$4,613 $454 $5,067 
Unearned revenue872 161 1,033 
Amortization expense(240)(22)(262)
Other adjustments0 (58)(58)
Foreign currency adjustment
0 (30)(30)
Balance, end of period$5,245 $505 5,750 
Other59 
Total unearned revenue reserve balance$5,809 

Year Ended December 31, 2023
Individual LifeInternational Businesses(1)
Variable/Universal Life
Total
(in millions)
Balance, beginning of period$3,983 $312 $4,295 
Unearned revenue841 169 1,010 
Amortization expense(211)(15)(226)
Other adjustments0 3 3 
Foreign currency adjustment
0 (15)(15)
Balance, end of period$4,613 $454 5,067 
Other49 
Total unearned revenue reserve balance$5,116 
MARKET RISK BENEFITS
The following table shows a rollforward of MRB balances for annuity products within Individual Retirement Strategies, which is the only line of business that contains a material MRB balance, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
Year Ended December 31, 2025
Retirement Strategies
Total
Individual VariableIndividual Fixed
(in millions)
Balance, BOP$2,740 $0 $2,740 
Effect of cumulative changes in NPR672 0 672 
Balance, BOP, before effect of changes in NPR3,412 0 3,412 
Attributed fees collected1,033 20 1,053 
Claims paid(76)0 (76)
Interest accrual182 5 187 
Actual in force different from expected64 (2)62 
Effect of changes in interest rates(268)(35)(303)
Effect of changes in equity markets(1,183)(13)(1,196)
Effect of assumption update and other refinements
112 151 263 
Issuances
59 37 96 
Other adjustments38 3 41 
Balance, EOP, before effect of changes in NPR3,373 166 3,539 
Effect of cumulative changes in NPR(487)10 (477)
Balance, EOP2,886 176 3,062 
Less: Reinsured MRBs
804 0 804 
Balance, EOP, net of reinsurance$2,082 $176 2,258 
Other businesses35 
Total net MRB balance$2,293 


Year Ended December 31, 2024
Retirement StrategiesTotal
Individual VariableIndividual Fixed
(in millions)
Balance, BOP$4,038 $0 $4,038 
Effect of cumulative changes in NPR1,137 0 1,137 
Balance, BOP, before effect of changes in NPR5,175 0 5,175 
Attributed fees collected1,122 0 1,122 
Claims paid(79)0 (79)
Interest accrual246 0 246 
Actual in force different from expected47 0 47 
Effect of changes in interest rates(1,493)0 (1,493)
Effect of changes in equity markets(1,745)0 (1,745)
Effect of assumption update and other refinements(1)88 0 88 
Issuances
72 0 72 
Other adjustments(1)
(21)0 (21)
Balance, EOP, before effect of changes in NPR3,412 0 3,412 
Effect of cumulative changes in NPR(672)0 (672)
Balance, EOP2,740 0 2,740 
Less: Reinsured MRBs
654 0 654 
Balance, EOP, net of reinsurance$2,086 $0 2,086 
Other businesses38 
Total net MRB balance$2,124 
__________
(1)Prior period amounts have been updated to conform to current presentation.

Year Ended December 31, 2023
Retirement StrategiesTotal
Individual VariableIndividual Fixed
(in millions)
Balance, BOP$4,987 $0 $4,987 
Effect of cumulative changes in NPR1,828 0 1,828 
Balance, BOP, before effect of changes in NPR6,815 0 6,815 
Attributed fees collected1,186 0 1,186 
Claims paid(114)0 (114)
Interest accrual317 0 317 
Actual in force different from expected80 0 80 
Effect of changes in interest rates(1,480)0 (1,480)
Effect of changes in equity markets(1,952)0 (1,952)
Effect of assumption update and other refinements(1)276 0 276 
Issuances
23 0 23 
Other adjustments(1)
24 0 24 
Balance, EOP, before effect of changes in NPR5,175 0 5,175 
Effect of cumulative changes in NPR(1,137)0 (1,137)
Balance, EOP4,038 0 4,038 
Less: Reinsured MRBs
616 0 616 
Balance, EOP, net of reinsurance$3,422 $0 3,422 
Other businesses64 
Total net MRB balance$3,486 
__________
(1)Prior period amounts have been updated to conform to current presentation.

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
Retirement Strategies
Individual VariableIndividual Fixed
($ in millions)
Net amount at risk(1)$8,075 $513 
Weighted-average attained age of contractholders7268

December 31, 2024
Retirement Strategies
Individual VariableIndividual Fixed
($ in millions)
Net amount at risk(1)$9,285 N/A
Weighted-average attained age of contractholders71N/A

December 31, 2023
Retirement Strategies
Individual VariableIndividual Fixed
($ in millions)
Net amount at risk(1)$9,753 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 reconcile MRB asset and liability positions as of the following dates:
December 31, 2025
 Retirement Strategies
Individual VariableIndividual FixedOther BusinessesTotal
(in millions)
Direct and assumed
$1,399 $3 $0 $1,402 
Ceded
928 0 0 928 
Total MRB assets
$2,327 $3 $0 $2,330 
Direct and assumed
$4,285 $179 $35 $4,499 
Ceded
124 0 0 124 
Total MRB liabilities
$4,409 $179 $35 $4,623 
Net liability
$2,082 $176 $35 $2,293 

December 31, 2024
 Retirement Strategies
Individual Variable
Individual Fixed
Other BusinessesTotal
(in millions)
Direct and assumed
$1,516 $0 $9 $1,525 
Ceded
804 0 2 806 
Total MRB assets
$2,320 $0 $11 $2,331 
Direct and assumed
$4,256 $0 $49 $4,305 
Ceded
150 0 0 150 
Total MRB liabilities
$4,406 $0 $49 $4,455 
Net liability
$2,086 $0 $38 $2,124 

December 31, 2023
 Retirement Strategies
Individual Variable
Individual Fixed
Other BusinessesTotal
(in millions)
Direct and assumed
$1,221 $0 $11 $1,232 
Ceded
746 0 3 749 
Total MRB assets
$1,967 $0 $14 $1,981 
Direct and assumed
$5,259 $0 $78 $5,337 
Ceded
130 0 0130 
Total MRB liabilities
$5,389 $0 $78 $5,467 
Net liability
$3,422 $0 $64 $3,486 
.
v3.25.4
Policyholders' Account Balances
 12 Months Ended
Dec. 31, 2025
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [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, partially offset by unfavorable updates for morbidity in Long-Term Care and mortality in Institutional Retirement Strategies. 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 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 Institutional Retirement Strategies and Long-Term Care, partially offset by unfavorable updates to policyholder behavior assumptions on certain life policies in International Businesses. Additionally, there was an unfavorable impact for direct and assumed AIR, primarily due to updates to policyholder behavior assumptions on universal life polices with secondary guarantees in Individual Life.

In 2023, the Company recognized an unfavorable 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 unfavorable 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 policyholder behavior and claim assumptions in Long-Term Care. Additionally, there was an unfavorable impact for direct and assumed AIR, 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 in Individual Life.
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
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$72,526 $10,724 $45,851 $2,854 $131,955 
Effect of cumulative changes in discount rate assumptions, BOP14,545 578 2,599 132 17,854 
Balance at original discount rate, BOP87,071 11,302 48,450 2,986 149,809 
Effect of assumption update169 (241)(1,072)8 (1,136)
Effect of actual variances from expected experience and other activity(49)(179)(803)106 (925)
Adjusted balance, BOP87,191 10,882 46,575 3,100 147,748 
Issuances13,848 813 2,880 0 17,541 
Net premiums / considerations collected(10,223)(1,365)(6,656)(310)(18,554)
Interest accrual3,638 527 1,449 142 5,756 
Foreign currency adjustment7,155 0 451 0 7,606 
Other adjustments0 60 91 0 151 
Balance at original discount rate, EOP101,609 10,917 44,790 2,932 160,248 
Effect of cumulative changes in discount rate assumptions, EOP(14,178)(280)(3,431)(64)(17,953)
Balance, EOP$87,431 $10,637 $41,359 $2,868 142,295 
Other businesses, EOP111 
Total balance, EOP$142,406 


Year Ended December 31, 2025
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$151,484 $18,996 $135,485 $11,178 $317,143 
Effect of cumulative changes in discount rate assumptions, BOP20,182 1,134 17,834 1,548 40,698 
Balance at original discount rate, BOP171,666 20,130 153,319 12,726 357,841 
Effect of assumption update322 (392)(1,013)14 (1,069)
Effect of actual variances from expected experience and other activity71 (230)(928)105 (982)
Adjusted balance, BOP172,059 19,508 151,378 12,845 355,790 
Issuances13,848 813 2,880 0 17,541 
Interest accrual7,238 943 4,738 617 13,536 
Benefit payments(15,095)(1,526)(8,430)(367)(25,418)
Foreign currency adjustment7,219 0 997 0 8,216 
Other adjustments5 30 247 0 282 
Balance at original discount rate, EOP185,274 19,768 151,810 13,095 369,947 
Effect of cumulative changes in discount rate assumptions, EOP(17,758)(602)(26,267)(1,435)(46,062)
Balance, EOP$167,516 $19,166 $125,543 $11,660 323,885 
Other businesses, EOP1,689 
Total balance, EOP$325,574 
Year Ended December 31, 2025
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring$80,086 $8,529 $84,184 $8,792 $181,591 
Flooring impact, EOP183 1 77 0 261 
Balance, EOP, post-flooring80,269 8,530 84,261 8,792 181,852 
Less: Reinsurance recoverable5,189 613 307 0 6,109 
Balance after reinsurance recoverable, EOP, post-flooring$75,080 $7,917 $83,954 $8,792 175,743 
Other businesses, EOP(1)1,522 
Total balance after reinsurance recoverable, EOP$177,265 

Year Ended December 31, 2024
Present Value of Expected Net Premiums
Retirement StrategiesIndividual LifeInternational Businesses(2)Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$71,407 $11,274 $55,431 $3,286 $141,398 
Effect of cumulative changes in discount rate assumptions, BOP11,869 228 1,218 16 13,331 
Balance at original discount rate, BOP83,276 11,502 56,649 3,302 154,729 
Effect of assumption update41 21 (863)(276)(1,077)
Effect of actual variances from expected experience and other activity568 (228)(2,160)122 (1,698)
Adjusted balance, BOP83,885 11,295 53,626 3,148 151,954 
Issuances24,498 857 3,354 0 28,709 
Net premiums / considerations collected(22,206)(1,379)(6,969)(311)(30,865)
Interest accrual2,896 530 1,527 149 5,102 
Foreign currency adjustment(2,002)0 (3,209)0 (5,211)
Other adjustments0 (1)121 0 120 
Balance at original discount rate, EOP87,071 11,302 48,450 2,986 149,809 
Effect of cumulative changes in discount rate assumptions, EOP(14,545)(578)(2,599)(132)(17,854)
Balance, EOP$72,526 $10,724 $45,851 $2,854 131,955 
Other businesses, EOP93 
Total balance, EOP$132,048 
Year Ended December 31, 2024
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP $141,135 $19,852 $158,858 $12,139 $331,984 
Effect of cumulative changes in discount rate assumptions, BOP 14,751 334 7,918 603 23,606 
Balance at original discount rate, BOP 155,886 20,186 166,776 12,742 355,590 
Effect of assumption update(481)21 (513)(394)(1,367)
Effect of actual variances from expected experience and other activity 716 (252)(2,184)99 (1,621)
Adjusted balance, BOP 156,121 19,955 164,079 12,447 352,602 
Issuances 24,498 857 3,354 0 28,709 
Interest accrual 6,290 945 4,717 606 12,558 
Benefit payments (13,131)(1,615)(9,163)(327)(24,236)
Foreign currency adjustment (2,017)0 (9,953)0 (11,970)
Other adjustments (95)(12)285 0 178 
Balance at original discount rate, EOP 171,666 20,130 153,319 12,726 357,841 
Effect of cumulative changes in discount rate assumptions, EOP (20,182)(1,134)(17,834)(1,548)(40,698)
Balance, EOP $151,484 $18,996 $135,485 $11,178 317,143 
Other businesses, EOP 1,646 
Total balance, EOP $318,789 

Year Ended December 31, 2024
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring $78,958 $8,272 $89,634 $8,324 $185,188 
Flooring impact, EOP 68 0 37 0 105 
Balance, EOP, post-flooring 79,026 8,272 89,671 8,324 185,293 
Less: Reinsurance recoverable 5,057 654 349 0 6,060 
Balance after reinsurance recoverable, EOP, post-flooring $73,969 $7,618 $89,322 $8,324 179,233 
Other businesses, EOP(1) 1,493 
Total balance after reinsurance recoverable, EOP $180,726 
Year Ended December 31, 2023
Present Value of Expected Net Premiums
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$52,620 $11,282 $59,640 $2,932 $126,474 
Effect of cumulative changes in discount rate assumptions, BOP14,349 572 2,680 103 17,704 
Balance at original discount rate, BOP66,969 11,854 62,320 3,035 144,178 
Effect of assumption update(1,117)(1)(97)266 (949)
Effect of actual variances from expected experience and other activity540 (223)(1,937)161 (1,459)
Adjusted balance, BOP66,392 11,630 60,286 3,462 141,770 
Issuances20,914 750 3,875 0 25,539 
Net premiums / considerations collected(10,389)(1,413)(7,637)(317)(19,756)
Interest accrual2,233 538 1,669 157 4,597 
Foreign currency adjustment4,126 0 (1,663)0 2,463 
Other adjustments0 (3)119 0 116 
Balance at original discount rate, EOP83,276 11,502 56,649 3,302 154,729 
Effect of cumulative changes in discount rate assumptions, EOP(11,869)(228)(1,218)(16)(13,331)
Balance, EOP$71,407 $11,274 $55,431 $3,286 141,398 
Other businesses, EOP86 
Total balance, EOP$141,484 

Year Ended December 31, 2023
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP $117,754 $19,288 $158,970 $10,685 $306,697 
Effect of cumulative changes in discount rate assumptions, BOP 20,170 1,012 14,985 1,216 37,383 
Balance at original discount rate, BOP 137,924 20,300 173,955 11,901 344,080 
Effect of assumption update(1,289)(1)189 357 (744)
Effect of actual variances from expected experience and other activity 514 (269)(1,836)160 (1,431)
Adjusted balance, BOP 137,149 20,030 172,308 12,418 341,905 
Issuances 20,914 750 3,875 0 25,539 
Interest accrual 5,109 944 4,902 594 11,549 
Benefit payments (11,477)(1,522)(9,022)(270)(22,291)
Foreign currency adjustment 4,209 0 (5,515)0 (1,306)
Other adjustments (18)(16)228 0 194 
Balance at original discount rate, EOP 155,886 20,186 166,776 12,742 355,590 
Effect of cumulative changes in discount rate assumptions, EOP (14,751)(334)(7,918)(603)(23,606)
Balance, EOP $141,135 $19,852 $158,858 $12,139 331,984 
Other businesses, EOP 1,716 
Total balance, EOP $333,700 
Year Ended December 31, 2023
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring $69,728 $8,578 $103,426 $8,852 $190,584 
Flooring impact, EOP 61 0 25 0 86 
Balance, EOP, post-flooring 69,789 8,578 103,451 8,852 190,670 
Less: Reinsurance recoverable 5,539 744 304 0 6,587 
Balance after reinsurance recoverable, EOP, post-flooring $64,250 $7,834 $103,147 $8,852 184,083 
Other businesses, EOP(1) 1,563 
Total balance after reinsurance recoverable, EOP $185,646 
__________
(1)Reflects balance after reinsurance recoverable of $55 million, $60 million, and $69 million at December 31, 2025, 2024 and 2023, respectively.
(2)Prior period amounts have been updated to conform to current period presentation.

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 period indicated:

Year Ended December 31, 2025
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$175,170 $23,101 $102,250 $6,397 
Discounted expected future gross premiums (at original discount rate) $109,368 $15,594 $79,537 $4,325 
Discounted expected future gross premiums (at current discount rate) $93,833 $15,249 $73,788 $4,240 
Undiscounted expected future benefits and expenses $301,899 $30,574 $250,822 $29,483 
Weighted-average duration of the liability in years (at original discount rate) 891716
Weighted-average duration of the liability in years (at current discount rate) 891415
Weighted-average interest rate (at original discount rate) 4.81 %5.11 %3.05 %4.91 %
Weighted-average interest rate (at current discount rate) 5.37 %5.27 %4.46 %5.78 %

Year Ended December 31, 2024
Retirement StrategiesIndividual LifeInternational Businesses(1)Corporate and Other
InstitutionalTerm LifeLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$145,442 $22,947 $107,844 $6,817 
Discounted expected future gross premiums (at original discount rate) $94,222 $15,662 $84,715 $4,542 
Discounted expected future gross premiums (at current discount rate) $78,237 $14,901 $80,616 $4,350 
Undiscounted expected future benefits and expenses $274,071 $31,068 $254,008 $29,661 
Weighted-average duration of the liability in years (at original discount rate) 8101817
Weighted-average duration of the liability in years (at current discount rate) 891616
Weighted-average interest rate (at original discount rate) 4.74 %5.30 %3.02 %4.91 %
Weighted-average interest rate (at current discount rate) 5.59 %5.78 %3.70 %5.85 %
Year Ended December 31, 2023
Retirement StrategiesIndividual Life
International Businesses(1)
Corporate and Other
InstitutionalTerm LifeLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$134,192 $23,083 $125,636 $6,852 
Discounted expected future gross premiums (at original discount rate) $90,606 $15,322 $98,959 $4,509 
Discounted expected future gross premiums (at current discount rate) $77,520 $15,044 $97,522 $4,491 
Undiscounted expected future benefits and expenses $242,617 $31,114 $280,791 $30,761 
Weighted-average duration of the liability in years (at original discount rate) 9101918
Weighted-average duration of the liability in years (at current discount rate) 8101817
Weighted-average interest rate (at original discount rate) 4.62 %5.17 %2.95 %4.91 %
Weighted-average interest rate (at current discount rate) 5.03 %4.99 %3.01 %5.25 %
__________
(1)Prior period amounts have been updated to conform to current period presentation.

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 $85 million charge to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, partially offset by an $8 million gain reflecting the impact of ceded reinsurance. The unfavorable impact in 2025 is primarily due to new pension risk transfer business sold in Institutional Retirement Strategies, for which the Present Value of Expected Benefits at the required discount rate exceeds the premium paid.

In 2024 and 2023, 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.
Deferred Profit Liability

The balances of and changes in DPL as of and for the period indicated are as follows:
Year Ended December 31, 2025
Deferred Profit Liability
Retirement StrategiesInternational BusinessesTotal
Institutional
(in millions)
Balance, BOP $5,670 $9,354 $15,024 
Flooring impact, BOP 0 2 2 
Balance, BOP, pre-flooring 5,670 9,352 15,022 
Effect of assumption update(73)(58)(131)
Effect of actual variances from expected experience and other activity 0 9 9 
Adjusted balance, BOP 5,597 9,303 14,900 
Profits deferred 131 2,565 2,696 
Interest accrual 230 353 583 
Amortization (570)(2,128)(2,698)
Foreign currency adjustment 19 90 109 
Other adjustments 0 40 40 
Balance, EOP, pre-flooring 5,407 10,223 15,630 
Flooring impact, EOP 0 2 2 
Balance, EOP 5,407 10,225 15,632 
Less: Reinsurance recoverable 391 44 435 
Balance after reinsurance recoverable $5,016 $10,181 15,197 
Other businesses
166 
Total balance after reinsurance recoverable $15,363 

Year Ended December 31, 2024
Deferred Profit Liability
Retirement Strategies
International Businesses(1)
InstitutionalTotal
(in millions)
Balance, BOP $5,615 $9,259 $14,874 
Flooring impact, BOP 0 2 2 
Balance, BOP, pre-flooring 5,615 9,257 14,872 
Effect of assumption update370 (288)82 
Effect of actual variances from expected experience and other activity (99)(59)(158)
Adjusted balance, BOP 5,886 8,910 14,796 
Profits deferred 142 2,679 2,821 
Interest accrual 236 320 556 
Amortization (588)(2,109)(2,697)
Foreign currency adjustment (6)(480)(486)
Other adjustments 0 32 32 
Balance, EOP, pre-flooring 5,670 9,352 15,022 
Flooring impact, EOP 0 2 2 
Balance, EOP 5,670 9,354 15,024 
Less: Reinsurance recoverable 391 40 431 
Balance after reinsurance recoverable $5,279 $9,314 14,593 
Other businesses
161 
Total balance after reinsurance recoverable $14,754 
Year Ended December 31, 2023
Deferred Profit Liability
Retirement StrategiesInternational Businesses(1)
InstitutionalTotal
(in millions)
Balance, BOP $5,532 $8,640 $14,172 
Flooring impact, BOP 0 1 1 
Balance, BOP, pre-flooring 5,532 8,639 14,171 
Effect of assumption update35 (295)(260)
Effect of actual variances from expected experience and other activity 21 (75)(54)
Adjusted balance, BOP 5,588 8,269 13,857 
Profits deferred 342 3,005 3,347 
Interest accrual 227 300 527 
Amortization (565)(2,173)(2,738)
Foreign currency adjustment 15 (176)(161)
Other adjustments 8 32 40 
Balance, EOP, pre-flooring 5,615 9,257 14,872 
Flooring impact, EOP 0 2 2 
Balance, EOP 5,615 9,259 14,874 
Less: Reinsurance recoverable 386 19 405 
Balance after reinsurance recoverable $5,229 $9,240 14,469 
Other businesses
148 
Total balance after reinsurance recoverable $14,617 
__________
(1)Prior period amounts have been updated to conform to current period presentation.
Additional Insurance Reserves

AIR represents the additional liability for annuitization, death, or other insurance benefits, including GMDB and GMIB contract features, that are above and beyond the contractholder's account balance.

The following table shows a rollforward of AIR balances for variable and universal life products within Individual Life, which is the only line of business that contains a material AIR balance, for the period indicated, along with a reconciliation to the Company’s total AIR balance:
Year Ended December 31,
2025
2024
2023
(in millions)
Balance, including amounts in AOCI, BOP, post-flooring$16,376 $14,308 $12,684 
Flooring impact and amounts in AOCI632 843 1,285 
Balance, excluding amounts in AOCI, BOP, pre-flooring17,008 15,151 13,969 
Effect of assumption update(39)153 23 
Effect of actual variances from expected experience and other activity147 266 32 
Adjusted balance, BOP17,116 15,570 14,024 
Assessments collected(1)1,203 1,251 938 
Interest accrual592 539 488 
Benefits paid(394)(353)(301)
Other adjustments
37 1 2 
Balance, excluding amounts in AOCI, EOP, pre-flooring18,554 17,008 15,151 
Flooring impact and amounts in AOCI(440)(632)(843)
Balance, including amounts in AOCI, EOP, post-flooring18,114 16,376 14,308 
Less: Reinsurance recoverable10,726 9,543 5,852 
Balance after reinsurance recoverable, including amounts in AOCI, EOP7,388 6,833 8,456 
Other businesses179 63 131 
Total balance after reinsurance recoverable$7,567 $6,896 $8,587 
__________
(1)Represents the portion of gross assessments required to fund the future policy benefits.

Year Ended December 31,
2025
2024
2023
Weighted-average duration of the liability in years (at original discount rate) 212122
Weighted-average interest rate (at original discount rate) 3.36 %3.36 %3.40 %
Future Policy Benefits Reconciliation

The following table presents the reconciliation of the ending balances from above rollforwards, Benefit Reserves, DPL, and AIR including other liabilities, gross of related reinsurance recoverable, to the total liability for Future Policy Benefits on the Company's Consolidated Statement of Financial Position as of the periods indicated:

Year Ended December 31,
2025
2024
2023
(in millions)
Benefit reserves, EOP, post-flooring$183,429 $186,846 $192,302 
Deferred profit liability, EOP, post-flooring15,798 15,185 15,022 
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring18,293 16,439 14,439 
Subtotal of amounts disclosed above217,520 218,470 221,763 
Other Future Policy Benefits reserves(1)49,394 50,442 51,518 
Total Future Policy Benefits$266,914 $268,912 $273,281 
__________
(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including Closed Block liabilities, 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 as of the periods indicated:

Year Ended December 31, 2025
Revenues(1)
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeOther BusinessesTotal
(in millions)
Benefit reserves$10,803 $1,919 $0 $10,489 $547 $23,758 
Deferred profit liability282 0 0 (781)(4)(503)
Additional insurance reserves0 0 3,219 92 44 3,355 
Total$11,085 $1,919 $3,219 $9,800 $587 $26,610 

Year Ended December 31, 2024
Revenues(1)
Retirement StrategiesIndividual Life
International Businesses(2)
InstitutionalTerm LifeVariable/Universal LifeOther BusinessesTotal
(in millions)
Benefit reserves$22,814 $1,892 $0 $11,061 $557 $36,324 
Deferred profit liability(61)0 0 (576)(12)(649)
Additional insurance reserves0 0 3,458 0 0 3,458 
Total$22,753 $1,892 $3,458 $10,485 $545 $39,133 

Year Ended December 31, 2023
Revenues(1)
Retirement StrategiesIndividual Life
International Businesses(2)
InstitutionalTerm LifeVariable/Universal LifeOther BusinessesTotal
(in millions)
Benefit reserves$11,156 $1,848 $0 $12,353 $540 $25,897 
Deferred profit liability(68)0 0 (794)34 (828)
Additional insurance reserves0 0 2,947 0 0 2,947 
Total$11,088 $1,848 $2,947 $11,559 $574 $28,016 

Year Ended December 31, 2025
Interest Expense
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeOther BusinessesTotal
(in millions)
Benefit reserves$3,600 $416 $0 $3,289 $525 $7,830 
Deferred profit liability230 0 0 353 4 587 
Additional insurance reserves0 0 592 2 1 595 
Total$3,830 $416 $592 $3,644 $530 $9,012 
Year Ended December 31, 2024
Interest Expense
Retirement StrategiesIndividual Life
International Businesses(2)
InstitutionalTerm LifeVariable/Universal LifeOther BusinessesTotal
(in millions)
Benefit reserves$3,394 $415 $0 $3,191 $505 $7,505 
Deferred profit liability236 0 0 320 4 560 
Additional insurance reserves0 0 539 1 0 540 
Total$3,630 $415 $539 $3,512 $509 $8,605 

Year Ended December 31, 2023
Interest Expense
Retirement StrategiesIndividual LifeInternational Businesses(2)
InstitutionalTerm LifeVariable/Universal LifeOther BusinessesTotal
(in millions)
Benefit reserves$2,876 $406 $0 $3,233 $490 $7,005 
Deferred profit liability227 0 0 300 4 531 
Additional insurance reserves0 0 488 2 0 490 
Total$3,103 $406 $488 $3,535 $494 $8,026 
__________
(1)Represents “Gross premiums” for benefit reserves, “Revenue” for DPL and “Gross assessments” for AIR.
(2)Prior period amounts have been updated to conform to current period presentation.
POLICYHOLDERS’ ACCOUNT BALANCES
The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:
Year Ended December 31, 2025
Retirement StrategiesGroup InsuranceIndividual LifeInternational BusinessesTotal
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal Life
($ in millions)
Balance, beginning of period$19,088 $34,085 $12,020 $4,974 $27,596 $54,270 $152,033 
Deposits9,706 7,232 5,922 1,363 2,887 9,159 36,269 
Interest credited884 729 392 137 605 2,169 4,916 
Dispositions0 0 0 0 0 0 0 
Policy charges(10)(75)(54)(325)(2,060)(618)(3,142)
Surrenders and withdrawals(5,639)(1,238)(1,079)(1,337)(1,960)(1,902)(13,155)
Benefit payments(664)(57)(135)0 (121)(2,295)(3,272)
Net transfers (to) from separate account0 15 0 (49)786 0 752 
Change in market value and other adjustments(1)1 3,301 266 0 535 (12)4,091 
Foreign currency adjustment0 0 0 0 0 175 175 
Balance, end of period$23,366 $43,992 $17,332 $4,763 $28,268 $60,946 178,667 
Closed Block Division4,273 
Unearned revenue reserve, unearned expense credit, and additional interest reserve6,782 
Other(2)
1,585 
Total Policyholders' account balance$191,307 
Weighted-average crediting rate4.16 %1.87 %2.67 %2.82 %2.16 %3.76 %2.97 %
Net amount at risk(3)
$0 $0 $0 $72,850 $418,361 $29,906 $521,117 
Cash surrender value(4)
$23,366 $42,831 $15,442 $3,871 $22,386 $55,511 $163,407 


Year Ended December 31, 2024
Retirement StrategiesGroup InsuranceIndividual LifeInternational Businesses(5)Total
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal Life
($ in millions)
Balance, beginning of period$17,738 $23,765 $7,095 $5,293 $27,439 $51,399 $132,729 
Deposits7,106 8,318 5,266 1,313 2,505 8,862 33,370 
Interest credited757 511 252 148 774 1,810 4,252 
Dispositions
0 0 0 0 0 (336)(336)
Policy charges(11)(33)(5)(322)(2,051)(570)(2,992)
Surrenders and withdrawals(5,895)(919)(719)(1,452)(1,654)(2,373)(13,012)
Benefit payments(607)(85)(79)0 (137)(2,348)(3,256)
Net transfers (to) from separate account0 122 0 (6)613 0 729 
Change in market value and other adjustments(1)0 2,406 210 0 107 (30)2,693 
Foreign currency adjustment0 0 0 0 0 (2,144)(2,144)
Balance, end of period$19,088 $34,085 $12,020 $4,974 $27,596 $54,270 152,033 
Closed Block Division4,359 
Unearned revenue reserve, unearned expense credit, and additional interest reserve6,009 
Other(2)
3,853 
Total Policyholders' account balance$166,254 
Weighted-average crediting rate4.11 %1.77 %2.64 %2.88 %2.81 %3.43 %2.99 %
Net amount at risk(3)
$0 $0 $0 $73,259 $400,990 $26,435 $500,684 
Cash surrender value(4)
$19,058 $32,501 $10,305 $3,892 $23,886 $49,028 $138,670 
Year Ended December 31, 2023
Retirement StrategiesGroup InsuranceIndividual LifeInternational Businesses(5)Total
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal Life
($ in millions)
Balance, beginning of period$17,376 $17,524 $4,643 $5,839 $26,502 $46,493 $118,377 
Deposits5,657 4,638 2,659 1,212 2,447 9,028 25,641 
Interest credited677 305 129 165 773 1,445 3,494 
Dispositions0 0 0 0 0 0 0 
Policy charges(23)(24)(9)(323)(2,047)(529)(2,955)
Surrenders and withdrawals(5,290)(704)(414)(1,552)(1,820)(1,705)(11,485)
Benefit payments(659)(76)(76)0 (154)(2,185)(3,150)
Net transfers (to) from separate account0 34 0 (48)1,393 0 1,379 
Change in market value and other adjustments(1)0 2,068 163 0 345 22 2,598 
Foreign currency adjustment0 0 0 0 0 (1,170)(1,170)
Balance, end of period$17,738 $23,765 $7,095 $5,293 $27,439 $51,399 132,729 
Closed Block Division4,500 
Unearned revenue reserve, unearned expense credit, and additional interest reserve5,326 
Other(2)
4,463 
Total Policyholders' account balance$147,018 
Weighted-average crediting rate3.85 %1.48 %2.21 %2.96 %2.87 %2.95 %2.78 %
Net amount at risk(3)
$0 $0 $0 $72,858 $382,399 $25,729 $480,986 
Cash surrender value(4)
$17,738 $21,640 $5,827 $4,021 $23,234 $45,101 $117,561 
__________
(1)Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)Includes $2,738 million, $5,099 million and $5,479 million of the Full Service Retirement business’s account balances reinsured to Empower for December 31, 2025, 2024 and 2023, respectively.
(3)The net amount at risk calculation includes both general account and separate account balances.
(4)Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the Institutional Retirement Strategies segment.
(5)Prior period amounts have been updated to conform to current period presentation.

“Policyholders’ account balances” for Institutional Retirement Strategies, International Businesses and Corporate and Other includes the Company’s Funding Agreement-Backed Notes (“FABN”) and Funding Agreement-Backed Commercial Paper (“FACP”) programs, which totaled $8,674 million, $5,547 million and $5,597 million, at December 31, 2025, 2024 and 2023, respectively. Under these programs, which have maximum authorized amounts of $15 billion of medium-term notes and $6 billion of commercial paper, Delaware statutory trusts issue short-term commercial paper and/or medium-term notes to investors that are secured by funding agreements issued to the trusts by PICA. The outstanding commercial paper and notes have fixed or floating interest rates that range from 0.0% to 5.6% and original maturities ranging from two months to ten years. Included in the amounts at December 31, 2025, 2024 and 2023 are funding agreements which secure the medium-term note liability, which are carried at amortized cost, of $5,694 million, $3,486 million and $3,474 million, respectively, and short-term note liability of $2,500 million, $2,086 million and $2,156 million, respectively, and Retail Note liability of $508 million, $136 million, and $0 million, respectively.

“Policyholders’ account balances” for Institutional Retirement Strategies also includes collateralized funding agreements issued to the Federal Home Loan Bank of New York (“FHLBNY”) totaling $2,628 million, $2,628 million, and $2,628 million, as of December 31, 2025, 2024 and 2023, respectively. These obligations, which are carried at amortized cost, have fixed interest rates that range from 1.925% to 4.510% and original maturities of seven years. For additional details regarding the FHLBNY program, see Note 18.

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 14 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 millions)
Retirement Strategies - Institutional
Less than 1.00%
$208 $0 $0 $0 $208 
1.00% - 1.99%
1,552 0 0 0 1,552 
2.00% - 2.99%
71 0 0 0 71 
3.00% - 4.00%
4,015 0 0 0 4,015 
Greater than 4.00%
6,316 0 0 0 6,316 
Total$12,162 $0 $0 $0 $12,162 
Retirement Strategies - Individual Variable
Less than 1.00%
$422 $120 $332 $0 $874 
1.00% - 1.99%
82 432 1 0 515 
2.00% - 2.99%
19 7 4 0 30 
3.00% - 4.00%
1,495 6 9 0 1,510 
Greater than 4.00%
73 0 0 0 73 
Total$2,091 $565 $346 $0 $3,002 
Retirement Strategies - Individual Fixed
Less than 1.00%
$3 $7 $28 $1,743 $1,781 
1.00% - 1.99%
395 46 208 46 695 
2.00% - 2.99%
572 1,463 543 15 2,593 
3.00% - 4.00%
3,072 12 11 3 3,098 
Greater than 4.00%
73 0 0 0 73 
Total$4,115 $1,528 $790 $1,807 $8,240 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $771 $771 
1.00% - 1.99%
3 0 0 2 5 
2.00% - 2.99%
40 0 0 0 40 
3.00% - 4.00%
1,418 7 69 4 1,498 
Greater than 4.00%
3 0 0 0 3 
Total$1,464 $7 $69 $777 $2,317 
Individual Life - Variable / Universal Life
Less than 1.00%
$0 $0 $0 $373 $373 
1.00% - 1.99%
387 0 2,063 1,747 4,197 
2.00% - 2.99%
267 1,604 2,731 567 5,169 
3.00% - 4.00%
5,166 1,952 1,349 54 8,521 
Greater than 4.00%
5,271 0 0 0 5,271 
Total$11,091 $3,556 $6,143 $2,741 $23,531 
International Businesses
Less than 1.00%
$3,652 $23 $0 $0 $3,675 
1.00% - 1.99%
14,806 32 0 0 14,838 
2.00% - 2.99%
7,725 276 24 0 8,025 
3.00% - 4.00%
10,265 0 0 0 10,265 
Greater than 4.00%
18,676 0 0 0 18,676 
Total$55,124 $331 $24 $0 $55,479 
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 millions)
Retirement Strategies - Institutional
Less than 1.00%
$401 $0 $0 $0 $401 
1.00% - 1.99%
1,552 0 0 0 1,552 
2.00% - 2.99%
79 0 0 0 79 
3.00% - 4.00%
3,889 0 0 0 3,889 
Greater than 4.00%
3,341 0 0 0 3,341 
Total$9,262 $0 $0 $0 $9,262 
Retirement Strategies - Individual Variable
Less than 1.00%
$129 $503 $647 $0 $1,279 
1.00% - 1.99%
124 295 2 0 421 
2.00% - 2.99%
21 4 4 0 29 
3.00% - 4.00%
1,708 3 8 0 1,719 
Greater than 4.00%
83 0 0 0 83 
Total$2,065 $805 $661 $0 $3,531 
Retirement Strategies - Individual Fixed
Less than 1.00%
$0 $3 $12 $1,022 $1,037 
1.00% - 1.99%
461 83 208 69 821 
2.00% - 2.99%
538 465 557 16 1,576 
3.00% - 4.00%
2,074 84 11 3 2,172 
Greater than 4.00%
84 0 0 0 84 
Total$3,157 $635 $788 $1,110 $5,690 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $959 $959 
1.00% - 1.99%
0 0 3 2 5 
2.00% - 2.99%
24 15 0 0 39 
3.00% - 4.00%
1,482 0 38 22 1,542 
Greater than 4.00%
3 0 0 0 3 
Total$1,509 $15 $41 $983 $2,548 
Individual Life - Variable / Universal Life
Less than 1.00%
$7 $0 $0 $317 $324 
1.00% - 1.99%
290 0 2,238 1,513 4,041 
2.00% - 2.99%
33 1,668 2,750 419 4,870 
3.00% - 4.00%
6,098 1,727 1,321 36 9,182 
Greater than 4.00%
5,384 0 0 0 5,384 
Total$11,812 $3,395 $6,309 $2,285 $23,801 
International Businesses(2)
Less than 1.00%
$15,556 $41 $80 $2,984 $18,661 
1.00% - 1.99%
10,431 79 0 0 10,510 
2.00% - 2.99%
4,546 267 29 0 4,842 
3.00% - 4.00%
6,699 0 0 0 6,699 
Greater than 4.00%
9,072 0 0 0 9,072 
Total$46,304 $387 $109 $2,984 $49,784 
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 millions)
Retirement Strategies - Institutional
Less than 1.00%
$589 $0 $0 $0 $589 
1.00% - 1.99%
1,552 0 0 0 1,552 
2.00% - 2.99%
596 0 0 0 596 
3.00% - 4.00%
5,041 0 0 0 5,041 
Greater than 4.00%
1,906 0 0 0 1,906 
Total$9,684 $0 $0 $0 $9,684 
Retirement Strategies - Individual Variable
Less than 1.00%
$908 $807 $18 $0 $1,733 
1.00% - 1.99%
218 2 1 0 221 
2.00% - 2.99%
29 4 4 0 37 
3.00% - 4.00%
1,942 13 10 0 1,965 
Greater than 4.00%
95 0 0 0 95 
Total$3,192 $826 $33 $0 $4,051 
Retirement Strategies - Individual Fixed
Less than 1.00%
$0 $0 $1 $117 $118 
1.00% - 1.99%
526 122 250 80 978 
2.00% - 2.99%
550 469 562 17 1,598 
3.00% - 4.00%
321 11 0 0 332 
Greater than 4.00%
95 0 0 0 95 
Total$1,492 $602 $813 $214 $3,121 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $1,147 $1,147 
1.00% - 1.99%
0 0 0 0 0 
2.00% - 2.99%
29 0 0 0 29 
3.00% - 4.00%
1,543 0 0 50 1,593 
Greater than 4.00%
73 0 0 0 73 
Total$1,645 $0 $0 $1,197 $2,842 
Individual Life - Variable / Universal Life
Less than 1.00%
$0 $0 $0 $368 $368 
1.00% - 1.99%
201 0 2,588 813 3,602 
2.00% - 2.99%
30 1,445 2,944 340 4,759 
3.00% - 4.00%
4,422 4,092 1,311 19 9,844 
Greater than 4.00%
5,491 0 0 0 5,491 
Total$10,144 $5,537 $6,843 $1,540 $24,064 
International Businesses(2)
Less than 1.00%
$16,306 $43 $89 $1,996 $18,434 
1.00% - 1.99%
11,985 91 0 0 12,076 
2.00% - 2.99%
5,238 310 36 0 5,584 
3.00% - 4.00%
4,732 0 0 0 4,732 
Greater than 4.00%
5,819 0 0 0 5,819 
Total$44,080 $444 $125 $1,996 $46,645 
__________
(1)Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products.
(2)Prior period amounts have been updated to conform to current period presentation.
Unearned Revenue Reserve

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

Year Ended December 31, 2025
Individual LifeInternational Businesses
Variable/ Universal Life
Total
(in millions)
Balance, beginning of period$5,245 $505 $5,750 
Unearned revenue866 195 1,061 
Amortization expense(255)(30)(285)
Other adjustments0 0 0 
Foreign currency adjustment0 (4)(4)
Balance, end of period$5,856 $666 6,522 
Other69 
Total unearned revenue reserve balance$6,591 

Year Ended December 31, 2024
Individual LifeInternational Businesses(1)
Variable/ Universal Life
Total
(in millions)
Balance, beginning of period$4,613 $454 $5,067 
Unearned revenue872 161 1,033 
Amortization expense(240)(22)(262)
Other adjustments0 (58)(58)
Foreign currency adjustment
0 (30)(30)
Balance, end of period$5,245 $505 5,750 
Other59 
Total unearned revenue reserve balance$5,809 

Year Ended December 31, 2023
Individual LifeInternational Businesses(1)
Variable/Universal Life
Total
(in millions)
Balance, beginning of period$3,983 $312 $4,295 
Unearned revenue841 169 1,010 
Amortization expense(211)(15)(226)
Other adjustments0 3 3 
Foreign currency adjustment
0 (15)(15)
Balance, end of period$4,613 $454 5,067 
Other49 
Total unearned revenue reserve balance$5,116 
MARKET RISK BENEFITS
The following table shows a rollforward of MRB balances for annuity products within Individual Retirement Strategies, which is the only line of business that contains a material MRB balance, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
Year Ended December 31, 2025
Retirement Strategies
Total
Individual VariableIndividual Fixed
(in millions)
Balance, BOP$2,740 $0 $2,740 
Effect of cumulative changes in NPR672 0 672 
Balance, BOP, before effect of changes in NPR3,412 0 3,412 
Attributed fees collected1,033 20 1,053 
Claims paid(76)0 (76)
Interest accrual182 5 187 
Actual in force different from expected64 (2)62 
Effect of changes in interest rates(268)(35)(303)
Effect of changes in equity markets(1,183)(13)(1,196)
Effect of assumption update and other refinements
112 151 263 
Issuances
59 37 96 
Other adjustments38 3 41 
Balance, EOP, before effect of changes in NPR3,373 166 3,539 
Effect of cumulative changes in NPR(487)10 (477)
Balance, EOP2,886 176 3,062 
Less: Reinsured MRBs
804 0 804 
Balance, EOP, net of reinsurance$2,082 $176 2,258 
Other businesses35 
Total net MRB balance$2,293 


Year Ended December 31, 2024
Retirement StrategiesTotal
Individual VariableIndividual Fixed
(in millions)
Balance, BOP$4,038 $0 $4,038 
Effect of cumulative changes in NPR1,137 0 1,137 
Balance, BOP, before effect of changes in NPR5,175 0 5,175 
Attributed fees collected1,122 0 1,122 
Claims paid(79)0 (79)
Interest accrual246 0 246 
Actual in force different from expected47 0 47 
Effect of changes in interest rates(1,493)0 (1,493)
Effect of changes in equity markets(1,745)0 (1,745)
Effect of assumption update and other refinements(1)88 0 88 
Issuances
72 0 72 
Other adjustments(1)
(21)0 (21)
Balance, EOP, before effect of changes in NPR3,412 0 3,412 
Effect of cumulative changes in NPR(672)0 (672)
Balance, EOP2,740 0 2,740 
Less: Reinsured MRBs
654 0 654 
Balance, EOP, net of reinsurance$2,086 $0 2,086 
Other businesses38 
Total net MRB balance$2,124 
__________
(1)Prior period amounts have been updated to conform to current presentation.

Year Ended December 31, 2023
Retirement StrategiesTotal
Individual VariableIndividual Fixed
(in millions)
Balance, BOP$4,987 $0 $4,987 
Effect of cumulative changes in NPR1,828 0 1,828 
Balance, BOP, before effect of changes in NPR6,815 0 6,815 
Attributed fees collected1,186 0 1,186 
Claims paid(114)0 (114)
Interest accrual317 0 317 
Actual in force different from expected80 0 80 
Effect of changes in interest rates(1,480)0 (1,480)
Effect of changes in equity markets(1,952)0 (1,952)
Effect of assumption update and other refinements(1)276 0 276 
Issuances
23 0 23 
Other adjustments(1)
24 0 24 
Balance, EOP, before effect of changes in NPR5,175 0 5,175 
Effect of cumulative changes in NPR(1,137)0 (1,137)
Balance, EOP4,038 0 4,038 
Less: Reinsured MRBs
616 0 616 
Balance, EOP, net of reinsurance$3,422 $0 3,422 
Other businesses64 
Total net MRB balance$3,486 
__________
(1)Prior period amounts have been updated to conform to current presentation.

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
Retirement Strategies
Individual VariableIndividual Fixed
($ in millions)
Net amount at risk(1)$8,075 $513 
Weighted-average attained age of contractholders7268

December 31, 2024
Retirement Strategies
Individual VariableIndividual Fixed
($ in millions)
Net amount at risk(1)$9,285 N/A
Weighted-average attained age of contractholders71N/A

December 31, 2023
Retirement Strategies
Individual VariableIndividual Fixed
($ in millions)
Net amount at risk(1)$9,753 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 reconcile MRB asset and liability positions as of the following dates:
December 31, 2025
 Retirement Strategies
Individual VariableIndividual FixedOther BusinessesTotal
(in millions)
Direct and assumed
$1,399 $3 $0 $1,402 
Ceded
928 0 0 928 
Total MRB assets
$2,327 $3 $0 $2,330 
Direct and assumed
$4,285 $179 $35 $4,499 
Ceded
124 0 0 124 
Total MRB liabilities
$4,409 $179 $35 $4,623 
Net liability
$2,082 $176 $35 $2,293 

December 31, 2024
 Retirement Strategies
Individual Variable
Individual Fixed
Other BusinessesTotal
(in millions)
Direct and assumed
$1,516 $0 $9 $1,525 
Ceded
804 0 2 806 
Total MRB assets
$2,320 $0 $11 $2,331 
Direct and assumed
$4,256 $0 $49 $4,305 
Ceded
150 0 0 150 
Total MRB liabilities
$4,406 $0 $49 $4,455 
Net liability
$2,086 $0 $38 $2,124 

December 31, 2023
 Retirement Strategies
Individual Variable
Individual Fixed
Other BusinessesTotal
(in millions)
Direct and assumed
$1,221 $0 $11 $1,232 
Ceded
746 0 3 749 
Total MRB assets
$1,967 $0 $14 $1,981 
Direct and assumed
$5,259 $0 $78 $5,337 
Ceded
130 0 0130 
Total MRB liabilities
$5,389 $0 $78 $5,467 
Net liability
$3,422 $0 $64 $3,486 
.
v3.25.4
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, partially offset by unfavorable updates for morbidity in Long-Term Care and mortality in Institutional Retirement Strategies. 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 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 Institutional Retirement Strategies and Long-Term Care, partially offset by unfavorable updates to policyholder behavior assumptions on certain life policies in International Businesses. Additionally, there was an unfavorable impact for direct and assumed AIR, primarily due to updates to policyholder behavior assumptions on universal life polices with secondary guarantees in Individual Life.

In 2023, the Company recognized an unfavorable 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 unfavorable 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 policyholder behavior and claim assumptions in Long-Term Care. Additionally, there was an unfavorable impact for direct and assumed AIR, 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 in Individual Life.
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
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$72,526 $10,724 $45,851 $2,854 $131,955 
Effect of cumulative changes in discount rate assumptions, BOP14,545 578 2,599 132 17,854 
Balance at original discount rate, BOP87,071 11,302 48,450 2,986 149,809 
Effect of assumption update169 (241)(1,072)8 (1,136)
Effect of actual variances from expected experience and other activity(49)(179)(803)106 (925)
Adjusted balance, BOP87,191 10,882 46,575 3,100 147,748 
Issuances13,848 813 2,880 0 17,541 
Net premiums / considerations collected(10,223)(1,365)(6,656)(310)(18,554)
Interest accrual3,638 527 1,449 142 5,756 
Foreign currency adjustment7,155 0 451 0 7,606 
Other adjustments0 60 91 0 151 
Balance at original discount rate, EOP101,609 10,917 44,790 2,932 160,248 
Effect of cumulative changes in discount rate assumptions, EOP(14,178)(280)(3,431)(64)(17,953)
Balance, EOP$87,431 $10,637 $41,359 $2,868 142,295 
Other businesses, EOP111 
Total balance, EOP$142,406 


Year Ended December 31, 2025
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$151,484 $18,996 $135,485 $11,178 $317,143 
Effect of cumulative changes in discount rate assumptions, BOP20,182 1,134 17,834 1,548 40,698 
Balance at original discount rate, BOP171,666 20,130 153,319 12,726 357,841 
Effect of assumption update322 (392)(1,013)14 (1,069)
Effect of actual variances from expected experience and other activity71 (230)(928)105 (982)
Adjusted balance, BOP172,059 19,508 151,378 12,845 355,790 
Issuances13,848 813 2,880 0 17,541 
Interest accrual7,238 943 4,738 617 13,536 
Benefit payments(15,095)(1,526)(8,430)(367)(25,418)
Foreign currency adjustment7,219 0 997 0 8,216 
Other adjustments5 30 247 0 282 
Balance at original discount rate, EOP185,274 19,768 151,810 13,095 369,947 
Effect of cumulative changes in discount rate assumptions, EOP(17,758)(602)(26,267)(1,435)(46,062)
Balance, EOP$167,516 $19,166 $125,543 $11,660 323,885 
Other businesses, EOP1,689 
Total balance, EOP$325,574 
Year Ended December 31, 2025
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring$80,086 $8,529 $84,184 $8,792 $181,591 
Flooring impact, EOP183 1 77 0 261 
Balance, EOP, post-flooring80,269 8,530 84,261 8,792 181,852 
Less: Reinsurance recoverable5,189 613 307 0 6,109 
Balance after reinsurance recoverable, EOP, post-flooring$75,080 $7,917 $83,954 $8,792 175,743 
Other businesses, EOP(1)1,522 
Total balance after reinsurance recoverable, EOP$177,265 

Year Ended December 31, 2024
Present Value of Expected Net Premiums
Retirement StrategiesIndividual LifeInternational Businesses(2)Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$71,407 $11,274 $55,431 $3,286 $141,398 
Effect of cumulative changes in discount rate assumptions, BOP11,869 228 1,218 16 13,331 
Balance at original discount rate, BOP83,276 11,502 56,649 3,302 154,729 
Effect of assumption update41 21 (863)(276)(1,077)
Effect of actual variances from expected experience and other activity568 (228)(2,160)122 (1,698)
Adjusted balance, BOP83,885 11,295 53,626 3,148 151,954 
Issuances24,498 857 3,354 0 28,709 
Net premiums / considerations collected(22,206)(1,379)(6,969)(311)(30,865)
Interest accrual2,896 530 1,527 149 5,102 
Foreign currency adjustment(2,002)0 (3,209)0 (5,211)
Other adjustments0 (1)121 0 120 
Balance at original discount rate, EOP87,071 11,302 48,450 2,986 149,809 
Effect of cumulative changes in discount rate assumptions, EOP(14,545)(578)(2,599)(132)(17,854)
Balance, EOP$72,526 $10,724 $45,851 $2,854 131,955 
Other businesses, EOP93 
Total balance, EOP$132,048 
Year Ended December 31, 2024
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP $141,135 $19,852 $158,858 $12,139 $331,984 
Effect of cumulative changes in discount rate assumptions, BOP 14,751 334 7,918 603 23,606 
Balance at original discount rate, BOP 155,886 20,186 166,776 12,742 355,590 
Effect of assumption update(481)21 (513)(394)(1,367)
Effect of actual variances from expected experience and other activity 716 (252)(2,184)99 (1,621)
Adjusted balance, BOP 156,121 19,955 164,079 12,447 352,602 
Issuances 24,498 857 3,354 0 28,709 
Interest accrual 6,290 945 4,717 606 12,558 
Benefit payments (13,131)(1,615)(9,163)(327)(24,236)
Foreign currency adjustment (2,017)0 (9,953)0 (11,970)
Other adjustments (95)(12)285 0 178 
Balance at original discount rate, EOP 171,666 20,130 153,319 12,726 357,841 
Effect of cumulative changes in discount rate assumptions, EOP (20,182)(1,134)(17,834)(1,548)(40,698)
Balance, EOP $151,484 $18,996 $135,485 $11,178 317,143 
Other businesses, EOP 1,646 
Total balance, EOP $318,789 

Year Ended December 31, 2024
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring $78,958 $8,272 $89,634 $8,324 $185,188 
Flooring impact, EOP 68 0 37 0 105 
Balance, EOP, post-flooring 79,026 8,272 89,671 8,324 185,293 
Less: Reinsurance recoverable 5,057 654 349 0 6,060 
Balance after reinsurance recoverable, EOP, post-flooring $73,969 $7,618 $89,322 $8,324 179,233 
Other businesses, EOP(1) 1,493 
Total balance after reinsurance recoverable, EOP $180,726 
Year Ended December 31, 2023
Present Value of Expected Net Premiums
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$52,620 $11,282 $59,640 $2,932 $126,474 
Effect of cumulative changes in discount rate assumptions, BOP14,349 572 2,680 103 17,704 
Balance at original discount rate, BOP66,969 11,854 62,320 3,035 144,178 
Effect of assumption update(1,117)(1)(97)266 (949)
Effect of actual variances from expected experience and other activity540 (223)(1,937)161 (1,459)
Adjusted balance, BOP66,392 11,630 60,286 3,462 141,770 
Issuances20,914 750 3,875 0 25,539 
Net premiums / considerations collected(10,389)(1,413)(7,637)(317)(19,756)
Interest accrual2,233 538 1,669 157 4,597 
Foreign currency adjustment4,126 0 (1,663)0 2,463 
Other adjustments0 (3)119 0 116 
Balance at original discount rate, EOP83,276 11,502 56,649 3,302 154,729 
Effect of cumulative changes in discount rate assumptions, EOP(11,869)(228)(1,218)(16)(13,331)
Balance, EOP$71,407 $11,274 $55,431 $3,286 141,398 
Other businesses, EOP86 
Total balance, EOP$141,484 

Year Ended December 31, 2023
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP $117,754 $19,288 $158,970 $10,685 $306,697 
Effect of cumulative changes in discount rate assumptions, BOP 20,170 1,012 14,985 1,216 37,383 
Balance at original discount rate, BOP 137,924 20,300 173,955 11,901 344,080 
Effect of assumption update(1,289)(1)189 357 (744)
Effect of actual variances from expected experience and other activity 514 (269)(1,836)160 (1,431)
Adjusted balance, BOP 137,149 20,030 172,308 12,418 341,905 
Issuances 20,914 750 3,875 0 25,539 
Interest accrual 5,109 944 4,902 594 11,549 
Benefit payments (11,477)(1,522)(9,022)(270)(22,291)
Foreign currency adjustment 4,209 0 (5,515)0 (1,306)
Other adjustments (18)(16)228 0 194 
Balance at original discount rate, EOP 155,886 20,186 166,776 12,742 355,590 
Effect of cumulative changes in discount rate assumptions, EOP (14,751)(334)(7,918)(603)(23,606)
Balance, EOP $141,135 $19,852 $158,858 $12,139 331,984 
Other businesses, EOP 1,716 
Total balance, EOP $333,700 
Year Ended December 31, 2023
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring $69,728 $8,578 $103,426 $8,852 $190,584 
Flooring impact, EOP 61 0 25 0 86 
Balance, EOP, post-flooring 69,789 8,578 103,451 8,852 190,670 
Less: Reinsurance recoverable 5,539 744 304 0 6,587 
Balance after reinsurance recoverable, EOP, post-flooring $64,250 $7,834 $103,147 $8,852 184,083 
Other businesses, EOP(1) 1,563 
Total balance after reinsurance recoverable, EOP $185,646 
__________
(1)Reflects balance after reinsurance recoverable of $55 million, $60 million, and $69 million at December 31, 2025, 2024 and 2023, respectively.
(2)Prior period amounts have been updated to conform to current period presentation.

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 period indicated:

Year Ended December 31, 2025
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$175,170 $23,101 $102,250 $6,397 
Discounted expected future gross premiums (at original discount rate) $109,368 $15,594 $79,537 $4,325 
Discounted expected future gross premiums (at current discount rate) $93,833 $15,249 $73,788 $4,240 
Undiscounted expected future benefits and expenses $301,899 $30,574 $250,822 $29,483 
Weighted-average duration of the liability in years (at original discount rate) 891716
Weighted-average duration of the liability in years (at current discount rate) 891415
Weighted-average interest rate (at original discount rate) 4.81 %5.11 %3.05 %4.91 %
Weighted-average interest rate (at current discount rate) 5.37 %5.27 %4.46 %5.78 %

Year Ended December 31, 2024
Retirement StrategiesIndividual LifeInternational Businesses(1)Corporate and Other
InstitutionalTerm LifeLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$145,442 $22,947 $107,844 $6,817 
Discounted expected future gross premiums (at original discount rate) $94,222 $15,662 $84,715 $4,542 
Discounted expected future gross premiums (at current discount rate) $78,237 $14,901 $80,616 $4,350 
Undiscounted expected future benefits and expenses $274,071 $31,068 $254,008 $29,661 
Weighted-average duration of the liability in years (at original discount rate) 8101817
Weighted-average duration of the liability in years (at current discount rate) 891616
Weighted-average interest rate (at original discount rate) 4.74 %5.30 %3.02 %4.91 %
Weighted-average interest rate (at current discount rate) 5.59 %5.78 %3.70 %5.85 %
Year Ended December 31, 2023
Retirement StrategiesIndividual Life
International Businesses(1)
Corporate and Other
InstitutionalTerm LifeLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$134,192 $23,083 $125,636 $6,852 
Discounted expected future gross premiums (at original discount rate) $90,606 $15,322 $98,959 $4,509 
Discounted expected future gross premiums (at current discount rate) $77,520 $15,044 $97,522 $4,491 
Undiscounted expected future benefits and expenses $242,617 $31,114 $280,791 $30,761 
Weighted-average duration of the liability in years (at original discount rate) 9101918
Weighted-average duration of the liability in years (at current discount rate) 8101817
Weighted-average interest rate (at original discount rate) 4.62 %5.17 %2.95 %4.91 %
Weighted-average interest rate (at current discount rate) 5.03 %4.99 %3.01 %5.25 %
__________
(1)Prior period amounts have been updated to conform to current period presentation.

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 $85 million charge to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, partially offset by an $8 million gain reflecting the impact of ceded reinsurance. The unfavorable impact in 2025 is primarily due to new pension risk transfer business sold in Institutional Retirement Strategies, for which the Present Value of Expected Benefits at the required discount rate exceeds the premium paid.

In 2024 and 2023, 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.
Deferred Profit Liability

The balances of and changes in DPL as of and for the period indicated are as follows:
Year Ended December 31, 2025
Deferred Profit Liability
Retirement StrategiesInternational BusinessesTotal
Institutional
(in millions)
Balance, BOP $5,670 $9,354 $15,024 
Flooring impact, BOP 0 2 2 
Balance, BOP, pre-flooring 5,670 9,352 15,022 
Effect of assumption update(73)(58)(131)
Effect of actual variances from expected experience and other activity 0 9 9 
Adjusted balance, BOP 5,597 9,303 14,900 
Profits deferred 131 2,565 2,696 
Interest accrual 230 353 583 
Amortization (570)(2,128)(2,698)
Foreign currency adjustment 19 90 109 
Other adjustments 0 40 40 
Balance, EOP, pre-flooring 5,407 10,223 15,630 
Flooring impact, EOP 0 2 2 
Balance, EOP 5,407 10,225 15,632 
Less: Reinsurance recoverable 391 44 435 
Balance after reinsurance recoverable $5,016 $10,181 15,197 
Other businesses
166 
Total balance after reinsurance recoverable $15,363 

Year Ended December 31, 2024
Deferred Profit Liability
Retirement Strategies
International Businesses(1)
InstitutionalTotal
(in millions)
Balance, BOP $5,615 $9,259 $14,874 
Flooring impact, BOP 0 2 2 
Balance, BOP, pre-flooring 5,615 9,257 14,872 
Effect of assumption update370 (288)82 
Effect of actual variances from expected experience and other activity (99)(59)(158)
Adjusted balance, BOP 5,886 8,910 14,796 
Profits deferred 142 2,679 2,821 
Interest accrual 236 320 556 
Amortization (588)(2,109)(2,697)
Foreign currency adjustment (6)(480)(486)
Other adjustments 0 32 32 
Balance, EOP, pre-flooring 5,670 9,352 15,022 
Flooring impact, EOP 0 2 2 
Balance, EOP 5,670 9,354 15,024 
Less: Reinsurance recoverable 391 40 431 
Balance after reinsurance recoverable $5,279 $9,314 14,593 
Other businesses
161 
Total balance after reinsurance recoverable $14,754 
Year Ended December 31, 2023
Deferred Profit Liability
Retirement StrategiesInternational Businesses(1)
InstitutionalTotal
(in millions)
Balance, BOP $5,532 $8,640 $14,172 
Flooring impact, BOP 0 1 1 
Balance, BOP, pre-flooring 5,532 8,639 14,171 
Effect of assumption update35 (295)(260)
Effect of actual variances from expected experience and other activity 21 (75)(54)
Adjusted balance, BOP 5,588 8,269 13,857 
Profits deferred 342 3,005 3,347 
Interest accrual 227 300 527 
Amortization (565)(2,173)(2,738)
Foreign currency adjustment 15 (176)(161)
Other adjustments 8 32 40 
Balance, EOP, pre-flooring 5,615 9,257 14,872 
Flooring impact, EOP 0 2 2 
Balance, EOP 5,615 9,259 14,874 
Less: Reinsurance recoverable 386 19 405 
Balance after reinsurance recoverable $5,229 $9,240 14,469 
Other businesses
148 
Total balance after reinsurance recoverable $14,617 
__________
(1)Prior period amounts have been updated to conform to current period presentation.
Additional Insurance Reserves

AIR represents the additional liability for annuitization, death, or other insurance benefits, including GMDB and GMIB contract features, that are above and beyond the contractholder's account balance.

The following table shows a rollforward of AIR balances for variable and universal life products within Individual Life, which is the only line of business that contains a material AIR balance, for the period indicated, along with a reconciliation to the Company’s total AIR balance:
Year Ended December 31,
2025
2024
2023
(in millions)
Balance, including amounts in AOCI, BOP, post-flooring$16,376 $14,308 $12,684 
Flooring impact and amounts in AOCI632 843 1,285 
Balance, excluding amounts in AOCI, BOP, pre-flooring17,008 15,151 13,969 
Effect of assumption update(39)153 23 
Effect of actual variances from expected experience and other activity147 266 32 
Adjusted balance, BOP17,116 15,570 14,024 
Assessments collected(1)1,203 1,251 938 
Interest accrual592 539 488 
Benefits paid(394)(353)(301)
Other adjustments
37 1 2 
Balance, excluding amounts in AOCI, EOP, pre-flooring18,554 17,008 15,151 
Flooring impact and amounts in AOCI(440)(632)(843)
Balance, including amounts in AOCI, EOP, post-flooring18,114 16,376 14,308 
Less: Reinsurance recoverable10,726 9,543 5,852 
Balance after reinsurance recoverable, including amounts in AOCI, EOP7,388 6,833 8,456 
Other businesses179 63 131 
Total balance after reinsurance recoverable$7,567 $6,896 $8,587 
__________
(1)Represents the portion of gross assessments required to fund the future policy benefits.

Year Ended December 31,
2025
2024
2023
Weighted-average duration of the liability in years (at original discount rate) 212122
Weighted-average interest rate (at original discount rate) 3.36 %3.36 %3.40 %
Future Policy Benefits Reconciliation

The following table presents the reconciliation of the ending balances from above rollforwards, Benefit Reserves, DPL, and AIR including other liabilities, gross of related reinsurance recoverable, to the total liability for Future Policy Benefits on the Company's Consolidated Statement of Financial Position as of the periods indicated:

Year Ended December 31,
2025
2024
2023
(in millions)
Benefit reserves, EOP, post-flooring$183,429 $186,846 $192,302 
Deferred profit liability, EOP, post-flooring15,798 15,185 15,022 
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring18,293 16,439 14,439 
Subtotal of amounts disclosed above217,520 218,470 221,763 
Other Future Policy Benefits reserves(1)49,394 50,442 51,518 
Total Future Policy Benefits$266,914 $268,912 $273,281 
__________
(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including Closed Block liabilities, 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 as of the periods indicated:

Year Ended December 31, 2025
Revenues(1)
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeOther BusinessesTotal
(in millions)
Benefit reserves$10,803 $1,919 $0 $10,489 $547 $23,758 
Deferred profit liability282 0 0 (781)(4)(503)
Additional insurance reserves0 0 3,219 92 44 3,355 
Total$11,085 $1,919 $3,219 $9,800 $587 $26,610 

Year Ended December 31, 2024
Revenues(1)
Retirement StrategiesIndividual Life
International Businesses(2)
InstitutionalTerm LifeVariable/Universal LifeOther BusinessesTotal
(in millions)
Benefit reserves$22,814 $1,892 $0 $11,061 $557 $36,324 
Deferred profit liability(61)0 0 (576)(12)(649)
Additional insurance reserves0 0 3,458 0 0 3,458 
Total$22,753 $1,892 $3,458 $10,485 $545 $39,133 

Year Ended December 31, 2023
Revenues(1)
Retirement StrategiesIndividual Life
International Businesses(2)
InstitutionalTerm LifeVariable/Universal LifeOther BusinessesTotal
(in millions)
Benefit reserves$11,156 $1,848 $0 $12,353 $540 $25,897 
Deferred profit liability(68)0 0 (794)34 (828)
Additional insurance reserves0 0 2,947 0 0 2,947 
Total$11,088 $1,848 $2,947 $11,559 $574 $28,016 

Year Ended December 31, 2025
Interest Expense
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeOther BusinessesTotal
(in millions)
Benefit reserves$3,600 $416 $0 $3,289 $525 $7,830 
Deferred profit liability230 0 0 353 4 587 
Additional insurance reserves0 0 592 2 1 595 
Total$3,830 $416 $592 $3,644 $530 $9,012 
Year Ended December 31, 2024
Interest Expense
Retirement StrategiesIndividual Life
International Businesses(2)
InstitutionalTerm LifeVariable/Universal LifeOther BusinessesTotal
(in millions)
Benefit reserves$3,394 $415 $0 $3,191 $505 $7,505 
Deferred profit liability236 0 0 320 4 560 
Additional insurance reserves0 0 539 1 0 540 
Total$3,630 $415 $539 $3,512 $509 $8,605 

Year Ended December 31, 2023
Interest Expense
Retirement StrategiesIndividual LifeInternational Businesses(2)
InstitutionalTerm LifeVariable/Universal LifeOther BusinessesTotal
(in millions)
Benefit reserves$2,876 $406 $0 $3,233 $490 $7,005 
Deferred profit liability227 0 0 300 4 531 
Additional insurance reserves0 0 488 2 0 490 
Total$3,103 $406 $488 $3,535 $494 $8,026 
__________
(1)Represents “Gross premiums” for benefit reserves, “Revenue” for DPL and “Gross assessments” for AIR.
(2)Prior period amounts have been updated to conform to current period presentation.
POLICYHOLDERS’ ACCOUNT BALANCES
The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:
Year Ended December 31, 2025
Retirement StrategiesGroup InsuranceIndividual LifeInternational BusinessesTotal
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal Life
($ in millions)
Balance, beginning of period$19,088 $34,085 $12,020 $4,974 $27,596 $54,270 $152,033 
Deposits9,706 7,232 5,922 1,363 2,887 9,159 36,269 
Interest credited884 729 392 137 605 2,169 4,916 
Dispositions0 0 0 0 0 0 0 
Policy charges(10)(75)(54)(325)(2,060)(618)(3,142)
Surrenders and withdrawals(5,639)(1,238)(1,079)(1,337)(1,960)(1,902)(13,155)
Benefit payments(664)(57)(135)0 (121)(2,295)(3,272)
Net transfers (to) from separate account0 15 0 (49)786 0 752 
Change in market value and other adjustments(1)1 3,301 266 0 535 (12)4,091 
Foreign currency adjustment0 0 0 0 0 175 175 
Balance, end of period$23,366 $43,992 $17,332 $4,763 $28,268 $60,946 178,667 
Closed Block Division4,273 
Unearned revenue reserve, unearned expense credit, and additional interest reserve6,782 
Other(2)
1,585 
Total Policyholders' account balance$191,307 
Weighted-average crediting rate4.16 %1.87 %2.67 %2.82 %2.16 %3.76 %2.97 %
Net amount at risk(3)
$0 $0 $0 $72,850 $418,361 $29,906 $521,117 
Cash surrender value(4)
$23,366 $42,831 $15,442 $3,871 $22,386 $55,511 $163,407 


Year Ended December 31, 2024
Retirement StrategiesGroup InsuranceIndividual LifeInternational Businesses(5)Total
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal Life
($ in millions)
Balance, beginning of period$17,738 $23,765 $7,095 $5,293 $27,439 $51,399 $132,729 
Deposits7,106 8,318 5,266 1,313 2,505 8,862 33,370 
Interest credited757 511 252 148 774 1,810 4,252 
Dispositions
0 0 0 0 0 (336)(336)
Policy charges(11)(33)(5)(322)(2,051)(570)(2,992)
Surrenders and withdrawals(5,895)(919)(719)(1,452)(1,654)(2,373)(13,012)
Benefit payments(607)(85)(79)0 (137)(2,348)(3,256)
Net transfers (to) from separate account0 122 0 (6)613 0 729 
Change in market value and other adjustments(1)0 2,406 210 0 107 (30)2,693 
Foreign currency adjustment0 0 0 0 0 (2,144)(2,144)
Balance, end of period$19,088 $34,085 $12,020 $4,974 $27,596 $54,270 152,033 
Closed Block Division4,359 
Unearned revenue reserve, unearned expense credit, and additional interest reserve6,009 
Other(2)
3,853 
Total Policyholders' account balance$166,254 
Weighted-average crediting rate4.11 %1.77 %2.64 %2.88 %2.81 %3.43 %2.99 %
Net amount at risk(3)
$0 $0 $0 $73,259 $400,990 $26,435 $500,684 
Cash surrender value(4)
$19,058 $32,501 $10,305 $3,892 $23,886 $49,028 $138,670 
Year Ended December 31, 2023
Retirement StrategiesGroup InsuranceIndividual LifeInternational Businesses(5)Total
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal Life
($ in millions)
Balance, beginning of period$17,376 $17,524 $4,643 $5,839 $26,502 $46,493 $118,377 
Deposits5,657 4,638 2,659 1,212 2,447 9,028 25,641 
Interest credited677 305 129 165 773 1,445 3,494 
Dispositions0 0 0 0 0 0 0 
Policy charges(23)(24)(9)(323)(2,047)(529)(2,955)
Surrenders and withdrawals(5,290)(704)(414)(1,552)(1,820)(1,705)(11,485)
Benefit payments(659)(76)(76)0 (154)(2,185)(3,150)
Net transfers (to) from separate account0 34 0 (48)1,393 0 1,379 
Change in market value and other adjustments(1)0 2,068 163 0 345 22 2,598 
Foreign currency adjustment0 0 0 0 0 (1,170)(1,170)
Balance, end of period$17,738 $23,765 $7,095 $5,293 $27,439 $51,399 132,729 
Closed Block Division4,500 
Unearned revenue reserve, unearned expense credit, and additional interest reserve5,326 
Other(2)
4,463 
Total Policyholders' account balance$147,018 
Weighted-average crediting rate3.85 %1.48 %2.21 %2.96 %2.87 %2.95 %2.78 %
Net amount at risk(3)
$0 $0 $0 $72,858 $382,399 $25,729 $480,986 
Cash surrender value(4)
$17,738 $21,640 $5,827 $4,021 $23,234 $45,101 $117,561 
__________
(1)Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)Includes $2,738 million, $5,099 million and $5,479 million of the Full Service Retirement business’s account balances reinsured to Empower for December 31, 2025, 2024 and 2023, respectively.
(3)The net amount at risk calculation includes both general account and separate account balances.
(4)Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the Institutional Retirement Strategies segment.
(5)Prior period amounts have been updated to conform to current period presentation.

“Policyholders’ account balances” for Institutional Retirement Strategies, International Businesses and Corporate and Other includes the Company’s Funding Agreement-Backed Notes (“FABN”) and Funding Agreement-Backed Commercial Paper (“FACP”) programs, which totaled $8,674 million, $5,547 million and $5,597 million, at December 31, 2025, 2024 and 2023, respectively. Under these programs, which have maximum authorized amounts of $15 billion of medium-term notes and $6 billion of commercial paper, Delaware statutory trusts issue short-term commercial paper and/or medium-term notes to investors that are secured by funding agreements issued to the trusts by PICA. The outstanding commercial paper and notes have fixed or floating interest rates that range from 0.0% to 5.6% and original maturities ranging from two months to ten years. Included in the amounts at December 31, 2025, 2024 and 2023 are funding agreements which secure the medium-term note liability, which are carried at amortized cost, of $5,694 million, $3,486 million and $3,474 million, respectively, and short-term note liability of $2,500 million, $2,086 million and $2,156 million, respectively, and Retail Note liability of $508 million, $136 million, and $0 million, respectively.

“Policyholders’ account balances” for Institutional Retirement Strategies also includes collateralized funding agreements issued to the Federal Home Loan Bank of New York (“FHLBNY”) totaling $2,628 million, $2,628 million, and $2,628 million, as of December 31, 2025, 2024 and 2023, respectively. These obligations, which are carried at amortized cost, have fixed interest rates that range from 1.925% to 4.510% and original maturities of seven years. For additional details regarding the FHLBNY program, see Note 18.

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 14 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 millions)
Retirement Strategies - Institutional
Less than 1.00%
$208 $0 $0 $0 $208 
1.00% - 1.99%
1,552 0 0 0 1,552 
2.00% - 2.99%
71 0 0 0 71 
3.00% - 4.00%
4,015 0 0 0 4,015 
Greater than 4.00%
6,316 0 0 0 6,316 
Total$12,162 $0 $0 $0 $12,162 
Retirement Strategies - Individual Variable
Less than 1.00%
$422 $120 $332 $0 $874 
1.00% - 1.99%
82 432 1 0 515 
2.00% - 2.99%
19 7 4 0 30 
3.00% - 4.00%
1,495 6 9 0 1,510 
Greater than 4.00%
73 0 0 0 73 
Total$2,091 $565 $346 $0 $3,002 
Retirement Strategies - Individual Fixed
Less than 1.00%
$3 $7 $28 $1,743 $1,781 
1.00% - 1.99%
395 46 208 46 695 
2.00% - 2.99%
572 1,463 543 15 2,593 
3.00% - 4.00%
3,072 12 11 3 3,098 
Greater than 4.00%
73 0 0 0 73 
Total$4,115 $1,528 $790 $1,807 $8,240 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $771 $771 
1.00% - 1.99%
3 0 0 2 5 
2.00% - 2.99%
40 0 0 0 40 
3.00% - 4.00%
1,418 7 69 4 1,498 
Greater than 4.00%
3 0 0 0 3 
Total$1,464 $7 $69 $777 $2,317 
Individual Life - Variable / Universal Life
Less than 1.00%
$0 $0 $0 $373 $373 
1.00% - 1.99%
387 0 2,063 1,747 4,197 
2.00% - 2.99%
267 1,604 2,731 567 5,169 
3.00% - 4.00%
5,166 1,952 1,349 54 8,521 
Greater than 4.00%
5,271 0 0 0 5,271 
Total$11,091 $3,556 $6,143 $2,741 $23,531 
International Businesses
Less than 1.00%
$3,652 $23 $0 $0 $3,675 
1.00% - 1.99%
14,806 32 0 0 14,838 
2.00% - 2.99%
7,725 276 24 0 8,025 
3.00% - 4.00%
10,265 0 0 0 10,265 
Greater than 4.00%
18,676 0 0 0 18,676 
Total$55,124 $331 $24 $0 $55,479 
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 millions)
Retirement Strategies - Institutional
Less than 1.00%
$401 $0 $0 $0 $401 
1.00% - 1.99%
1,552 0 0 0 1,552 
2.00% - 2.99%
79 0 0 0 79 
3.00% - 4.00%
3,889 0 0 0 3,889 
Greater than 4.00%
3,341 0 0 0 3,341 
Total$9,262 $0 $0 $0 $9,262 
Retirement Strategies - Individual Variable
Less than 1.00%
$129 $503 $647 $0 $1,279 
1.00% - 1.99%
124 295 2 0 421 
2.00% - 2.99%
21 4 4 0 29 
3.00% - 4.00%
1,708 3 8 0 1,719 
Greater than 4.00%
83 0 0 0 83 
Total$2,065 $805 $661 $0 $3,531 
Retirement Strategies - Individual Fixed
Less than 1.00%
$0 $3 $12 $1,022 $1,037 
1.00% - 1.99%
461 83 208 69 821 
2.00% - 2.99%
538 465 557 16 1,576 
3.00% - 4.00%
2,074 84 11 3 2,172 
Greater than 4.00%
84 0 0 0 84 
Total$3,157 $635 $788 $1,110 $5,690 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $959 $959 
1.00% - 1.99%
0 0 3 2 5 
2.00% - 2.99%
24 15 0 0 39 
3.00% - 4.00%
1,482 0 38 22 1,542 
Greater than 4.00%
3 0 0 0 3 
Total$1,509 $15 $41 $983 $2,548 
Individual Life - Variable / Universal Life
Less than 1.00%
$7 $0 $0 $317 $324 
1.00% - 1.99%
290 0 2,238 1,513 4,041 
2.00% - 2.99%
33 1,668 2,750 419 4,870 
3.00% - 4.00%
6,098 1,727 1,321 36 9,182 
Greater than 4.00%
5,384 0 0 0 5,384 
Total$11,812 $3,395 $6,309 $2,285 $23,801 
International Businesses(2)
Less than 1.00%
$15,556 $41 $80 $2,984 $18,661 
1.00% - 1.99%
10,431 79 0 0 10,510 
2.00% - 2.99%
4,546 267 29 0 4,842 
3.00% - 4.00%
6,699 0 0 0 6,699 
Greater than 4.00%
9,072 0 0 0 9,072 
Total$46,304 $387 $109 $2,984 $49,784 
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 millions)
Retirement Strategies - Institutional
Less than 1.00%
$589 $0 $0 $0 $589 
1.00% - 1.99%
1,552 0 0 0 1,552 
2.00% - 2.99%
596 0 0 0 596 
3.00% - 4.00%
5,041 0 0 0 5,041 
Greater than 4.00%
1,906 0 0 0 1,906 
Total$9,684 $0 $0 $0 $9,684 
Retirement Strategies - Individual Variable
Less than 1.00%
$908 $807 $18 $0 $1,733 
1.00% - 1.99%
218 2 1 0 221 
2.00% - 2.99%
29 4 4 0 37 
3.00% - 4.00%
1,942 13 10 0 1,965 
Greater than 4.00%
95 0 0 0 95 
Total$3,192 $826 $33 $0 $4,051 
Retirement Strategies - Individual Fixed
Less than 1.00%
$0 $0 $1 $117 $118 
1.00% - 1.99%
526 122 250 80 978 
2.00% - 2.99%
550 469 562 17 1,598 
3.00% - 4.00%
321 11 0 0 332 
Greater than 4.00%
95 0 0 0 95 
Total$1,492 $602 $813 $214 $3,121 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $1,147 $1,147 
1.00% - 1.99%
0 0 0 0 0 
2.00% - 2.99%
29 0 0 0 29 
3.00% - 4.00%
1,543 0 0 50 1,593 
Greater than 4.00%
73 0 0 0 73 
Total$1,645 $0 $0 $1,197 $2,842 
Individual Life - Variable / Universal Life
Less than 1.00%
$0 $0 $0 $368 $368 
1.00% - 1.99%
201 0 2,588 813 3,602 
2.00% - 2.99%
30 1,445 2,944 340 4,759 
3.00% - 4.00%
4,422 4,092 1,311 19 9,844 
Greater than 4.00%
5,491 0 0 0 5,491 
Total$10,144 $5,537 $6,843 $1,540 $24,064 
International Businesses(2)
Less than 1.00%
$16,306 $43 $89 $1,996 $18,434 
1.00% - 1.99%
11,985 91 0 0 12,076 
2.00% - 2.99%
5,238 310 36 0 5,584 
3.00% - 4.00%
4,732 0 0 0 4,732 
Greater than 4.00%
5,819 0 0 0 5,819 
Total$44,080 $444 $125 $1,996 $46,645 
__________
(1)Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products.
(2)Prior period amounts have been updated to conform to current period presentation.
Unearned Revenue Reserve

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

Year Ended December 31, 2025
Individual LifeInternational Businesses
Variable/ Universal Life
Total
(in millions)
Balance, beginning of period$5,245 $505 $5,750 
Unearned revenue866 195 1,061 
Amortization expense(255)(30)(285)
Other adjustments0 0 0 
Foreign currency adjustment0 (4)(4)
Balance, end of period$5,856 $666 6,522 
Other69 
Total unearned revenue reserve balance$6,591 

Year Ended December 31, 2024
Individual LifeInternational Businesses(1)
Variable/ Universal Life
Total
(in millions)
Balance, beginning of period$4,613 $454 $5,067 
Unearned revenue872 161 1,033 
Amortization expense(240)(22)(262)
Other adjustments0 (58)(58)
Foreign currency adjustment
0 (30)(30)
Balance, end of period$5,245 $505 5,750 
Other59 
Total unearned revenue reserve balance$5,809 

Year Ended December 31, 2023
Individual LifeInternational Businesses(1)
Variable/Universal Life
Total
(in millions)
Balance, beginning of period$3,983 $312 $4,295 
Unearned revenue841 169 1,010 
Amortization expense(211)(15)(226)
Other adjustments0 3 3 
Foreign currency adjustment
0 (15)(15)
Balance, end of period$4,613 $454 5,067 
Other49 
Total unearned revenue reserve balance$5,116 
MARKET RISK BENEFITS
The following table shows a rollforward of MRB balances for annuity products within Individual Retirement Strategies, which is the only line of business that contains a material MRB balance, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
Year Ended December 31, 2025
Retirement Strategies
Total
Individual VariableIndividual Fixed
(in millions)
Balance, BOP$2,740 $0 $2,740 
Effect of cumulative changes in NPR672 0 672 
Balance, BOP, before effect of changes in NPR3,412 0 3,412 
Attributed fees collected1,033 20 1,053 
Claims paid(76)0 (76)
Interest accrual182 5 187 
Actual in force different from expected64 (2)62 
Effect of changes in interest rates(268)(35)(303)
Effect of changes in equity markets(1,183)(13)(1,196)
Effect of assumption update and other refinements
112 151 263 
Issuances
59 37 96 
Other adjustments38 3 41 
Balance, EOP, before effect of changes in NPR3,373 166 3,539 
Effect of cumulative changes in NPR(487)10 (477)
Balance, EOP2,886 176 3,062 
Less: Reinsured MRBs
804 0 804 
Balance, EOP, net of reinsurance$2,082 $176 2,258 
Other businesses35 
Total net MRB balance$2,293 


Year Ended December 31, 2024
Retirement StrategiesTotal
Individual VariableIndividual Fixed
(in millions)
Balance, BOP$4,038 $0 $4,038 
Effect of cumulative changes in NPR1,137 0 1,137 
Balance, BOP, before effect of changes in NPR5,175 0 5,175 
Attributed fees collected1,122 0 1,122 
Claims paid(79)0 (79)
Interest accrual246 0 246 
Actual in force different from expected47 0 47 
Effect of changes in interest rates(1,493)0 (1,493)
Effect of changes in equity markets(1,745)0 (1,745)
Effect of assumption update and other refinements(1)88 0 88 
Issuances
72 0 72 
Other adjustments(1)
(21)0 (21)
Balance, EOP, before effect of changes in NPR3,412 0 3,412 
Effect of cumulative changes in NPR(672)0 (672)
Balance, EOP2,740 0 2,740 
Less: Reinsured MRBs
654 0 654 
Balance, EOP, net of reinsurance$2,086 $0 2,086 
Other businesses38 
Total net MRB balance$2,124 
__________
(1)Prior period amounts have been updated to conform to current presentation.

Year Ended December 31, 2023
Retirement StrategiesTotal
Individual VariableIndividual Fixed
(in millions)
Balance, BOP$4,987 $0 $4,987 
Effect of cumulative changes in NPR1,828 0 1,828 
Balance, BOP, before effect of changes in NPR6,815 0 6,815 
Attributed fees collected1,186 0 1,186 
Claims paid(114)0 (114)
Interest accrual317 0 317 
Actual in force different from expected80 0 80 
Effect of changes in interest rates(1,480)0 (1,480)
Effect of changes in equity markets(1,952)0 (1,952)
Effect of assumption update and other refinements(1)276 0 276 
Issuances
23 0 23 
Other adjustments(1)
24 0 24 
Balance, EOP, before effect of changes in NPR5,175 0 5,175 
Effect of cumulative changes in NPR(1,137)0 (1,137)
Balance, EOP4,038 0 4,038 
Less: Reinsured MRBs
616 0 616 
Balance, EOP, net of reinsurance$3,422 $0 3,422 
Other businesses64 
Total net MRB balance$3,486 
__________
(1)Prior period amounts have been updated to conform to current presentation.

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
Retirement Strategies
Individual VariableIndividual Fixed
($ in millions)
Net amount at risk(1)$8,075 $513 
Weighted-average attained age of contractholders7268

December 31, 2024
Retirement Strategies
Individual VariableIndividual Fixed
($ in millions)
Net amount at risk(1)$9,285 N/A
Weighted-average attained age of contractholders71N/A

December 31, 2023
Retirement Strategies
Individual VariableIndividual Fixed
($ in millions)
Net amount at risk(1)$9,753 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 reconcile MRB asset and liability positions as of the following dates:
December 31, 2025
 Retirement Strategies
Individual VariableIndividual FixedOther BusinessesTotal
(in millions)
Direct and assumed
$1,399 $3 $0 $1,402 
Ceded
928 0 0 928 
Total MRB assets
$2,327 $3 $0 $2,330 
Direct and assumed
$4,285 $179 $35 $4,499 
Ceded
124 0 0 124 
Total MRB liabilities
$4,409 $179 $35 $4,623 
Net liability
$2,082 $176 $35 $2,293 

December 31, 2024
 Retirement Strategies
Individual Variable
Individual Fixed
Other BusinessesTotal
(in millions)
Direct and assumed
$1,516 $0 $9 $1,525 
Ceded
804 0 2 806 
Total MRB assets
$2,320 $0 $11 $2,331 
Direct and assumed
$4,256 $0 $49 $4,305 
Ceded
150 0 0 150 
Total MRB liabilities
$4,406 $0 $49 $4,455 
Net liability
$2,086 $0 $38 $2,124 

December 31, 2023
 Retirement Strategies
Individual Variable
Individual Fixed
Other BusinessesTotal
(in millions)
Direct and assumed
$1,221 $0 $11 $1,232 
Ceded
746 0 3 749 
Total MRB assets
$1,967 $0 $14 $1,981 
Direct and assumed
$5,259 $0 $78 $5,337 
Ceded
130 0 0130 
Total MRB liabilities
$5,389 $0 $78 $5,467 
Net liability
$3,422 $0 $64 $3,486 
.
v3.25.4
Reinsurance
 12 Months Ended
Dec. 31, 2025
Reinsurance Disclosures [Abstract]  
Reinsurance REINSURANCE
 
The Company regularly enters into third-party reinsurance agreements as either the ceding entity or the assuming entity. The Company also enters into affiliated reinsurance agreements as both the ceding and assuming entity for capital management purposes. As a ceding entity, exposure to the risks reinsured is reduced by transferring certain rights and obligations of the underlying insurance product to a counterparty. Conversely, as an assuming entity, exposure to the risks reinsured is increased by assuming certain rights and obligations of the underlying insurance products from a counterparty.

The Company enters into reinsurance agreements as the ceding entity for a variety of reasons, but primarily to reduce exposure to loss, reduce risk volatility, provide additional capacity for future growth, facilitate the disposition of a block of business, and for capital management purposes. Under ceded reinsurance, the Company remains liable to the underlying policyholder if a third-party reinsurer is unable to meet its obligations. To mitigate this exposure, the Company evaluates the financial condition of reinsurers, monitors the concentration of counterparty risk and maintains collateral, as appropriate.

The Company enters into reinsurance agreements as the assuming entity as part of the normal product offering process (e.g., certain pension risk transfer products in the Institutional Retirement Strategies business) or in order to facilitate an acquisition of a block of business.

Effective October 2024, the Company entered into an agreement with Wilton Reassurance Company and Wilton Reinsurance Bermuda Limited (collectively, “Wilton Re”) to reinsure certain guaranteed universal life policies issued by Pruco Life Insurance Company (“Pruco Life”) and Pruco Life Insurance Company of New Jersey (“PLNJ”), both of which are wholly-owned subsidiaries of Prudential Financial. These policies represented approximately 40% of the Company’s remaining statutory reserves on its in-force guaranteed universal life block of business as of September 30, 2024, following the close of the reinsurance transaction with Somerset Reinsurance Ltd. (“Somerset Re”), as discussed below. The transaction is structured on a coinsurance basis and follows reinsurance accounting. As a result of the transaction, the Company recognized a $980 million deferred reinsurance loss at inception that is amortized into income over the estimated remaining life of the reinsured policies.

Effective January 2024, the Company entered into an agreement with Somerset Re to reinsure certain guaranteed universal life policies issued by Pruco Life and PLNJ, both of which are wholly-owned subsidiaries of Prudential Financial. These policies represented approximately 30% of the Company’s statutory reserves on its in-force guaranteed universal life block of business as of December 31, 2023. This transaction is structured on a modified coinsurance basis and follows reinsurance accounting. As a result of the transaction, the Company recognized a $363 million deferred reinsurance gain at inception that is amortized into income over the estimated remaining life of the reinsured policies. The reinsurance payables, which represent the Company’s obligations under the modified coinsurance arrangement, are netted with the reinsurance recoverables in the Consolidated Statements of Financial Position. Separately, effective September 2019, Prudential Annuities Life Assurance Corporation (“PALAC”), a previously wholly-owned subsidiary of Prudential Financial, entered into an agreement with Somerset Re, to coinsure business, on a quota share funds withheld basis, related to fixed indexed annuities. This agreement was subsequently novated from PALAC to Pruco Life effective October 2021, in connection with the sale of PALAC effective April 2022. Under this reinsurance agreement, which is accounted for under the deposit method of accounting, the Company cedes to Somerset Re its quota share of the insurance liabilities with respect to the reinsured contracts.

Effective September 2023, the Company entered into an agreement with Prismic Life Reinsurance, Ltd. (“Prismic Re”), a wholly-owned subsidiary of Prismic Life Holding Company LP (“Prismic”), to reinsure approximately $9 billion of reserves, representing approximately 70% of the in-force structured settlement annuities business previously issued by PICA, 90% of which is on a coinsurance with funds withheld basis and 10% of which is on a coinsurance basis. The reinsurance of the structured settlement annuities that provide periodic payments for the lifetime of the annuitant follows reinsurance accounting. The reinsurance of structured settlement annuities that provide payments for a guaranteed period of time and do not include life contingency risk follows deposit accounting. Separately, effective March 2025, the Company entered into an agreement with Prismic Life Reinsurance International, Ltd. (“Prismic Re International”), a wholly-owned subsidiary of Prismic, to reinsure approximately $7 billion of reserves for certain USD-denominated Japanese whole life policies originated by the Company’s Japanese affiliates. The transaction is structured on a coinsurance basis and is accounted for under the deposit method of accounting as the reinsured policies do not include life contingency risk and are accounted for as investment contracts. See Note 24 for additional information regarding the Company’s transactions with Prismic.
Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as 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 issued by Pruco Life, a wholly-owned subsidiary of Prudential Financial. 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 Pruco Life issued 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 market risk benefits.

Effective April 2022, in connection with the sale of the Full Service Retirement business, the Company entered into separate agreements with external counterparties, Great-West and Great-West Life & Annuity Insurance Company of New York, now known as Empower Annuity Insurance Company of America and Empower Life & Annuity Insurance Company of New York (collectively, “Empower”), respectively, to reinsure a portion of its Full Service Retirement business. The Company ceded 100% of separate account liabilities under modified coinsurance and 100% of general account liabilities under coinsurance of its Full Service Retirement business. The Company’s Full Service Retirement business consists of market value and stable value separate accounts as well as general account products, including stable value accumulation funds and a stable value wrap product known as a synthetic guaranteed investment contract. The majority of these products are considered investment contracts as they do not contain significant insurance risk; therefore, the reinsurance of such products are accounted for under the deposit method of accounting. The reinsurance agreement offers the policyholders the opportunity to novate their contracts from the Company to Empower and any such novated contracts shall cease to be reinsured under this agreement.

Effective April 2022, in connection with the sale of the PALAC legal entity, now known as Fortitude Life Insurance and Annuity Company (“FLIAC”), the Company entered into a reinsurance agreement with 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. As a result of the agreement, reinsurance recoverables 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 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.
 
In January 2013, the Company acquired the Hartford Life Business through reinsurance transactions with three subsidiaries of Hartford Financial Services Group, Inc. (“Hartford Financial”). Under the related agreements, the Company provided reinsurance for approximately 700,000 life insurance policies with net retained face amount in force of approximately $141 billion. The Company acquired the general account business through a coinsurance arrangement and, for certain types of general account policies, a modified coinsurance arrangement. The Company acquired the separate account business through a modified coinsurance arrangement. In May 2018, Hartford Financial sold a group of operating subsidiaries, which included two of the Company’s counterparties to these reinsurance arrangements, to Talcott Resolution Life Insurance Company (“Talcott Resolution”). Talcott Resolution was 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 these changes in control of such counterparties.

Since 2011, the Company has entered into a number of reinsurance agreements to assume pension liabilities in the United Kingdom. Under these arrangements, the Company assumes the longevity risk, and in some arrangements, also the investment risk associated with the pension benefits of certain specified beneficiaries. The Company also obtains collateral from its counterparties to mitigate counterparty default risk.
 
In 2006, the Company acquired the variable annuity business of The Allstate Corporation (“Allstate”) through a reinsurance transaction. The reinsurance arrangements with Allstate include a coinsurance arrangement associated with the general account liabilities assumed and a modified coinsurance arrangement associated with the separate account liabilities assumed. The reinsurance payables, which represent the Company’s obligations under the modified coinsurance arrangement, are netted with the reinsurance recoverables in the Consolidated Statements of Financial Position. During the fourth quarter of 2021, Allstate sold the two counterparties to the aforementioned variable annuity reinsurance transaction to third parties. 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.
For the domestic businesses, life and disability reinsurance is accomplished through various types of reinsurance, primarily yearly renewable term, per person excess, excess of loss, and coinsurance. On individual life policies sold since 2000, the Company has reinsured a significant portion of the mortality risk. Placement of reinsurance is accomplished primarily on an automatic basis with some specific risks reinsured on a facultative basis. The Company is authorized and has historically retained up to $30 million per life but reduced its operating retention limit to $20 million per life in 2013 and then down to $10 million per life for new business starting in 2020. Retention in excess of the operating limit is on an exception basis. The Company also uses ceded reinsurance on certain annuity contracts to reduce market sensitivity and mitigate mortality and longevity risks.
 
The international businesses primarily use reinsurance to obtain experience with respect to certain new product offerings and to a lesser extent, to mitigate mortality risk for certain protection products and for capital management purposes.

Reinsurance amounts included in the Consolidated Statements of Operations for “Premiums,” “Policy charges and fee income,” “Change in value of market risk benefits, net of related hedging gains (losses),” “Policyholders’ benefits” and “Change in estimates of liability for future policy benefits” for the years ended December 31, are as follows:
 
202520242023
 (in millions)
Direct premiums$26,371 $39,222 $29,475 
Reinsurance assumed6,990 6,167 5,005 
Reinsurance ceded(2,564)(2,492)(7,116)
Premiums$30,797 $42,897 $27,364 
Direct policy charges and fee income$4,719 $4,629 $3,933 
Reinsurance assumed1,163 1,188 1,228 
Reinsurance ceded(1,216)(1,519)(634)
Policy charges and fee income$4,666 $4,298 $4,527 
Direct change in value of market risk benefits, net of related hedging gains (losses)$(545)$(405)$123 
Reinsurance assumed64 134 120 
Reinsurance ceded6 (126)(187)
Change in value of market risk benefits, net of related hedging gains (losses)$(475)$(397)$56 
Direct policyholders’ benefits$31,577 $43,743 $32,044 
Reinsurance assumed8,320 7,722 7,128 
Reinsurance ceded(4,673)(4,346)(8,241)
Policyholders’ benefits$35,224 $47,119 $30,931 
Direct change in estimates of liability for future policy benefits
$113 $112 $447 
Reinsurance assumed4 78 (147)
Reinsurance ceded(14)(227)37 
Change in estimates of liability for future policy benefits$103 $(37)$337 
 
Reinsurance recoverables and deposit receivables are as follows:
 
20252024
(in millions)
Reinsurance recoverables:
FLIAC$1,381 $1,442 
Prismic Re(1)5,475 5,506 
Other171 39 
Individual and group annuities7,027 6,987 
Hartford Life Business(2)2,022 2,033 
Somerset Re(3)1,667 1,591 
Wilton Re8,013 7,478 
Other8,887 7,996 
Life insurance20,589 19,098 
Other reinsurance415 401 
Total reinsurance recoverables28,031 26,486 
Deposit receivables:
Somerset Re(4)2,491 2,795 
Empower2,471 4,821 
Prismic Re(1)3,684 3,578 
Prismic Re International6,422 0 
Resolution Re(5)849 0 
Other129 0 
Total deposit receivables16,046 11,194 
Total reinsurance recoverables and deposit receivables(6)$44,077 $37,680 
__________
(1)The Company has also recorded funds withheld and other payables related to the reinsurance agreement with Prismic Re of $7,980 million and $7,796 million as of December 31, 2025 and 2024, respectively.
(2)The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $1,366 million and $1,387 million as of December 31, 2025 and 2024, respectively.
(3)Represents reinsurance recoverables of $8,192 million and $7,979 million as of December 31, 2025 and 2024, respectively, that are netted with reinsurance payables of $6,525 million and $6,388 million as of December 31, 2025 and 2024, respectively, related to the reinsurance agreement with Somerset Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business under modified coinsurance.
(4)The Company has also recorded funds withheld and other payables related to the reinsurance agreement with Somerset Re of $2,602 million and $2,595 million as of December 31, 2025 and 2024, respectively.
(5)The Company has also recorded funds withheld and other payables related to the reinsurance of annuity contracts in the Individual Retirement Strategies business with Resolution Re, Ltd. (“Resolution Re”) of $851 million as of December 31, 2025.
(6)Net of $14 million and $12 million of allowance for credit losses as of December 31, 2025 and 2024, respectively.

Excluding the reinsurance recoverables associated with the counterparties separately identified within the reinsurance recoverables table above, four major reinsurance companies account for approximately 61% of the Company’s remaining reinsurance recoverables as of December 31, 2025. The Company periodically reviews the financial condition of its reinsurers, amounts recoverable therefrom, and unearned reinsurance premium, in order to reduce its exposure to loss from reinsurer insolvencies. Any expected credit losses are reflected in the CECL allowance, after considering any collateral the Company obtained in the form of a trust, letter of credit, or funds withheld arrangement. See Note 2 for additional details regarding CECL.
v3.25.4
Closed Block
 12 Months Ended
Dec. 31, 2025
Closed Block Disclosure [Abstract]  
Closed Block CLOSED BLOCK
 
On December 18, 2001, the date of demutualization, PICA established a closed block for certain in-force participating insurance policies and annuity products, along with corresponding assets used for the payment of benefits and policyholders’ dividends on these products, (collectively the “Closed Block”), and ceased offering these participating products. The recorded assets and liabilities were allocated to the Closed Block at their historical carrying amounts. The Closed Block forms the principal component of the Closed Block division. See Note 23 for financial information regarding the Closed Block. The
insurance policies and annuity contracts comprising the Closed Block are managed in accordance with the Plan of Reorganization approved by the New Jersey Department of Banking and Insurance (“NJDOBI”) on December 18, 2001, and PICA is directly obligated for the insurance policies and annuity contracts in the Closed Block.
 
The policies included in the Closed Block are specified individual life insurance policies and individual annuity contracts that were in force on the date of demutualization and for which PICA is currently paying or expects to pay experience-based policy dividends. Assets have been allocated to the Closed Block in an amount that has been determined to produce cash flows which, together with revenues from policies included in the Closed Block, are expected to be sufficient to support obligations and liabilities relating to these policies, including provision for payment of benefits, certain expenses and taxes and to provide for continuation of the policyholder dividend scales in effect in 2000, assuming experience underlying such scales continues. To the extent that, over time, cash flows from the assets allocated to the Closed Block and claims and other experience related to the Closed Block are, in the aggregate, more or less favorable than what was assumed when the Closed Block was established, total dividends paid to Closed Block policyholders may be greater than or less than the total dividends that would have been paid to these policyholders if the policyholder dividend scales in effect in 2000 had been continued. Any cash flows in excess of amounts assumed will be available for distribution over time to Closed Block policyholders and will not be available to shareholders. If the Closed Block has insufficient funds to make guaranteed policy benefit payments, such payments will be made from PICA’s assets outside of the Closed Block. The Closed Block will continue in effect as long as any policy in the Closed Block remains in force unless, with the consent of the New Jersey insurance regulator, it is terminated earlier.
 
The excess of Closed Block liabilities over Closed Block assets at the date of the demutualization (adjusted to eliminate the impact of related amounts in AOCI) represented the estimated maximum future earnings at that date from the Closed Block expected to result from operations attributed to the Closed Block after income taxes. In establishing the Closed Block, the Company developed an actuarial calculation of the timing of such maximum future earnings. If actual cumulative earnings of the Closed Block from inception through the end of any given period are greater than the expected cumulative earnings, only the expected earnings will be recognized in income. Any excess of actual cumulative earnings over expected cumulative earnings will represent undistributed accumulated earnings attributable to policyholders, which are recorded as a policyholder dividend obligation. The policyholder dividend obligation represents amounts to be paid to Closed Block policyholders as an additional policyholder dividend unless otherwise offset by future Closed Block performance that is less favorable than originally expected. If the actual cumulative earnings of the Closed Block from its inception through the end of any given period are less than the expected cumulative earnings of the Closed Block, the Company will recognize only the actual earnings in income.
 
As of December 31, 2025, the Company recognized a policyholder dividend obligation of $1,635 million to Closed Block policyholders for the excess of actual cumulative earnings over expected cumulative earnings. Additionally, accumulated net unrealized investment gains (losses) were reflected as a policyholder dividend obligation of $(1,064) million at December 31, 2025, with a corresponding amount reported in AOCI. At December 31, 2024, the Company recognized a policyholder dividend obligation of $2,096 million to Closed Block policyholders for the excess of actual cumulative earnings over the expected cumulative earnings; however, due to accumulated net unrealized investment losses in excess of this amount, the policyholder dividend obligation balance as of December 31, 2024 was reduced to zero.
 
In December of each year, PICA’s Board of Directors takes actions to either increase, continue, or decrease the dividend scale that was in effect on Closed Block policies. As a result of these actions, there was no change, and increases of approximately $109 million and $77 million in the liability for policyholder dividends for the years ended December 31, 2025, 2024 and 2023, respectively.
 
As of December 31, 2025, the Closed Block has sufficient funds to make guaranteed policy benefit payments and there is no expectation that assets outside of the Closed Block will be needed to fund future payments. The excess of Closed Block liabilities over Closed Block assets as of the end of the reporting period shown in the table below is a reasonable measure of the margin in the reported liabilities compared to best estimate liabilities assuming the current dividend scale. Closed Block liabilities and assets designated to the Closed Block, as well as maximum future earnings to be recognized from these liabilities and assets, are as follows:
 
20252024
 (in millions)
Closed Block liabilities
Future policy benefits$41,484 $42,464 
Policyholders’ dividends payable669 688 
Policyholders’ dividend obligation571 0 
Policyholders’ account balances4,273 4,359 
Other Closed Block liabilities3,030 3,346 
Total Closed Block liabilities50,027 50,857 
Closed Block assets
Fixed maturities, available-for-sale, at fair value28,721 28,570 
Fixed maturities, trading, at fair value581 647 
Equity securities, at fair value1,593 1,642 
Commercial mortgage and other loans7,464 7,652 
Policy loans3,217 3,348 
Other invested assets4,538 4,929 
Short-term investments255 520 
Total investments46,369 47,308 
Cash and cash equivalents726 400 
Accrued investment income388 403 
Other Closed Block assets279 367 
Total Closed Block assets47,762 48,478 
Excess of reported Closed Block liabilities over Closed Block assets2,265 2,379 
Portion of above representing accumulated other comprehensive income (loss):
Net unrealized investment gains (losses)(1,230)(2,299)
Allocated to policyholder dividend obligation1,064 2,096 
Future earnings to be recognized from Closed Block assets and Closed Block liabilities$2,099 $2,176 

Information regarding the policyholder dividend obligation is as follows:
 
20252024
 (in millions)
Balance, January 1$0 $792 
Impact from earnings allocable to policyholder dividend obligation(461)(777)
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation1,032 (15)
Balance, December 31$571 $0 
Closed Block revenues and benefits and expenses for the years ended December 31, are as follows:

202520242023
 (in millions)
Revenues
Premiums$1,719 $1,689 $1,675 
Net investment income2,056 2,041 1,949 
Realized investment gains (losses), net(373)(769)(380)
Other income (loss)347 319 411 
Total Closed Block revenues3,749 3,280 3,655 
Benefits and Expenses
Policyholders’ benefits2,392 2,343 2,354 
Interest credited to policyholders’ account balances113 117 118 
Dividends to policyholders1,015 641 1,008 
General and administrative expenses261 266 280 
Total Closed Block benefits and expenses3,781 3,367 3,760 
Closed Block revenues, net of Closed Block benefits and expenses, before income taxes(32)(87)(105)
Income tax expense (benefit)(111)(166)(176)
Closed Block revenues, net of Closed Block benefits and expenses and income taxes$79 $79 $71 
v3.25.4
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:


Year Ended December 31,
202520242023
(in millions)
Current tax expense (benefit):
U.S.$60 $495 $(4)
State and local16 35 25 
Foreign579 755 667 
Total current tax expense (benefit)655 1,285 688 
Deferred tax expense (benefit):
U.S.(1)
(125)(545)323 
State and local2 (1)0 
Foreign(1)
521 (232)(398)
Total deferred tax expense (benefit)398 (778)(75)
Total income tax expense (benefit) on income (loss) before equity in earnings of joint ventures and other operating entities
1,053 507 613 
Income tax expense (benefit) on equity in earnings of joint ventures and other operating entities
40 41 34 
Income tax expense (benefit) on discontinued operations0 0 0 
Income tax expense (benefit) reported in equity related to:
Other comprehensive income (loss)1,003 364 (837)
Total income taxes$2,096 $912 $(190)
__________
(1)The U.S. deferred tax includes a benefit of $318 million, which is fully offset by a corresponding charge in foreign deferred taxes related to one of the Company’s Bermuda operating insurance companies. These amounts are due to changes in Bermuda tax law in 2025. Overall, there is no impact on total taxes, as all earnings of the Bermuda entity are subject to U.S. taxation at a rate of 21%
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:

As of December 31,
2025
($ in millions)
Expected federal income tax expense/(benefit)
$978 21.0 %
State taxes (net of federal benefit)
11 0.2 %
Tax credits
(125)(2.7)%
Foreign tax credits
(52)(1.1)%
General business credits
(73)(1.6)%
Effect of cross-border tax laws
(143)(3.1)%
GILTI
48 1.0 %
Change in tax law—Bermuda
(318)(6.8)%
Full inclusion—Bermuda
112 2.4 %
Other
15 0.3 %
Nontaxable or nondeductible items
(137)(2.9)%
Nontaxable investment income
(160)(3.4)%
Nondeductible expenses
23 0.5 %
Other reconciling items
(122)(2.6)%
Foreign tax effects
585 12.6 %
Japan210 4.5 %
National & local tax rate difference than U.S.
143 3.1 %
Other67 1.4 %
Brazil169 3.6 %
National tax rate difference than U.S.
80 1.7 %
Change in tax law
72 1.5 %
Other17 0.4 %
Bermuda194 4.2 %
National tax rate difference than U.S.
(112)(2.4)%
Change in tax law
318 6.8 %
Other(12)(0.3)%
Other foreign jurisdictions
12 0.3 %
Changes in unrecognized tax benefits
6 0.1 %
Total
$1,053 22.6 %

The following is a description of items that impacted the difference between the Company’s statutory U.S. federal income tax rate of 21% applicable for 2025 and the Company’s effective tax rate:

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.

General Business Credits. These amounts include U.S. tax credits for Low-income Housing. In August 2022, the Inflation Reduction Act was enacted which included provisions that allow for the transfer of certain federal clean energy tax credits (Federal Transferable Tax Credits). During 2025, the Company paid $192 million to purchase $200 million of 2025 Federal Transferable Energy Tax Credits. This amount paid has been included in payments for income taxes, and the difference between tax credits purchased and amounts paid are included as a component of the income tax provision.
Non-Taxable Investment Income. The U.S. 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 $54 million of the total $160 million of 2025 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.

GILTI. The GILTI provision applies a minimum U.S. tax to earnings of consolidated foreign subsidiaries in excess of a 10% deemed return on tangible assets of foreign subsidiaries by imposing the U.S. tax rate to 50% of earnings of such foreign affiliates and provides for a partial foreign tax credit for foreign income taxes. In years that the PFI consolidated federal income tax return reports a net operating loss or has a loss attributable to U.S. sources of operations, including as a result of loss carrybacks, the GILTI provision would limit the amount of deductions or credits permissible against GILTI.

On July 20, 2020, the U.S. Treasury and the Internal Revenue Service issued Final Regulations (Treasury Decision 9902) pursuant to Internal Revenue Code Section 951A which allow an annual election to exclude from the U.S. tax return certain GILTI amounts when the taxes paid by a foreign affiliate exceed 18.9% (90% of U.S. statutory rate of 21%) of the GILTI amount for that foreign affiliate (the “high-tax exception”). These regulations are effective for the 2021 taxable year with an election to apply to any taxable year beginning after 2017. In many of the countries in which the Company operates, including Japan and Brazil, there are differences between local tax rules used to determine the tax base and the U.S. tax principles used to determine GILTI. Also, the Company’s Japan affiliates have a different tax year than the U.S. calendar tax year used to determine GILTI. Therefore, while many of the countries, including Japan and Brazil, have a statutory tax rate above the 18.9% threshold, separate affiliates may not meet the 18.9% threshold each year and, as such, may not qualify for this annual exclusion. Primarily as result of these differences, the Company recorded a $48 million income tax expense in 2025. The Company anticipates making the high-tax exception election for the 2025 tax year for its foreign affiliates that meet the 18.9% threshold.

Changes in Tax Law. In December 2023, the Government of Bermuda enacted a corporate income tax, which imposes a 15% income tax, less applicable foreign tax credits, on companies that are organized or operate within Bermuda that are within the scope of the Organization of Economic Cooperation and Development (“OECD”) Pillar Two rules. The Bermuda corporate income tax is effective for tax years beginning on January 1, 2025. The Company intends to make an election to exclude the income of a Bermuda entity that is a controlled foreign corporation within the meaning of the U.S. tax rules from the Bermuda corporate income tax for fiscal years ending prior to January 1, 2027. Certain changes enacted in 2025 to the Bermuda corporate income tax provide for both foreign tax credits for controlled foreign company regime taxes imposed in respect of the income of Bermuda entities which may be claimed against Bermuda income tax liability as well as certain other tax credits. In 2025, the Company recorded an adjustment of $318 million net tax charge as a Change in Tax Laws in Bermuda, which was entirely offset by a corresponding $318 million tax benefit reflected in the Effect of Cross-border Tax Laws. In connection with this change, the Company also decreased the local Bermuda DTA initially recorded in 2023 and the corresponding valuation allowance, which has also been reflected within the Change in Tax Laws in Bermuda.

H.R.1, also referred to as the “One Big Beautiful Bill Act” (the “Tax Act of 2025”), was enacted into law on July 4, 2025. The legislation introduces changes to the U.S. international tax regime, including a reduction in the Section 250 deduction for GILTI (now referred to as Net Controlled Foreign Corporation Tested Income (“NCTI”)) from 50% to 40% beginning in 2026, resulting in an increase to the corporate tax rate on NCTI from 10.5% to 12.6%. The legislation also reduces the foreign tax credit limitation related to NCTI from 20% to 10% and makes changes to the related expense allocation. While the Company continues to evaluate the impact of the Tax Act of 2025 on its future consolidated financial statements and related disclosures, the Company does not anticipate that the provisions of the Tax Act of 2025 will have a material impact on its total tax positions in 2026 and forward.

In March 2025, Japan enacted a 4% Special Defense Corporation Tax, effective for tax years beginning on or after April 1, 2026, that raises the corporate income tax rate for the Company’s Japan insurance companies from 28.00% to 28.93%. As a result, the Company recorded $37 million income tax expense in 2025 which is included in “other” under the foreign tax effects category for Japan.
In November 2025, Brazil enacted Law No. 15,270, effective January 1, 2026, which includes the introduction of a 10% withholding tax on dividends paid to non-residents. The withholding tax applies to dividends declared after December 31, 2025. As a result, a deferred tax expense of approximately $72 million is reflected as Change in Tax Law for Brazil for 2025.

Other reconciling items. 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.

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:
 

Year Ended December 31,
20242023
 
($ in millions)
Expected federal income tax expense (benefit)$674 $645 
Non-taxable investment income(168)(162)
Foreign taxes at other than U.S. rate189 191 
Low-income housing and other tax credits(94)(106)
Changes in tax law50 (99)
GILTI(24)5 
Sale of subsidiary(10)0 
Non-deductible expenses39 29 
Change in valuation allowance(45)111 
State taxes (net of federal benefit)
26 20 
Other(130)(21)
Reported income tax expense (benefit)$507 $613 
Effective tax rate15.8 %20.0 %

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 2024 and 2023, and the Company’s effective tax rate during the periods presented:

Non-Taxable Investment Income. The 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 $55 million of the total $168 million of 2024 non-taxable investment income, and $62 million of the total $162 million of 2023 non-taxable investment income. The DRD for both years was estimated using information from the prior year, the current year investment results, and the current year’s equity market performance.

Foreign Taxes at Other Than U.S. Rates. The combined statutory income tax rate in the Company’s largest non-U.S. tax jurisdiction is approximately 28%, plus local taxes in Japan as compared to the U.S. federal income tax rate of 21% applicable for 2024 and 2023.

Low-Income Housing and Other Tax Credits. These amounts include U.S. tax credits for Low-income Housing as well as foreign tax credits.

Changes in Tax Law. In December 2023, the Government of Bermuda enacted a corporate income tax, which imposes a 15% income tax, less applicable foreign tax credits, on companies that are organized or operate within Bermuda that are within the scope of the OECD Pillar Two rules. The Bermuda corporate income tax will be effective for tax years beginning on January 1, 2025. The Company intends to make an election to exclude the income of a Bermuda entity that is a controlled foreign corporation within the meaning of the U.S. tax rules from the Bermuda corporate income tax for fiscal years ending prior to January 1, 2027. In 2023, the Company reflected a $99 million net tax benefit as a result of the change in Bermuda tax law, which was entirely offset by a corresponding change in valuation allowance. In 2024, the Company recorded an adjustment of $50 million net tax expense, which was entirely offset by a corresponding change in valuation allowance.
GILTI. In 2024, the Company received IRS consent to change its tax accounting method for certain products in its Japan operations which resulted in a reduction of the 2022 GILTI tax liability. The Company made the high-tax exception election for the 2023 and 2024 tax years.

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
 

As of December 31,
20252024
(in millions)
Deferred tax assets:
Net unrealized investment losses$6,938 $6,987 
Policyholders’ dividends171 55 
Net operating and capital loss carryforwards269 360 
Employee benefits360 271 
Investments2,862 2,448 
Goodwill and other intangibles287 313 
Deferred tax assets before valuation allowance10,887 10,434 
Valuation allowance(212)(238)
Deferred tax assets after valuation allowance10,675 10,196 
Deferred tax liabilities:
Insurance reserves6,991 4,629 
Deferred policy acquisition costs3,951 3,851 
Value of business acquired142 147 
Other687 1,261 
Deferred tax liabilities11,771 9,888 
Net deferred tax asset (liability)(1)
$(1,096)$308 
__________
(1)    As of December 31, 2025, includes net deferred tax assets of $490 million and $0 million related to the Company’s U.S. operations and Bermuda operations, respectively. As of December 31, 2024, includes net deferred tax assets of $840 million and $401 million related to the Company’s U.S. operations and Bermuda operations, respectively.

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’s U.S. businesses. 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, the Company concluded that the deferred tax assets related to the unrealized tax capital losses on the available-for-sale and trading securities portfolios are, more likely than not, expected to be realized.
 
A valuation allowance has been recorded against deferred tax assets related to certain federal, state and local taxes and foreign operations. Adjustments to the valuation allowance are made to reflect changes in management’s assessment of the amount of the deferred tax asset that is realizable and the amount of deferred tax asset actually realized during the year. The valuation allowance includes amounts recorded in connection with deferred tax assets as follows:
 

FederalStateForeign OperationsTotal
(in millions)
Balance at December 31, 2023$25 $132 $133 $290 
Charged to costs and expenses(2)0 7 5 
Other adjustments0 (4)(53)(57)
Balance at December 31, 202423 128 87 238 
Charged to costs and expenses(1)4 16 19 
Other adjustments0 0 (45)(45)
Balance at December 31, 2025$22 $132 $58 $212 

The following table sets forth the amount and expiration dates of federal, state and foreign operating, capital loss and tax credit carryforwards for tax purposes, as of the periods indicated:
 

As of December 31,
20252024
(in millions)
Federal net operating and capital loss carryforwards$0 $23 
State net operating and capital loss carryforwards(1)$1,993 $1,888 
Foreign net operating and capital loss carryforwards(2)$926 $907 
Federal foreign tax credit carryforwards(3)$16 $15 
__________
(1)Certain state net operating loss carryforwards expire between 2026 and 2045, whereas others have an unlimited carryforward.
(2)$349 million expires between 2026 and 2042 and $150 million has an unlimited carryforward.
(3)Expires between 2028 and 2035. These relate to foreign non-general basket tax credits.

Consistent with the U.S. Tax Cuts and Jobs Act of 2017 (“Tax Act of 2017”), the Company provides applicable U.S. income tax for all unremitted earnings of the Company’s foreign affiliates. For certain foreign affiliates organized in withholding tax jurisdictions or that may be subject to other foreign country tax upon a remittance, the Company considers the unremitted foreign earnings of those affiliates to be indefinitely reinvested, and therefore does not provide for the withholding tax when calculating its current and deferred tax obligations. For certain other foreign affiliates organized in withholding tax jurisdictions or that may be subject to other foreign country tax upon a remittance, the Company does not consider unremitted earnings indefinitely reinvested, and therefore provides for foreign withholding tax when calculating its current and deferred tax obligations. The following table summarizes the Company’s indefinite reinvestment assertions for jurisdictions in which the Company operates that impose a withholding tax on dividends that is not eliminated by a tax treaty or may be subject to other foreign country tax upon a remittance:

Unremitted earnings are indefinitely reinvested
Unremitted earnings are not indefinitely reinvested
Insurance operations in Chile and China and non-insurance operation in Korea.
Insurance operations in Argentina, Brazil, India, Indonesia, Ghana, Kenya, and South Africa, and non-insurance operations in China, India, Italy, France, and Luxembourg.
 
The Company no longer has a permanent reinvestment assertion related to earnings of affiliates in Italy, France, Germany, and Luxembourg. This change had no net impact to the Company's financial results. The Company made no changes with respect to its repatriation assumptions in 2023 and 2024.
The following table sets forth the undistributed earnings of foreign subsidiaries, where the Company assumes indefinite reinvestment of such earnings and for which, in 2025, 2024 and 2023, foreign deferred withholding or other foreign income taxes have not been provided. The net tax liability that may arise if the 2025 earnings were remitted which includes any foreign exchange impacts, is immaterial.


At December 31,
202520242023
 (in millions)
Undistributed earnings of foreign subsidiaries (assuming indefinite reinvestment only for Withholding or other non-U.S. Taxes)$417 $351 $291 

The Company’s “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” includes income (loss) from domestic operations of $2,184 million, $2,077 million and $1,341 million and income (loss) from foreign operations of $2,473 million, $1,132 million and $1,731 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.

Year Ended December 31,

2025
 (in millions)
Federal (1)$808 
State
32 
Foreign
558 
Japan
423 
Brazil
79 
Other Foreign Jurisdictions
56 
Total taxes paid, net of refunds
$1,398 
__________
(1)Includes $188 million refund related to prior years and $192 million paid for Transferable Energy tax credits..

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 following table reconciles the total amount of unrecognized tax benefits at the beginning and end of the periods indicated:
 

202520242023
 (in millions)
Balance at January 1,$132 $133 $84 
Increases in unrecognized tax benefits—prior years1 4 13 
(Decreases) in unrecognized tax benefits—prior years(3)(5)0 
Increases in unrecognized tax benefits—current year0 0 36 
(Decreases) in unrecognized tax benefits—current year0 0 0 
Settlements with taxing authorities(5)0 0 
Balance at December 31,$125 $132 $133 
Unrecognized tax benefits that, if recognized, would favorably impact the effective rate$125 $132 $133 
 
The Company classifies all interest and penalties related to tax uncertainties as income tax expense (benefit). The amounts recognized in the consolidated financial statements for tax-related interest and penalties for the years ended December 31 are as follows:
 

202520242023
 (in millions)
Interest and penalties recognized in the Consolidated Statements of Operations$1 $10 $7 
 

20252024
 (in millions)
Interest and penalties recognized in liabilities in the Consolidated Statements of Financial Position$33 $33 
 
Listed below are the tax years that remain subject to examination, by major tax jurisdiction, as of December 31, 2025:
 
Major Tax JurisdictionOpen Tax Years
United States
2014-2025
Japan
Fiscal years ended March 31, 2021-2025

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.

The U.S. federal tax law provides that an election may be made pursuant to Internal Revenue Code Section 952 (the “952 election”) to subject earnings from certain insurance operations to tax in the U.S. in the tax year earned, net of related foreign tax credits. The Company made the 952 election effective for the 2017 and later tax years with respect to its affiliates incorporated in Brazil. In October 2019, the IRS issued a legal memorandum applicable to all taxpayers in which the IRS argues that the election became inoperable in 1998. The Company disagrees with the IRS’s position. The Company and the IRS have not been able to resolve this disagreement through the IRS Independent Office of Appeals. The Company is considering all of its options for a resolution of the matter.
 
Some of the Company’s affiliates in Japan file a consolidated tax return, while others file separate tax returns. The Company’s affiliates in Japan are subject to audits by the local taxing authority. The general statute of limitations is five years from when the return is filed. During 2023, the Japanese National Tax Service concluded tax audits of The Gibraltar Life Insurance Company, Ltd. (“Gibraltar Life”) for the three tax years ending March 31, 2022 and The Prudential Gibraltar Financial Life Insurance Company, Ltd. (“PGFL”) for the four tax years ending March 31, 2022. The tax authority also conducted tax audits of some non-insurance companies during the reporting period. The audits had no material impact on the Company’s results.
 
In August 2020, the Company sold an affiliate in South Korea, Prudential of Korea, that was subject to routine tax audits by the local taxing authority for 2017, 2016, and 2015 tax years. In November 2023, the disputed issue on the treatment of foreign tax credits was decided in favor of Prudential of Korea at the Tax Tribunal appeal and therefore had no material impact on the Company’s results.
v3.25.4
Short-Term and Long-Term Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Short-Term and Long-Term Debt SHORT-TERM AND LONG-TERM DEBT
 
Short-term Debt
 
The table below presents the Company’s short-term debt at December 31, for the years indicated as follows:

20252024
 ($ in millions)
Commercial paper:
Prudential Financial$25 $25 
Prudential Funding, LLC849 496 
Subtotal commercial paper874 521 
Current portion of long-term debt:
Senior Notes536 0 
Surplus Notes0 347 
Mortgage Debt33 85 
Subtotal Current portion of long-term debt569 432 
Subtotal1,443 953 
Less: Assets under set-off arrangements
0 0 
Total short-term debt(1)
$1,443 $953 
Supplemental short-term debt information:
Portion of commercial paper borrowings due overnight$175 $310 
Daily average commercial paper outstanding for the quarter ended$2,389 $1,823 
Weighted average maturity of outstanding commercial paper, in days1115
Weighted average interest rate on outstanding commercial paper3.72 %4.61 %
__________
(1)Includes Prudential Financial debt of $561 million and $25 million as of December 31, 2025 and 2024, respectively.
 
At December 31, 2025 and 2024, the Company was in compliance with all covenants related to the above debt.
 
Commercial Paper
 
Prudential Financial has a commercial paper program with an authorized capacity of $3.0 billion. Prudential Financial’s commercial paper borrowings have generally been used to fund the working capital needs of its subsidiaries and provide short-term liquidity at Prudential Financial.
 
Prudential Funding, LLC (“Prudential Funding”), a wholly-owned subsidiary of PICA, has a commercial paper program, with an authorized capacity of $7.0 billion. Prudential Funding commercial paper borrowings generally have served as an additional source of financing to meet the working capital needs of PICA and its subsidiaries. Prudential Funding also lends to other subsidiaries of Prudential Financial up to limits agreed with the NJDOBI. Prudential Funding maintains a support agreement with PICA whereby PICA has agreed to maintain Prudential Funding’s tangible net worth at a positive level. Additionally, Prudential Financial has issued a subordinated guarantee covering Prudential Funding’s $7.0 billion commercial paper program.
 
Federal Home Loan Bank of New York

PICA is a member of the FHLBNY. Membership allows PICA access to the FHLBNY’s financial services, including the ability to obtain collateralized loans and to issue collateralized funding agreements. Under applicable law, the funding agreements issued to the FHLBNY have priority claim status above debt holders of PICA. FHLBNY borrowings and funding agreements are collateralized by qualifying mortgage-related assets or U.S. Treasury securities, the fair value of which must be maintained at certain specified levels relative to outstanding borrowings. FHLBNY membership requires PICA to own member stock and borrowings require the purchase of activity-based stock in an amount equal to 4.5% of outstanding borrowings. Under FHLBNY guidelines, if any of PICA’s financial strength ratings decline below A-/A3/A- Negative by S&P/Moody’s/Fitch, respectively, and the FHLBNY does not receive written assurances from the NJDOBI regarding PICA’s solvency, new borrowings from the FHLBNY would be limited to a term of 90 days or less. Currently there are no restrictions on the term of borrowings from the FHLBNY. All FHLBNY stock purchased by PICA is classified as restricted general account investments within “Other invested assets,” and the carrying value of these investments was $141 million and $142 million as of December 31, 2025 and 2024, respectively.
 
NJDOBI permits PICA to pledge collateral to the FHLBNY in an amount of up to 5% of its prior year-end statutory net admitted assets, excluding separate account assets. Based on PICA’s statutory net admitted assets as of December 31, 2024, the 5% limitation equates to a maximum amount of eligible assets of $7.5 billion and an estimated maximum borrowing capacity (after taking into account required collateralization levels) of $6.0 billion. Nevertheless, FHLBNY borrowings are subject to the FHLBNY’s discretion and to the availability of qualifying assets at PICA.
 
As of December 31, 2025, $2.5 billion of funding agreements remain outstanding under this facility, with maturities ranging from February 2027 to November 2029 and rates ranging from 1.925% to 4.510%. These funding agreements are reflected as “Policyholders’ account balances” on the Consolidated Statements of Financial Position and as such are not included in the table above.

Federal Agricultural Mortgage Corporation

In September 2023, as an additional source of liquidity, the Company entered into an agreement with the Federal Agricultural Mortgage Corporation (“Farmer Mac”), under which the Company can borrow up to $750 million by issuing funding agreements to a subsidiary of Farmer Mac, with borrowings secured by a pledge of certain eligible agricultural property loans. At December 31, 2025, no amounts were drawn from this facility.
Credit Facilities

As of December 31, 2025, the Company maintained syndicated, unsecured committed credit facilities as described below.
 
BorrowerOriginal
Term		Expiration
Date		CapacityAmount Outstanding
   (in millions)
Prudential Financial and Prudential Funding5 yearsJul-29$4,000 $0 
Prudential Holdings of Japan, Inc.5 yearsSep-29¥100,000 ¥0 

In July 2024, the Company amended and restated its $4.0 billion five-year credit facility that has both Prudential Financial and Prudential Funding as borrowers and a syndicate of financial institutions as lenders, extending the term of the facility to July 2029. The credit facility contains customary representations and warranties, covenants and events of default, and borrowings are not contingent on the borrowers’ credit ratings nor subject to material adverse change clauses. Borrowings under this facility are conditioned on the continued satisfaction of customary conditions, including Prudential Financial’s maintenance of consolidated net worth of at least $22.1 billion. For these purposes, consolidated net worth is calculated as U.S. GAAP equity excluding AOCI, equity of noncontrolling interests, equity attributable to the Closed Block, and certain adjustments related to the Company’s adoption of Targeted Improvements to the Accounting for Long‑Duration Contracts (“ASU 2018‑12”) in the first quarter of 2023. The Company expects that it may borrow under the facility from time to time to fund its working capital needs. In addition, amounts under this credit facility may be drawn in the form of standby letters of credit that can be used to meet the Company’s operating needs.
 
In September 2024, the Company refinanced its ¥100 billion five-year credit facility, on which Prudential Holdings of Japan, Inc. (“PHJ”) is a borrower, extending the term of the facility to September 2029. This facility also contains customary representations and warranties, covenants, and events of default and borrowings are not contingent on the borrower’s credit ratings nor subject to material adverse change clauses.
 
Borrowings under each of these credit facilities may be used for general corporate purposes. As of December 31, 2025, the Company was in compliance with the covenants under each of these credit facilities.
 
In addition to the above credit facilities, the Company had access to $313 million of certain other lines of credit at December 31, 2025, of which $100 million was for the sole use of certain real estate separate accounts. The separate account facilities include loan-to-value ratio requirements and other financial covenants, and recourse on obligations under these facilities is limited to the assets of the applicable separate account. At December 31, 2025, $42 million of these credit facilities were used. The Company also has access to uncommitted lines of credit from financial institutions.
 
Agreements for Senior Notes Issuance

In May 2020, Prudential Financial entered into a ten-year facility agreement with a Delaware trust upon the completion of the sale of $1.5 billion of trust securities by that Delaware trust in a Rule 144A private placement. The trust invested the proceeds from the sale of the trust securities in a portfolio of principal and/or interest strips of U.S. Treasury securities. The facility agreement provides Prudential Financial the right to issue and sell to the trust from time to time up to $1.5 billion of 2.850% senior notes due May 15, 2030 and receive in exchange a corresponding amount of the U.S. Treasury securities held by the trust. In return, the Company agreed to pay a semi-annual facility fee to the trust at a rate of 2.175% per annum applied to the maximum amount of senior notes that the Company could issue and sell to the trust. Similar to the Company’s put option agreement, the facility agreement with the trust provides Prudential Financial with a source of liquid assets.

The right to issue senior notes described above will be exercised automatically in full upon the Company’s failure to make certain payments to the trust, such as paying the facility fee or reimbursing the trust for its expenses, if the Company’s failure to pay is not cured within 30 days, and upon an event involving its bankruptcy. The Company is also required to exercise this issuance right if its consolidated stockholders’ equity, calculated in accordance with U.S. GAAP but excluding AOCI, falls below $9.0 billion, subject to adjustment in certain cases. Prior to any involuntary exercise of the issuance right, the Company has the right to repurchase any of its senior notes then held by the trust in exchange for a corresponding amount of U.S. Treasury securities. Finally, Prudential Financial may redeem any outstanding senior notes, in whole or in part, prior to February 15, 2030, at a redemption price equal to the greater of par or a make-whole price, or thereafter, at par.

In March 2023, Prudential Financial entered into ten-year and thirty-year facility agreements with two Delaware trusts upon the completion of the sale of $1.5 billion of trust securities by the trusts in a Rule 144A private placement. The trusts invested the proceeds from the sale of the trust securities in portfolios of principal and/or interest strips of U.S. Treasury securities. The facility agreements provide Prudential Financial the right to issue and sell to the trusts from time to time up to $800 million of 5.791% senior notes due February 15, 2033 and $700 million of 5.997% senior notes due February 15, 2053, and receive in exchange a corresponding amount of the U.S. Treasury securities held by the trusts. In return, the Company agreed to pay semi-annual facility fees to the trusts at rates of 1.815% and 2.066% per annum for the ten-year and thirty-year facilities, respectively, applied to the maximum amount of senior notes that the Company could issue and sell to the trusts.

The right to issue senior notes described above will be exercised automatically in full upon the Company’s failure to make certain payments to the trusts, such as paying the facility fee or reimbursing the trusts for their expenses, if the Company’s failure to pay is not cured within 30 days, and upon an event involving its bankruptcy. The Company is also required to exercise this issuance right if its consolidated stockholders’ equity, calculated in accordance with U.S. GAAP but excluding AOCI, falls below $9.0 billion, subject to adjustment in certain cases. Prior to any involuntary exercise of the issuance right, the Company has the right to repurchase any of its senior notes then held by the trusts in exchange for a corresponding amount of U.S. Treasury securities. Finally, Prudential Financial may redeem any outstanding senior notes, in whole or in part, prior to February 15, 2033 and February 15, 2053 for the ten-year and thirty-year facilities, respectively, at a redemption price equal to the greater of par or a make-whole price, or thereafter, at par.
Long-term Debt
 
The table below presents the Company’s long-term debt at December 31, for the years indicated as follows: 
 Maturity
Dates		Rate(1)December 31,
20252024
   ($ in millions)
Fixed-rate notes:
Surplus Notes
 
$0 $0 
Surplus Notes subject to set-off arrangements(2)
2035-2049
3.66%-5.48%
15,744 14,748 
Senior Notes
2026-2051
1.50%-6.63%
10,823 10,245 
Mortgage Debt(3)
2029-2034
1.28%-2.21%
134 69 
Floating-rate notes:
Line of Credit2027
5.62%-5.98%
255 255 
Mortgage Debt(3)
2029-2031
0.95%-1.74%
49 31 
Junior Subordinated Notes(4)
2045-2062
1.72%-6.75%
7,595 8,587 
Subtotal34,600 33,935 
Less: Assets under set-off arrangements(5)
15,744 14,748 
Total long-term debt(6)
$18,856 $19,187 
__________
(1)Ranges of interest rates are for the year ended December 31, 2025.
(2)Amount includes $7.6 billion of surplus notes used to finance Guideline AXXX reserves for business reinsured to Somerset Re in March 2024. See Note 15 for additional information.
(3)Includes $184 million and $100 million of debt denominated in foreign currency at December 31, 2025 and 2024, respectively.
(4)Includes Prudential Financial debt of $7,555 million and subsidiary debt of $40 million denominated in foreign currency at December 31, 2025.
(5)Assets under set-off arrangements represent a reduction in the amount of surplus notes included in long-term debt, resulting from an arrangement where valid rights of set-off exist and it is the intent of both parties to settle on a net basis under legally enforceable arrangements. These assets include available-for-sale securities that are reported at fair value.
(6)Includes Prudential Financial debt of $18,378 million and $18,793 million at December 31, 2025 and 2024, respectively.

At December 31, 2025 and 2024, the Company was in compliance with all debt covenants related to the borrowings in the table above.
 
The following table presents the contractual maturities of the Company’s long-term debt as of December 31, 2025:
 
 Calendar Year 
 2027202820292030
2031 and
thereafter
Total
 (in millions)
Long-term debt$63 $667 $95 $750 $17,281 $18,856 
Senior Notes

Under its shelf registration statement, the Company has issued Medium-Term Notes and InterNotes® Retail Notes. In addition, the Company completed a debt exchange offer in 2017, pursuant to which it issued two series of Senior Notes.

The table below presents the Company’s balances related to these issuances, as well as its mortgage debt balance, as of December 31 for the years indicated as follows:

Facility NameMaturity Date Range
2025 Amount Outstanding
2024 Amount Outstanding
(in millions)
Medium-Term Notes(1)
2026-2051$9,130 $8,382 
Senior Notes
2047-20491,502 1,493 
InterNotes® Retail Notes(1)
2026-2045727 370 
Mortgage Debt(1)2026-2034217 185 
Total$11,576 $10,430 
__________
(1)Includes $569 million of notes from current portion of long-term debt as of December 31, 2025.
The weighted average interest rate on outstanding Medium-Term Notes, Senior Notes, and InterNotes® Retail Notes, including the effect of interest rate hedging activity, was 4.48% and 4.43% for the years ended December 31, 2025 and 2024, respectively, excluding the effect of debt issued to consolidated subsidiaries.
 
Funding Agreement-Backed Notes and Commercial Paper Programs

The Company maintains FABN and FACP programs in which statutory trusts issue medium-term notes and commercial paper secured by funding agreements issued to the trusts by PICA. These obligations are included in “Policyholders’ account balances” and not included in the foregoing table. See Note 13 for further discussion of these obligations.

Surplus Notes

Fixed-rate surplus notes are subordinated to other PICA borrowings and policyholder obligations, and the payment of interest and principal may only be made with the prior approval of the NJDOBI. The NJDOBI could prohibit the payment of the interest and principal on the surplus notes if certain statutory capital requirements are not met. As of December 31, 2025 and 2024, PICA had $0 million and $347 million of fixed-rate surplus notes outstanding, respectively. The surplus notes that were outstanding at December 31, 2024, met the statutory capital requirements mentioned above and, based on their July 2025 maturity date, were reclassified to short-term debt.

Surplus Notes with Set-Off Arrangements

Agreement Start DateMaturity YearsMaximum Borrowing Capacity
2025 Amount Outstanding
2024 Amount Outstanding
($ in millions)
Regulation XXX
20242044$8,000 $7,660 $7,560 
Guideline AXXX
2024(1)20499,500 7,584 6,888 
Other Notes
201920354,000 500 300 
Total$21,500 $15,744 $14,748 
__________
(1)Amount includes $7.6 billion of surplus notes used to finance Guideline AXXX reserves for business reinsured to Somerset Re in March 2024. See Note 15 for additional information.

Surplus Notes Supporting Regulation XXX and Guideline AXXX Reserves

As shown in the table above, the Company’s captive reinsurance subsidiaries maintain facilities with external counterparties providing for the issuance of surplus notes by the captive to finance reserves required under Regulation XXX and Guideline AXXX. Under these facilities, the captives receive in exchange for the surplus notes one or more credit-linked notes issued by special-purpose affiliates in aggregate principal amounts equal to the surplus notes issued. The captives hold the credit-linked notes as assets supporting the non-economic portion of the statutory reserves required to be held by the Company’s domestic insurance subsidiaries under Regulation XXX and Guideline AXXX in connection with the reinsurance of term life or universal life insurance policies through the captive. The non-economic portion of the statutory reserve equals the difference between the statutory reserve required under Regulation XXX and Guideline AXXX and the amount the Company considers necessary to maintain solvency for moderately adverse experience. The credit-linked notes are redeemable for cash upon the occurrence of a liquidity stress event affecting the captives and external counterparties have agreed to fund these payments in return for a fee. Under certain of these different transactions, Prudential Financial has agreed to reimburse the captive for investment losses in excess of specified amounts.

For each of the above transactions, because valid rights of set-off exist, interest and principal payments on the surplus notes and on the related credit-linked notes are settled on a net basis, and the surplus notes are reflected in the Company’s total consolidated borrowings on a net basis. The surplus notes for the captive reinsurance subsidiaries described above are subordinated to policyholder obligations, and the repayment of principal may only be made with prior approval of the Arizona Department of Insurance and Financial Institutions, the domiciliary insurance regulator of the captives. The payment of interest
on the surplus notes has been approved by the Arizona Department of Insurance and Financial Institutions, subject to its ability to withdraw that approval.

Other Surplus Notes

The surplus note facility listed under “Other Notes” in the table above reflects a financing facility that Prudential Legacy Insurance Company of New Jersey (“PLIC”) has entered into with certain external counterparties and a special-purpose affiliate, pursuant to which PLIC may, at its option, issue and sell to the affiliate up to $4.0 billion in aggregate principal amount of surplus notes, in return for an equal principal amount of credit-linked notes. The credit-linked notes are redeemable for cash upon the occurrence of a liquidity stress event affecting PLIC, and external counterparties have agreed to fund these payments in return for a fee. Upon issuance, PLIC would hold any credit-linked notes as assets to support future statutory surplus needs within PLIC.

In December 2025, the Company entered into an agreement with an external counterparty that allows for the issuance by PICA of up to $500 million in principal amount of surplus notes in return for a corresponding amount of credit-linked notes issued by a special-purpose wholly owned subsidiary of the Company. As of December 31, 2025, $287 million in principal amount of these surplus notes and credit-linked notes were outstanding. The surplus notes and credit-linked notes eliminate upon consolidation and are not reflected in the Company’s financial statements.

PICA holds these credit-linked notes as assets supporting statutory requirements and can redeem the principal amount of these outstanding credit-linked notes for cash upon the occurrence of specified liquidity stress events affecting PICA. Under the agreement, the external counterparty has agreed to fund any such payments under these credit-linked notes in return for the receipt of fees. To date, no such payments under these credit-linked notes have been required.
Junior Subordinated Notes
 
Prudential Financial’s junior subordinated notes outstanding are considered hybrid securities that receive enhanced equity treatment from the rating agencies. These notes outstanding, along with their key terms, are as follows:
 
Issue DatePrincipal
Amount		Initial
Interest
Rate		Investor
Type		Optional
Redemption
Date
Interest Rate
Subsequent to Optional
Redemption Date

Maturity Date
 ($ in millions)     
Sep-17$750 4.50 %Institutional9/15/2027
4.50%
9/15/2047
Aug-18$565 5.63 %Retail8/15/20235.63%8/15/2058
Sep-18$1,000 5.70 %Institutional9/15/2028
SOFR + 2.93%
9/15/2048
Aug-20$500 4.13 %Retail9/1/20254.13%9/1/2060
Aug-20$800 3.70 %Institutional10/1/2030
US Treasury + 3.04%
10/1/2050
Feb-22$1,000 5.13 %Institutional2/28/2032
US Treasury + 3.16%
3/1/2052
Aug-22$300 5.95 %Retail9/1/20275.95%9/1/2062
Aug-22$1,200 6.00 %Institutional9/1/2032
US Treasury + 3.23%
9/1/2052
Feb-23$500 6.75 %Institutional3/1/2033
US Treasury + 2.85%
3/1/2053
Mar-24$1,000 6.50 %Institutional3/15/2034
US Treasury + 2.40%
3/15/2054

.
The Company has the right to defer interest payments on these notes for specified periods, typically 5 to 10 years without resulting in a default, during which time interest will be compounded. On or after the optional redemption dates, Prudential Financial may redeem the notes at par plus accrued and unpaid interest. Prior to those optional redemption dates, redemptions generally are subject to a make-whole price; however, the Company may redeem the notes prior to these dates at par upon the occurrence of certain events, such as a future change in the regulatory capital treatment of the notes with respect to the Company.
 Interest Expense
 
In order to manage exposure to interest rate and currency exchange rate movements, the Company utilizes derivative instruments, primarily interest rate swaps, in conjunction with some of its debt issuances. The impact of these derivative instruments is not reflected in the rates presented in the tables above. For those derivative instruments that qualify for hedge accounting, interest expense was $0 million for the years ended December 31, 2025, 2024 and 2023. See Note 5 for additional information regarding the Company’s use of derivative instruments.
 
Interest expense for short-term and long-term debt was $1,967 million, $1,956 million and $1,749 million for the years ended December 31, 2025, 2024 and 2023, respectively.
v3.25.4
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Employee Benefit Plans EMPLOYEE BENEFIT PLANS
Pension and Other Postretirement Plans
 
The Company has funded and non-funded non-contributory defined benefit pension plans (“Pension Benefits”), which cover substantially all of its employees. For some employees, benefits are based on final average earnings and length of service (the “traditional formula”), while benefits for other employees are based on an account balance that takes into consideration age, length of service and earnings during their career (the “cash balance formula”). At December 31, 2025, approximately 81% of the Company’s Pension Benefits relate to its domestic qualified pension plan, which initially determined benefits based on the traditional formula. Effective January 1, 2001, active domestic employees covered under this plan were given the option to convert from the traditional formula to the cash balance formula, and all new domestic employees began accruing benefits under the cash balance formula. As of December 31, 2025, approximately 64% and 36% of the benefit obligation under this plan relates to participants under the traditional formula (including all retirees who are receiving an annuity payment) and cash balance formula, respectively. At December 31, 2025, the vast majority of active employees under this plan are accruing benefits under the cash balance formula.
 
The Company provides certain health care and life insurance benefits for its retired employees, their beneficiaries and covered dependents (“Other Postretirement Benefits”). The health care plan is contributory; the life insurance plan is non-contributory. Substantially all of the Company’s U.S. employees are eligible to receive Other Postretirement Benefits if they retire after age 55 with at least 10 years of service or under certain circumstances after age 50 with at least 20 years of continuous service.

Prepaid benefits costs and accrued benefit liabilities are included in “Other assets” and “Other liabilities,” respectively, in the Company’s Consolidated Statements of Financial Position. The status of these plans as of December 31, 2025 and 2024 is summarized below:
 
 Pension BenefitsOther Postretirement Benefits
 2025202420252024
 (in millions)
Change in benefit obligation
Benefit obligation at the beginning of period$(10,629)$(11,238)$(1,026)$(1,032)
Service cost(187)(206)(6)(7)
Interest cost(565)(539)(55)(51)
Plan participants’ contributions0 0 (18)(21)
Amendments(6)0 0 0 
Actuarial gains (losses), net(1)(2)
(333)360 (42)(29)
Settlements58 62 0 0 
Special termination benefits0 (1)0 0 
Benefits paid872 823 110 113 
Acquisition/Divestiture1 0 0 0 
Foreign currency changes and other(15)110 (1)1 
Benefit obligation at end of period$(10,804)$(10,629)$(1,038)$(1,026)
Change in plan assets
Plan assets at beginning of period$12,293 $12,649 $1,187 $1,186 
Actual return on plan assets944 366 136 88 
Employer contributions168 177 8 5 
Plan participants’ contributions0 0 18 21 
Disbursement for settlements(58)(62)0 0 
Benefits paid(872)(823)(110)(113)
Acquisition/Divestiture(1)0 0 0 
Foreign currency changes and other16 (14)0 0 
Plan assets at end of period$12,490 $12,293 $1,239 $1,187 
Funded status at end of period$1,686 $1,664 $201 $161 
Amounts recognized in the Statements of Financial Position
Prepaid benefit cost$3,503 $3,451 $282 $232 
Accrued benefit liability(1,817)(1,787)(81)(71)
Net amount recognized$1,686 $1,664 $201 $161 
Items recorded in “Accumulated other comprehensive income (loss)” not yet recognized as a component of net periodic (benefit) cost:
Prior service cost$6 $(1)$(211)$(278)
Net actuarial loss3,228 2,924 186 218 
Net amount not recognized$3,234 $2,923 $(25)$(60)
Accumulated benefit obligation$(9,973)$(9,925)$(1,038)$(1,026)
__________
(1)For 2025, actuarial losses for pension and other postretirement benefits were primarily driven by a decrease in the discount rate.
(2)For 2024, actuarial gains for pension were primarily driven by an increase in the discount rate. For 2024, actuarial losses for other postretirement benefits were primarily driven by an increase in medical trend rate.

In addition to the plan assets above, the Company in 2007 established an irrevocable trust, commonly referred to as a “rabbi trust,” for the purpose of holding assets of the Company to be used to satisfy its obligations with respect to certain non-qualified retirement plans ($949 million and $861 million benefit obligation at December 31, 2025 and 2024, respectively). Assets held in the rabbi trust are available to the general creditors of the Company in the event of insolvency or bankruptcy. The Company may from time to time in its discretion make contributions to the trust to fund accrued benefits payable to participants in one or more of the plans, and, in the case of a change in control of the Company, as defined in the trust agreement, the Company will be required to make contributions to the trust to fund the accrued benefits, vested and unvested, payable on a pre-tax basis to participants in the plans. In addition, the Company may from time to time at its discretion make a withdrawal from or request a policy loan through the trust to fund operational or capital needs. The Company did not request
policy loans through the trust in 2025 and 2024. The Company did not make any discretionary payments to the trust or receive any withdrawals from the trust in either 2025 or 2024. As of December 31, 2025 and 2024, the assets in the trust had a carrying value of $199 million and $157 million, respectively. 

The Company also maintains a separate rabbi trust for the purpose of holding assets of the Company to be used to satisfy its obligations with respect to certain other non-qualified retirement plans ($47 million and $51 million benefit obligation at December 31, 2025 and 2024, respectively), as well as certain cash-based deferred compensation arrangements. As of December 31, 2025 and 2024, the assets in the trust had a carrying value of $68 million and $75 million, respectively.
 
Pension benefits for foreign plans comprised 9% and 10% of the ending benefit obligation for 2025 and 2024, respectively. Foreign pension plans comprised 3% of the ending fair value of plan assets for both 2025 and 2024. There are no material foreign postretirement plans.
 
Information for pension plans with a projected benefit obligation in excess of plan assets
20252024
 (in millions)
Projected benefit obligation$1,817 $1,787 
Fair value of plan assets$0 $0 

Information for pension plans with an accumulated benefit obligation in excess of plan assets
20252024
 (in millions)
Accumulated benefit obligation$1,617 $1,625 
Fair value of plan assets$0 $0 

Components of Net Periodic Benefit Cost
 
The Company uses market related value to determine components of net periodic (benefit) cost. Market related value recognizes certain changes in fair value of plan assets over a period of five years. Changes in the fair value of U.S. equities, international equities, real estate and other assets are recognized over a five year period. However, changes in the fair value for fixed maturity assets (including short-term investments) are recognized immediately for the purposes of market related value.
 
Net periodic (benefit) cost included in “General and administrative expenses” in the Company’s Consolidated Statements of Operations for the years ended December 31, includes the following components:
 
 Pension BenefitsOther Postretirement
Benefits
 202520242023202520242023
 (in millions)
Service cost$187 $206 $204 $6 $7 $9 
Interest cost565 539 551 55 51 71 
Expected return on plan assets(996)(953)(926)(73)(76)(86)
Amortization of prior service cost(1)(1)(1)(67)(67)(7)
Amortization of actuarial (gain) loss, net84 90 69 10 8 10 
Settlements(3)1 3 0 0 0 
Special termination benefits(1)(2)01 25 0 0 5 
Net periodic (benefit) cost$(164)$(117)$(75)$(69)$(77)$2 
__________
(1)For 2025 and 2024, certain employees were provided special termination benefits under non-qualified plans in the form of unreduced early retirement benefits as a result of their involuntary termination.
(2)For 2023, certain employees were provided special termination benefits under non-qualified plans in the form of unreduced early retirement benefits as a result of their involuntary termination while others were provided enhanced benefits due to the Company’s organizational restructuring.
Changes in Accumulated Other Comprehensive Income (Loss)
 
The benefit obligation is based upon actuarial assumptions such as discount, termination, retirement, mortality and salary growth rates. Changes at year-end in these actuarial assumptions, along with experience changes based on updated participant census data are deferred in AOCI. Plan assets generate actuarial gains and losses when actual returns on plan assets differ from expected returns on plan assets, and these differences are also deferred in AOCI. The cumulative deferred gain (loss) within AOCI is amortized into earnings if it exceeds 10% of the greater of the benefit obligation or plan assets at the beginning of the year, and the amortization period is based upon the actuarially calculated expected future years of service for a given plan.
 
The amounts recorded in AOCI as of the end of the period, which have not yet been recognized as a component of net periodic (benefit) cost, and the related changes in these items during the period that are recognized in “Other comprehensive income (loss)” are as follows:
 
 Pension BenefitsOther Postretirement
Benefits
 Prior
Service
Cost		Net
Actuarial
(Gain) Loss		Prior
Service
Cost		Net
Actuarial
(Gain) Loss
 (in millions)
Balance, December 31, 2022$(2)$2,466 $(54)$222 
Amortization for the period1 (69)7 (10)
Deferrals for the period(1)(2)411 (298)(3)
Impact of foreign currency changes and other1 (11)0 0 
Balance, December 31, 2023(2)2,797 (345)209 
Amortization for the period1 (90)67 (8)
Deferrals for the period(2)0 227 0 17 
Impact of foreign currency changes and other0 (10)0 0 
Balance, December 31, 2024(1)2,924 (278)218 
Amortization for the period1 (84)67 (10)
Deferrals for the period(3)6 385 0 (21)
Impact of foreign currency changes and other0 3 0 (1)
Balance, December 31, 2025$6 $3,228 $(211)$186 
__________
(1)For 2023, deferred losses for pension were driven by a decrease in discount rate and unfavorable asset performance. Deferred gains for other postretirement benefits were driven by a change to the Retiree Medical Plan, decrease in discount rate and favorable asset performance.
(2)For 2024, deferred losses for pension were driven by unfavorable asset performance offset by an increase in discount rate. Deferred losses for other postretirement benefits were driven by an increase in medical trend experience offset by an increase in discount rate and favorable asset performance.
(3)For 2025, deferred losses for pension were driven by a decrease in discount rate and unfavorable asset performance. Deferred gains for other postretirement benefits were driven by favorable asset performance offset by a decrease in discount rate.

The Company’s assumptions related to the calculation of the domestic benefit obligation (end of period) and the determination of net periodic (benefit) cost (beginning of period) are presented in the table below:
 
 Pension BenefitsOther Postretirement Benefits
 202520242023202520242023
Weighted average assumptions
Discount rate (beginning of period)5.85 %5.30 %5.45 %5.70 %5.20 %5.55 %
Discount rate (end of period)5.55 %5.85 %5.30 %5.25 %5.70 %5.20 %
Rate of increase in compensation levels (beginning of period)6.25 %6.25 %4.50 %N/AN/AN/A
Rate of increase in compensation levels (end of period)6.25 %6.25 %6.25 %N/AN/AN/A
Expected return on plan assets (beginning of period)8.00 %7.50 %7.50 %6.50 %6.75 %7.75 %
Interest crediting rate (beginning of period)4.35 %4.95 %4.25 %N/AN/AN/A
Interest crediting rate (end of period)4.85 %4.35 %4.95 %N/AN/AN/A
Health care cost trend rates (beginning of period)N/AN/AN/A7.90 %7.35 %6.50 %
Health care cost trend rates (end of period)N/AN/AN/A8.00 %7.90 %7.35 %
For 2025, 2024 and 2023, the ultimate health care cost trend rate after gradual decrease until: 2035, 2034, 2030, (beginning of period)N/AN/AN/A4.75 %4.75 %4.75 %
For 2025, 2024 and 2023, the ultimate health care cost trend rate after gradual decrease until: 2036, 2035, 2034 (end of period)N/AN/AN/A4.75 %4.75 %4.75 %

The domestic discount rate used to value the pension and postretirement obligations at December 31, 2025 and December 31, 2024 is based upon the value of a portfolio of Aa-rated investments whose cash flows would be available to pay the benefit obligation’s cash flows when due. The December 31, 2025 portfolio is selected from a compilation of approximately 980 Aa-rated bonds across the full range of maturities. Since bond ratings and yields can vary widely at each maturity point, the Company uses an average bond rating and excludes bonds with unusually high or low yields, so as to avoid relying on bonds that might be mispriced or misrated. The Aa-rated portfolio is then selected and, accordingly, its value is a measure of the benefit obligation. A single equivalent discount rate is calculated to equate the value of the Aa-rated portfolio to the cash flows for the benefit obligation. The result is rounded to the nearest 5 basis points and the benefit obligation is recalculated using the rounded discount rate.
 
The pension and postretirement expected long-term rates of return on plan assets for 2025 were determined based upon an approach that considered the allocation of plan assets as of December 31, 2024. Expected returns are estimated by asset class as noted in the discussion of investment policies and strategies below. Expected returns on asset classes are developed using a building-block approach that is forward looking and are not strictly based upon historical returns. The building blocks for equity returns include inflation, real return, a term premium, an equity risk premium, capital appreciation, expenses, the effect of active management and the effect of rebalancing. The building blocks for fixed maturity returns include inflation, real return, a term premium, credit spread, capital appreciation, effect of active management, expenses and the effect of rebalancing.
 
The Company applied a similar approach to the determination of the expected rate of return on plan assets in 2026. The expected rate of return for 2026 is 7.75% and 6.25% for pension and postretirement, respectively.
 
The assumptions for foreign pension plans are based on local markets. There are no material foreign postretirement plans.

 Plan Assets
 
The investment goal of the domestic pension plan is to generate an above benchmark return on a diversified portfolio of stocks, bonds and other investments. The cash requirements of the plan’s pension obligation, which include a traditional defined benefit formula principally representing payments to annuitants and a cash balance formula that allows lump sum payments and annuity payments, are designed to be met by the bonds and short-term investments in the portfolio.

The investment goal of the domestic postretirement plan assets is to generate an above benchmark return on a diversified portfolio of stocks, bonds, and other investments, while meeting the cash requirements for the postretirement obligation that includes a medical benefit including prescription drugs, a dental benefit and a life benefit.

The pension and postretirement plans risk management practices include guidelines for asset concentration, credit rating, liquidity and tax efficiency. The fiduciaries of the pension and postretirement plans select investment managers to invest the assets of the plans consistent with each manager’s investment mandate. These managers may use derivatives such as futures
contracts to reduce transaction costs and change asset concentration and may use interest rate swaps and futures to adjust duration.
 
The plan fiduciaries for the Company’s pension and postretirement plans have developed guidelines for asset allocations reflecting a percentage of total assets by asset class, which are reviewed on a regular basis. Asset allocation targets as of December 31, 2025 are as follows:
 
 PensionPostretirement
 MinimumMaximumMinimumMaximum
Asset Category
U.S. Equities0 %3 %11 %32 %
International Equities0 %8 %4 %22 %
Fixed Maturities51 %70 %5 %72 %
Short-term Investments0 %11 %0 %26 %
Real Estate3 %16 %0 %0 %
Other8 %40 %0 %0 %
 
To implement the investment strategy, plan assets are invested in funds that primarily invest in securities that correspond to one of the asset categories under the investment guidelines. However, at any point in time, some of the assets in a fund may be of a different nature than the specified asset category.

Assets held with PICA are in either pooled separate accounts or single client separate accounts. Assets held with a bank are either in common/collective trusts or single client trusts. Pooled separate accounts and common/collective trusts hold assets for multiple investors. Each investor owns a “unit of account.” The asset allocation targets above include the underlying asset mix in the Pooled Separate Accounts and Common/Collective Trusts. Single client separate accounts or trusts hold assets for only one investor, the domestic qualified pension plan, and each security in the fund is treated as individually owned.
 
There were no investments in Prudential Financial Common Stock as of both December 31, 2025 and 2024 for either the pension or postretirement plans.
 
The authoritative guidance around fair value established a framework for measuring fair value. Fair value is disclosed using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value, as described in Note 6.
 
The following describes the valuation methodologies used for pension and postretirement plans assets measured at fair value.
 
Insurance Company Pooled Separate Accounts, Common/Collective Trusts, and United Kingdom Insurance Pooled Funds—Insurance company pooled separate accounts are invested via group annuity contracts issued by PICA. Assets are represented by a “unit of account.” The redemption value of those units is based on a per unit value whose value is the result of the accumulated values of underlying investments. The unit of account value is used as a practical expedient to estimate fair value.
 
Equities—See Note 6 for a discussion of the valuation methodologies for equity securities.
 
U.S. Government Securities (both Federal and State & Other), Non–U.S. Government Securities, and Corporate Debt—See Note 6 for a discussion of the valuation methodologies for fixed maturity securities.
 
Interest Rate Swaps—See Note 6 for a discussion of the valuation methodologies for derivative instruments.
 
Registered Investment Companies (Mutual Funds)—Securities are priced at the NAV, which is the closing price published by the registered investment company on the reporting date.
 
Short-term Investments—Securities are valued initially at cost and thereafter adjusted for amortization of any discount or premium (i.e., amortized cost). Amortized cost approximates fair value.
 
Partnerships—The value of interests owned in partnerships is based on valuations of the underlying investments that include private placements, structured debt, real estate, equities, fixed maturities, commodities and other investments.

Hedge Funds—The value of interests in hedge funds is based on the underlying investments that include equities, debt and other investments.

Variable Life Insurance Policies—These assets are held in group and individual variable life insurance policies issued by PICA. Group policies are invested in Insurance Company Pooled Separate Accounts. Individual policies are invested in Registered Investment Companies (Mutual Funds). The value of interest in these policies is the cash surrender value (contract value) of the policies based on the underlying investments. The variable life insurance policies are valued at contract value which approximates fair value.
 
Pension plan asset allocations in accordance with the investment guidelines are as follows: 

 As of December 31, 2025As of December 31, 2024
 Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
 (in millions)
Fixed maturities:
U.S. government securities (federal)$0 $919 $0 $919 $0 $919 $0 $919 
U.S. government securities (state & other)0 259 0 259 0 273 0 273 
Non-U.S. government securities0 47 0 47 0 42 0 42 
Corporate debt:
Corporate bonds0 2,171 10 2,181 0 2,035 6 2,041 
Asset-backed0 486 0 486 0 560 0 560 
Collateralized mortgage obligations0 304 0 304 0 453 0 453 
Collateralized loan obligations0 0 0 0 0 24 0 24 
Interest rate swaps(1)0 24 0 24 0 (12)0 (12)
Registered investment companies21 0 0 21 44 0 0 44 
Common stock8 0 0 8 20 0 0 20 
Other(2)23 0 13 36 22 1 29 52 
Subtotal fixed maturities52 4,210 23 4,285 86 4,295 35 4,416 
Real estate:
Partnerships0 0 708 708 0 0 770 770 
Other:
Partnerships0 0 2,550 2,550 0 0 2,437 2,437 
Hedge funds0 0 1,648 1,648 0 0 1,685 1,685 
Subtotal other0 0 4,198 4,198 0 0 4,122 4,122 
Net assets in the fair value hierarchy$52 $4,210 $4,929 $9,191 $86 $4,295 $4,927 $9,308 
Investments Measured at Net Asset Value, as a Practical Expedient(3):
Pooled separate accounts$2,265 $2,090 
Common/collective trusts940 802 
United Kingdom insurance pooled funds94 93 
Net assets at fair value$12,490 $12,293 
__________
(1)Interest rate swaps notional amount is $1,221 million and $1,227 million for the years ended December 31, 2025 and 2024, respectively.
(2)This category primarily consists of cash and cash equivalents, short-term investments, payables and receivables, and open future contract positions (including fixed income collateral).
(3)The pension plan excludes from the fair value hierarchy investments that are measured at NAV per share (or its equivalent) as a practical expedient to estimate fair value. U.S. equities totaled $54 million and $37 million at December 31, 2025 and 2024, respectively. International equities totaled $166 million and $185 million at December 31, 2025 and 2024, respectively. Fixed maturities totaled $2,418 million and $2,186 million at December 31, 2025 and 2024, respectively. Short-term investments totaled $150 million and $67 million at December 31, 2025 and 2024, respectively. Real estate totaled $511 million and $510 million at December 31, 2025 and 2024, respectively.

Changes in Fair Value of Level 3 Pension Assets

Fixed MaturitiesReal
Estate		Other
 
Corporate Bonds
OtherPartnershipsPartnershipsHedge Fund
 (in millions)
Fair Value, January 1, 2024$9 $82 $942 $2,142 $1,495 
Actual return on assets:
Relating to assets still held at the reporting date0 0 (95)219 158 
Relating to assets sold during the period0 0 0 0 0 
Purchases
0 0 (18)76 32 
Sales
(3)0 (59)0 0 
Issuances
0 29 0 0 0 
Settlements
0 (82)0 0 0 
Transfers in and/or out of Level 30 0 0 0 0 
Fair Value, December 31, 2024$6 $29 $770 $2,437 $1,685 
Actual return on assets:
Relating to assets still held at the reporting date0 0 2 254 146 
Relating to assets sold during the period0 0 0 0 0 
Purchases4 0 8 127 75 
Sales0 0 (72)(268)(258)
Issuances0 14 0 0 0 
Settlements0 (30)0 0 0 
Transfers in and/or out of Level 30 0 0 0 0 
Fair Value, December 31, 2025$10 $13 $708 $2,550 $1,648 
Postretirement plan asset allocations in accordance with the investment guidelines are as follows:
 
 As of December 31, 2025As of December 31, 2024
 Level 1Level 2
Level 3
TotalLevel 1Level 2Level 3Total
 (in millions)
Equities:
U.S. equities$0 $43 $0 $43 $0 $38 $0 $38 
International equities0 12 0 12 0 10 0 10 
Subtotal equities0 55 0 55 0 48 0 48 
Fixed maturities:
Equities0 0 0 0 0 2 0 2 
Subtotal fixed maturities0 0 0 0 0 2 0 2 
Short-term investments:
Registered investment companies78 0 0 78 46 0 0 46 
Net assets in the fair value hierarchy$78 $55 $0 $133 $46 $50 $0 $96 
Investments Measured at Net Asset Value, as a Practical Expedient(1):
Common/collective trusts$149 $148 
Net assets at fair value282 244 
Variable Life Insurance Policies at contract value957 943 
Total net assets$1,239 $1,187 
__________
(1)The postretirement plan excludes from the fair value hierarchy investments that are measured at NAV per share (or its equivalent) as a practical expedient to estimate fair value and Variable Life Insurance Policies valued at contract value. U.S. equities totaled $215 million and $192 million at December 31, 2025 and 2024, respectively. International equities totaled $119 million and $99 million at December 31, 2025 and 2024, respectively. Fixed maturities totaled $623 million and $652 million at December 31, 2025 and 2024, respectively.
(2)There were no changes in the fair value of Level 3 postretirement assets from December 31, 2024 through December 31, 2025.
The expected benefit payments for the Company’s pension and postretirement plans for the years indicated are as follows:
 
Pension Benefit
Payments		Other
Postretirement
Benefit Payments
 (in millions)
2026$1,056 $92 
2027900 96 
2028914 99 
2029933 105 
2030962 107 
2031-2035
4,594 469 
Total$9,359 $968 
 
The Company anticipates that it will make cash contributions in 2026 of approximately $165 million to the pension plans and approximately $10 million to the postretirement plans.
 
Postemployment Benefits
 
The Company accrues postemployment benefits for income continuance and health and life benefits provided to former or inactive employees who are not retirees. The net accumulated liability for these benefits was $30 million as of both December 31, 2025 and 2024, and is included in “Other liabilities.”
 
Other Employee Benefits
 
The Company sponsors voluntary savings plans for employees (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 matching contributions by the Company included in “General and administrative expenses” were $84 million, $87 million and $79 million for the years ended December 31, 2025, 2024 and 2023, respectively.
v3.25.4
Equity
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Equity EQUITY
 
Preferred Stock
 
As of December 31, 2025, 2024 and 2023, the Company had 10,000,000 shares of preferred stock authorized but none issued or outstanding.

Common Stock

On the date of demutualization in December 2001, Prudential Financial completed an initial public offering of its Common Stock. The shares of Common Stock issued were in addition to shares of Common Stock the Company distributed to policyholders as part of the demutualization. The Common Stock is traded on the New York Stock Exchange under the symbol “PRU.” In the event of a liquidation, dissolution or winding-up of the Company, holders of Common Stock would be entitled to receive a proportionate share of the net assets of the Company that remain after paying all liabilities and the liquidation preferences of any preferred stock.
 
The changes in the number of shares of Common Stock issued, held in treasury and outstanding, are as follows for the periods indicated:

 Common Stock
 IssuedHeld In
Treasury		Outstanding
 
 (in millions)
Balance, December 31, 2022666.3 300.3 366.0 
Common Stock issued0.0 0.0 0.0 
Common Stock acquired0.0 10.9 (10.9)
Stock-based compensation programs(1)0.0 (4.1)4.1 
Balance, December 31, 2023666.3 307.1 359.2 
Common Stock issued0.0 0.0 0.0 
Common Stock acquired0.0 8.6 (8.6)
Stock-based compensation programs(1)0.0 (4.0)4.0 
Balance, December 31, 2024666.3 311.7 354.6 
Common Stock issued0.0 0.0 0.0 
Common Stock acquired0.0 9.3 (9.3)
Stock-based compensation programs(1)0.0 (2.7)2.7 
Balance, December 31, 2025666.3 318.3 348.0 
__________
(1)Represents net shares issued from treasury pursuant to the Company’s stock-based compensation programs.

Additional paid-in capital

“Additional paid-in capital” primarily consists of the cumulative excess between: (a) the total cash received by the Company in conjunction with past issuances of Common Stock shares or Common Stock shares reissued from treasury in conjunction with the Company’s stock-based compensation program and (b) the total par value associated with those shares ($.01 per share).
Common stock held in treasury
 
Common Stock held in treasury represents the Company’s previously issued shares of stock which have been repurchased by the Company but not retired. These shares are accounted for at the cost at which they were acquired. Common Stock held in treasury is typically impacted by repurchases of shares under the Board of Directors approved share repurchase program and by reissuances of shares associated with the Company’s stock-based compensation programs, or for other purposes, which are accounted for at average cost upon reissuance. Gains resulting from the reissuance of Common Stock held in treasury are credited to “Additional paid-in capital.” Losses resulting from the reissuance of Common Stock held in treasury are charged first to “Additional paid-in capital” to the extent the Company has previously recorded gains on treasury share transactions, then to “Retained earnings.”

The Board of Directors may from time to time, at its discretion, authorize management to repurchase shares of Common Stock of the Company. The timing and amount of share repurchases are determined by management based upon market conditions and other considerations, and such repurchases may be executed in the open market, through derivative, accelerated repurchase and other negotiated transactions and through plans complying with Rule 10b5-1(c) under the Securities Exchange Act of 1934 (the “Exchange Act”), as amended. Numerous factors could affect the timing and amount of any future repurchases under the share repurchase authorization, including, but not limited to: compliance with laws, increased capital needs of the Company due to changes in regulatory capital requirements, opportunities for growth and acquisitions, and the effect of adverse market conditions.

The following table summarizes share repurchases for each of the past three years as well as the share repurchase authorization for 2026, which was approved by the Board of Directors in December 2025:

January 1, 2026 -
December 31, 2026
January 1, 2025 -
December 31, 2025
January 1, 2024 -
December 31, 2024
January 1, 2023 -
December 31, 2023
Total Board authorized share repurchase amount ($ in billions)$1.0 $1.0 $1.0 $1.0 
Total number of shares repurchased under this authorization as of the period end (in millions)N/A*9.3 8.6 10.9 
__________
* Share repurchase authorization for a future period.

Dividends declared per share of Common Stock are as follows for the years indicated:

 202520242023
Dividends declared per share of Common Stock$5.40 $5.20 $5.00 
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 Comprehensive Income. Each of the components that comprise OCI are described in further detail in Note 2 (Foreign Currency Translation Adjustment and Net Unrealized Investment Gains (Losses)), Note 12 (Interest rate remeasurement of Liability for Future Policy Benefits), Note 14 (Gains (losses) from Changes in Nonperformance Risk on Market Risk Benefits) and Note 19 (Pension and Postretirement Unrecognized Net Periodic Benefit (Cost)). 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)
Attributable to Prudential Financial, Inc.
 Foreign 
Currency
Translation
Adjustment		Net Unrealized
Investment
Gains
(Losses)(1)		Interest rate remeasurement of Liability for Future Policy Benefits
Gains (Losses) from Changes in Nonperformance Risk on Market Risk Benefits
Pension and
Postretirement
Unrecognized Net
Periodic Benefit (Cost)		Total 
Accumulated Other Comprehensive Income (Loss)
 (in millions)
Balance, December 31, 2022$(2,274)$(16,194)$15,242 $1,448 $(2,028)$(3,806)
Change in OCI before reclassifications(246)5,076 (8,770)(693)(98)(4,731)
Amounts reclassified from AOCI(18)1,143 0 0 71 1,196 
Income tax benefit (expense)(148)(1,238)2,075 145 3 837 
Balance, December 31, 2023(2,686)(11,213)8,547 900 (2,052)(6,504)
Change in OCI before reclassifications(811)(12,822)11,804 (466)(234)(2,529)
Amounts reclassified from AOCI(41)2,697 0 0 30 2,686 
Income tax benefit (expense)(77)2,651 (3,045)98 9 (364)
Balance, December 31, 2024(3,615)(18,687)17,306 532 (2,247)(6,711)
Change in OCI before reclassifications499 (1,695)5,385 (195)(372)3,622 
Amounts reclassified from AOCI(53)1,042 0 0 26 1,015 
Income tax benefit (expense)(14)551 (1,652)41 71 (1,003)
Balance, December 31, 2025$(3,183)$(18,789)$21,039 $378 $(2,522)$(3,077)
__________
(1)Includes cash flow hedges of $(231) million, $1,780 million and $869 million as of December 31, 2025, 2024, and 2023, respectively, and fair value hedges of $(123) million, $(64) million, and $(60) million as of December 31, 2025, 2024, and 2023, respectively.
Reclassifications out of Accumulated Other Comprehensive Income (Loss)

 Years Ended December 31,Affected line item in Consolidated
Statements of Operations
 202520242023
 (in millions) 
Amounts reclassified from AOCI(1)(2):
Foreign currency translation adjustment:
Foreign currency translation adjustment$44 $41 $18 Realized investment gains (losses), net
Foreign currency translation adjustment9 0 0 Other income (loss)
Total foreign currency translation adjustment53 41 18 
Net unrealized investment gains (losses):
Cash flow hedges—Interest Rate(13)(30)(38)(3)
Cash flow hedges—Currency(8)3 14 (3)
Cash flow hedges—Currency/Interest rate(107)612 200 (3)
Fair value hedges—Currency(14)(10)(8)(3)
Net unrealized investment gains (losses) on available-for-sale securities(900)(3,272)(1,311)Realized investment gains (losses), net
Total net unrealized investment gains (losses)(1,042)(2,697)(1,143)(4)
Amortization of defined benefit items:
Prior service cost68 68 8 (5)
Actuarial gain (loss)(94)(98)(79)(5)
Total amortization of defined benefit items(26)(30)(71)
Total reclassifications for the period$(1,015)$(2,686)$(1,196)
__________
(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 regarding cash flow and fair value hedges.
(4)See table below for additional information regarding unrealized investment gains (losses), including the impact on future policy benefits and policyholders’ dividends.
(5)See Note 19 for information regarding employee benefit plans.

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 “Other comprehensive income (loss)” those items that are included as part of “Net income (loss)” for a period that had been part of “Other comprehensive income (loss)” in earlier periods. The amounts for the periods indicated below, split between amounts related to available-for-sale fixed maturity securities on which an allowance for credit losses has been recorded, and all other net unrealized investment gains (losses), are as follows:
 
Net Unrealized
Investment Gains (Losses)
on AFS Fixed Maturity Securities on Which an ACL has been Recognized 		Net Unrealized Gains (Losses) on All Other Investments(1)Reinsurance RecoverablesFuture Policy
Benefits,
Policyholders’
Account
Balances and
Reinsurance Payables		Policyholders' DividendsIncome Tax Benefit (Expense)AOCI Related to Net Unrealized Investment Gains (Losses)
 (in millions)
Balance, December 31, 2022$(45)$(24,959)$(703)$1,946 $3,194 $4,373 $(16,194)
Net investment gains (losses) on investments arising during the period15 6,595 (1,327)5,283 
Reclassification adjustment for (gains) losses included in net income(3)1,146 (229)914 
Reclassification due to allowance for credit losses recorded during the period(39)39 00
Impact of net unrealized investment (gains) losses219 (640)(1,113)318 (1,216)
Balance, December 31, 2023(72)(17,179)(484)1,306 2,081 3,135 (11,213)
Net investment gains (losses) on investments arising during the period(24)(12,703)3,339 (9,388)
Reclassification adjustment for (gains) losses included in net income97 2,600 (708)1,989 
Reclassification due to allowance for credit losses recorded during the period5 (5)0 0 
Impact of net unrealized investment (gains) losses215 (325)15 20 (75)
Balance, December 31, 20246 (27,287)(269)981 2,096 5,786 (18,687)
Net investment gains (losses) on investments arising during the period(6)(400)(179)(585)
Reclassification adjustment for (gains) losses included in net income(4)1,046 459 1,501 
Impact of net unrealized investment (gains) losses101 (358)(1,032)271 (1,018)
Balance, December 31, 2025$(4)$(26,641)$(168)$623 $1,064 $6,337 $(18,789)
__________
(1)Includes cash flow and fair value hedges. See Note 5 for additional information.
Retained earnings

Retained earnings primarily represents the cumulative net income earned by the Company that has been retained by the Company as of the reporting date. Other unique items, included but not limited to the adoption of new accounting standards updates, may also impact retained earnings. In any given period, retained earnings may increase due to net income and may decrease due to net losses or the declaration of dividends. The declaration and payment of dividends on the Common Stock is limited by New Jersey corporate law, pursuant to which Prudential Financial is prohibited from paying a Common Stock dividend if, after giving effect to that dividend, either (a) the Company would be unable to pay its debts as they become due in the usual course of its business or (b) the Company’s total assets would be less than its liabilities. In addition, the terms of the Company’s outstanding junior subordinated debt include a “dividend stopper” provision that restricts the payment of dividends on the Common Stock if interest payments are not made on the junior subordinated debt.
 
Other than the above limitations, the Company’s Retained earnings balance is free of restrictions for the payment of Common Stock dividends; however, Common Stock dividends will be dependent upon financial conditions, results of operations, cash needs, future prospects and other factors, including cash available to Prudential Financial, the parent holding company. The principal sources of funds available to Prudential Financial are dividends and returns of capital from its subsidiaries, loans from its subsidiaries, repayments of operating loans from its subsidiaries, and cash and other highly liquid assets. The primary uses of funds at Prudential Financial include servicing its debt, operating expenses, capital contributions and loans to subsidiaries, the payment of declared shareholder dividends and repurchases of outstanding shares of Common Stock if executed under Board authority. As of December 31, 2025, Prudential Financial had highly liquid assets (excluding amounts held in an intercompany liquidity account) of $3,817 million predominantly including cash, short-term investments, U.S. Treasury securities, obligations of other U.S. government authorities and agencies, and/or foreign government bonds.
 
Future cash available at Prudential Financial to support the payment of future Common Stock dividends is dependent on the receipt of dividends or other funds from its subsidiaries, the majority of which are subject to comprehensive regulation, including limitations on their payment of dividends and other transfers of funds, which are discussed in this Note further below.
 
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.
Insurance Subsidiaries - Statutory Financial Information and Restrictions on Payments of Dividends

U.S. Insurance Subsidiaries—Statutory Financial Information

The Company’s domestic insurance subsidiaries are required to prepare statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the insurance department of the state of domicile. 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 risk-based capital (“RBC”) ratio is a primary measure by which the Company and its insurance regulators evaluate the capital adequacy of PICA and the Company’s other domestic insurance subsidiaries. RBC is determined by NAIC-prescribed formulas that consider, among other things, risks related to the type and quality of the invested assets, insurance-related risks associated with an insurer’s products and liabilities, interest rate risks and general business risks. The RBC ratio is equal to an insurer’s total adjusted capital divided by the minimum amount of statutory capital and surplus needed by the insurer to support its operations, which is referred to as its “company action level RBC.” Insurers that have less statutory capital than required by their company action level RBC are considered to have inadequate capital and are subject to varying degrees of regulatory action depending upon the level of capital inadequacy. The Company expects to report RBC ratios for PICA and its other domestic insurance subsidiaries as of December 31, 2025 above the 100% regulatory required minimum that would require corrective action and above PICA’s target level that would support a “AA” financial strength rating.

The following table summarizes certain statutory financial information for the Company’s U.S. insurance subsidiary as of and for the years ended:
PICA
December 31, 2025December 31, 2024December 31, 2023
(in millions)
Statutory net income (loss)
$1,951 $1,245 $1,732 
Statutory capital and surplus(1)
$15,907 $15,790 $16,085 
__________
(1)Prior period amounts have been updated to conform to finalized statutory filings, where applicable.

U.S. Insurance Subsidiaries—Restrictions on Payment of Dividends to Prudential Financial, the Parent Holding Company

With respect to PICA, a New Jersey domiciled insurance subsidiary which is also the Company’s primary domestic insurance subsidiary, New Jersey insurance law provides that, except in the case of extraordinary dividends (as described below), all dividends or other distributions paid by PICA may be paid only from unassigned surplus, as determined pursuant to statutory accounting principles, less cumulative unrealized investment gains and losses and revaluation of assets as of the prior calendar year-end. As of December 31, 2025, PICA’s unassigned surplus less applicable adjustments for cumulative unrealized investment gains was $3,687 million. PICA must give prior notification to the NJDOBI of its intent to pay any such dividend or distribution. Also, if any dividend, together with other dividends or distributions made within the preceding twelve months, exceeds the greater of (i) 10% of statutory capital and surplus as of the preceding December 31 or (ii) its statutory net gain from operations excluding realized investment gains and losses for the twelve-month period ending on the preceding December 31, the dividend is considered to be an “extraordinary dividend” and requires the prior approval of the NJDOBI. Under New Jersey insurance law, PICA is permitted to pay an ordinary dividend of up to $1,848 million in 2026, without prior approval of the
NJDOBI. Of the $1,848 million, $648 million is permitted to be paid after September 24, 2026, and the remaining $1,200 million is permitted to be paid after December 15, 2026, without prior approval of the NJDOBI.
 
International Insurance Subsidiaries—Statutory Financial Information

The Company’s international insurance subsidiaries prepare financial statements in accordance with local regulatory requirements. These statutory accounting practices differ from U.S. GAAP primarily by charging policy acquisition costs to expense as incurred and 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 Japan Financial Services Agency (“FSA”) utilizes a solvency margin ratio to evaluate the capital adequacy of Japanese insurance companies. The solvency margin ratio considers the level of solvency margin capital to a solvency margin risk amount, which is calculated in a similar manner to RBC. As of December 31, 2025, the Company expects The Prudential Life Insurance Company Ltd. (“Prudential of Japan”) and Gibraltar Life both had solvency margin capital in excess of 3.5 times the regulatory required minimums that would require corrective action.
 
All of the Company’s domestic and international insurance subsidiaries have capital and surplus levels that exceed their respective regulatory minimum requirements, and none utilized prescribed or permitted practices that vary materially from the practices prescribed by the NAIC or equivalent regulatory bodies for results reported as of December 31, 2025 and 2024, respectively, or for the years ended December 31, 2025, 2024 and 2023, respectively.

International Insurance Subsidiaries—Restrictions on Payment of Dividends to Prudential Financial, the Parent Holding Company

The Company’s international insurance operations are subject to dividend restrictions from the regulatory authorities in the jurisdictions in which they operate. With respect to Prudential of Japan and Gibraltar Life, the Company’s most significant international insurance subsidiaries, both of which are domiciled in Japan, Japan law provides that common stock dividends may be paid in an amount of up to 83% of prior fiscal year statutory after-tax earnings, after certain reserving thresholds are met, including providing for policyholder dividends. If statutory retained earnings exceed 100% of statutory paid-in capital, 100% of prior year statutory after-tax earnings may be paid, after reserving thresholds are met. Dividends in excess of these amounts and other forms of capital distribution may require the prior approval of the FSA. Additionally, Prudential of Japan and Gibraltar Life must give prior notification to the FSA of their intent to pay any dividend or distribution.

For the year ended December 31, 2025, Prudential Financial received $1,118 million from its international insurance subsidiaries. In addition to paying Common Stock dividends, the Company’s international insurance operations may return capital to Prudential Financial through, or facilitated by, other means, such as the repayment of Preferred Stock obligations held by Prudential Financial or other affiliates, affiliated lending, affiliated derivatives and reinsurance with U.S.- and Bermuda-based affiliates. The Company’s Japan insurance operations have entered into reinsurance agreements with Gibraltar Reinsurance Company Ltd., the Company’s Bermuda-based reinsurance affiliate, as well as with the Company’s domestic insurance operations to reinsure the mortality and morbidity risk associated with a portion of the in-force contracts as well as newly-issued contracts for certain products. The Company expects these transactions will allow it to more efficiently manage its capital and risk profile. The current regulatory fiscal year end for both Prudential of Japan and Gibraltar Life is March 31, 2026, after which time the common stock dividend amount permitted to be paid without prior approval from the FSA can be determined.
 
In addition, although prior regulatory approval may not be required by law for the payment of dividends up to the limitations described above, in practice, the Company would typically discuss any dividend payments with the applicable regulatory authority prior to payment. Additionally, the payment of dividends by the Company’s subsidiaries is subject to declaration by their Board of Directors and may be affected by market conditions and other factors.
v3.25.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
 
A reconciliation of the numerators and denominators of the basic and diluted per share computations of Common Stock based on the consolidated earnings of Prudential Financial for the years ended December 31, is as follows:
 202520242023
 IncomeWeighted
Average
Shares		Per Share
Amount		IncomeWeighted
Average
Shares		Per Share
Amount		IncomeWeighted
Average
Shares		Per Share
Amount
 (in millions, except per share amounts)
Basic earnings per share
Net income (loss)$3,732 $2,846 $2,508 
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
156 119 20 
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards41 32 29 
Net income (loss) attributable to Prudential Financial available to holders of Common Stock$3,535 351.8 $10.05 $2,695 357.5 $7.54 $2,459 363.5 $6.76 
Effect of dilutive securities and compensation programs
Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic$41 $32 $29 
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted41 32 29 
Stock options0.1 0.3 0.2 
Deferred and long-term compensation programs1.8 1.5 0.9 
Diluted earnings per share
Net income (loss) attributable to Prudential Financial available to holders of Common Stock$3,535 353.7 $9.99 $2,695 359.3 $7.50 $2,459 364.6 $6.74 
Unvested share-based payment awards that contain nonforfeitable rights to dividends are participating securities and included in the computation of earnings per share pursuant to the two-class method. Under this method, earnings attributable to Prudential Financial are allocated between Common Stock and the participating awards, as if the awards were a second class of stock. During periods of net income available to holders of Common Stock, the calculation of earnings per share excludes the income attributable to participating securities in the numerator and the dilutive impact of these securities from the denominator. In the event of a net loss available to holders of Common Stock, undistributed earnings are not allocated to participating securities and the denominator excludes the dilutive impact of these securities as they do not share in the losses of the Company. Undistributed earnings allocated to participating unvested share-based payment awards for the years ended December 31, 2025, 2024 and 2023, as applicable, were based on 3.8 million, 4.0 million and 4.1 million of such awards, respectively, weighted for the period they were outstanding.
 
Stock options and shares related to deferred and long-term compensation programs that are considered antidilutive are excluded from the computation of diluted earnings per share. Stock options are considered antidilutive based on application of the treasury stock method or in the event of a net loss available to holders of Common Stock. Shares related to deferred and long-term compensation programs are considered antidilutive in the event of a net loss available to holders of Common Stock. For the years ended December 31, the number of stock options and shares related to deferred and long-term compensation programs that were considered antidilutive and were excluded from the computation of diluted earnings per share, weighted for the portion of the period they were outstanding, are as follows:
 202520242023
 SharesExercise
Price Per
Share		SharesExercise
Price Per
Share		SharesExercise
Price Per
Share
 
(in millions, except per share amounts, based on
weighted average)
Antidilutive stock options based on application of the treasury stock method0.1 $109.02 0.1 $110.42 1.2 $102.63 
Antidilutive stock options due to net loss available to holders of Common Stock0.0 0.0 0.0 
Antidilutive shares based on application of the treasury stock method0.0 0.0 0.1 
Antidilutive shares due to net loss available to holders of Common Stock0.0 0.0 0.0 
Total antidilutive stock options and shares0.1 0.1 1.3 
v3.25.4
Share-Based Payments
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Share-based Payment Arrangement SHARE-BASED PAYMENTS
 
Omnibus Incentive Plan
 
Prudential Financial, Inc.’s Omnibus Incentive Plan provides stock-based awards including stock options, stock appreciation rights, restricted stock shares, restricted stock units, stock settled performance shares, and cash settled performance units. Dividend equivalents are generally provided on restricted stock shares and restricted stock units outstanding as of the record date. Dividend equivalents are generally accrued on target performance shares and units outstanding as of the record date. These dividend equivalents are paid only on the performance shares and units released up to a maximum of the target number of shares and units awarded. Generally, the requisite service period is the vesting period. There were 12,496,717 authorized shares available for grant under the Omnibus Incentive Plan as of December 31, 2025.

Assurance IQ (“AIQ”) Acquisition

The Company acquired AIQ on October 10, 2019. The terms of the acquisition included compensation awards that involved share-based payment arrangements that are linked to retention and therefore fall under the reporting requirements of ASC 718, Stock Compensation. These compensation awards include stock options, restricted stock units and performance shares.
 
Compensation Costs
 
Compensation cost for restricted stock units and performance shares granted to employees is measured by the share price of the underlying Common Stock at the date of grant.
 
Compensation cost for employee stock options is based on the fair values estimated on the grant date. Under the Omnibus Incentive Plan, the fair value of each stock option award is estimated using a binomial option pricing model on the date of grant for stock options issued to employees. For the awards related to the AIQ acquisition, the fair value of each stock option award is based on its intrinsic value on the date of grant. There were no stock options granted in 2025, 2024 and 2023.

Expected volatility is based on historical volatility of Prudential Financial’s Common Stock and implied volatility from traded options on Prudential Financial’s Common Stock. The Company uses historical data and expectations of future exercise patterns to estimate option exercises and employee terminations within the valuation model. The expected term of options granted represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods associated with the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant.
 
The following table summarizes the compensation cost recognized and the related income tax benefit for stock options, restricted stock units, performance shares and performance units for the years ended December 31: 
 202520242023
Omnibus Incentive Plan:Total
Compensation Cost
Recognized (1)		Income Tax
Benefit		Total
Compensation Cost
Recognized (1)		Income Tax
Benefit		Total
Compensation Cost
Recognized (1)		Income Tax
Benefit
 (in millions)
Employee stock options$0 $0 $0 $0 $0 $0 
Employee restricted stock units200 46 200 47 200 47 
Employee performance shares and performance units57 13 114 27 54 12 
Total$257 $59 $314 $74 $254 $59 
__________
(1) Compensation costs related to retirement eligible participants are recorded on the grant date (typically in the first quarter of every year).

On January 10, 2024, the Board of Directors of Prudential Financial, Inc. adopted certain modifications to the terms and conditions of performance shares granted in 2021, 2022 and 2023. These modifications 1) mitigate the impact of outsized interest rate volatility, both positive and negative, as it relates to achieving adjusted book value per share growth goals, and 2) reduce certain book value per share goals and maximum payout opportunities. The impact from these modifications increased shares to be delivered to 161 employees across all three performance plans by a total of approximately 600,000 shares. In addition, total compensation costs resulting from these modifications increased by approximately $62 million.

2025
20242023
Assurance IQ Acquisition:Total
Compensation Cost
Recognized		Income Tax
Benefit		Total
Compensation Cost
Recognized		Income Tax
Benefit		Total
Compensation Cost
Recognized		Income Tax
Benefit
 (in millions)
Employee stock options$0 $0 $0 $0 $2 $1 
Employee restricted stock units0 0 0 0 1 0 
Employee performance shares0 0 0 0 0 0 
Total$0 $0 $0 $0 $3 $1 

Compensation costs related to stock-based compensation plans capitalized in deferred acquisition costs for the years ended December 31, 2025, 2024 and 2023 were de minimis.
 
Stock Options
 
Each stock option granted under the Omnibus Incentive Plan has an exercise price at the fair market value of Prudential Financial’s Common Stock on the date of grant and has a maximum term of 10 years. Generally, one third of the option grant vests in each of the first three years. Options granted related to the AIQ acquisition have an exercise price based on the original strike price of the AIQ options that they replaced and have a maximum term of 10 years from the date the AIQ options were originally granted. Options granted related to the AIQ acquisition generally vest quarterly over three years.
A summary of the status of the Company’s stock option grants is as follows:

 Employee Stock Options
Omnibus Incentive PlanAssurance IQ Acquisition
 SharesWeighted Average
Exercise Price		SharesWeighted Average
Exercise Price
Outstanding at December 31, 2024661,895 $96.00 2,171 $0.09 
Granted0 0.00 0 0.00 
Exercised(56,141)78.42 (2,171)0.09 
Forfeited0 0.00 0 0.00 
Expired(1,314)78.08 0 0.00 
Outstanding at December 31, 2025604,440 $97.67 0 $0.00 
Exercisable at December 31, 2025604,440 $97.67 0 $0.00 
 
There were no stock options granted for the years 2025, 2024 or 2023.

The total intrinsic value (i.e., market price of the stock less the option exercise price) of employee stock options exercised during the years ended December 31, 2025, 2024 and 2023 was $2 million, $26 million, and $8 million, respectively. For the AIQ acquisition related awards, the total intrinsic value of employee stock options exercised during the years ended December 31, 2025, 2024 and 2023 was less than $1 million, $2 million and $3 million, respectively.
 
The weighted average remaining contractual term and the aggregate intrinsic value of stock options outstanding and exercisable as of December 31, 2025 is as follows:
 
 Employee Stock Options
 Omnibus Incentive Plan
 Weighted Average
Remaining
Contractual Term		Aggregate
Intrinsic Value
 (in years)(in millions)
Outstanding2.51 years$9 
Exercisable2.51 years$9 

There were no AIQ Acquisition options remaining as of December 31, 2025.

Restricted Stock Units and Performance Share Awards
 
A restricted stock unit is an unfunded, unsecured right to receive a share of Prudential Financial’s Common Stock at the end of a specified period of time, which is subject to forfeiture and transfer restrictions. Generally, the restrictions will lapse one third annually over 3 years. Performance shares are awards denominated in Prudential Financial’s Common Stock. The number of units is determined over the performance period and may be adjusted based on the satisfaction of certain performance goals for the Company. Performance share awards are payable in Prudential Financial’s Common Stock. Generally, the awards will be released following the 3-year performance period.


 
A summary of the Company’s restricted stock unit and performance share awards under the Omnibus Incentive Plan is as follows:
 
Restricted
Stock
Units		Weighted
Average Grant
Date Fair Value
Performance
Share
Awards(1)
Weighted
Average Grant
Date Fair Value
Restricted at December 31, 20243,919,337 $104.53 1,923,149 $101.50 
Granted1,952,680 108.42 734,808 104.93 
Forfeited(229,277)107.07 (53,342)107.21 
Performance adjustment(2)
0 0.00 (100,878)103.72
Released(1,893,017)107.52 (468,344)103.74 
Restricted at December 31, 20253,749,723 $104.90 2,035,393 $101.96 
__________
(1)Performance share awards reflect the target units awarded, reduced for forfeitures and releases to date. The actual number of units to be awarded at the end of each performance period will range between 0% and 150% of the target number of units granted, based upon a measure of the reported performance for the Company relative to stated goals.
(2)Represents the difference between the target units granted and the actual units awarded based upon the attainment of performance goals for the Company.

The fair market value of restricted stock units and performance shares released under the Omnibus Incentive Plan for the years ended December 31, 2025, 2024 and 2023 was $269 million, $302 million and $360 million, respectively. The fair market value of restricted stock units released for the AIQ acquisition related awards under the Omnibus Incentive Plan for the years ended December 31, 2025, 2024 and 2023 was $0, less than $1 million and $1 million, respectively.
 
The weighted average grant date fair value for restricted stock units granted under the Omnibus Incentive Plan during the years ended December 31, 2025, 2024 and 2023 was $108.42, $102.66 and $102.64, respectively. The weighted average grant date fair value for performance shares granted under the Omnibus Incentive Plan during the years ended December 31, 2025, 2024 and 2023 was $104.93, $97.67 and $103.27, respectively. There were no restricted stock units granted for the AIQ acquisition during the year ended December 31, 2025, 2024 and 2023.

Unrecognized Compensation Cost
 
There was no unrecognized compensation cost for stock options under the Omnibus Incentive Plan as of December 31, 2025. Unrecognized compensation cost for restricted stock units and performance shares under the Omnibus Incentive Plan as of December 31, 2025 was $169 million with a weighted average recognition period of 1.76 years. There was no unrecognized compensation cost for stock options or restricted units related to the AIQ acquisition as of December 31, 2025.
 
Tax Benefits Realized
 
The Company’s tax benefit realized for exercises of stock options under the Omnibus Incentive Plan during the years ended December 31, 2025, 2024 and 2023 was less than $1 million, $3 million and $2 million, respectively. The tax benefit realized for exercises of stock options related to the AIQ acquisition during the years ended December 31, 2025, 2024 and 2023 was less than $1 million for each period.
 
The Company’s tax benefit realized upon vesting of restricted stock units, performance shares and performance units under the Omnibus Incentive Plan for the years ended December 31, 2025, 2024 and 2023 was $54 million, $60 million and $77 million, respectively. The tax benefit realized upon vesting of restricted stock units related to the AIQ acquisition during the years ended December 31, 2025, 2024 and 2023 was $0, less than $1 million and less than $1 million, respectively.
 
Settlement of Awards
 
The Company’s policy is to issue shares from Common Stock held in treasury upon exercise of stock options, the release of restricted stock units and performance shares.
v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
 
Segments
 
The Company’s principal operations consist of PGIM (the Company’s global investment management business), the U.S. Businesses (consisting of the Retirement Strategies, Group Insurance, and Individual Life businesses), the International Businesses, the Closed Block division, and the Company’s Corporate and Other operations. The Closed Block division is accounted for as a divested business that is reported separately from the Divested and Run-off Businesses that are included in Corporate and Other operations. Divested and Run-off Businesses consist of businesses that have been, or will be, sold or exited, including businesses that have been placed in wind-down status that do not qualify for “discontinued operations” accounting treatment under U.S. GAAP. The Company’s Corporate and Other operations include corporate items and initiatives that are not allocated to business segments as well as the Divested and Run-off Businesses described above.
 
The PGIM segment provides a comprehensive array of investment management solutions across a variety of asset classes, including public fixed income, public equity, real estate, private credit and other alternatives, and multi-asset class strategies, to institutional and retail clients, as well as the Company’s affiliated insurance and retirement businesses.

The U.S. Businesses offer a broad range of products and solutions that cover protection, retirement, savings, income and investment needs. The U.S. Businesses are organized into the following segments:

•The Retirement Strategies segment, which includes the Institutional and Individual Retirement Strategies businesses, provides a broad range of retirement investment and income products and services to retirement plan sponsors in the public, private and not-for-profit sectors, and develops and distributes individual variable and fixed annuity products, primarily to the U.S. mass affluent and affluent markets.
•The Group Insurance segment provides and distributes a full range of group life, long-term and short-term group disability, and group corporate-, bank- and trust-owned life insurance. In addition, the segment sells supplemental health solutions including accident, critical illness, and hospital indemnity.
•The Individual Life segment develops and distributes variable life, universal life and term life insurance products primarily to the U.S. mass middle, mass affluent and affluent markets.

The International Businesses segment develops and distributes life insurance, retirement products, investment products and certain accident and health products with fixed benefits to affluent, mass affluent and broad middle income customers predominantly in Japan, Brazil and Mexico, as well as through joint ventures in Chile, China, India and Indonesia, and through strategic investments in Ghana and South Africa.

Effective in the first quarter of 2025, consistent with changes to the Company’s internal management structure, the Company’s International Businesses are reflected as a single operating and reportable segment, which is how the chief operating decision maker (“CODM”) now assesses its performance and allocates resources. Prior to the first quarter of 2025, International Businesses consisted of the Life Planner and Gibraltar Life and Other operating segments, each of which was a reportable segment under U.S. GAAP. The change has been applied retrospectively and did not have any impact on the Company’s Consolidated Financial Statements contained herein or to any previously issued financial statements.

The Closed Block division includes certain in-force participating insurance and annuity products and corresponding assets that are used for the payment of benefits, expenses and policyholders’ dividends related to these products, as well as certain related assets and liabilities. In connection with demutualization, the Company ceased offering these participating products. The Closed Block division is accounted for as a divested business that is reported separately from the Divested and Run-off Businesses that are included in the Company’s Corporate and Other operations. See Note 16 for additional information regarding the Closed Block.

Corporate and Other Operations consists primarily of: (1) capital that is not deployed in any business segment; (2) investments not allocated to business segments; (3) capital debt; (4) the Company’s qualified and non-qualified pension and other employee benefit plans, after allocations to business segments; (5) corporate-level activities, after allocations to business segments, primarily including strategic expenditures, acquisition and disposition costs, corporate governance, corporate advertising, philanthropic activities, deferred compensation, and costs related to certain contingencies and legal matters; (6) expenses associated with the multi-year plan of programs that span across the Company’s businesses and the functional areas that support those businesses; (7) certain retained obligations relating to pre-demutualization policyholders; (8) impacts of risk
management activities pursuant to the Company’s Risk Appetite Framework; (9) the foreign currency income hedging program used to hedge certain non-U.S. dollar denominated earnings in the International Businesses segment; (10) intercompany arrangements with the Company’s International Businesses and PGIM segments to translate certain non-U.S. dollar-denominated earnings at fixed currency exchange rates; (11) certain funding agreement issuances used in a spread lending capacity; (12) the consolidation of certain entities, including investment funds managed by the Company’s PGIM business, where the Company’s segments have collectively obtained controlling financial interest; (13) Prudential Advisors, Prudential’s proprietary nationwide advice organization; (14) the Company’s share of earnings in Prismic as well as the invested assets supporting the contracts reinsured with Prismic Re via coinsurance with funds withheld arrangements and the offsetting funds withheld payable; and (15) transactions with and between other segments, including the elimination of intercompany transactions for consolidation purposes.

Segment Accounting Policies. The accounting policies of the segments are the same as those described in Note 2. Results for each segment include earnings on attributed equity established at a level which management considers necessary to support each segment’s risks. Operating expenses specifically identifiable to a particular segment are allocated to that segment as incurred.

Following an annual review of its internal expense allocations, the Company implemented an allocation update that will impact segment results; however, there will be no impact to the Company’s consolidated results. Effective in 2025, operating expenses not identifiable to a specific segment that are incurred in connection with the generation of segment revenues are generally allocated using a proportional allocation measure such as headcount, segment-level support or other financial measures. Prior to 2025, these expenses were generally allocated based upon the segment’s historical percentage of general and administrative expenses.
 
For information related to the adoption of new accounting pronouncements, see Note 2. The segments’ results in prior years have been revised for these items, as applicable, to conform to current year presentation.
 
Adjusted Operating Income
 
The Company analyzes the operating performance of each segment using “adjusted operating income.” Adjusted operating income does not equate to “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” or “Net income (loss)” as determined in accordance with U.S. GAAP but is the measure of segment profit or loss used by the chief executive officer, who is the Company’s CODM, and is the measure of segment performance presented below. The CODM uses adjusted operating income to (1) evaluate segment performance; (2) allocate resources and capital, predominantly during the annual budgeting and planning processes; and (3) consider variances to pre-established targets during the compensation process. Adjusted operating income is not a substitute for income determined in accordance with U.S. GAAP, and the Company’s definition of adjusted operating income may differ from that used by other companies. The Company, however, believes that the presentation of adjusted operating income as measured for management purposes enhances the understanding of results of operations by highlighting the results from ongoing operations and the underlying profitability factors of its businesses.

Adjusted operating income is calculated by adjusting each segment’s “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” for the following items which are important to an understanding of overall results of operations, and are described in greater detail below:
 
•Realized investment gains (losses), net, and related charges and adjustments;
•Change in value of market risk benefits, net of related hedging gains (losses);
•Market experience updates;
•Divested and Run-off Businesses;
•Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests; and
•Other adjustments.
Realized investment gains (losses), net, and related charges and adjustments
 
Realized investment gains (losses), net
 
Adjusted operating income excludes “Realized investment gains (losses), net,” except for certain items described below. Significant activity excluded from adjusted operating income includes impairments and credit-related gains (losses) from sales of securities, the timing of which depends largely on market credit cycles and can vary considerably across periods, and interest rate-related gains (losses) from sales of securities, which are largely subject to the Company’s discretion and influenced by market opportunities, as well as the Company’s tax and capital profile. Additionally, adjusted operating income excludes realized investment gains (losses) from products that contain embedded derivatives, and from associated derivative portfolios that are part of an asset/liability management program related to the risk of those products, as well as from investment performance of invested assets and embedded derivatives associated with certain coinsurance with funds withheld and modified coinsurance reinsurance arrangements.
 
The following table sets forth the significant components of “Realized investment gains (losses), net” that are included in adjusted operating income and, as a result, are reflected as adjustments to “Realized investment gains (losses), net” for purposes of calculating adjusted operating income:
 
Year Ended December 31,
 202520242023
 (in millions)
Net gains (losses) from(1):
Terminated hedges of foreign currency earnings$9 $(11)$(32)
Current period yield adjustments$199 $216 $467 
Principal source of earnings$17 $50 $1 
__________
(1)In addition to the items in the table above, “Realized investment gains (losses), net, and related charges and adjustments” also includes an adjustment to reflect “Realized investment gains (losses), net” related to Divested and Run-off Businesses. See “Divested and Run-off Businesses” discussed below.

Terminated Hedges of Foreign Currency Earnings. The amounts shown in the table above primarily reflect the impact of an intercompany arrangement between Corporate and Other operations and the International Businesses segment, pursuant to which the non-U.S. dollar-denominated earnings in all countries for a particular year, including its interim reporting periods, are translated at fixed currency exchange rates. The fixed rates are determined in connection with a currency hedging program designed to mitigate the risk that unfavorable rate changes will reduce the segment’s U.S. dollar-equivalent earnings. Pursuant to this program, the Company’s Corporate and Other operations may execute forward currency contracts with third parties to sell the net exposure of projected earnings from the hedged currency in exchange for U.S. dollars at a specified exchange rate. The maturities of these contracts correspond with the future periods in which the identified non-U.S. dollar-denominated earnings are expected to be generated. These contracts do not qualify for hedge accounting under U.S. GAAP, so the resulting profits or losses are recorded in “Realized investment gains (losses), net.” When the contracts are terminated in the same period that the expected earnings emerge, the resulting positive or negative cash flow effect is included in adjusted operating income.
 
Current Period Yield Adjustments. The Company uses interest rate and currency swaps and other derivatives to manage interest and currency exchange rate exposures arising from mismatches between assets and liabilities, including duration mismatches. For derivative contracts that do not qualify for hedge accounting treatment, the periodic swap settlements, as well as certain other derivative related yield adjustments are recorded in “Realized investment gains (losses), net,” and are included in adjusted operating income to reflect the after-hedge yield of the underlying instruments. In certain instances, when these derivative contracts are terminated or offset before their final maturity, the resulting realized gains or losses are recognized in adjusted operating income over periods that generally approximate the expected terms of the derivatives or underlying instruments in order for adjusted operating income to reflect the after-hedge yield of the underlying instruments. Included in the amounts shown in the table above are gains (losses) on certain derivative contracts that were terminated or offset before their final maturity of $123 million, $140 million and $178 million for the years ended 2025, 2024 and 2023, respectively. As of December 31, 2025, there was a $711 million deferred net gain related to certain derivative contracts that were terminated or offset before their final maturity, primarily within the Individual Retirement Strategies business and International Businesses. Also included in the amounts shown in the table above are fees related to synthetic GICs of $97 million, $100 million and $107 million for the years ended 2025, 2024 and 2023, respectively. Synthetic GICs are accounted for as derivatives under U.S.
GAAP and, therefore, these fees are recorded in “Realized investment gains (losses), net.” See Note 5 for additional information regarding synthetic GICs.
 
Principal Source of Earnings. The Company conducts certain activities for which realized investment gains (losses) are a principal source of earnings for its businesses and are therefore included in adjusted operating income, particularly within the Company’s PGIM segment. For example, PGIM’s strategic investing business makes investments for sale or syndication to other investors or for placement or co-investment in the Company’s managed funds and structured products. The realized investment gains (losses) associated with the sale of these strategic investments, as well as the majority of derivative results, are a principal activity for this business and included in adjusted operating income. In addition, the realized investment gains (losses) associated with loans originated by the Company’s commercial mortgage operations, as well as related derivative results and retained mortgage servicing rights, are a principal activity for this business and are therefore included in adjusted operating income.
 
Adjustments related to Realized investment gains (losses), net
 
The following table sets forth certain other items excluded from adjusted operating income and reflected as an adjustment to “Realized investment gains (losses), net” for purposes of calculating adjusted operating income:
 
 Year Ended December 31,
 202520242023
 (in millions)
Net gains (losses) from:
Investments carried at fair value through net income$692 $(337)$754 
Foreign currency exchange movements$12 $(76)$(123)
Other activities$(1)$(1)$(10)

Investments carried at fair value through net income. The Company has certain investments in its general account portfolios that are carried at fair value with changes in fair value reported in “Other income (loss).” Examples include the Company’s investments in equity securities and fixed maturities designated as trading. Consistent with the exclusion of realized investment gains (losses) with respect to other investments managed on a consistent basis, the net gains or losses on these investments are excluded from adjusted operating income.
 
Foreign Currency Exchange Movements. The Company has certain assets and liabilities for which, under U.S. GAAP, the changes in value, including those associated with changes in foreign currency exchange rates during the period, are recorded in “Other income (loss).” To the extent the foreign currency exposure on these assets and liabilities is economically hedged or considered part of the Company’s capital funding strategies for its international subsidiaries, the change in value included in “Other income (loss)” is excluded from adjusted operating income. The insurance liabilities are supported by investments denominated in corresponding currencies, including a significant portion designated as available-for-sale. While these non-yen denominated assets and liabilities are economically hedged, unrealized gains (losses) on available-for-sale investments, including those arising from foreign currency exchange rate movements, are recorded in AOCI under U.S. GAAP, while the non-yen denominated liabilities are remeasured for foreign currency exchange rate movements, with the related change in value recorded in earnings within “Other income (loss).” Due to this non-economic volatility that has been reflected in U.S. GAAP earnings, the change in value recorded within “Other income (loss)” is excluded from adjusted operating income.

Other Activities. The Company excludes certain other items from adjusted operating income that are consistent with similar adjustments described above.

Charges related to realized investment gains (losses), net
 
Charges that relate to realized investment gains (losses) are also excluded from adjusted operating income, and include the following:
 
•Policyholder dividends and interest credited to policyholders’ account balances that relate to certain life policies that pass back certain realized investment gains (losses) to the policyholder, and reserves for future policy benefits for certain policies that are affected by net realized investment gains (losses); and
•Market value adjustments paid or received upon a contractholder’s surrender of certain of the Company’s annuity products as these amounts mitigate the net realized investment gains or losses incurred upon the disposition of the underlying invested assets.

Change in value of market risk benefits, net of related hedging gains (losses)

The Company is required to measure all market risk benefits (e.g., living benefit and death benefit guarantees associated with variable annuities) at fair value. In order to enhance the understanding of underlying performance trends, the Company excludes from adjusted operating income “Change in value of market risk benefits, net of related hedging gains (losses),” which reflects the impact from changes in current market conditions. See Note 2 for additional information regarding market risk benefits.

Market experience updates

“Market experience updates” represent the immediate impacts from changes in current market conditions on estimates of profitability and the impact of those changes on reserves, primarily related to variable and universal life products. These amounts are excluded from adjusted operating income, which the Company believes enhances the understanding of underlying performance trends.
 
Divested and Run-off Businesses
 
The contribution to income (loss) of Divested and Run-off Businesses that have been or will be sold or exited, including businesses that have been placed in wind down, but that did not qualify for “discontinued operations” accounting treatment under U.S. GAAP, are excluded from adjusted operating income as the results of Divested and Run-off Businesses are not considered relevant to understanding the Company’s ongoing operating results.
 
The Closed Block division is accounted for as a divested business because it consists primarily of certain participating insurance and annuity products that the Company ceased selling at demutualization in 2001. See Note 16 for additional information regarding the Closed Block.

Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
 
Equity in earnings of joint ventures and other operating entities, on a pre-tax basis, are included in adjusted operating income as these results are a principal source of earnings. These earnings are reflected on a U.S. GAAP basis on an after-tax basis as a separate line on the Company’s Consolidated Statements of Operations.
 
Earnings attributable to noncontrolling interests are excluded from adjusted operating income. Earnings attributable to noncontrolling interests represents the portion of earnings from consolidated entities that relates to the equity interests of minority investors, and are reflected on a U.S. GAAP basis as a separate line on the Company’s Consolidated Statements of Operations.

Other adjustments
 
“Other adjustments” represents all other adjustments that are excluded from adjusted operating income. These primarily include certain components of the consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.
Reconciliation of select financial information

The tables below present certain financial information that is regularly provided to the CODM for the Company’s segments, including revenues and significant benefits and expenses, on an adjusted operating income basis, as well as assets by segment, and the reconciliation of the segment totals to amounts reported in the Consolidated Financial Statements.

 Year Ended December 31, 2025
Retirement Strategies
Select revenues and significant benefits and expenses, on an adjusted operating income basis, by segment
PGIM
Institutional Retirement Strategies
Individual Retirement Strategies (1)
Group Insurance
Individual Life(1)
International Businesses
Corporate and Other(2)
Total Adjusted Operating Income
Total Reconciling Items
Total GAAP Revenues and Pre-tax Income
(in millions)
Revenues:
Premiums
$0 $10,987 $78 $5,419 $936 $11,193 $(22)$28,591 $2,206 $30,797 
Policy charges and fee income
0 30 1,125 728 2,207 380 (60)4,410 256 4,666 
Net investment income
181 5,150 2,855 543 2,842 6,029 1,338 18,938 2,535 21,473 
Asset management fees, commissions and other income
4,050 490 1,483 84 145 546 (1,060)5,738 (1,900)3,838 
Total revenues
4,231 16,657 5,541 6,774 6,130 18,148 196 57,677 3,097 60,774 
Benefits and expenses:
Policyholders' benefits
0 13,501 264 5,022 2,920 10,198 (6)31,899 
Interest credited to policyholders' account balances
0 817 1,455 137 733 1,508 54 4,704 
Interest expense
100 60 52 21 1,036 3 840 2,112 
Deferral of acquisition costs0 (95)(668)(4)(933)(1,197)144 (2,753)
Amortization of DAC0 24 472 9 433 693 (60)1,571 
Operating expenses(3)1,973 273 580 751 529 1,868 799 6,773 
Variable expenses(3)1,280 106 1,635 457 1,173 1,791 (1)6,441 
Other benefits and expenses(4)0 258 19 0 (21)37 0 293 
Total benefits and expenses
3,353 14,944 3,809 6,393 5,870 14,901 1,770 51,040 
Total pre-tax income
$878 $1,713 $1,732 $381 $260 $3,247 $(1,574)$6,637 $(1,981)$4,656 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments
(1,618)
Change in value of market risk benefits, net of related hedging gains (losses)(475)
Market experience updates68 
Divested and Run-off Businesses:
Closed Block division(68)
Other Divested and Run-off Businesses107 
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
(20)
Other adjustments25 
Total reconciling items
(1,981)
Total GAAP pre-tax income(5)
$4,656 
 Year Ended December 31, 2024
Retirement Strategies
Select revenues and significant benefits and expenses, on an adjusted operating income basis, by segment
PGIM
Institutional Retirement Strategies
Individual Retirement Strategies (1)
Group Insurance
Individual Life(1)
International Businesses
Corporate and Other(2)
Total Adjusted Operating Income
Total Reconciling Items
Total GAAP Revenues and Pre-tax Income
(in millions)
Revenues:
Premiums
$0 $22,947 $76 $5,129 $957 $11,656 $(20)$40,745 $2,152 $42,897 
Policy charges and fee income
0 33 1,234 678 2,065 324 (57)4,277 21 4,298 
Net investment income
15 4,674 2,110 530 3,089 5,723 1,234 17,375 2,534 19,909 
Asset management fees, commissions and other income
4,077 541 1,705 90 84 222 (1,063)5,656 (2,355)3,301 
Total revenues
4,092 28,195 5,125 6,427 6,195 17,925 94 68,053 2,352 70,405 
Benefits and expenses:
Policyholders' benefits
0 25,752 141 4,801 3,095 10,248 (19)44,018 
Interest credited to policyholders' account balances
0 664 1,039 149 803 1,210 84 3,949 
Interest expense
105 31 84 11 1,113 (2)677 2,019 
Deferral of acquisition costs(1)(80)(641)(28)(901)(1,138)188 (2,601)
Amortization of DAC2 11 394 6 442 646 (56)1,445 
Operating expenses(3)1,841 231 578 734 591 1,793 1,102 6,870 
Variable expenses(3)1,270 106 1,759 440 1,125 1,661 (99)6,262 
Other benefits and expenses(4)0 (376)8 0 132 401 0 165 
Total benefits and expenses
3,217 26,339 3,362 6,113 6,400 14,819 1,877 62,127 
Total pre-tax income
$875 $1,856 $1,763 $314 $(205)$3,106 $(1,783)$5,926 $(2,717)$3,209 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments
(2,150)
Change in value of market risk benefits, net of related hedging gains (losses)(397)
Market experience updates(52)
Divested and Run-off Businesses:
Closed Block division(113)
Other Divested and Run-off Businesses30 
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
(16)
Other adjustments(19)
Total reconciling items
(2,717)
Total GAAP pre-tax income(5)
$3,209 
 Year Ended December 31, 2023
Retirement Strategies
Select revenues and significant benefits and expenses, on an adjusted operating income basis, by segment
PGIM
Institutional Retirement Strategies
Individual Retirement Strategies (1)(2)
Group Insurance
Individual Life(1)
International Businesses
Corporate and Other(2)
Total Adjusted Operating Income
Total Reconciling Items
Total GAAP Revenues and Pre-tax Income
(in millions)
Revenues:
Premiums
$0 $6,342 $86 $5,024 $969 $12,819 $(16)$25,224 $2,140 $27,364 
Policy charges and fee income
0 33 1,247 674 2,015 308 (53)4,224 303 4,527 
Net investment income
268 4,180 1,454 512 2,860 5,289 730 15,293 2,572 17,865 
Asset management fees, commissions and other income
3,370 475 1,745 75 430 266 (612)5,749 (1,526)4,223 
Total revenues
3,638 11,030 4,532 6,285 6,274 18,682 49 50,490 3,489 53,979 
Benefits and expenses:
Policyholders' benefits
0 8,759 134 4,703 3,295 11,057 (11)27,937 
Interest credited to policyholders' account balances
0 552 560 166 912 943 113 3,246 
Interest expense
113 1 72 8 898 23 639 1,754 
Deferral of acquisition costs(2)(75)(379)(3)(768)(1,198)97 (2,328)
Amortization of DAC2 16 349 9 456 622 (37)1,417 
Operating expenses(3)1,771 199 552 743 481 1,935 1,354 7,035 
Variable expenses(3)1,041 84 1,418 340 981 1,728 (72)5,520 
Other benefits and expenses(4)0 (201)8 0 114 389 0 310 
Total benefits and expenses
2,925 9,335 2,714 5,966 6,369 15,499 2,083 44,891 
Total pre-tax income
$713 $1,695 $1,818 $319 $(95)$3,183 $(2,034)$5,599 $(2,527)$3,072 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments
(2,510)
Change in value of market risk benefits, net of related hedging gains (losses)56 
Market experience updates110 
Divested and Run-off Businesses:
Closed Block division(100)
Other Divested and Run-off Businesses21 
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
(68)
Other adjustments(36)
Total reconciling items
(2,527)
Total GAAP pre-tax income(5)
$3,072 
__________
(1)The Individual Retirement Strategies and Individual Life segments’ results reflect DAC as if the business is a stand-alone operation. The elimination of intersegment costs capitalized in accordance with this policy is included in consolidating adjustments within Corporate and Other operations.
(2)Corporate and Other operations, through Prudential Advisors, generates fee revenues from the sale and distribution of certain insurance, annuity and investment products offered by Prudential and third parties.
(3)“Operating expenses” includes amounts related to salaries, employee benefits, occupancy, technology, consulting, external and contracted services, legal, corporate charges, costs for initiatives, and other miscellaneous expenses. “Variable expenses” includes commissions, certain compensation related to levels of investment performance, premium taxes and other fees related to sales of certain insurance and investment products.
(4)“Other benefits and expenses” primarily includes: (i) the change in estimates of liability for future policy benefits, which can be either positive or negative, for Retirement Strategies, Individual Life and International Businesses; (ii) dividends to policyholders for Individual Life and International Businesses, which are included in adjusted operating income; and (iii) dividends to policyholders in the Closed Block Division, which are not included in adjusted operating income.
(5)Reflects “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities”.
As of December 31,
20252024
(in millions)
Assets by segment:
PGIM$39,103 $36,044 
U.S. Businesses:
Institutional Retirement Strategies135,131 126,842 
Individual Retirement Strategies161,309 150,151 
Retirement Strategies296,440 276,993 
Group Insurance41,292 39,340 
Individual Life131,141 122,590 
Total U.S. Businesses468,873 438,923 
International Businesses187,770 180,038 
Corporate and Other29,899 31,767 
Closed Block division48,095 48,815 
Total assets per Consolidated Statements of Financial Position$773,740 $735,587 
Revenues, calculated in accordance with U.S. GAAP, for the years ended December 31, include the following by geographic location that are 10 percent or more of the Company’s total consolidated revenue:
202520242023
 (in millions)
United States
$36,801 $48,568 $31,031 
Japan13,487 13,760 15,538 
Other countries
10,486 8,077 7,410 
Total PFI consolidated revenue
$60,774 $70,405 $53,979 
Intersegment revenues

Management has determined the intersegment revenues with reference to market rates. Intersegment revenues are eliminated in consolidation in the Company’s Corporate and Other operations. The PGIM segment revenues include intersegment revenues, primarily consisting of asset-based management and administration fees, for the years ended December 31, as follows:

202520242023
 (in millions)
PGIM segment intersegment revenues$905 $837 $796 
 
Segments may also enter into internal derivative contracts with other segments. For adjusted operating income, each segment accounts for the internal derivative results consistent with the manner in which that segment accounts for other similar external derivatives.

Asset management and service fees

The table below presents asset management and service fees, predominantly related to investment management activities, for the periods indicated:
202520242023
 (in millions)
Asset-based management fees
$3,440 $3,386 $3,169 
Performance-based incentive fees
94 198 45 
Other fees
485 506 503 
Total asset management and service fees$4,019 $4,090 $3,717 
v3.25.4
Related Party Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions RELATED PARTY TRANSACTIONS
In September 2023, the Company invested approximately $200 million in Prismic, a Bermuda-exempted limited partnership that owns all of the outstanding capital stock of Prismic Re, a licensed Bermuda-based life and annuity reinsurance company. Also in September 2023, the Company entered into an agreement with Prismic Re, to reinsure approximately $9 billion of reserves for certain structured settlement annuity contracts issued by PICA, a wholly-owned subsidiary of Prudential Financial. Separately, the Company, through PGIM, entered into an investment management agreement with Prismic to manage a large portion of Prismic Re's assets.

In March 2025, the Company entered into an agreement with Prismic Re International, a wholly-owned subsidiary of Prismic, to reinsure approximately $7 billion of reserves for certain USD-denominated Japanese whole life policies originated by the Company’s Japanese affiliates. In connection with this transaction, the Company invested an additional $103 million in Prismic. PGIM also provides investment management services on a large portion of Prismic Re International’s assets.

In October 2025, the Company entered into an agreement with Prismic Re, to reinsure certain fixed annuity new business contracts issued by Pruco Life, a wholly-owned subsidiary of Prudential Financial, on or after October 1, 2025.

As of December 31, 2025 and 2024, the Company’s ownership in Prismic is approximately 20% and the carrying value of the Company’s investment is approximately $200 million. As the investment in Prismic is accounted for under the equity method, Prismic, Prismic Re and Prismic Re International are considered related parties. The following tables summarize the impacts to the Company’s financial statements related to the agreements that the Company entered with Prismic, Prismic Re and Prismic Re International.

The related party balances with Prismic, Prismic Re and Prismic Re International impacted the Company’s balance sheet as of the periods indicated as follows:
December 31, 2025December 31, 2024
 (in millions)
Reinsurance recoverables and deposit receivables$15,581 $9,084 
Other assets
$162 $187 
Reinsurance and funds withheld payables (includes $194 and $(91) of embedded derivatives at fair value at December 31, 2025 and 2024, respectively)
$7,980 $7,796 
Accumulated other comprehensive income (loss)
$(128)$(139)

The Company has agreed to guarantee Prismic Re's reimbursement obligations on letters of credit that may be obtained by Prismic Re from third-party financial institutions to support Prismic Re’s obligations under the reinsurance agreement with the Company for a total amount up to $2.0 billion as of both December 31, 2025 and 2024. As part of the transaction with Prismic Re International, the Company provided an $80 million, 10-year contingent debt facility, where the Company may be required to purchase subordinated debt from certain subsidiaries of Prismic in the event their capital ratio falls below a predetermined level. In November 2025, the Company committed to Prismic Re $320 million of additional capital, intended to fund future transactions executed by Prismic, that is required to be fully funded by the end of the second quarter of 2027. This commitment is part of a broader capital commitment, involving third-party investors in Prismic, and will allow the Company to retain its approximately 20% equity ownership in Prismic. See Note 25 for additional information on the Company’s guarantees and commitments.

The related party activity with Prismic, Prismic Re and Prismic Re International impacted the Company’s results of operations and cash flows for the periods indicated as follows:
Years Ended December 31,
202520242023
 (in millions)
Premiums
$(19)$6 $(4,811)
Asset management and service fees
61 38 10 
Other income (loss)
353 150 52 
Realized investment gains(losses), net
(509)255 (491)
Policyholders’ benefits
(281)(281)(4,915)
Change in estimates of liability for future policy benefits
(20)7 5 
Amortization of deferred policy acquisition costs(9)0 0 
General and administrative expenses
40 48 3 
Income (loss) from related parties, before income taxes
156 675 (333)
Other comprehensive income (loss), before tax11 (473)335 
Total comprehensive income (loss), before tax$167 $202 $2 

Years Ended December 31,
202520242023
 (in millions)
CASH FLOWS FROM OPERATING ACTIVITIES
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Realized investment (gains) losses, net$509 $(255)$491 
 Change in:
Deferred policy acquisition costs$(9)$0 $0 
Reinsurance related-balances$(843)$(743)$(235)
Other, net$26 $16 $29 
CASH FLOWS FROM INVESTING ACTIVITIES
Other, net$(64)$0 $0 
CASH FLOWS FROM FINANCING ACTIVITIES
Other, net$336 $374 $3 

See the Consolidated Statements of Cash Flows for information regarding significant non-cash transactions with Prismic Re and Prismic Re International.
v3.25.4
Commitments and Contingent Liabilities
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingent Liabilities COMMITMENTS AND CONTINGENT LIABILITIES
 
Commitments and Guarantees

Commercial Mortgage Loan Commitments 
 As of December 31,
 20252024
 (in millions)
Total outstanding mortgage loan commitments
$1,851 $2,552 
Portion of commitment where prearrangement to sell to investor exists$352 $578 
 
The Company originates commercial mortgage loans as part of its commercial mortgage operations. Commitments for loans that will be held for sale are recognized as derivatives and recorded at fair value. In certain of these transactions, the Company prearranges that it will sell the loan to an investor, including to government sponsored entities as discussed below, after the Company funds the loan. The above amount includes unfunded commitments that are not unconditionally cancellable. For related credit exposure, there was an allowance for credit losses of $5 million and $2 million as of December 31, 2025 and 2024, respectively. The change in allowance is $3 million and $1 million for the years ended December 31, 2025 and 2024, respectively.
 
Commitments to Purchase Investments (excluding Commercial Mortgage Loans) 
 As of December 31,
 20252024
 (in millions)
Expected to be funded from the general account and other operations outside the separate accounts
$13,205 $11,664 
Expected to be funded from separate accounts$339 $0 

The Company has other commitments to purchase or fund investments, 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. The above amount includes unfunded commitments that are not unconditionally cancellable. There were no related charges for credit losses for the years ended December 31, 2025 or 2024. Additionally, the above amount includes an unfunded commitment of $320 million to Prismic Re, intended to fund future transactions executed by Prismic, that is required to be fully funded by the end of the second quarter of 2027. See Note 24 for additional information regarding the related party relationship between the Company and Prismic Re.
 
Indemnification of Securities Lending and Securities Repurchase Transactions 
 As of December 31,
 20252024
 (in millions)
Indemnification provided to certain clients for securities lending and securities repurchase transactions(1)$4,459 $5,015 
Fair value of related collateral associated with above indemnifications(1)
$4,558 $5,119 
Accrued liability associated with guarantee$0 $0 
__________ 
(1)Includes $0 million and $240 million related to securities repurchase transactions as of December 31, 2025 and December 31, 2024, respectively.

In the normal course of business, the Company may facilitate securities lending or securities repurchase transactions on behalf of certain client accounts (collectively, “the accounts”). In certain of these arrangements, the Company has provided an indemnification to the accounts to hold them harmless against losses caused by counterparty (i.e., borrower) defaults associated with such transactions facilitated by the Company. In securities lending transactions, collateral is provided by the counterparty to the accounts at the inception of the transaction in an amount at least equal to 102% of the fair value of the loaned securities and the collateral is maintained daily to equal at least 102% of the fair value of the loaned securities. In securities repurchase transactions, collateral is provided by the counterparty to the accounts at the inception of the transaction in an amount at least equal to 95% of the fair value of the securities subject to repurchase and the collateral is maintained daily to equal at least 95% of the fair value of the securities subject to repurchase. The Company is only at risk if the counterparty to the transaction defaults and the value of the collateral held is less than the value of the securities loaned to, or subject to repurchase from, such counterparty. The Company believes the possibility of any payments under these indemnities is remote.
 
Credit Derivatives Written
 
As discussed further in Note 5, the Company writes credit derivatives under which the Company is obligated to pay the counterparty the referenced amount of the contract and receive in return the defaulted security or similar security.
 
Guarantees of Asset Values 
 As of December 31,

20252024
 (in millions)
Guaranteed value of third parties’ assets$75,883 $76,416 
Fair value of collateral supporting these assets$73,511 $71,423 
Asset (liability) associated with guarantee, carried at fair value$0 $(1)
 
Certain contracts underwritten by the Retirement Strategies segment 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.
 
Indemnification of Serviced Mortgage Loans 
 As of December 31,
 20252024
 (in millions)
Maximum exposure under indemnification agreements for mortgage loans serviced by the Company$3,717 $3,272 
First-loss exposure portion of above$1,068 $942 
Accrued liability associated with guarantees(1)$24 $25 
__________ 
(1)The accrued liability associated with guarantees includes an allowance for credit losses of $11 million and $12 million as of December 31, 2025 and 2024, respectively. The change in allowance is a reduction of $1 million and $2 million for the years ended December 31, 2025 and 2024, respectively.

As part of the commercial mortgage activities of the Company’s PGIM segment, the Company provides commercial mortgage origination, underwriting and servicing for certain government sponsored entities, such as Fannie Mae and Freddie Mac. The Company has agreed to indemnify the government sponsored entities for a portion of the credit risk associated with certain of the mortgages it services through a delegated authority arrangement. Under these arrangements, the Company originates multi-family mortgages for sale to the government sponsored entities based on underwriting standards they specify, and makes payments to them for a specified percentage share of losses they incur on certain loans serviced by the Company. The Company’s percentage share of losses incurred generally varies from 4% to 20% of the loan balance, and is typically based on a first-loss exposure for a stated percentage of the loan balance, plus a shared exposure with the government sponsored entity for any losses in excess of the stated first-loss percentage, subject to a contractually specified maximum percentage. The Company determines the liability related to this exposure using historical loss experience, and the size and remaining life of the asset. The Company serviced $28,275 million and $25,763 million of mortgages subject to these loss-sharing arrangements as of December 31, 2025 and 2024, respectively, all of which are collateralized by first priority liens on the underlying multi-family residential properties. As of December 31, 2025, these mortgages had a weighted-average debt service coverage ratio of 1.93 times and a weighted-average loan-to-value ratio of 62%. As of December 31, 2024, these mortgages had a weighted-average debt service coverage ratio of 1.95 times and a weighted-average loan-to-value ratio of 62%. The Company had no losses related to indemnifications that were settled during the years ended December 31, 2025 and 2024.
 
Other Guarantees

 As of December 31,
 20252024
 (in millions)
Other guarantees where amount can be determined$290 $289 
Accrued liability for other guarantees and indemnifications$31 $32 
The Company is also subject to other financial guarantees and indemnity arrangements. The Company has provided indemnities and guarantees related to acquisitions, dispositions, investments and other transactions that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. These obligations are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitation. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or applicable. This includes guarantees issued on $1.5 billion of standby committed letters of credit and $0.5 billion of standby uncommitted letters of credit that may be obtained by Prismic Re from third-party financial institutions, for the benefit of PICA as beneficiary, to support U.S. statutory reserve credit related to a reinsurance agreement with PICA. As of December 31, 2025, no letters of credit have been issued to PICA under the facility, and the likelihood of PICA drawing upon them is remote. The guarantees are renewable on an annual basis. The current value of the guarantees is estimated to be immaterial. See Note 24 for additional information regarding the related party relationship between the Company and Prismic Re and Note 15 for additional information regarding the Company’s reinsurance transactions.
 
Since certain of these obligations are not subject to limitations, it is not possible to determine the maximum potential amount due under these guarantees. The accrued liability identified above relates to the sale of The Prudential Life Insurance Company of Taiwan Inc. (“POT”) and represents a financial guarantee of certain insurance obligations of POT.
 
Insolvency Assessments
 
Most of the jurisdictions in which the Company is admitted to transact business require insurers doing business within the jurisdiction to participate in guarantee associations, which are organized to pay contractual benefits owed pursuant to insurance policies issued by impaired, insolvent or failed insurers. These associations levy assessments, up to prescribed limits, on all member insurers in a particular state on the basis of the proportionate share of the premiums written by member insurers in the lines of business in which the impaired, insolvent or failed insurer engaged. Some states permit member insurers to recover assessments paid through full or partial premium tax offsets. In addition, Japan has established the Japan Policyholders Protection Corporation as a contingency to protect policyholders against the insolvency of life insurance companies in Japan through assessments to companies licensed to provide life insurance.
 
Assets and liabilities held for insolvency assessments were as follows:
 
 As of December 31,
 20252024
 (in millions)
Other assets:
Premium tax offset for future undiscounted assessments$5 $25 
Premium tax offset currently available for paid assessments69 62 
Total$74 $87 
Other liabilities:
Insolvency assessments$5 $29 
 
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 flow 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 flow 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 businesses. Pending legal and regulatory actions include proceedings relating to aspects of the Company’s businesses and operations that are specific to it and proceedings that are typical of the businesses in which it operates, including in both cases businesses that have been either divested or placed in wind-down status. Some of these proceedings have been brought on behalf of various alleged classes of complainants. In certain of these matters, the plaintiffs 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 potentially material, is disclosed, including matters discussed below. 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 $250 million. Any 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.

Labor and Employment Matters
 
Prudential of Brazil Labor and Employment Matters
 
Prudential of Brazil (“POB”) sells insurance products to consumers through life planner franchisees (“Life Planners”), who are engaged as independent life insurance brokers and not as employees. When a Life Planner’s contractual relationship with POB is terminated, in many cases the Life Planner commences a labor suit against POB alleging entitlement to employment related benefits. POB is a defendant in numerous such lawsuits in Brazil brought by former Life Planners and has been subject to regulatory actions challenging the validity of POB’s franchise model. POB has continued to receive additional labor suits and regulatory actions involving the operation of its franchise model notwithstanding steps that POB has taken to attempt to mitigate the labor risk by modifying its franchise model. POB continues to modify its franchise model to further mitigate this risk.
 
Individual Annuities, Individual Life and Group Insurance

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.
 
Escheatment Litigation
 
Total Asset Recovery Services, LLC v. MetLife, Inc., et al., Prudential Financial, Inc., The Prudential Insurance Company of America, and Prudential Insurance Agency, LLC
 
In December 2017, Total Asset Recovery Services, LLC, on behalf of the State of New York, filed a Second Amended Complaint in the Supreme Court of the State of New York, County of New York, against, among other 19 defendants, Prudential Financial, Inc., The Prudential Insurance Company of America and Prudential Insurance Agency, LLC, alleging that the Company failed to escheat life insurance proceeds in violation of the New York False Claims Act. The second amended complaint seeks injunctive relief, compensatory damages, civil penalties, treble damages, prejudgment interest, attorneys’ fees and costs. In May 2018, defendants filed a motion to dismiss the Second Amended Complaint. In April 2019, defendants’ motion to dismiss the Second Amended Complaint was granted and plaintiff subsequently filed a Notice of Appeal with the New York State Supreme Court, First Department. In December 2020, the New York Supreme Court, First Department, reversed and vacated the judgment of the trial court and granted leave to plaintiff to file a third amended complaint. In March 2021, the plaintiff filed a third amended complaint asserting claims against all defendants for violation of the New York False Claims Act, and seeking injunctive relief, compensatory and treble damages, attorneys’ fees and costs. In January 2023, the plaintiff filed a Fourth Amended Complaint. In March 2023, defendants filed a motion to dismiss the Fourth Amended Complaint. In October 2024, defendants’ motion to dismiss the Fourth Amended Complaint was denied. In December 2024, defendants filed an Answer to the Fourth Amended Complaint.

Securities Litigation

Donel Davidson v. Charles F. Lowrey, et al.

In September 2020, a shareholder derivative complaint entitled Pekin Police Pension Fund, Derivatively on Behalf of Prudential Financial, Inc. v. Charles F. Lowrey, et al., was filed in the United States District Court for the District of New Jersey (the “Derivative Complaint”) against PFI as a “nominal” defendant, PFI’s chairman and chief executive officer, vice chairman, chief financial officer, certain former officers of PFI, and all of the current outside directors of PFI’s Board. The Derivative Complaint asserts claims for federal securities law violations, breach of fiduciary duty, waste of corporate assets, and unjust enrichment, and alleges that: (i) the Company's reserve assumptions failed to account for adversely developing mortality experience in the Individual Life business segment; (ii) the Company's reserves were insufficient to satisfy its future policy benefit liabilities; (iii) the Company materially understated its liabilities and overstated net income due to flawed assumptions in calculating mortality experience; and (iv) the individual defendants breached their duty of care and loyalty to the Company by allowing the alleged improper activity. In December 2020, the court issued an order substituting Donel Davidson for Pekin Police Pension Fund as the named plaintiff. In March 2021, the court issued an order consolidating this action with Robert Lalor, Derivatively on behalf of Prudential Financial, Inc. v. Charles F. Lowrey, et al. under the caption In re Prudential Financial, Inc. Derivative Litigation. In May 2021, the Company filed a motion to dismiss the complaint. In March 2025, plaintiffs filed a motion seeking preliminary approval of the settlement notice and preliminary approval of the proposed settlement of the derivative litigation (“the Settlement”). In April 2025, the court issued an order granting the motion for preliminary approval of the Settlement. In June 2025, the court granted final approval of the Settlement and issued a final judgment dismissing the action with prejudice. This matter is now closed.

Daniel Plaut v. Prudential Financial, Inc.

In October 2020, a shareholder derivative complaint entitled Daniel Plaut, Derivatively on Behalf of Prudential Financial, Inc. v. Charles F. Lowrey, et al., was filed in the Superior Court of New Jersey, Law Division, Essex County (the “Derivative Complaint”) against PFI as a “nominal” defendant, PFI’s chairman and chief executive officer, vice chairman, and all of the current outside directors of PFI’s Board. The Derivative Complaint asserts claims for breach of fiduciary duty, unjust enrichment, and abuse of control and alleges that: (i) the Company's reserve assumptions failed to account for adversely developing mortality experience in the Individual Life business segment; (ii) the Company's reserves were insufficient to satisfy its future policy benefit liabilities; (iii) the Company materially understated its liabilities and overstated net income due to flawed assumptions in calculating mortality experience; and (iv) the individual defendants engaged in corporate misconduct, mismanagement and waste through their participation in the alleged wrongdoing. In September 2024, the court issued an order consolidating this action with Kevin M. Frost et al. v. Prudential Financial, Inc., under the caption In re Prudential Financial, Inc. Derivative Litigation. In July 2025, the parties entered into a Stipulation of Dismissal with Prejudice. This matter is now closed.
Shareholder Demands

In January 2020, the Board of Directors received a shareholder demand letter containing allegations: (i) of wrongdoing similar to those alleged in the City of Warren and Crawford complaints; and (ii) that certain of the Company’s current and former directors and executive officers breached their fiduciary duties of loyalty, due care and candor. The demand letter requests that the Board of Directors investigate and commence legal proceedings against the named individuals to recover for the Company’s benefit the damages purportedly sustained by the Company as a result of the alleged breaches. In February 2020, the Board of Directors authorized the creation of a special committee to investigate the allegations set forth in the shareholder demand letter. In April 2020, the Company received additional shareholder demands raising allegations similar to those contained in the January 2020 demand, and may be subject prospectively to additional activity relating to these matters. In January 2021, the special committee completed its investigation, and in February 2021, the Board provided notice rejecting the shareholder demands and dissolved the special committee. This matter is now closed.

Other Matters

Cho v. PICA, et al.

In November 2019, a putative class action complaint entitled Cho v. The Prudential Insurance Company of America, et. al., was filed in the United States District Court for the District of New Jersey. The Complaint purports to be brought on behalf of participants in the Prudential Employee Savings Plan (the “Plan”) and (i) alleges that defendants failed to fulfill their fiduciary obligations under the Employee Retirement Income Security Act of 1974, in the administration, management and operation of the Plan, including engaging in prohibited transactions; and (ii) seeks declaratory, injunctive and equitable relief, and unspecified damages including interest, attorneys’ fees and costs. In January 2020, defendants filed a motion to dismiss the complaint. In September 2020, plaintiff filed an amended complaint and added as individual defendants certain PFI officers and current and former members of the Company’s Administrative Committee and Investment Oversight Committee. In December 2020, defendants filed a motion to dismiss the amended complaint. In September 2021, the court granted defendants’ motion to dismiss the amended complaint without prejudice. In October 2021, plaintiff filed a second amended complaint asserting claims against defendants under the Employee Retirement Income Security Act of 1974 for breach of fiduciary duty, prohibited transactions and failure to monitor fiduciaries. The second amended complaint seeks declaratory, injunctive and equitable relief, unspecified damages, attorneys’ fees and costs. In December 2021, defendants filed a motion to dismiss the second amended complaint. In August 2022, the court: (i) dismissed, with prejudice, the breach of the fiduciary duty of loyalty and prohibited transaction claims based on the inclusion of Prudential-affiliated funds in the Plan’s investment options; (ii) dismissed, without prejudice, the breach of fiduciary duty claims based on certain alleged underperforming Plan funds; and (iii) denied the motion to dismiss plaintiffs’ claims for breach of the fiduciary duties of prudence and to monitor other fiduciaries, based on alleged delays in removing other alleged underperforming funds. In September 2022, plaintiff filed a third amended complaint asserting claims for breach of duty of prudence and to monitor fiduciaries, and in October 2022, defendants filed their answer to the third amended complaint. In May 2023, plaintiff filed a motion for class certification. In August 2023, the court issued an Order granting plaintiff’s class certification motion. In January 2024, by an October 2023 court Order, defendants submitted to plaintiffs their summary judgment brief. In December 2024, the court issued an order granting Prudential’s motion for summary judgment. In January 2025, plaintiff filed a Notice of Appeal to the Third Circuit. In January 2026, the Third Circuit Court of Appeals affirmed the District Court's order granting defendant’s summary judgment motion.

Optimum Communications, Inc., et al. v. Apollo Capital Management, L.P., et al.

In November 2025, a complaint entitled Optimum Communications, Inc., et al. v. Apollo Capital Management, L.P., et al. was filed in the United States District Court for the Southern District of New York. The Complaint alleges that defendant asset managers, including PGIM, Inc., seven other unaffiliated asset managers, and “Doe Entities” that are currently unknown to plaintiffs, violated federal and New York state antitrust laws by entering into a cooperation agreement and collectively negotiating with Optimum Communications, Inc. (“Optimum”) concerning the terms for any future restructurings or financings. Optimum alleges this same conduct also breached the credit agreement and indentures governing its debt and breached the implied covenant of good faith and fair dealing. The complaint seeks declaratory and injunctive relief, unspecified compensatory, treble, and punitive damages, attorneys’ fees, and costs. In February 2026, defendants filed a motion to dismiss the complaint.
Regulatory

Prudential of Japan Matter

In January 2026, Prudential of Japan, a Japanese insurance subsidiary of the Company, reported the findings of its internal investigation into sales practice misconduct involving certain employees. In February 2026, in consultation with the Japanese insurance regulator, the Company voluntarily suspended new sales activity at Prudential of Japan for a 90-day period commencing February 9, 2026. The matter remains ongoing and the Company is continuing to engage with the Japanese insurance regulator.

Civil Investigative Demand

The Company has received a civil investigative demand and other inquiries related to the appropriateness of Assurance IQ’s supplemental health product sales and marketing activity. The Company is cooperating with regulators and may become subject to additional regulatory inquiries and other investigations and actions related to this matter. In August 2025, the Company settled this matter with the Federal Trade Commission (“FTC”), and agreed, as Assurance’s guarantor, to: (1) pay the FTC for consumer redress; and (2) certain restrictions regarding practices and compliance reporting involving Assurance, if Assurance commences any prospective operation as an insurance provider. In reaching the settlement, the Company neither admitted nor denied any wrongdoing. This matter is now closed.

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 flow 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 flow 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.
v3.25.4
Subsequent Events
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events SUBSEQUENT EVENTS
 
Common Stock Dividend

On February 3, 2026, Prudential Financial’s Board of Directors declared a cash dividend of $1.40 per share of Common Stock, payable on March 12, 2026 to shareholders of record as of February 17, 2026.
v3.25.4
Schedule I - Summary of Investments Other Than investments in Related Parties 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
PRUDENTIAL FINANCIAL, INC.
Schedule I
Summary of Investments Other Than Investments in Related Parties
As of December 31, 2025
(in millions)
 
Type of Investment
Amortized Cost or Cost
Fair
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$26,334 $22,179 $22,179 
Obligations of U.S. states and their political subdivisions5,881 5,465 5,465 
Foreign government securities
62,469 50,614 50,614 
Asset-backed securities19,130 19,329 19,329 
Residential mortgage-backed securities5,493 5,381 5,381 
Commercial mortgage-backed securities9,958 9,743 9,743 
Public utilities37,064 35,090 35,090 
All other corporate bonds191,338 183,273 183,273 
Redeemable preferred stock329 381 381 
Total fixed maturities, available-for-sale$357,996 $331,455 $331,455 
Equity securities:
Common stocks:
Other common stocks $6,245 $7,645 $7,645 
Mutual funds 1,509 2,755 2,755 
Nonredeemable preferred stocks85 103 103 
Perpetual preferred stocks 464 469 469 
Total equity securities, at fair value$8,303 $10,972 $10,972 
Fixed maturities, trading$15,536 $14,869 $14,869 
Assets supporting experience-rated contractholder liabilities(1)
3,129 4,842 
Commercial mortgage and other loans(2)64,715 64,715 
Policy loans9,958 9,958 
Short-term investments6,414 6,414 
Other invested assets 27,294 27,294 
Total investments$493,345 $470,519 
__________
(1)See Note 3 to the Consolidated Financial Statements for the composition of the Company’s “Assets supporting experience-rated contractholder liabilities, at fair value.”
(2)Includes collateralized commercial mortgage and other loans of $64,544 million and uncollateralized loans of $171 million.
v3.25.4
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
PRUDENTIAL FINANCIAL, INC.
Schedule II
Condensed Financial Information of Registrant
Condensed Statements of Financial Positions as of December 31, 2025 and 2024
(in millions)
 
20252024
ASSETS
Fixed maturities, available-for-sale, at fair value (amortized cost: 2025- $1,425; 2024- $1,477)
$1,335 $1,335 
Equity securities, at fair value (cost: 2025- $174; 2024- $25)
174 25 
Other invested assets2,051 3,361 
Total investments3,560 4,721 
Cash and cash equivalents1,204 1,051 
Due from subsidiaries3,327 3,460 
Loans receivable from subsidiaries5,393 5,251 
Investment in subsidiaries
47,056 41,054 
Property, plant and equipment363 381 
Income taxes receivable491 418 
Other assets445 475 
TOTAL ASSETS$61,839 $56,811 
LIABILITIES AND EQUITY
LIABILITIES
Due to subsidiaries$4,139 $3,800 
Loans payable to subsidiaries5,684 5,602 
Short-term debt561 25 
Long-term debt18,378 18,793 
Income taxes payable128 167 
Other liabilities511 552 
Total liabilities29,401 28,939 
EQUITY
Preferred Stock ($0.01 par value; 10,000,000 shares authorized; none issued)
0 0 
Common Stock ($0.01 par value; 1,500,000,000 shares authorized; 666,305,189 shares issued as of December 31, 2025 and December 31, 2024)
6 6 
Additional paid-in capital26,013 25,901 
Common Stock held in treasury, at cost (318,361,498 and 311,738,187 shares as of December 31, 2025 and 2024, respectively)
(25,335)(24,511)
Accumulated other comprehensive income (loss)(1)
(3,077)(6,711)
Retained earnings
34,831 33,187 
Total equity32,438 27,872 
TOTAL LIABILITIES AND EQUITY$61,839 $56,811 
 

















See Notes to Condensed Financial Information of Registrant
PRUDENTIAL FINANCIAL, INC.
Schedule II
Condensed Financial Information of Registrant
Condensed Statements of Operations for the Years Ended December 31, 2025, 2024 and 2023
(in millions)
 
202520242023
REVENUES
Net investment income$360 $376 $345 
Realized investment gains (losses), net7 (2)(4)
Affiliated interest revenue317 392 408 
Other income (loss)20 17 14 
Total revenues704 783 763 
EXPENSES
General and administrative expenses128 164 173 
Interest expense1,360 1,322 1,282 
Total expenses1,488 1,486 1,455 
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES AND JOINT VENTURES AND OTHER OPERATING ENTITIES(784)(703)(692)
Total income tax expense (benefit)(214)(192)(152)
INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES AND JOINT VENTURES AND OTHER OPERATING ENTITIES(570)(511)(540)
Equity in earnings of subsidiaries4,117 3,191 3,023 
Equity in earnings of joint ventures and other operating entities, net of taxes29 47 5 
NET INCOME (LOSS)$3,576 $2,727 $2,488 
Other Comprehensive Income (loss)3,634 (207)(2,698)
TOTAL COMPREHENSIVE INCOME (LOSS)$7,210 $2,520 $(210)






























See Notes to Condensed Financial Information of Registrant
PRUDENTIAL FINANCIAL, INC.
Schedule II
Condensed Financial Information of Registrant
Condensed Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023
(in millions)
202520242023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)
$3,576 $2,727 $2,488 
Adjustments to reconcile net income to cash provided by operating activities:
Equity in earnings of subsidiaries
(4,117)(3,191)(3,023)
Equity in earnings of joint ventures and other operating entities, net of taxes
(29)(47)(5)
Realized investment (gains) losses, net(7)2 4 
Dividends received from subsidiaries2,232 3,032 3,705 
Property, plant and equipment(1)(3)(15)
Change in:
Due to/from subsidiaries, net753 (106)212 
Other, operating46 145 (487)
Cash flows from (used in) operating activities2,453 2,559 2,879 
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from the sale/maturity of:
Fixed maturities, available-for-sale617 212 372 
Short-term investments15,206 15,502 19,196 
Payments for the purchase of:
Equity securities, at fair value(149)0 0
Fixed maturities, available-for-sale
(565)(171)(171)
Short-term investments(13,896)(16,627)(18,938)
Capital contributions to subsidiaries(430)(384)(1,651)
Returns of capital contributions from subsidiaries0 300 599 
Loans to subsidiaries, net of maturities(142)197 584 
Other, investing(114)00
Cash flows from (used in) investing activities527 (971)(9)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash dividends paid on Common Stock(1,926)(1,891)(1,846)
Common Stock acquired(1,000)(1,000)(1,012)
Common Stock reissued for exercise of stock options109 201 126 
Proceeds from the issuance of debt (maturities longer than 90 days)1,1081,123 495 
Repayments of debt (maturities longer than 90 days)(1,008)(512)(1,514)
Repayments of loans from subsidiaries(530)(9)(660)
Proceeds from loans payable to subsidiaries524 702 1,256 
Net change in financing arrangements (maturities of 90 days or less)0 (1)1 
Other, financing(104)(121)(141)
Cash flows from (used in) financing activities(2,827)(1,508)(3,295)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS153 80 (425)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR1,051 971 1,396 
CASH AND CASH EQUIVALENTS, END OF YEAR$1,204 $1,051 $971 
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid during the period for interest$1,257 $1,231 $1,224 
Cash paid (refunds received) during the period for taxes$(289)$(448)$554 
NON-CASH TRANSACTIONS DURING THE YEAR
Non-cash capital contributions to subsidiaries$(63)$(2,919)$(753)
Non-cash dividends/returns of capital from subsidiaries$0 $83 $1,067 
Treasury Stock shares issued for stock-based compensation programs$186 $216 $275 



See Notes to Condensed Financial Information of Registrant
PRUDENTIAL FINANCIAL, INC.
Schedule II
Condensed Financial Information of Registrant
Notes to Condensed Financial Information of Registrant
ORGANIZATION AND PRESENTATION
 
Prudential Financial, Inc. (“Prudential Financial”) was incorporated on December 28, 1999, as a wholly-owned subsidiary of The Prudential Insurance Company of America (“PICA”). On December 18, 2001, PICA converted from a mutual life insurance company to a stock life insurance company and became an indirect, wholly-owned subsidiary of Prudential Financial.
 
The condensed financial information of Prudential Financial, Inc. (the “Parent Company”) should be read in conjunction with the consolidated financial statements of Prudential Financial, Inc. and its subsidiaries and the notes thereto (the “Consolidated Financial Statements”). The condensed financial statements of Prudential Financial reflect its direct wholly-owned subsidiaries using the equity method of accounting.

In September 2023, Prudential Financial invested approximately $200 million, and acquired a 20% equity interest as a limited partner, in Prismic Life Holding Company LP (“Prismic”), a Bermuda-exempted limited partnership that owns all of the outstanding capital stock of Prismic Life Reinsurance, Ltd. (“Prismic Re”) and Prismic Life Reinsurance International, Ltd. (“Prismic Re International”), which are licensed Bermuda-based life and annuity reinsurance companies. Beginning with the fourth quarter of 2023, the operating results of Prudential Financial reflect our share of earnings in Prismic on a quarter lag. As this investment is accounted for under the equity method, Prismic, Prismic Re, and Prismic Re International are considered related parties.
2.    OTHER INVESTMENTS
 
Prudential Financial’s other investments as of December 31, 2025 and 2024 consisted primarily of highly liquid debt investments and intercompany enterprise liquidity account funds.
3.    DEBT
 
A summary of Prudential Financial’s short- and long-term debt is as follows:
 
December 31,
Maturity
Dates		Rate(1)
2025
2024
   ($ in millions)
Short-term debt:
Commercial paper(2)$25 $25 
Current portion of long-term debt536 0 
Total short-term debt$561 $25 
Long-term debt:
Fixed rate senior notes2026-2051
1.50%-6.63%
$10,823 $10,245 
Junior subordinated notes2047-2062
3.70%-6.75%
7,555 8,548 
Total long-term debt$18,378 $18,793 
__________
(1)Ranges of interest rates are for the year ended December 31, 2025.
(2)The weighted average interest rate on outstanding commercial paper was 3.85% and 4.38% at December 31, 2025 and December 31, 2024, respectively.

Long-term Debt
 
In order to manage exposure to interest rate movements, Prudential Financial utilizes derivative instruments, primarily interest rate swaps, in conjunction with some of its debt issuances. The impact of these derivative instruments is not reflected in the rates presented in the table above. Interest expense was $0 million for the years ended December 31, 2025, 2024 and 2023, as there were no such derivatives that qualified for hedge accounting treatment.
Schedule of Long-term Debt Maturities
 
The following table presents Prudential Financial’s contractual maturities for long-term debt as of December 31, 2025:
 
 Calendar Year 
 2027202820292030
2031 and thereafter
Total
 (in millions)
Long-term debt$63 $412 $71 $665 $17,167 $18,378 
DIVIDENDS AND RETURNS OF CAPITAL
 
For the years ended December 31, Prudential Financial received cash dividends and/or returns of capital from the following subsidiaries:
 
202520242023
 (in millions)
International Insurance and Investments Holding Companies
$1,118 $1,385 $216 
The Prudential Insurance Company of America900 1,550 3,100 
PGIM Holding Company202 61 84 
Other Companies(1)12 336 904 
Total$2,232 $3,332 $4,304 
__________
(1)2023 includes $900 million of dividends and returns of capital from a rabbi trust.
5.    COMMITMENTS AND GUARANTEES
 
Prudential Financial has issued a subordinated guarantee covering a subsidiary’s domestic commercial paper program. As of December 31, 2025, there was $850 million outstanding under this commercial paper program.
 
Prudential Financial has provided guarantees of the payment of principal and interest on intercompany loans between affiliates. As of December 31, 2025, Prudential Financial had issued guarantees of outstanding loans totaling $5.0 billion between international insurance subsidiaries and other affiliates.
 
In 2013, Prudential Financial entered into a $500 million indemnity and guarantee agreement with Wells Fargo Bank Northwest, N.A. Under this agreement, Prudential Financial guaranteed obligations with respect to an affiliated loan from PICA to an affiliate. The loan proceeds were utilized to construct the Prudential Tower home office in Newark, New Jersey.
Prudential Financial is also subject to other financial guarantees, net worth maintenance agreements and indemnity arrangements, including those made in the normal course of business guaranteeing the performance of, or representations made by, Prudential Financial subsidiaries. Prudential Financial has provided indemnities and guarantees related to acquisitions and dispositions, investments, debt issuances and other transactions, including those provided as part of its ongoing operations that are triggered by, among other things, breaches of representations, warranties or covenants provided by Prudential Financial or its subsidiaries. These obligations are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitation. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or applicable. This includes guarantees issued on $2.3 billion of letters of credit obtained by the Lotus Reinsurance Company Ltd. from a third-party financial institution, for the benefit of PICA and Pruco Life as beneficiaries, to support U.S. statutory reserve credit related to reinsurance agreements with PICA and Pruco Life. As of December 31, 2025, $2.3 billion of letters of credit have been issued to PICA and Pruco Life under the facility, and the likelihood of PICA and Pruco Life drawing upon them is remote. The guarantees are automatically renewed annually unless notice of termination is given by either party. The current value of the guarantees is estimated to be immaterial. This also includes guarantees issued on $1.5 billion of standby committed letters of credit and $0.5 billion of standby uncommitted letters of credit obtained by Prismic Re from third-party financial institutions, for the benefit of PICA as beneficiary, to support U.S. statutory reserve credit related to a reinsurance agreement with PICA. As of December 31, 2025, no letters of credit have been issued to PICA under the facility, and the likelihood of PICA drawing upon them is remote. The guarantees are renewable on an annual basis. The current value of the guarantees is estimated to be immaterial.
v3.25.4
Schedule III - Supplementary Insurance Information
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]  
Schedule III - Supplementary Insurance Information
PRUDENTIAL FINANCIAL, INC.
Schedule III
Supplementary Insurance Information
As of and for the Year Ended December 31, 2025
(in millions)
 
SegmentDeferred
Policy
Acquisition
Costs		Future
Policy
Benefits,
Losses,
Claims
Expenses		Unearned
Premiums		Other Policy 
Claims and
Benefits
Payable		Premiums,
Policy
Charges
and Fee
Income		Net
Investment
Income		Benefits,
Claims,
Losses
and
Settlement
Expenses		Amortization
of
DAC		Other
Operating
Expenses
PGIM$0 $0 $0 $0 $0 $181 $0 $0 $3,215 
U.S. Businesses:
Institutional Retirement Strategies283 85,693 0 23,067 11,017 5,055 14,383 23 354 
Individual Retirement Strategies4,329 1,321 0 61,324 1,205 2,891 1,505 528 1,511 
Retirement Strategies4,612 87,014 0 84,391 12,222 7,946 15,888 551 1,865 
Group Insurance154 5,609 94 4,832 6,147 543 5,160 9 1,226 
Individual Life7,593 28,351 0 34,320 3,310 2,891 3,498 433 1,813 
Total U.S. Businesses12,359 120,974 94 123,543 21,679 11,380 24,546 993 4,904 
International Businesses9,678 95,165 70 61,715 11,660 6,040 12,322 692 2,463 
Corporate and Other(651)9,127 0 1,809 405 1,815 980 (62)2,143 
Total PFI excluding Closed Block division21,386 225,266 164 187,067 33,744 19,416 37,848 1,623 12,725 
Closed Block division144 41,484 0 5,512 1,719 2,057 3,520 12 287 
Total$21,530 $266,750 $164 $192,579 $35,463 $21,473 $41,368 $1,635 $13,012 
PRUDENTIAL FINANCIAL, INC.
Schedule III
Supplementary Insurance Information
As of and for the Year Ended December 31, 2024
(in millions)
 
SegmentDeferred
Policy
Acquisition
Costs		Future
Policy
Benefits,
Losses,
Claims
Expenses		Unearned
Premiums		Other Policy
Claims and
Benefits
Payable		Premiums,
Policy
Charges
and Fee
Income		Net
Investment
Income		Benefits,
Claims,
Losses
and
Settlement
Expenses		Amortization of
DAC		Other
Operating
Expenses
PGIM$0 $0 $0 $0 $0 $15 $0 $2 $3,097 
U.S. Businesses:
Institutional Retirement Strategies208 84,717 0 18,761 22,979 4,603 26,392 10 286 
Individual Retirement Strategies
4,091 1,181 0 46,105 1,312 2,124 1,042 430 1,779 
Retirement Strategies4,299 85,898 0 64,866 24,291 6,727 27,434 440 2,065 
Group Insurance159 5,425 246 5,032 5,807 531 4,949 6 1,157 
Individual Life7,093 26,541 0 33,046 2,910 3,147 3,862 443 1,926 
Total U.S. Businesses11,551 117,864 246 102,944 33,008 10,405 36,245 889 5,148 
International Businesses9,304 99,633 66 54,881 12,103 5,715 12,059 646 2,314 
Corporate and Other
(563)8,639 0 4,100 394 1,726 995 (57)2,495 
Total PFI excluding Closed Block division20,292 226,136 312 161,925 45,505 17,861 49,299 1,480 13,054 
Closed Block division156 42,464 0 5,047 1,690 2,048 3,100 12 288 
Total$20,448 $268,600 $312 $166,972 $47,195 $19,909 $52,399 $1,492 $13,342 
PRUDENTIAL FINANCIAL, INC.
Schedule III
Supplementary Insurance Information
As of and for the Year Ended December 31, 2023
(in millions)
 
SegmentDeferred
Policy
Acquisition
Costs		Future
Policy
Benefits,
Losses,
Claims
Expenses		Unearned
Premiums		Other Policy
Claims and
Benefits
Payable		Premiums,
Policy
Charges 
and Fee
Income		Net
Investment
Income		Benefits,
Claims, 
Losses
and
Settlement
Expenses		Amortization of
DAC		Other
Operating
Expenses
PGIM$0 $0 $0 $0 $0 $268 $0 $2 $2,937 
U.S. Businesses:
Institutional Retirement Strategies
139 75,431 0 17,520 6,375 4,161 9,209 10 210 
Individual Retirement Strategies
3,881 1,229 0 30,860 1,335 1,453 713 387 1,663 
Retirement Strategies4,020 76,660 0 48,380 7,710 5,614 9,922 397 1,873 
Group Insurance137 5,348 251 5,342 5,699 517 4,869 9 1,088 
Individual Life7,600 24,748 0 32,266 3,180 2,879 4,152 456 1,590 
Total U.S. Businesses11,757 106,756 251 85,988 16,589 9,010 18,943 862 4,551 
International Businesses9,351 113,428 73 51,971 13,231 5,281 12,525 622 2,488 
Corporate and Other
(420)9,186 0 4,594 396 1,347 1,035 (40)2,880 
Total PFI excluding Closed Block division20,688 229,370 324 142,553 30,216 15,906 32,503 1,446 12,856 
Closed Block division168 43,587 0 5,940 1,675 1,959 3,480 13 272 
Total$20,856 $272,957 $324 $148,493 $31,891 $17,865 $35,983 $1,459 $13,128 
v3.25.4
Schedule IV - Reinsurance
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]  
Schedule IV - Reinsurance
PRUDENTIAL FINANCIAL, INC.
Schedule IV
Reinsurance
As of and For the Years Ended December 31, 2025, 2024 and 2023
($ in millions)


Gross
Amount		Ceded to
Other
Companies		Assumed
from
Other
Companies		Net
Amount		Percentage
of Amount
Assumed
to Net
2025
Life Insurance Face Amount In Force$4,227,621 $1,022,549 $154,535 $3,359,607 4.6 %
Premiums:
Life Insurance$23,367 $2,447 $6,990 $27,910 25.0 %
Accident and Health Insurance3,004 117 0 2,887 0.0 
Total Premiums$26,371 $2,564 $6,990 $30,797 22.7 %
2024
Life Insurance Face Amount In Force$4,125,517 $979,667 $159,355 $3,305,205 4.8 %
Premiums:
Life Insurance$36,320 $2,384 $6,167 $40,103 15.4 %
Accident and Health Insurance2,902 108 0 2,794 0.0 
Total Premiums$39,222 $2,492 $6,167 $42,897 14.4 %
2023
Life Insurance Face Amount In Force$4,173,524 $891,770 $165,988 $3,447,742 4.8 %
Premiums:
Life Insurance$26,585 $7,028 $5,005 $24,562 20.4 %
Accident and Health Insurance2,890 88 0 2,802 0.0 
Total Premiums$29,475 $7,116 $5,005 $27,364 18.3 %
v3.25.4
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
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Because of the size and scope of our business, we are subject to numerous and evolving cybersecurity risks, any of which, if it materializes, could affect our business strategy, results of operations, or financial condition. See “Item 1A. Risk Factors—Operational Risk” for a discussion of such risks.

Cybersecurity risk management is integrated within our risk management framework. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Risk Management” for additional information regarding our risk management processes. We conduct risk identification through several processes at the business unit, corporate, senior management, and Board levels. This framework includes escalation points to Prudential’s risk committees, allowing cyber risk and control matters to be elevated to the Board of Directors or its Audit Committee for oversight.

In order to respond to the threat of security breaches and cyber-attacks, we have developed an information security program designed to protect and preserve the confidentiality, integrity, and continued availability of information owned by, or in the care of, the Company. This information security program provides for the coordination of various corporate functions and governance groups, including global technology, risk, legal, compliance and corporate audit, and serves as a framework for the execution of responsibilities across businesses and operational roles. Among other things, the information security program establishes security standards for our technological resources and includes training for employees, contractors and third parties. Employees with access to our Company’s systems are subject to comprehensive annual training on responsible information security, data security, and cybersecurity practices and how to protect data against cyber threats.
As part of the information security program, we routinely engage independent outside advisors to assess the effectiveness of our program and our internal response preparedness. We also regularly engage with the broader cybersecurity community and monitor cyber threat information.

To address risks associated with third parties, Prudential has established an enterprise-wide Third-Party Risk Management Program. This program’s features include, among other things, identifying, assessing and managing cybersecurity risks throughout the life of our third-party relationships.

We also maintain an incident response plan, which specifies escalation and evaluation processes for cyber events. This plan is executed in close coordination with our corporate functions, including a dedicated cyber and privacy law function, external affairs, and risk management, and is designed to ensure, among other things, appropriate and timely reporting and disclosure.

When we do experience cybersecurity incidents, like the cybersecurity incident we disclosed in February 2024, we aim to utilize that experience to inform and strengthen our information security program.

During the period covered by this Report, we did not identify any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition. See “Item 1A. Risk Factors—Operational Risk” for a discussion of risks related to cybersecurity.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Cybersecurity risk management is integrated within our risk management framework. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Risk Management” for additional information regarding our risk management processes. We conduct risk identification through several processes at the business unit, corporate, senior management, and Board levels. This framework includes escalation points to Prudential’s risk committees, allowing cyber risk and control matters to be elevated to the Board of Directors or its Audit Committee for oversight.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
The Audit Committee of the Board of Directors, which is responsible for oversight of certain risk issues, including cybersecurity, receives reports from the CISO, the HGTO and Operational Risk Management throughout the year. At least annually, the Board and the Audit Committee also receive updates about the results of program reviews, including assessments led by outside advisors who provide a third-party independent assessment of our technical program and internal response preparedness. To the extent cybersecurity controls are related to internal control over financial reporting, such controls are considered in the context of Prudential’s annual external integrated audit.

The Audit Committee regularly briefs the full Board of Directors on these matters, and the full Board of Directors also receives periodic briefings on cyber threats in order to enhance our directors’ literacy on cyber issues.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee of the Board of Directors, which is responsible for oversight of certain risk issues, including cybersecurity, receives reports from the CISO, the HGTO and Operational Risk Management throughout the year.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee of the Board of Directors, which is responsible for oversight of certain risk issues, including cybersecurity, receives reports from the CISO, the HGTO and Operational Risk Management throughout the year. At least annually, the Board and the Audit Committee also receive updates about the results of program reviews, including assessments led by outside advisors who provide a third-party independent assessment of our technical program and internal response preparedness. To the extent cybersecurity controls are related to internal control over financial reporting, such controls are considered in the context of Prudential’s annual external integrated audit.
Cybersecurity Risk Role of Management [Text Block] The Company’s information security program is overseen by the Chief Information Security Officer (“CISO”) and Information Security Office, as well as the Head of Global Technology and Operations (“HGTO”). The CISO and Information Security Office are responsible for monitoring for cybersecurity incidents impacting Prudential’s systems, and ensuring appropriate processes are maintained to inform management of the prevention, detection, mitigation, and remediation of such cybersecurity incidents.The Audit Committee of the Board of Directors, which is responsible for oversight of certain risk issues, including cybersecurity, receives reports from the CISO, the HGTO and Operational Risk Management throughout the year.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The Company’s information security program is overseen by the Chief Information Security Officer (“CISO”) and Information Security Office, as well as the Head of Global Technology and Operations (“HGTO”).
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The current CISO, who is serving in an interim capacity, has served in various roles in information security for over 20 years, including as Deputy CISO and roles overseeing cyber defense, investigations, and incident response. The interim CISO holds a law degree and has attained numerous Global Information Assurance Certifications..
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Audit Committee of the Board of Directors, which is responsible for oversight of certain risk issues, including cybersecurity, receives reports from the CISO, the HGTO and Operational Risk Management throughout the year. At least annually, the Board and the Audit Committee also receive updates about the results of program reviews, including assessments led by outside advisors who provide a third-party independent assessment of our technical program and internal response preparedness.
The Audit Committee regularly briefs the full Board of Directors on these matters, and the full Board of Directors also receives periodic briefings on cyber threats in order to enhance our directors’ literacy on cyber issues.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Significant Accounting Policies and Pronouncements (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
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 Prudential Financial, entities over which the Company exercises control, including majority-owned subsidiaries and minority-owned entities such as limited partnerships in which the Company is the general partner and variable interest entities (“VIEs”) in which the Company is considered the primary beneficiary. See Note 4 for additional information regarding the Company’s consolidated variable interest entities. 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 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 measurement of goodwill and any related impairment; the valuation of investments including derivatives, the measurement of allowance for credit losses, and the recognition of other-than-temporary impairments (“OTTI”); pension and other postretirement benefits; 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.

Out of Period Adjustments

In the first quarter of 2025, the Company recorded out of period adjustments resulting in a net charge of $150 million to “Income (loss) from operations before income taxes and equity in earnings of joint ventures and other operating entities” for the year ended 2025. The adjustments included an overstatement of “Reinsurance recoverables and deposit receivables” and an understatement of “Deferred policy acquisition costs.”

The impact of these adjustments, individually and in the aggregate, was not material to any previously reported annual financial statements and is not material to the 2025 annual financial statements.
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.

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 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”).

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, such as fixed maturities with embedded features that are considered derivatives and assets contained within consolidated variable interest entities. 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.”

Assets supporting experience-rated contractholder liabilities, at fair value includes invested assets that consist of fixed maturities, equity securities, short-term investments and cash equivalents, that support certain products which are experience-rated, meaning that the investment results associated with these products are expected to ultimately accrue to contractholders. Realized and unrealized gains and losses for these investments are reported in “Other income (loss).” Interest and dividend income from these investments is reported in “Net investment income.”

Equity securities, at fair value consists of common stock, mutual fund shares and non-redeemable preferred stock 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.

Commercial mortgage and other loans consists of commercial mortgage loans, agricultural property loans, residential mortgage loans, as well as certain other collateralized and uncollateralized loans. Uncollateralized loans primarily represent reverse dual currency loans and corporate loans held by the Company’s international insurance operations.

Commercial mortgage and other loans originated and 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 25 for additional information. The Company carries certain commercial mortgage loans originated within the Company’s commercial mortgage operations at fair value where the fair value option has been elected. Loans held for sale
where the Company has not elected the fair value option are carried at the lower of cost or fair value. 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 and uncollateralized 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. When individual loans become nonperforming, the allowance is determined based on annual expected loss rates for nonperforming loans or the fair value of the collateral if the loan is collateral dependent. The Company defines nonperforming residential mortgage loans as those that are 90 days or more past due and/or in nonaccrual status.
The CECL allowance for other collateralized and uncollateralized loans (e.g., corporate 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.

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.”

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.

The Company’s PGIM business provides commercial mortgage origination, underwriting and servicing for certain government sponsored entities (“GSEs”). The Company has agreed to indemnify the GSEs for a portion of the credit risk associated with certain of the mortgages it services. Management has established a CECL allowance that factors in historical loss information, current conditions and reasonable and supportable forecasts. The allowance also considers the remaining lives of the loans subject to the indemnification. The CECL allowance is included in “Other liabilities” and changes in the CECL allowance are reported in “Realized investment gains (losses), net.” See Note 25 for additional information.

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.

Other invested assets consists of the Company’s non-coupon investments in limited partnerships and limited liability companies (“LPs/LLCs”), other than joint ventures and other operating entities, as well as wholly-owned investment real estate, derivative assets and other investments. LPs/LLCs interests are accounted for using either the equity method of accounting, or at fair value with changes in fair value reported in “Other income (loss).” The Company’s income from investments in LPs/LLCs accounted for using the equity method, other than the Company’s investments in joint ventures and other operating entities, 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. The Company consolidates LPs/LLCs 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.

The Company’s wholly-owned investment real estate consists of real estate which the Company has the intent to hold for the production of income as well as real estate held for sale. Real estate which the Company has the intent to hold for the production of income is carried at depreciated cost less any write-downs to fair value for impairment losses and is reviewed for impairment whenever events or circumstances indicate that the carrying value may not be recoverable. Real estate held for sale is carried at the lower of depreciated cost or fair value less estimated selling costs and is not further depreciated once classified as such. An impairment loss is recognized when the carrying value of the investment real estate exceeds the estimated undiscounted future cash flows (excluding interest charges) from the investment. At that time, the carrying value of the investment real estate is written down to fair value. Decreases in the carrying value of investment real estate held for the production of income due to OTTI are recorded in “Realized investment gains (losses), net.” Depreciation on real estate held for the production of income is computed using the straight-line method over the estimated useful lives of the properties and is included in “Net investment income.”

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, other than those debt instruments meeting this definition that are included in “Assets supporting experience-rated contractholder liabilities, at fair value.” 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.
Accrued investment income primarily includes accruals of interest and dividend income from investments that have been earned but not yet received.
Notes issued by consolidated variable interest entities represents notes issued by certain asset-backed investment vehicles, primarily collateralized loan obligations (“CLOs”) and rated feeder funds, which the Company is required to consolidate. The creditors of these VIEs do not have recourse to the Company in excess of the assets contained within the VIEs. The Company has elected the fair value option for certain of these notes. Changes in fair value are reported in “Other income (loss).”
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, with the exception of some of the Company’s International Businesses portfolios where the average cost method is used.
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 “Assets supporting experience-rated contractholder liabilities, at fair value,” and receivables related to securities purchased under agreements to resell (see also “Securities sold under agreements to repurchase” below). These assets are generally carried at fair value or amortized cost which approximates fair value.
DAC
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 in the Individual Life and International Businesses segments and Closed Block division, and group corporate- and bank-owned life insurance contracts in the Group Insurance segment.
•Payout annuity contracts – DAC associated with payout annuity contracts in the Retirement Strategies segment is amortized in proportion to annual benefit payments.
•Deferred annuity contracts – DAC associated with fixed and variable deferred annuity contracts in the Retirement Strategies and International Businesses segments is amortized in proportion to deposits.
•Health contracts – DAC associated with health contracts in the International Businesses segment is generally amortized in proportion to maximum lifetime benefits.
For funding agreement note contracts, single premium structured settlement contracts without life contingencies, and single premium immediate annuities without life contingencies, acquisition expenses are deferred and amortized over the expected life of the contracts using the interest method. For other group life and disability insurance contracts and guaranteed investment contracts (“GICs”), acquisition costs are expensed as incurred.

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.
VOBA
Value of business acquired (“VOBA”) represents identifiable intangible assets to which a portion of the purchase price in a business acquisition is attributed under the application of purchase accounting. VOBA represents an adjustment to the stated value of in-force insurance contract liabilities to present them at fair value, determined as of the acquisition date. VOBA balances are subject to recoverability testing in the manner in which they were acquired. The Company has established a VOBA asset primarily for its acquired life insurance products and accident and health products with fixed benefits. As of December 31, 2025, the majority of the VOBA balance relates to the 2011 acquisition of AIG Star Life Insurance Co., Ltd, AIG Edison Life Insurance Company, AIG Financial Assurance Japan K.K. and AIG Edison Service Co., Ltd. (collectively, the “Star and Edison Businesses”). The Company records amortization of VOBA in “General and administrative expenses” and amortizes it over the anticipated life of the acquired contracts using the same methodology, factors, and assumptions used to amortize DAC and deferred sales inducements (“DSI”). See Note 7 for additional information regarding VOBA.
Market Risk Benefit
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 15 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 in the Retirement Strategies segment 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 14 for additional information regarding market risk benefits. See “Reinsurance” below for information regarding the reinsurance of MRBs.
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

For each of its reinsurance contracts, the Company determines if the contract provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. The Company reviews all contractual features, particularly those that may limit the amount of insurance risk to which the reinsurer is subject, or features that delay the timely reimbursement of claims.

The Company participates in reinsurance arrangements in various capacities as either the ceding entity or as the reinsurer (i.e., assuming entity). See Note 15 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 (1) an embedded derivative on deposit receivables where the Company has ceded fixed indexed annuities; and (2) embedded derivatives associated with receivables from modified coinsurance arrangements where the Company is the reinsurer, and net receivables from modified coinsurance arrangements where the Company is the cedant, and 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 or net payables from modified coinsurance arrangements where the Company is the cedant, and generally reflect the fair value of the invested assets retained by the Company and 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.” 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 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. 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 and administrative expenses.”

Consistent with direct contracts, reinsurance arrangements may also include features that meet the definition of MRBs 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 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 yearly renewable term 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 yearly renewable term 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. The cost of reinsurance related to short-duration reinsurance contracts is accounted for over the reinsurance contract period.

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 and administrative expenses,” as appropriate.
Other Assets and Other Liabilities
Other assets consists primarily of prepaid pension benefit costs (see Note 19), certain restricted assets (e.g., cash and cash equivalents), trade receivables, goodwill and other intangible assets, “right-of-use” lease assets (see “Other liabilities” below), DSI, the Company’s investments in joint ventures and other operating entities, property and equipment, deferred reinsurance losses (“DRL”) (see “Reinsurance” below) and receivables resulting from sales of securities that had not yet settled at the balance sheet date.
Property and equipment are carried at cost less accumulated depreciation. Depreciation is determined using the straight-line method over the estimated useful lives of the related assets, which generally range from 3 to 40 years.

As a result of certain acquisitions, the Company recognizes an asset for goodwill representing the excess of cost over the net fair value of the assets acquired and liabilities assumed. Goodwill is assigned to reporting units at the date the goodwill is initially recorded. A reporting unit is an operating segment, or a unit one level below the operating segment if discrete financial information is prepared and regularly reviewed by management at that level. Once goodwill has been assigned to reporting units, it no longer retains its association with a particular acquisition, and all of the activities within a reporting unit, whether acquired or organically grown, are available to support the value of the goodwill.

The Company tests goodwill for impairment annually as of December 31 and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Accounting guidance provides for an optional qualitative assessment for testing goodwill impairment that may allow companies to skip the quantitative test. As part of the annual goodwill impairment test, the Company estimates the fair value of the reporting units by applying the quantitative test, which involves comparing each reporting unit’s fair value to its carrying value including goodwill. If the fair value of a reporting unit exceeds its carrying value, the applicable goodwill is considered not to be impaired. If the carrying value exceeds fair value, goodwill is reduced and an impairment charge to income is recognized for the excess. The measurement of a goodwill impairment loss includes the related income tax effect from any tax deductible goodwill. The impairment loss cannot exceed the amount of goodwill assigned to a reporting unit, and the loss establishes a new basis in the goodwill. Subsequent reversal of goodwill impairment losses is not permitted. Management is required to make significant estimates in determining the fair value of a reporting unit including, but not limited to: projected revenues and operating margins, applicable discount and growth rates, and comparative market multiples. See Note 10 for additional information regarding goodwill.

Deferred Sales Inducements 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.

Identifiable intangible assets primarily include customer relationships and mortgage servicing rights and are recorded net of accumulated amortization. The Company tests identifiable intangible assets for impairment on an annual basis as of December 31 of each year or whenever events or circumstances suggest that the carrying value of an identifiable intangible asset may exceed the sum of the undiscounted cash flows expected to result from its use and eventual disposition. If this condition exists and the carrying value of an identifiable intangible asset exceeds its fair value, the excess is recognized as an impairment and is recorded as a charge against net income. Measuring intangible assets requires the use of estimates. Significant estimates include the projected net cash flow attributable to the intangible asset and the rate at which future net cash flows are discounted for purposes of estimating fair value, as applicable. See Note 10 for additional information regarding identifiable intangible assets.

Investments in joint ventures and other operating entities 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. See Note 9 for additional information regarding investments in joint ventures and other operating entities.
Other liabilities consists primarily of trade payables, lease liabilities (see “Other assets” above), pension and other employee benefit liabilities (see Note 19), derivative liabilities (see “Derivative Financial Instruments” below), deferred
reinsurance gains (“DRG”) (see “Reinsurance” below) and payables resulting from purchases of securities that had not yet settled at the balance sheet date.
Lessor, Leases
Leases are recorded on the balance sheet as “right-of-use” assets and lease liabilities within “Other assets” and “Other liabilities” respectively. Leases are classified as either operating or finance leases and lease expense is recognized within “General and administrative expenses.” As a lessee, for operating leases, total lease expense is recognized using a straight-line method. Finance leases are treated as the purchase of an asset on a financing basis. Additionally, as a lessor, for sales-type and direct financing leases, the Company derecognizes the carrying value of the leased asset that is considered to have been transferred to a lessee and records a lease receivable and residual asset (“receivable and residual” approach). See Note 11 for additional information regarding leases.
Lessee, Leases
Leases are recorded on the balance sheet as “right-of-use” assets and lease liabilities within “Other assets” and “Other liabilities” respectively. Leases are classified as either operating or finance leases and lease expense is recognized within “General and administrative expenses.” As a lessee, for operating leases, total lease expense is recognized using a straight-line method. Finance leases are treated as the purchase of an asset on a financing basis. Additionally, as a lessor, for sales-type and direct financing leases, the Company derecognizes the carrying value of the leased asset that is considered to have been transferred to a lessee and records a lease receivable and residual asset (“receivable and residual” approach). See Note 11 for additional information regarding leases.
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 12 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, reportable segment 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 and foreign economies, such as Japan, with observable corporate A spreads, is developed using government bond rates, plus globally equivalent 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+). The rate used in foreign operations (with the exception of certain emerging markets, as discussed below) is based on the equivalent of a single A rate from a global rating agency for corporate bonds issued in the same currency and country in which the insurance contract is written. 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 has foreign currency denominated insurance obligations to policyholders in certain emerging markets where there is limited or no observable market data on upper-medium grade (low credit risk) fixed-income instrument yields. As a proxy for the upper-medium grade fixed-income instrument yield, the Company estimates an equivalent global single A yield in the currency of the emerging economy by converting a global single A U.S. dollar bond yield curve based on the relationship between market observable U.S. Treasury and foreign sovereign yield curves of similar duration as the insurance liability cash flows. The derived global single A curves in the foreign currency are evaluated against available evidence of observable global single A corporate bond rates in similar emerging economies. The Company uses interpolation and extrapolation techniques to complete the discount rate construction for the duration of the insurance liabilities to calculate the liability for future policy benefits denominated in the local currencies.

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 or VOBA asset), the existing net reserves are adjusted by first reducing assets such as DSI, VOBA 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
Separate account assets represents segregated funds that are invested for certain policyholders, pension funds 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 management fees charged to the accounts are included in “Asset management and service 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.
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 13 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.
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.
Policyholders' Dividends
Policyholders’ dividends includes dividends payable to policyholders and the policyholder dividend obligation associated with the participating policies included in the Closed Block. The dividends payable for participating policies included in the Closed Block are determined at the end of each year for the following year by the Board of Directors of The Prudential Insurance Company of America (“PICA”) based on its statutory results, capital position, ratings, and the emerging experience of the Closed Block. The policyholder dividend obligation represents amounts expected to be paid to Closed Block policyholders as an additional policyholder dividend unless otherwise offset by future Closed Block performance. Any adjustments to the policyholder dividend obligation related to net unrealized gains (losses) on securities classified as available-
for-sale are included in AOCI. For additional information regarding the policyholder dividend obligation, see Note 16. The dividends payable for policies other than the participating policies included in the Closed Block include dividends payable in accordance with certain group and individual insurance policies.
Securities repurchase and resale agreements and securities loaned transactions
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.”

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.”
The Company also enters into securities lending transactions where non-cash collateral, typically U.S. government, Japanese government, or other sovereign bonds are received. The collateral received is not reported on the Company’s Consolidated Statements of Financial Position. In these transactions, the Company receives a fee and obtains collateral in an amount equal to 102% to 105% of the fair value of the loaned securities. The Company monitors the market value of the securities loaned on a daily basis with additional collateral obtained as necessary. Substantially all of these transactions are with large brokerage firms and large banks. Income is 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 and administrative expenses” in the Company’s Consolidated Statements of Operations. Interest expense may also be reported within “Net investment income” for certain activity, as prescribed by specialized industry guidance. 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 18 for additional information regarding short-term and long-term debt.
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.”
Redeemable Noncontrolling Interest
Redeemable noncontrolling interests includes redeemable noncontrolling interests associated with certain consolidated PGIM-managed entities. These redeemable noncontrolling interests are classified as “Mezzanine equity” because their redemption is at the option of the holder and not within the control of the Company. Income (loss) attributable to redeemable noncontrolling interests is reported in “Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests.”
Insurance Revenue and Expense Recognition
Insurance Revenue and Expense Recognition

Premiums from individual life products, other than universal and variable life contracts, and health insurance and long-term care products 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 non-participating group annuities with life contingencies, single premium structured settlements with life contingencies and 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 group and individual life contracts, deferred fixed or variable annuities, structured settlements and other contracts without life contingencies, and participating group annuities 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, DSI and VOBA.

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.

For group life, other than universal and variable group life contracts, and disability insurance, premiums are generally recognized over the period to which the premiums relate in proportion to the amount of insurance protection provided. Claim and claim adjustment expenses are recognized when incurred.
Asset Management and Service Fees
Asset management and service fees principally includes asset-based asset management fees, which are recognized in the period in which the services are performed. In certain asset management fee arrangements, the Company is entitled to receive performance-based incentive fees when the return on assets under management exceeds certain benchmark returns or other performance targets. The Company may be required to return all, or part, of such performance-based incentive fees depending on future performance of these assets relative to performance benchmarks. The Company records performance-based incentive fee revenue when the contractual terms of the asset management fee arrangement have been satisfied and it is probable that a significant reversal in the amount of the fee will not occur. Under this principle, the Company records a deferred performance-based incentive fee liability to the extent it receives cash related to the performance-based incentive fee prior to meeting the revenue recognition criteria delineated above.
Other Income
Other income (loss) includes realized and unrealized gains or losses from investments classified “Fixed maturities, trading, at fair value,” “Assets supporting experience-rated contractholder liabilities, at fair value,” “Equity securities, at fair value,” and “Other invested assets” that are measured at fair value and consolidated entities that follow specialized investment company fair value accounting. “Other income (loss)” also includes gains and losses primarily related to the remeasurement of foreign currency denominated assets and liabilities, as discussed in more detail under “Foreign Currency” below, as well as gains and losses related to business dispositions.
Income Taxes
Income taxes receivable (payable) primarily represents the net deferred tax asset or liability and the Company’s estimated taxes receivable or payable for the current year and open audit years.

The Company and its includable domestic subsidiaries file a consolidated federal income tax return that includes both life insurance companies and non-life insurance companies. Subsidiaries operating outside the U.S. are taxed, and income tax expense is recorded, based on applicable foreign statutes. See Note 17 for a discussion of certain non-U.S. jurisdictions for which the Company assumes repatriation of earnings.

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 17 for a discussion of factors considered when evaluating the need for a valuation allowance.

The Company has elected to treat taxes related to Global Intangible Low-Taxed Income (“GILTI”) as a period cost and records such amounts in income tax expense in the period incurred.

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 17 for additional information regarding income taxes.
Share-Based Payments
Share-Based Payments

The Company applies the fair value-based measurement method in accounting for share-based payment transactions with employees except for equity instruments held by employee share ownership plans. Excess tax benefits (deficits) are recorded in earnings and represent the cumulative difference between the actual tax benefit realized and the amount of deferred tax assets recorded attributable to shared-based payment transactions.

The Company accounts for non-employee stock options using the fair value method in accordance with authoritative guidance and related interpretations on accounting for equity instruments that are issued to other than employees for acquiring, or in conjunction with selling, goods or services.
Earnings Per Share
Earnings Per Share

Earnings per share of Common Stock reflects the consolidated earnings of Prudential Financial. Basic earnings per share is computed by dividing available income attributable to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share includes the effect of all dilutive potential common shares that were outstanding during the period. See Note 21 for additional information.
Foreign Currency
Foreign Currency

The currency in which the Company prepares its financial statements (the “reporting currency”) is the U.S. dollar. Assets, liabilities and results of foreign operations are recorded based on the functional currency of each foreign operation. The determination of the functional currency is based on economic facts and circumstances pertaining to each foreign operation. The local currencies of the Company’s foreign operations are typically their functional currencies with the most significant exception being the Company’s Japanese operations where multiple functional currencies exist.

There are two distinct processes for expressing these foreign transactions and balances in the Company’s financial statements: foreign currency measurement and foreign currency translation. Foreign currency measurement is the process by which transactions in foreign currencies are expressed in the functional currency. Gains and losses resulting from foreign currency measurement are reported in current earnings in “Other income (loss).” Foreign currency translation is the process of expressing a foreign entity’s functional currency financial statements in the reporting currency. Assets and liabilities of foreign operations and subsidiaries reported in currencies other than U.S. dollars are translated at the exchange rate in effect at the end of the period. Revenues, benefits and other expenses are translated at the average rate prevailing during the period. The effects of translating the statements of operations and financial position of non-U.S. entities with functional currencies other than the U.S. dollar are included, net of related qualifying hedge gains and losses and income taxes, in “Foreign currency translation adjustment,” a component of AOCI.
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 (OTC-cleared), while others are bilateral contracts between two counterparties (OTC-bilateral). 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 and to mitigate volatility of expected non-functional currency earnings and net investments in foreign operations resulting from changes in currency exchange rates. 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 and hedges of net investments in foreign operations. The Company may also enter into intercompany derivatives, the results of which ultimately eliminate in consolidation over the term of the instrument. 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 “Other liabilities,” 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 the fair value of a recognized asset or liability or unrecognized firm commitment (“fair value” hedge); (2) 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); (3) a foreign currency fair value or cash flow hedge (“foreign currency” hedge); (4) a hedge of a net investment in a foreign operation; or (5) 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 fair value, cash flow, or foreign currency hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. Hedges of a net investment in a foreign operation are linked to the specific foreign operation.

When a derivative is designated as a fair value hedge and is determined to be highly effective, changes in its fair value, along with changes in the fair value of the hedged asset or liability (including losses or gains on firm commitments), are reported on a net basis in the Consolidated Statements of Operations, generally in “Realized investment gains (losses), net.” When swaps are used in hedge accounting relationships, periodic settlements are recorded in the same Consolidated Statements of Operations line as the related settlements of the hedged items.

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.

When a derivative is designated as a foreign currency hedge and is determined to be highly effective, changes in its fair value are recorded either in current period earnings if the hedge transaction is a fair value hedge (e.g., a hedge of a recognized foreign currency asset or liability) or in AOCI if the hedge transaction is a cash flow hedge (e.g., a foreign currency denominated forecasted transaction). When a derivative is used as a hedge of a net investment in a foreign operation, its change
in fair value is accounted for in the same manner as a translation adjustment (i.e., reported in the cumulative translation adjustment account within AOCI).

If it is determined that a derivative no longer qualifies as an effective fair value or 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.” In this scenario, the hedged asset or liability under a fair value hedge will no longer be adjusted for changes in fair value associated with the hedged risk and the existing basis adjustment is amortized to the Consolidated Statements of Operations line associated with the asset or liability. 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 cash flow 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” or “Other liabilities.”
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
ASUs adopted during the year ended December 31, 2025

Standard
Description
Effective date and method
of adoption
Effect on the financial statements or other significant matters
ASU 2023—09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures
This 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

Standard
Description
Effective date and method
of adoption
Effect 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 Expenses (DISE)
This 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.
v3.25.4
Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Investments [Abstract]  
Fixed Maturities, Available-for-sale, Debt 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 millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$26,334 $668 $4,823 $0 $22,179 
Obligations of U.S. states and their political subdivisions5,881 138 554 0 5,465 
Foreign government securities
62,469 497 12,352 0 50,614 
U.S. public corporate securities115,160 1,977 9,345 11 107,781 
U.S. private corporate securities(1)47,976 1,177 1,964 88 47,101 
Foreign public corporate securities24,496 413 1,178 28 23,703 
Foreign private corporate securities41,099 1,638 2,523 55 40,159 
Asset-backed securities(2)19,130 226 26 1 19,329 
Commercial mortgage-backed securities9,958 87 302 0 9,743 
Residential mortgage-backed securities(3)5,493 43 155 0 5,381 
Total fixed maturities, available-for-sale(1)
$357,996 $6,864 $33,222 $183 $331,455 
__________
(1)Excludes notes with amortized cost of $15,744 million (fair value, $15,744 million), which have been offset with the associated debt under a netting agreement.
(2)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans, education loans and other asset types.
(3)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 millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$24,869 $584 $5,105 $0 $20,348 
Obligations of U.S. states and their political subdivisions6,590 132 618 0 6,104 
Foreign government securities
63,523 1,837 7,881 0 57,479 
U.S. public corporate securities108,883 1,226 11,529 72 98,508 
U.S. private corporate securities(1)
45,854 918 2,926 57 43,789 
Foreign public corporate securities23,165 248 1,421 10 21,982 
Foreign private corporate securities38,652 314 4,311 192 34,463 
Asset-backed securities(2)
16,979 214 59 0 17,134 
Commercial mortgage-backed securities9,791 29 547 0 9,273 
Residential mortgage-backed securities(3)
2,698 15 223 0 2,490 
Total fixed maturities, available-for-sale(1)$341,004 $5,517 $34,620 $331 $311,570 
__________
(1)Excludes notes with amortized cost of $14,748 million (fair value, $14,748 million), which have been offset with the associated debt under a netting agreement.
(2)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans, education loans and other asset types.
(3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
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 Months		Twelve Months
or More		Total
 Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$3,644 $83 $12,075 $4,740 $15,719 $4,823 
Obligations of U.S. states and their political subdivisions399 9 3,631 545 4,030 554 
Foreign government securities
9,886 510 23,570 11,842 33,456 12,352 
U.S. public corporate securities9,789 218 52,459 9,114 62,248 9,332 
U.S. private corporate securities3,297 68 24,064 1,895 27,361 1,963 
Foreign public corporate securities2,253 35 8,586 1,142 10,839 1,177 
Foreign private corporate securities849 44 16,286 2,473 17,135 2,517 
Asset-backed securities2,979 6 626 20 3,605 26 
Commercial mortgage-backed securities249 1 5,435 301 5,684 302 
Residential mortgage-backed securities353 2 1,210 153 1,563 155 
Total fixed maturities, available-for-sale$33,698 $976 $147,942 $32,225 $181,640 $33,201 


 December 31, 2024
 Less Than
Twelve Months		Twelve Months
or More		Total
 Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$6,667 $334 $10,161 $4,771 $16,828 $5,105 
Obligations of U.S. states and their political subdivisions1,592 53 3,288 565 4,880 618 
Foreign government securities
8,280 349 20,780 7,532 29,060 7,881 
U.S. public corporate securities25,420 1,036 48,152 10,485 73,572 11,521 
U.S. private corporate securities7,581 183 24,846 2,743 32,427 2,926 
Foreign public corporate securities5,751 170 8,084 1,246 13,835 1,416 
Foreign private corporate securities8,702 282 18,862 4,010 27,564 4,292 
Asset-backed securities1,488 11 1,015 48 2,503 59 
Commercial mortgage-backed securities1,092 8 6,432 539 7,524 547 
Residential mortgage-backed securities361 4 1,377 219 1,738 223 
Total fixed maturities, available-for-sale$66,934 $2,430 $142,997 $32,158 $209,931 $34,588 
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
Cost		Fair
Value
 (in millions)
Fixed maturities, available-for-sale:
Due in one year or less$12,343 $12,446 
Due after one year through five years65,698 66,518 
Due after five years through ten years63,307 63,669 
Due after ten years(1)182,067 154,369 
Asset-backed securities19,130 19,329 
Commercial mortgage-backed securities9,958 9,743 
Residential mortgage-backed securities5,493 5,381 
Total$357,996 $331,455 
__________
(1)Excludes notes with amortized cost of $15,744 million (fair value, $15,744 million), which have been offset with the associated debt under a netting agreement.
Sources of Fixed Maturity Proceeds and Related Investment Gains (Losses) as well as 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 millions)
Fixed maturities, available-for-sale:
Proceeds from sales(1)$19,029 $36,727 $27,161 
Proceeds from maturities/prepayments26,085 22,432 17,010 
Gross investment gains from sales and maturities727 1,400 973 
Gross investment losses from sales and maturities(1,367)(3,553)(2,183)
Write-downs recognized in earnings(2)(408)(924)(81)
(Addition to) release of allowance for credit losses148 (195)(22)
Fixed maturities, held-to-maturity:
Proceeds from maturities/prepayments(3)$0 $0 $21 
(Addition to) release of allowance for credit losses0 0 2 
__________
(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $104 million, $(100) million and $(74) million for the years ended December 31, 2025, 2024 and 2023, respectively.
(2)Amounts represent securities actively marketed for sale, securities where it is more likely than not the Company will be required to sell prior to the recovery of the amortized cost basis and write-downs on credit adverse securities.
(3)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $1 million for the year ended December 31, 2023. There were no fixed maturities, held-to-maturity assets during 2025 and 2024.
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. States
Foreign Government Securities
U.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $331 $0 $0 $0 $331 
Additions to allowance for credit losses not previously recorded0 0 113 1 0 0 114 
Reductions for securities sold during the period0 0 (30)0 0 0 (30)
Additions (reductions) on securities with previous allowance0 0 29 0 0 0 29 
Write-downs charged against the allowance
0 0 (261)0 0 0 (261)
Balance, end of period$0 $0 $182 $1 $0 $0 $183 


Year Ended December 31, 2024
U.S. Treasury Securities and Obligations of U.S. States
Foreign Government Securities
U.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $53 $105 $2 $0 $0 $160 
Additions to allowance for credit losses not previously recorded0 0 235 0 0 0 235 
Reductions for securities sold during the period0 (30)(55)0 0 0 (85)
Additions (reductions) on securities with previous allowance0 (23)46 (2)0 0 21 
Write-downs charged against the allowance
0 0 0 0 0 0 0 
Balance, end of period$0 $0 $331 $0 $0 $0 $331 
Assets Supporting Experience-Rated Contractholder Liabilities
The following table sets forth the composition of “Assets supporting experience-rated contractholder liabilities,” as of the dates indicated:
 
 December 31, 2025December 31, 2024
 Amortized
Cost or Cost		Fair
Value		Amortized
Cost or Cost		Fair
Value
 (in millions)
Fixed maturities:
Corporate securities$57 $55 $68 $67 
Foreign government securities
611 596 544 539 
Obligations of U.S. government authorities and agencies and obligations of U.S. states
227 245 207 220 
Total fixed maturities(1)
895 896 819 826 
Equity securities2,234 3,946 1,763 2,881 
Total assets supporting experience-rated contractholder liabilities(2)$3,129 $4,842 $2,582 $3,707 
__________
(1)As a percentage of amortized cost, 99% of the portfolio was considered high or highest quality based on NAIC or equivalent ratings, as of both December 31, 2025 and 2024.
(2)As a percentage of amortized cost, 100% of the portfolio consisted of public securities as of both December 31, 2025 and 2024.
Securities Concentrations of Credit Risk
As of the dates indicated, the Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the Company’s equity included securities of the U.S. government and certain U.S. government agencies and securities guaranteed by the U.S. government, as well as the securities disclosed below:
 
 December 31, 2025December 31, 2024
 Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
(in millions)
Investments in Japanese government and government agency securities:
Fixed maturities, available-for-sale$54,863 $43,554 $56,457 $51,177 
Fixed maturities, trading 19 18 18 18 
Assets supporting experience-rated contractholder liabilities536 510 472 462 
Total$55,418 $44,082 $56,947 $51,657 
December 31, 2025December 31, 2024
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
(in millions)
Investments in Brazil government and government agency securities:
Fixed maturities, available-for-sale$3,651 $3,152 $2,753 $2,251 
Fixed maturities, trading0 0 44 40 
Short-term investments1 1 2 2 
Cash equivalents260 260 228 228 
Total$3,912 $3,413 $3,027 $2,521 
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 millions)
Commercial mortgage and agricultural property loans by property type:
Office$6,517 10.4 %$7,867 12.7 %
Retail5,680 9.0 5,552 9.0 
Apartments/Multi-Family18,522 29.5 17,522 28.3 
Industrial17,280 27.5 16,900 27.3 
Hospitality1,738 2.8 1,831 3.0 
Self-Storage(1)2,245 3.6 2,194 3.5 
Health Care Senior Living(1)1,832 2.9 1,858 3.0 
Other(1)689 1.1 334 0.6 
Total commercial mortgage loans54,503 86.8 54,058 87.4 
Agricultural property loans8,275 13.2 7,775 12.6 
Total commercial mortgage and agricultural property loans
62,778 100.0 %61,833 100.0 %
Allowance for credit losses(414)(528)
Total net commercial mortgage and agricultural property loans
62,364 61,305 
Other loans:
Residential mortgage loans1,632 19 
Uncollateralized loans171 595 
Other collateralized loans603 468 
Total other loans2,406 1,082 
Allowance for credit losses(55)(46)
Total net other loans
2,351 1,036 
Total net commercial mortgage and other loans(2)$64,715 $62,341 
__________
(1)Prior period amounts have been updated to conform to current period presentation.
(2)Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of December 31, 2025 and 2024, the net carrying value of these loans was $1,056 million and $702 million, respectively.
Commercial Mortgage Loan Commitments 
 As of December 31,
 20252024
 (in millions)
Total outstanding mortgage loan commitments
$1,851 $2,552 
Portion of commitment where prearrangement to sell to investor exists$352 $578 
Indemnification of Serviced Mortgage Loans 
 As of December 31,
 20252024
 (in millions)
Maximum exposure under indemnification agreements for mortgage loans serviced by the Company$3,717 $3,272 
First-loss exposure portion of above$1,068 $942 
Accrued liability associated with guarantees(1)$24 $25 
__________ 
(1)The accrued liability associated with guarantees includes an allowance for credit losses of $11 million and $12 million as of December 31, 2025 and 2024, respectively. The change in allowance is a reduction of $1 million and $2 million for the years ended December 31, 2025 and 2024, respectively.
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
Loans		Agricultural
Property
Loans		Residential
Mortgage
Loans		Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Balance at December 31, 2022$188 $13 $0 $0 $2 $203 
Addition to (release of) allowance for expected losses282 3 0 0 (1)284 
Write-downs charged against the allowance
(29)0 0 0 0 (29)
Other2 0 0 0 0 2 
Balance at December 31, 2023443 16 0 0 1 460 
Addition to (release of) allowance for expected losses100 110 0 32 13 255 
Write-downs charged against the allowance
(132)(5)0 0 0 (137)
Other
(4)0 0 0 0 (4)
Balance at December 31, 2024407 121 0 32 14 574 
Addition to (release of) allowance for expected losses80 77 15 8 (14)166 
Write-downs charged against the allowance
(122)(150)0 0 0 (272)
Other1 0 0 0 0 1 
Balance at December 31, 2025$366 $48 $15 $40 $0 $469 
Write-downs of Loans by Origination Year
The following table sets forth the write-downs of commercial mortgage and agricultural property loans by origination year for the year ended December 31, 2025:


December 31, 2025
20252024202320222021PriorTotal
(in millions)
Commercial mortgage loans$0 $0 $0 $0 $0 $122 $122 
Agricultural property loans
0 0 13 117 1 19 150 
Total
$0 $0 $13 $117 $1 $141 $272 
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
2025
2024
2023
20222021PriorRevolving LoansTotal
(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$2,816 $2,088 $2,057 $1,270 $2,570 $16,546 $62 $27,409 
60%-69.99%3,670 4,506 1,873 1,250 1,581 3,048 0 15,928 
70%-79.99%677 711 1,242 506 901 1,948 0 5,985 
80% or greater0 36 0 258 454 4,433 0 5,181 
Total$7,163 $7,341 $5,172 $3,284 $5,506 $25,975 $62 $54,503 
Debt Service Coverage Ratio:
Greater than 1.2x
$6,602 $6,779 $4,673 $2,963 $5,333 $23,384 $45 $49,779 
1.0 - 1.2x463 534 499 238 82 885 17 2,718 
Less than 1.0x98 28 0 83 91 1,706 0 2,006 
Total$7,163 $7,341 $5,172 $3,284 $5,506 $25,975 $62 $54,503 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$813 $624 $296 $977 $1,944 $1,927 $143 $6,724 
60%-69.99%76 140 554 8 15 85 58 936 
70%-79.99%0 0 0 0 0 16 0 16 
80% or greater4 0 5 433 10 104 43 599 
Total$893 $764 $855 $1,418 $1,969 $2,132 $244 $8,275 
Debt Service Coverage Ratio:
Greater than 1.2x
$893 $741 $799 $741 $1,849 $1,756 $201 $6,980 
1.0 - 1.2x0 19 40 65 62 148 0 334 
Less than 1.0x0 4 16 612 58 228 43 961 
Total$893 $764 $855 $1,418 $1,969 $2,132 $244 $8,275 
December 31, 2024
Amortized Cost by Origination Year
2024
2023
2022
20212020PriorRevolving Loans
Total
(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$2,122 $1,492 $1,183 $2,295 $1,378 $16,652 $36 $25,158 
60%-69.99%4,726 2,287 1,013 2,192 846 5,113 0 16,177 
70%-79.99%809 1,326 953 1,327 446 2,293 0 7,154 
80% or greater48 135 482 216 281 4,407 0 5,569 
Total$7,705 $5,240 $3,631 $6,030 $2,951 $28,465 $36 $54,058 
Debt Service Coverage Ratio:
Greater than 1.2x
$6,771 $4,563 $3,283 $5,929 $2,795 $25,790 $0 $49,131 
1.0 - 1.2x745 527 313 43 102 1,279 36 3,045 
Less than 1.0x189 150 35 58 54 1,396 0 1,882 
Total$7,705 $5,240 $3,631 $6,030 $2,951 $28,465 $36 $54,058 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$657 $371 $877 $2,004 $679 $1,491 $122 $6,201 
60%-69.99%87 555 125 10 53 43 0 873 
70%-79.99%0 0 0 6 0 3 0 9 
80% or greater0 6 521 0 71 42 52 692 
Total$744 $932 $1,523 $2,020 $803 $1,579 $174 $7,775 
Debt Service Coverage Ratio:
Greater than 1.2x
$688 $864 $932 $1,967 $739 $1,384 $122 $6,696 
1.0 - 1.2x56 63 530 45 23 98 52 867 
Less than 1.0x0 5 61 8 41 97 0 212 
Total$744 $932 $1,523 $2,020 $803 $1,579 $174 $7,775 

Residential mortgage loans primarily include fixed-rate, amortizing mortgage loans on rental properties owned by borrowers with 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
2025
2024
2023
2022
2021
Prior
Total
(in millions)
Residential mortgage loans
Performance indicators:
Performing
$1,561 $57 $0 $0 $0 $14 $1,632 
Nonperforming
0 0 0 0 0 0 0 
Total
$1,561 $57 $0 $0 $0 $14 $1,632 
December 31, 2024
Amortized Cost by Origination Year
20242023202220212020
Prior
Total
(in millions)
Residential mortgage loans
Performance indicators:
Performing
$0 $0 $0 $0 $0 $19 $19 
Nonperforming
0 0 0 0 0 0 0 
Total
$0 $0 $0 $0 $0 $19 $19 
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:

December 31, 2025December 31, 2024
Term
Extension
Other Than Insignificant Delay in Payment
% of
Amortized Cost
Term
Extension
Other Than Insignificant Delay in Payment
% of
Amortized Cost
($ in millions)
Commercial mortgage loans
$0 $0 0.0 %$337 $63 0.1 %
Agricultural property loans$0 $0 0.0 %$3 $0 0.0 %
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 Due		60-89 Days
Past Due
90 Days or More Past Due(1)(2)
Total Past
Due		Total
Loans
Non-Accrual
Status(3)
 (in millions)
Commercial mortgage loans$54,349 $0 $0 $154 $154 $54,503 $190 
Agricultural property loans7,443 8 0 824 832 8,275 875 
Residential mortgage loans1,630 2 0 0 2 1,632 0 
Other collateralized loans603 0 0 0 0 603 0 
Uncollateralized loans171 0 0 0 0 171 25 
Total$64,196 $10 $0 $978 $988 $65,184 $1,090 
__________
(1)As of December 31, 2025, there were no loans in this category accruing interest.
(2)Includes loans for which no credit losses are expected due to U.S. agency guarantees.
(3)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2.

 December 31, 2024
 Current30-59 Days
Past Due		60-89 Days
Past Due
90 Days or More Past Due(1)(2)
Total Past
Due		Total
Loans
Non-Accrual
Status(3)
 (in millions)
Commercial mortgage loans$53,873 $0 $3 $182 $185 $54,058 $220 
Agricultural property loans7,012 0 21 742 763 7,775 767 
Residential mortgage loans
19 0 0 0 0 19 0 
Other collateralized loans468 0 0 0 0 468 0 
Uncollateralized loans595 0 0 0 0 595 25 
Total$61,967 $0 $24 $924 $948 $62,915 $1,012 
__________
(1)As of December 31, 2024, there were no loans in this category accruing interest.
(2)Includes loans for which no credit losses are expected due to U.S. agency guarantees.
(3)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 millions)
LPs/LLCs:
Equity method:
Private equity$10,832 $10,615 
Hedge funds2,909 3,143 
Real estate-related(1)
2,761 2,661 
Subtotal equity method16,502 16,419 
Fair value:
Private equity848 1,076 
Hedge funds1,964 2,080 
Real estate-related810 951 
Subtotal fair value3,622 4,107 
Total LPs/LLCs20,124 20,526 
Real estate held through direct ownership(1)1,888 1,743 
Total alternative assets
22,012 22,269 
Credit-like instruments(2)1,929 933 
Derivative instruments1,667 1,597 
Other(3)1,686 1,552 
Total other invested assets$27,294 $26,351 
__________ 
(1)As of December 31, 2025 and 2024, real estate held through direct ownership had mortgage debt of $217 million and $185 million, respectively.
(2)Includes structured debt investments in feeder funds that are consolidated, resulting in the Company reporting the consolidated feeder funds’ proportionate share of the net assets of the master fund within Other invested assets.
(3)Primarily includes equity investments accounted for under the measurement alternative, tax advantaged investments, strategic investments made by investment management operations, leveraged leases and member and activity stock held in the Federal Home Loan Bank of New York. For additional information regarding the Company’s holdings in the Federal Home Loan Bank of New York, see Note 18.
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 joint ventures and other operating entities that are described in more detail in Note 9. Changes between periods in the tables below reflect changes in the activities within the joint ventures and other operating entities and LPs/LLCs, as well as changes in the Company’s level of investment in such entities:
 
December 31,

20252024
 (in millions)
STATEMENTS OF FINANCIAL POSITION
Total assets(1)$1,056,789 $803,096 
Total liabilities(2)$102,261 $59,358 
Partners’ capital954,528 743,738 
Total liabilities and partners’ capital$1,056,789 $803,096 
Equity in LP/LLC interests included above
$17,131 $16,586 
Equity in LP/LLC interests not included above787 1,003 
Carrying value$17,918 $17,589 
__________
(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, securities repurchase agreements and other miscellaneous liabilities.

Years Ended December 31,

202520242023
 (in millions)
STATEMENTS OF OPERATIONS
Total revenues(1)
$118,643 $86,249 $43,325 
Total expenses(2)(35,549)(22,327)(14,551)
Net earnings (losses)$83,094 $63,922 $28,774 
Equity in net earnings (losses) of LP/LLC interests included above
$1,460 $1,112 $620 
Equity in net earnings (losses) of LP/LLC interests not included above(132)(245)22 
Total equity in net earnings (losses)$1,328 $867 $642 
__________
(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.
The following table sets forth information related to the Company’s investments in joint ventures and other operating entities as of and for the years ended December 31:
 
202520242023(1)
 (in millions)
Investment in joint ventures and other operating entities
$1,030 $782 $1,192 
Dividends received from joint ventures and other operating entities
$107 $95 $66 
After-tax equity in earnings of joint ventures and other operating entities
$129 $144 $49 
__________
(1)In September of 2023, the Company acquired a 20% equity interest as a limited partner in Prismic. See Note 1 for additional information.
Accrued Investment Income
The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:
December 31,
 20252024
 (in millions)
Fixed maturities$3,089 $2,892 
Equity securities11 8 
Commercial mortgage and other loans250 228 
Policy loans230 236 
Other invested assets10 12 
Short-term investments and cash equivalents46 65 
Total accrued investment income$3,636 $3,441 
Net Investment Income
The following table sets forth “Net investment income” by investment type, for the periods indicated:
 
Years Ended December 31,
202520242023
 (in millions)
Fixed maturities, available-for-sale(1)$15,700 $14,948 $13,305 
Fixed maturities, held-to-maturity(1)0 0 148 
Fixed maturities, trading 736 555 292 
Assets supporting experience-rated contractholder liabilities60 56 45 
Equity securities200 206 197 
Commercial mortgage and other loans2,842 2,591 2,279 
Policy loans484 492 499 
Other invested assets 1,968 1,326 1,347 
Short-term investments and cash equivalents958 1,171 954 
Gross investment income22,948 21,345 19,066 
Less: investment expenses(1,475)(1,436)(1,201)
Net investment income$21,473 $19,909 $17,865 
__________
(1)Includes income on credit-linked notes which are reported on the same financial statement line as related surplus notes, as conditions are met for right to offset.
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 millions)
Fixed maturities(1)$(900)$(3,272)$(1,311)
Commercial mortgage and other loans(151)(236)(255)
Investment real estate(10)0 45 
LPs/LLCs25 57 72 
Derivatives(2,513)678 (2,234)
Ceded income (loss) on modified coinsurance assets(2)(3)(597)(654)54 
Other(2)
14 (2)14 
Realized investment gains (losses), net$(4,132)$(3,429)$(3,615)
__________
(1)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 Investment
The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:
 
December 31,
202520242023
 (in millions)
Fixed maturity securities, available-for-sale with an allowance
$(4)$6 $(72)
Fixed maturity securities, available-for-sale without an allowance
(26,354)(29,109)(18,045)
Derivatives designated as cash flow hedges(1)
(231)1,780 869 
Derivatives designated as fair value hedges(1)
(123)(64)(60)
Other investments(2)
67 106 57 
Net unrealized gains (losses) on investments
$(26,645)$(27,281)$(17,251)
__________
(1)For additional information regarding cash flow and fair value 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 “Securities sold under agreements to repurchase,” 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 Days30 to 90 DaysTotal  Overnight & ContinuousUp to 30 Days30 to 90 DaysTotal
(in millions)
U.S. Treasury securities and obligations of U.S. government authorities and agencies$7,277 $1,701 $0 $8,978 $6,450 $0 $0 $6,450 
U.S. public corporate securities
0 527 0 527 0 327 0 327 
Foreign public corporate securities
0 18 0 18 0 19 0 19 
Commercial mortgage-backed securities75 0 0 75 0 0 0 0 
Total securities sold under agreements to repurchase
$7,352 $2,246 $0 $9,598 $6,450 $346 $0 $6,796 

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 DaysTotal  Overnight & ContinuousUp to 30 DaysTotal
(in millions)
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $0 $0 $1 $0 $1 
Obligations of U.S. states and their political subdivisions45 0 45 46 0 46 
Foreign government securities
226 0 226 122 6 128 
U.S. public corporate securities7,068 152 7,220 7,506 403 7,909 
Foreign public corporate securities1,157 16 1,173 1,181 118 1,299 
Equity securities36 0 36 238 0 238 
Total cash collateral for loaned securities(1)
$8,532 $168 $8,700 $9,094 $527 $9,621 
__________ 
(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, as of the dates indicated:
December 31,
20252024
 (in millions)
Fixed maturities, available-for-sale
$30,047 $22,891 
Fixed maturities, trading231 201 
Separate account assets275 442 
Equity securities244 476 
Short-term investments0 351 
Other319 357 
Total securities pledged(1)
$31,116 $24,718 
__________
(1)These assets are reported on the Company's Consolidated Statements of Financial Position.

The following table sets forth the carrying amount of the associated liabilities supported by the pledged collateral, as of the dates indicated:
December 31,
20252024
 (in millions)
Securities sold under agreements to repurchase$9,598 $6,796 
Cash collateral for loaned securities8,700 9,621 
Policyholders’ account balances(1)
2,501 2,501 
Separate account liabilities284 454 
Short-term debt0 1 
Long-term debt184 99 
Other liabilities(2)
6,215 4,762 
Total liabilities supported by the pledged collateral$27,482 $24,234 
__________
(1)Includes funding agreements issued to the Federal Home Loan Bank of New York.
(2)Primarily includes liabilities associated with derivative counterparties.
The following table provides assets on deposit, assets held in trust, and securities restricted as to sale, as of the dates indicated:

December 31,
20252024
 (in millions)
Assets on deposit with governmental authorities or trustees$11 $10 
Assets held in voluntary trusts(1)548 533 
Assets held in trust related to reinsurance and other agreements(2)13,564 13,236 
Securities restricted as to sale(3)141 142 
Total assets on deposit, assets held in trust and securities restricted as to sale$14,264 $13,921 
    
__________
(1)Represents assets held in voluntary trusts established primarily to fund guaranteed dividends to certain policyholders and to fund certain employee benefits.
(2)Represents assets held in trust related to reinsurance agreements excluding reinsurance agreements between wholly-owned subsidiaries. Assets valued at $15.0 billion and $16.0 billion were held in trust related to reinsurance agreements between wholly-owned subsidiaries as of December 31, 2025 and 2024, respectively.
(3)Includes member and activity stock associated with membership in the Federal Home Loan Bank of New York.
v3.25.4
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. The liabilities primarily comprise obligations under debt instruments issued by the VIEs. The creditors of these VIEs do not have recourse to the Company in excess of the assets contained within the VIEs.
 

Consolidated VIEs for which
the Company is the
Investment Manager(1)
Other Consolidated VIEs
 December 31,December 31,
 2025202420252024
 (in millions)
Fixed maturities, available-for-sale$1,870 $1,250 $663 $716 
Fixed maturities, trading442 166 0 0 
Equity securities106 80 0 0 
Commercial mortgage and other loans583 681 244 490 
Other invested assets8,227 6,379 477 500 
Cash and cash equivalents654 308 0 0 
Accrued investment income12 6 1 3 
Other assets1,594 644 716 613 
Total assets of consolidated VIEs$13,488 $9,514 $2,101 $2,322 
Other liabilities$603 $218 $3 $1 
Notes issued by consolidated VIEs(2)2,644 1,392 15 38 
Total liabilities of consolidated VIEs$3,247 $1,610 $18 $39 
__________
(1)Total assets of consolidated VIEs reflect $4,801 million and $3,835 million as of December 31, 2025 and 2024, respectively, related to VIEs whose beneficial interests are wholly-owned by consolidated subsidiaries.
(2)Recourse is limited to the assets of the respective VIE and does not extend to the general credit of the Company. As of December 31, 2025, the maturities of these obligations were between 0 and 14 years.
v3.25.4
Derivative Instruments (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 they are utilized to manage, excluding embedded derivatives. 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. These netting impacts resulted in total derivative assets of $1,671 million and $1,601 million as of December 31, 2025 and 2024, respectively, and total derivative liabilities of $6,215 million and $4,751 million as of December 31, 2025 and 2024, respectively, reflected in the Consolidated Statements of Financial Position.
 December 31, 2025December 31, 2024
Primary Underlying Risk / Instrument TypeFair ValueFair Value
Gross NotionalAssetsLiabilitiesGross NotionalAssetsLiabilities
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$5,083 $23 $(344)$4,260 $11 $(404)
Interest Rate Forwards10 0 0 10 0 0 
Foreign Currency
Foreign Currency Forwards4,912 28 (208)4,771 92 (197)
Currency/Interest Rate
Foreign Currency Swaps33,823 1,286 (1,440)31,301 2,652 (368)
Total Derivatives Designated as Hedge
Accounting Instruments		$43,828 $1,337 $(1,992)$40,342 $2,755 $(969)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$244,336 $10,825 $(23,617)$228,392 $11,272 $(24,802)
Interest Rate Futures12,079 7 (22)9,773 6 (21)
Interest Rate Options30,025 134 (1,382)34,005 430 (1,583)
Interest Rate Forwards3,658 11 (7)2,544 9 (80)
Interest Rate Total Return Swaps
1,434 217 (221)485 4 (2)
Foreign Currency
Foreign Currency Forwards34,149 1,356 (1,383)27,819 1,625 (1,181)
Currency/Interest Rate
Foreign Currency Swaps7,318 370 (179)7,525 658 (129)
Credit
Credit Default Swaps5,784 112 0 4,027 90 0 
Equity
Equity Futures1,033 3 (6)2,019 6 (7)
Equity Options200,661 10,378 (9,189)104,438 4,507 (3,790)
Equity Total Return Swaps
14,973 1,366 (1,159)9,796 331 (327)
Other
Other(1)1,250 0 0 1,250 0 0 
Synthetic GICs75,883 0 0 76,416 1 (1)
Total Derivatives Not Qualifying as Hedge
Accounting Instruments		$632,583 $24,779 $(37,165)$508,489 $18,939 $(31,923)
Total Derivatives(2)(3)$676,411 $26,116 $(39,157)$548,831 $21,694 $(32,892)
__________
(1)“Other” primarily includes derivative contracts used to improve the balance of the Company’s tail longevity and mortality risk. Under these contracts, the Company’s gains (losses) are capped at the notional amount.
(2)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $18,404 million (including the Prismic funds withheld-related embedded derivative net liability of $194 million) and $11,783 million (including the Prismic funds withheld-related embedded derivative net liability of $(91) million) as of December 31, 2025, and 2024, respectively, primarily included in “Policyholders’ account balances” and “Reinsurance and funds withheld payables.”
(3)Recorded in “Other invested assets” and “Other liabilities” on the Consolidated Statements of Financial Position.
Schedule of financial instruments in a fair value hedge accounting relationship
As of December 31, 2025, the following amounts were recorded on the Consolidated Statements of Financial Position related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges:
December 31, 2025December 31, 2024
Balance Sheet Line Item in which Hedged Item is RecordedCarrying Amount of the Hedged Assets (Liabilities)Cumulative Amount of
Fair Value Hedging Adjustment Included in the
Carrying Amount of the Hedged
Assets (Liabilities)(1)		Carrying Amount of the Hedged Assets (Liabilities)Cumulative Amount of
Fair Value Hedging Adjustment Included in the
Carrying Amount of the Hedged
Assets (Liabilities)(1)
(in millions)
Fixed maturities, available-for-sale, at fair value$594 $11 $216 $11 
Policyholders’ account balances$(1,588)$299 $(1,510)$327 
Future policy benefits$(2,405)$300 $(2,280)$423 
__________
(1)There were no material fair value hedging adjustments for hedged assets and liabilities for which hedge accounting has been discontinued.
Offsetting Assets
The following tables present recognized derivative instruments (excluding embedded derivatives), 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
Statements of
Financial
Position		Net Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in millions)
Offsetting of Financial Assets:
Derivatives$25,990 $(24,445)$1,545 $(637)$908 
Securities purchased under agreement to resell0 0 0 0 0 
Total Assets$25,990 $(24,445)$1,545 $(637)$908 
Offsetting of Financial Liabilities:
Derivatives$39,157 $(32,942)$6,215 $(6,011)$204 
Securities sold under agreement to repurchase9,598 0 9,598 (9,523)75 
Total Liabilities$48,755 $(32,942)$15,813 $(15,534)$279 
 
 December 31, 2024
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Statements of
Financial
Position		Net Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in millions)
Offsetting of Financial Assets:
Derivatives$21,574 $(20,093)$1,481 $(696)$785 
Securities purchased under agreement to resell277 0 277 (277)0 
Total Assets$21,851 $(20,093)$1,758 $(973)$785 
Offsetting of Financial Liabilities:
Derivatives$32,891 $(28,141)$4,750 $(4,403)$347 
Securities sold under agreement to repurchase6,796 0 6,796 (6,796)0 
Total Liabilities$39,687 $(28,141)$11,546 $(11,199)$347 
__________
(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
Offsetting Liabilities
The following tables present recognized derivative instruments (excluding embedded derivatives), 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
Statements of
Financial
Position		Net Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in millions)
Offsetting of Financial Assets:
Derivatives$25,990 $(24,445)$1,545 $(637)$908 
Securities purchased under agreement to resell0 0 0 0 0 
Total Assets$25,990 $(24,445)$1,545 $(637)$908 
Offsetting of Financial Liabilities:
Derivatives$39,157 $(32,942)$6,215 $(6,011)$204 
Securities sold under agreement to repurchase9,598 0 9,598 (9,523)75 
Total Liabilities$48,755 $(32,942)$15,813 $(15,534)$279 
 
 December 31, 2024
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Statements of
Financial
Position		Net Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in millions)
Offsetting of Financial Assets:
Derivatives$21,574 $(20,093)$1,481 $(696)$785 
Securities purchased under agreement to resell277 0 277 (277)0 
Total Assets$21,851 $(20,093)$1,758 $(973)$785 
Offsetting of Financial Liabilities:
Derivatives$32,891 $(28,141)$4,750 $(4,403)$347 
Securities sold under agreement to repurchase6,796 0 6,796 (6,796)0 
Total Liabilities$39,687 $(28,141)$11,546 $(11,199)$347 
__________
(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, including the offset of the hedged item in fair value hedge relationships.

 Year Ended December 31, 2025
 
Realized
Investment
Gains
(Losses)
Change in Value of MRBs, Net of Related Hedging Gains (Losses)
Net
Investment
Income		Other
Income (Loss)		Interest
Expense		Interest
Credited to
Policyholders’
Account
Balances		Policyholders’ BenefitsChange in AOCI(1)
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Gains (losses) on derivatives designated as hedge instruments:
Interest Rate$(5)$0 $1 $0 $0 $20 $(1)$0 
Currency0 0 0 0 0 0 128 0 
Total gains (losses) on derivatives designated as hedge instruments(5)0 1 0 0 20 127 0 
Gains (losses) on the hedged item:
Interest Rate2 0 21 0 0 (28)(5)0 
Currency0 0 0 0 0 0 (127)0 
Total gains (losses) on hedged item2 0 21 0 0 (28)(132)0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (14)(59)
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (14)(59)
Total gains (losses) on fair value hedges net of hedged item(3)0 22 0 0 (8)(19)(59)
Cash flow hedges
Interest Rate0 0 (13)0 0 0 0 9 
Currency0 0 0 0 0 0 0 (107)
Currency/Interest Rate7 0 346 (460)0 0 0 (1,913)
Total gains (losses) on cash flow hedges7 0 333 (460)0 0 0 (2,011)
Net investment hedges
Currency0 0 0 0 0 0 0 (47)
Currency/Interest Rate0 0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 0 (47)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(47)(810)0 0 0 0 0 0 
Currency(684)0 0 (1)0 0 0 0 
Currency/Interest Rate(267)0 0 (7)0 0 0 0 
Credit96 0 0 0 0 0 0 0 
Equity3,441 (835)0 0 0 0 0 0 
Embedded Derivatives (2)
(4,834)0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments(2,295)(1,645)0 (8)0 0 0 0 
Total$(2,291)$(1,645)$355 $(468)$0 $(8)$(19)$(2,117)
 Year Ended December 31, 2024
 Realized
Investment
Gains
(Losses)
Change in Value of MRBs, Net of Related Hedging Gains (Losses)
Net
Investment
Income		Other
Income (Loss)		Interest
Expense		Interest
Credited to
Policyholders’
Account
Balances		Policyholders’ BenefitsChange in AOCI(1)
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Gains (losses) on derivatives designated as hedge instruments:
Interest Rate$8 $0 $0 $0 $0 $(119)$(125)$0 
Currency0 0 0 0 0 0 (31)0 
Total gains (losses) on derivatives designated as hedge instruments8 0 0 0 0 (119)(156)0 
Gains (losses) on the hedged item:
Interest Rate(8)0 12 0 0 109 95 0 
Currency0 0 0 0 0 0 31 0 
Total gains (losses) on hedged item(8)0 12 0 0 109 126 0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (10)(4)
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (10)(4)
Total gains (losses) on fair value hedges net of hedged item0 0 12 0 0 (10)(40)(4)
Cash flow hedges
Interest Rate(15)0 (16)0 0 0 0 2 
Currency0 0 0 0 0 0 0 52 
Currency/Interest Rate78 0 328 207 0 0 0 857 
Total gains (losses) on cash flow hedges63 0 312 207 0 0 0 911 
Net investment hedges
Currency0 0 0 0 0 0 0 27 
Currency/Interest Rate0 0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 0 27 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(1,554)(2,313)0 0 0 0 0 0 
Currency263 0 0 0 0 0 0 0 
Currency/Interest Rate292 0 0 2 0 0 0 0 
Credit109 0 0 0 0 0 0 0 
Equity3,257 (852)0 0 0 0 0 0 
Embedded Derivatives (2)
(1,752)0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments615 (3,165)0 2 0 0 0 0 
Total$678 $(3,165)$324 $209 $0 $(10)$(40)$934 
 
Year Ended December 31, 2023
 Realized
Investment
Gains
(Losses)
Change in Value of MRBs, Net of Related Hedging Gains (Losses)
Net
Investment
Income		Other
Income (Loss)		Interest
Expense		Interest
Credited to
Policyholders’
Account
Balances		Policyholders’ BenefitsChange in AOCI(1)
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Gains (losses) on derivatives designated as hedge instruments:
Interest Rate$2 $0 $0 $0 $0 $(31)$(39)$0 
Currency(1)0 (1)0 0 0 104 0 
Total gains (losses) on derivatives designated as hedge instruments1 0 (1)0 0 (31)65 0 
Gains (losses) on the hedged item:
Interest Rate(2)0 13 0 0 2 10 0 
Currency1 0 1 0 0 0 (102)0 
Total gains (losses) on hedged item(1)0 14 0 0 2 (92)0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (8)(6)
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (8)(6)
Total gains (losses) on fair value hedges net of hedged item0 0 13 0 0 (29)(35)(6)
Cash flow hedges
Interest Rate(21)0 (16)0 0 0 0 23 
Currency8 0 0 0 0 0 0 (122)
Currency/Interest Rate74 0 315 (189)0 0 0 (1,648)
Total gains (losses) on cash flow hedges61 0 299 (189)0 0 0 (1,747)
Net investment hedges
Currency0 0 0 0 0 0 0 12 
Currency/Interest Rate0 0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 0 12 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(285)(1,657)0 0 0 0 0 0 
Currency(567)0 0 3 0 0 0 0 
Currency/Interest Rate(211)0 0 (3)0 0 0 0 
Credit164 0 0 0 0 0 0 0 
Equity1,751 (929)0 0 0 0 0 0 
Embedded Derivatives (2)
(3,133)0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments(2,281)(2,586)0 0 0 0 0 0 
Total$(2,220)$(2,586)$312 $(189)$0 $(29)$(35)$(1,741)
Excludes changes related to net investment hedges using non-derivative instruments of $(3) million, $78 million, and $28 million for the years ended December 31, 2025, 2024, and 2023, respectively.
(2)Includes the Prismic funds withheld-related embedded derivative realized gain (loss) of $(284) million, $598 million, and $(508) million for the years ended December 31, 2025, 2024, and 2023 respectively.
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 millions)
Balance, December 31, 2022$2,616 
Amount recorded in AOCI
Interest Rate
(15)
Currency
(108)
Currency/Interest Rate
(1,448)
Total amount recorded in AOCI(1,571)
Amount reclassified from AOCI to income
Interest Rate
38 
Currency
(14)
Currency/Interest Rate
(200)
Total amount reclassified from AOCI to income(176)
Balance, December 31, 2023$869 
Amount recorded in AOCI
Interest Rate
(28)
Currency
55 
Currency/Interest Rate
1,469 
Total amount recorded in AOCI1,496 
Amount reclassified from AOCI to income
Interest Rate
30 
Currency
(3)
Currency/Interest Rate
(612)
Total amount reclassified from AOCI to income(585)
Balance, December 31, 2024$1,780 
Amount recorded in AOCI
Interest Rate
(4)
Currency
(115)
Currency/Interest Rate
(2,020)
Total amount recorded in AOCI(2,139)
Amount reclassified from AOCI to income
Interest Rate
13 
Currency
8 
Currency/Interest Rate
107 
Total amount reclassified from AOCI to income128 
Balance, December 31, 2025$(231)
Disclosure of Credit Derivatives
The following tables provide a summary of the notional and fair value of written credit protection, presented as assets (liabilities). The Company’s maximum amount at risk under these credit derivatives, assuming the value of the underlying referenced securities become worthless, is equal to the notional amounts. These credit derivatives have maturities of less than 10 years for index reference.

December 31, 2025
NAIC Rating Designation of Underlying Credit Obligation(1)
NAIC 1NAIC 2NAIC 3NAIC 4NAIC 5
NAIC 6(2)
Total
Gross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair Value
(in millions)
Single name reference(3)
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Index reference(3)
0 0 0 0 5,043 61 0 0 0 0 741 51 5,784 112 
Total$0 $0 $0 $0 $5,043 $61 $0 $0 $0 $0 $741 $51 $5,784 $112 

December 31, 2024
NAIC Rating Designation of Underlying Credit Obligation(1)
NAIC 1NAIC 2NAIC 3NAIC 4NAIC 5
NAIC 6(2)
Total
Gross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair Value
(in millions)
Single name reference(3)
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Index reference(3)
0 0 0 0 3,365 40 0 0 0 0 662 50 4,027 90 
Total$0 $0 $0 $0 $3,365 $40 $0 $0 $0 $0 $662 $50 $4,027 $90 
__________
(1)The NAIC rating designations are based on availability and the lowest ratings among “Moody's, Standard & Poor’s Rating Services (“S&P”) and Fitch Ratings Inc. (“Fitch”). If no rating is available from a rating agency, an NAIC 6 rating is used.
(2)The NAIC rating designation is due to approximately 3% and 4% of the index reference name rated as NAIC 6 as of December 31, 2025, and 2024, respectively.
(3)Single name credit default swaps may make reference to the credit of corporate debt, sovereign debt, and structured finance. Index reference NAIC designations are based on the lowest rated single name reference included in the index.
v3.25.4
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 3
Netting(1)
Total
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $22,179 $0 $$22,179 
Obligations of U.S. states and their political subdivisions0 5,460 5 5,465 
Foreign government securities0 50,609 5 50,614 
U.S. corporate public securities0 107,718 63 107,781 
U.S. corporate private securities(2)
0 42,007 5,094 47,101 
Foreign corporate public securities0 23,661 42 23,703 
Foreign corporate private securities0 38,425 1,734 40,159 
Asset-backed securities(3)
0 15,227 4,102 19,329 
Commercial mortgage-backed securities0 8,890 853 9,743 
Residential mortgage-backed securities0 5,281 100 5,381 
Subtotal0 319,457 11,998 331,455 
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies0 245 0 245 
Foreign government securities
0 596 0 596 
Corporate securities0 55 0 55 
Equity securities
2,225 1,721 0 3,946 
Subtotal2,225 2,617 0 4,842 
Market risk benefit assets0 0 2,330 2,330 
Fixed maturities, trading0 12,556 2,313 14,869 
Equity securities
8,052 2,294 626 10,972 
Commercial mortgage and other loans0 793 263 1,056 
Other invested assets(4)
301 25,816 1,088 (24,445)2,760 
Short-term investments116 5,664 1 5,781 
Cash equivalents1,466 11,372 0 12,838 
Reinsurance recoverables and deposit receivables
0 206 367 573 
Separate account assets(5)(6)
9,419 159,115 211 168,745 
Total assets$21,579 $539,890 $19,197 $(24,445)$556,221 
Market risk benefit liabilities$0 $0 $4,623 $$4,623 
Policyholders’ account balances0 0 18,799 18,799 
Reinsurance and funds withheld payables
0 174 0 174 
Other liabilities280 38,877 0 (32,942)6,215 
Notes issued by consolidated VIEs0 0 767 

767 
Total liabilities$280 $39,051 $24,189 $(32,942)$30,578 
 December 31, 2024
 Level 1Level 2Level 3
Netting(1)
Total
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $20,348 $0 $$20,348 
Obligations of U.S. states and their political subdivisions0 6,098 6 6,104 
Foreign government securities0 57,472 7 57,479 
U.S. corporate public securities0 98,442 66 98,508 
U.S. corporate private securities(2)
0 39,848 3,941 43,789 
Foreign corporate public securities0 21,946 36 21,982 
Foreign corporate private securities0 32,675 1,788 34,463 
Asset-backed securities(3)
0 15,654 1,480 17,134 
Commercial mortgage-backed securities0 8,420 853 9,273 
Residential mortgage-backed securities0 2,490 0 2,490 
Subtotal0 303,393 8,177 311,570 
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies0 220 0 220 
Foreign government securities
0 539 0 539 
Corporate securities0 67 0 67 
Equity securities1,522 1,359 0 2,881 
Subtotal1,522 2,185 0 3,707 
Market risk benefit assets0 0 2,331 2,331 
Fixed maturities, trading0 10,544 1,986 12,530 
Equity securities
7,154 1,745 518 9,417 
Commercial mortgage and other loans0 469 233 702 
Other invested assets(4)
10 21,683 953 (20,093)2,553 
Short-term investments1,896 6,238 461 8,595 
Cash equivalents326 10,365 0 10,691 
Reinsurance recoverables and deposit receivables0 236 613 849 
Separate account assets(5)(6)
8,441 157,999 232 166,672 
Total assets$19,349 $514,857 $15,504 $(20,093)$529,617 
Market risk benefit liabilities$0 $0 $4,455 $$4,455 
Policyholders’ account balances0 0 12,746 12,746 
Reinsurance and funds withheld payables
0 (118)0 (118)
Other liabilities
28 32,863 1 (28,141)4,751 
Notes issued by consolidated VIEs0 0 60 60 
Total liabilities$28 $32,745 $17,262 $(28,141)$21,894 
__________
(1)“Netting” amounts represent cash collateral of $(8,496) million and $(8,049) 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)Excludes notes with fair value of $15,744 million (carrying amount of $15,744 million) and $14,748 million (carrying amount of $14,748 million) as of December 31, 2025 and 2024, respectively, which have been offset with the associated debt under a netting agreement.
(3)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans, education loans and other asset types.
(4)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. As of December 31, 2025 and 2024, the fair value of such investments was $5,526 million and $5,021 million, respectively.
(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 other invested assets. As of December 31, 2025 and 2024, the fair value of such investments was $27,506 million and $26,700 million, respectively.
(6)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.
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 ValueValuation
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of
Increase in
Input on
Fair
Value(1)
 (in millions)
Assets:
Corporate securities(2)(3)$7,702 Discounted
cash flow		Discount rate1.10%25.50%8.47%Decrease
Market comparablesEBITDA multiple(4)5.5X8.5X7.5XIncrease
LiquidationLiquidation value12.01%39.00%30.18%Increase
Asset backed securities
$1,767 Discounted
cash flow		Discount rate2.10%10.05%6.10%
Decrease
Liquidity premium1.50%2.60%1.89%Decrease
Commercial mortgage-backed securities$853 Discounted
cash flow		Liquidity premium0.90%0.90%0.90%Decrease
Market risk benefit assets(6)
$2,330 Discounted cash flow
Lapse rate(8)
1%20%Increase
Spread over SOFR(9)
0.38%1.61%Increase
Utilization rate(10)
37%94%Decrease
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)
0%16%Increase
Equity volatility curve15%25%Decrease
Equity securities$214 Discounted
cash flow(5)
Discount rate(5)
40%40%Decrease
Market comparables
EBITDA multiple(4)
7.0X7.0X7.0XIncrease
Net Asset ValueShare price$3$1,809$778Increase
Commercial mortgage and other loans$263 Discounted
cash flow		Spread2.15%3.10%2.63%Decrease
Reinsurance recoverables and deposit receivables
$367 Discounted cash flow
Lapse rate(8)
1%50%Increase
Spread over SOFR(9)0.38%1.61%Increase
Option Budget(13)
0%6%Decrease
Liabilities:
Market risk benefit liabilities(6)
$4,623 Discounted
cash flow
Lapse rate(8)
1%20%Decrease
Spread over SOFR(9)
0.38%1.61%Decrease
Utilization rate(10)
37%94%Increase
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)
0%16%Decrease
   Equity volatility curve15%25% Increase
Policyholders’ account balances(7)
$18,716 Discounted
cash flow
Lapse rate(8)
0%80%Decrease
Spread over SOFR(9)
0.38%1.61%Decrease
Mortality rate(12)
0%23%Decrease
Option Budget(13)
(2)%9%Increase
Notes issued by consolidated VIEs$382 LiquidationLiquidation value100.00%100.00%100.00%Increase
 December 31, 2024

Fair ValueValuation
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of
Increase in
Input on
Fair
Value(1)
 (in millions)
Assets:
Corporate securities(2)(3)$6,763 Discounted
cash flow		Discount rate0.95%20.00%10.36%Decrease
Market comparables
EBITDA multiple(4)
3.0X8.8X7.6XIncrease
LiquidationLiquidation value75.00%75.00%75.00%Increase
Asset backed securities$529 Discounted
cash flow		Discount rate2.30%10.70%6.08%Decrease
Commercial mortgage-backed securities$853 Discounted
cash flow		Liquidity premium1.00%1.00%1.00%Decrease
Market risk benefit assets(6)
$2,331 
Discounted cash flow
Lapse rate(8)
1%20%Increase
Spread over SOFR(9)
0.29%1.71%Increase
Utilization rate(10)
37%94%Decrease
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)
0%16%Increase
Equity volatility curve16%25%Decrease
Equity securities$209 
Discounted
cash flow
Discount rate(5)
0.16%40%Decrease
Market comparables
EBITDA multiple(4)
5.5X12.2X6.0XIncrease
Net Asset ValueShare price$3$1,810$779Increase
Reinsurance recoverables and deposit receivables$613 Discounted cash flowLapse rate(8)1%50%Increase
Spread over SOFR(9)0.29%1.71%Increase
Option Budget(13)0%6%Decrease
Liabilities:
Market risk benefit liabilities(6)
$4,455 
Discounted
cash flow
Lapse rate(8)
1%20%Decrease
Spread over SOFR(9)
0.29%1.71%Decrease
Utilization rate(10)
37%94%Increase
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)
0%16%Decrease
   Equity volatility curve16%25% Increase
Policyholders’ account balances(7)
$12,741 
Discounted
cash flow
Lapse rate(8)
0%80%Decrease
Spread over SOFR(9)
0.29%1.73%Decrease
Mortality rate(12)
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)Includes assets classified as fixed maturities available-for-sale, assets supporting experience-rated contractholder liabilities and fixed maturities, trading.
(3)Excludes notes which have been offset with the associated debt under a netting agreement.
(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)For these investments, a range of discount rates is typically used and is therefore a more meaningful representation of the unobservable inputs used in the valuation rather than a weighted average.
(6)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.
(7)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.
(8)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.
(9)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 15 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.
(10)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.
(11)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%.
(12)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.
(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 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 period
Unrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$6 $0 $0 $0 $0 $(1)$0 $0 $0 $5 $0 
Foreign government7 0 0 0 0 (2)0 0 0 5 0 
Corporate securities(3)5,831 (131)2,682 (547)0 (1,210)(42)413 (63)6,933 (165)
Structured securities(4)2,333 44 2,902 (169)0 (513)(174)1,220 (588)5,055 50 
Other assets:
Fixed maturities, trading1,986 (54)1,725 (324)0 (542)181 30 (689)2,313 (86)
Equity securities518 5 246 (82)0 (3)(8)131 (181)626 (7)
Commercial mortgage and other loans
233 (1)0 0 31 0 0 0 0 263 0 
Other invested assets953 (14)196 (46)0 (2)1 0 0 1,088 (15)
Short-term investments461 (1)39 (453)0 (62)(5)22 0 1 0 
Cash equivalents0 0 12 0 0 (10)(2)0 0 0 0 
Reinsurance recoverables and deposit receivables613 (29)94 0 0 (75)(236)0 0 367 (104)
Other assets0 0 0 0 0 0 0 0 0 0 0 
Separate account assets
232 20 99 (51)0 (68)0 4 (25)211 13 
Liabilities:
Policyholders’ account balances(5)
(12,746)(4,475)0 0 (1,570)0 (8)0 0 (18,799)616 
Other liabilities(1)1 0 0 0 0 0 0 0 0 1 
Notes issued by consolidated VIEs(60)5 0 0 (507)193 (398)0 0 (767)2 
 Year Ended December 31, 2025
Total realized and unrealized gains (losses)
Unrealized gains (losses) for assets and liabilities still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (loss)
Net investment incomeRealized investment gains (losses), netOther income
(loss)		Interest credited to policyholders’ account balances
Included in other comprehensive income (loss)
(in millions)
Fixed maturities, available-for-sale$(162)$0 $0 $80 $(5)$(190)$0 $0 $75 
Other assets:
Fixed maturities, trading0 (54)0 0 0 0 (86)0 0 
Equity securities0 5 0 0 0 0 (7)0 0 
Commercial mortgage and other loans
(1)0 0 0 0 0 0 0 0 
Other invested assets(1)(14)0 0 1 (1)(14)0 0 
Short-term investments0 0 0 (1)0 0 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables(29)0 0 0 0 (104)0 0 0 
Other assets0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 20 0 0 0 0 13 0 
Liabilities:
Policyholders’ account balances(4,475)0 0 0 0 616 0 0 0 
Other liabilities1 0 0 0 0 1 0 0 0 
Notes issued by consolidated VIEs0 5 0 0 0 0 2 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 period
Unrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$7 $0 $0 $0 $0 $0 $(1)$0 $0 $6 $(1)
Foreign government8 0 0 0 0 (1)0 0 0 7 0 
Corporate securities(3)4,806 (253)2,181 (145)0 (806)(144)250 (58)5,831 (227)
Structured securities(4)1,297 5 2,764 (244)0 (125)(494)67 (937)2,333 (2)
Other assets:
Fixed maturities, trading429 (67)1,826 (56)0 (218)1 466 (395)1,986 (64)
Equity securities512 (22)153 (55)0 (67)5 2 (10)518 (6)
Commercial mortgage and other loans
0 0 0 0 210 0 23 0 0 233 0 
Other invested assets846 (85)175 (2)0 0 19 0 0 953 (85)
Short-term investments29 0 488 (25)0 (6)(25)0 0 461 1 
Cash equivalents4 0 5 0 0 0 (9)0 0 0 0 
Reinsurance recoverables and deposit receivables224 144 223 0 0 (66)88 0 0 613 78 
Other assets
11 0 8 0 0 0 (19)0 0 0 0 
Separate account assets
1,094 (61)322 (1,061)0 (14)0 12 (60)232 (24)
Liabilities:
Policyholders’ account balances(5)(7,752)(2,785)0 0 (2,254)0 45 0 0 (12,746)1,165 
Other liabilities(1)0 0 0 0 0 0 0 0 (1)0 
Notes issued by consolidated VIEs(778)(5)0 0 (60)0 783 0 0 (60)0 
 Year Ended December 31, 2024
Total realized and unrealized gains (losses)
Unrealized gains (losses) for assets and liabilities still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (loss)
Net investment incomeRealized investment gains (losses), netOther income
(loss)		Interest credited to policyholders’ account balances
Included in other comprehensive income (loss)
(in millions)
Fixed maturities, available-for-sale$(269)$0 $0 $22 $(1)$(240)$0 $0 $10 
Other assets:
Fixed maturities, trading0 (69)0 0 2 0 (64)0 0 
Equity securities0 (22)0 0 0 0 (6)0 0 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 
Other invested assets(1)(84)0 0 0 (1)(84)0 0 
Short-term investments(1)0 0 0 1 0 0 0 1 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables144 0 0 0 0 78 0 0 0 
Other assets
0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 (61)0 0 0 0 (24)0 
Liabilities:
Policyholders’ account balances(2,785)0 0 0 0 1,165 0 0 0 
Other liabilities0 0 0 0 0 0 0 0 0 
Notes issued by consolidated VIEs0 (5)0 0 0 0 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 balances
Included in other comprehensive income (loss)
Net investment incomeRealized investment gains (losses), netOther income
(loss)		Interest credited to policyholders’ account balances
Included in other comprehensive income (loss)
(in millions)
Fixed maturities, available-for-sale$(25)$0 $0 $(5)$9 $(7)$0 $0 $(30)
Other assets:
Fixed maturities, trading0 9 0 0 2 0 5 0 0 
Equity securities(1)27 0 0 0 0 12 0 0 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 
Other invested assets(4)(34)0 0 0 (4)(34)0 0 
Short-term investments3 0 0 0 2 0 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables(40)0 0 0 0 (63)0 0 0 
Other assets
0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 55 0 0 0 0 42 0 
Liabilities:
Policyholders’ account balances(2,601)0 0 0 0 (322)0 0 0 
Other liabilities
0 0 0 0 0 0 0 0 0 
Notes issued by consolidated VIEs0 9 0 0 0 0 9 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 public, U.S. corporate private, foreign corporate public and foreign corporate private securities.
(4)Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities.
(5)Issuances and settlements for Policyholders’ account balances are presented net in the rollforward.
(6)Excludes MRB assets of $2,330 million and $2,331 million and MRB liabilities of $4,623 million and $4,455 million as of December 31, 2025 and 2024, respectively. See Note 14 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 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 period
Unrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$6 $0 $0 $0 $0 $(1)$0 $0 $0 $5 $0 
Foreign government7 0 0 0 0 (2)0 0 0 5 0 
Corporate securities(3)5,831 (131)2,682 (547)0 (1,210)(42)413 (63)6,933 (165)
Structured securities(4)2,333 44 2,902 (169)0 (513)(174)1,220 (588)5,055 50 
Other assets:
Fixed maturities, trading1,986 (54)1,725 (324)0 (542)181 30 (689)2,313 (86)
Equity securities518 5 246 (82)0 (3)(8)131 (181)626 (7)
Commercial mortgage and other loans
233 (1)0 0 31 0 0 0 0 263 0 
Other invested assets953 (14)196 (46)0 (2)1 0 0 1,088 (15)
Short-term investments461 (1)39 (453)0 (62)(5)22 0 1 0 
Cash equivalents0 0 12 0 0 (10)(2)0 0 0 0 
Reinsurance recoverables and deposit receivables613 (29)94 0 0 (75)(236)0 0 367 (104)
Other assets0 0 0 0 0 0 0 0 0 0 0 
Separate account assets
232 20 99 (51)0 (68)0 4 (25)211 13 
Liabilities:
Policyholders’ account balances(5)
(12,746)(4,475)0 0 (1,570)0 (8)0 0 (18,799)616 
Other liabilities(1)1 0 0 0 0 0 0 0 0 1 
Notes issued by consolidated VIEs(60)5 0 0 (507)193 (398)0 0 (767)2 
 Year Ended December 31, 2025
Total realized and unrealized gains (losses)
Unrealized gains (losses) for assets and liabilities still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (loss)
Net investment incomeRealized investment gains (losses), netOther income
(loss)		Interest credited to policyholders’ account balances
Included in other comprehensive income (loss)
(in millions)
Fixed maturities, available-for-sale$(162)$0 $0 $80 $(5)$(190)$0 $0 $75 
Other assets:
Fixed maturities, trading0 (54)0 0 0 0 (86)0 0 
Equity securities0 5 0 0 0 0 (7)0 0 
Commercial mortgage and other loans
(1)0 0 0 0 0 0 0 0 
Other invested assets(1)(14)0 0 1 (1)(14)0 0 
Short-term investments0 0 0 (1)0 0 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables(29)0 0 0 0 (104)0 0 0 
Other assets0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 20 0 0 0 0 13 0 
Liabilities:
Policyholders’ account balances(4,475)0 0 0 0 616 0 0 0 
Other liabilities1 0 0 0 0 1 0 0 0 
Notes issued by consolidated VIEs0 5 0 0 0 0 2 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 period
Unrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$7 $0 $0 $0 $0 $0 $(1)$0 $0 $6 $(1)
Foreign government8 0 0 0 0 (1)0 0 0 7 0 
Corporate securities(3)4,806 (253)2,181 (145)0 (806)(144)250 (58)5,831 (227)
Structured securities(4)1,297 5 2,764 (244)0 (125)(494)67 (937)2,333 (2)
Other assets:
Fixed maturities, trading429 (67)1,826 (56)0 (218)1 466 (395)1,986 (64)
Equity securities512 (22)153 (55)0 (67)5 2 (10)518 (6)
Commercial mortgage and other loans
0 0 0 0 210 0 23 0 0 233 0 
Other invested assets846 (85)175 (2)0 0 19 0 0 953 (85)
Short-term investments29 0 488 (25)0 (6)(25)0 0 461 1 
Cash equivalents4 0 5 0 0 0 (9)0 0 0 0 
Reinsurance recoverables and deposit receivables224 144 223 0 0 (66)88 0 0 613 78 
Other assets
11 0 8 0 0 0 (19)0 0 0 0 
Separate account assets
1,094 (61)322 (1,061)0 (14)0 12 (60)232 (24)
Liabilities:
Policyholders’ account balances(5)(7,752)(2,785)0 0 (2,254)0 45 0 0 (12,746)1,165 
Other liabilities(1)0 0 0 0 0 0 0 0 (1)0 
Notes issued by consolidated VIEs(778)(5)0 0 (60)0 783 0 0 (60)0 
 Year Ended December 31, 2024
Total realized and unrealized gains (losses)
Unrealized gains (losses) for assets and liabilities still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (loss)
Net investment incomeRealized investment gains (losses), netOther income
(loss)		Interest credited to policyholders’ account balances
Included in other comprehensive income (loss)
(in millions)
Fixed maturities, available-for-sale$(269)$0 $0 $22 $(1)$(240)$0 $0 $10 
Other assets:
Fixed maturities, trading0 (69)0 0 2 0 (64)0 0 
Equity securities0 (22)0 0 0 0 (6)0 0 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 
Other invested assets(1)(84)0 0 0 (1)(84)0 0 
Short-term investments(1)0 0 0 1 0 0 0 1 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables144 0 0 0 0 78 0 0 0 
Other assets
0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 (61)0 0 0 0 (24)0 
Liabilities:
Policyholders’ account balances(2,785)0 0 0 0 1,165 0 0 0 
Other liabilities0 0 0 0 0 0 0 0 0 
Notes issued by consolidated VIEs0 (5)0 0 0 0 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 balances
Included in other comprehensive income (loss)
Net investment incomeRealized investment gains (losses), netOther income
(loss)		Interest credited to policyholders’ account balances
Included in other comprehensive income (loss)
(in millions)
Fixed maturities, available-for-sale$(25)$0 $0 $(5)$9 $(7)$0 $0 $(30)
Other assets:
Fixed maturities, trading0 9 0 0 2 0 5 0 0 
Equity securities(1)27 0 0 0 0 12 0 0 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 
Other invested assets(4)(34)0 0 0 (4)(34)0 0 
Short-term investments3 0 0 0 2 0 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables(40)0 0 0 0 (63)0 0 0 
Other assets
0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 55 0 0 0 0 42 0 
Liabilities:
Policyholders’ account balances(2,601)0 0 0 0 (322)0 0 0 
Other liabilities
0 0 0 0 0 0 0 0 0 
Notes issued by consolidated VIEs0 9 0 0 0 0 9 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 public, U.S. corporate private, foreign corporate public and foreign corporate private securities.
(4)Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities.
(5)Issuances and settlements for Policyholders’ account balances are presented net in the rollforward.
(6)Excludes MRB assets of $2,330 million and $2,331 million and MRB liabilities of $4,623 million and $4,455 million as of December 31, 2025 and 2024, respectively. See Note 14 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 Assets and Liabilities Measured on Recurring Basis, Derivatives
The following tables present the balances of certain derivative assets and liabilities measured at fair value on a recurring basis, as of the dates indicated, by the primary underlying risks they are used to manage. These tables include NPR and exclude embedded derivatives. The derivative assets and liabilities shown below are included in “Other invested assets” or “Other liabilities” in the tables contained within the sections “—Assets and Liabilities by Hierarchy Level” and “—Changes in Level 3 Assets and Liabilities,” above.
 
 As of December 31, 2025
 Level 1Level 2Level 3Netting(1)Total
 (in millions)
Derivative Assets:
Interest Rate$7 $11,210 $0 $$11,217 
Currency0 1,384 0 1,384 
Credit0 112 0 112 
Currency/Interest Rate0 1,656 0 1,656 
Equity293 11,454 0 11,747 
Netting(1)(24,445)(24,445)
Total derivative assets$300 $25,816 $0 $(24,445)$1,671 
Derivative Liabilities:
Interest Rate$22 $25,571 $0 $$25,593 
Currency0 1,591 0 1,591 
Credit0 00 0
Currency/Interest Rate0 1,619 0 1,619 
Equity258 10,096 0 10,354 
Netting(1)(32,942)(32,942)
Total derivative liabilities$280 $38,877 $0 $(32,942)$6,215 
 
 As of December 31, 2024
 Level 1Level 2Level 3Netting(1)Total
 (in millions)
Derivative Assets:
Interest Rate$7 $11,725 $1 $$11,733 
Currency0 1,717 0 1,717 
Credit0 90 0 90 
Currency/Interest Rate0 3,310 0 3,310 
Equity3 4,841 0 4,844 
Netting(1)(20,093)(20,093)
Total derivative assets$10 $21,683 $1 $(20,093)$1,601 
Derivative Liabilities:
Interest Rate$21 $26,871 $1 $$26,893 
Currency0 1,378 0 1,378 
Credit0 0 0 0 
Currency/Interest Rate0 497 0 497 
Equity7 4,117 0 4,124 
Netting(1)(28,141)(28,141)
Total derivative liabilities$28 $32,863 $1 $(28,141)$4,751 
__________
(1)“Netting” amounts represent cash collateral and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.
Fair Value Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation, Derivatives The following tables provide a summary of the changes in fair value of Level 3 derivative 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:
Year Ended December 31, 2025
Fair Value, beginning of periodTotal realized and unrealized gains (losses) (1)PurchasesSalesIssuancesSettlementsOtherTransfers into
Level 3 (2)		Transfers out of Level 3 (2)Fair Value, end of periodUnrealized gains (losses) for assets still held (1)
(in millions)
Net Derivative - Equity$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Net Derivative - Interest Rate0 0 0 0 0 0 0 0 0 0 0 
 
Year Ended December 31, 2024
Fair Value, beginning of periodTotal realized and unrealized gains (losses) (1)PurchasesSalesIssuancesSettlementsOtherTransfers into
Level 3 (2)		Transfers out of Level 3 (2)Fair Value, end of periodUnrealized gains (losses) for assets still held (1)
(in millions)
Net Derivative - Equity$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Net Derivative - Interest Rate0 0 0 0 0 0 0 0 0 0 0 

Year Ended December 31, 2023
Fair Value, beginning of periodTotal realized and unrealized gains (losses) (1)PurchasesSalesIssuancesSettlementsOtherTransfers into
Level 3 (2)		Transfers out of Level 3 (2)Fair Value, end of periodUnrealized gains (losses) for assets still held (1)
(in millions)
Net Derivative - Equity$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Net Derivative - Interest Rate0 0 0 0 0 0 0 0 0 0 0 
__________
(1)Total realized and unrealized gains (losses) as well as unrealized gains (losses) for assets still held at the end of the period are recorded in “Realized investment gains (losses), net.”
(2)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 Measurements, Nonrecurring The estimated fair values for these amounts were determined using significant unobservable inputs (Level 3).
Year Ended December 31,
202520242023
(in millions)
Gains (Losses):
Commercial mortgage loans(1)$0 $0 $(29)
Investment real estate(2)
$(12)$(12)$(17)
Investment in JV/LP and Other(2)
$(70)$(7)$(76)
Equity securities(2)
$56 $0 $0 
Goodwill(3)
$0 $0 $(177)

Year Ended December 31,
20252024
(in millions)
Carrying value after measurement as of period end:
Commercial mortgage loans(1)
$0 $0 
Investment real estate(2)
$45 $73 
Investment in JV/LP and Other2)
$61 $128 
Equity securities(2)
$92 $0 
Goodwill
$0 $0 
__________
(1)Commercial mortgage loans are valued based on discounted cash flows utilizing market rates or the fair value of the underlying real estate collateral.
(2)Reported carrying values for 2025 include values as of the measurement periods of March 31, 2025 for “Investment real estate,” December 31, 2025 for “Investment in JV/LP and Other” and September 30, 2025 and December 31, 2025 for “Equity securities.” Reported carrying values for 2024 include values as of the measurement periods of March 31, 2024 for “Investment in JV/LP and Other” and June 30, 2024 and September 30, 2024 for “Investment real estate.”
(3)The Company recognized a goodwill impairment charge for Assurance IQ (“AIQ”) in 2023. The fair value was determined using weighting of an income approach, based on discounted cash flow valuation techniques and a market valuation approach based on a forward sales multiple.
Fair Value, Option
The following tables present information regarding assets and liabilities where the fair value option has been elected:
 Year Ended December 31,
 202520242023
 (in millions)
Liabilities:
Notes issued by consolidated VIEs:
Changes in fair value$(5)$5 $(9)
 Year Ended December 31,
 202520242023
 (in millions)
Commercial mortgage and other loans:
Interest income$46 $26 $9 
Changes in fair value$(1)$0 $0 
Notes issued by consolidated VIEs:
Interest expense$13 $14 $11 
 
 Year Ended December 31,
 20252024
 (in millions)
Commercial mortgage and other loans(1):
Fair value as of period end$1,056 $702 
Aggregate contractual principal as of period end$1,048 $697 
Other invested assets:
Fair value as of period end$26 $19 
Notes issued by consolidated VIEs:
Fair value as of period end$767 $60 
Aggregate contractual principal as of period end$767 $60 
__________ 
(1)As of December 31, 2025, for loans for which the fair value option has been elected, none of the loans were 90 days or more past due.
Fair Value Disclosure Financial Instruments Not Carried at Fair Value 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 millions)
Assets:
Commercial mortgage and other loans$0 $14 $63,164 $63,178 $63,659 
Policy loans12 0 9,946 9,958 9,958 
Other invested assets0 93 0 93 93 
Short-term investments632 1 0 633 633 
Cash and cash equivalents6,652 222 0 6,874 6,874 
Accrued investment income0 3,636 0 3,636 3,636 
Reinsurance recoverables and deposit receivables
0 8 6,710 6,718 6,718 
Other assets37 3,142 2 3,181 3,181 
Total assets$7,333 $7,116 $79,822 $94,271 $94,752 
Liabilities:
Policyholders’ account balances—investment contracts$0 $35,175 $49,931 $85,106 $89,970 
Securities sold under agreements to repurchase0 9,598 0 9,598 9,598 
Cash collateral for loaned securities0 8,700 0 8,700 8,700 
Reinsurance and funds withheld payables(2)
0 10,639 (32)10,607 10,607 
Short-term debt
0 1,408 33 1,441 1,443 
Long-term debt(3)
7,507 10,324 522 18,353 18,856 
Notes issued by consolidated VIEs
0 0 1,892 1,892 1,892 
Other liabilities0 6,993 31 7,024 7,024 
Separate account liabilities—investment contracts0 22,548 17,663 40,211 40,211 
Total liabilities$7,507 $105,385 $70,040 $182,932 $188,301 
 December 31, 2024
 Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in millions)
Assets:
Commercial mortgage and other loans$0 $17 $58,446 $58,463 $61,639 
Policy loans8 0 9,787 9,795 9,795 
Other invested assets0 95 0 95 95 
Short-term investments453 21 0 474 474 
Cash and cash equivalents7,352 454 0 7,806 7,806 
Accrued investment income0 3,441 0 3,441 3,441 
Reinsurance recoverables and deposit receivables
0 8 5,782 5,790 5,790 
Other assets
23 3,062 1 3,086 3,086 
Total assets$7,836 $7,098 $74,016 $88,950 $92,126 
Liabilities:
Policyholders’ account balances—investment contracts$0 $31,405 $43,466 $74,871 $79,571 
Securities sold under agreements to repurchase0 6,796 0 6,796 6,796 
Cash collateral for loaned securities0 9,621 0 9,621 9,621 
Reinsurance and funds withheld payables(2)
0 10,489 (35)10,454 10,454 
Short-term debt
0 521 439 960 953 
Long-term debt(3)
524 17,185 423 18,132 19,187 
Notes issued by consolidated VIEs
0 0 1,370 1,370 1,370 
Other liabilities
0 6,886 32 6,918 6,918 
Separate account liabilities—investment contracts0 21,144 18,677 39,821 39,821 
Total liabilities$524 $104,047 $64,372 $168,943 $174,691 
__________
(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.
(2)Includes contracts reinsured through coinsurance with funds withheld agreement with Prismic Re with a fair value of $7,513 million (carrying amount of $7,513 million) and $7,887 million (carrying amount of $7,887 million), a portion of which relates to insurance contracts as of December 31, 2025 and December 31, 2024, respectively. See Note 15 for additional information regarding the reinsurance arrangement with Prismic Re.
(3)Excludes debt with fair value of $15,744 million (carrying amount of $15,744 million) and $14,748 million (carrying amount of $14,748 million) as of December 31, 2025 and December 31, 2024, respectively, which have been offset with the associated notes under a netting agreement.
v3.25.4
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,
2025		December 31,
2024
(in millions)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$4,753 $4,674 
Obligations of U.S. states and their political subdivisions
2,514 2,224 
Foreign government bonds
109 93 
U.S. corporate securities
13,783 11,440 
Foreign corporate securities
4,282 3,010 
Asset-backed securities
3,445 1,283 
Mortgage-backed securities
10,154 14,144 
Mutual funds:
Equity
92,137 90,180 
Fixed Income
30,602 33,828 
Other
6,315 5,439 
Equity securities
5,459 4,845 
Commercial mortgage and other loans
53 54 
Other invested assets
19,749 19,352 
Short-term investments
1,276 1,137 
Cash and cash equivalents
1,620 1,669 
Total
$196,251 $193,372 
Separate Account Liability
The balances of and changes in separate account liabilities as of and for the periods ended are as follows:

Year Ended December 31, 2025
Retirement Strategies
PGIM
Institutional
Individual
Group Insurance
Individual Life
Total
(in millions)
Balance, BOP
$28,645 $9,308 $86,974 $25,126 $46,891 $196,944 
Deposits
9,597 397 560 157 4,298 15,009 
Investment performance
1,930 698 9,914 2,359 6,762 21,663 
Policy charges
(64)(11)(1,994)(340)(1,250)(3,659)
Surrenders and withdrawals
(6,871)(604)(14,305)(119)(1,445)(23,344)
Benefit payments
(3,706)(544)(102)(400)(561)(5,313)
Net transfers (to) from general account
(36)(174)8 49 (763)(916)
Other
(217)(93)2 84 140 (84)
Balance, EOP
$29,278 $8,977 $81,057 $26,916 $54,072 $200,300 
Other businesses(1)
(4,049)
Total separate account liabilities
$196,251 
Cash surrender value(2)
$29,278 $8,977 $80,384 $26,828 $52,552 $198,019 
__________
(1)Primarily represents activity from the Company’s intercompany eliminations as well as Divested and Run-off Businesses. There are no associated cash surrender charges.
(2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.

Year Ended December 31, 2024
Retirement Strategies
PGIM
Institutional
Individual
Group Insurance
Individual Life
Total
(in millions)
Balance, BOP
$32,648 $11,011 $94,130 $25,021 $39,223 $202,033 
Deposits
15,374 143 606 734 3,728 20,585 
Investment performance
(45)146 8,722 1,013 7,032 16,868 
Policy charges
(69)(11)(2,231)(317)(1,168)(3,796)
Surrenders and withdrawals
(14,766)(1,050)(14,070)(370)(986)(31,242)
Benefit payments
(3,550)(541)(87)(303)(449)(4,930)
Net transfers (to) from general account
(184)(76)(102)6 (577)(933)
Other
(763)(314)6 (658)88 (1,641)
Balance, EOP
$28,645 $9,308 $86,974 $25,126 $46,891 196,944 
Other businesses(1)
(3,572)
Total separate account liabilities
$193,372 
Cash surrender value(2)
$28,645 $9,308 $86,081 $25,028 $43,333 $192,395 
__________
(1)Primarily represents activity from the Company’s intercompany eliminations as well as Divested and Run-off Businesses. There are no associated cash surrender charges.
(2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.

Year Ended December 31, 2023
Retirement Strategies
PGIM
Institutional
Individual
Group Insurance
Individual Life
Total
(in millions)
Balance, BOP
$40,056 $11,428 $93,395 $23,513 $32,930 $201,322 
Deposits
6,848 259 446 103 2,972 10,628 
Investment performance
(1,045)830 12,598 1,828 6,742 20,953 
Policy charges
(81)(12)(2,316)(337)(1,075)(3,821)
Surrenders and withdrawals
(8,109)(660)(9,891)(52)(765)(19,477)
Benefit payments
(3,477)(562)(95)(290)(342)(4,766)
Net transfers (to) from general account
(501)(74)(17)44 (1,344)(1,892)
Other
(1,043)(198)10 212 105 (914)
Balance, EOP
$32,648 $11,011 $94,130 $25,021 $39,223 202,033 
Other businesses(1)
(3,145)
Total separate account liabilities
$198,888 
Cash surrender value(2)
$32,648 $11,011 $92,927 $24,911 $35,921 $197,418 
__________
(1)Primarily represents activity from the Company’s intercompany eliminations as well as Divested and Run-off Businesses. There are no associated cash surrender charges.
(2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.
v3.25.4
Deferred Policy Acquisition Costs, Deferred Reinsurance, Deferred Sales Inducements and Value of Business Acquired (Tables)
 12 Months Ended
Dec. 31, 2025
Deferred Charges, Insurers [Abstract]  
Schedule Of Deferred Policy Acquisition Costs
The following tables show a rollforward for the lines of business that contain material DAC balances, along with a reconciliation to the Company’s total DAC balance:

Year Ended December 31, 2025
Retirement StrategiesIndividual LifeInternational BusinessesTotal
Individual Variable
Term LifeVariable/
Universal Life
(in millions)
Balance, BOP$3,713 $2,215 $4,878 $9,304 $20,110 
Capitalization531 195 740 1,197 2,663 
Amortization expense(465)(207)(235)(697)(1,604)
Other adjustments(1)17 0 7 (214)(190)
Foreign currency adjustment0 0 0 88 88 
Balance, EOP$3,796 $2,203 $5,390 $9,678 21,067 
Other businesses463 
Total DAC balance$21,530 
__________
(1)Includes the impact of the reinsurance transaction with Prismic Re International in International Businesses. See Note 15 for additional information.

Year Ended December 31, 2024
Retirement StrategiesIndividual LifeInternational Businesses(1)Total
Individual Variable
Term LifeVariable/
Universal Life
(in millions)
Balance, BOP$3,676 $2,237 $5,364 $9,351 $20,628 
Capitalization423 186 734 1,139 2,482 
Amortization expense(386)(208)(241)(670)(1,505)
Other adjustments(2)0 0 (979)(40)(1,019)
Foreign currency adjustment0 0 0 (476)(476)
Balance, EOP$3,713 $2,215 $4,878 $9,304 20,110 
Other businesses338 
Total DAC balance$20,448 
__________
(1)Prior period amounts have been updated to conform to current presentation.
(2)Includes the impacts of the reinsurance transactions with Wilton Re and Somerset Re in Individual Life (Universal Life). See Note 15 for additional information

Year Ended December 31, 2023
Retirement StrategiesIndividual LifeInternational Businesses(1)Total
Individual Variable
Term LifeVariable/
Universal Life
(in millions)
Balance, BOP$4,171 $2,288 $5,000 $8,941 $20,400 
Capitalization261 160 608 1,196 2,225 
Amortization expense(366)(212)(244)(641)(1,463)
Other adjustments(2)
(390)1 0 20 (369)
Foreign currency adjustment0 0 0 (165)(165)
Balance, EOP$3,676 $2,237 $5,364 $9,351 20,628 
Other businesses228 
Total DAC balance$20,856 
__________
(1)Prior period amounts have been updated to conform to current presentation.
(2)Includes the impact of the reinsurance transaction with AuguStar in Individual Retirement Strategies. See Note 15 for additional information.
Deferred Reinsurance Losses
Deferred Reinsurance Losses

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

Year Ended December 31, 2025
Retirement StrategiesIndividual LifeTotal
Individual Variable
Institutional
Variable/
Universal Life
(in millions)
Balance, BOP$150 $130 $969 $1,249 
Amortization
(29)(3)(37)(69)
Balance, EOP$121 $127 $932 1,180 
Other businesses64 
Total DRL balance$1,244 

Year Ended December 31, 2024
Retirement StrategiesIndividual LifeTotal
Individual Variable
Institutional
Variable/
Universal Life
(in millions)
Balance, BOP$178 $132 $0 $310 
Deferred reinsurance loss(1)
0 0 979 979 
Amortization
(28)(2)(10)(40)
Balance, EOP$150 $130 $969 1,249 
Other businesses87 
Total DRL balance
$1,336 
__________
(1)Includes the impacts of the reinsurance transaction with Wilton Re. See Note 15 for additional information.
Year Ended December 31, 2023
Retirement StrategiesIndividual LifeTotal
Individual Variable
Institutional
Variable/
Universal Life
(in millions)
Balance, BOP$206 $0 $0 $206 
Deferred reinsurance loss(1)
0 224 0 224 
Amortization
(28)(1)0 (29)
Other adjustments(1)0 (91)0 (91)
Balance, EOP$178 $132 $0 310 
Other businesses0 
Total DRL balance
$310 
__________
(1)Includes the impacts of the reinsurance transaction with Prismic Re. See Note 15 for additional information.
Deferred Reinsurance Gains
Deferred Reinsurance Gains

The following tables show a rollforward for the lines of business that contain DRG balances, along with a reconciliation to the Company's total DRG balance:

Year Ended December 31, 2025
Retirement StrategiesIndividual LifeTotal
Individual Variable
Institutional
Variable/
Universal Life
(in millions)
Balance, BOP$287 $62 $348 $697 
Deferred reinsurance gain
0 6 0 6 
Amortization
(24)(3)(15)(42)
Foreign currency adjustment0 2 0 2 
Balance, EOP$263 $67 $333 663 
Other businesses40 
Total DRG balance$703 

Year Ended December 31, 2024
Retirement StrategiesIndividual LifeTotal
Individual Variable
Institutional
Variable/
Universal Life
(in millions)
Balance, BOP$311 $65 $0 $376 
Deferred reinsurance gain(1)
0 1 363 364 
Amortization
(24)(3)(15)(42)
Foreign currency adjustment0 (1)0 (1)
Balance, EOP$287 $62 $348 697 
Other businesses42 
Total DRG balance
$739 
__________
(1)Includes the impacts of the reinsurance transaction with Somerset Re. See Note 15 for additional information.
Year Ended December 31, 2023
Retirement StrategiesIndividual LifeTotal
Individual Variable
Institutional
Variable/
Universal Life
(in millions)
Balance, BOP$55 $62 $0 $117 
Deferred reinsurance gain(1)
277 3 0 280 
Amortization
(21)(3)0 (24)
Foreign currency adjustment0 3 0 3 
Balance, EOP$311 $65 $0 376 
Other businesses48 
Total DRG balance
$424 
__________
(1)Includes the impacts of the reinsurance transaction with AuguStar. See Note 15 for additional information.
Deferred Sales Inducements
The following table shows a rollforward of DSI balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material DSI balance, along with a reconciliation to the Company’s total DSI balance:

Year Ended December 31,
202520242023
(in millions)
Balance, BOP
$376 $410 $446 
Capitalization
5 1 2 
Amortization expense
(34)(35)(38)
Balance, EOP
347 376 410 
Other businesses
28 30 33 
Total DSI balance
$375 $406 $443 
Schedule of Value of Business Acquired
The following table shows a rollforward of VOBA balances for the acquisition of the Star and Edison Businesses for International Businesses, along with a reconciliation to the Company’s total VOBA balance:

Year Ended December 31,
202520242023
(in millions)
Balance, BOP
$421 $511 $597 
Amortization expense
(40)(42)(49)
Foreign currency adjustment
3 (48)(37)
Balance, EOP
384 421 511 
Other businesses(1)
13 14 19 
Total VOBA balance
$397 $435 $530 
__________
(1)Represents Aoba Life business.
Estimated Future VOBA Amortization, Net of Interest
The following table provides estimated future amortization for the periods indicated:

20262027202820292030ThereafterTotal
(in millions)
Estimated future VOBA amortization$37 $33 $30 $27 $25 $245 $397 
The following table provides estimated future amortization for the periods indicated:

20262027202820292030
(in millions)
Estimated future amortization expense of other intangibles$69 $62 $56 $40 $32 
v3.25.4
Investments in Operating Joint Ventures (Tables)
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
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 joint ventures and other operating entities that are described in more detail in Note 9. Changes between periods in the tables below reflect changes in the activities within the joint ventures and other operating entities and LPs/LLCs, as well as changes in the Company’s level of investment in such entities:
 
December 31,

20252024
 (in millions)
STATEMENTS OF FINANCIAL POSITION
Total assets(1)$1,056,789 $803,096 
Total liabilities(2)$102,261 $59,358 
Partners’ capital954,528 743,738 
Total liabilities and partners’ capital$1,056,789 $803,096 
Equity in LP/LLC interests included above
$17,131 $16,586 
Equity in LP/LLC interests not included above787 1,003 
Carrying value$17,918 $17,589 
__________
(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, securities repurchase agreements and other miscellaneous liabilities.

Years Ended December 31,

202520242023
 (in millions)
STATEMENTS OF OPERATIONS
Total revenues(1)
$118,643 $86,249 $43,325 
Total expenses(2)(35,549)(22,327)(14,551)
Net earnings (losses)$83,094 $63,922 $28,774 
Equity in net earnings (losses) of LP/LLC interests included above
$1,460 $1,112 $620 
Equity in net earnings (losses) of LP/LLC interests not included above(132)(245)22 
Total equity in net earnings (losses)$1,328 $867 $642 
__________
(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.
The following table sets forth information related to the Company’s investments in joint ventures and other operating entities as of and for the years ended December 31:
 
202520242023(1)
 (in millions)
Investment in joint ventures and other operating entities
$1,030 $782 $1,192 
Dividends received from joint ventures and other operating entities
$107 $95 $66 
After-tax equity in earnings of joint ventures and other operating entities
$129 $144 $49 
__________
(1)In September of 2023, the Company acquired a 20% equity interest as a limited partner in Prismic. See Note 1 for additional information.
v3.25.4
Goodwill and Other Intangibles (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the carrying value of goodwill by reportable segment are as follows:
 
PGIMInternational
Businesses
Corporate and Other
OtherTotal
 (in millions)
Goodwill balance, December 31, 2022:$549 $115 $202 $10 $876 
Acquisitions(1)373 0 0 0 373 
Impairments(2)0 0 (177)0 (177)
Divestitures(3)
0 0 (23)0 (23)
Foreign currency translation30 (7)(1)0 22 
Goodwill balance, December 31, 2023:952 108 1 10 1,071 
Foreign currency translation and other(6)(12)0 0 (18)
Goodwill balance, December 31, 2024:946 96 1 10 1,053 
Foreign currency translation and other
47 1 (1)(10)37 
Goodwill balance, December 31, 2025:$993 $97 $0 $0 $1,090 
__________
(1)During 2023, PGIM acquired a majority stake in Deerpath Capital Management, LP, a leading U.S.-based private credit and direct lending manager. The goodwill associated with that acquisition includes a measurement period adjustment made during 2024.
(2)Corporate and Other includes the impairment of the remaining goodwill allocated with Assurance IQ.
(3)Corporate and Other includes a sale of a foreign operation classified as a divested business.
Schedule of Finite-Lived Intangible Assets
Other intangible balances at December 31, are as follows:
 
 20252024
 Gross Carrying AmountAccumulated
Amortization		Net Carrying AmountGross Carrying AmountAccumulated
Amortization		Net Carrying Amount
 (in millions)
Subject to amortization:
Mortgage servicing rights$918 $(650)$268 $897 $(630)$267 
Customer relationships271 (197)74 260 (173)87 
Software and other35 (26)9 41 (30)11 
Not subject to amortization39 N/A39 41 N/A41 
Total$390 $406 
Schedule of Indefinite-Lived Intangible Assets
Other intangible balances at December 31, are as follows:
 
 20252024
 Gross Carrying AmountAccumulated
Amortization		Net Carrying AmountGross Carrying AmountAccumulated
Amortization		Net Carrying Amount
 (in millions)
Subject to amortization:
Mortgage servicing rights$918 $(650)$268 $897 $(630)$267 
Customer relationships271 (197)74 260 (173)87 
Software and other35 (26)9 41 (30)11 
Not subject to amortization39 N/A39 41 N/A41 
Total$390 $406 
Estimated Future Amortization Expense of Other Intangibles
The following table provides estimated future amortization for the periods indicated:

20262027202820292030ThereafterTotal
(in millions)
Estimated future VOBA amortization$37 $33 $30 $27 $25 $245 $397 
The following table provides estimated future amortization for the periods indicated:

20262027202820292030
(in millions)
Estimated future amortization expense of other intangibles$69 $62 $56 $40 $32 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Lessee Supplemental Balance Sheet Information Related to Operating Leases
Supplemental balance sheet information related to leases where the Company is the lessee is included below. Right-of-use assets and lease liabilities are included within “Other assets” and “Other liabilities” respectively.

December 31,
20252024
($ in millions)
Operating Leases:
Right-of-use assets$366 $373 
Lease liabilities$408 $408 
Weighted average remaining lease term8 years9 years
Weighted average discount rate2.82 %2.58 %
Lessee Maturities of Operating Lease Liabilities
Maturities of operating lease liabilities are as follows:
December 31, 2025
(in millions)
2026$92 
202781 
202856 
202946 
203041 
Thereafter189 
Total lease payments505 
Less imputed interest(97)
Total$408 
v3.25.4
Liability for Future Policy Benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
Liability for Future Policy Benefit
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
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$72,526 $10,724 $45,851 $2,854 $131,955 
Effect of cumulative changes in discount rate assumptions, BOP14,545 578 2,599 132 17,854 
Balance at original discount rate, BOP87,071 11,302 48,450 2,986 149,809 
Effect of assumption update169 (241)(1,072)8 (1,136)
Effect of actual variances from expected experience and other activity(49)(179)(803)106 (925)
Adjusted balance, BOP87,191 10,882 46,575 3,100 147,748 
Issuances13,848 813 2,880 0 17,541 
Net premiums / considerations collected(10,223)(1,365)(6,656)(310)(18,554)
Interest accrual3,638 527 1,449 142 5,756 
Foreign currency adjustment7,155 0 451 0 7,606 
Other adjustments0 60 91 0 151 
Balance at original discount rate, EOP101,609 10,917 44,790 2,932 160,248 
Effect of cumulative changes in discount rate assumptions, EOP(14,178)(280)(3,431)(64)(17,953)
Balance, EOP$87,431 $10,637 $41,359 $2,868 142,295 
Other businesses, EOP111 
Total balance, EOP$142,406 


Year Ended December 31, 2025
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$151,484 $18,996 $135,485 $11,178 $317,143 
Effect of cumulative changes in discount rate assumptions, BOP20,182 1,134 17,834 1,548 40,698 
Balance at original discount rate, BOP171,666 20,130 153,319 12,726 357,841 
Effect of assumption update322 (392)(1,013)14 (1,069)
Effect of actual variances from expected experience and other activity71 (230)(928)105 (982)
Adjusted balance, BOP172,059 19,508 151,378 12,845 355,790 
Issuances13,848 813 2,880 0 17,541 
Interest accrual7,238 943 4,738 617 13,536 
Benefit payments(15,095)(1,526)(8,430)(367)(25,418)
Foreign currency adjustment7,219 0 997 0 8,216 
Other adjustments5 30 247 0 282 
Balance at original discount rate, EOP185,274 19,768 151,810 13,095 369,947 
Effect of cumulative changes in discount rate assumptions, EOP(17,758)(602)(26,267)(1,435)(46,062)
Balance, EOP$167,516 $19,166 $125,543 $11,660 323,885 
Other businesses, EOP1,689 
Total balance, EOP$325,574 
Year Ended December 31, 2025
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring$80,086 $8,529 $84,184 $8,792 $181,591 
Flooring impact, EOP183 1 77 0 261 
Balance, EOP, post-flooring80,269 8,530 84,261 8,792 181,852 
Less: Reinsurance recoverable5,189 613 307 0 6,109 
Balance after reinsurance recoverable, EOP, post-flooring$75,080 $7,917 $83,954 $8,792 175,743 
Other businesses, EOP(1)1,522 
Total balance after reinsurance recoverable, EOP$177,265 

Year Ended December 31, 2024
Present Value of Expected Net Premiums
Retirement StrategiesIndividual LifeInternational Businesses(2)Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$71,407 $11,274 $55,431 $3,286 $141,398 
Effect of cumulative changes in discount rate assumptions, BOP11,869 228 1,218 16 13,331 
Balance at original discount rate, BOP83,276 11,502 56,649 3,302 154,729 
Effect of assumption update41 21 (863)(276)(1,077)
Effect of actual variances from expected experience and other activity568 (228)(2,160)122 (1,698)
Adjusted balance, BOP83,885 11,295 53,626 3,148 151,954 
Issuances24,498 857 3,354 0 28,709 
Net premiums / considerations collected(22,206)(1,379)(6,969)(311)(30,865)
Interest accrual2,896 530 1,527 149 5,102 
Foreign currency adjustment(2,002)0 (3,209)0 (5,211)
Other adjustments0 (1)121 0 120 
Balance at original discount rate, EOP87,071 11,302 48,450 2,986 149,809 
Effect of cumulative changes in discount rate assumptions, EOP(14,545)(578)(2,599)(132)(17,854)
Balance, EOP$72,526 $10,724 $45,851 $2,854 131,955 
Other businesses, EOP93 
Total balance, EOP$132,048 
Year Ended December 31, 2024
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP $141,135 $19,852 $158,858 $12,139 $331,984 
Effect of cumulative changes in discount rate assumptions, BOP 14,751 334 7,918 603 23,606 
Balance at original discount rate, BOP 155,886 20,186 166,776 12,742 355,590 
Effect of assumption update(481)21 (513)(394)(1,367)
Effect of actual variances from expected experience and other activity 716 (252)(2,184)99 (1,621)
Adjusted balance, BOP 156,121 19,955 164,079 12,447 352,602 
Issuances 24,498 857 3,354 0 28,709 
Interest accrual 6,290 945 4,717 606 12,558 
Benefit payments (13,131)(1,615)(9,163)(327)(24,236)
Foreign currency adjustment (2,017)0 (9,953)0 (11,970)
Other adjustments (95)(12)285 0 178 
Balance at original discount rate, EOP 171,666 20,130 153,319 12,726 357,841 
Effect of cumulative changes in discount rate assumptions, EOP (20,182)(1,134)(17,834)(1,548)(40,698)
Balance, EOP $151,484 $18,996 $135,485 $11,178 317,143 
Other businesses, EOP 1,646 
Total balance, EOP $318,789 

Year Ended December 31, 2024
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring $78,958 $8,272 $89,634 $8,324 $185,188 
Flooring impact, EOP 68 0 37 0 105 
Balance, EOP, post-flooring 79,026 8,272 89,671 8,324 185,293 
Less: Reinsurance recoverable 5,057 654 349 0 6,060 
Balance after reinsurance recoverable, EOP, post-flooring $73,969 $7,618 $89,322 $8,324 179,233 
Other businesses, EOP(1) 1,493 
Total balance after reinsurance recoverable, EOP $180,726 
Year Ended December 31, 2023
Present Value of Expected Net Premiums
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$52,620 $11,282 $59,640 $2,932 $126,474 
Effect of cumulative changes in discount rate assumptions, BOP14,349 572 2,680 103 17,704 
Balance at original discount rate, BOP66,969 11,854 62,320 3,035 144,178 
Effect of assumption update(1,117)(1)(97)266 (949)
Effect of actual variances from expected experience and other activity540 (223)(1,937)161 (1,459)
Adjusted balance, BOP66,392 11,630 60,286 3,462 141,770 
Issuances20,914 750 3,875 0 25,539 
Net premiums / considerations collected(10,389)(1,413)(7,637)(317)(19,756)
Interest accrual2,233 538 1,669 157 4,597 
Foreign currency adjustment4,126 0 (1,663)0 2,463 
Other adjustments0 (3)119 0 116 
Balance at original discount rate, EOP83,276 11,502 56,649 3,302 154,729 
Effect of cumulative changes in discount rate assumptions, EOP(11,869)(228)(1,218)(16)(13,331)
Balance, EOP$71,407 $11,274 $55,431 $3,286 141,398 
Other businesses, EOP86 
Total balance, EOP$141,484 

Year Ended December 31, 2023
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP $117,754 $19,288 $158,970 $10,685 $306,697 
Effect of cumulative changes in discount rate assumptions, BOP 20,170 1,012 14,985 1,216 37,383 
Balance at original discount rate, BOP 137,924 20,300 173,955 11,901 344,080 
Effect of assumption update(1,289)(1)189 357 (744)
Effect of actual variances from expected experience and other activity 514 (269)(1,836)160 (1,431)
Adjusted balance, BOP 137,149 20,030 172,308 12,418 341,905 
Issuances 20,914 750 3,875 0 25,539 
Interest accrual 5,109 944 4,902 594 11,549 
Benefit payments (11,477)(1,522)(9,022)(270)(22,291)
Foreign currency adjustment 4,209 0 (5,515)0 (1,306)
Other adjustments (18)(16)228 0 194 
Balance at original discount rate, EOP 155,886 20,186 166,776 12,742 355,590 
Effect of cumulative changes in discount rate assumptions, EOP (14,751)(334)(7,918)(603)(23,606)
Balance, EOP $141,135 $19,852 $158,858 $12,139 331,984 
Other businesses, EOP 1,716 
Total balance, EOP $333,700 
Year Ended December 31, 2023
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring $69,728 $8,578 $103,426 $8,852 $190,584 
Flooring impact, EOP 61 0 25 0 86 
Balance, EOP, post-flooring 69,789 8,578 103,451 8,852 190,670 
Less: Reinsurance recoverable 5,539 744 304 0 6,587 
Balance after reinsurance recoverable, EOP, post-flooring $64,250 $7,834 $103,147 $8,852 184,083 
Other businesses, EOP(1) 1,563 
Total balance after reinsurance recoverable, EOP $185,646 
__________
(1)Reflects balance after reinsurance recoverable of $55 million, $60 million, and $69 million at December 31, 2025, 2024 and 2023, respectively.
(2)Prior period amounts have been updated to conform to current period presentation.

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 period indicated:

Year Ended December 31, 2025
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$175,170 $23,101 $102,250 $6,397 
Discounted expected future gross premiums (at original discount rate) $109,368 $15,594 $79,537 $4,325 
Discounted expected future gross premiums (at current discount rate) $93,833 $15,249 $73,788 $4,240 
Undiscounted expected future benefits and expenses $301,899 $30,574 $250,822 $29,483 
Weighted-average duration of the liability in years (at original discount rate) 891716
Weighted-average duration of the liability in years (at current discount rate) 891415
Weighted-average interest rate (at original discount rate) 4.81 %5.11 %3.05 %4.91 %
Weighted-average interest rate (at current discount rate) 5.37 %5.27 %4.46 %5.78 %

Year Ended December 31, 2024
Retirement StrategiesIndividual LifeInternational Businesses(1)Corporate and Other
InstitutionalTerm LifeLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$145,442 $22,947 $107,844 $6,817 
Discounted expected future gross premiums (at original discount rate) $94,222 $15,662 $84,715 $4,542 
Discounted expected future gross premiums (at current discount rate) $78,237 $14,901 $80,616 $4,350 
Undiscounted expected future benefits and expenses $274,071 $31,068 $254,008 $29,661 
Weighted-average duration of the liability in years (at original discount rate) 8101817
Weighted-average duration of the liability in years (at current discount rate) 891616
Weighted-average interest rate (at original discount rate) 4.74 %5.30 %3.02 %4.91 %
Weighted-average interest rate (at current discount rate) 5.59 %5.78 %3.70 %5.85 %
Year Ended December 31, 2023
Retirement StrategiesIndividual Life
International Businesses(1)
Corporate and Other
InstitutionalTerm LifeLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$134,192 $23,083 $125,636 $6,852 
Discounted expected future gross premiums (at original discount rate) $90,606 $15,322 $98,959 $4,509 
Discounted expected future gross premiums (at current discount rate) $77,520 $15,044 $97,522 $4,491 
Undiscounted expected future benefits and expenses $242,617 $31,114 $280,791 $30,761 
Weighted-average duration of the liability in years (at original discount rate) 9101918
Weighted-average duration of the liability in years (at current discount rate) 8101817
Weighted-average interest rate (at original discount rate) 4.62 %5.17 %2.95 %4.91 %
Weighted-average interest rate (at current discount rate) 5.03 %4.99 %3.01 %5.25 %
__________
(1)Prior period amounts have been updated to conform to current period presentation.
The balances of and changes in DPL as of and for the period indicated are as follows:
Year Ended December 31, 2025
Deferred Profit Liability
Retirement StrategiesInternational BusinessesTotal
Institutional
(in millions)
Balance, BOP $5,670 $9,354 $15,024 
Flooring impact, BOP 0 2 2 
Balance, BOP, pre-flooring 5,670 9,352 15,022 
Effect of assumption update(73)(58)(131)
Effect of actual variances from expected experience and other activity 0 9 9 
Adjusted balance, BOP 5,597 9,303 14,900 
Profits deferred 131 2,565 2,696 
Interest accrual 230 353 583 
Amortization (570)(2,128)(2,698)
Foreign currency adjustment 19 90 109 
Other adjustments 0 40 40 
Balance, EOP, pre-flooring 5,407 10,223 15,630 
Flooring impact, EOP 0 2 2 
Balance, EOP 5,407 10,225 15,632 
Less: Reinsurance recoverable 391 44 435 
Balance after reinsurance recoverable $5,016 $10,181 15,197 
Other businesses
166 
Total balance after reinsurance recoverable $15,363 

Year Ended December 31, 2024
Deferred Profit Liability
Retirement Strategies
International Businesses(1)
InstitutionalTotal
(in millions)
Balance, BOP $5,615 $9,259 $14,874 
Flooring impact, BOP 0 2 2 
Balance, BOP, pre-flooring 5,615 9,257 14,872 
Effect of assumption update370 (288)82 
Effect of actual variances from expected experience and other activity (99)(59)(158)
Adjusted balance, BOP 5,886 8,910 14,796 
Profits deferred 142 2,679 2,821 
Interest accrual 236 320 556 
Amortization (588)(2,109)(2,697)
Foreign currency adjustment (6)(480)(486)
Other adjustments 0 32 32 
Balance, EOP, pre-flooring 5,670 9,352 15,022 
Flooring impact, EOP 0 2 2 
Balance, EOP 5,670 9,354 15,024 
Less: Reinsurance recoverable 391 40 431 
Balance after reinsurance recoverable $5,279 $9,314 14,593 
Other businesses
161 
Total balance after reinsurance recoverable $14,754 
Year Ended December 31, 2023
Deferred Profit Liability
Retirement StrategiesInternational Businesses(1)
InstitutionalTotal
(in millions)
Balance, BOP $5,532 $8,640 $14,172 
Flooring impact, BOP 0 1 1 
Balance, BOP, pre-flooring 5,532 8,639 14,171 
Effect of assumption update35 (295)(260)
Effect of actual variances from expected experience and other activity 21 (75)(54)
Adjusted balance, BOP 5,588 8,269 13,857 
Profits deferred 342 3,005 3,347 
Interest accrual 227 300 527 
Amortization (565)(2,173)(2,738)
Foreign currency adjustment 15 (176)(161)
Other adjustments 8 32 40 
Balance, EOP, pre-flooring 5,615 9,257 14,872 
Flooring impact, EOP 0 2 2 
Balance, EOP 5,615 9,259 14,874 
Less: Reinsurance recoverable 386 19 405 
Balance after reinsurance recoverable $5,229 $9,240 14,469 
Other businesses
148 
Total balance after reinsurance recoverable $14,617 
__________
(1)Prior period amounts have been updated to conform to current period presentation.
The following table shows a rollforward of AIR balances for variable and universal life products within Individual Life, which is the only line of business that contains a material AIR balance, for the period indicated, along with a reconciliation to the Company’s total AIR balance:
Year Ended December 31,
2025
2024
2023
(in millions)
Balance, including amounts in AOCI, BOP, post-flooring$16,376 $14,308 $12,684 
Flooring impact and amounts in AOCI632 843 1,285 
Balance, excluding amounts in AOCI, BOP, pre-flooring17,008 15,151 13,969 
Effect of assumption update(39)153 23 
Effect of actual variances from expected experience and other activity147 266 32 
Adjusted balance, BOP17,116 15,570 14,024 
Assessments collected(1)1,203 1,251 938 
Interest accrual592 539 488 
Benefits paid(394)(353)(301)
Other adjustments
37 1 2 
Balance, excluding amounts in AOCI, EOP, pre-flooring18,554 17,008 15,151 
Flooring impact and amounts in AOCI(440)(632)(843)
Balance, including amounts in AOCI, EOP, post-flooring18,114 16,376 14,308 
Less: Reinsurance recoverable10,726 9,543 5,852 
Balance after reinsurance recoverable, including amounts in AOCI, EOP7,388 6,833 8,456 
Other businesses179 63 131 
Total balance after reinsurance recoverable$7,567 $6,896 $8,587 
__________
(1)Represents the portion of gross assessments required to fund the future policy benefits.

Year Ended December 31,
2025
2024
2023
Weighted-average duration of the liability in years (at original discount rate) 212122
Weighted-average interest rate (at original discount rate) 3.36 %3.36 %3.40 %
The following table presents the reconciliation of the ending balances from above rollforwards, Benefit Reserves, DPL, and AIR including other liabilities, gross of related reinsurance recoverable, to the total liability for Future Policy Benefits on the Company's Consolidated Statement of Financial Position as of the periods indicated:

Year Ended December 31,
2025
2024
2023
(in millions)
Benefit reserves, EOP, post-flooring$183,429 $186,846 $192,302 
Deferred profit liability, EOP, post-flooring15,798 15,185 15,022 
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring18,293 16,439 14,439 
Subtotal of amounts disclosed above217,520 218,470 221,763 
Other Future Policy Benefits reserves(1)49,394 50,442 51,518 
Total Future Policy Benefits$266,914 $268,912 $273,281 
__________
(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including Closed Block liabilities, 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 as of the periods indicated:

Year Ended December 31, 2025
Revenues(1)
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeOther BusinessesTotal
(in millions)
Benefit reserves$10,803 $1,919 $0 $10,489 $547 $23,758 
Deferred profit liability282 0 0 (781)(4)(503)
Additional insurance reserves0 0 3,219 92 44 3,355 
Total$11,085 $1,919 $3,219 $9,800 $587 $26,610 

Year Ended December 31, 2024
Revenues(1)
Retirement StrategiesIndividual Life
International Businesses(2)
InstitutionalTerm LifeVariable/Universal LifeOther BusinessesTotal
(in millions)
Benefit reserves$22,814 $1,892 $0 $11,061 $557 $36,324 
Deferred profit liability(61)0 0 (576)(12)(649)
Additional insurance reserves0 0 3,458 0 0 3,458 
Total$22,753 $1,892 $3,458 $10,485 $545 $39,133 

Year Ended December 31, 2023
Revenues(1)
Retirement StrategiesIndividual Life
International Businesses(2)
InstitutionalTerm LifeVariable/Universal LifeOther BusinessesTotal
(in millions)
Benefit reserves$11,156 $1,848 $0 $12,353 $540 $25,897 
Deferred profit liability(68)0 0 (794)34 (828)
Additional insurance reserves0 0 2,947 0 0 2,947 
Total$11,088 $1,848 $2,947 $11,559 $574 $28,016 

Year Ended December 31, 2025
Interest Expense
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeOther BusinessesTotal
(in millions)
Benefit reserves$3,600 $416 $0 $3,289 $525 $7,830 
Deferred profit liability230 0 0 353 4 587 
Additional insurance reserves0 0 592 2 1 595 
Total$3,830 $416 $592 $3,644 $530 $9,012 
Year Ended December 31, 2024
Interest Expense
Retirement StrategiesIndividual Life
International Businesses(2)
InstitutionalTerm LifeVariable/Universal LifeOther BusinessesTotal
(in millions)
Benefit reserves$3,394 $415 $0 $3,191 $505 $7,505 
Deferred profit liability236 0 0 320 4 560 
Additional insurance reserves0 0 539 1 0 540 
Total$3,630 $415 $539 $3,512 $509 $8,605 

Year Ended December 31, 2023
Interest Expense
Retirement StrategiesIndividual LifeInternational Businesses(2)
InstitutionalTerm LifeVariable/Universal LifeOther BusinessesTotal
(in millions)
Benefit reserves$2,876 $406 $0 $3,233 $490 $7,005 
Deferred profit liability227 0 0 300 4 531 
Additional insurance reserves0 0 488 2 0 490 
Total$3,103 $406 $488 $3,535 $494 $8,026 
__________
(1)Represents “Gross premiums” for benefit reserves, “Revenue” for DPL and “Gross assessments” for AIR.
(2)Prior period amounts have been updated to conform to current period presentation.
v3.25.4
Policyholders' Account Balances (Tables)
 12 Months Ended
Dec. 31, 2025
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract]  
Policyholder Account Balance
The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:
Year Ended December 31, 2025
Retirement StrategiesGroup InsuranceIndividual LifeInternational BusinessesTotal
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal Life
($ in millions)
Balance, beginning of period$19,088 $34,085 $12,020 $4,974 $27,596 $54,270 $152,033 
Deposits9,706 7,232 5,922 1,363 2,887 9,159 36,269 
Interest credited884 729 392 137 605 2,169 4,916 
Dispositions0 0 0 0 0 0 0 
Policy charges(10)(75)(54)(325)(2,060)(618)(3,142)
Surrenders and withdrawals(5,639)(1,238)(1,079)(1,337)(1,960)(1,902)(13,155)
Benefit payments(664)(57)(135)0 (121)(2,295)(3,272)
Net transfers (to) from separate account0 15 0 (49)786 0 752 
Change in market value and other adjustments(1)1 3,301 266 0 535 (12)4,091 
Foreign currency adjustment0 0 0 0 0 175 175 
Balance, end of period$23,366 $43,992 $17,332 $4,763 $28,268 $60,946 178,667 
Closed Block Division4,273 
Unearned revenue reserve, unearned expense credit, and additional interest reserve6,782 
Other(2)
1,585 
Total Policyholders' account balance$191,307 
Weighted-average crediting rate4.16 %1.87 %2.67 %2.82 %2.16 %3.76 %2.97 %
Net amount at risk(3)
$0 $0 $0 $72,850 $418,361 $29,906 $521,117 
Cash surrender value(4)
$23,366 $42,831 $15,442 $3,871 $22,386 $55,511 $163,407 


Year Ended December 31, 2024
Retirement StrategiesGroup InsuranceIndividual LifeInternational Businesses(5)Total
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal Life
($ in millions)
Balance, beginning of period$17,738 $23,765 $7,095 $5,293 $27,439 $51,399 $132,729 
Deposits7,106 8,318 5,266 1,313 2,505 8,862 33,370 
Interest credited757 511 252 148 774 1,810 4,252 
Dispositions
0 0 0 0 0 (336)(336)
Policy charges(11)(33)(5)(322)(2,051)(570)(2,992)
Surrenders and withdrawals(5,895)(919)(719)(1,452)(1,654)(2,373)(13,012)
Benefit payments(607)(85)(79)0 (137)(2,348)(3,256)
Net transfers (to) from separate account0 122 0 (6)613 0 729 
Change in market value and other adjustments(1)0 2,406 210 0 107 (30)2,693 
Foreign currency adjustment0 0 0 0 0 (2,144)(2,144)
Balance, end of period$19,088 $34,085 $12,020 $4,974 $27,596 $54,270 152,033 
Closed Block Division4,359 
Unearned revenue reserve, unearned expense credit, and additional interest reserve6,009 
Other(2)
3,853 
Total Policyholders' account balance$166,254 
Weighted-average crediting rate4.11 %1.77 %2.64 %2.88 %2.81 %3.43 %2.99 %
Net amount at risk(3)
$0 $0 $0 $73,259 $400,990 $26,435 $500,684 
Cash surrender value(4)
$19,058 $32,501 $10,305 $3,892 $23,886 $49,028 $138,670 
Year Ended December 31, 2023
Retirement StrategiesGroup InsuranceIndividual LifeInternational Businesses(5)Total
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal Life
($ in millions)
Balance, beginning of period$17,376 $17,524 $4,643 $5,839 $26,502 $46,493 $118,377 
Deposits5,657 4,638 2,659 1,212 2,447 9,028 25,641 
Interest credited677 305 129 165 773 1,445 3,494 
Dispositions0 0 0 0 0 0 0 
Policy charges(23)(24)(9)(323)(2,047)(529)(2,955)
Surrenders and withdrawals(5,290)(704)(414)(1,552)(1,820)(1,705)(11,485)
Benefit payments(659)(76)(76)0 (154)(2,185)(3,150)
Net transfers (to) from separate account0 34 0 (48)1,393 0 1,379 
Change in market value and other adjustments(1)0 2,068 163 0 345 22 2,598 
Foreign currency adjustment0 0 0 0 0 (1,170)(1,170)
Balance, end of period$17,738 $23,765 $7,095 $5,293 $27,439 $51,399 132,729 
Closed Block Division4,500 
Unearned revenue reserve, unearned expense credit, and additional interest reserve5,326 
Other(2)
4,463 
Total Policyholders' account balance$147,018 
Weighted-average crediting rate3.85 %1.48 %2.21 %2.96 %2.87 %2.95 %2.78 %
Net amount at risk(3)
$0 $0 $0 $72,858 $382,399 $25,729 $480,986 
Cash surrender value(4)
$17,738 $21,640 $5,827 $4,021 $23,234 $45,101 $117,561 
__________
(1)Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)Includes $2,738 million, $5,099 million and $5,479 million of the Full Service Retirement business’s account balances reinsured to Empower for December 31, 2025, 2024 and 2023, respectively.
(3)The net amount at risk calculation includes both general account and separate account balances.
(4)Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the Institutional Retirement Strategies segment.
(5)Prior period amounts have been updated to conform to current period presentation.
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 millions)
Retirement Strategies - Institutional
Less than 1.00%
$208 $0 $0 $0 $208 
1.00% - 1.99%
1,552 0 0 0 1,552 
2.00% - 2.99%
71 0 0 0 71 
3.00% - 4.00%
4,015 0 0 0 4,015 
Greater than 4.00%
6,316 0 0 0 6,316 
Total$12,162 $0 $0 $0 $12,162 
Retirement Strategies - Individual Variable
Less than 1.00%
$422 $120 $332 $0 $874 
1.00% - 1.99%
82 432 1 0 515 
2.00% - 2.99%
19 7 4 0 30 
3.00% - 4.00%
1,495 6 9 0 1,510 
Greater than 4.00%
73 0 0 0 73 
Total$2,091 $565 $346 $0 $3,002 
Retirement Strategies - Individual Fixed
Less than 1.00%
$3 $7 $28 $1,743 $1,781 
1.00% - 1.99%
395 46 208 46 695 
2.00% - 2.99%
572 1,463 543 15 2,593 
3.00% - 4.00%
3,072 12 11 3 3,098 
Greater than 4.00%
73 0 0 0 73 
Total$4,115 $1,528 $790 $1,807 $8,240 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $771 $771 
1.00% - 1.99%
3 0 0 2 5 
2.00% - 2.99%
40 0 0 0 40 
3.00% - 4.00%
1,418 7 69 4 1,498 
Greater than 4.00%
3 0 0 0 3 
Total$1,464 $7 $69 $777 $2,317 
Individual Life - Variable / Universal Life
Less than 1.00%
$0 $0 $0 $373 $373 
1.00% - 1.99%
387 0 2,063 1,747 4,197 
2.00% - 2.99%
267 1,604 2,731 567 5,169 
3.00% - 4.00%
5,166 1,952 1,349 54 8,521 
Greater than 4.00%
5,271 0 0 0 5,271 
Total$11,091 $3,556 $6,143 $2,741 $23,531 
International Businesses
Less than 1.00%
$3,652 $23 $0 $0 $3,675 
1.00% - 1.99%
14,806 32 0 0 14,838 
2.00% - 2.99%
7,725 276 24 0 8,025 
3.00% - 4.00%
10,265 0 0 0 10,265 
Greater than 4.00%
18,676 0 0 0 18,676 
Total$55,124 $331 $24 $0 $55,479 
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 millions)
Retirement Strategies - Institutional
Less than 1.00%
$401 $0 $0 $0 $401 
1.00% - 1.99%
1,552 0 0 0 1,552 
2.00% - 2.99%
79 0 0 0 79 
3.00% - 4.00%
3,889 0 0 0 3,889 
Greater than 4.00%
3,341 0 0 0 3,341 
Total$9,262 $0 $0 $0 $9,262 
Retirement Strategies - Individual Variable
Less than 1.00%
$129 $503 $647 $0 $1,279 
1.00% - 1.99%
124 295 2 0 421 
2.00% - 2.99%
21 4 4 0 29 
3.00% - 4.00%
1,708 3 8 0 1,719 
Greater than 4.00%
83 0 0 0 83 
Total$2,065 $805 $661 $0 $3,531 
Retirement Strategies - Individual Fixed
Less than 1.00%
$0 $3 $12 $1,022 $1,037 
1.00% - 1.99%
461 83 208 69 821 
2.00% - 2.99%
538 465 557 16 1,576 
3.00% - 4.00%
2,074 84 11 3 2,172 
Greater than 4.00%
84 0 0 0 84 
Total$3,157 $635 $788 $1,110 $5,690 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $959 $959 
1.00% - 1.99%
0 0 3 2 5 
2.00% - 2.99%
24 15 0 0 39 
3.00% - 4.00%
1,482 0 38 22 1,542 
Greater than 4.00%
3 0 0 0 3 
Total$1,509 $15 $41 $983 $2,548 
Individual Life - Variable / Universal Life
Less than 1.00%
$7 $0 $0 $317 $324 
1.00% - 1.99%
290 0 2,238 1,513 4,041 
2.00% - 2.99%
33 1,668 2,750 419 4,870 
3.00% - 4.00%
6,098 1,727 1,321 36 9,182 
Greater than 4.00%
5,384 0 0 0 5,384 
Total$11,812 $3,395 $6,309 $2,285 $23,801 
International Businesses(2)
Less than 1.00%
$15,556 $41 $80 $2,984 $18,661 
1.00% - 1.99%
10,431 79 0 0 10,510 
2.00% - 2.99%
4,546 267 29 0 4,842 
3.00% - 4.00%
6,699 0 0 0 6,699 
Greater than 4.00%
9,072 0 0 0 9,072 
Total$46,304 $387 $109 $2,984 $49,784 
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 millions)
Retirement Strategies - Institutional
Less than 1.00%
$589 $0 $0 $0 $589 
1.00% - 1.99%
1,552 0 0 0 1,552 
2.00% - 2.99%
596 0 0 0 596 
3.00% - 4.00%
5,041 0 0 0 5,041 
Greater than 4.00%
1,906 0 0 0 1,906 
Total$9,684 $0 $0 $0 $9,684 
Retirement Strategies - Individual Variable
Less than 1.00%
$908 $807 $18 $0 $1,733 
1.00% - 1.99%
218 2 1 0 221 
2.00% - 2.99%
29 4 4 0 37 
3.00% - 4.00%
1,942 13 10 0 1,965 
Greater than 4.00%
95 0 0 0 95 
Total$3,192 $826 $33 $0 $4,051 
Retirement Strategies - Individual Fixed
Less than 1.00%
$0 $0 $1 $117 $118 
1.00% - 1.99%
526 122 250 80 978 
2.00% - 2.99%
550 469 562 17 1,598 
3.00% - 4.00%
321 11 0 0 332 
Greater than 4.00%
95 0 0 0 95 
Total$1,492 $602 $813 $214 $3,121 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $1,147 $1,147 
1.00% - 1.99%
0 0 0 0 0 
2.00% - 2.99%
29 0 0 0 29 
3.00% - 4.00%
1,543 0 0 50 1,593 
Greater than 4.00%
73 0 0 0 73 
Total$1,645 $0 $0 $1,197 $2,842 
Individual Life - Variable / Universal Life
Less than 1.00%
$0 $0 $0 $368 $368 
1.00% - 1.99%
201 0 2,588 813 3,602 
2.00% - 2.99%
30 1,445 2,944 340 4,759 
3.00% - 4.00%
4,422 4,092 1,311 19 9,844 
Greater than 4.00%
5,491 0 0 0 5,491 
Total$10,144 $5,537 $6,843 $1,540 $24,064 
International Businesses(2)
Less than 1.00%
$16,306 $43 $89 $1,996 $18,434 
1.00% - 1.99%
11,985 91 0 0 12,076 
2.00% - 2.99%
5,238 310 36 0 5,584 
3.00% - 4.00%
4,732 0 0 0 4,732 
Greater than 4.00%
5,819 0 0 0 5,819 
Total$44,080 $444 $125 $1,996 $46,645 
__________
(1)Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products.
(2)Prior period amounts have been updated to conform to current period presentation.
Additional Liability, Long-Duration Insurance
The balance of and changes in URR as of and for the periods ended are as follows:

Year Ended December 31, 2025
Individual LifeInternational Businesses
Variable/ Universal Life
Total
(in millions)
Balance, beginning of period$5,245 $505 $5,750 
Unearned revenue866 195 1,061 
Amortization expense(255)(30)(285)
Other adjustments0 0 0 
Foreign currency adjustment0 (4)(4)
Balance, end of period$5,856 $666 6,522 
Other69 
Total unearned revenue reserve balance$6,591 

Year Ended December 31, 2024
Individual LifeInternational Businesses(1)
Variable/ Universal Life
Total
(in millions)
Balance, beginning of period$4,613 $454 $5,067 
Unearned revenue872 161 1,033 
Amortization expense(240)(22)(262)
Other adjustments0 (58)(58)
Foreign currency adjustment
0 (30)(30)
Balance, end of period$5,245 $505 5,750 
Other59 
Total unearned revenue reserve balance$5,809 

Year Ended December 31, 2023
Individual LifeInternational Businesses(1)
Variable/Universal Life
Total
(in millions)
Balance, beginning of period$3,983 $312 $4,295 
Unearned revenue841 169 1,010 
Amortization expense(211)(15)(226)
Other adjustments0 3 3 
Foreign currency adjustment
0 (15)(15)
Balance, end of period$4,613 $454 5,067 
Other49 
Total unearned revenue reserve balance$5,116 
v3.25.4
Market Risk Benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
Market Risk Benefits In Asset and Liability Positions
The following table shows a rollforward of MRB balances for annuity products within Individual Retirement Strategies, which is the only line of business that contains a material MRB balance, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
Year Ended December 31, 2025
Retirement Strategies
Total
Individual VariableIndividual Fixed
(in millions)
Balance, BOP$2,740 $0 $2,740 
Effect of cumulative changes in NPR672 0 672 
Balance, BOP, before effect of changes in NPR3,412 0 3,412 
Attributed fees collected1,033 20 1,053 
Claims paid(76)0 (76)
Interest accrual182 5 187 
Actual in force different from expected64 (2)62 
Effect of changes in interest rates(268)(35)(303)
Effect of changes in equity markets(1,183)(13)(1,196)
Effect of assumption update and other refinements
112 151 263 
Issuances
59 37 96 
Other adjustments38 3 41 
Balance, EOP, before effect of changes in NPR3,373 166 3,539 
Effect of cumulative changes in NPR(487)10 (477)
Balance, EOP2,886 176 3,062 
Less: Reinsured MRBs
804 0 804 
Balance, EOP, net of reinsurance$2,082 $176 2,258 
Other businesses35 
Total net MRB balance$2,293 


Year Ended December 31, 2024
Retirement StrategiesTotal
Individual VariableIndividual Fixed
(in millions)
Balance, BOP$4,038 $0 $4,038 
Effect of cumulative changes in NPR1,137 0 1,137 
Balance, BOP, before effect of changes in NPR5,175 0 5,175 
Attributed fees collected1,122 0 1,122 
Claims paid(79)0 (79)
Interest accrual246 0 246 
Actual in force different from expected47 0 47 
Effect of changes in interest rates(1,493)0 (1,493)
Effect of changes in equity markets(1,745)0 (1,745)
Effect of assumption update and other refinements(1)88 0 88 
Issuances
72 0 72 
Other adjustments(1)
(21)0 (21)
Balance, EOP, before effect of changes in NPR3,412 0 3,412 
Effect of cumulative changes in NPR(672)0 (672)
Balance, EOP2,740 0 2,740 
Less: Reinsured MRBs
654 0 654 
Balance, EOP, net of reinsurance$2,086 $0 2,086 
Other businesses38 
Total net MRB balance$2,124 
__________
(1)Prior period amounts have been updated to conform to current presentation.

Year Ended December 31, 2023
Retirement StrategiesTotal
Individual VariableIndividual Fixed
(in millions)
Balance, BOP$4,987 $0 $4,987 
Effect of cumulative changes in NPR1,828 0 1,828 
Balance, BOP, before effect of changes in NPR6,815 0 6,815 
Attributed fees collected1,186 0 1,186 
Claims paid(114)0 (114)
Interest accrual317 0 317 
Actual in force different from expected80 0 80 
Effect of changes in interest rates(1,480)0 (1,480)
Effect of changes in equity markets(1,952)0 (1,952)
Effect of assumption update and other refinements(1)276 0 276 
Issuances
23 0 23 
Other adjustments(1)
24 0 24 
Balance, EOP, before effect of changes in NPR5,175 0 5,175 
Effect of cumulative changes in NPR(1,137)0 (1,137)
Balance, EOP4,038 0 4,038 
Less: Reinsured MRBs
616 0 616 
Balance, EOP, net of reinsurance$3,422 $0 3,422 
Other businesses64 
Total net MRB balance$3,486 
__________
(1)Prior period amounts have been updated to conform to current presentation.
The following tables present accompanying information to the rollforward table above.

December 31, 2025
Retirement Strategies
Individual VariableIndividual Fixed
($ in millions)
Net amount at risk(1)$8,075 $513 
Weighted-average attained age of contractholders7268

December 31, 2024
Retirement Strategies
Individual VariableIndividual Fixed
($ in millions)
Net amount at risk(1)$9,285 N/A
Weighted-average attained age of contractholders71N/A

December 31, 2023
Retirement Strategies
Individual VariableIndividual Fixed
($ in millions)
Net amount at risk(1)$9,753 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 reconcile MRB asset and liability positions as of the following dates:
December 31, 2025
 Retirement Strategies
Individual VariableIndividual FixedOther BusinessesTotal
(in millions)
Direct and assumed
$1,399 $3 $0 $1,402 
Ceded
928 0 0 928 
Total MRB assets
$2,327 $3 $0 $2,330 
Direct and assumed
$4,285 $179 $35 $4,499 
Ceded
124 0 0 124 
Total MRB liabilities
$4,409 $179 $35 $4,623 
Net liability
$2,082 $176 $35 $2,293 

December 31, 2024
 Retirement Strategies
Individual Variable
Individual Fixed
Other BusinessesTotal
(in millions)
Direct and assumed
$1,516 $0 $9 $1,525 
Ceded
804 0 2 806 
Total MRB assets
$2,320 $0 $11 $2,331 
Direct and assumed
$4,256 $0 $49 $4,305 
Ceded
150 0 0 150 
Total MRB liabilities
$4,406 $0 $49 $4,455 
Net liability
$2,086 $0 $38 $2,124 

December 31, 2023
 Retirement Strategies
Individual Variable
Individual Fixed
Other BusinessesTotal
(in millions)
Direct and assumed
$1,221 $0 $11 $1,232 
Ceded
746 0 3 749 
Total MRB assets
$1,967 $0 $14 $1,981 
Direct and assumed
$5,259 $0 $78 $5,337 
Ceded
130 0 0130 
Total MRB liabilities
$5,389 $0 $78 $5,467 
Net liability
$3,422 $0 $64 $3,486 
.
v3.25.4
Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2025
Reinsurance Disclosures [Abstract]  
Reinsurance amounts included in the Consolidated Statement of Operations
Reinsurance amounts included in the Consolidated Statements of Operations for “Premiums,” “Policy charges and fee income,” “Change in value of market risk benefits, net of related hedging gains (losses),” “Policyholders’ benefits” and “Change in estimates of liability for future policy benefits” for the years ended December 31, are as follows:
 
202520242023
 (in millions)
Direct premiums$26,371 $39,222 $29,475 
Reinsurance assumed6,990 6,167 5,005 
Reinsurance ceded(2,564)(2,492)(7,116)
Premiums$30,797 $42,897 $27,364 
Direct policy charges and fee income$4,719 $4,629 $3,933 
Reinsurance assumed1,163 1,188 1,228 
Reinsurance ceded(1,216)(1,519)(634)
Policy charges and fee income$4,666 $4,298 $4,527 
Direct change in value of market risk benefits, net of related hedging gains (losses)$(545)$(405)$123 
Reinsurance assumed64 134 120 
Reinsurance ceded6 (126)(187)
Change in value of market risk benefits, net of related hedging gains (losses)$(475)$(397)$56 
Direct policyholders’ benefits$31,577 $43,743 $32,044 
Reinsurance assumed8,320 7,722 7,128 
Reinsurance ceded(4,673)(4,346)(8,241)
Policyholders’ benefits$35,224 $47,119 $30,931 
Direct change in estimates of liability for future policy benefits
$113 $112 $447 
Reinsurance assumed4 78 (147)
Reinsurance ceded(14)(227)37 
Change in estimates of liability for future policy benefits$103 $(37)$337 
Reinsurance Recoverables
Reinsurance recoverables and deposit receivables are as follows:
 
20252024
(in millions)
Reinsurance recoverables:
FLIAC$1,381 $1,442 
Prismic Re(1)5,475 5,506 
Other171 39 
Individual and group annuities7,027 6,987 
Hartford Life Business(2)2,022 2,033 
Somerset Re(3)1,667 1,591 
Wilton Re8,013 7,478 
Other8,887 7,996 
Life insurance20,589 19,098 
Other reinsurance415 401 
Total reinsurance recoverables28,031 26,486 
Deposit receivables:
Somerset Re(4)2,491 2,795 
Empower2,471 4,821 
Prismic Re(1)3,684 3,578 
Prismic Re International6,422 0 
Resolution Re(5)849 0 
Other129 0 
Total deposit receivables16,046 11,194 
Total reinsurance recoverables and deposit receivables(6)$44,077 $37,680 
__________
(1)The Company has also recorded funds withheld and other payables related to the reinsurance agreement with Prismic Re of $7,980 million and $7,796 million as of December 31, 2025 and 2024, respectively.
(2)The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $1,366 million and $1,387 million as of December 31, 2025 and 2024, respectively.
(3)Represents reinsurance recoverables of $8,192 million and $7,979 million as of December 31, 2025 and 2024, respectively, that are netted with reinsurance payables of $6,525 million and $6,388 million as of December 31, 2025 and 2024, respectively, related to the reinsurance agreement with Somerset Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business under modified coinsurance.
(4)The Company has also recorded funds withheld and other payables related to the reinsurance agreement with Somerset Re of $2,602 million and $2,595 million as of December 31, 2025 and 2024, respectively.
(5)The Company has also recorded funds withheld and other payables related to the reinsurance of annuity contracts in the Individual Retirement Strategies business with Resolution Re, Ltd. (“Resolution Re”) of $851 million as of December 31, 2025.
(6)Net of $14 million and $12 million of allowance for credit losses as of December 31, 2025 and 2024, respectively.
v3.25.4
Closed Block (Tables)
 12 Months Ended
Dec. 31, 2025
Closed Block Disclosure [Abstract]  
Schedule of Closed Block Liabilities and Assets Closed Block liabilities and assets designated to the Closed Block, as well as maximum future earnings to be recognized from these liabilities and assets, are as follows:
 
20252024
 (in millions)
Closed Block liabilities
Future policy benefits$41,484 $42,464 
Policyholders’ dividends payable669 688 
Policyholders’ dividend obligation571 0 
Policyholders’ account balances4,273 4,359 
Other Closed Block liabilities3,030 3,346 
Total Closed Block liabilities50,027 50,857 
Closed Block assets
Fixed maturities, available-for-sale, at fair value28,721 28,570 
Fixed maturities, trading, at fair value581 647 
Equity securities, at fair value1,593 1,642 
Commercial mortgage and other loans7,464 7,652 
Policy loans3,217 3,348 
Other invested assets4,538 4,929 
Short-term investments255 520 
Total investments46,369 47,308 
Cash and cash equivalents726 400 
Accrued investment income388 403 
Other Closed Block assets279 367 
Total Closed Block assets47,762 48,478 
Excess of reported Closed Block liabilities over Closed Block assets2,265 2,379 
Portion of above representing accumulated other comprehensive income (loss):
Net unrealized investment gains (losses)(1,230)(2,299)
Allocated to policyholder dividend obligation1,064 2,096 
Future earnings to be recognized from Closed Block assets and Closed Block liabilities$2,099 $2,176 
Schedule of Closed Block Dividend Obligation
Information regarding the policyholder dividend obligation is as follows:
 
20252024
 (in millions)
Balance, January 1$0 $792 
Impact from earnings allocable to policyholder dividend obligation(461)(777)
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation1,032 (15)
Balance, December 31$571 $0 
Schedule of Closed Block Revenues Benefits Expenses
Closed Block revenues and benefits and expenses for the years ended December 31, are as follows:

202520242023
 (in millions)
Revenues
Premiums$1,719 $1,689 $1,675 
Net investment income2,056 2,041 1,949 
Realized investment gains (losses), net(373)(769)(380)
Other income (loss)347 319 411 
Total Closed Block revenues3,749 3,280 3,655 
Benefits and Expenses
Policyholders’ benefits2,392 2,343 2,354 
Interest credited to policyholders’ account balances113 117 118 
Dividends to policyholders1,015 641 1,008 
General and administrative expenses261 266 280 
Total Closed Block benefits and expenses3,781 3,367 3,760 
Closed Block revenues, net of Closed Block benefits and expenses, before income taxes(32)(87)(105)
Income tax expense (benefit)(111)(166)(176)
Closed Block revenues, net of Closed Block benefits and expenses and income taxes$79 $79 $71 
v3.25.4
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:


Year Ended December 31,
202520242023
(in millions)
Current tax expense (benefit):
U.S.$60 $495 $(4)
State and local16 35 25 
Foreign579 755 667 
Total current tax expense (benefit)655 1,285 688 
Deferred tax expense (benefit):
U.S.(1)
(125)(545)323 
State and local2 (1)0 
Foreign(1)
521 (232)(398)
Total deferred tax expense (benefit)398 (778)(75)
Total income tax expense (benefit) on income (loss) before equity in earnings of joint ventures and other operating entities
1,053 507 613 
Income tax expense (benefit) on equity in earnings of joint ventures and other operating entities
40 41 34 
Income tax expense (benefit) on discontinued operations0 0 0 
Income tax expense (benefit) reported in equity related to:
Other comprehensive income (loss)1,003 364 (837)
Total income taxes$2,096 $912 $(190)
__________
(1)The U.S. deferred tax includes a benefit of $318 million, which is fully offset by a corresponding charge in foreign deferred taxes related to one of the Company’s Bermuda operating insurance companies. These amounts are due to changes in Bermuda tax law in 2025. Overall, there is no impact on total taxes, as all earnings of the Bermuda entity are subject to U.S. taxation at a rate of 21%
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:

As of December 31,
2025
($ in millions)
Expected federal income tax expense/(benefit)
$978 21.0 %
State taxes (net of federal benefit)
11 0.2 %
Tax credits
(125)(2.7)%
Foreign tax credits
(52)(1.1)%
General business credits
(73)(1.6)%
Effect of cross-border tax laws
(143)(3.1)%
GILTI
48 1.0 %
Change in tax law—Bermuda
(318)(6.8)%
Full inclusion—Bermuda
112 2.4 %
Other
15 0.3 %
Nontaxable or nondeductible items
(137)(2.9)%
Nontaxable investment income
(160)(3.4)%
Nondeductible expenses
23 0.5 %
Other reconciling items
(122)(2.6)%
Foreign tax effects
585 12.6 %
Japan210 4.5 %
National & local tax rate difference than U.S.
143 3.1 %
Other67 1.4 %
Brazil169 3.6 %
National tax rate difference than U.S.
80 1.7 %
Change in tax law
72 1.5 %
Other17 0.4 %
Bermuda194 4.2 %
National tax rate difference than U.S.
(112)(2.4)%
Change in tax law
318 6.8 %
Other(12)(0.3)%
Other foreign jurisdictions
12 0.3 %
Changes in unrecognized tax benefits
6 0.1 %
Total
$1,053 22.6 %
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:
 

Year Ended December 31,
20242023
 
($ in millions)
Expected federal income tax expense (benefit)$674 $645 
Non-taxable investment income(168)(162)
Foreign taxes at other than U.S. rate189 191 
Low-income housing and other tax credits(94)(106)
Changes in tax law50 (99)
GILTI(24)5 
Sale of subsidiary(10)0 
Non-deductible expenses39 29 
Change in valuation allowance(45)111 
State taxes (net of federal benefit)
26 20 
Other(130)(21)
Reported income tax expense (benefit)$507 $613 
Effective tax rate15.8 %20.0 %
Schedule of Deferred Tax Assets and Liabilities

As of December 31,
20252024
(in millions)
Deferred tax assets:
Net unrealized investment losses$6,938 $6,987 
Policyholders’ dividends171 55 
Net operating and capital loss carryforwards269 360 
Employee benefits360 271 
Investments2,862 2,448 
Goodwill and other intangibles287 313 
Deferred tax assets before valuation allowance10,887 10,434 
Valuation allowance(212)(238)
Deferred tax assets after valuation allowance10,675 10,196 
Deferred tax liabilities:
Insurance reserves6,991 4,629 
Deferred policy acquisition costs3,951 3,851 
Value of business acquired142 147 
Other687 1,261 
Deferred tax liabilities11,771 9,888 
Net deferred tax asset (liability)(1)
$(1,096)$308 
Operating And Capital Loss Carryforwards The valuation allowance includes amounts recorded in connection with deferred tax assets as follows:
 

FederalStateForeign OperationsTotal
(in millions)
Balance at December 31, 2023$25 $132 $133 $290 
Charged to costs and expenses(2)0 7 5 
Other adjustments0 (4)(53)(57)
Balance at December 31, 202423 128 87 238 
Charged to costs and expenses(1)4 16 19 
Other adjustments0 0 (45)(45)
Balance at December 31, 2025$22 $132 $58 $212 

The following table sets forth the amount and expiration dates of federal, state and foreign operating, capital loss and tax credit carryforwards for tax purposes, as of the periods indicated:
 

As of December 31,
20252024
(in millions)
Federal net operating and capital loss carryforwards$0 $23 
State net operating and capital loss carryforwards(1)$1,993 $1,888 
Foreign net operating and capital loss carryforwards(2)$926 $907 
Federal foreign tax credit carryforwards(3)$16 $15 
__________
(1)Certain state net operating loss carryforwards expire between 2026 and 2045, whereas others have an unlimited carryforward.
(2)$349 million expires between 2026 and 2042 and $150 million has an unlimited carryforward.
(3)Expires between 2028 and 2035. These relate to foreign non-general basket tax credits.
Undistributed Earnings Of Foreign Subsidiaries Assuming Permanent Reinvestment
The following table sets forth the undistributed earnings of foreign subsidiaries, where the Company assumes indefinite reinvestment of such earnings and for which, in 2025, 2024 and 2023, foreign deferred withholding or other foreign income taxes have not been provided. The net tax liability that may arise if the 2025 earnings were remitted which includes any foreign exchange impacts, is immaterial.


At December 31,
202520242023
 (in millions)
Undistributed earnings of foreign subsidiaries (assuming indefinite reinvestment only for Withholding or other non-U.S. Taxes)$417 $351 $291 
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.

Year Ended December 31,

2025
 (in millions)
Federal (1)$808 
State
32 
Foreign
558 
Japan
423 
Brazil
79 
Other Foreign Jurisdictions
56 
Total taxes paid, net of refunds
$1,398 
__________
(1)Includes $188 million refund related to prior years and $192 million paid for Transferable Energy tax credits.
Unrecognized Tax Benefits Reconciliation
The following table reconciles the total amount of unrecognized tax benefits at the beginning and end of the periods indicated:
 

202520242023
 (in millions)
Balance at January 1,$132 $133 $84 
Increases in unrecognized tax benefits—prior years1 4 13 
(Decreases) in unrecognized tax benefits—prior years(3)(5)0 
Increases in unrecognized tax benefits—current year0 0 36 
(Decreases) in unrecognized tax benefits—current year0 0 0 
Settlements with taxing authorities(5)0 0 
Balance at December 31,$125 $132 $133 
Unrecognized tax benefits that, if recognized, would favorably impact the effective rate$125 $132 $133 
Amounts Recognized In Consolidated Financial Statements For Tax Related Interest And Penalties The amounts recognized in the consolidated financial statements for tax-related interest and penalties for the years ended December 31 are as follows:
 

202520242023
 (in millions)
Interest and penalties recognized in the Consolidated Statements of Operations$1 $10 $7 
 

20252024
 (in millions)
Interest and penalties recognized in liabilities in the Consolidated Statements of Financial Position$33 $33 
Open Tax Years By Major Tax Jurisdictions
Listed below are the tax years that remain subject to examination, by major tax jurisdiction, as of December 31, 2025:
 
Major Tax JurisdictionOpen Tax Years
United States
2014-2025
Japan
Fiscal years ended March 31, 2021-2025
v3.25.4
Short-Term and Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Short-term Debt
The table below presents the Company’s short-term debt at December 31, for the years indicated as follows:

20252024
 ($ in millions)
Commercial paper:
Prudential Financial$25 $25 
Prudential Funding, LLC849 496 
Subtotal commercial paper874 521 
Current portion of long-term debt:
Senior Notes536 0 
Surplus Notes0 347 
Mortgage Debt33 85 
Subtotal Current portion of long-term debt569 432 
Subtotal1,443 953 
Less: Assets under set-off arrangements
0 0 
Total short-term debt(1)
$1,443 $953 
Supplemental short-term debt information:
Portion of commercial paper borrowings due overnight$175 $310 
Daily average commercial paper outstanding for the quarter ended$2,389 $1,823 
Weighted average maturity of outstanding commercial paper, in days1115
Weighted average interest rate on outstanding commercial paper3.72 %4.61 %
__________
(1)Includes Prudential Financial debt of $561 million and $25 million as of December 31, 2025 and 2024, respectively.
Schedule of Line of Credit Facilities
As of December 31, 2025, the Company maintained syndicated, unsecured committed credit facilities as described below.
 
BorrowerOriginal
Term		Expiration
Date		CapacityAmount Outstanding
   (in millions)
Prudential Financial and Prudential Funding5 yearsJul-29$4,000 $0 
Prudential Holdings of Japan, Inc.5 yearsSep-29¥100,000 ¥0 
Schedule of Long-term Debt Instruments
 Maturity
Dates		Rate(1)December 31,
20252024
   ($ in millions)
Fixed-rate notes:
Surplus Notes
 
$0 $0 
Surplus Notes subject to set-off arrangements(2)
2035-2049
3.66%-5.48%
15,744 14,748 
Senior Notes
2026-2051
1.50%-6.63%
10,823 10,245 
Mortgage Debt(3)
2029-2034
1.28%-2.21%
134 69 
Floating-rate notes:
Line of Credit2027
5.62%-5.98%
255 255 
Mortgage Debt(3)
2029-2031
0.95%-1.74%
49 31 
Junior Subordinated Notes(4)
2045-2062
1.72%-6.75%
7,595 8,587 
Subtotal34,600 33,935 
Less: Assets under set-off arrangements(5)
15,744 14,748 
Total long-term debt(6)
$18,856 $19,187 
__________
(1)Ranges of interest rates are for the year ended December 31, 2025.
(2)Amount includes $7.6 billion of surplus notes used to finance Guideline AXXX reserves for business reinsured to Somerset Re in March 2024. See Note 15 for additional information.
(3)Includes $184 million and $100 million of debt denominated in foreign currency at December 31, 2025 and 2024, respectively.
(4)Includes Prudential Financial debt of $7,555 million and subsidiary debt of $40 million denominated in foreign currency at December 31, 2025.
(5)Assets under set-off arrangements represent a reduction in the amount of surplus notes included in long-term debt, resulting from an arrangement where valid rights of set-off exist and it is the intent of both parties to settle on a net basis under legally enforceable arrangements. These assets include available-for-sale securities that are reported at fair value.
(6)Includes Prudential Financial debt of $18,378 million and $18,793 million at December 31, 2025 and 2024, respectively.
Schedule of Maturities of Long-term Debt
The following table presents the contractual maturities of the Company’s long-term debt as of December 31, 2025:
 
 Calendar Year 
 2027202820292030
2031 and
thereafter
Total
 (in millions)
Long-term debt$63 $667 $95 $750 $17,281 $18,856 
Senior Notes
The table below presents the Company’s balances related to these issuances, as well as its mortgage debt balance, as of December 31 for the years indicated as follows:

Facility NameMaturity Date Range
2025 Amount Outstanding
2024 Amount Outstanding
(in millions)
Medium-Term Notes(1)
2026-2051$9,130 $8,382 
Senior Notes
2047-20491,502 1,493 
InterNotes® Retail Notes(1)
2026-2045727 370 
Mortgage Debt(1)2026-2034217 185 
Total$11,576 $10,430 
__________
(1)Includes $569 million of notes from current portion of long-term debt as of December 31, 2025.
Surplus Notes with Set-Off Arrangements
Agreement Start DateMaturity YearsMaximum Borrowing Capacity
2025 Amount Outstanding
2024 Amount Outstanding
($ in millions)
Regulation XXX
20242044$8,000 $7,660 $7,560 
Guideline AXXX
2024(1)20499,500 7,584 6,888 
Other Notes
201920354,000 500 300 
Total$21,500 $15,744 $14,748 
__________
(1)Amount includes $7.6 billion of surplus notes used to finance Guideline AXXX reserves for business reinsured to Somerset Re in March 2024. See Note 15 for additional information.
Junior Subordinated Notes
Prudential Financial’s junior subordinated notes outstanding are considered hybrid securities that receive enhanced equity treatment from the rating agencies. These notes outstanding, along with their key terms, are as follows:
 
Issue DatePrincipal
Amount		Initial
Interest
Rate		Investor
Type		Optional
Redemption
Date
Interest Rate
Subsequent to Optional
Redemption Date

Maturity Date
 ($ in millions)     
Sep-17$750 4.50 %Institutional9/15/2027
4.50%
9/15/2047
Aug-18$565 5.63 %Retail8/15/20235.63%8/15/2058
Sep-18$1,000 5.70 %Institutional9/15/2028
SOFR + 2.93%
9/15/2048
Aug-20$500 4.13 %Retail9/1/20254.13%9/1/2060
Aug-20$800 3.70 %Institutional10/1/2030
US Treasury + 3.04%
10/1/2050
Feb-22$1,000 5.13 %Institutional2/28/2032
US Treasury + 3.16%
3/1/2052
Aug-22$300 5.95 %Retail9/1/20275.95%9/1/2062
Aug-22$1,200 6.00 %Institutional9/1/2032
US Treasury + 3.23%
9/1/2052
Feb-23$500 6.75 %Institutional3/1/2033
US Treasury + 2.85%
3/1/2053
Mar-24$1,000 6.50 %Institutional3/15/2034
US Treasury + 2.40%
3/15/2054
v3.25.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Status of Employee Benefit Plans The status of these plans as of December 31, 2025 and 2024 is summarized below:
 
 Pension BenefitsOther Postretirement Benefits
 2025202420252024
 (in millions)
Change in benefit obligation
Benefit obligation at the beginning of period$(10,629)$(11,238)$(1,026)$(1,032)
Service cost(187)(206)(6)(7)
Interest cost(565)(539)(55)(51)
Plan participants’ contributions0 0 (18)(21)
Amendments(6)0 0 0 
Actuarial gains (losses), net(1)(2)
(333)360 (42)(29)
Settlements58 62 0 0 
Special termination benefits0 (1)0 0 
Benefits paid872 823 110 113 
Acquisition/Divestiture1 0 0 0 
Foreign currency changes and other(15)110 (1)1 
Benefit obligation at end of period$(10,804)$(10,629)$(1,038)$(1,026)
Change in plan assets
Plan assets at beginning of period$12,293 $12,649 $1,187 $1,186 
Actual return on plan assets944 366 136 88 
Employer contributions168 177 8 5 
Plan participants’ contributions0 0 18 21 
Disbursement for settlements(58)(62)0 0 
Benefits paid(872)(823)(110)(113)
Acquisition/Divestiture(1)0 0 0 
Foreign currency changes and other16 (14)0 0 
Plan assets at end of period$12,490 $12,293 $1,239 $1,187 
Funded status at end of period$1,686 $1,664 $201 $161 
Amounts recognized in the Statements of Financial Position
Prepaid benefit cost$3,503 $3,451 $282 $232 
Accrued benefit liability(1,817)(1,787)(81)(71)
Net amount recognized$1,686 $1,664 $201 $161 
Items recorded in “Accumulated other comprehensive income (loss)” not yet recognized as a component of net periodic (benefit) cost:
Prior service cost$6 $(1)$(211)$(278)
Net actuarial loss3,228 2,924 186 218 
Net amount not recognized$3,234 $2,923 $(25)$(60)
Accumulated benefit obligation$(9,973)$(9,925)$(1,038)$(1,026)
__________
(1)For 2025, actuarial losses for pension and other postretirement benefits were primarily driven by a decrease in the discount rate.
(2)For 2024, actuarial gains for pension were primarily driven by an increase in the discount rate. For 2024, actuarial losses for other postretirement benefits were primarily driven by an increase in medical trend rate.
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
20252024
 (in millions)
Projected benefit obligation$1,817 $1,787 
Fair value of plan assets$0 $0 
Schedule of Net Benefit Costs
Net periodic (benefit) cost included in “General and administrative expenses” in the Company’s Consolidated Statements of Operations for the years ended December 31, includes the following components:
 
 Pension BenefitsOther Postretirement
Benefits
 202520242023202520242023
 (in millions)
Service cost$187 $206 $204 $6 $7 $9 
Interest cost565 539 551 55 51 71 
Expected return on plan assets(996)(953)(926)(73)(76)(86)
Amortization of prior service cost(1)(1)(1)(67)(67)(7)
Amortization of actuarial (gain) loss, net84 90 69 10 8 10 
Settlements(3)1 3 0 0 0 
Special termination benefits(1)(2)01 25 0 0 5 
Net periodic (benefit) cost$(164)$(117)$(75)$(69)$(77)$2 
__________
(1)For 2025 and 2024, certain employees were provided special termination benefits under non-qualified plans in the form of unreduced early retirement benefits as a result of their involuntary termination.
(2)For 2023, certain employees were provided special termination benefits under non-qualified plans in the form of unreduced early retirement benefits as a result of their involuntary termination while others were provided enhanced benefits due to the Company’s organizational restructuring.
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
20252024
 (in millions)
Accumulated benefit obligation$1,617 $1,625 
Fair value of plan assets$0 $0 
Schedule of Changes in Accumulated Other Comprehensive Income
The amounts recorded in AOCI as of the end of the period, which have not yet been recognized as a component of net periodic (benefit) cost, and the related changes in these items during the period that are recognized in “Other comprehensive income (loss)” are as follows:
 
 Pension BenefitsOther Postretirement
Benefits
 Prior
Service
Cost		Net
Actuarial
(Gain) Loss		Prior
Service
Cost		Net
Actuarial
(Gain) Loss
 (in millions)
Balance, December 31, 2022$(2)$2,466 $(54)$222 
Amortization for the period1 (69)7 (10)
Deferrals for the period(1)(2)411 (298)(3)
Impact of foreign currency changes and other1 (11)0 0 
Balance, December 31, 2023(2)2,797 (345)209 
Amortization for the period1 (90)67 (8)
Deferrals for the period(2)0 227 0 17 
Impact of foreign currency changes and other0 (10)0 0 
Balance, December 31, 2024(1)2,924 (278)218 
Amortization for the period1 (84)67 (10)
Deferrals for the period(3)6 385 0 (21)
Impact of foreign currency changes and other0 3 0 (1)
Balance, December 31, 2025$6 $3,228 $(211)$186 
__________
(1)For 2023, deferred losses for pension were driven by a decrease in discount rate and unfavorable asset performance. Deferred gains for other postretirement benefits were driven by a change to the Retiree Medical Plan, decrease in discount rate and favorable asset performance.
(2)For 2024, deferred losses for pension were driven by unfavorable asset performance offset by an increase in discount rate. Deferred losses for other postretirement benefits were driven by an increase in medical trend experience offset by an increase in discount rate and favorable asset performance.
(3)For 2025, deferred losses for pension were driven by a decrease in discount rate and unfavorable asset performance. Deferred gains for other postretirement benefits were driven by favorable asset performance offset by a decrease in discount rate.
Schedule of Assumptions Used
The Company’s assumptions related to the calculation of the domestic benefit obligation (end of period) and the determination of net periodic (benefit) cost (beginning of period) are presented in the table below:
 
 Pension BenefitsOther Postretirement Benefits
 202520242023202520242023
Weighted average assumptions
Discount rate (beginning of period)5.85 %5.30 %5.45 %5.70 %5.20 %5.55 %
Discount rate (end of period)5.55 %5.85 %5.30 %5.25 %5.70 %5.20 %
Rate of increase in compensation levels (beginning of period)6.25 %6.25 %4.50 %N/AN/AN/A
Rate of increase in compensation levels (end of period)6.25 %6.25 %6.25 %N/AN/AN/A
Expected return on plan assets (beginning of period)8.00 %7.50 %7.50 %6.50 %6.75 %7.75 %
Interest crediting rate (beginning of period)4.35 %4.95 %4.25 %N/AN/AN/A
Interest crediting rate (end of period)4.85 %4.35 %4.95 %N/AN/AN/A
Health care cost trend rates (beginning of period)N/AN/AN/A7.90 %7.35 %6.50 %
Health care cost trend rates (end of period)N/AN/AN/A8.00 %7.90 %7.35 %
For 2025, 2024 and 2023, the ultimate health care cost trend rate after gradual decrease until: 2035, 2034, 2030, (beginning of period)N/AN/AN/A4.75 %4.75 %4.75 %
For 2025, 2024 and 2023, the ultimate health care cost trend rate after gradual decrease until: 2036, 2035, 2034 (end of period)N/AN/AN/A4.75 %4.75 %4.75 %
Schedule of Plans Assets-Fair Value and Allocation % (Target/Actual) Asset allocation targets as of December 31, 2025 are as follows:
 
 PensionPostretirement
 MinimumMaximumMinimumMaximum
Asset Category
U.S. Equities0 %3 %11 %32 %
International Equities0 %8 %4 %22 %
Fixed Maturities51 %70 %5 %72 %
Short-term Investments0 %11 %0 %26 %
Real Estate3 %16 %0 %0 %
Other8 %40 %0 %0 %
Postretirement plan asset allocations in accordance with the investment guidelines are as follows:
 
 As of December 31, 2025As of December 31, 2024
 Level 1Level 2
Level 3
TotalLevel 1Level 2Level 3Total
 (in millions)
Equities:
U.S. equities$0 $43 $0 $43 $0 $38 $0 $38 
International equities0 12 0 12 0 10 0 10 
Subtotal equities0 55 0 55 0 48 0 48 
Fixed maturities:
Equities0 0 0 0 0 2 0 2 
Subtotal fixed maturities0 0 0 0 0 2 0 2 
Short-term investments:
Registered investment companies78 0 0 78 46 0 0 46 
Net assets in the fair value hierarchy$78 $55 $0 $133 $46 $50 $0 $96 
Investments Measured at Net Asset Value, as a Practical Expedient(1):
Common/collective trusts$149 $148 
Net assets at fair value282 244 
Variable Life Insurance Policies at contract value957 943 
Total net assets$1,239 $1,187 
__________
(1)The postretirement plan excludes from the fair value hierarchy investments that are measured at NAV per share (or its equivalent) as a practical expedient to estimate fair value and Variable Life Insurance Policies valued at contract value. U.S. equities totaled $215 million and $192 million at December 31, 2025 and 2024, respectively. International equities totaled $119 million and $99 million at December 31, 2025 and 2024, respectively. Fixed maturities totaled $623 million and $652 million at December 31, 2025 and 2024, respectively.
(2)There were no changes in the fair value of Level 3 postretirement assets from December 31, 2024 through December 31, 2025.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
Fixed MaturitiesReal
Estate		Other
 
Corporate Bonds
OtherPartnershipsPartnershipsHedge Fund
 (in millions)
Fair Value, January 1, 2024$9 $82 $942 $2,142 $1,495 
Actual return on assets:
Relating to assets still held at the reporting date0 0 (95)219 158 
Relating to assets sold during the period0 0 0 0 0 
Purchases
0 0 (18)76 32 
Sales
(3)0 (59)0 0 
Issuances
0 29 0 0 0 
Settlements
0 (82)0 0 0 
Transfers in and/or out of Level 30 0 0 0 0 
Fair Value, December 31, 2024$6 $29 $770 $2,437 $1,685 
Actual return on assets:
Relating to assets still held at the reporting date0 0 2 254 146 
Relating to assets sold during the period0 0 0 0 0 
Purchases4 0 8 127 75 
Sales0 0 (72)(268)(258)
Issuances0 14 0 0 0 
Settlements0 (30)0 0 0 
Transfers in and/or out of Level 30 0 0 0 0 
Fair Value, December 31, 2025$10 $13 $708 $2,550 $1,648 
Schedule of Expected Benefit Payments
The expected benefit payments for the Company’s pension and postretirement plans for the years indicated are as follows:
 
Pension Benefit
Payments		Other
Postretirement
Benefit Payments
 (in millions)
2026$1,056 $92 
2027900 96 
2028914 99 
2029933 105 
2030962 107 
2031-2035
4,594 469 
Total$9,359 $968 
v3.25.4
Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Common Stock Disclosure
The changes in the number of shares of Common Stock issued, held in treasury and outstanding, are as follows for the periods indicated:

 Common Stock
 IssuedHeld In
Treasury		Outstanding
 
 (in millions)
Balance, December 31, 2022666.3 300.3 366.0 
Common Stock issued0.0 0.0 0.0 
Common Stock acquired0.0 10.9 (10.9)
Stock-based compensation programs(1)0.0 (4.1)4.1 
Balance, December 31, 2023666.3 307.1 359.2 
Common Stock issued0.0 0.0 0.0 
Common Stock acquired0.0 8.6 (8.6)
Stock-based compensation programs(1)0.0 (4.0)4.0 
Balance, December 31, 2024666.3 311.7 354.6 
Common Stock issued0.0 0.0 0.0 
Common Stock acquired0.0 9.3 (9.3)
Stock-based compensation programs(1)0.0 (2.7)2.7 
Balance, December 31, 2025666.3 318.3 348.0 
__________
(1)Represents net shares issued from treasury pursuant to the Company’s stock-based compensation programs.
Share Repurchases Authorizations
The following table summarizes share repurchases for each of the past three years as well as the share repurchase authorization for 2026, which was approved by the Board of Directors in December 2025:

January 1, 2026 -
December 31, 2026
January 1, 2025 -
December 31, 2025
January 1, 2024 -
December 31, 2024
January 1, 2023 -
December 31, 2023
Total Board authorized share repurchase amount ($ in billions)$1.0 $1.0 $1.0 $1.0 
Total number of shares repurchased under this authorization as of the period end (in millions)N/A*9.3 8.6 10.9 
__________
* Share repurchase authorization for a future period.
Dividends Declared
Dividends declared per share of Common Stock are as follows for the years indicated:

 202520242023
Dividends declared per share of Common Stock$5.40 $5.20 $5.00 
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)
Attributable to Prudential Financial, Inc.
 Foreign 
Currency
Translation
Adjustment		Net Unrealized
Investment
Gains
(Losses)(1)		Interest rate remeasurement of Liability for Future Policy Benefits
Gains (Losses) from Changes in Nonperformance Risk on Market Risk Benefits
Pension and
Postretirement
Unrecognized Net
Periodic Benefit (Cost)		Total 
Accumulated Other Comprehensive Income (Loss)
 (in millions)
Balance, December 31, 2022$(2,274)$(16,194)$15,242 $1,448 $(2,028)$(3,806)
Change in OCI before reclassifications(246)5,076 (8,770)(693)(98)(4,731)
Amounts reclassified from AOCI(18)1,143 0 0 71 1,196 
Income tax benefit (expense)(148)(1,238)2,075 145 3 837 
Balance, December 31, 2023(2,686)(11,213)8,547 900 (2,052)(6,504)
Change in OCI before reclassifications(811)(12,822)11,804 (466)(234)(2,529)
Amounts reclassified from AOCI(41)2,697 0 0 30 2,686 
Income tax benefit (expense)(77)2,651 (3,045)98 9 (364)
Balance, December 31, 2024(3,615)(18,687)17,306 532 (2,247)(6,711)
Change in OCI before reclassifications499 (1,695)5,385 (195)(372)3,622 
Amounts reclassified from AOCI(53)1,042 0 0 26 1,015 
Income tax benefit (expense)(14)551 (1,652)41 71 (1,003)
Balance, December 31, 2025$(3,183)$(18,789)$21,039 $378 $(2,522)$(3,077)
__________
(1)Includes cash flow hedges of $(231) million, $1,780 million and $869 million as of December 31, 2025, 2024, and 2023, respectively, and fair value hedges of $(123) million, $(64) million, and $(60) 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,Affected line item in Consolidated
Statements of Operations
 202520242023
 (in millions) 
Amounts reclassified from AOCI(1)(2):
Foreign currency translation adjustment:
Foreign currency translation adjustment$44 $41 $18 Realized investment gains (losses), net
Foreign currency translation adjustment9 0 0 Other income (loss)
Total foreign currency translation adjustment53 41 18 
Net unrealized investment gains (losses):
Cash flow hedges—Interest Rate(13)(30)(38)(3)
Cash flow hedges—Currency(8)3 14 (3)
Cash flow hedges—Currency/Interest rate(107)612 200 (3)
Fair value hedges—Currency(14)(10)(8)(3)
Net unrealized investment gains (losses) on available-for-sale securities(900)(3,272)(1,311)Realized investment gains (losses), net
Total net unrealized investment gains (losses)(1,042)(2,697)(1,143)(4)
Amortization of defined benefit items:
Prior service cost68 68 8 (5)
Actuarial gain (loss)(94)(98)(79)(5)
Total amortization of defined benefit items(26)(30)(71)
Total reclassifications for the period$(1,015)$(2,686)$(1,196)
__________
(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 regarding cash flow and fair value hedges.
(4)See table below for additional information regarding unrealized investment gains (losses), including the impact on future policy benefits and policyholders’ dividends.
(5)See Note 19 for information regarding employee benefit plans.
OTTI, Allowance and All Other Net Unrealized Investment Gain Loss AOCI Rollforward
Net Unrealized
Investment Gains (Losses)
on AFS Fixed Maturity Securities on Which an ACL has been Recognized 		Net Unrealized Gains (Losses) on All Other Investments(1)Reinsurance RecoverablesFuture Policy
Benefits,
Policyholders’
Account
Balances and
Reinsurance Payables		Policyholders' DividendsIncome Tax Benefit (Expense)AOCI Related to Net Unrealized Investment Gains (Losses)
 (in millions)
Balance, December 31, 2022$(45)$(24,959)$(703)$1,946 $3,194 $4,373 $(16,194)
Net investment gains (losses) on investments arising during the period15 6,595 (1,327)5,283 
Reclassification adjustment for (gains) losses included in net income(3)1,146 (229)914 
Reclassification due to allowance for credit losses recorded during the period(39)39 00
Impact of net unrealized investment (gains) losses219 (640)(1,113)318 (1,216)
Balance, December 31, 2023(72)(17,179)(484)1,306 2,081 3,135 (11,213)
Net investment gains (losses) on investments arising during the period(24)(12,703)3,339 (9,388)
Reclassification adjustment for (gains) losses included in net income97 2,600 (708)1,989 
Reclassification due to allowance for credit losses recorded during the period5 (5)0 0 
Impact of net unrealized investment (gains) losses215 (325)15 20 (75)
Balance, December 31, 20246 (27,287)(269)981 2,096 5,786 (18,687)
Net investment gains (losses) on investments arising during the period(6)(400)(179)(585)
Reclassification adjustment for (gains) losses included in net income(4)1,046 459 1,501 
Impact of net unrealized investment (gains) losses101 (358)(1,032)271 (1,018)
Balance, December 31, 2025$(4)$(26,641)$(168)$623 $1,064 $6,337 $(18,789)
__________
(1)Includes cash flow and fair value hedges. See Note 5 for additional information.
Statutory Financial Information
The following table summarizes certain statutory financial information for the Company’s U.S. insurance subsidiary as of and for the years ended:
PICA
December 31, 2025December 31, 2024December 31, 2023
(in millions)
Statutory net income (loss)
$1,951 $1,245 $1,732 
Statutory capital and surplus(1)
$15,907 $15,790 $16,085 
__________
(1)Prior period amounts have been updated to conform to finalized statutory filings, where applicable.
v3.25.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Reconciliation of Earnings Per Share
A reconciliation of the numerators and denominators of the basic and diluted per share computations of Common Stock based on the consolidated earnings of Prudential Financial for the years ended December 31, is as follows:
 202520242023
 IncomeWeighted
Average
Shares		Per Share
Amount		IncomeWeighted
Average
Shares		Per Share
Amount		IncomeWeighted
Average
Shares		Per Share
Amount
 (in millions, except per share amounts)
Basic earnings per share
Net income (loss)$3,732 $2,846 $2,508 
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
156 119 20 
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards41 32 29 
Net income (loss) attributable to Prudential Financial available to holders of Common Stock$3,535 351.8 $10.05 $2,695 357.5 $7.54 $2,459 363.5 $6.76 
Effect of dilutive securities and compensation programs
Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic$41 $32 $29 
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted41 32 29 
Stock options0.1 0.3 0.2 
Deferred and long-term compensation programs1.8 1.5 0.9 
Diluted earnings per share
Net income (loss) attributable to Prudential Financial available to holders of Common Stock$3,535 353.7 $9.99 $2,695 359.3 $7.50 $2,459 364.6 $6.74 
Earnings Per Share Computation For the years ended December 31, the number of stock options and shares related to deferred and long-term compensation programs that were considered antidilutive and were excluded from the computation of diluted earnings per share, weighted for the portion of the period they were outstanding, are as follows:
 202520242023
 SharesExercise
Price Per
Share		SharesExercise
Price Per
Share		SharesExercise
Price Per
Share
 
(in millions, except per share amounts, based on
weighted average)
Antidilutive stock options based on application of the treasury stock method0.1 $109.02 0.1 $110.42 1.2 $102.63 
Antidilutive stock options due to net loss available to holders of Common Stock0.0 0.0 0.0 
Antidilutive shares based on application of the treasury stock method0.0 0.0 0.1 
Antidilutive shares due to net loss available to holders of Common Stock0.0 0.0 0.0 
Total antidilutive stock options and shares0.1 0.1 1.3 
v3.25.4
Share-Based Payments (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan
The following table summarizes the compensation cost recognized and the related income tax benefit for stock options, restricted stock units, performance shares and performance units for the years ended December 31: 
 202520242023
Omnibus Incentive Plan:Total
Compensation Cost
Recognized (1)		Income Tax
Benefit		Total
Compensation Cost
Recognized (1)		Income Tax
Benefit		Total
Compensation Cost
Recognized (1)		Income Tax
Benefit
 (in millions)
Employee stock options$0 $0 $0 $0 $0 $0 
Employee restricted stock units200 46 200 47 200 47 
Employee performance shares and performance units57 13 114 27 54 12 
Total$257 $59 $314 $74 $254 $59 
__________
(1) Compensation costs related to retirement eligible participants are recorded on the grant date (typically in the first quarter of every year).

On January 10, 2024, the Board of Directors of Prudential Financial, Inc. adopted certain modifications to the terms and conditions of performance shares granted in 2021, 2022 and 2023. These modifications 1) mitigate the impact of outsized interest rate volatility, both positive and negative, as it relates to achieving adjusted book value per share growth goals, and 2) reduce certain book value per share goals and maximum payout opportunities. The impact from these modifications increased shares to be delivered to 161 employees across all three performance plans by a total of approximately 600,000 shares. In addition, total compensation costs resulting from these modifications increased by approximately $62 million.

2025
20242023
Assurance IQ Acquisition:Total
Compensation Cost
Recognized		Income Tax
Benefit		Total
Compensation Cost
Recognized		Income Tax
Benefit		Total
Compensation Cost
Recognized		Income Tax
Benefit
 (in millions)
Employee stock options$0 $0 $0 $0 $2 $1 
Employee restricted stock units0 0 0 0 1 0 
Employee performance shares0 0 0 0 0 0 
Total$0 $0 $0 $0 $3 $1 
Schedule of Share Based Compensation Stock Options Activity
A summary of the status of the Company’s stock option grants is as follows:

 Employee Stock Options
Omnibus Incentive PlanAssurance IQ Acquisition
 SharesWeighted Average
Exercise Price		SharesWeighted Average
Exercise Price
Outstanding at December 31, 2024661,895 $96.00 2,171 $0.09 
Granted0 0.00 0 0.00 
Exercised(56,141)78.42 (2,171)0.09 
Forfeited0 0.00 0 0.00 
Expired(1,314)78.08 0 0.00 
Outstanding at December 31, 2025604,440 $97.67 0 $0.00 
Exercisable at December 31, 2025604,440 $97.67 0 $0.00 
The weighted average remaining contractual term and the aggregate intrinsic value of stock options outstanding and exercisable as of December 31, 2025 is as follows:
 
 Employee Stock Options
 Omnibus Incentive Plan
 Weighted Average
Remaining
Contractual Term		Aggregate
Intrinsic Value
 (in years)(in millions)
Outstanding2.51 years$9 
Exercisable2.51 years$9 
Schedule of Nonvested Share Activity
A summary of the Company’s restricted stock unit and performance share awards under the Omnibus Incentive Plan is as follows:
 
Restricted
Stock
Units		Weighted
Average Grant
Date Fair Value
Performance
Share
Awards(1)
Weighted
Average Grant
Date Fair Value
Restricted at December 31, 20243,919,337 $104.53 1,923,149 $101.50 
Granted1,952,680 108.42 734,808 104.93 
Forfeited(229,277)107.07 (53,342)107.21 
Performance adjustment(2)
0 0.00 (100,878)103.72
Released(1,893,017)107.52 (468,344)103.74 
Restricted at December 31, 20253,749,723 $104.90 2,035,393 $101.96 
__________
(1)Performance share awards reflect the target units awarded, reduced for forfeitures and releases to date. The actual number of units to be awarded at the end of each performance period will range between 0% and 150% of the target number of units granted, based upon a measure of the reported performance for the Company relative to stated goals.
(2)Represents the difference between the target units granted and the actual units awarded based upon the attainment of performance goals for the Company.
v3.25.4
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
The following table sets forth the significant components of “Realized investment gains (losses), net” that are included in adjusted operating income and, as a result, are reflected as adjustments to “Realized investment gains (losses), net” for purposes of calculating adjusted operating income:
 
Year Ended December 31,
 202520242023
 (in millions)
Net gains (losses) from(1):
Terminated hedges of foreign currency earnings$9 $(11)$(32)
Current period yield adjustments$199 $216 $467 
Principal source of earnings$17 $50 $1 
__________
(1)In addition to the items in the table above, “Realized investment gains (losses), net, and related charges and adjustments” also includes an adjustment to reflect “Realized investment gains (losses), net” related to Divested and Run-off Businesses. See “Divested and Run-off Businesses” discussed below.
The following table sets forth certain other items excluded from adjusted operating income and reflected as an adjustment to “Realized investment gains (losses), net” for purposes of calculating adjusted operating income:
 
 Year Ended December 31,
 202520242023
 (in millions)
Net gains (losses) from:
Investments carried at fair value through net income$692 $(337)$754 
Foreign currency exchange movements$12 $(76)$(123)
Other activities$(1)$(1)$(10)
Schedule of Segment Reporting Information, by Segment
Reconciliation of select financial information

The tables below present certain financial information that is regularly provided to the CODM for the Company’s segments, including revenues and significant benefits and expenses, on an adjusted operating income basis, as well as assets by segment, and the reconciliation of the segment totals to amounts reported in the Consolidated Financial Statements.

 Year Ended December 31, 2025
Retirement Strategies
Select revenues and significant benefits and expenses, on an adjusted operating income basis, by segment
PGIM
Institutional Retirement Strategies
Individual Retirement Strategies (1)
Group Insurance
Individual Life(1)
International Businesses
Corporate and Other(2)
Total Adjusted Operating Income
Total Reconciling Items
Total GAAP Revenues and Pre-tax Income
(in millions)
Revenues:
Premiums
$0 $10,987 $78 $5,419 $936 $11,193 $(22)$28,591 $2,206 $30,797 
Policy charges and fee income
0 30 1,125 728 2,207 380 (60)4,410 256 4,666 
Net investment income
181 5,150 2,855 543 2,842 6,029 1,338 18,938 2,535 21,473 
Asset management fees, commissions and other income
4,050 490 1,483 84 145 546 (1,060)5,738 (1,900)3,838 
Total revenues
4,231 16,657 5,541 6,774 6,130 18,148 196 57,677 3,097 60,774 
Benefits and expenses:
Policyholders' benefits
0 13,501 264 5,022 2,920 10,198 (6)31,899 
Interest credited to policyholders' account balances
0 817 1,455 137 733 1,508 54 4,704 
Interest expense
100 60 52 21 1,036 3 840 2,112 
Deferral of acquisition costs0 (95)(668)(4)(933)(1,197)144 (2,753)
Amortization of DAC0 24 472 9 433 693 (60)1,571 
Operating expenses(3)1,973 273 580 751 529 1,868 799 6,773 
Variable expenses(3)1,280 106 1,635 457 1,173 1,791 (1)6,441 
Other benefits and expenses(4)0 258 19 0 (21)37 0 293 
Total benefits and expenses
3,353 14,944 3,809 6,393 5,870 14,901 1,770 51,040 
Total pre-tax income
$878 $1,713 $1,732 $381 $260 $3,247 $(1,574)$6,637 $(1,981)$4,656 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments
(1,618)
Change in value of market risk benefits, net of related hedging gains (losses)(475)
Market experience updates68 
Divested and Run-off Businesses:
Closed Block division(68)
Other Divested and Run-off Businesses107 
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
(20)
Other adjustments25 
Total reconciling items
(1,981)
Total GAAP pre-tax income(5)
$4,656 
 Year Ended December 31, 2024
Retirement Strategies
Select revenues and significant benefits and expenses, on an adjusted operating income basis, by segment
PGIM
Institutional Retirement Strategies
Individual Retirement Strategies (1)
Group Insurance
Individual Life(1)
International Businesses
Corporate and Other(2)
Total Adjusted Operating Income
Total Reconciling Items
Total GAAP Revenues and Pre-tax Income
(in millions)
Revenues:
Premiums
$0 $22,947 $76 $5,129 $957 $11,656 $(20)$40,745 $2,152 $42,897 
Policy charges and fee income
0 33 1,234 678 2,065 324 (57)4,277 21 4,298 
Net investment income
15 4,674 2,110 530 3,089 5,723 1,234 17,375 2,534 19,909 
Asset management fees, commissions and other income
4,077 541 1,705 90 84 222 (1,063)5,656 (2,355)3,301 
Total revenues
4,092 28,195 5,125 6,427 6,195 17,925 94 68,053 2,352 70,405 
Benefits and expenses:
Policyholders' benefits
0 25,752 141 4,801 3,095 10,248 (19)44,018 
Interest credited to policyholders' account balances
0 664 1,039 149 803 1,210 84 3,949 
Interest expense
105 31 84 11 1,113 (2)677 2,019 
Deferral of acquisition costs(1)(80)(641)(28)(901)(1,138)188 (2,601)
Amortization of DAC2 11 394 6 442 646 (56)1,445 
Operating expenses(3)1,841 231 578 734 591 1,793 1,102 6,870 
Variable expenses(3)1,270 106 1,759 440 1,125 1,661 (99)6,262 
Other benefits and expenses(4)0 (376)8 0 132 401 0 165 
Total benefits and expenses
3,217 26,339 3,362 6,113 6,400 14,819 1,877 62,127 
Total pre-tax income
$875 $1,856 $1,763 $314 $(205)$3,106 $(1,783)$5,926 $(2,717)$3,209 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments
(2,150)
Change in value of market risk benefits, net of related hedging gains (losses)(397)
Market experience updates(52)
Divested and Run-off Businesses:
Closed Block division(113)
Other Divested and Run-off Businesses30 
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
(16)
Other adjustments(19)
Total reconciling items
(2,717)
Total GAAP pre-tax income(5)
$3,209 
 Year Ended December 31, 2023
Retirement Strategies
Select revenues and significant benefits and expenses, on an adjusted operating income basis, by segment
PGIM
Institutional Retirement Strategies
Individual Retirement Strategies (1)(2)
Group Insurance
Individual Life(1)
International Businesses
Corporate and Other(2)
Total Adjusted Operating Income
Total Reconciling Items
Total GAAP Revenues and Pre-tax Income
(in millions)
Revenues:
Premiums
$0 $6,342 $86 $5,024 $969 $12,819 $(16)$25,224 $2,140 $27,364 
Policy charges and fee income
0 33 1,247 674 2,015 308 (53)4,224 303 4,527 
Net investment income
268 4,180 1,454 512 2,860 5,289 730 15,293 2,572 17,865 
Asset management fees, commissions and other income
3,370 475 1,745 75 430 266 (612)5,749 (1,526)4,223 
Total revenues
3,638 11,030 4,532 6,285 6,274 18,682 49 50,490 3,489 53,979 
Benefits and expenses:
Policyholders' benefits
0 8,759 134 4,703 3,295 11,057 (11)27,937 
Interest credited to policyholders' account balances
0 552 560 166 912 943 113 3,246 
Interest expense
113 1 72 8 898 23 639 1,754 
Deferral of acquisition costs(2)(75)(379)(3)(768)(1,198)97 (2,328)
Amortization of DAC2 16 349 9 456 622 (37)1,417 
Operating expenses(3)1,771 199 552 743 481 1,935 1,354 7,035 
Variable expenses(3)1,041 84 1,418 340 981 1,728 (72)5,520 
Other benefits and expenses(4)0 (201)8 0 114 389 0 310 
Total benefits and expenses
2,925 9,335 2,714 5,966 6,369 15,499 2,083 44,891 
Total pre-tax income
$713 $1,695 $1,818 $319 $(95)$3,183 $(2,034)$5,599 $(2,527)$3,072 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments
(2,510)
Change in value of market risk benefits, net of related hedging gains (losses)56 
Market experience updates110 
Divested and Run-off Businesses:
Closed Block division(100)
Other Divested and Run-off Businesses21 
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
(68)
Other adjustments(36)
Total reconciling items
(2,527)
Total GAAP pre-tax income(5)
$3,072 
__________
(1)The Individual Retirement Strategies and Individual Life segments’ results reflect DAC as if the business is a stand-alone operation. The elimination of intersegment costs capitalized in accordance with this policy is included in consolidating adjustments within Corporate and Other operations.
(2)Corporate and Other operations, through Prudential Advisors, generates fee revenues from the sale and distribution of certain insurance, annuity and investment products offered by Prudential and third parties.
(3)“Operating expenses” includes amounts related to salaries, employee benefits, occupancy, technology, consulting, external and contracted services, legal, corporate charges, costs for initiatives, and other miscellaneous expenses. “Variable expenses” includes commissions, certain compensation related to levels of investment performance, premium taxes and other fees related to sales of certain insurance and investment products.
(4)“Other benefits and expenses” primarily includes: (i) the change in estimates of liability for future policy benefits, which can be either positive or negative, for Retirement Strategies, Individual Life and International Businesses; (ii) dividends to policyholders for Individual Life and International Businesses, which are included in adjusted operating income; and (iii) dividends to policyholders in the Closed Block Division, which are not included in adjusted operating income.
(5)Reflects “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities”.
As of December 31,
20252024
(in millions)
Assets by segment:
PGIM$39,103 $36,044 
U.S. Businesses:
Institutional Retirement Strategies135,131 126,842 
Individual Retirement Strategies161,309 150,151 
Retirement Strategies296,440 276,993 
Group Insurance41,292 39,340 
Individual Life131,141 122,590 
Total U.S. Businesses468,873 438,923 
International Businesses187,770 180,038 
Corporate and Other29,899 31,767 
Closed Block division48,095 48,815 
Total assets per Consolidated Statements of Financial Position$773,740 $735,587 
Schedule Of Revenues From Domestic And Foreign Operations
Revenues, calculated in accordance with U.S. GAAP, for the years ended December 31, include the following by geographic location that are 10 percent or more of the Company’s total consolidated revenue:
202520242023
 (in millions)
United States
$36,801 $48,568 $31,031 
Japan13,487 13,760 15,538 
Other countries
10,486 8,077 7,410 
Total PFI consolidated revenue
$60,774 $70,405 $53,979 
Schedule Of Intersegment Revenues The PGIM segment revenues include intersegment revenues, primarily consisting of asset-based management and administration fees, for the years ended December 31, as follows:
202520242023
 (in millions)
PGIM segment intersegment revenues$905 $837 $796 
Schedule of Asset Mgmt and Service Fees
The table below presents asset management and service fees, predominantly related to investment management activities, for the periods indicated:
202520242023
 (in millions)
Asset-based management fees
$3,440 $3,386 $3,169 
Performance-based incentive fees
94 198 45 
Other fees
485 506 503 
Total asset management and service fees$4,019 $4,090 $3,717 
v3.25.4
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
The related party balances with Prismic, Prismic Re and Prismic Re International impacted the Company’s balance sheet as of the periods indicated as follows:
December 31, 2025December 31, 2024
 (in millions)
Reinsurance recoverables and deposit receivables$15,581 $9,084 
Other assets
$162 $187 
Reinsurance and funds withheld payables (includes $194 and $(91) of embedded derivatives at fair value at December 31, 2025 and 2024, respectively)
$7,980 $7,796 
Accumulated other comprehensive income (loss)
$(128)$(139)
The related party activity with Prismic, Prismic Re and Prismic Re International impacted the Company’s results of operations and cash flows for the periods indicated as follows:
Years Ended December 31,
202520242023
 (in millions)
Premiums
$(19)$6 $(4,811)
Asset management and service fees
61 38 10 
Other income (loss)
353 150 52 
Realized investment gains(losses), net
(509)255 (491)
Policyholders’ benefits
(281)(281)(4,915)
Change in estimates of liability for future policy benefits
(20)7 5 
Amortization of deferred policy acquisition costs(9)0 0 
General and administrative expenses
40 48 3 
Income (loss) from related parties, before income taxes
156 675 (333)
Other comprehensive income (loss), before tax11 (473)335 
Total comprehensive income (loss), before tax$167 $202 $2 

Years Ended December 31,
202520242023
 (in millions)
CASH FLOWS FROM OPERATING ACTIVITIES
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Realized investment (gains) losses, net$509 $(255)$491 
 Change in:
Deferred policy acquisition costs$(9)$0 $0 
Reinsurance related-balances$(843)$(743)$(235)
Other, net$26 $16 $29 
CASH FLOWS FROM INVESTING ACTIVITIES
Other, net$(64)$0 $0 
CASH FLOWS FROM FINANCING ACTIVITIES
Other, net$336 $374 $3 

See the Consolidated Statements of Cash Flows for information regarding significant non-cash transactions with Prismic Re and Prismic Re International.
v3.25.4
Commitments and Contingent Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Mortgage 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 millions)
Commercial mortgage and agricultural property loans by property type:
Office$6,517 10.4 %$7,867 12.7 %
Retail5,680 9.0 5,552 9.0 
Apartments/Multi-Family18,522 29.5 17,522 28.3 
Industrial17,280 27.5 16,900 27.3 
Hospitality1,738 2.8 1,831 3.0 
Self-Storage(1)2,245 3.6 2,194 3.5 
Health Care Senior Living(1)1,832 2.9 1,858 3.0 
Other(1)689 1.1 334 0.6 
Total commercial mortgage loans54,503 86.8 54,058 87.4 
Agricultural property loans8,275 13.2 7,775 12.6 
Total commercial mortgage and agricultural property loans
62,778 100.0 %61,833 100.0 %
Allowance for credit losses(414)(528)
Total net commercial mortgage and agricultural property loans
62,364 61,305 
Other loans:
Residential mortgage loans1,632 19 
Uncollateralized loans171 595 
Other collateralized loans603 468 
Total other loans2,406 1,082 
Allowance for credit losses(55)(46)
Total net other loans
2,351 1,036 
Total net commercial mortgage and other loans(2)$64,715 $62,341 
__________
(1)Prior period amounts have been updated to conform to current period presentation.
(2)Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of December 31, 2025 and 2024, the net carrying value of these loans was $1,056 million and $702 million, respectively.
Commercial Mortgage Loan Commitments 
 As of December 31,
 20252024
 (in millions)
Total outstanding mortgage loan commitments
$1,851 $2,552 
Portion of commitment where prearrangement to sell to investor exists$352 $578 
Indemnification of Serviced Mortgage Loans 
 As of December 31,
 20252024
 (in millions)
Maximum exposure under indemnification agreements for mortgage loans serviced by the Company$3,717 $3,272 
First-loss exposure portion of above$1,068 $942 
Accrued liability associated with guarantees(1)$24 $25 
__________ 
(1)The accrued liability associated with guarantees includes an allowance for credit losses of $11 million and $12 million as of December 31, 2025 and 2024, respectively. The change in allowance is a reduction of $1 million and $2 million for the years ended December 31, 2025 and 2024, respectively.
Commitments to Purchase Investments (excluding Commercial Mortgage Loans)
Commitments to Purchase Investments (excluding Commercial Mortgage Loans) 
 As of December 31,
 20252024
 (in millions)
Expected to be funded from the general account and other operations outside the separate accounts
$13,205 $11,664 
Expected to be funded from separate accounts$339 $0 
Indemnification of Securities Lending and Securities Repurchase Transactions
Indemnification of Securities Lending and Securities Repurchase Transactions 
 As of December 31,
 20252024
 (in millions)
Indemnification provided to certain clients for securities lending and securities repurchase transactions(1)$4,459 $5,015 
Fair value of related collateral associated with above indemnifications(1)
$4,558 $5,119 
Accrued liability associated with guarantee$0 $0 
__________ 
(1)Includes $0 million and $240 million related to securities repurchase transactions as of December 31, 2025 and December 31, 2024, respectively.
Guarantees
Guarantees of Asset Values 
 As of December 31,

20252024
 (in millions)
Guaranteed value of third parties’ assets$75,883 $76,416 
Fair value of collateral supporting these assets$73,511 $71,423 
Asset (liability) associated with guarantee, carried at fair value$0 $(1)
Other Guarantees

 As of December 31,
 20252024
 (in millions)
Other guarantees where amount can be determined$290 $289 
Accrued liability for other guarantees and indemnifications$31 $32 
Insolvency Assessment
Assets and liabilities held for insolvency assessments were as follows:
 
 As of December 31,
 20252024
 (in millions)
Other assets:
Premium tax offset for future undiscounted assessments$5 $25 
Premium tax offset currently available for paid assessments69 62 
Total$74 $87 
Other liabilities:
Insolvency assessments$5 $29 
v3.25.4
Business and Basis of Presentation (Dispositions Narratives) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Income (loss) before income taxes and equity in earnings of operating joint ventures $ 4,656 $ 3,209 $ 3,072
Other Income [1] 4,426 3,037 $ 4,065
Fixed Maturities, AFS, allowance for credit losses 183 331  
Other Guarantees      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Accrued Liability associated with guarantee $ 31 $ 32  
[1] See Note 24 for additional information regarding related party transactions.
v3.25.4
Business and Basis of Presentation (Held-For-Sale Table) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Fixed maturities, available-for-sale, at fair value $ 357,996 $ 341,004    
Fixed Maturities, Trading, amortized cost 15,536 13,631    
Assets supporting experience-rated contractholder liabilities, at fair value 4,842 3,707    
Equity securities [1] 10,972 9,417    
Commercial mortgage and other loans [1] 64,715 62,341    
Policy loans 9,958 9,795    
Other invested assets [1] 27,294 26,351    
Cash and cash equivalents 19,712 [1] 18,497 [1] $ 19,419  
Accrued investment income [1] 3,636 3,441    
Balance, BOP 21,530 20,448 20,856  
Value of business acquired 397 435    
Other assets [1],[2] 15,009 13,737    
Separate account assets 196,251 193,372    
Future policy benefits 266,914 268,912 273,281  
Cash collateral for loaned securities 8,700 9,621    
Other Liabilities [1] 17,692 16,679    
Separate account liabilities 196,251 193,372 198,888  
Goodwill 1,090 1,053 $ 1,071 $ 876
Fixed Maturities, AFS, allowance for credit losses 183 331    
Fixed Maturities        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Assets supporting experience-rated contractholder liabilities, at fair value 896 826    
Accrued investment income $ 3,089 $ 2,892    
[1] See Note 4 for details of balances associated with variable interest entities.
[2] See Note 24 for additional information regarding related party transactions.
v3.25.4
Business and Basis of Presentation Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
May 09, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Income (loss) before income taxes and equity in earnings of operating joint ventures         $ 4,656 $ 3,209 $ 3,072    
General and administrative expenses [1]         13,012 13,342 12,951    
Restructuring Charges   $ 135   $ 200          
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]   General and administrative expenses   General and administrative expenses          
Retained Earnings   $ 34,831     34,831 33,187      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Income (loss) before income taxes and equity in earnings of operating joint ventures         4,656 3,209 3,072    
Income (loss) before income taxes and equity in earnings of operating joint ventures         4,656 3,209 3,072    
Operating Segments                  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Income (loss) before income taxes and equity in earnings of operating joint ventures         6,637 5,926 5,599    
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Income (loss) before income taxes and equity in earnings of operating joint ventures         6,637 5,926 5,599    
Income (loss) before income taxes and equity in earnings of operating joint ventures         6,637 5,926 5,599    
Prismic HoldCo                  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Equity Method Investment, Ownership Percentage               20.00% 20.00%
Individual Retirement Strategies | U.S. Businesses Division | Operating Segments | Retirement Strategies                  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Income (loss) before income taxes and equity in earnings of operating joint ventures         1,732 1,763 1,818    
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Income (loss) before income taxes and equity in earnings of operating joint ventures         1,732 1,763 1,818    
Income (loss) before income taxes and equity in earnings of operating joint ventures         $ 1,732 $ 1,763 $ 1,818    
POJ | Subsequent Event                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Voluntarily suspension of new sales activity at Prudential of Japan 90 days                
Revision of Prior Period, Adjustment                  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Income (loss) before income taxes and equity in earnings of operating joint ventures     $ (150)            
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Income (loss) before income taxes and equity in earnings of operating joint ventures     (150)            
Income (loss) before income taxes and equity in earnings of operating joint ventures     $ (150)            
[1] See Note 24 for additional information regarding related party transactions.
v3.25.4
Business and Basis of Presentation (Deferred Sales Inducements) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Movement in Deferred Sales Inducements [Roll Forward]    
Balance, BOP $ 406 $ 443
Balance, EOP 375 406
Other businesses    
Movement in Deferred Sales Inducements [Roll Forward]    
Balance, BOP 30 33
Balance, EOP $ 28 $ 30
v3.25.4
Business and Basis of Presentation (Value of Business Acquired) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Value of Business Acquired [Line Items]      
Balance, BOP $ 435    
Balance, EOP 397 $ 435  
Other businesses      
Value of Business Acquired [Line Items]      
Balance, BOP 14 19  
Balance, EOP 13 14 $ 19
Gibraltar Life and Other      
Value of Business Acquired [Line Items]      
Balance, BOP 421 511 597
Balance, EOP $ 384 $ 421 $ 511
v3.25.4
Business and Basis of Presentation (Summary of Adoption of New Guidance on Consolidated Statements of Financial Position) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Balance, BOP $ 21,530 $ 20,448 $ 20,856  
Balance, BOP 397 435    
Income Tax Assets 279 866    
Total MRB assets 2,330 2,331    
Other assets [1],[2] 15,009 13,737    
Total assets 773,740 735,587    
Future policy benefits 266,914 268,912 273,281  
Policyholder Contract Deposit 191,307 166,254    
Other Liabilities [2] 17,692 16,679    
Total liabilities 738,159 705,461    
Accumulated other comprehensive income (loss) [1] (3,077) (6,711)    
Retained Earnings 34,831 33,187    
Partner's Capital 32,438 27,872    
Noncontrolling Interests 349 315    
Total equity 32,787 28,187 $ 28,110 $ 30,934
TOTAL LIABILITIES AND EQUITY 773,740 735,587    
Reinsurance Recoverable And Deposit Receivables, Including Reinsurance Premium Paid [1] 44,077 37,680    
Reinsurance and funds withheld payables [1] $ 18,844 $ 17,084    
[1] See Note 24 for additional information regarding related party transactions.
[2] See Note 4 for details of balances associated with variable interest entities.
v3.25.4
Business and Basis of Presentation (Summary of Adoption of New Guidance on Consolidated Statement of Operations) (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Per Share Amount $ 9.99 $ 7.50 $ 6.74
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Per Share Amount $ 10.05 $ 7.54 $ 6.76
Net Income (Loss) $ 3,576 $ 2,727 $ 2,488
Net income (loss) 3,732 2,846 2,508
Equity in earnings of joint ventures and other operating entities, net of taxes 129 144 49
Total income tax expense (benefit) 1,053 507 613
Income (loss) before income taxes and equity in earnings of operating joint ventures 4,656 3,209 3,072
Benefits, Losses and Expenses 56,118 67,196 50,907
General and administrative expenses [1] 13,012 13,342 12,951
Amortization expense [1] 1,635 1,492 1,459
Policyholder Account Balance, Interest Expense 5,068 4,582 3,983
Change in estimates of liability for future policy benefits [1] 103 (37) 337
Policyholders’ benefits [1] 35,224 47,119 30,931
Revenues 60,774 70,405 53,979
Change in value of market risk benefits, net of related hedging gains (losses) (475) (397) 56
Realized Investment Gains (Losses) [1],[2] (4,132) (3,429) (3,615)
Other income (loss) [1] 4,426 3,037 4,065
Insurance Commissions and Fees 4,666 4,298 4,527
Premiums [1] $ 30,797 $ 42,897 $ 27,364
[1] See Note 24 for additional information regarding related party transactions.
[2] See Note 24 for additional information regarding related party transactions.
v3.25.4
Business and Basis of Presentation (Summary of Adoption of New Guidance on Consolidated Statements of Comprehensive Income) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Comprehensive Income (Loss), Net of Tax, Attributable to Parent $ 7,210 $ 2,520 $ (210)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest 7,366 2,639 (190)
Other Comprehensive Income (Loss), Net of Tax 3,634 (207) (2,698)
Less: Income tax expense (benefit) related to other comprehensive income (loss) 1,003 364 (837)
Other Comprehensive Income (Loss), before Tax 4,637 157 (3,535)
Gain (loss) from changes in non-performance risk on market risk benefits (195) (466) (693)
Interest rate remeasurement of future policy benefits [1] 5,385 11,804 (8,770)
Net unrealized investment gains (losses) (653) (10,125) 6,219
Net income (loss) 3,732 2,846 2,508
Foreign currency translation adjustments for the period $ 446 $ (852) $ (264)
[1] See Note 24 for additional information regarding related party transactions.
v3.25.4
Business and Basis of Presentation (Summary of Adoption of New Guidance on Consolidated Statement of Cash Flows) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Net income (loss) $ 3,732 $ 2,846 $ 2,508
Realized investment gains(losses), net [1],[2] 4,132 3,429 3,615
Change in value of market risk benefits, net of related hedging (gains) losses 475 397 (56)
Policy charges and fee income (2,028) (2,128) (2,186)
Interest credited to policyholders' account balances 5,068 4,582 3,983
Depreciation and amortization 128 383  
Deferred policy acquisition costs [2] (1,215) (1,111) (869)
Future policy benefits and other insurance liabilities 3,493 4,803 5,489
Income Taxes (493) (146) (442)
Derivatives, net 377 897 (746)
Other, net [2] (4,487) (2,124) (3,707)
Cash flows from (used in) operating activities $ 6,271 $ 8,502 $ 6,510
[1] See Note 24 for additional information regarding related party transactions.
[2] See Note 24 for additional information regarding related party transactions.
v3.25.4
Significant Accounting Policies and Pronouncements (Narratives) (Details)
 12 Months Ended
Dec. 31, 2025
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
Loan-to-value ratios (greater than) 100.00%
Loan-to-value ratio (less than) 100.00%
Debt service coverage ratios (less than) 1.0
Debt Service Coverage Ratios (greater than) 1.0
Repurchase and Resale Agreements, Collateral, Percentage 95.00%
Uncertain Tax Positions Measurement Percentage (greater than) 50.00%
United States | Securities Lending and Securities Repurchase Transactions  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
Guarantor obligations, liquidation proceeds, percentage 102.00%
Other Countries | Securities Lending and Securities Repurchase Transactions  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
Guarantor obligations, liquidation proceeds, percentage 105.00%
Minimum  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
Estimated useful life 3 years
Maximum  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
Estimated useful life 40 years
v3.25.4
Investments (Fixed Maturities Securities Excluding Investments Classified as Trading) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]    
Fixed Maturities, available-for-sale, Amortized Cost $ 357,996 $ 341,004
Gross Unrealized Gains 6,864 5,517
Gross Unrealized Losses 33,222 34,620
Fixed Maturities, AFS, allowance for credit losses 183 331
Fixed Maturities, available-for-sale, at fair value [1] 331,455 311,570
U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]    
Fixed Maturities, available-for-sale, Amortized Cost 26,334 24,869
Gross Unrealized Gains 668 584
Gross Unrealized Losses 4,823 5,105
Fixed Maturities, AFS, allowance for credit losses 0 0
Fixed Maturities, available-for-sale, at fair value 22,179 20,348
Obligations of U.S. states and their political subdivisions    
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]    
Fixed Maturities, available-for-sale, Amortized Cost 5,881 6,590
Gross Unrealized Gains 138 132
Gross Unrealized Losses 554 618
Fixed Maturities, AFS, allowance for credit losses 0 0
Fixed Maturities, available-for-sale, at fair value 5,465 6,104
Foreign government securities    
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]    
Fixed Maturities, available-for-sale, Amortized Cost 62,469 63,523
Gross Unrealized Gains 497 1,837
Gross Unrealized Losses 12,352 7,881
Fixed Maturities, AFS, allowance for credit losses 0 0
Fixed Maturities, available-for-sale, at fair value 50,614 57,479
U.S. public corporate securities    
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]    
Fixed Maturities, available-for-sale, Amortized Cost 115,160 108,883
Gross Unrealized Gains 1,977 1,226
Gross Unrealized Losses 9,345 11,529
Fixed Maturities, AFS, allowance for credit losses 11 72
Fixed Maturities, available-for-sale, at fair value 107,781 98,508
U.S. private corporate securities    
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]    
Fixed Maturities, available-for-sale, Amortized Cost 47,976 45,854
Gross Unrealized Gains 1,177 918
Gross Unrealized Losses 1,964 2,926
Fixed Maturities, AFS, allowance for credit losses 88 57
Fixed Maturities, available-for-sale, at fair value 47,101 43,789
Foreign public corporate securities    
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]    
Fixed Maturities, available-for-sale, Amortized Cost 24,496 23,165
Gross Unrealized Gains 413 248
Gross Unrealized Losses 1,178 1,421
Fixed Maturities, AFS, allowance for credit losses 28 10
Fixed Maturities, available-for-sale, at fair value 23,703 21,982
Foreign private corporate securities    
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]    
Fixed Maturities, available-for-sale, Amortized Cost 41,099 38,652
Gross Unrealized Gains 1,638 314
Gross Unrealized Losses 2,523 4,311
Fixed Maturities, AFS, allowance for credit losses 55 192
Fixed Maturities, available-for-sale, at fair value 40,159 34,463
Asset-backed securities    
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]    
Fixed Maturities, available-for-sale, Amortized Cost 19,130 16,979
Gross Unrealized Gains 226 214
Gross Unrealized Losses 26 59
Fixed Maturities, AFS, allowance for credit losses 1 0
Fixed Maturities, available-for-sale, at fair value 19,329 17,134
Commercial mortgage-backed securities    
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]    
Fixed Maturities, available-for-sale, Amortized Cost 9,958 9,791
Gross Unrealized Gains 87 29
Gross Unrealized Losses 302 547
Fixed Maturities, AFS, allowance for credit losses 0 0
Fixed Maturities, available-for-sale, at fair value 9,743 9,273
Residential mortgage-backed securities    
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]    
Fixed Maturities, available-for-sale, Amortized Cost 5,493 2,698
Gross Unrealized Gains 43 15
Gross Unrealized Losses 155 223
Fixed Maturities, AFS, allowance for credit losses 0 0
Fixed Maturities, available-for-sale, at fair value 5,381 2,490
Prudential Netting Agreement | U.S. private corporate securities    
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]    
Fixed Maturities, available-for-sale, Amortized Cost 15,744 14,748
Fixed Maturities, available-for-sale, at fair value 15,744 $ 14,748
Prudential Netting Agreement | Fixed Maturities | U.S. private corporate securities    
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]    
Fixed Maturities, available-for-sale, Amortized Cost 15,744  
Fixed Maturities, available-for-sale, at fair value $ 15,744  
[1] See Note 4 for details of balances associated with variable interest entities.
v3.25.4
Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Securities[Line Items]    
Less than Twelve Months, Fair Value $ 33,698 $ 66,934
Less than Twelve Months, Unrealized Losses 976 2,430
Twelve Months or More, Fair Value 147,942 142,997
Twelve Months or More, Unrealized Losses 32,225 32,158
Fair Value 181,640 209,931
Unrealized Losses 33,201 34,588
U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Debt Securities[Line Items]    
Less than Twelve Months, Fair Value 3,644 6,667
Less than Twelve Months, Unrealized Losses 83 334
Twelve Months or More, Fair Value 12,075 10,161
Twelve Months or More, Unrealized Losses 4,740 4,771
Fair Value 15,719 16,828
Unrealized Losses 4,823 5,105
Obligations of U.S. states and their political subdivisions    
Debt Securities[Line Items]    
Less than Twelve Months, Fair Value 399 1,592
Less than Twelve Months, Unrealized Losses 9 53
Twelve Months or More, Fair Value 3,631 3,288
Twelve Months or More, Unrealized Losses 545 565
Fair Value 4,030 4,880
Unrealized Losses 554 618
Foreign government securities    
Debt Securities[Line Items]    
Less than Twelve Months, Fair Value 9,886 8,280
Less than Twelve Months, Unrealized Losses 510 349
Twelve Months or More, Fair Value 23,570 20,780
Twelve Months or More, Unrealized Losses 11,842 7,532
Fair Value 33,456 29,060
Unrealized Losses 12,352 7,881
U.S. public corporate securities    
Debt Securities[Line Items]    
Less than Twelve Months, Fair Value 9,789 25,420
Less than Twelve Months, Unrealized Losses 218 1,036
Twelve Months or More, Fair Value 52,459 48,152
Twelve Months or More, Unrealized Losses 9,114 10,485
Fair Value 62,248 73,572
Unrealized Losses 9,332 11,521
U.S. private corporate securities    
Debt Securities[Line Items]    
Less than Twelve Months, Fair Value 3,297 7,581
Less than Twelve Months, Unrealized Losses 68 183
Twelve Months or More, Fair Value 24,064 24,846
Twelve Months or More, Unrealized Losses 1,895 2,743
Fair Value 27,361 32,427
Unrealized Losses 1,963 2,926
Foreign public corporate securities    
Debt Securities[Line Items]    
Less than Twelve Months, Fair Value 2,253 5,751
Less than Twelve Months, Unrealized Losses 35 170
Twelve Months or More, Fair Value 8,586 8,084
Twelve Months or More, Unrealized Losses 1,142 1,246
Fair Value 10,839 13,835
Unrealized Losses 1,177 1,416
Foreign private corporate securities    
Debt Securities[Line Items]    
Less than Twelve Months, Fair Value 849 8,702
Less than Twelve Months, Unrealized Losses 44 282
Twelve Months or More, Fair Value 16,286 18,862
Twelve Months or More, Unrealized Losses 2,473 4,010
Fair Value 17,135 27,564
Unrealized Losses 2,517 4,292
Asset-backed securities    
Debt Securities[Line Items]    
Less than Twelve Months, Fair Value 2,979 1,488
Less than Twelve Months, Unrealized Losses 6 11
Twelve Months or More, Fair Value 626 1,015
Twelve Months or More, Unrealized Losses 20 48
Fair Value 3,605 2,503
Unrealized Losses 26 59
Commercial mortgage-backed securities    
Debt Securities[Line Items]    
Less than Twelve Months, Fair Value 249 1,092
Less than Twelve Months, Unrealized Losses 1 8
Twelve Months or More, Fair Value 5,435 6,432
Twelve Months or More, Unrealized Losses 301 539
Fair Value 5,684 7,524
Unrealized Losses 302 547
Residential mortgage-backed securities    
Debt Securities[Line Items]    
Less than Twelve Months, Fair Value 353 361
Less than Twelve Months, Unrealized Losses 2 4
Twelve Months or More, Fair Value 1,210 1,377
Twelve Months or More, Unrealized Losses 153 219
Fair Value 1,563 1,738
Unrealized Losses $ 155 $ 223
v3.25.4
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Available-for-sale, Amortized Cost    
Due in one year or less $ 12,343  
Due after one year through five years 65,698  
Due after five years through ten years 63,307  
Due after ten years 182,067  
Fixed Maturities, available-for-sale, Amortized Cost 357,996 $ 341,004
Available-for-sale, Fair Value    
Due in one year or less 12,446  
Due after one year through five years 66,518  
Due after five years through ten years 63,669  
Due after ten years 154,369  
Fixed Maturities, available-for-sale, at fair value [1] 331,455 311,570
U.S. private corporate securities    
Available-for-sale, Amortized Cost    
Fixed Maturities, available-for-sale, Amortized Cost 47,976 45,854
Available-for-sale, Fair Value    
Fixed Maturities, available-for-sale, at fair value 47,101 43,789
Asset-backed securities    
Available-for-sale, Amortized Cost    
Debt Maturities, without single maturity date 19,130  
Fixed Maturities, available-for-sale, Amortized Cost 19,130 16,979
Available-for-sale, Fair Value    
Debt Maturities, without single maturity date 19,329  
Fixed Maturities, available-for-sale, at fair value 19,329 17,134
Commercial mortgage-backed securities    
Available-for-sale, Amortized Cost    
Debt Maturities, without single maturity date 9,958  
Fixed Maturities, available-for-sale, Amortized Cost 9,958 9,791
Available-for-sale, Fair Value    
Debt Maturities, without single maturity date 9,743  
Fixed Maturities, available-for-sale, at fair value 9,743 9,273
Residential mortgage-backed securities    
Available-for-sale, Amortized Cost    
Debt Maturities, without single maturity date 5,493  
Fixed Maturities, available-for-sale, Amortized Cost 5,493 2,698
Available-for-sale, Fair Value    
Debt Maturities, without single maturity date 5,381  
Fixed Maturities, available-for-sale, at fair value 5,381 2,490
Prudential Netting Agreement | U.S. private corporate securities    
Available-for-sale, Amortized Cost    
Fixed Maturities, available-for-sale, Amortized Cost 15,744 14,748
Available-for-sale, Fair Value    
Fixed Maturities, available-for-sale, at fair value 15,744 $ 14,748
Fixed maturities | Prudential Netting Agreement | U.S. private corporate securities    
Available-for-sale, Amortized Cost    
Fixed Maturities, available-for-sale, Amortized Cost 15,744  
Available-for-sale, Fair Value    
Fixed Maturities, available-for-sale, at fair value $ 15,744  
[1] See Note 4 for details of balances associated with variable interest entities.
v3.25.4
Investments (Fixed Maturity Proceeds) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Securities[Line Items]      
Proceeds from maturities/prepayments $ 45,218 $ 59,059 $ 44,097
Proceeds from maturities/prepayments - HTM 0 0 22
Available-for-sale-Securities Netting      
Debt Securities[Line Items]      
Non cash Or Part Non cash Divestitures Amount Of Consideration Received 104 (100) (74)
Held-to-Maturity Securities Netting      
Debt Securities[Line Items]      
Non cash Or Part Non cash Divestitures Amount Of Consideration Received 0 0 1
Fixed maturities | Available-for-sale      
Debt Securities[Line Items]      
Proceeds from sales 19,029 36,727 27,161
Proceeds from maturities/prepayments 26,085 22,432 17,010
Gross investment gains from sales and maturities 727 1,400 973
Gross investment losses from sales and maturities (1,367) (3,553) (2,183)
Write-downs recognized in earnings (408) (924) (81)
(Addition to) release of allowance for credit losses 148 (195) (22)
Fixed maturities | Held-to-maturity      
Debt Securities[Line Items]      
Proceeds from maturities/prepayments - HTM 0 0 21
(Addition to) release of allowance for credit Losses $ 0 $ 0 $ 2
v3.25.4
Investments (Credit Losses Recognized In Earnings on Fixed Maturity Securities Held by the Company) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period $ 331  
Balance, ending of period 183 $ 331
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  
Balance, ending of period 0 0
Foreign government securities    
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 0  
Balance, ending of period 0 0
Asset-backed securities    
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 0  
Balance, ending of period 1 0
Commercial mortgage-backed securities    
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 0  
Balance, ending of period 0 0
Residential mortgage-backed securities    
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 0  
Balance, ending of period 0 0
Available-for-sale    
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 331 160
Additions to allowance for credit losses not previously recorded 114 235
Reductions for securities sold during the period (30) (85)
Additions (reductions) on securities with previous allowance 29 21
Write-offs charged against the allowance (261) 0
Balance, ending of period 183 331
Available-for-sale | 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
Additions (reductions) on securities with previous allowance 0 0
Write-offs charged against the allowance 0 0
Balance, ending of period 0 0
Available-for-sale | Foreign government securities    
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 0 53
Additions to allowance for credit losses not previously recorded 0 0
Reductions for securities sold during the period 0 (30)
Additions (reductions) on securities with previous allowance 0 (23)
Write-offs charged against the allowance 0 0
Balance, ending of period 0 0
Available-for-sale | Corporate securities    
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 331 105
Additions to allowance for credit losses not previously recorded 113 235
Reductions for securities sold during the period (30) (55)
Additions (reductions) on securities with previous allowance 29 46
Write-offs charged against the allowance (261) 0
Balance, ending of period 182 331
Available-for-sale | Asset-backed securities    
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 0 2
Additions to allowance for credit losses not previously recorded 1 0
Reductions for securities sold during the period 0 0
Additions (reductions) on securities with previous allowance 0 (2)
Write-offs charged against the allowance 0 0
Balance, ending of period 1 0
Available-for-sale | 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
Additions (reductions) on securities with previous allowance 0 0
Write-offs charged against the allowance 0 0
Balance, ending of period 0 0
Available-for-sale | Residential 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
Additions (reductions) on securities with previous allowance 0 0
Write-offs charged against the allowance 0 0
Balance, ending of period $ 0 $ 0
v3.25.4
Investments (Assets Supporting Experience-Rated Contractholder Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items]    
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost $ 3,129 $ 2,582
Assets supporting experience-rated contractholder liabilities, at fair value 4,842 3,707
Fixed maturities    
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items]    
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost 895 819
Assets supporting experience-rated contractholder liabilities, at fair value 896 826
Equity securities    
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items]    
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost 2,234 1,763
Assets supporting experience-rated contractholder liabilities, at fair value 3,946 2,881
Corporate securities    
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items]    
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost 57 68
Assets supporting experience-rated contractholder liabilities, at fair value 55 67
Foreign government securities    
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items]    
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost 611 544
Assets supporting experience-rated contractholder liabilities, at fair value 596 539
Obligations of U.S. government authorities and agencies and obligations of U.S. states    
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items]    
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost 227 207
Assets supporting experience-rated contractholder liabilities, at fair value $ 245 $ 220
NAIC High or Highest Quality Rating | Fixed maturities    
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items]    
Assets supporting experience-rated contractholder liabilities, at amortized cost percentage 99.00% 99.00%
Public Securities | Fixed maturities    
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items]    
Assets supporting experience-rated contractholder liabilities, at amortized cost percentage 100.00% 100.00%
v3.25.4
Investments (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Investments [Line Items]      
Master funds gross assets $ 44,434 $ 43,004  
Master funds gross liabilities 42,644 41,370  
Unaffiliated interest 500 450  
Consolidated feeder funds’ investments 781 788  
Total Unrealized Losses 33,201 34,588  
Twelve Months or More, Unrealized Losses 32,225 32,158  
Fixed Maturities, available-for-sale, at fair value [1] 331,455 311,570  
Write-downs charged against the allowance 272 137 $ 29
Fixed maturities, trading [1] 14,869 12,530  
Total commercial mortgage and other loans 64,715 62,341  
Write-down on accrued investment income receivable 1 2  
Fixed maturity securities purchased with credit deterioration 0 0  
Loans on non-accrual status recognized in interest income 5 16  
Loans on non-accrual status do not have allowance for credit losses 442 207  
Commercial mortgage and other loans purchased with credit deterioration 0 0  
Fair value of collateral 1,532 1,920  
Fixed maturities | Fixed maturities, trading      
Schedule of Investments [Line Items]      
Fixed maturities, trading 14,869    
Corporate securities      
Schedule of Investments [Line Items]      
Twelve Months or More, Unrealized Losses 32,225 32,158  
Other income (loss) | Fixed maturities | Fixed maturities, trading      
Schedule of Investments [Line Items]      
Unrealized Gain (Loss) on Investments 461 (551) 518
Other income (loss) | Equity securities      
Schedule of Investments [Line Items]      
Unrealized Gain (Loss) on Investments 750 735 612
Other income (loss) | Assets supporting experience-rated contractholder liabilities | Held-for-sale      
Schedule of Investments [Line Items]      
Unrealized Gain (Loss) on Investments 613 $ 495 440
Commercial Mortgage Loans | Extended Maturity      
Schedule of Investments [Line Items]      
Financing Receivable, Modified, Weighted Average Term Increase from Modification   1 year  
Commercial Mortgage Loans      
Schedule of Investments [Line Items]      
Write-downs charged against the allowance 122 $ 132 29
Agricultural Property Loans      
Schedule of Investments [Line Items]      
Write-downs charged against the allowance 150 $ 5 0
Agricultural Property Loans | Extended Maturity      
Schedule of Investments [Line Items]      
Financing Receivable, Modified, Weighted Average Term Increase from Modification   1 year  
Investments      
Schedule of Investments [Line Items]      
Fair value of collateral 637 $ 265  
Cash      
Schedule of Investments [Line Items]      
Fair value of collateral 895 1,655  
Residential property loans      
Schedule of Investments [Line Items]      
Write-downs charged against the allowance 0 0 0
Loans acquired 1,618 0  
Loans sold 0 0  
Collateralized loan obligations      
Schedule of Investments [Line Items]      
Write-downs charged against the allowance 0 0 0
Uncollateralized loans      
Schedule of Investments [Line Items]      
Write-downs charged against the allowance 0 0 $ 0
Carrying value of non-income producing assets      
Schedule of Investments [Line Items]      
Fixed Maturities, available-for-sale, at fair value 82    
Fixed maturities, trading 8    
Total commercial mortgage and other loans $ 7    
California      
Schedule of Investments [Line Items]      
Commercial mortgage loan, concentration percentage 28.00%    
Residential mortgage loan, Concentration Percentage 10.00%    
Texas      
Schedule of Investments [Line Items]      
Commercial mortgage loan, concentration percentage 6.00%    
Florida      
Schedule of Investments [Line Items]      
Commercial mortgage loan, concentration percentage 6.00%    
Residential mortgage loan, Concentration Percentage 13.00%    
Europe      
Schedule of Investments [Line Items]      
Commercial mortgage loan, concentration percentage 6.00%    
Mexico      
Schedule of Investments [Line Items]      
Commercial mortgage loan, concentration percentage 2.00%    
Japan      
Schedule of Investments [Line Items]      
Commercial mortgage loan, concentration percentage 1.00%    
Australia      
Schedule of Investments [Line Items]      
Commercial mortgage loan, concentration percentage 1.00%    
New York      
Schedule of Investments [Line Items]      
Residential mortgage loan, Concentration Percentage 9.00%    
NAIC High or Highest Quality Rating | Fixed maturities      
Schedule of Investments [Line Items]      
Total Unrealized Losses $ 32,392 33,437  
NAIC Other Than High or Highest Quality Rating | Fixed maturities      
Schedule of Investments [Line Items]      
Total Unrealized Losses $ 809 $ 1,151  
[1] See Note 4 for details of balances associated with variable interest entities.
v3.25.4
Investments (Concentrations of Credit Risk) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Investments in Japanese government and government agency securities:    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Concentrations of credit risk at amortized cost $ 55,418 $ 56,947
Concentrations of credit risk at fair value 44,082 51,657
Investments in Brazil government and government agencies securities    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Concentrations of credit risk at amortized cost 3,912 3,027
Concentrations of credit risk at fair value 3,413 2,521
Assets supporting experience-rated contractholder liabilities | Investments in Japanese government and government agency securities:    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Concentrations of credit risk at amortized cost 536 472
Concentrations of credit risk at fair value 510 462
Short-term Investments | Investments in Brazil government and government agencies securities    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Concentrations of credit risk at amortized cost 1 2
Concentrations of credit risk at fair value 1 2
Cash equivalents | Investments in Brazil government and government agencies securities    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Concentrations of credit risk at amortized cost 260 228
Concentrations of credit risk at fair value 260 228
Fixed maturities, available-for-sale | Fixed maturities | Investments in Japanese government and government agency securities:    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Concentrations of credit risk at amortized cost 54,863 56,457
Concentrations of credit risk at fair value 43,554 51,177
Fixed maturities, available-for-sale | Fixed maturities | Investments in Brazil government and government agencies securities    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Concentrations of credit risk at amortized cost 3,651 2,753
Concentrations of credit risk at fair value 3,152 2,251
Fixed maturities, trading | Fixed maturities | Investments in Japanese government and government agency securities:    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Concentrations of credit risk at amortized cost 19 18
Concentrations of credit risk at fair value 18 18
Fixed maturities, trading | Fixed maturities | Investments in Brazil government and government agencies securities    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Concentrations of credit risk at amortized cost 0 44
Concentrations of credit risk at fair value $ 0 $ 40
v3.25.4
Investments (Commercial Mortgage and Other Loans) (Details) - USD ($)
$ in Millions
 12 Months Ended
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 by property type $ 62,778 $ 61,833    
Total net loans [1] 64,715 62,341    
Other loans 2,406 1,082    
Allowance for credit losses, Other loans (469) (574) $ (460) $ (203)
Total commercial mortgage and other loans $ 64,715 $ 62,341    
% of Total 100.00% 100.00%    
Net carrying value of commercial loans held for sale $ 1,056 $ 702    
Commercial Mortgage Loans        
Commercial Mortgage and Other Loans [Line Items]        
Commercial mortgage and agricultural property loans by property type 54,503 54,058    
Allowance for credit losses, Other loans $ (366) $ (407) (443) (188)
% of Total 86.80% 87.40%    
Commercial mortgage and agricultural property loans        
Commercial Mortgage and Other Loans [Line Items]        
Allowance for credit losses $ (414) $ (528)    
Total net loans 62,364 61,305    
Residential mortgage loans        
Commercial Mortgage and Other Loans [Line Items]        
Other loans 1,632 19    
Allowance for credit losses, Other loans (15) 0 0 0
Uncollateralized loans        
Commercial Mortgage and Other Loans [Line Items]        
Other loans 171 595    
Allowance for credit losses, Other loans 0 (14) (1) (2)
Other collateralized loans        
Commercial Mortgage and Other Loans [Line Items]        
Other loans 603 468    
Allowance for credit losses, Other loans (40) (32) $ 0 $ 0
Other loans        
Commercial Mortgage and Other Loans [Line Items]        
Total net loans 2,351 1,036    
Allowance for credit losses, Other loans (55) (46)    
Office        
Commercial Mortgage and Other Loans [Line Items]        
Commercial mortgage and agricultural property loans by property type $ 6,517 $ 7,867    
% of Total 10.40% 12.70%    
Retail        
Commercial Mortgage and Other Loans [Line Items]        
Commercial mortgage and agricultural property loans by property type $ 5,680 $ 5,552    
% of Total 9.00% 9.00%    
Apartments/Multi-Family        
Commercial Mortgage and Other Loans [Line Items]        
Commercial mortgage and agricultural property loans by property type $ 18,522 $ 17,522    
% of Total 29.50% 28.30%    
Industrial        
Commercial Mortgage and Other Loans [Line Items]        
Commercial mortgage and agricultural property loans by property type $ 17,280 $ 16,900    
% of Total 27.50% 27.30%    
Hospitality        
Commercial Mortgage and Other Loans [Line Items]        
Commercial mortgage and agricultural property loans by property type $ 1,738 $ 1,831    
% of Total 2.80% 3.00%    
Self-Storage        
Commercial Mortgage and Other Loans [Line Items]        
Commercial mortgage and agricultural property loans by property type $ 2,245 $ 2,194    
% of Total 3.60% 3.50%    
Health Care Senior Living        
Commercial Mortgage and Other Loans [Line Items]        
Commercial mortgage and agricultural property loans by property type $ 1,832 $ 1,858    
% of Total 2.90% 3.00%    
Other        
Commercial Mortgage and Other Loans [Line Items]        
Commercial mortgage and agricultural property loans by property type $ 689 $ 334    
% of Total 1.10% 0.60%    
Agricultural property loans        
Commercial Mortgage and Other Loans [Line Items]        
Commercial mortgage and agricultural property loans by property type $ 8,275 $ 7,775    
% of Total 13.20% 12.60%    
[1] See Note 4 for details of balances associated with variable interest entities.
v3.25.4
Investments (Allowance for Credit Losses) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of year $ 574 $ 460 $ 203
Addition to (release of) allowance for expected losses 166 255 284
Write-downs charged against the allowance (272) (137) (29)
Other 1 (4) 2
Total ending balance 469 574 460
Commercial Mortgage Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of year 407 443 188
Addition to (release of) allowance for expected losses 80 100 282
Write-downs charged against the allowance (122) (132) (29)
Other 1 (4) 2
Total ending balance 366 407 443
Agricultural Property Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of year 121 16 13
Addition to (release of) allowance for expected losses 77 110 3
Write-downs charged against the allowance (150) (5) 0
Other 0 0 0
Total ending balance 48 121 16
Residential property loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of year 0 0 0
Addition to (release of) allowance for expected losses 15 0 0
Write-downs charged against the allowance 0 0 0
Other 0 0 0
Total ending balance 15 0 0
Other collateralized loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of year 32 0 0
Addition to (release of) allowance for expected losses 8 32 0
Write-downs charged against the allowance 0 0 0
Other 0 0 0
Total ending balance 40 32 0
Uncollateralized loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of year 14 1 2
Addition to (release of) allowance for expected losses (14) 13 (1)
Write-downs charged against the allowance 0 0 0
Other 0 0 0
Total ending balance $ 0 $ 14 $ 1
v3.25.4
Investments (Write-downs of Loans by Origination Year) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year $ 0    
One Years Prior 0    
Two Years Prior 13    
Three Years Prior 117    
Four Years Prior 1    
Prior 141    
Write-downs of loans by origination year 272 $ 137 $ 29
Commercial Mortgage Loans      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 0    
One Years Prior 0    
Two Years Prior 0    
Three Years Prior 0    
Four Years Prior 0    
Prior 122    
Write-downs of loans by origination year 122 $ 132 $ 29
Agricultural property loans      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 0    
One Years Prior 0    
Two Years Prior 13    
Three Years Prior 117    
Four Years Prior 1    
Prior 19    
Write-downs of loans by origination year $ 150    
v3.25.4
Investments (Credit Quality Indicators) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Financing Receivable, Credit Quality Indicator [Line Items]    
Recording investment gross of allowance for credit losses $ 65,184 $ 62,915
Commercial Mortgage Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 7,163 7,705
One Years Prior 7,341 5,240
Two Years Prior 5,172 3,631
Three Years Prior 3,284 6,030
Four Years Prior 5,506 2,951
Prior 25,975 28,465
Revolving Loans 62 36
Recording investment gross of allowance for credit losses 54,503 54,058
Commercial Mortgage Loans | ≥ 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 6,602 6,771
One Years Prior 6,779 4,563
Two Years Prior 4,673 3,283
Three Years Prior 2,963 5,929
Four Years Prior 5,333 2,795
Prior 23,384 25,790
Revolving Loans 45 0
Recording investment gross of allowance for credit losses 49,779 49,131
Commercial Mortgage Loans | 1.0X to 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 463 745
One Years Prior 534 527
Two Years Prior 499 313
Three Years Prior 238 43
Four Years Prior 82 102
Prior 885 1,279
Revolving Loans 17 36
Recording investment gross of allowance for credit losses 2,718 3,045
Commercial Mortgage Loans | Less than 1.0X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 98 189
One Years Prior 28 150
Two Years Prior 0 35
Three Years Prior 83 58
Four Years Prior 91 54
Prior 1,706 1,396
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 2,006 1,882
Agricultural property loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 893 744
One Years Prior 764 932
Two Years Prior 855 1,523
Three Years Prior 1,418 2,020
Four Years Prior 1,969 803
Prior 2,132 1,579
Revolving Loans 244 174
Recording investment gross of allowance for credit losses 8,275 7,775
Agricultural property loans | ≥ 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 893 688
One Years Prior 741 864
Two Years Prior 799 932
Three Years Prior 741 1,967
Four Years Prior 1,849 739
Prior 1,756 1,384
Revolving Loans 201 122
Recording investment gross of allowance for credit losses 6,980 6,696
Agricultural property loans | 1.0X to 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 56
One Years Prior 19 63
Two Years Prior 40 530
Three Years Prior 65 45
Four Years Prior 62 23
Prior 148 98
Revolving Loans 0 52
Recording investment gross of allowance for credit losses 334 867
Agricultural property loans | Less than 1.0X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 0
One Years Prior 4 5
Two Years Prior 16 61
Three Years Prior 612 8
Four Years Prior 58 41
Prior 228 97
Revolving Loans 43 0
Recording investment gross of allowance for credit losses 961 212
Residential mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 1,561 0
One Years Prior 57 0
Two Years Prior 0 0
Three Years Prior 0 0
Four Years Prior 0 0
Prior 14 19
Recording investment gross of allowance for credit losses 1,632 19
Performing | Residential mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 1,561 0
One Years Prior 57 0
Two Years Prior 0 0
Three Years Prior 0 0
Four Years Prior 0 0
Prior 14 19
Recording investment gross of allowance for credit losses 1,632 19
Nonperforming | Residential mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 0
One Years Prior 0 0
Two Years Prior 0 0
Three Years Prior 0 0
Four Years Prior 0 0
Prior 0 0
Recording investment gross of allowance for credit losses 0 0
0%-59.99% | Commercial Mortgage Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 2,816 2,122
One Years Prior 2,088 1,492
Two Years Prior 2,057 1,183
Three Years Prior 1,270 2,295
Four Years Prior 2,570 1,378
Prior 16,546 16,652
Revolving Loans 62 36
Recording investment gross of allowance for credit losses 27,409 25,158
0%-59.99% | Agricultural property loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 813 657
One Years Prior 624 371
Two Years Prior 296 877
Three Years Prior 977 2,004
Four Years Prior 1,944 679
Prior 1,927 1,491
Revolving Loans 143 122
Recording investment gross of allowance for credit losses 6,724 6,201
60%-69.99% | Commercial Mortgage Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 3,670 4,726
One Years Prior 4,506 2,287
Two Years Prior 1,873 1,013
Three Years Prior 1,250 2,192
Four Years Prior 1,581 846
Prior 3,048 5,113
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 15,928 16,177
60%-69.99% | Agricultural property loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 76 87
One Years Prior 140 555
Two Years Prior 554 125
Three Years Prior 8 10
Four Years Prior 15 53
Prior 85 43
Revolving Loans 58 0
Recording investment gross of allowance for credit losses 936 873
70%-79.99% | Commercial Mortgage Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 677 809
One Years Prior 711 1,326
Two Years Prior 1,242 953
Three Years Prior 506 1,327
Four Years Prior 901 446
Prior 1,948 2,293
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 5,985 7,154
70%-79.99% | Agricultural property loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 0
One Years Prior 0 0
Two Years Prior 0 0
Three Years Prior 0 6
Four Years Prior 0 0
Prior 16 3
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 16 9
80% or greater | Commercial Mortgage Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 48
One Years Prior 36 135
Two Years Prior 0 482
Three Years Prior 258 216
Four Years Prior 454 281
Prior 4,433 4,407
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 5,181 5,569
80% or greater | Agricultural property loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 4 0
One Years Prior 0 6
Two Years Prior 5 521
Three Years Prior 433 0
Four Years Prior 10 71
Prior 104 42
Revolving Loans 43 52
Recording investment gross of allowance for credit losses $ 599 $ 692
v3.25.4
Investments (Amortized Cost Basis of Loan Modifications made to Borrowers Experiencing Financial Difficulties) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Term Extension | Commercial mortgage loans    
Financing Receivable, Modified, Subsequent Default [Line Items]    
Amortized cost basis $ 0 $ 337
% of Amortized Cost 0.00% 0.10%
Term Extension | Agricultural property loans    
Financing Receivable, Modified, Subsequent Default [Line Items]    
Amortized cost basis $ 0 $ 3
% of Amortized Cost 0.00% 0.00%
Other Than Insignificant Delay in Payment | Commercial mortgage loans    
Financing Receivable, Modified, Subsequent Default [Line Items]    
Amortized cost basis $ 0 $ 63
Other Than Insignificant Delay in Payment | Agricultural property loans    
Financing Receivable, Modified, Subsequent Default [Line Items]    
Amortized cost basis $ 0 $ 0
v3.25.4
Investments (Analysis of Past Due Commercial Mortgage and Other Loans) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Financing Receivable, Past Due [Line Items]    
Total $ 65,184 $ 62,915
Non-Accrual Status 1,090 1,012
Current    
Financing Receivable, Past Due [Line Items]    
Total 64,196 61,967
30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 10 0
60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 24
90 days or more past due    
Financing Receivable, Past Due [Line Items]    
Total 978 924
Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total 988 948
Commercial Mortgage Loans    
Financing Receivable, Past Due [Line Items]    
Total 54,503 54,058
Non-Accrual Status 190 220
Commercial Mortgage Loans | Current    
Financing Receivable, Past Due [Line Items]    
Total 54,349 53,873
Commercial Mortgage Loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Commercial Mortgage Loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 3
Commercial Mortgage Loans | 90 days or more past due    
Financing Receivable, Past Due [Line Items]    
Total 154 182
Commercial Mortgage Loans | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total 154 185
Agricultural property loans    
Financing Receivable, Past Due [Line Items]    
Total 8,275 7,775
Non-Accrual Status 875 767
Agricultural property loans | Current    
Financing Receivable, Past Due [Line Items]    
Total 7,443 7,012
Agricultural property loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 8 0
Agricultural property loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 21
Agricultural property loans | 90 days or more past due    
Financing Receivable, Past Due [Line Items]    
Total 824 742
Agricultural property loans | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total 832 763
Residential property loans    
Financing Receivable, Past Due [Line Items]    
Total 1,632 19
Non-Accrual Status 0 0
Residential property loans | Current    
Financing Receivable, Past Due [Line Items]    
Total 1,630 19
Residential property loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 2 0
Residential property loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Residential property loans | 90 days or more past due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Residential property loans | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total 2 0
Other collateralized loans    
Financing Receivable, Past Due [Line Items]    
Total 603 468
Non-Accrual Status 0 0
Other collateralized loans | Current    
Financing Receivable, Past Due [Line Items]    
Total 603 468
Other collateralized loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Other collateralized loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Other collateralized loans | 90 days or more past due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Other collateralized loans | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Uncollateralized loans    
Financing Receivable, Past Due [Line Items]    
Total 171 595
Non-Accrual Status 25 25
Uncollateralized loans | Current    
Financing Receivable, Past Due [Line Items]    
Total 171 595
Uncollateralized loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Uncollateralized loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Uncollateralized loans | 90 days or more past due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Uncollateralized loans | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Loans | 90 days or more past due    
Financing Receivable, Past Due [Line Items]    
Accruing Interest $ 0 $ 0
v3.25.4
Investments (Other Invested Assets) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Other Invested Assets [Line Items]    
Other invested assets [1] $ 27,294 $ 26,351
LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 20,124 20,526
Real estate held through direct ownership    
Other Invested Assets [Line Items]    
Other invested assets 1,888 1,743
Alternative assets    
Other Invested Assets [Line Items]    
Other invested assets 22,012 22,269
Credit-like instruments    
Other Invested Assets [Line Items]    
Other invested assets 1,929 933
Derivative instruments    
Other Invested Assets [Line Items]    
Other invested assets 1,667 1,597
Other invested assets    
Other Invested Assets [Line Items]    
Other invested assets 1,686 1,552
Mortgage Debt | Real estate-related    
Other Invested Assets [Line Items]    
Other invested assets 217 185
Equity method | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 16,502 16,419
Equity method | Private equity | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 10,832 10,615
Equity method | Hedge funds | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 2,909 3,143
Equity method | Real estate-related | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 2,761 2,661
Fair Value    
Other Invested Assets [Line Items]    
Other invested assets 93 95
Fair Value | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 3,622 4,107
Fair Value | Private equity | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 848 1,076
Fair Value | Hedge funds | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 1,964 2,080
Fair Value | Real estate-related | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets $ 810 $ 951
[1] See Note 4 for details of balances associated with variable interest entities.
v3.25.4
Investments (Equity Method Investments, Statement of Financial Position) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]    
Total assets $ 773,740 $ 735,587
Total liabilities 738,159 705,461
Partner's Capital 32,438 27,872
Total liabilities and partner's capital 773,740 735,587
LP/LLC Interests    
Schedule of Equity Method Investments [Line Items]    
Total liabilities and partners’ capital included above 17,131 16,586
Equity in LP/LLC interests not included above 787 1,003
Carrying value 17,918 17,589
Equity Method Investment    
Schedule of Equity Method Investments [Line Items]    
Total assets 1,056,789 803,096
Total liabilities 102,261 59,358
Partner's Capital 954,528 743,738
Total liabilities and partner's capital $ 1,056,789 $ 803,096
v3.25.4
Investments (Equity Method Investments, Statement of Operations) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Investments [Abstract]      
Total revenues $ 118,643 $ 86,249 $ 43,325
Total expenses (35,549) (22,327) (14,551)
Net earnings (losses) 83,094 63,922 28,774
Equity in net earnings (losses) of LP/LLC interests included above 1,460 1,112 620
Equity in net earnings (losses) of LP/LLC interests not included above (132) (245) 22
Total equity in net earnings (loss) $ 1,328 $ 867 $ 642
v3.25.4
Investments (Accrued Investment Income) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Net Investment Income [Line Items]    
Accrued investment income [1] $ 3,636 $ 3,441
Fixed maturities    
Net Investment Income [Line Items]    
Accrued investment income 3,089 2,892
Equity securities    
Net Investment Income [Line Items]    
Accrued investment income 11 8
Commercial mortgage and other loans    
Net Investment Income [Line Items]    
Accrued investment income 250 228
Policy loans    
Net Investment Income [Line Items]    
Accrued investment income 230 236
Other invested assets    
Net Investment Income [Line Items]    
Accrued investment income 10 12
Short-term investments and cash equivalents    
Net Investment Income [Line Items]    
Accrued investment income $ 46 $ 65
[1] See Note 4 for details of balances associated with variable interest entities.
v3.25.4
Investments (Net Investment Income) (Details) - USD ($)
$ in Millions
 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 $ 22,948 $ 21,345 $ 19,066
Less: investment expenses (1,475) (1,436) (1,201)
Net investment income 21,473 19,909 17,865
Assets supporting experience-rated contractholder liabilities      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 60 56 45
Equity securities      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 200 206 197
Commercial mortgage and other loans      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 2,842 2,591 2,279
Policy loans      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 484 492 499
Other invested assets      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 1,968 1,326 1,347
Short-term investments and cash equivalents      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 958 1,171 954
Available-for-sale | Fixed maturities      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 15,700 14,948 13,305
Held-to-maturity | Fixed maturities      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 0 0 148
Trading | Fixed maturities      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income $ 736 $ 555 $ 292
v3.25.4
Investments (Realized Investment Gains Losses Net) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Gain (Loss) on Securities [Line Items]      
Realized investment gains (losses), net [1],[2] $ (4,132) $ (3,429) $ (3,615)
Fixed maturities      
Gain (Loss) on Securities [Line Items]      
Realized investment gains (losses), net (900) (3,272) (1,311)
Commercial mortgage and other loans      
Gain (Loss) on Securities [Line Items]      
Realized investment gains (losses), net (151) (236) (255)
Investment real estate      
Gain (Loss) on Securities [Line Items]      
Realized investment gains (losses), net (10) 0 45
LPs/LLCs      
Gain (Loss) on Securities [Line Items]      
Realized investment gains (losses), net 25 57 72
Derivatives      
Gain (Loss) on Securities [Line Items]      
Realized investment gains (losses), net (2,513) 678 (2,234)
Ceded income on modified coinsurance assets      
Gain (Loss) on Securities [Line Items]      
Realized investment gains (losses), net (597) (654) 54
Other      
Gain (Loss) on Securities [Line Items]      
Realized investment gains (losses), net $ 14 $ (2) $ 14
[1] See Note 24 for additional information regarding related party transactions.
[2] See Note 24 for additional information regarding related party transactions.
v3.25.4
Investments (Net Unrealized Gains Losses on Investments) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Gain (Loss) on Securities [Line Items]      
Net unrealized gains (losses) on investments $ (26,645) $ (27,281) $ (17,251)
Fixed maturities | Available-for-sale | With an allowance      
Gain (Loss) on Securities [Line Items]      
Net unrealized gains (losses) on investments (4) 6 (72)
Fixed maturities | Available-for-sale | Without an allowance      
Gain (Loss) on Securities [Line Items]      
Net unrealized gains (losses) on investments (26,354) (29,109) (18,045)
Derivatives designated as cash flow hedges      
Gain (Loss) on Securities [Line Items]      
Net unrealized gains (losses) on investments (231) 1,780 869
Derivatives designated as fair value hedges      
Gain (Loss) on Securities [Line Items]      
Net unrealized gains (losses) on investments (123) (64) (60)
Other investments      
Gain (Loss) on Securities [Line Items]      
Net unrealized gains (losses) on investments $ 67 $ 106 $ 57
v3.25.4
Investments (Repurchase Agreements and Securities Lending Transactions) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase $ 9,598 $ 6,796
Total cash collateral for loaned securities 8,700 9,621
Overnight & Continuous    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 7,352 6,450
Total cash collateral for loaned securities 8,532 9,094
Up to 30 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 2,246 346
Total cash collateral for loaned securities 168 527
30 to 90 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 0 0
Total cash collateral for loaned securities 0 0
U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 8,978 6,450
Total cash collateral for loaned securities 0 1
U.S. Treasury securities and obligations of U.S. government authorities and agencies | Overnight & Continuous    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 7,277 6,450
Total cash collateral for loaned securities 0 1
U.S. Treasury securities and obligations of U.S. government authorities and agencies | Up to 30 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 1,701 0
Total cash collateral for loaned securities 0 0
U.S. Treasury securities and obligations of U.S. government authorities and agencies | 30 to 90 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 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 45 46
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 45 46
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
Foreign government securities    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 226 128
Foreign government securities | Overnight & Continuous    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 226 122
Foreign government securities | Up to 30 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 6
U.S. public corporate securities    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 527 327
Total cash collateral for loaned securities 7,220 7,909
U.S. public corporate securities | Overnight & Continuous    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 0 0
Total cash collateral for loaned securities 7,068 7,506
U.S. public corporate securities | Up to 30 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 527 327
Total cash collateral for loaned securities 152 403
U.S. public corporate securities | 30 to 90 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 0 0
Foreign public corporate securities    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 18 19
Total cash collateral for loaned securities 1,173 1,299
Foreign public corporate securities | Overnight & Continuous    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 0 0
Total cash collateral for loaned securities 1,157 1,181
Foreign public corporate securities | Up to 30 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 18 19
Total cash collateral for loaned securities 16 118
Foreign public corporate securities | 30 to 90 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 0 0
Commercial mortgage-backed securities    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 75 0
Commercial mortgage-backed securities | Overnight & Continuous    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 75 0
Commercial mortgage-backed securities | Up to 30 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 0 0
Commercial mortgage-backed securities | 30 to 90 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 0 0
Equity securities    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 36 238
Equity securities | Overnight & Continuous    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 36 238
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
v3.25.4
Investments (Securities Pledged) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total securities pledged $ 31,116 $ 24,718
Total liabilities supported by the pledged collateral 27,482 24,234
Separate account assets    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total securities pledged 275 442
Equity securities    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total securities pledged 244 476
Short-term Investments    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total securities pledged 0 351
Other    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total securities pledged 319 357
Total liabilities supported by the pledged collateral 6,215 4,762
Securities sold under agreements to repurchase    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total liabilities supported by the pledged collateral 9,598 6,796
Cash collateral for loaned securities    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total liabilities supported by the pledged collateral 8,700 9,621
Policyholders’ account balances    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total liabilities supported by the pledged collateral 2,501 2,501
Separate account liabilities    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total liabilities supported by the pledged collateral 284 454
Short-term Debt    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total liabilities supported by the pledged collateral 0 1
Long-term Debt    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total liabilities supported by the pledged collateral 184 99
Trading | Fixed maturities    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total securities pledged 231 201
Available-for-sale | Fixed maturities    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total securities pledged $ 30,047 $ 22,891
v3.25.4
Investments (Assets on Deposit, Held in Trust and Restricted as to Sale) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets on Deposit, Held in Trust and Restricted as to Sale [Line Items]    
Assets on deposit with governmental authorities or trustees $ 11 $ 10
Assets held in voluntary trusts 548 533
Assets held in trust related to reinsurance and other agreements 13,564 13,236
Securities restricted as to sale 141 142
Total assets on deposit, assets held in trust and securities restricted as to sale 14,264 13,921
Wholly-owned subsidiaries    
Assets on Deposit, Held in Trust and Restricted as to Sale [Line Items]    
Assets held in trust related to reinsurance and other agreements $ 15,000 $ 16,000
v3.25.4
Variable Interest Entities (Assets and Liabilities of Consolidated VIEs) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]      
Fixed Maturities, available-for-sale, at fair value [1] $ 331,455 $ 311,570  
Fixed maturities, trading [1] 14,869 12,530  
Equity securities [1] 10,972 9,417  
Commercial mortgage and other loans [1] 64,715 62,341  
Other invested assets [1] 27,294 26,351  
Cash and cash equivalents 19,712 [1] 18,497 [1] $ 19,419
Accrued investment income [1] 3,636 3,441  
Other assets [1],[2] 15,009 13,737  
Total assets 773,740 735,587  
Other Liabilities [1] 17,692 16,679  
Notes Issued by Consolidated Variable Interest Entities [1] 2,659 1,430  
Total liabilities 738,159 705,461  
Consolidated VIEs for Which the Company is the Investment Manager      
Variable Interest Entity [Line Items]      
Fixed Maturities, available-for-sale, at fair value 1,870 1,250  
Fixed maturities, trading 442 166  
Equity securities 106 80  
Commercial mortgage and other loans 583 681  
Other invested assets 8,227 6,379  
Cash and cash equivalents 654 308  
Accrued investment income 12 6  
Other assets 1,594 644  
Total assets 13,488 9,514  
Other Liabilities 603 218  
Notes Issued by Consolidated Variable Interest Entities 2,644 1,392  
Total liabilities 3,247 1,610  
Consolidated VIEs for Which the Company is the Investment Manager | Wholly-owned Beneficial Interests      
Variable Interest Entity [Line Items]      
Total assets 4,801 3,835  
Other Consolidated VIEs      
Variable Interest Entity [Line Items]      
Fixed Maturities, available-for-sale, at fair value 663 716  
Fixed maturities, trading 0 0  
Equity securities 0 0  
Commercial mortgage and other loans 244 490  
Other invested assets 477 500  
Cash and cash equivalents 0 0  
Accrued investment income 1 3  
Other assets 716 613  
Total assets 2,101 2,322  
Other Liabilities 3 1  
Notes Issued by Consolidated Variable Interest Entities 15 38  
Total liabilities $ 18 $ 39  
Minimum | Consolidated VIEs for Which the Company is the Investment Manager | Notes issued by consolidated VIEs      
Variable Interest Entity [Line Items]      
VIE Liabilities, maturities obligations (between) 0 years    
Maximum | Consolidated VIEs for Which the Company is the Investment Manager | Notes issued by consolidated VIEs      
Variable Interest Entity [Line Items]      
VIE Liabilities, maturities obligations (between) 14 years    
[1] See Note 4 for details of balances associated with variable interest entities.
[2] See Note 24 for additional information regarding related party transactions.
v3.25.4
Variable Interest Entities (Narrative) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Liabilities $ 738,159 $ 705,461
Unconsolidated VIEs    
Variable Interest Entity [Line Items]    
Liabilities 102,261 59,358
Unconsolidated VIEs | Company may or may not be the investment manager of certain VIEs    
Variable Interest Entity [Line Items]    
Liabilities 0  
Fixed maturities, available-for-sale, Fixed maturities, trading, Equity securities and Other invested assets | Unconsolidated VIEs | Company may or may not be the investment manager of certain VIEs    
Variable Interest Entity [Line Items]    
Maximum exposure to loss resulting from investment in unconsolidated VIEs 1,484 1,529
Other invested assets | Unconsolidated VIEs    
Variable Interest Entity [Line Items]    
Maximum exposure to loss resulting from investment in unconsolidated VIEs $ 20,509 $ 21,847
v3.25.4
Derivative Instruments (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]      
Total derivative assets $ 1,671 $ 1,601  
Total derivative liabilities 6,215 4,751  
Anticipated pre-tax loss reclassified from accumulated other comprehensive income (loss) to earnings $ 281    
Maximum Length of Time Hedged in Cash Flow Hedge (future cash flows) 26 years    
Net investment hedges income (loss) before taxes $ (49) $ 104 $ 39
v3.25.4
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Gross Notional $ 676,411 $ 548,831
Assets 26,116 21,694
Liabilities (39,157) (32,892)
Embedded Derivative, Fair Value of Embedded Derivative, Net (18,404) (11,783)
PRISMIC Embedded Derivative, Fair Value of Embedded Derivative (194) 91
Derivatives Designated as Hedge Accounting Instruments:    
Derivative [Line Items]    
Gross Notional 43,828 40,342
Assets 1,337 2,755
Liabilities (1,992) (969)
Derivatives Designated as Hedge Accounting Instruments: | Interest Rate Swaps    
Derivative [Line Items]    
Gross Notional 5,083 4,260
Assets 23 11
Liabilities (344) (404)
Derivatives Designated as Hedge Accounting Instruments: | Interest Rate Forwards    
Derivative [Line Items]    
Gross Notional 10 10
Assets 0 0
Liabilities 0 0
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Forwards    
Derivative [Line Items]    
Gross Notional 4,912 4,771
Assets 28 92
Liabilities (208) (197)
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Swaps    
Derivative [Line Items]    
Gross Notional 33,823 31,301
Assets 1,286 2,652
Liabilities (1,440) (368)
Derivatives Not Qualifying as Hedge Accounting Instruments:    
Derivative [Line Items]    
Gross Notional 632,583 508,489
Assets 24,779 18,939
Liabilities (37,165) (31,923)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Swaps    
Derivative [Line Items]    
Gross Notional 244,336 228,392
Assets 10,825 11,272
Liabilities (23,617) (24,802)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Forwards    
Derivative [Line Items]    
Gross Notional 3,658 2,544
Assets 11 9
Liabilities (7) (80)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Total Return Swaps    
Derivative [Line Items]    
Gross Notional 1,434 485
Assets 217 4
Liabilities (221) (2)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Forwards    
Derivative [Line Items]    
Gross Notional 34,149 27,819
Assets 1,356 1,625
Liabilities (1,383) (1,181)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Swaps    
Derivative [Line Items]    
Gross Notional 7,318 7,525
Assets 370 658
Liabilities (179) (129)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Futures    
Derivative [Line Items]    
Gross Notional 12,079 9,773
Assets 7 6
Liabilities (22) (21)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Options    
Derivative [Line Items]    
Gross Notional 30,025 34,005
Assets 134 430
Liabilities (1,382) (1,583)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit Default Swaps    
Derivative [Line Items]    
Gross Notional 5,784 4,027
Assets 112 90
Liabilities 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Futures    
Derivative [Line Items]    
Gross Notional 1,033 2,019
Assets 3 6
Liabilities (6) (7)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Options    
Derivative [Line Items]    
Gross Notional 200,661 104,438
Assets 10,378 4,507
Liabilities (9,189) (3,790)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Total Return Swaps    
Derivative [Line Items]    
Gross Notional 14,973 9,796
Assets 1,366 331
Liabilities (1,159) (327)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Other    
Derivative [Line Items]    
Gross Notional 1,250 1,250
Assets 0 0
Liabilities 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Synthetic GICs    
Derivative [Line Items]    
Gross Notional 75,883 76,416
Assets 0 1
Liabilities $ 0 $ (1)
v3.25.4
Derivative Instruments Derivative Instruments (Hedged Item Offset By Derivatives Achieving Fair Value Hedge Accounting) (Details) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]      
Fixed Maturities, available-for-sale, at fair value [1] $ 331,455 $ 311,570  
Commercial mortgage and other loans [1] 64,715 62,341  
Policyholders’ account balances (191,307) (166,254)  
Future policy benefits (266,914) (268,912) $ (273,281)
Carrying Amount of the Hedged Assets (Liabilities)      
Derivative [Line Items]      
Fixed Maturities, available-for-sale, at fair value 594 216  
Policyholders’ account balances (1,588) (1,510)  
Future policy benefits (2,405) (2,280)  
Cumulative Adjustment Included in Carrying Amount      
Derivative [Line Items]      
Fixed Maturities, available-for-sale, at fair value 11 11  
Policyholders’ account balances 299 327  
Future policy benefits $ 300 $ 423  
[1] See Note 4 for details of balances associated with variable interest entities.
v3.25.4
Derivative Instruments (Offsetting Assets and Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Derivative Assets    
Gross Amounts of Recognized Financial Instruments $ 25,990 $ 21,574
Gross Amounts Offset in the Statements of Financial Position (24,445) (20,093)
Net Amounts Presented in the Statements of Financial Position 1,545 1,481
Financial Instruments/Collateral (637) (696)
Net Amount 908 785
Securities purchased under agreement to resell    
Gross Amounts of Recognized Financial Instruments 0 277
Gross Amounts Offset in the Statements of Financial Position 0 0
Net Amounts Presented in the Statements of Financial Position 0 277
Financial Instruments/Collateral 0 (277)
Net Amount 0 0
Total Assets    
Gross Amounts of Recognized Financial Instruments 25,990 21,851
Gross Amounts Offset in the Statements of Financial Position (24,445) (20,093)
Net Amounts Presented in the Statements of Financial Position 1,545 1,758
Financial Instruments/Collateral (637) (973)
Net Amount 908 785
Derivative Liabilities    
Gross Amounts of Recognized Financial Instruments 39,157 32,891
Gross Amounts Offset in the Statements of Financial Position (32,942) (28,141)
Net Amounts Presented in the Statements of Financial Position 6,215 4,750
Financial Instruments/Collateral (6,011) (4,403)
Net Amount 204 347
Securities sold under agreement to repurchase    
Gross Amounts of Recognized Financial Instruments 9,598 6,796
Gross Amounts Offset in the Statements of Financial Position 0 0
Net Amounts Presented in the Statements of Financial Position 9,598 6,796
Financial Instruments/Collateral (9,523) (6,796)
Net Amount 75 0
Total Liabilities    
Gross Amounts of Recognized Financial Instruments 48,755 39,687
Gross Amounts Offset in the Statements of Financial Position (32,942) (28,141)
Net Amounts Presented in the Statements of Financial Position 15,813 11,546
Financial Instruments/Collateral (15,534) (11,199)
Net Amount $ 279 $ 347
v3.25.4
Derivative Instruments (Financial Statement Classification and Impact of Derivatives Used in Qualifying and Non-qualifying Hedge Relationships) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments Gain Loss [Line Items]      
Non-derivative AOCI Net Investment Hedge Before Tax $ (3) $ 78 $ 28
PRISMIC Embedded Derivative, Gain (Loss) on Derivative, Net (284) 598 (508)
Gain (Loss) on Investments      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net $ (2,291) $ 678 $ (2,220)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Realized Investment Gains (Losses) Realized Investment Gains (Losses) Realized Investment Gains (Losses)
Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net $ (2,295) $ 615 $ (2,281)
Market Risk Benefit, Increase (Decrease)      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net $ (1,645) $ (3,165) $ (2,586)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Change in value of market risk benefits, net of related hedging gains (losses) Change in value of market risk benefits, net of related hedging gains (losses) Change in value of market risk benefits, net of related hedging gains (losses)
Market Risk Benefit, Increase (Decrease) | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net $ (1,645) $ (3,165) $ (2,586)
Investment Income      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net $ 355 $ 324 $ 312
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Net Investment Income Net Investment Income Net Investment Income
Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net $ 0 $ 0 $ 0
Other Income      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net $ (468) $ 209 $ (189)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other income (loss) Other income (loss) Other income (loss)
Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net $ (8) $ 2 $ 0
Interest Expense      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net $ 0 $ 0 $ 0
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] General and Administrative Expense General and Administrative Expense General and Administrative Expense
Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net $ 0 $ 0 $ 0
Interest Credited To Policyholder Account Balances      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net $ (8) $ (10) $ (29)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Policyholder Account Balance, Interest Expense Policyholder Account Balance, Interest Expense Policyholder Account Balance, Interest Expense
Interest Credited To Policyholder Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net $ 0 $ 0 $ 0
Policyholder Benefts      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net $ (19) $ (40) $ (35)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Policyholders’ benefits Policyholders’ benefits Policyholders’ benefits
Policyholder Benefts | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net $ 0 $ 0 $ 0
Accumulated Other Comprehensive Income (Loss)      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net $ (2,117) $ 934 $ (1,741)
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
Accumulated Other Comprehensive Income (Loss) | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net $ 0 $ 0 $ 0
Fair value hedges | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net (5) 8 1
Fair value hedges | Market Risk Benefit, Increase (Decrease) | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Fair value hedges | Investment Income | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 1 0 (1)
Fair value hedges | Other Income | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Fair value hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Fair value hedges | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 20 (119) (31)
Fair value hedges | Policyholder Benefts | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 127 (156) 65
Fair value hedges | Accumulated Other Comprehensive Income (Loss) | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Fair Value Hedged Item | Gain (Loss) on Investments      
Derivative Instruments Gain Loss [Line Items]      
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 2 (8) (1)
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument (3) 0 0
Fair Value Hedged Item | Market Risk Benefit, Increase (Decrease)      
Derivative Instruments Gain Loss [Line Items]      
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument 0 0 0
Fair Value Hedged Item | Investment Income      
Derivative Instruments Gain Loss [Line Items]      
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 21 12 14
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument 22 12 13
Fair Value Hedged Item | Other Income      
Derivative Instruments Gain Loss [Line Items]      
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument 0 0 0
Fair Value Hedged Item | Interest Expense      
Derivative Instruments Gain Loss [Line Items]      
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument 0 0 0
Fair Value Hedged Item | Interest Credited To Policyholder Account Balances      
Derivative Instruments Gain Loss [Line Items]      
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge (28) 109 2
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument (8) (10) (29)
Fair Value Hedged Item | Policyholder Benefts      
Derivative Instruments Gain Loss [Line Items]      
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge (132) 126 (92)
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument (19) (40) (35)
Fair Value Hedged Item | Accumulated Other Comprehensive Income (Loss)      
Derivative Instruments Gain Loss [Line Items]      
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument (59) (4) (6)
Amortization of Gain(loss) excluded from assessment of effectiveness | Gain (Loss) on Investments      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Amortization of Gain(loss) excluded from assessment of effectiveness | Market Risk Benefit, Increase (Decrease)      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Amortization of Gain(loss) excluded from assessment of effectiveness | Investment Income      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Amortization of Gain(loss) excluded from assessment of effectiveness | Other Income      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Amortization of Gain(loss) excluded from assessment of effectiveness | Interest Expense      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Amortization of Gain(loss) excluded from assessment of effectiveness | Interest Credited To Policyholder Account Balances      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Amortization of Gain(loss) excluded from assessment of effectiveness | Policyholder Benefts      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net (14) (10) (8)
Amortization of Gain(loss) excluded from assessment of effectiveness | Accumulated Other Comprehensive Income (Loss)      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net (59) (4) (6)
Cash flow hedges | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 7 63 61
Cash flow hedges | Market Risk Benefit, Increase (Decrease) | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Cash flow hedges | Investment Income | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 333 312 299
Cash flow hedges | Other Income | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net (460) 207 (189)
Cash flow hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Cash flow hedges | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Cash flow hedges | Policyholder Benefts | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net (2,011) 911 (1,747)
Net investment hedges | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Net investment hedges | Market Risk Benefit, Increase (Decrease) | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Net investment hedges | Investment Income | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Net investment hedges | Other Income | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Net investment hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Net investment hedges | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Net investment hedges | Policyholder Benefts | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Net investment hedges | Accumulated Other Comprehensive Income (Loss) | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net (47) 27 12
Interest Rate | Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net (47) (1,554) (285)
Interest Rate | Market Risk Benefit, Increase (Decrease) | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net (810) (2,313) (1,657)
Interest Rate | Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Interest Rate | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Interest Rate | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Interest Rate | Interest Credited To Policyholder Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Interest Rate | Policyholder Benefts | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Interest Rate | Accumulated Other Comprehensive Income (Loss) | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Interest Rate | Fair value hedges | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net (5) 8 2
Interest Rate | Fair value hedges | Market Risk Benefit, Increase (Decrease) | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Interest Rate | Fair value hedges | Investment Income | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 1 0 0
Interest Rate | Fair value hedges | Other Income | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Interest Rate | Fair value hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Interest Rate | Fair value hedges | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 20 (119) (31)
Interest Rate | Fair value hedges | Policyholder Benefts | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net (1) (125) (39)
Interest Rate | Fair value hedges | Accumulated Other Comprehensive Income (Loss) | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Interest Rate | Fair Value Hedged Item | Gain (Loss) on Investments      
Derivative Instruments Gain Loss [Line Items]      
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 2 (8) (2)
Interest Rate | Fair Value Hedged Item | Market Risk Benefit, Increase (Decrease)      
Derivative Instruments Gain Loss [Line Items]      
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0
Interest Rate | Fair Value Hedged Item | Investment Income      
Derivative Instruments Gain Loss [Line Items]      
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 21 12 13
Interest Rate | Fair Value Hedged Item | Other Income      
Derivative Instruments Gain Loss [Line Items]      
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0
Interest Rate | Fair Value Hedged Item | Interest Expense      
Derivative Instruments Gain Loss [Line Items]      
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0
Interest Rate | Fair Value Hedged Item | Interest Credited To Policyholder Account Balances      
Derivative Instruments Gain Loss [Line Items]      
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge (28) 109 2
Interest Rate | Fair Value Hedged Item | Policyholder Benefts      
Derivative Instruments Gain Loss [Line Items]      
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge (5) 95 10
Interest Rate | Fair Value Hedged Item | Accumulated Other Comprehensive Income (Loss)      
Derivative Instruments Gain Loss [Line Items]      
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0
Interest Rate | Cash flow hedges | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 (15) (21)
Interest Rate | Cash flow hedges | Market Risk Benefit, Increase (Decrease) | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Interest Rate | Cash flow hedges | Investment Income | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net (13) (16) (16)
Interest Rate | Cash flow hedges | Other Income | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Interest Rate | Cash flow hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Interest Rate | Cash flow hedges | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Interest Rate | Cash flow hedges | Policyholder Benefts | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Interest Rate | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 9 2 23
Currency | Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net (684) 263 (567)
Currency | Market Risk Benefit, Increase (Decrease) | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net (1) 0 3
Currency | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Interest Credited To Policyholder Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Policyholder Benefts | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Accumulated Other Comprehensive Income (Loss) | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Fair value hedges | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 (1)
Currency | Fair value hedges | Market Risk Benefit, Increase (Decrease) | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Fair value hedges | Investment Income | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 (1)
Currency | Fair value hedges | Other Income | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Fair value hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Fair value hedges | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Fair value hedges | Policyholder Benefts | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 128 (31) 104
Currency | Fair value hedges | Accumulated Other Comprehensive Income (Loss) | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Fair Value Hedged Item | Gain (Loss) on Investments      
Derivative Instruments Gain Loss [Line Items]      
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 1
Currency | Fair Value Hedged Item | Market Risk Benefit, Increase (Decrease)      
Derivative Instruments Gain Loss [Line Items]      
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0
Currency | Fair Value Hedged Item | Investment Income      
Derivative Instruments Gain Loss [Line Items]      
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 1
Currency | Fair Value Hedged Item | Other Income      
Derivative Instruments Gain Loss [Line Items]      
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0
Currency | Fair Value Hedged Item | Interest Expense      
Derivative Instruments Gain Loss [Line Items]      
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0
Currency | Fair Value Hedged Item | Interest Credited To Policyholder Account Balances      
Derivative Instruments Gain Loss [Line Items]      
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0
Currency | Fair Value Hedged Item | Policyholder Benefts      
Derivative Instruments Gain Loss [Line Items]      
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge (127) 31 (102)
Currency | Fair Value Hedged Item | Accumulated Other Comprehensive Income (Loss)      
Derivative Instruments Gain Loss [Line Items]      
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0
Currency | Amortization of Gain(loss) excluded from assessment of effectiveness | Gain (Loss) on Investments      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Amortization of Gain(loss) excluded from assessment of effectiveness | Market Risk Benefit, Increase (Decrease)      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Amortization of Gain(loss) excluded from assessment of effectiveness | Investment Income      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Amortization of Gain(loss) excluded from assessment of effectiveness | Other Income      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Amortization of Gain(loss) excluded from assessment of effectiveness | Interest Expense      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Amortization of Gain(loss) excluded from assessment of effectiveness | Interest Credited To Policyholder Account Balances      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Amortization of Gain(loss) excluded from assessment of effectiveness | Policyholder Benefts      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net (14) (10) (8)
Currency | Amortization of Gain(loss) excluded from assessment of effectiveness | Accumulated Other Comprehensive Income (Loss)      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net (59) (4) (6)
Currency | Cash flow hedges | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 8
Currency | Cash flow hedges | Market Risk Benefit, Increase (Decrease) | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Cash flow hedges | Investment Income | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Cash flow hedges | Other Income | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Cash flow hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Cash flow hedges | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Cash flow hedges | Policyholder Benefts | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net (107) 52 (122)
Currency | Net investment hedges | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Net investment hedges | Market Risk Benefit, Increase (Decrease) | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Net investment hedges | Investment Income | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Net investment hedges | Other Income | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Net investment hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Net investment hedges | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Net investment hedges | Policyholder Benefts | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency | Net investment hedges | Accumulated Other Comprehensive Income (Loss) | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net (47) 27 12
Currency/Interest Rate | Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net (267) 292 (211)
Currency/Interest Rate | Market Risk Benefit, Increase (Decrease) | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency/Interest Rate | Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency/Interest Rate | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net (7) 2 (3)
Currency/Interest Rate | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency/Interest Rate | Interest Credited To Policyholder Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency/Interest Rate | Policyholder Benefts | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency/Interest Rate | Accumulated Other Comprehensive Income (Loss) | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency/Interest Rate | Cash flow hedges | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 7 78 74
Currency/Interest Rate | Cash flow hedges | Market Risk Benefit, Increase (Decrease) | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency/Interest Rate | Cash flow hedges | Investment Income | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 346 328 315
Currency/Interest Rate | Cash flow hedges | Other Income | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net (460) 207 (189)
Currency/Interest Rate | Cash flow hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency/Interest Rate | Cash flow hedges | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency/Interest Rate | Cash flow hedges | Policyholder Benefts | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency/Interest Rate | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net (1,913) 857 (1,648)
Currency/Interest Rate | Net investment hedges | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency/Interest Rate | Net investment hedges | Market Risk Benefit, Increase (Decrease) | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency/Interest Rate | Net investment hedges | Investment Income | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency/Interest Rate | Net investment hedges | Other Income | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency/Interest Rate | Net investment hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency/Interest Rate | Net investment hedges | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency/Interest Rate | Net investment hedges | Policyholder Benefts | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Currency/Interest Rate | Net investment hedges | Accumulated Other Comprehensive Income (Loss) | Derivatives Designated as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Credit | Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 96 109 164
Credit | Market Risk Benefit, Increase (Decrease) | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Credit | Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Credit | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Credit | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Credit | Interest Credited To Policyholder Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Credit | Policyholder Benefts | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Credit | Accumulated Other Comprehensive Income (Loss) | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Equity | Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 3,441 3,257 1,751
Equity | Market Risk Benefit, Increase (Decrease) | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net (835) (852) (929)
Equity | Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Equity | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Equity | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Equity | Interest Credited To Policyholder Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Equity | Policyholder Benefts | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Equity | Accumulated Other Comprehensive Income (Loss) | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Embedded Derivative Financial Instruments | Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net (4,834) (1,752) (3,133)
Embedded Derivative Financial Instruments | Market Risk Benefit, Increase (Decrease) | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Embedded Derivative Financial Instruments | Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Embedded Derivative Financial Instruments | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Embedded Derivative Financial Instruments | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Embedded Derivative Financial Instruments | Interest Credited To Policyholder Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Embedded Derivative Financial Instruments | Policyholder Benefts | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Embedded Derivative Financial Instruments | Accumulated Other Comprehensive Income (Loss) | Derivatives Not Qualifying as Hedge Accounting Instruments:      
Derivative Instruments Gain Loss [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net $ 0 $ 0 $ 0
v3.25.4
Derivative Instruments (Current Period Cash Flow Hedges in AOCI (loss) before Taxes) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Beginning Balance $ 28,187 $ 28,110 $ 30,934
Ending Balance 32,787 28,187 28,110
Derivatives designated as cash flow hedges      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Beginning Balance 1,780 869 2,616
Total amount recorded in AOCI (2,139) 1,496 (1,571)
Total amount reclassified from AOCI to income 128 (585) (176)
Ending Balance (231) 1,780 869
Interest Rate | Derivatives designated as cash flow hedges      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Total amount recorded in AOCI (4) (28) (15)
Total amount reclassified from AOCI to income 13 30 38
Currency | Derivatives designated as cash flow hedges      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Total amount recorded in AOCI (115) 55 (108)
Total amount reclassified from AOCI to income 8 (3) (14)
Currency/Interest Rate | Derivatives designated as cash flow hedges      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Total amount recorded in AOCI (2,020) 1,469 (1,448)
Total amount reclassified from AOCI to income $ 107 $ (612) $ (200)
v3.25.4
Derivative Instruments (Credit Derivatives) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted $ 5,784 $ 4,027
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) 112 90
Single Name    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 0 0
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) 0 0
Credit Default Index    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 5,784 4,027
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) $ 112 90
Credit Index Product    
Derivative [Line Items]    
Credit Derivatives Written Max Length Of Maturities 10 years  
NAIC 1    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted $ 0 0
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) 0 0
NAIC 1 | Single Name    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 0 0
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) 0 0
NAIC 1 | Credit Default Index    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 0 0
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) 0 0
NAIC 2    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 0 0
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) 0 0
NAIC 2 | Single Name    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 0 0
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) 0 0
NAIC 2 | Credit Default Index    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 0 0
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) 0 0
NAIC 3    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 5,043 3,365
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) 61 40
NAIC 3 | Single Name    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 0 0
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) 0 0
NAIC 3 | Credit Default Index    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 5,043 3,365
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) 61 40
NAIC 4    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 0 0
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) 0 0
NAIC 4 | Single Name    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 0 0
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) 0 0
NAIC 4 | Credit Default Index    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 0 0
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) 0 0
NAIC 5    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 0 0
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) 0 0
NAIC 5 | Single Name    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 0 0
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) 0 0
NAIC 5 | Credit Default Index    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 0 0
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) 0 0
NAIC 6    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 741 662
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) $ 51 $ 50
Credit Derivative, Maximum Exposure, Undiscounted Percentage 3.00% 4.00%
NAIC 6 | Single Name    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted $ 0 $ 0
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) 0 0
NAIC 6 | Credit Default Index    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 741 662
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) $ 51 $ 50
v3.25.4
Fair Value of Assets and Liabilities (Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value [1] $ 331,455 $ 311,570
Assets supporting experience-rated contractholder liabilities 4,842 3,707
Market risk benefit assets 2,330 2,331
Fixed maturities, trading [1] 14,869 12,530
Equity securities [1] 10,972 9,417
Commercial mortgage and other loans [1] 64,715 62,341
Other invested assets [1] 27,294 26,351
Reinsurance recoverables and deposit receivables [2] 44,077 37,680
Separate account assets 196,251 193,372
TOTAL ASSETS 773,740 735,587
Market risk benefit liabilities 4,623 4,455
Reinsurance and funds withheld payables [2] 18,844 17,084
Other Liabilities [1] 17,692 16,679
Total liabilities 738,159 705,461
Netting (24,445) (20,093)
Fixed Maturities, available-for-sale, Amortized Cost 357,996 341,004
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 22,179 20,348
Fixed Maturities, available-for-sale, Amortized Cost 26,334 24,869
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 5,465 6,104
Fixed Maturities, available-for-sale, Amortized Cost 5,881 6,590
Foreign government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value 50,614 57,479
Assets supporting experience-rated contractholder liabilities 596 539
Fixed Maturities, available-for-sale, Amortized Cost 62,469 63,523
U.S. public corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value 107,781 98,508
Fixed Maturities, available-for-sale, Amortized Cost 115,160 108,883
U.S. private corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value 47,101 43,789
Fixed Maturities, available-for-sale, Amortized Cost 47,976 45,854
Foreign public corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value 23,703 21,982
Fixed Maturities, available-for-sale, Amortized Cost 24,496 23,165
Foreign private corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value 40,159 34,463
Fixed Maturities, available-for-sale, Amortized Cost 41,099 38,652
Corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets supporting experience-rated contractholder liabilities 55 67
Asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value 19,329 17,134
Fixed Maturities, available-for-sale, Amortized Cost 19,130 16,979
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 9,743 9,273
Fixed Maturities, available-for-sale, Amortized Cost 9,958 9,791
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 5,381 2,490
Fixed Maturities, available-for-sale, Amortized Cost 5,493 2,698
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 331,455 311,570
Assets supporting experience-rated contractholder liabilities 4,842 3,707
Market risk benefit assets 2,330 2,331
Fixed maturities, trading 14,869 12,530
Equity securities 10,972 9,417
Commercial mortgage and other loans 1,056 702
Other invested assets 2,760 2,553
Short-term investments 5,781 8,595
Cash equivalents 12,838 10,691
Reinsurance recoverables and deposit receivables 573 849
Separate account assets 168,745 166,672
TOTAL ASSETS 556,221 529,617
Market risk benefit liabilities 4,623 4,455
Policyholders' account balances 18,799 12,746
Reinsurance and funds withheld payables 174 (118)
Other Liabilities 6,215 4,751
Notes issued by consolidated VIEs 767 60
Total liabilities 30,578 21,894
Assets Netting (24,445) (20,093)
Liabilities Netting (32,942) (28,141)
Netting (8,496) (8,049)
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 22,179 20,348
Assets supporting experience-rated contractholder liabilities 245 220
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 5,465 6,104
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 50,614 57,479
Assets supporting experience-rated contractholder liabilities 596 539
Fair Value, Measurements, Recurring | U.S. public corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value 107,781 98,508
Fair Value, Measurements, Recurring | U.S. private corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value 47,101 43,789
Fair Value, Measurements, Recurring | Foreign public corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value 23,703 21,982
Fair Value, Measurements, Recurring | Foreign private corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value 40,159 34,463
Fair Value, Measurements, Recurring | Corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets supporting experience-rated contractholder liabilities 55 67
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 19,329 17,134
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 9,743 9,273
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 5,381 2,490
Fair Value, Measurements, Recurring | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets supporting experience-rated contractholder liabilities 3,946 2,881
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 0 0
Assets supporting experience-rated contractholder liabilities 2,225 1,522
Market risk benefit assets 0 0
Fixed maturities, trading 0 0
Equity securities 8,052 7,154
Commercial mortgage and other loans 0 0
Other invested assets 301 10
Short-term investments 116 1,896
Cash equivalents 1,466 326
Reinsurance recoverables and deposit receivables 0 0
Separate account assets 9,419 8,441
TOTAL ASSETS 21,579 19,349
Market risk benefit liabilities 0 0
Policyholders' account balances 0 0
Reinsurance and funds withheld payables 0 0
Other Liabilities 280 28
Notes issued by consolidated VIEs 0 0
Total liabilities 280 28
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 0 0
Assets supporting experience-rated contractholder liabilities 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 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 0 0
Assets supporting experience-rated contractholder liabilities 0 0
Fair Value, Measurements, Recurring | Level 1 | U.S. public corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value 0 0
Fair Value, Measurements, Recurring | Level 1 | U.S. private corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value 0 0
Fair Value, Measurements, Recurring | Level 1 | Foreign public corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value 0 0
Fair Value, Measurements, Recurring | Level 1 | Foreign private corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value 0 0
Fair Value, Measurements, Recurring | Level 1 | Corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets supporting experience-rated contractholder liabilities 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 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 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 0 0
Fair Value, Measurements, Recurring | Level 1 | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets supporting experience-rated contractholder liabilities 2,225 1,522
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 319,457 303,393
Assets supporting experience-rated contractholder liabilities 2,617 2,185
Market risk benefit assets 0 0
Fixed maturities, trading 12,556 10,544
Equity securities 2,294 1,745
Commercial mortgage and other loans 793 469
Other invested assets 25,816 21,683
Short-term investments 5,664 6,238
Cash equivalents 11,372 10,365
Reinsurance recoverables and deposit receivables 206 236
Separate account assets 159,115 157,999
TOTAL ASSETS 539,890 514,857
Market risk benefit liabilities 0 0
Policyholders' account balances 0 0
Reinsurance and funds withheld payables 174 (118)
Other Liabilities 38,877 32,863
Notes issued by consolidated VIEs 0 0
Total liabilities 39,051 32,745
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 22,179 20,348
Assets supporting experience-rated contractholder liabilities 245 220
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 5,460 6,098
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 50,609 57,472
Assets supporting experience-rated contractholder liabilities 596 539
Fair Value, Measurements, Recurring | Level 2 | U.S. public corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value 107,718 98,442
Fair Value, Measurements, Recurring | Level 2 | U.S. private corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value 42,007 39,848
Fair Value, Measurements, Recurring | Level 2 | Foreign public corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value 23,661 21,946
Fair Value, Measurements, Recurring | Level 2 | Foreign private corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value 38,425 32,675
Fair Value, Measurements, Recurring | Level 2 | Corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets supporting experience-rated contractholder liabilities 55 67
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 15,227 15,654
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 8,890 8,420
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 5,281 2,490
Fair Value, Measurements, Recurring | Level 2 | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets supporting experience-rated contractholder liabilities 1,721 1,359
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 11,998 8,177
Assets supporting experience-rated contractholder liabilities 0 0
Market risk benefit assets 2,330 2,331
Fixed maturities, trading 2,313 1,986
Equity securities 626 518
Commercial mortgage and other loans 263 233
Other invested assets 1,088 953
Short-term investments 1 461
Cash equivalents 0 0
Reinsurance recoverables and deposit receivables 367 613
Separate account assets 211 232
TOTAL ASSETS 19,197 15,504
Market risk benefit liabilities 4,623 4,455
Policyholders' account balances 18,799 12,746
Reinsurance and funds withheld payables 0 0
Other Liabilities 0 1
Notes issued by consolidated VIEs 767 60
Total liabilities 24,189 17,262
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 0 0
Assets supporting experience-rated contractholder liabilities 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 5 6
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 5 7
Assets supporting experience-rated contractholder liabilities 0 0
Fair Value, Measurements, Recurring | Level 3 | U.S. public corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value 63 66
Fair Value, Measurements, Recurring | Level 3 | U.S. private corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value 5,094 3,941
Fair Value, Measurements, Recurring | Level 3 | Foreign public corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value 42 36
Fair Value, Measurements, Recurring | Level 3 | Foreign private corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value 1,734 1,788
Fair Value, Measurements, Recurring | Level 3 | Corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets supporting experience-rated contractholder liabilities 0 0
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 4,102 1,480
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 853 853
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 100 0
Fair Value, Measurements, Recurring | Level 3 | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets supporting experience-rated contractholder liabilities 0 0
Prudential Netting Agreement | U.S. private corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value 15,744 14,748
Fixed Maturities, available-for-sale, Amortized Cost 15,744 14,748
Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value investment measured at NAV per share 5,526 5,021
Separate account assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value investment measured at NAV per share $ 27,506 $ 26,700
[1] See Note 4 for details of balances associated with variable interest entities.
[2] See Note 24 for additional information regarding related party transactions.
v3.25.4
Fair Value of Assets and Liabilities (Quantitative Info for Level 3 Inputs) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Market risk benefit assets $ 2,330 $ 2,331
Commercial mortgage and other loans [1] 64,715 62,341
Reinsurance recoverables and deposit receivables [2] 44,077 37,680
Market risk benefit liabilities 4,623 4,455
Fair Value, Measurements, Recurring    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Market risk benefit assets 2,330 2,331
Notes issued by consolidated VIEs 767 60
Commercial mortgage and other loans 1,056 702
Reinsurance recoverables and deposit receivables 573 849
Market risk benefit liabilities 4,623 4,455
Policyholders' account balances 18,799 12,746
Level 3    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Funds held under reinsurance agreements $ 10,000  
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 $ 2,330 2,331
Notes issued by consolidated VIEs 767 60
Commercial mortgage and other loans 263 233
Reinsurance recoverables and deposit receivables 367 613
Market risk benefit liabilities 4,623 4,455
Policyholders' account balances $ 18,799 $ 12,746
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 1.10% 0.95%
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%
Liquidity premium 1.50%  
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 | Equity securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Discount rate 40.00% 0.16%
Level 3 | Internal | Minimum | Discounted cash flow | Commercial mortgage and other loans    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Spread 2.15%  
Level 3 | Internal | Minimum | Discounted cash flow | Reinsurance recoverables and deposit receivables    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Lapse rate 1.00% 1.00%
Spread over SOFR 0.38% 0.29%
Option budget 0.00% 0.00%
Level 3 | Internal | Minimum | Market comparables | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
EBITDA multiples 5.5 3.0
Level 3 | Internal | Minimum | Market comparables | Equity securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
EBITDA multiples 7.0 5.5
Level 3 | Internal | Minimum | Liquidation | Notes issued by consolidated VIEs    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Liquidation value 100.00%  
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 | Net asset value | Equity securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Share price 3 3
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% 1.71%
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%
Liquidity premium 2.60%  
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% 1.71%
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 | Equity securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Discount rate 40.00% 40.00%
Level 3 | Internal | Maximum | Discounted cash flow | Commercial mortgage and other loans    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Spread 3.10%  
Level 3 | Internal | Maximum | Discounted cash flow | Reinsurance recoverables and deposit receivables    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Lapse rate 50.00% 50.00%
Spread over SOFR 1.61% 1.71%
Option budget 6.00% 6.00%
Level 3 | Internal | Maximum | Market comparables | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
EBITDA multiples 8.5 8.8
Level 3 | Internal | Maximum | Market comparables | Equity securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
EBITDA multiples 7.0 12.2
Level 3 | Internal | Maximum | Liquidation | Notes issued by consolidated VIEs    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Liquidation value 100.00%  
Level 3 | Internal | Maximum | Liquidation | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Liquidation value 39.00% 75.00%
Level 3 | Internal | Maximum | Net asset value | Equity securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Share price 1,809 1,810
Level 3 | Internal | Weighted Average | Discounted cash flow | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Discount rate 8.47% 10.36%
Level 3 | Internal | Weighted Average | Discounted cash flow | Asset-backed securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Discount rate 6.10% 6.08%
Liquidity premium 1.89%  
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 | Discounted cash flow | Commercial mortgage and other loans    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Spread 2.63%  
Level 3 | Internal | Weighted Average | Market comparables | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
EBITDA multiples 7.5 7.6
Level 3 | Internal | Weighted Average | Market comparables | Equity securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
EBITDA multiples 7.0 6.0
Level 3 | Internal | Weighted Average | Liquidation | Notes issued by consolidated VIEs    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Liquidation value 100.00%  
Level 3 | Internal | Weighted Average | Liquidation | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Liquidation value 30.18% 75.00%
Level 3 | Internal | Weighted Average | Net asset value | Equity securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Share price 778 779
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 $ 4,623 $ 4,455
Level 3 | Internal | Fair Value, Measurements, Recurring | Policyholders’ account balances    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Policyholders' account balances 18,716 12,741
Level 3 | Internal | Fair Value, Measurements, Recurring | Notes issued by consolidated VIEs    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Notes issued by consolidated VIEs 382  
Level 3 | Internal | Fair Value, Measurements, Recurring | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Corporate securities 7,702 6,763
Level 3 | Internal | Fair Value, Measurements, Recurring | Asset-backed securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Asset backed securities 1,767 529
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 853 853
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 2,330 2,331
Level 3 | Internal | Fair Value, Measurements, Recurring | Equity securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Equity securities 214 209
Level 3 | Internal | Fair Value, Measurements, Recurring | Commercial mortgage and other loans    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Commercial mortgage and other loans 263  
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 $ 367 $ 613
[1] See Note 4 for details of balances associated with variable interest entities.
[2] See Note 24 for additional information regarding related party transactions.
v3.25.4
Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrealized gains (losses) for assets/liabilities still held:      
Market risk benefit assets $ 2,330 $ 2,331  
Market risk benefit liabilities 4,623 4,455  
Fair Value, Measurements, Recurring      
Unrealized gains (losses) for assets/liabilities still held:      
Market risk benefit assets 2,330 2,331  
Market risk benefit liabilities 4,623 4,455  
Equity securities      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 518 512  
Purchases 246 153  
Sales (82) (55)  
Issuances 0 0  
Settlements (3) (67)  
Other (8) 5  
Transfers into Level 3 131 2  
Transfers out of Level 3 (181) (10)  
Fair Value, end of period 626 518 $ 512
Total gains (losses) (realized/unrealized):      
Included in earnings 5 (22)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (7) (6)  
Equity securities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 (1)
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 5 (22) 27
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (7) (6) 12
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
Commercial mortgage and other loans      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 233 0  
Purchases 0 0  
Sales 0 0  
Issuances 31 210  
Settlements 0 0  
Other 0 23  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 263 233 0
Total gains (losses) (realized/unrealized):      
Included in earnings (1) 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Commercial mortgage and other loans | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (1) 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Commercial mortgage and other loans | 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
Commercial mortgage and other loans | 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
Commercial mortgage and other loans | 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
Commercial mortgage and other loans | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Other invested assets      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 953 846  
Purchases 196 175  
Sales (46) (2)  
Issuances 0 0  
Settlements (2) 0  
Other 1 19  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 1,088 953 846
Total gains (losses) (realized/unrealized):      
Included in earnings (14) (85)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (15) (85)  
Other invested assets | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (1) (1) (4)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (1) (1) (4)
Other invested assets | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings (14) (84) (34)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (14) (84) (34)
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 1 0 0
Short-term investments      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 461 29  
Purchases 39 488  
Sales (453) (25)  
Issuances 0 0  
Settlements (62) (6)  
Other (5) (25)  
Transfers into Level 3 22 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 1 461 29
Total gains (losses) (realized/unrealized):      
Included in earnings (1) 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 1  
Short-term investments | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 (1) 3
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 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 (1) 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 1 0
Short-term investments | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 1 2
Cash equivalents      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 0 4  
Purchases 12 5  
Sales 0 0  
Issuances 0 0  
Settlements (10) 0  
Other (2) (9)  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 0 0 4
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 | 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
Cash equivalents | 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
Cash equivalents | 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
Cash equivalents | 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
Cash equivalents | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Reinsurance recoverables and deposit receivables      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 613 224  
Purchases 94 223  
Sales 0 0  
Issuances 0 0  
Settlements (75) (66)  
Other (236) 88  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 367 613 224
Total gains (losses) (realized/unrealized):      
Included in earnings (29) 144  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (104) 78  
Reinsurance recoverables and deposit receivables | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (29) 144 (40)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (104) 78 (63)
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
Other assets      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 0 11  
Purchases 0 8  
Sales 0 0  
Issuances 0 0  
Settlements 0 0  
Other 0 (19)  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 0 0 11
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Other 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
Other 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 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 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 assets | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Separate accounts assets      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 232 1,094  
Purchases 99 322  
Sales (51) (1,061)  
Issuances 0 0  
Settlements (68) (14)  
Other 0 0  
Transfers into Level 3 4 12  
Transfers out of Level 3 (25) (60)  
Fair Value, end of period 211 232 1,094
Total gains (losses) (realized/unrealized):      
Included in earnings 20 (61)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 13 (24)  
Separate accounts 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 accounts 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 accounts assets | Interest credited to policyholders’ account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 20 (61) 55
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 13 (24) 42
Separate accounts 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 accounts assets | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Policyholders’ account balances      
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period (12,746) (7,752)  
Purchases 0 0  
Sales 0 0  
Issuances (1,570) (2,254)  
Settlements 0 0  
Other (8) 45  
Transfers Into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period (18,799) (12,746) (7,752)
Total gains (losses) (realized/unrealized):      
Included in earnings (4,475) (2,785)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 616 1,165  
Policyholders’ account balances | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (4,475) (2,785) (2,601)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 616 1,165 (322)
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 And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period (1) (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 (1) (1)
Total gains (losses) (realized/unrealized):      
Included in earnings 1 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 1 0  
Other liabilities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 1 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 1 0 0
Other liabilities | 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 liabilities | 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 liabilities | 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 liabilities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Notes issued by consolidated VIEs      
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period (60) (778)  
Purchases 0 0  
Sales 0 0  
Issuances (507) (60)  
Settlements 193 0  
Other (398) 783  
Transfers Into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period (767) (60) (778)
Total gains (losses) (realized/unrealized):      
Included in earnings 5 (5)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 2 0  
Notes issued by consolidated VIEs | 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
Notes issued by consolidated VIEs | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 5 (5) 9
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 2 0 9
Notes issued by consolidated VIEs | 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
Notes issued by consolidated VIEs | 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
Notes issued by consolidated VIEs | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Fixed maturities, available-for-sale | Fixed maturities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (162) (269) (25)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (190) (240) (7)
Fixed maturities, 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
Fixed maturities, 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
Fixed maturities, available-for-sale | Fixed maturities | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 80 22 (5)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 75 10 (30)
Fixed maturities, available-for-sale | Fixed maturities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings (5) (1) 9
Fixed maturities, available-for-sale | Fixed maturities | U.S. states      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 6 7  
Purchases 0 0  
Sales 0 0  
Issuances 0 0  
Settlements (1) 0  
Other 0 (1)  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 5 6 7
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 (1)  
Fixed maturities, available-for-sale | Fixed maturities | Foreign government securities      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 7 8  
Purchases 0 0  
Sales 0 0  
Issuances 0 0  
Settlements (2) (1)  
Other 0 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 5 7 8
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Fixed maturities, available-for-sale | Fixed maturities | Corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 5,831 4,806  
Purchases 2,682 2,181  
Sales (547) (145)  
Issuances 0 0  
Settlements (1,210) (806)  
Other (42) (144)  
Transfers into Level 3 413 250  
Transfers out of Level 3 (63) (58)  
Fair Value, end of period 6,933 5,831 4,806
Total gains (losses) (realized/unrealized):      
Included in earnings (131) (253)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (165) (227)  
Fixed maturities, available-for-sale | Fixed maturities | Structured securities      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 2,333 1,297  
Purchases 2,902 2,764  
Sales (169) (244)  
Issuances 0 0  
Settlements (513) (125)  
Other (174) (494)  
Transfers into Level 3 1,220 67  
Transfers out of Level 3 (588) (937)  
Fair Value, end of period 5,055 2,333 1,297
Total gains (losses) (realized/unrealized):      
Included in earnings 44 5  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 50 (2)  
Fixed maturities, trading | Fixed maturities      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 1,986 429  
Purchases 1,725 1,826  
Sales (324) (56)  
Issuances 0 0  
Settlements (542) (218)  
Other 181 1  
Transfers into Level 3 30 466  
Transfers out of Level 3 (689) (395)  
Fair Value, end of period 2,313 1,986 429
Total gains (losses) (realized/unrealized):      
Included in earnings (54) (67)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (86) (64)  
Fixed maturities, 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
Fixed maturities, trading | Fixed maturities | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings (54) (69) 9
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (86) (64) 5
Fixed maturities, 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
Fixed maturities, 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
Fixed maturities, trading | Fixed maturities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings $ 0 $ 2 $ 2
v3.25.4
Fair Value of Assets and Liabilities (Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets $ 1,671 $ 1,601
Netting $ (24,445) $ (20,093)
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other invested assets Other invested assets
Total derivative liabilities $ 6,215 $ 4,751
Netting $ (32,942) $ (28,141)
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other Liabilities Other Liabilities
Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets $ 11,217 $ 11,733
Total derivative liabilities 25,593 26,893
Currency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 1,384 1,717
Total derivative liabilities 1,591 1,378
Credit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 112 90
Total derivative liabilities 0 0
Currency/Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 1,656 3,310
Total derivative liabilities 1,619 497
Equity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 11,747 4,844
Total derivative liabilities 10,354 4,124
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 300 10
Total derivative liabilities 280 28
Level 1 | Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 7 7
Total derivative liabilities 22 21
Level 1 | Currency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Level 1 | Credit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Level 1 | Currency/Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Level 1 | Equity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 293 3
Total derivative liabilities 258 7
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 25,816 21,683
Total derivative liabilities 38,877 32,863
Level 2 | Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 11,210 11,725
Total derivative liabilities 25,571 26,871
Level 2 | Currency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 1,384 1,717
Total derivative liabilities 1,591 1,378
Level 2 | Credit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 112 90
Total derivative liabilities 0 0
Level 2 | Currency/Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 1,656 3,310
Total derivative liabilities 1,619 497
Level 2 | Equity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 11,454 4,841
Total derivative liabilities 10,096 4,117
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 1
Total derivative liabilities 0 1
Level 3 | Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 1
Total derivative liabilities 0 1
Level 3 | Currency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Level 3 | Credit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Level 3 | Currency/Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Level 3 | Equity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities $ 0 $ 0
v3.25.4
Fair Value of Assets and Liabilities (Changes in Level 3 Derivative Assets and Liabilities) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Equity      
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]      
Fair Value, beginning of period $ 0 $ 0 $ 0
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Purchases 0 0 0
Sales 0 0 0
Issuances 0 0 0
Settlements 0 0 0
Other 0 0 0
Transfers into Level 3 0 0 0
Transfers out of Level 3 0 0 0
Fair Value, end of period 0 0 0
Unrealized gains (losses) for assets still held:      
Included in earnings 0 0 0
Interest Rate      
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]      
Fair Value, beginning of period 0 0 0
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Purchases 0 0 0
Sales 0 0 0
Issuances 0 0 0
Settlements 0 0 0
Other 0 0 0
Transfers into Level 3 0 0 0
Transfers out of Level 3 0 0 0
Fair Value, end of period 0 0 0
Unrealized gains (losses) for assets still held:      
Included in earnings $ 0 $ 0 $ 0
v3.25.4
Fair Value of Assets and Liabilities (Nonrecurring Fair Value Measurements) (Details) - Fair Value, Measurements, Nonrecurring - Level 3 - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Commercial mortgage loans      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Realized investment gains (losses) net $ 0 $ 0 $ (29)
Carrying value after measurement as of period end 0 0  
Investment real estate      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Realized investment gains (losses) net (12) (12) (17)
Carrying value after measurement as of period end 45 73  
Investment in JV/LP and Other      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Realized investment gains (losses) net (70) (7) (76)
Carrying value after measurement as of period end 61 128  
Equity Securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Realized investment gains (losses) net 56 0 0
Carrying value after measurement as of period end 92 0  
Goodwill      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Realized investment gains (losses) net 0 0 $ (177)
Carrying value after measurement as of period end $ 0 $ 0  
v3.25.4
Fair Value of Assets and Liabilities (Changes in Fair Values Recorded in Earnings for FVO Assets-Liabilities) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]      
Commercial mortgage and other loans [1] $ 64,715 $ 62,341  
Other invested assets [1] 27,294 26,351  
Commercial mortgage and other loans      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Changes in fair value (1) 0 $ 0
Interest income 46 26 9
Fair value option loans in more than 90 days past due and still accruing 0    
Notes issued by consolidated VIEs      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Changes in fair value (5) 5 (9)
Interest expense 13 14 $ 11
Fair value option      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Commercial mortgage and other loans 1,056 702  
Other invested assets 26 19  
Notes issued by consolidated VIEs 767 60  
Fair value option, aggregate contractual principal      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Commercial mortgage and other loans 1,048 697  
Notes issued by consolidated VIEs $ 767 $ 60  
[1] See Note 4 for details of balances associated with variable interest entities.
v3.25.4
Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Assets:      
Commercial mortgage and other loans [1] $ 64,715 $ 62,341  
Policy loans 9,958 9,795  
Other invested assets [1] 27,294 26,351  
Cash and cash equivalents 19,712 [1] 18,497 [1] $ 19,419
Accrued investment income [1] 3,636 3,441  
Reinsurance recoverables and deposit receivables [2] 44,077 37,680  
Other assets, assets at fair value 0 0  
Liabilities:      
Securities sold under agreements to repurchase 9,598 6,796  
Cash collateral for loaned securities 8,700 9,621  
Reinsurance and funds withheld payables [2] 18,844 17,084  
Short-term debt 1,443 953  
Long-term debt 18,856 19,187  
Other Liabilities, derivatives at fair value 6,215 4,751  
Fair Value      
Assets:      
Commercial mortgage and other loans 63,178 58,463  
Policy loans 9,958 9,795  
Other invested assets 93 95  
Short-term investments 633 474  
Cash and cash equivalents 6,874 7,806  
Accrued investment income 3,636 3,441  
Reinsurance recoverables and deposit receivables 6,718 5,790  
Other assets, assets at fair value 3,181 3,086  
Total assets 94,271 88,950  
Liabilities:      
Policyholders’ account balances—investment contracts 85,106 74,871  
Securities sold under agreements to repurchase 9,598 6,796  
Cash collateral for loaned securities 8,700 9,621  
Reinsurance and funds withheld payables 10,607 10,454  
Short-term debt 1,441 960  
Long-term debt 18,353 18,132  
Notes issued by consolidated VIEs 1,892 1,370  
Other Liabilities, derivatives at fair value 7,024 6,918  
Separate account liabilities—investment contracts 40,211 39,821  
Total liabilities 182,932 168,943  
Carrying Amount      
Assets:      
Commercial mortgage and other loans 63,659 61,639  
Policy loans 9,958 9,795  
Other invested assets 93 95  
Short-term investments 633 474  
Cash and cash equivalents 6,874 7,806  
Accrued investment income 3,636 3,441  
Reinsurance recoverables and deposit receivables 6,718 5,790  
Other assets, assets at fair value 3,181 3,086  
Total assets 94,752 92,126  
Liabilities:      
Policyholders’ account balances—investment contracts 89,970 79,571  
Securities sold under agreements to repurchase 9,598 6,796  
Cash collateral for loaned securities 8,700 9,621  
Reinsurance and funds withheld payables 10,607 10,454  
Short-term debt 1,443 953  
Long-term debt 18,856 19,187  
Notes issued by consolidated VIEs 1,892 1,370  
Other Liabilities, derivatives at fair value 7,024 6,918  
Separate account liabilities—investment contracts 40,211 39,821  
Total liabilities 188,301 174,691  
Level 1 | Fair Value      
Assets:      
Commercial mortgage and other loans 0 0  
Policy loans 12 8  
Other invested assets 0 0  
Short-term investments 632 453  
Cash and cash equivalents 6,652 7,352  
Accrued investment income 0 0  
Reinsurance recoverables and deposit receivables 0 0  
Other assets, assets at fair value 37 23  
Total assets 7,333 7,836  
Liabilities:      
Policyholders’ account balances—investment contracts 0 0  
Securities sold under agreements to repurchase 0 0  
Cash collateral for loaned securities 0 0  
Reinsurance and funds withheld payables 0 0  
Short-term debt 0 0  
Long-term debt 7,507 524  
Notes issued by consolidated VIEs 0 0  
Other Liabilities, derivatives at fair value 0 0  
Separate account liabilities—investment contracts 0 0  
Total liabilities 7,507 524  
Level 2 | Fair Value      
Assets:      
Commercial mortgage and other loans 14 17  
Policy loans 0 0  
Other invested assets 93 95  
Short-term investments 1 21  
Cash and cash equivalents 222 454  
Accrued investment income 3,636 3,441  
Reinsurance recoverables and deposit receivables 8 8  
Other assets, assets at fair value 3,142 3,062  
Total assets 7,116 7,098  
Liabilities:      
Policyholders’ account balances—investment contracts 35,175 31,405  
Securities sold under agreements to repurchase 9,598 6,796  
Cash collateral for loaned securities 8,700 9,621  
Reinsurance and funds withheld payables 10,639 10,489  
Short-term debt 1,408 521  
Long-term debt 10,324 17,185  
Notes issued by consolidated VIEs 0 0  
Other Liabilities, derivatives at fair value 6,993 6,886  
Separate account liabilities—investment contracts 22,548 21,144  
Total liabilities 105,385 104,047  
Level 3 | Fair Value      
Assets:      
Commercial mortgage and other loans 63,164 58,446  
Policy loans 9,946 9,787  
Other invested assets 0 0  
Short-term investments 0 0  
Cash and cash equivalents 0 0  
Accrued investment income 0 0  
Reinsurance recoverables and deposit receivables 6,710 5,782  
Other assets, assets at fair value 2 1  
Total assets 79,822 74,016  
Liabilities:      
Policyholders’ account balances—investment contracts 49,931 43,466  
Securities sold under agreements to repurchase 0 0  
Cash collateral for loaned securities 0 0  
Reinsurance and funds withheld payables (32) (35)  
Short-term debt 33 439  
Long-term debt 522 423  
Notes issued by consolidated VIEs 1,892 1,370  
Other Liabilities, derivatives at fair value 31 32  
Separate account liabilities—investment contracts 17,663 18,677  
Total liabilities 70,040 64,372  
Prudential Netting Agreement | Fair Value      
Liabilities:      
Long-term debt 15,744 14,748  
Prudential Netting Agreement | Carrying Amount      
Liabilities:      
Long-term debt 15,744 14,748  
Prismic Life Reinsurance, Ltd | Fair Value      
Liabilities:      
Reinsurance and funds withheld payables 7,513 7,887  
Prismic Life Reinsurance, Ltd | Carrying Amount      
Liabilities:      
Reinsurance and funds withheld payables $ 7,513 $ 7,887  
[1] See Note 4 for details of balances associated with variable interest entities.
[2] See Note 24 for additional information regarding related party transactions.
v3.25.4
Separate Accounts (Separate Account Assets) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Separate Account Investment [Line Items]    
Separate account assets $ 196,251 $ 193,372
U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 4,753 4,674
Obligations of U.S. states and their political subdivisions    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 2,514 2,224
Foreign government bonds    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 109 93
U.S. corporate securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 13,783 11,440
Foreign corporate securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 4,282 3,010
Asset-backed securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 3,445 1,283
Mortgage-backed securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 10,154 14,144
Equity    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 92,137 90,180
Fixed Income    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 30,602 33,828
Other    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 6,315 5,439
Equity securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 5,459 4,845
Commercial mortgage and other loans    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 53 54
Other invested assets    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 19,749 19,352
Short-term investments    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 1,276 1,137
Cash and cash equivalents    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets $ 1,620 $ 1,669
v3.25.4
Separate Accounts (Narratives) (Details) - USD ($)
$ in Millions
 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
v3.25.4
Separate Accounts (Separate Account Liabilities) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Separate Account, Liability [Roll Forward]      
Separate account liabilities, BOP $ 193,372 $ 198,888  
Separate account liabilities, EOP 196,251 193,372 $ 198,888
Cash surrender value 198,019 192,395 197,418
Total      
Separate Account, Liability [Roll Forward]      
Separate account liabilities, BOP 196,944 202,033 201,322
Deposits 15,009 20,585 10,628
Investment performance 21,663 16,868 20,953
Policy charges (3,659) (3,796) (3,821)
Surrenders and withdrawals (23,344) (31,242) (19,477)
Benefit payments (5,313) (4,930) (4,766)
Net transfers (to) from general account (916) (933) (1,892)
Other (84) (1,641) (914)
Separate account liabilities, EOP 200,300 196,944 202,033
Total Corporate and Other      
Separate Account, Liability [Roll Forward]      
Separate account liabilities, BOP (3,572) (3,145)  
Separate account liabilities, EOP (4,049) (3,572) (3,145)
Cash Surrender Charges 0 0 0
PGIM      
Separate Account, Liability [Roll Forward]      
Separate account liabilities, BOP 28,645 32,648 40,056
Deposits 9,597 15,374 6,848
Investment performance 1,930 (45) (1,045)
Policy charges (64) (69) (81)
Surrenders and withdrawals (6,871) (14,766) (8,109)
Benefit payments (3,706) (3,550) (3,477)
Net transfers (to) from general account (36) (184) (501)
Other (217) (763) (1,043)
Separate account liabilities, EOP 29,278 28,645 32,648
Cash surrender value 29,278 28,645 32,648
Institutional Retirement Strategies | Retirement Strategies      
Separate Account, Liability [Roll Forward]      
Separate account liabilities, BOP 9,308 11,011 11,428
Deposits 397 143 259
Investment performance 698 146 830
Policy charges (11) (11) (12)
Surrenders and withdrawals (604) (1,050) (660)
Benefit payments (544) (541) (562)
Net transfers (to) from general account (174) (76) (74)
Other (93) (314) (198)
Separate account liabilities, EOP 8,977 9,308 11,011
Cash surrender value 8,977 9,308 11,011
Individual Retirement Strategies | Retirement Strategies      
Separate Account, Liability [Roll Forward]      
Separate account liabilities, BOP 86,974 94,130 93,395
Deposits 560 606 446
Investment performance 9,914 8,722 12,598
Policy charges (1,994) (2,231) (2,316)
Surrenders and withdrawals (14,305) (14,070) (9,891)
Benefit payments (102) (87) (95)
Net transfers (to) from general account 8 (102) (17)
Other 2 6 10
Separate account liabilities, EOP 81,057 86,974 94,130
Cash surrender value 80,384 86,081 92,927
Group Insurance      
Separate Account, Liability [Roll Forward]      
Separate account liabilities, BOP 25,126 25,021 23,513
Deposits 157 734 103
Investment performance 2,359 1,013 1,828
Policy charges (340) (317) (337)
Surrenders and withdrawals (119) (370) (52)
Benefit payments (400) (303) (290)
Net transfers (to) from general account 49 6 44
Other 84 (658) 212
Separate account liabilities, EOP 26,916 25,126 25,021
Cash surrender value 26,828 25,028 24,911
Individual Life      
Separate Account, Liability [Roll Forward]      
Separate account liabilities, BOP 46,891 39,223 32,930
Deposits 4,298 3,728 2,972
Investment performance 6,762 7,032 6,742
Policy charges (1,250) (1,168) (1,075)
Surrenders and withdrawals (1,445) (986) (765)
Benefit payments (561) (449) (342)
Net transfers (to) from general account (763) (577) (1,344)
Other 140 88 105
Separate account liabilities, EOP 54,072 46,891 39,223
Cash surrender value 52,552 43,333 35,921
PGIM and Institutional Retirement Strategy      
Separate Account, Liability [Roll Forward]      
Cash Surrender Charges $ 0 $ 0 $ 0
v3.25.4
Deferred Policy Acquisition Costs, Deferred Reinsurance, Deferred Sales Inducements and Value of Business Acquired - Balance of and Changes in DAC (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]      
Balance, BOP $ 20,448 $ 20,856  
Amortization expense [1] 1,635 1,492 $ 1,459
Balance, EOP 21,530 20,448 20,856
Retirement Strategies | Individual Variable      
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]      
Balance, BOP 3,713 3,676 4,171
Capitalization 531 423 261
Amortization expense (465) (386) (366)
Other Adjustments 17 0 (390)
Foreign currency adjustment 0 0 0
Balance, EOP 3,796 3,713 3,676
Individual Life | Term Life Insurance      
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]      
Balance, BOP 2,215 2,237 2,288
Capitalization 195 186 160
Amortization expense (207) (208) (212)
Other Adjustments 0 0 1
Foreign currency adjustment 0 0 0
Balance, EOP 2,203 2,215 2,237
Individual Life | Variable/ Universal Life      
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]      
Balance, BOP 4,878 5,364 5,000
Capitalization 740 734 608
Amortization expense (235) (241) (244)
Other Adjustments 7 (979) 0
Foreign currency adjustment 0 0 0
Balance, EOP 5,390 4,878 5,364
International Businesses | International Businesses      
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]      
Balance, BOP 9,304 9,351 8,941
Capitalization 1,197 1,139 1,196
Amortization expense (697) (670) (641)
Other Adjustments (214) (40) 20
Foreign currency adjustment 88 (476) (165)
Balance, EOP 9,678 9,304 9,351
Total      
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]      
Balance, BOP 20,110 20,628 20,400
Capitalization 2,663 2,482 2,225
Amortization expense (1,604) (1,505) (1,463)
Other Adjustments (190) (1,019) (369)
Foreign currency adjustment 88 (476) (165)
Balance, EOP 21,067 20,110 20,628
Other businesses      
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]      
Balance, BOP 338 228  
Balance, EOP $ 463 $ 338 $ 228
[1] See Note 24 for additional information regarding related party transactions.
v3.25.4
Deferred Policy Acquisition Costs, Deferred Reinsurance, Deferred Sales Inducements and Value of Business Acquired (DRL) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]      
Balance, BOP $ 1,336 $ 310  
Balance, EOP 1,244 1,336 $ 310
Total      
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]      
Balance, BOP 1,249 310 206
Deferred reinsurance Loss   979 224
Amortization (69) (40) (29)
Other adjustments     (91)
Balance, EOP 1,180 1,249 310
Other businesses      
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]      
Balance, BOP 87 0  
Balance, EOP 64 87 0
Individual Variable | Retirement Strategies      
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]      
Balance, BOP 150 178 206
Deferred reinsurance Loss   0 0
Amortization (29) (28) (28)
Other adjustments     0
Balance, EOP 121 150 178
Institutional | Retirement Strategies      
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]      
Balance, BOP 130 132 0
Deferred reinsurance Loss   0 224
Amortization (3) (2) (1)
Other adjustments     (91)
Balance, EOP 127 130 132
Variable/ Universal Life | Individual Life      
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]      
Balance, BOP 969 0 0
Deferred reinsurance Loss   979 0
Amortization (37) (10) 0
Other adjustments     0
Balance, EOP $ 932 $ 969 $ 0
v3.25.4
Deferred Policy Acquisition Costs, Deferred Reinsurance, Deferred Sales Inducements and Value of Business Acquired (DRG) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]      
Balance, BOP $ 739 $ 424  
Balance, EOP 703 739 $ 424
Total      
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]      
Balance, BOP 697 376 117
Deferred reinsurance gain 6 364 280
Amortization (42) (42) (24)
Foreign currency adjustment 2 (1) 3
Balance, EOP 663 697 376
Other businesses      
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]      
Balance, BOP 42 48  
Balance, EOP 40 42 48
Individual Variable | Retirement Strategies      
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]      
Balance, BOP 287 311 55
Deferred reinsurance gain 0 0 277
Amortization (24) (24) (21)
Foreign currency adjustment 0 0 0
Balance, EOP 263 287 311
Institutional | Retirement Strategies      
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]      
Balance, BOP 62 65 62
Deferred reinsurance gain 6 1 3
Amortization (3) (3) (3)
Foreign currency adjustment 2 (1) 3
Balance, EOP 67 62 65
Variable/ Universal Life | Individual Life      
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]      
Balance, BOP 348 0 0
Deferred reinsurance gain 0 363 0
Amortization (15) (15) 0
Foreign currency adjustment 0 0 0
Balance, EOP $ 333 $ 348 $ 0
v3.25.4
Deferred Policy Acquisition Costs, Deferred Reinsurance, Deferred Sales Inducements and Value of Business Acquired - Balance of and Changes in DSI (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Movement in Deferred Sales Inducements [Roll Forward]      
Balance, BOP $ 406 $ 443  
Balance, EOP 375 406 $ 443
Individual Retirement Strategies | Individual Variable      
Movement in Deferred Sales Inducements [Roll Forward]      
Balance, BOP 376 410 446
Capitalization 5 1 2
Amortization expense (34) (35) (38)
Balance, EOP 347 376 410
Other businesses      
Movement in Deferred Sales Inducements [Roll Forward]      
Balance, BOP 30 33  
Balance, EOP $ 28 $ 30 $ 33
v3.25.4
Deferred Policy Acquisition Costs, Deferred Reinsurance, Deferred Sales Inducements and Value of Business Acquired - Balance of and Changes in VOBA (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Movement Analysis of Value of Business Acquired [Roll Forward]      
Balance, BOP $ 435    
Balance, EOP 397 $ 435  
Gibraltar Life and Other      
Movement Analysis of Value of Business Acquired [Roll Forward]      
Balance, BOP 421 511 $ 597
Amortization expense (40) (42) (49)
Foreign currency adjustment 3 (48) (37)
Balance, EOP 384 421 511
Other businesses      
Movement Analysis of Value of Business Acquired [Roll Forward]      
Balance, BOP 14 19  
Balance, EOP 13 14 19
Gibraltar Life and Other And Other Businesses      
Movement Analysis of Value of Business Acquired [Roll Forward]      
Balance, BOP 435 530  
Balance, EOP $ 397 $ 435 $ 530
v3.25.4
Deferred Policy Acquisition Costs, Deferred Reinsurance, Deferred Sales Inducements and Value of Business Acquired - Estimated Future VOBA Amort, Net of Interest (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deferred Charges, Insurers [Abstract]    
Estimated future VOBA amortization - 2026 $ 37  
Estimated future VOBA amortization - 2027 33  
Estimated future VOBA amortization - 2028 30  
Estimated future VOBA amortization - 2029 27  
Estimated future VOBA amortization - 2030 25  
Estimated future VOBA amortization - Thereafter 245  
Value of business acquired $ 397 $ 435
v3.25.4
Investments in Operating Joint Ventures (Investments in Operating Joint Ventures) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]          
Investment in joint ventures and other operating entities $ 1,030 $ 782 $ 1,192    
Dividends received from joint ventures and other operating entities 107 95 66    
After-tax equity in earnings of joint ventures and other operating entities $ 129 $ 144 $ 49    
Prismic HoldCo          
Schedule of Equity Method Investments [Line Items]          
Equity Method Investment, Ownership Percentage       20.00% 20.00%
v3.25.4
Investments in Operating Joint Ventures (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]      
Asset management fee income $ 61 $ 31 $ 10
v3.25.4
Goodwill and Other Intangibles (Changes in the Book Value of Goodwill by Segment) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Roll Forward]      
Goodwill balance, Beginning of the year $ 1,053 $ 1,071 $ 876
Acquisitions     373
Goodwill impairment 0 0 (177)
Divestitures     (23)
Effect of foreign currency translation     22
Effect of foreign currency translation and other 37 (18)  
Goodwill balance, End of the year 1,090 1,053 1,071
PGIM      
Goodwill [Roll Forward]      
Goodwill balance, Beginning of the year 946 952 549
Acquisitions     373
Goodwill impairment     0
Divestitures     0
Effect of foreign currency translation     30
Effect of foreign currency translation and other 47 (6)  
Goodwill balance, End of the year 993 946 952
Total International Businesses      
Goodwill [Roll Forward]      
Goodwill balance, Beginning of the year 96 108 115
Acquisitions     0
Goodwill impairment     0
Divestitures     0
Effect of foreign currency translation     (7)
Effect of foreign currency translation and other 1 (12)  
Goodwill balance, End of the year 97 96 108
Corporate and Other      
Goodwill [Roll Forward]      
Goodwill balance, Beginning of the year 1 1 202
Acquisitions     0
Goodwill impairment     (177)
Divestitures     (23)
Effect of foreign currency translation     (1)
Effect of foreign currency translation and other (1) 0  
Goodwill balance, End of the year 0 1 1
Other      
Goodwill [Roll Forward]      
Goodwill balance, Beginning of the year 10 10 10
Acquisitions     0
Goodwill impairment     0
Divestitures     0
Effect of foreign currency translation     0
Effect of foreign currency translation and other (10) 0  
Goodwill balance, End of the year $ 0 $ 10 $ 10
v3.25.4
Goodwill and Other Intangibles (Goodwill Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
Goodwill impairment $ 0 $ 0 $ 177
v3.25.4
Goodwill and Other Intangibles (Other Intangibles) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Finite and Indefinite-Lived Intangible Assets [Line Items]    
Not subject to amortization $ 39 $ 41
Total 390 406
Mortgage servicing rights    
Finite and Indefinite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 918 897
Accumulated Amortization (650) (630)
Net Carrying Amount 268 267
Customer relationships    
Finite and Indefinite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 271 260
Accumulated Amortization (197) (173)
Net Carrying Amount 74 87
Software and other    
Finite and Indefinite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 35 41
Accumulated Amortization (26) (30)
Net Carrying Amount $ 9 $ 11
v3.25.4
Goodwill and Other Intangibles (Other Intangibles Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finite and Indefinite-Lived Intangible Assets [Line Items]      
Amortization expense for other intangibles $ 73 $ 80 $ 89
Mortgage servicing rights      
Finite and Indefinite-Lived Intangible Assets [Line Items]      
Net Carrying Amount 268 267  
Fair Value | Mortgage servicing rights      
Finite and Indefinite-Lived Intangible Assets [Line Items]      
Net Carrying Amount $ 271 $ 269  
v3.25.4
Goodwill and Other Intangibles (Future Amortization Expense) (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Estimated future amortization expense - 2026 $ 69
Estimated future amortization expense - 2027 62
Estimated future amortization expense - 2028 56
Estimated future amortization expense - 2029 40
Estimated future amortization expense - 2030 $ 32
v3.25.4
Leases (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]      
Leases with options to extend 15 years    
Leases with options to terminate 12 years    
Operating lease costs $ 121 $ 123 $ 121
Short-term lease costs 70 68 74
Net investment income      
Income and Expenses, Lessor [Abstract]      
Lease Income 64 69 79
Other income (loss)      
Income and Expenses, Lessor [Abstract]      
Lease Income $ 12 $ 11 $ 11
Minimum      
Lessee, Lease, Description [Line Items]      
Remaining lease terms 1 year    
Maximum      
Lessee, Lease, Description [Line Items]      
Remaining lease terms 23 years    
v3.25.4
Leases (Lessee Right-of-Use Assets and Lease Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Right-of-use assets $ 366 $ 373
Lease liabilities $ 408 $ 408
Weighted average remaining lease term 8 years 9 years
Weighted average discount rate 2.82% 2.58%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible List] Other Liabilities Other Liabilities
v3.25.4
Leases (Maturities of Operating Lease Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
2026 $ 92  
2027 81  
2028 56  
2029 46  
2030 41  
Thereafter 189  
Total lease payments 505  
Less imputed interest (97)  
Total $ 408 $ 408
v3.25.4
Liability for Future Policy Benefits (Benefit Reserves) (Details) - USD ($)
$ in Millions
 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 [1] $ (103) $ 37 $ (337)  
Balance, EOP, post-flooring 266,914 268,912    
Retirement Strategies | Institutional        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Balance, BOP 72,526 71,407 52,620  
Effect of cumulative changes in discount rate assumptions, BOP 14,545 11,869 14,349  
Balance at original discount rate, BOP 87,071 83,276 66,969  
Effect of assumption update   169 41 $ (1,117)
Effect of actual variances from expected experience and other activity   (49) 568 540
Adjusted balance, BOP   87,191 83,885 66,392
Issuances 13,848 24,498 20,914  
Net premiums / considerations collected (10,223) (22,206) (10,389)  
Interest accrual 3,638 2,896 2,233  
Foreign currency adjustment 7,155 (2,002) 4,126  
Other adjustments 0 0 0  
Balance at original discount rate, EOP 101,609 87,071 83,276  
Effect of cumulative changes in discount rate assumptions, EOP (14,178) (14,545) (11,869)  
Balance, EOP 87,431 72,526 71,407  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, BOP 151,484 141,135 117,754  
Effect of cumulative changes in discount rate assumptions, BOP 20,182 14,751 20,170  
Balance at original discount rate, BOP 171,666 155,886 137,924  
Effect of assumption update   322 (481) (1,289)
Effect of actual variances from expected experience and other activity   71 716 514
Adjusted balance, BOP   172,059 156,121 137,149
Issuances 13,848 24,498 20,914  
Interest accrual 7,238 6,290 5,109  
Benefit payments (15,095) (13,131) (11,477)  
Foreign currency adjustment 7,219 (2,017) 4,209  
Other adjustments 5 (95) (18)  
Balance at original discount rate, EOP 185,274 171,666 155,886  
Effect of cumulative changes in discount rate assumptions, EOP (17,758) (20,182) (14,751)  
Balance, EOP 167,516 151,484 141,135  
Balance, EOP, pre-flooring 80,086 78,958 69,728  
Flooring impact, EOP 183 68 61  
Balance, EOP, post-flooring 80,269 79,026 69,789  
Less: Reinsurance recoverable 5,189 5,057 5,539  
Total balance after reinsurance recoverable, EOP 75,080 73,969 64,250  
Retirement Strategies | Institutional | Gross Basis        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Undiscounted expected future gross premiums 175,170 145,442 134,192  
Discounted expected future gross premiums (at original discount rate) 109,368 94,222 90,606  
Discounted expected future gross premiums (at current discount rate) 93,833 78,237 77,520  
Undiscounted expected future benefits and expenses $ 301,899 $ 274,071 $ 242,617  
Weighted-average duration of the liability in years (at original discount rate) 8 years 8 years 9 years  
Weighted-average duration of the liability in years (at current discount rate) 8 years 8 years 8 years  
Weighted-average interest rate (at original discount rate) 4.81% 4.74% 4.62%  
Weighted-average interest rate (at current discount rate) 5.37% 5.59% 5.03%  
Individual Life | Term Life        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Balance, BOP $ 10,724 $ 11,274 $ 11,282  
Effect of cumulative changes in discount rate assumptions, BOP 578 228 572  
Balance at original discount rate, BOP 11,302 11,502 11,854  
Effect of assumption update   (241) 21 (1)
Effect of actual variances from expected experience and other activity   (179) (228) (223)
Adjusted balance, BOP   10,882 11,295 11,630
Issuances 813 857 750  
Net premiums / considerations collected (1,365) (1,379) (1,413)  
Interest accrual 527 530 538  
Foreign currency adjustment 0 0 0  
Other adjustments 60 (1) (3)  
Balance at original discount rate, EOP 10,917 11,302 11,502  
Effect of cumulative changes in discount rate assumptions, EOP (280) (578) (228)  
Balance, EOP 10,637 10,724 11,274  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, BOP 18,996 19,852 19,288  
Effect of cumulative changes in discount rate assumptions, BOP 1,134 334 1,012  
Balance at original discount rate, BOP 20,130 20,186 20,300  
Effect of assumption update   (392) 21 (1)
Effect of actual variances from expected experience and other activity   (230) (252) (269)
Adjusted balance, BOP   19,508 19,955 20,030
Issuances 813 857 750  
Interest accrual 943 945 944  
Benefit payments (1,526) (1,615) (1,522)  
Foreign currency adjustment 0 0 0  
Other adjustments 30 (12) (16)  
Balance at original discount rate, EOP 19,768 20,130 20,186  
Effect of cumulative changes in discount rate assumptions, EOP (602) (1,134) (334)  
Balance, EOP 19,166 18,996 19,852  
Balance, EOP, pre-flooring 8,529 8,272 8,578  
Flooring impact, EOP 1 0 0  
Balance, EOP, post-flooring 8,530 8,272 8,578  
Less: Reinsurance recoverable 613 654 744  
Total balance after reinsurance recoverable, EOP 7,917 7,618 7,834  
Individual Life | Term Life | Gross Basis        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Undiscounted expected future gross premiums 23,101 22,947 23,083  
Discounted expected future gross premiums (at original discount rate) 15,594 15,662 15,322  
Discounted expected future gross premiums (at current discount rate) 15,249 14,901 15,044  
Undiscounted expected future benefits and expenses $ 30,574 $ 31,068 $ 31,114  
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) 5.11% 5.30% 5.17%  
Weighted-average interest rate (at current discount rate) 5.27% 5.78% 4.99%  
International Businesses        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Balance, BOP $ 45,851 $ 55,431 $ 59,640  
Effect of cumulative changes in discount rate assumptions, BOP 2,599 1,218 2,680  
Balance at original discount rate, BOP 48,450 56,649 62,320  
Effect of assumption update   (1,072) (863) (97)
Effect of actual variances from expected experience and other activity   (803) (2,160) (1,937)
Adjusted balance, BOP   46,575 53,626 60,286
Issuances 2,880 3,354 3,875  
Net premiums / considerations collected (6,656) (6,969) (7,637)  
Interest accrual 1,449 1,527 1,669  
Foreign currency adjustment 451 (3,209) (1,663)  
Other adjustments 91 121 119  
Balance at original discount rate, EOP 44,790 48,450 56,649  
Effect of cumulative changes in discount rate assumptions, EOP (3,431) (2,599) (1,218)  
Balance, EOP 41,359 45,851 55,431  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, BOP 135,485 158,858 158,970  
Effect of cumulative changes in discount rate assumptions, BOP 17,834 7,918 14,985  
Balance at original discount rate, BOP 153,319 166,776 173,955  
Effect of assumption update   (1,013) (513) 189
Effect of actual variances from expected experience and other activity   (928) (2,184) (1,836)
Adjusted balance, BOP   151,378 164,079 172,308
Issuances 2,880 3,354 3,875  
Interest accrual 4,738 4,717 4,902  
Benefit payments (8,430) (9,163) (9,022)  
Foreign currency adjustment 997 (9,953) (5,515)  
Other adjustments 247 285 228  
Balance at original discount rate, EOP 151,810 153,319 166,776  
Effect of cumulative changes in discount rate assumptions, EOP (26,267) (17,834) (7,918)  
Balance, EOP 125,543 135,485 158,858  
Balance, EOP, pre-flooring 84,184 89,634 103,426  
Flooring impact, EOP 77 37 25  
Balance, EOP, post-flooring 84,261 89,671 103,451  
Less: Reinsurance recoverable 307 349 304  
Total balance after reinsurance recoverable, EOP 83,954 89,322 103,147  
International Businesses | Gross Basis        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Undiscounted expected future gross premiums 102,250 107,844 125,636  
Discounted expected future gross premiums (at original discount rate) 79,537 84,715 98,959  
Discounted expected future gross premiums (at current discount rate) 73,788 80,616 97,522  
Undiscounted expected future benefits and expenses $ 250,822 $ 254,008 $ 280,791  
Weighted-average duration of the liability in years (at original discount rate) 17 years 18 years 19 years  
Weighted-average duration of the liability in years (at current discount rate) 14 years 16 years 18 years  
Weighted-average interest rate (at original discount rate) 3.05% 3.02% 2.95%  
Weighted-average interest rate (at current discount rate) 4.46% 3.70% 3.01%  
Total Corporate and Other | Long - Term Care        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Balance, BOP $ 2,854 $ 3,286 $ 2,932  
Effect of cumulative changes in discount rate assumptions, BOP 132 16 103  
Balance at original discount rate, BOP 2,986 3,302 3,035  
Effect of assumption update   8 (276) 266
Effect of actual variances from expected experience and other activity   106 122 161
Adjusted balance, BOP   3,100 3,148 3,462
Issuances 0 0 0  
Net premiums / considerations collected (310) (311) (317)  
Interest accrual 142 149 157  
Foreign currency adjustment 0 0 0  
Other adjustments 0 0 0  
Balance at original discount rate, EOP 2,932 2,986 3,302  
Effect of cumulative changes in discount rate assumptions, EOP (64) (132) (16)  
Balance, EOP 2,868 2,854 3,286  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, BOP 11,178 12,139 10,685  
Effect of cumulative changes in discount rate assumptions, BOP 1,548 603 1,216  
Balance at original discount rate, BOP 12,726 12,742 11,901  
Effect of assumption update   14 (394) 357
Effect of actual variances from expected experience and other activity   105 99 160
Adjusted balance, BOP   12,845 12,447 12,418
Issuances 0 0 0  
Interest accrual 617 606 594  
Benefit payments (367) (327) (270)  
Foreign currency adjustment 0 0 0  
Other adjustments 0 0 0  
Balance at original discount rate, EOP 13,095 12,726 12,742  
Effect of cumulative changes in discount rate assumptions, EOP (1,435) (1,548) (603)  
Balance, EOP 11,660 11,178 12,139  
Balance, EOP, pre-flooring 8,792 8,324 8,852  
Flooring impact, EOP 0 0 0  
Balance, EOP, post-flooring 8,792 8,324 8,852  
Less: Reinsurance recoverable 0 0 0  
Total balance after reinsurance recoverable, EOP 8,792 8,324 8,852  
Total Corporate and Other | Long - Term Care | Gross Basis        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Undiscounted expected future gross premiums 6,397 6,817 6,852  
Discounted expected future gross premiums (at original discount rate) 4,325 4,542 4,509  
Discounted expected future gross premiums (at current discount rate) 4,240 4,350 4,491  
Undiscounted expected future benefits and expenses $ 29,483 $ 29,661 $ 30,761  
Weighted-average duration of the liability in years (at original discount rate) 16 years 17 years 18 years  
Weighted-average duration of the liability in years (at current discount rate) 15 years 16 years 17 years  
Weighted-average interest rate (at original discount rate) 4.91% 4.91% 4.91%  
Weighted-average interest rate (at current discount rate) 5.78% 5.85% 5.25%  
Total        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Balance, BOP $ 131,955 $ 141,398 $ 126,474  
Effect of cumulative changes in discount rate assumptions, BOP 17,854 13,331 17,704  
Balance at original discount rate, BOP 149,809 154,729 144,178  
Effect of assumption update   (1,136) (1,077) (949)
Effect of actual variances from expected experience and other activity   (925) (1,698) (1,459)
Adjusted balance, BOP   147,748 151,954 141,770
Issuances 17,541 28,709 25,539  
Net premiums / considerations collected (18,554) (30,865) (19,756)  
Interest accrual 5,756 5,102 4,597  
Foreign currency adjustment 7,606 (5,211) 2,463  
Other adjustments 151 120 116  
Balance at original discount rate, EOP 160,248 149,809 154,729  
Effect of cumulative changes in discount rate assumptions, EOP (17,953) (17,854) (13,331)  
Balance, EOP 142,295 131,955 141,398  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, BOP 317,143 331,984 306,697  
Effect of cumulative changes in discount rate assumptions, BOP 40,698 23,606 37,383  
Balance at original discount rate, BOP 357,841 355,590 344,080  
Effect of assumption update   (1,069) (1,367) (744)
Effect of actual variances from expected experience and other activity   (982) (1,621) (1,431)
Adjusted balance, BOP   355,790 352,602 $ 341,905
Issuances 17,541 28,709 25,539  
Interest accrual 13,536 12,558 11,549  
Benefit payments (25,418) (24,236) (22,291)  
Foreign currency adjustment 8,216 (11,970) (1,306)  
Other adjustments 282 178 194  
Balance at original discount rate, EOP 369,947 357,841 355,590  
Effect of cumulative changes in discount rate assumptions, EOP (46,062) (40,698) (23,606)  
Balance, EOP 323,885 317,143 331,984  
Balance, EOP, pre-flooring 181,591 185,188 190,584  
Flooring impact, EOP 261 105 86  
Balance, EOP, post-flooring 181,852 185,293 190,670  
Less: Reinsurance recoverable 6,109 6,060 6,587  
Total balance after reinsurance recoverable, EOP 175,743 179,233 184,083  
Other businesses        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Balance, BOP 93 86    
Balance, EOP 111 93 86  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, BOP 1,646 1,716    
Balance, EOP 1,689 1,646 1,716  
Less: Reinsurance recoverable 55 60 69  
Total balance after reinsurance recoverable, EOP 1,522 1,493 1,563  
Total balance        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Balance, BOP 132,048 141,484    
Balance, EOP 142,406 132,048 141,484  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, BOP 318,789 333,700    
Balance, EOP 325,574 318,789 333,700  
Total balance after reinsurance recoverable, EOP 177,265 $ 180,726 $ 185,646  
Nonparticipating Traditional and Limited-Pay Business        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Loss in net income 85      
Gain in net income $ 8      
[1] See Note 24 for additional information regarding related party transactions.
v3.25.4
Liability for Future Policy Benefits (Deferred Profit Liability) (Details) - USD ($)
$ in Millions
 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]        
Balance, BOP $ 268,912      
Other adjustments [1] (103) $ 37 $ (337)  
Balance, EOP 266,914 268,912    
Retirement Strategies | Institutional        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, BOP 79,026 69,789    
Flooring impact, BOP 68 61    
Balance, BOP, pre-flooring 78,958 69,728    
Effect of assumption update   322 (481) $ (1,289)
Effect of actual variances from expected experience and other activity   71 716 514
Adjusted balance, BOP   172,059 156,121 137,149
Interest accrual 7,238 6,290 5,109  
Foreign currency adjustment 7,219 (2,017) 4,209  
Other adjustments 5 (95) (18)  
Balance, EOP, pre-flooring 80,086 78,958 69,728  
Flooring impact, EOP 183 68 61  
Balance, EOP 80,269 79,026 69,789  
Less: Reinsurance recoverable 5,189 5,057 5,539  
Total balance after reinsurance recoverable 75,080 73,969 64,250  
International Businesses        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, BOP 89,671 103,451    
Flooring impact, BOP 37 25    
Balance, BOP, pre-flooring 89,634 103,426    
Effect of assumption update   (1,013) (513) 189
Effect of actual variances from expected experience and other activity   (928) (2,184) (1,836)
Adjusted balance, BOP   151,378 164,079 172,308
Interest accrual 4,738 4,717 4,902  
Foreign currency adjustment 997 (9,953) (5,515)  
Other adjustments 247 285 228  
Balance, EOP, pre-flooring 84,184 89,634 103,426  
Flooring impact, EOP 77 37 25  
Balance, EOP 84,261 89,671 103,451  
Less: Reinsurance recoverable 307 349 304  
Total balance after reinsurance recoverable 83,954 89,322 103,147  
Total        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, BOP 185,293 190,670    
Flooring impact, BOP 105 86    
Balance, BOP, pre-flooring 185,188 190,584    
Effect of assumption update   (1,069) (1,367) (744)
Effect of actual variances from expected experience and other activity   (982) (1,621) (1,431)
Adjusted balance, BOP   355,790 352,602 341,905
Interest accrual 13,536 12,558 11,549  
Foreign currency adjustment 8,216 (11,970) (1,306)  
Other adjustments 282 178 194  
Balance, EOP, pre-flooring 181,591 185,188 190,584  
Flooring impact, EOP 261 105 86  
Balance, EOP 181,852 185,293 190,670  
Less: Reinsurance recoverable 6,109 6,060 6,587  
Total balance after reinsurance recoverable 175,743 179,233 184,083  
Other businesses        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Less: Reinsurance recoverable 55 60 69  
Total balance after reinsurance recoverable 1,522 1,493 1,563  
Total balance        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Total balance after reinsurance recoverable 177,265 180,726 185,646  
Deferred Profit Liability | Retirement Strategies | Institutional        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, BOP 5,670 5,615 5,532  
Flooring impact, BOP 0 0 0  
Balance, BOP, pre-flooring 5,670 5,615 5,532  
Effect of assumption update   (73) 370 35
Effect of actual variances from expected experience and other activity   0 (99) 21
Adjusted balance, BOP   5,597 5,886 5,588
Profits deferred 131 142 342  
Interest accrual 230 236 227  
Amortization (570) (588) (565)  
Foreign currency adjustment 19 (6) 15  
Other adjustments 0 0 8  
Balance, EOP, pre-flooring 5,407 5,670 5,615  
Flooring impact, EOP 0 0 0  
Balance, EOP 5,407 5,670 5,615  
Less: Reinsurance recoverable 391 391 386  
Total balance after reinsurance recoverable 5,016 5,279 5,229  
Deferred Profit Liability | International Businesses        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, BOP 9,354 9,259 8,640  
Flooring impact, BOP 2 2 1  
Balance, BOP, pre-flooring 9,352 9,257 8,639  
Effect of assumption update   (58) (288) (295)
Effect of actual variances from expected experience and other activity   9 (59) (75)
Adjusted balance, BOP   9,303 8,910 8,269
Profits deferred 2,565 2,679 3,005  
Interest accrual 353 320 300  
Amortization (2,128) (2,109) (2,173)  
Foreign currency adjustment 90 (480) (176)  
Other adjustments 40 32 32  
Balance, EOP, pre-flooring 10,223 9,352 9,257  
Flooring impact, EOP 2 2 2  
Balance, EOP 10,225 9,354 9,259  
Less: Reinsurance recoverable 44 40 19  
Total balance after reinsurance recoverable 10,181 9,314 9,240  
Deferred Profit Liability | Total        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, BOP 15,024 14,874 14,172  
Flooring impact, BOP 2 2 1  
Balance, BOP, pre-flooring 15,022 14,872 14,171  
Effect of assumption update   (131) 82 (260)
Effect of actual variances from expected experience and other activity   9 (158) (54)
Adjusted balance, BOP   14,900 14,796 $ 13,857
Profits deferred 2,696 2,821 3,347  
Interest accrual 583 556 527  
Amortization (2,698) (2,697) (2,738)  
Foreign currency adjustment 109 (486) (161)  
Other adjustments 40 32 40  
Balance, EOP, pre-flooring 15,630 15,022 14,872  
Flooring impact, EOP 2 2 2  
Balance, EOP 15,632 15,024 14,874  
Less: Reinsurance recoverable 435 431 405  
Total balance after reinsurance recoverable 15,197 14,593 14,469  
Deferred Profit Liability | Other businesses        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Total balance after reinsurance recoverable 166 161 148  
Deferred Profit Liability | Total balance        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Total balance after reinsurance recoverable $ 15,363 $ 14,754 $ 14,617  
[1] See Note 24 for additional information regarding related party transactions.
v3.25.4
Liability for Future Policy Benefits (Additional Insurance Reserves) (Details) - USD ($)
$ in Millions
 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, BOP, post-flooring $ 16,439 $ 14,439    
Balance, including amounts in AOCI, EOP, post-flooring $ 18,293 $ 16,439 $ 14,439  
Individual Life | Gross Basis        
Additional Liability, Long-Duration Insurance [Line Items]        
Weighted-average duration of the liability in years (at original discount rate) 21 years 21 years 22 years  
Weighted-average interest rate (at original discount rate) 3.36% 3.36% 3.40%  
Total | Individual Life        
Additional Liability, Long-Duration Insurance [Line Items]        
Balance, including amounts in AOCI, BOP, post-flooring $ 16,376 $ 14,308 $ 12,684  
Flooring impact and amounts in AOCI 632 843 1,285  
Balance, excluding amounts in AOCI, BOP, pre-flooring 17,008 15,151 13,969  
Effect of assumption update   (39) 153 $ 23
Effect of actual variances from expected experience and other activity   147 266 32
Adjusted balance, BOP   17,116 15,570 $ 14,024
Assessment collected 1,203 1,251 938  
Interest accrual 592 539 488  
Benefits paid (394) (353) (301)  
Other adjustments 37 1 2  
Balance, excluding amounts in AOCI, EOP, pre-flooring 18,554 17,008 15,151  
Flooring impact and amounts in AOCI (440) (632) (843)  
Balance, including amounts in AOCI, EOP, post-flooring 18,114 16,376 14,308  
Less: Reinsurance recoverable 10,726 9,543 5,852  
Total balance after reinsurance recoverable 7,388 6,833 8,456  
Other businesses        
Additional Liability, Long-Duration Insurance [Line Items]        
Total balance after reinsurance recoverable 179 63 131  
Total balance        
Additional Liability, Long-Duration Insurance [Line Items]        
Total balance after reinsurance recoverable $ 7,567 $ 6,896 $ 8,587  
v3.25.4
Liability for Future Policy Benefits (Future Policy Benefits Reconciliations) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Insurance [Abstract]      
Benefit reserves, EOP, post-flooring $ 183,429 $ 186,846 $ 192,302
Deferred profit liability, EOP, post-flooring 15,798 15,185 15,022
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring 18,293 16,439 14,439
Subtotal of amounts disclosed above 217,520 218,470 221,763
Other Future Policy Benefits reserves 49,394 50,442 51,518
Future policy benefits $ 266,914 $ 268,912 $ 273,281
v3.25.4
Liability for Future Policy Benefits (Revenue and Interest Expense) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Benefit reserves | Retirement Strategies | Institutional      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue $ 10,803 $ 22,814 $ 11,156
Interest Expense 3,600 3,394 2,876
Benefit reserves | Individual Life | Term Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 1,919 1,892 1,848
Interest Expense 416 415 406
Benefit reserves | Individual Life | Variable/ Universal Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 0 0 0
Interest Expense 0 0 0
Benefit reserves | International Businesses      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 10,489 11,061 12,353
Interest Expense 3,289 3,191 3,233
Benefit reserves | Other businesses      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 547 557 540
Interest Expense 525 505 490
Benefit reserves | Total      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 23,758 36,324 25,897
Interest Expense 7,830 7,505 7,005
Deferred Profit Liability | Retirement Strategies | Institutional      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 282 (61) (68)
Interest Expense 230 236 227
Deferred Profit Liability | Individual Life | Term Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 0 0 0
Interest Expense 0 0 0
Deferred Profit Liability | Individual Life | Variable/ Universal Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 0 0 0
Interest Expense 0 0 0
Deferred Profit Liability | International Businesses      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue (781) (576) (794)
Interest Expense 353 320 300
Deferred Profit Liability | Other businesses      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue (4) (12) 34
Interest Expense 4 4 4
Deferred Profit Liability | Total      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue (503) (649) (828)
Interest Expense 587 560 531
Additional insurance reserves | Retirement Strategies | Institutional      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 0 0 0
Interest Expense 0 0 0
Additional insurance reserves | Individual Life | Term Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 0 0 0
Interest Expense 0 0 0
Additional insurance reserves | Individual Life | Variable/ Universal Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 3,219 3,458 2,947
Interest Expense 592 539 488
Additional insurance reserves | International Businesses      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 92 0 0
Interest Expense 2 1 2
Additional insurance reserves | Other businesses      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 44 0 0
Interest Expense 1 0 0
Additional insurance reserves | Total      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 3,355 3,458 2,947
Interest Expense 595 540 490
Revenues | Retirement Strategies | Institutional      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 11,085 22,753 11,088
Revenues | Individual Life | Term Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 1,919 1,892 1,848
Revenues | Individual Life | Variable/ Universal Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 3,219 3,458 2,947
Revenues | International Businesses      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 9,800 10,485 11,559
Revenues | Other businesses      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 587 545 574
Revenues | Total      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 26,610 39,133 28,016
Interest Expense | Retirement Strategies | Institutional      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest Expense 3,830 3,630 3,103
Interest Expense | Individual Life | Term Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest Expense 416 415 406
Interest Expense | Individual Life | Variable/ Universal Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest Expense 592 539 488
Interest Expense | International Businesses      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest Expense 3,644 3,512 3,535
Interest Expense | Other businesses      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest Expense 530 509 494
Interest Expense | Total      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest Expense $ 9,012 $ 8,605 $ 8,026
v3.25.4
Policyholders' Account Balances (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period $ 166,254 $ 147,018  
Policyholder Account Balance, Interest Expense 5,068 4,582 $ 3,983
Total Policyholders' account balance 191,307 166,254 147,018
Closed Block Division 4,273 4,359 4,500
Policyholder Account Balance, Unearned Revenue Reserve, Unearned Expense Credit, And Additional Interest Reserve 6,782 6,009 5,326
Other $ 1,585 $ 3,853 $ 4,463
Weighted-average crediting rate 2.97% 2.99% 2.78%
Net amount at risk $ 521,117 $ 500,684 $ 480,986
Cash surrender value 163,407 138,670 117,561
International Businesses      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period 54,270 51,399 46,493
Deposits 9,159 8,862 9,028
Policyholder Account Balance, Interest Expense 2,169 1,810 1,445
Acquisitions and dispositions 0 (336) 0
Policy charges (618) (570) (529)
Surrenders and withdrawals (1,902) (2,373) (1,705)
Benefit payments (2,295) (2,348) (2,185)
Net transfers (to) from separate account 0 0 0
Change in market value and other adjustments (12) (30) 22
Foreign currency adjustment 175 (2,144) (1,170)
Balance, end of period $ 60,946 54,270 51,399
Total Policyholders' account balance   $ 54,270 $ 51,399
Weighted-average crediting rate 3.76% 3.43% 2.95%
Net amount at risk $ 29,906 $ 26,435 $ 25,729
Cash surrender value 55,511 49,028 45,101
Total      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period 152,033 132,729 118,377
Deposits 36,269 33,370 25,641
Policyholder Account Balance, Interest Expense 4,916 4,252 3,494
Acquisitions and dispositions 0 (336) 0
Policy charges (3,142) (2,992) (2,955)
Surrenders and withdrawals (13,155) (13,012) (11,485)
Benefit payments (3,272) (3,256) (3,150)
Net transfers (to) from separate account 752 729 1,379
Change in market value and other adjustments 4,091 2,693 2,598
Foreign currency adjustment 175 (2,144) (1,170)
Balance, end of period 178,667 152,033 132,729
Total Policyholders' account balance   152,033 132,729
Institutional      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period 9,262 9,684  
Total Policyholders' account balance 12,162 9,262 9,684
Institutional | Retirement Strategies      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period 19,088 17,738 17,376
Deposits 9,706 7,106 5,657
Policyholder Account Balance, Interest Expense 884 757 677
Acquisitions and dispositions 0 0 0
Policy charges (10) (11) (23)
Surrenders and withdrawals (5,639) (5,895) (5,290)
Benefit payments (664) (607) (659)
Net transfers (to) from separate account 0 0 0
Change in market value and other adjustments 1 0 0
Foreign currency adjustment 0 0 0
Balance, end of period $ 23,366 19,088 17,738
Total Policyholders' account balance   $ 19,088 $ 17,738
Weighted-average crediting rate 4.16% 4.11% 3.85%
Net amount at risk $ 0 $ 0 $ 0
Cash surrender value 23,366 19,058 17,738
Individual Variable      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period 3,531 4,051  
Total Policyholders' account balance 3,002 3,531 4,051
Individual Variable | Retirement Strategies      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period 34,085 23,765 17,524
Deposits 7,232 8,318 4,638
Policyholder Account Balance, Interest Expense 729 511 305
Acquisitions and dispositions 0 0 0
Policy charges (75) (33) (24)
Surrenders and withdrawals (1,238) (919) (704)
Benefit payments (57) (85) (76)
Net transfers (to) from separate account 15 122 34
Change in market value and other adjustments 3,301 2,406 2,068
Foreign currency adjustment 0 0 0
Balance, end of period $ 43,992 34,085 23,765
Total Policyholders' account balance   $ 34,085 $ 23,765
Weighted-average crediting rate 1.87% 1.77% 1.48%
Net amount at risk $ 0 $ 0 $ 0
Cash surrender value 42,831 32,501 21,640
Individual Fixed      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period 5,690 3,121  
Total Policyholders' account balance 8,240 5,690 3,121
Individual Fixed | Retirement Strategies      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period 12,020 7,095 4,643
Deposits 5,922 5,266 2,659
Policyholder Account Balance, Interest Expense 392 252 129
Acquisitions and dispositions 0 0 0
Policy charges (54) (5) (9)
Surrenders and withdrawals (1,079) (719) (414)
Benefit payments (135) (79) (76)
Net transfers (to) from separate account 0 0 0
Change in market value and other adjustments 266 210 163
Foreign currency adjustment 0 0 0
Balance, end of period $ 17,332 12,020 7,095
Total Policyholders' account balance   $ 12,020 $ 7,095
Weighted-average crediting rate 2.67% 2.64% 2.21%
Net amount at risk $ 0 $ 0 $ 0
Cash surrender value 15,442 10,305 5,827
Life/Disability | Group Insurance      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period 4,974 5,293 5,839
Deposits 1,363 1,313 1,212
Policyholder Account Balance, Interest Expense 137 148 165
Acquisitions and dispositions 0 0 0
Policy charges (325) (322) (323)
Surrenders and withdrawals (1,337) (1,452) (1,552)
Benefit payments 0 0 0
Net transfers (to) from separate account (49) (6) (48)
Change in market value and other adjustments 0 0 0
Foreign currency adjustment 0 0 0
Balance, end of period $ 4,763 4,974 5,293
Total Policyholders' account balance   $ 4,974 $ 5,293
Weighted-average crediting rate 2.82% 2.88% 2.96%
Net amount at risk $ 72,850 $ 73,259 $ 72,858
Cash surrender value 3,871 3,892 4,021
Variable/ Universal Life      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period 23,801 24,064  
Total Policyholders' account balance 23,531 23,801 24,064
Variable/ Universal Life | Individual Life      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period 27,596 27,439 26,502
Deposits 2,887 2,505 2,447
Policyholder Account Balance, Interest Expense 605 774 773
Acquisitions and dispositions 0 0 0
Policy charges (2,060) (2,051) (2,047)
Surrenders and withdrawals (1,960) (1,654) (1,820)
Benefit payments (121) (137) (154)
Net transfers (to) from separate account 786 613 1,393
Change in market value and other adjustments 535 107 345
Foreign currency adjustment 0 0 0
Balance, end of period $ 28,268 27,596 27,439
Total Policyholders' account balance   $ 27,596 $ 27,439
Weighted-average crediting rate 2.16% 2.81% 2.87%
Net amount at risk $ 418,361 $ 400,990 $ 382,399
Cash surrender value 22,386 23,886 23,234
Full Service | Corporate and Other      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Policyholder Account Balance, Reinsurance Recoverable, after Allowance $ 2,738 $ 5,099 $ 5,479
v3.25.4
Policyholders' Account Balances (Guaranteed Minimum Crediting Rate) (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Rate
Dec. 31, 2023
USD ($)
Rate
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 191,307 $ 166,254 $ 147,018
1 - 50 bps above guaranteed minimum | Minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate 1 1 1
1 - 50 bps above guaranteed minimum | Maximum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate 50 50 50
51 - 150 bps above guaranteed minimum | Minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate 51 51 51
51 - 150 bps above guaranteed minimum | Maximum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate 150 150 150
Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate 150 150 150
Institutional      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 12,162 $ 9,262 $ 9,684
Institutional | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 12,162 9,262 9,684
Institutional | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Institutional | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Institutional | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Individual Variable      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 3,002 3,531 4,051
Individual Variable | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 2,091 2,065 3,192
Individual Variable | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 565 805 826
Individual Variable | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 346 661 33
Individual Variable | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Individual Fixed      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 8,240 5,690 3,121
Individual Fixed | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 4,115 3,157 1,492
Individual Fixed | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 1,528 635 602
Individual Fixed | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 790 788 813
Individual Fixed | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 1,807 1,110 214
Group Insurance      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 2,317 2,548 2,842
Group Insurance | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 1,464 1,509 1,645
Group Insurance | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 7 15 0
Group Insurance | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 69 41 0
Group Insurance | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 777 983 1,197
Variable/ Universal Life      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 23,531 23,801 24,064
Variable/ Universal Life | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 11,091 11,812 10,144
Variable/ Universal Life | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 3,556 3,395 5,537
Variable/ Universal Life | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 6,143 6,309 6,843
Variable/ Universal Life | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 2,741 2,285 1,540
International Businesses      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 55,479 49,784 46,645
International Businesses | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 55,124 46,304 44,080
International Businesses | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 331 387 444
International Businesses | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 24 109 125
International Businesses | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 2,984 1,996
Less than 1.00% | Institutional      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 208 $ 401 $ 589
Policyholder Account Balance, Guaranteed Minimum Credit Rating 1.00% 1.00% 1.00%
Less than 1.00% | Institutional | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 208 $ 401 $ 589
Less than 1.00% | Institutional | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Less than 1.00% | Institutional | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Less than 1.00% | Institutional | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Less than 1.00% | Individual Variable      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 874 $ 1,279 $ 1,733
Policyholder Account Balance, Guaranteed Minimum Credit Rating 1.00% 1.00% 1.00%
Less than 1.00% | Individual Variable | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 422 $ 129 $ 908
Less than 1.00% | Individual Variable | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 120 503 807
Less than 1.00% | Individual Variable | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 332 647 18
Less than 1.00% | Individual Variable | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Less than 1.00% | Individual Fixed      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 1,781 $ 1,037 $ 118
Policyholder Account Balance, Guaranteed Minimum Credit Rating 1.00% 1.00% 1.00%
Less than 1.00% | Individual Fixed | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 3 $ 0 $ 0
Less than 1.00% | Individual Fixed | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 7 3 0
Less than 1.00% | Individual Fixed | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 28 12 1
Less than 1.00% | Individual Fixed | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 1,743 1,022 117
Less than 1.00% | Group Insurance      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 771 $ 959 $ 1,147
Policyholder Account Balance, Guaranteed Minimum Credit Rating 1.00% 1.00% 1.00%
Less than 1.00% | Group Insurance | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 0 $ 0 $ 0
Less than 1.00% | Group Insurance | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Less than 1.00% | Group Insurance | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Less than 1.00% | Group Insurance | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 771 959 1,147
Less than 1.00% | Variable/ Universal Life      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 373 $ 324 $ 368
Policyholder Account Balance, Guaranteed Minimum Credit Rating 1.00% 1.00% 1.00%
Less than 1.00% | Variable/ Universal Life | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 0 $ 7 $ 0
Less than 1.00% | Variable/ Universal Life | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Less than 1.00% | Variable/ Universal Life | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Less than 1.00% | Variable/ Universal Life | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 373 317 368
Less than 1.00% | International Businesses      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 3,675 $ 18,661 $ 18,434
Policyholder Account Balance, Guaranteed Minimum Credit Rating 1.00% 1.00% 1.00%
Less than 1.00% | International Businesses | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 3,652 $ 15,556 $ 16,306
Less than 1.00% | International Businesses | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 23 41 43
Less than 1.00% | International Businesses | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 80 89
Less than 1.00% | International Businesses | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 2,984 1,996
1.00% - 1.99% | Institutional      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 1,552 $ 1,552 $ 1,552
1.00% - 1.99% | Institutional | Minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 1.00% 1.00% 1.00%
1.00% - 1.99% | Institutional | Maximum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 1.99% 1.99% 1.99%
1.00% - 1.99% | Institutional | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 1,552 $ 1,552 $ 1,552
1.00% - 1.99% | Institutional | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
1.00% - 1.99% | Institutional | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
1.00% - 1.99% | Institutional | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
1.00% - 1.99% | Individual Variable      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 515 $ 421 $ 221
1.00% - 1.99% | Individual Variable | Minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 1.00% 1.00% 1.00%
1.00% - 1.99% | Individual Variable | Maximum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 1.99% 1.99% 1.99%
1.00% - 1.99% | Individual Variable | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 82 $ 124 $ 218
1.00% - 1.99% | Individual Variable | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 432 295 2
1.00% - 1.99% | Individual Variable | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 1 2 1
1.00% - 1.99% | Individual Variable | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
1.00% - 1.99% | Individual Fixed      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 695 $ 821 $ 978
1.00% - 1.99% | Individual Fixed | Minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 1.00% 1.00% 1.00%
1.00% - 1.99% | Individual Fixed | Maximum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 1.99% 1.99% 1.99%
1.00% - 1.99% | Individual Fixed | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 395 $ 461 $ 526
1.00% - 1.99% | Individual Fixed | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 46 83 122
1.00% - 1.99% | Individual Fixed | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 208 208 250
1.00% - 1.99% | Individual Fixed | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 46 69 80
1.00% - 1.99% | Group Insurance      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 5 $ 5 $ 0
1.00% - 1.99% | Group Insurance | Minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 1.00% 1.00% 1.00%
1.00% - 1.99% | Group Insurance | Maximum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 1.99% 1.99% 1.99%
1.00% - 1.99% | Group Insurance | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 3 $ 0 $ 0
1.00% - 1.99% | Group Insurance | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
1.00% - 1.99% | Group Insurance | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 3 0
1.00% - 1.99% | Group Insurance | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 2 2 0
1.00% - 1.99% | Variable/ Universal Life      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 4,197 $ 4,041 $ 3,602
1.00% - 1.99% | Variable/ Universal Life | Minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 1.00% 1.00% 1.00%
1.00% - 1.99% | Variable/ Universal Life | Maximum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 1.99% 1.99% 1.99%
1.00% - 1.99% | Variable/ Universal Life | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 387 $ 290 $ 201
1.00% - 1.99% | Variable/ Universal Life | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
1.00% - 1.99% | Variable/ Universal Life | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 2,063 2,238 2,588
1.00% - 1.99% | Variable/ Universal Life | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 1,747 1,513 813
1.00% - 1.99% | International Businesses      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 14,838 $ 10,510 $ 12,076
1.00% - 1.99% | International Businesses | Minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 1.00% 1.00% 1.00%
1.00% - 1.99% | International Businesses | Maximum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 1.99% 1.99% 1.99%
1.00% - 1.99% | International Businesses | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 14,806 $ 10,431 $ 11,985
1.00% - 1.99% | International Businesses | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 32 79 91
1.00% - 1.99% | International Businesses | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
1.00% - 1.99% | International Businesses | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
2.00% - 2.99% | Institutional      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 71 $ 79 $ 596
2.00% - 2.99% | Institutional | Minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 2.00% 2.00% 2.00%
2.00% - 2.99% | Institutional | Maximum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 2.99% 2.99% 2.99%
2.00% - 2.99% | Institutional | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 71 $ 79 $ 596
2.00% - 2.99% | Institutional | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
2.00% - 2.99% | Institutional | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
2.00% - 2.99% | Institutional | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
2.00% - 2.99% | Individual Variable      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 30 $ 29 $ 37
2.00% - 2.99% | Individual Variable | Minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 2.00% 2.00% 2.00%
2.00% - 2.99% | Individual Variable | Maximum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 2.99% 2.99% 2.99%
2.00% - 2.99% | Individual Variable | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 19 $ 21 $ 29
2.00% - 2.99% | Individual Variable | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 7 4 4
2.00% - 2.99% | Individual Variable | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 4 4 4
2.00% - 2.99% | Individual Variable | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
2.00% - 2.99% | Individual Fixed      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 2,593 $ 1,576 $ 1,598
2.00% - 2.99% | Individual Fixed | Minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 2.00% 2.00% 2.00%
2.00% - 2.99% | Individual Fixed | Maximum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 2.99% 2.99% 2.99%
2.00% - 2.99% | Individual Fixed | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 572 $ 538 $ 550
2.00% - 2.99% | Individual Fixed | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 1,463 465 469
2.00% - 2.99% | Individual Fixed | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 543 557 562
2.00% - 2.99% | Individual Fixed | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 15 16 17
2.00% - 2.99% | Group Insurance      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 40 $ 39 $ 29
2.00% - 2.99% | Group Insurance | Minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 2.00% 2.00% 2.00%
2.00% - 2.99% | Group Insurance | Maximum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 2.99% 2.99% 2.99%
2.00% - 2.99% | Group Insurance | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 40 $ 24 $ 29
2.00% - 2.99% | Group Insurance | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 15 0
2.00% - 2.99% | Group Insurance | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
2.00% - 2.99% | Group Insurance | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
2.00% - 2.99% | Variable/ Universal Life      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 5,169 $ 4,870 $ 4,759
2.00% - 2.99% | Variable/ Universal Life | Minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 2.00% 2.00% 2.00%
2.00% - 2.99% | Variable/ Universal Life | Maximum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 2.99% 2.99% 2.99%
2.00% - 2.99% | Variable/ Universal Life | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 267 $ 33 $ 30
2.00% - 2.99% | Variable/ Universal Life | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 1,604 1,668 1,445
2.00% - 2.99% | Variable/ Universal Life | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 2,731 2,750 2,944
2.00% - 2.99% | Variable/ Universal Life | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 567 419 340
2.00% - 2.99% | International Businesses      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 8,025 $ 4,842 $ 5,584
2.00% - 2.99% | International Businesses | Minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 2.00% 2.00% 2.00%
2.00% - 2.99% | International Businesses | Maximum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 2.99% 2.99% 2.99%
2.00% - 2.99% | International Businesses | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 7,725 $ 4,546 $ 5,238
2.00% - 2.99% | International Businesses | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 276 267 310
2.00% - 2.99% | International Businesses | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 24 29 36
2.00% - 2.99% | International Businesses | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
3.00% - 4.00% | Institutional      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 4,015 $ 3,889 $ 5,041
3.00% - 4.00% | Institutional | Minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 3.00% 3.00% 3.00%
3.00% - 4.00% | Institutional | Maximum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 4.00% 4.00% 4.00%
3.00% - 4.00% | Institutional | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 4,015 $ 3,889 $ 5,041
3.00% - 4.00% | Institutional | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
3.00% - 4.00% | Institutional | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
3.00% - 4.00% | Institutional | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
3.00% - 4.00% | Individual Variable      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 1,510 $ 1,719 $ 1,965
3.00% - 4.00% | Individual Variable | Minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 3.00% 3.00% 3.00%
3.00% - 4.00% | Individual Variable | Maximum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 4.00% 4.00% 4.00%
3.00% - 4.00% | Individual Variable | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 1,495 $ 1,708 $ 1,942
3.00% - 4.00% | Individual Variable | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 6 3 13
3.00% - 4.00% | Individual Variable | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 9 8 10
3.00% - 4.00% | Individual Variable | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
3.00% - 4.00% | Individual Fixed      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 3,098 $ 2,172 $ 332
3.00% - 4.00% | Individual Fixed | Minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 3.00% 3.00% 3.00%
3.00% - 4.00% | Individual Fixed | Maximum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 4.00% 4.00% 4.00%
3.00% - 4.00% | Individual Fixed | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 3,072 $ 2,074 $ 321
3.00% - 4.00% | Individual Fixed | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 12 84 11
3.00% - 4.00% | Individual Fixed | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 11 11 0
3.00% - 4.00% | Individual Fixed | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 3 3 0
3.00% - 4.00% | Group Insurance      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 1,498 $ 1,542 $ 1,593
3.00% - 4.00% | Group Insurance | Minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 3.00% 3.00% 3.00%
3.00% - 4.00% | Group Insurance | Maximum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 4.00% 4.00% 4.00%
3.00% - 4.00% | Group Insurance | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 1,418 $ 1,482 $ 1,543
3.00% - 4.00% | Group Insurance | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 7 0 0
3.00% - 4.00% | Group Insurance | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 69 38 0
3.00% - 4.00% | Group Insurance | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 4 22 50
3.00% - 4.00% | Variable/ Universal Life      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 8,521 $ 9,182 $ 9,844
3.00% - 4.00% | Variable/ Universal Life | Minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 3.00% 3.00% 3.00%
3.00% - 4.00% | Variable/ Universal Life | Maximum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 4.00% 4.00% 4.00%
3.00% - 4.00% | Variable/ Universal Life | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 5,166 $ 6,098 $ 4,422
3.00% - 4.00% | Variable/ Universal Life | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 1,952 1,727 4,092
3.00% - 4.00% | Variable/ Universal Life | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 1,349 1,321 1,311
3.00% - 4.00% | Variable/ Universal Life | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 54 36 19
3.00% - 4.00% | International Businesses      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 10,265 $ 6,699 $ 4,732
3.00% - 4.00% | International Businesses | Minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 3.00% 3.00% 3.00%
3.00% - 4.00% | International Businesses | Maximum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance, Guaranteed Minimum Credit Rating 4.00% 4.00% 4.00%
3.00% - 4.00% | International Businesses | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 10,265 $ 6,699 $ 4,732
3.00% - 4.00% | International Businesses | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
3.00% - 4.00% | International Businesses | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
3.00% - 4.00% | International Businesses | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Greater than 4.00% | Institutional      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 6,316 $ 3,341 $ 1,906
Policyholder Account Balance, Guaranteed Minimum Credit Rating 4.00% 4.00% 4.00%
Greater than 4.00% | Institutional | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 6,316 $ 3,341 $ 1,906
Greater than 4.00% | Institutional | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Greater than 4.00% | Institutional | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Greater than 4.00% | Institutional | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Greater than 4.00% | Individual Variable      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 73 $ 83 $ 95
Policyholder Account Balance, Guaranteed Minimum Credit Rating 4.00% 4.00% 4.00%
Greater than 4.00% | Individual Variable | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 73 $ 83 $ 95
Greater than 4.00% | Individual Variable | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Greater than 4.00% | Individual Variable | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Greater than 4.00% | Individual Variable | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Greater than 4.00% | Individual Fixed      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 73 $ 84 $ 95
Policyholder Account Balance, Guaranteed Minimum Credit Rating 4.00% 4.00% 4.00%
Greater than 4.00% | Individual Fixed | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 73 $ 84 $ 95
Greater than 4.00% | Individual Fixed | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Greater than 4.00% | Individual Fixed | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Greater than 4.00% | Individual Fixed | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Greater than 4.00% | Group Insurance      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 3 $ 3 $ 73
Policyholder Account Balance, Guaranteed Minimum Credit Rating 4.00% 4.00% 4.00%
Greater than 4.00% | Group Insurance | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 3 $ 3 $ 73
Greater than 4.00% | Group Insurance | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Greater than 4.00% | Group Insurance | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Greater than 4.00% | Group Insurance | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Greater than 4.00% | Variable/ Universal Life      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 5,271 $ 5,384 $ 5,491
Policyholder Account Balance, Guaranteed Minimum Credit Rating 4.00% 4.00% 4.00%
Greater than 4.00% | Variable/ Universal Life | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 5,271 $ 5,384 $ 5,491
Greater than 4.00% | Variable/ Universal Life | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Greater than 4.00% | Variable/ Universal Life | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Greater than 4.00% | Variable/ Universal Life | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Greater than 4.00% | International Businesses      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 18,676 $ 9,072 $ 5,819
Policyholder Account Balance, Guaranteed Minimum Credit Rating 4.00% 4.00% 4.00%
Greater than 4.00% | International Businesses | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 18,676 $ 9,072 $ 5,819
Greater than 4.00% | International Businesses | 1 - 50 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Greater than 4.00% | International Businesses | 51 - 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance 0 0 0
Greater than 4.00% | International Businesses | Greater Than 150 bps above guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 0 $ 0 $ 0
v3.25.4
Policyholders' Liabilities (Additional Insurance Reserves) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Individual Life | Variable/ Universal Life      
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]      
Balance, beginning of period $ 5,245 $ 4,613 $ 3,983
Unearned revenue 866 872 841
Amortization expense (255) (240) (211)
Other adjustments 0 0 0
Foreign currency adjustment 0 0 0
Balance, end of period 5,856 5,245 4,613
International Businesses      
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]      
Balance, beginning of period 505 454 312
Unearned revenue 195 161 169
Amortization expense (30) (22) (15)
Other adjustments 0 (58) 3
Foreign currency adjustment (4) (30) (15)
Balance, end of period 666 505 454
Total      
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]      
Balance, beginning of period 5,750 5,067 4,295
Unearned revenue 1,061 1,033 1,010
Amortization expense (285) (262) (226)
Other adjustments 0 (58) 3
Foreign currency adjustment (4) (30) (15)
Balance, end of period 6,522 5,750 5,067
Other Businesses      
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]      
Balance, beginning of period 59 49  
Balance, end of period 69 59 49
Total balance      
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]      
Balance, beginning of period 5,809 5,116  
Balance, end of period $ 6,591 $ 5,809 $ 5,116
v3.25.4
Policyholders' Account Balances - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 191,307 $ 166,254 $ 147,018
FABN | Medium-Term Note      
Policyholder Account Balance [Line Items]      
Capacity 15,000    
Debt Instrument, Face Amount $ 5,694 3,486 3,474
FABN | Medium-Term Note | Minimum      
Policyholder Account Balance [Line Items]      
Interest Rate 0.00%    
Maturities 2 months    
FABN | Medium-Term Note | Maximum      
Policyholder Account Balance [Line Items]      
Interest Rate 5.60%    
Maturities 10 years    
FABN | Commercial paper      
Policyholder Account Balance [Line Items]      
Capacity $ 6,000    
Debt Instrument, Face Amount $ 2,500 2,086 2,156
FABN | Commercial paper | Minimum      
Policyholder Account Balance [Line Items]      
Interest Rate 0.00%    
Maturities 2 months    
FABN | Commercial paper | Maximum      
Policyholder Account Balance [Line Items]      
Interest Rate 5.60%    
Maturities 10 years    
FABN | Retail Note Liability      
Policyholder Account Balance [Line Items]      
Debt Instrument, Face Amount $ 508 136 0
FHLBNY | Secured debt      
Policyholder Account Balance [Line Items]      
Debt Instrument, Face Amount $ 2,628 2,628 2,628
FHLBNY | Secured debt | Minimum      
Policyholder Account Balance [Line Items]      
Interest Rate 1.925%    
FHLBNY | Secured debt | Maximum      
Policyholder Account Balance [Line Items]      
Interest Rate 4.51%    
Maturities 7 years    
Institutional Retirement Strategies, C&O and Life Planner | FABN      
Policyholder Account Balance [Line Items]      
Policyholder Account Balance $ 8,674 $ 5,547 $ 5,597
v3.25.4
Market Risk Benefits (Rollforward of Balances for Individual Retirement Products) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Market Risk Benefit [Line Items]      
Market risk benefit, beginning balance $ 2,124 $ 3,486  
Balance, EOP 2,293 2,124 $ 3,486
Individual Retirement Strategies | Variable Annuity      
Market Risk Benefit [Line Items]      
Market risk benefit, beginning balance 2,740 4,038 4,987
Effect of cumulative changes in NPR 672 1,137 1,828
Balance, BOP, before effect of changes in NPR 3,412 5,175 6,815
Attributed fees collected 1,033 1,122 1,186
Claims paid (76) (79) (114)
Interest accrual 182 246 317
Actual in force different from expected 64 47 80
Effect of changes in interest rates (268) (1,493) (1,480)
Effect of changes in equity markets (1,183) (1,745) (1,952)
Effect of assumption update and other refinements 112 88 276
Issuances 59 72 23
Other Adjustments 38 (21) 24
Balance, EOP, before effect of changes in NPR 3,373 3,412 5,175
Effect of cumulative changes in NPR (487) (672) (1,137)
Less: Reinsured MRBs 804 654 616
Balance, EOP, net of reinsurance 2,082 2,086 3,422
Balance, EOP 2,886 2,740 4,038
Net amount at risk $ 8,075 $ 9,285 $ 9,753
Weighted-average attained age of contractholders (in years) 72 years 71 years 70 years
Individual Retirement Strategies | Individual Fixed      
Market Risk Benefit [Line Items]      
Market risk benefit, beginning balance $ 0 $ 0 $ 0
Effect of cumulative changes in NPR 0 0 0
Balance, BOP, before effect of changes in NPR 0 0 0
Attributed fees collected 20 0 0
Claims paid 0 0 0
Interest accrual 5 0 0
Actual in force different from expected (2) 0 0
Effect of changes in interest rates (35) 0 0
Effect of changes in equity markets (13) 0 0
Effect of assumption update and other refinements 151 0 0
Issuances 37 0 0
Other Adjustments 3 0 0
Balance, EOP, before effect of changes in NPR 166 0 0
Effect of cumulative changes in NPR 10 0 0
Less: Reinsured MRBs 0 0 0
Balance, EOP, net of reinsurance 176 0 0
Balance, EOP 176 0 0
Net amount at risk $ 513    
Weighted-average attained age of contractholders (in years) 68 years    
Total      
Market Risk Benefit [Line Items]      
Balance, EOP, net of reinsurance $ 2,293 2,124 3,486
Total | Total      
Market Risk Benefit [Line Items]      
Market risk benefit, beginning balance 2,740 4,038 4,987
Effect of cumulative changes in NPR 672 1,137 1,828
Balance, BOP, before effect of changes in NPR 3,412 5,175 6,815
Attributed fees collected 1,053 1,122 1,186
Claims paid (76) (79) (114)
Interest accrual 187 246 317
Actual in force different from expected 62 47 80
Effect of changes in interest rates (303) (1,493) (1,480)
Effect of changes in equity markets (1,196) (1,745) (1,952)
Effect of assumption update and other refinements 263 88 276
Issuances 96 72 23
Other Adjustments 41 (21) 24
Balance, EOP, before effect of changes in NPR 3,539 3,412 5,175
Effect of cumulative changes in NPR (477) (672) (1,137)
Less: Reinsured MRBs 804 654 616
Balance, EOP, net of reinsurance 2,258 2,086 3,422
Balance, EOP 3,062 2,740 4,038
Other businesses      
Market Risk Benefit [Line Items]      
Balance, EOP, net of reinsurance $ 35 $ 38 $ 64
v3.25.4
Market Risk Benefits - Market Risk Benefits In Asset and Liability Positions (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Liability for Future Policy Benefit, Activity [Line Items]      
Total MRB assets $ 2,330 $ 2,331  
Total MRB liabilities 4,623 4,455  
Total      
Liability for Future Policy Benefit, Activity [Line Items]      
Direct and assumed 1,402 1,525 $ 1,232
Ceded 928 806 749
Total MRB assets 2,330 2,331 1,981
Direct and assumed 4,499 4,305 5,337
Ceded 124 150 130
Total MRB liabilities 4,623 4,455 5,467
Individual Retirement Strategies | Variable Annuity      
Liability for Future Policy Benefit, Activity [Line Items]      
Direct and assumed 1,399 1,516 1,221
Ceded 928 804 746
Total MRB assets 2,327 2,320 1,967
Direct and assumed 4,285 4,256 5,259
Ceded 124 150 130
Total MRB liabilities 4,409 4,406 5,389
Balance, EOP, net of reinsurance 2,082 2,086 3,422
Individual Retirement Strategies | Individual Fixed      
Liability for Future Policy Benefit, Activity [Line Items]      
Direct and assumed 3 0 0
Ceded 0 0 0
Total MRB assets 3 0 0
Direct and assumed 179 0 0
Ceded 0 0 0
Total MRB liabilities 179 0 0
Balance, EOP, net of reinsurance 176 0 0
Total      
Liability for Future Policy Benefit, Activity [Line Items]      
Balance, EOP, net of reinsurance 2,293 2,124 3,486
Total | Total      
Liability for Future Policy Benefit, Activity [Line Items]      
Balance, EOP, net of reinsurance 2,258 2,086 3,422
Other businesses      
Liability for Future Policy Benefit, Activity [Line Items]      
Direct and assumed 0 9 11
Ceded 0 2 3
Total MRB assets 0 11 14
Direct and assumed 35 49 78
Ceded 0 0 0
Total MRB liabilities 35 49 78
Balance, EOP, net of reinsurance $ 35 $ 38 $ 64
v3.25.4
Reinsurance (Narrative) (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 01, 2025
USD ($)
Oct. 01, 2024
USD ($)
Jan. 01, 2024
USD ($)
Sep. 01, 2023
USD ($)
Apr. 01, 2023
USD ($)
Apr. 01, 2022
Jan. 02, 2013
USD ($)
subsidiary
policy
Mar. 31, 2013
USD ($)
Mar. 31, 2000
USD ($)
Dec. 31, 2025
USD ($)
defendant
Dec. 31, 2020
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2021
counterparty
May 31, 2018
counterparty
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                              
Reinsurance retention policy, reinsured risk percentage                   61.00%          
Deferred reinsurance gain                   $ 703   $ 739 $ 424    
Number of Reinsurance companies | defendant                   4          
Geographic Distribution, Domestic                              
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                              
Reinsurance, retention policy, amount retained per life               $ 20 $ 30   $ 10        
Hartford Life Business                              
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                              
Reinsurance retention policy, amount retained per event             $ 141,000                
Business acquisition through reinsurance transactions, number of subsidiaries of acquiree | subsidiary             3                
Business acquisition number of life insurance policies acquired reinsurance | policy             700,000                
Number Of Counterparties | counterparty                             2
Wilton Re                              
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                              
Deferred reinsurance loss   $ (980)                          
Wilton Re | Universal Life                              
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                              
Reinsurance retention policy, reinsured risk percentage   40.00%                          
Somerset Re                              
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                              
Deferred reinsurance gain     $ 363                        
Somerset Re | Universal Life                              
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                              
Reinsurance retention policy, reinsured risk percentage     30.00%                        
Prismic Re                              
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                              
Reinsured Amount       $ 9,000                      
Prismic Re | Structured Settlement Annuity                              
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                              
Reinsurance retention policy, reinsured risk percentage       70.00%                      
Prismic Re | Coinsurance with funds witheld                              
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                              
Reinsurance retention policy, reinsured risk percentage       90.00%                      
Prismic Re | Coinsurance                              
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                              
Reinsurance retention policy, reinsured risk percentage       10.00%                      
Prismic Re International                              
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                              
Reinsured Amount $ 7,000                            
AuguStar                              
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                              
Reinsured Amount         $ 10,000                    
AuguStar | Variable Annuity                              
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                              
Reinsurance retention policy, reinsured risk percentage         10.00%                    
AuguStar | Separate account liabilities under MODCO                              
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                              
Reinsurance retention policy, reinsured risk percentage         100.00%                    
AuguStar | General account liabilities under MODCO                              
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                              
Reinsurance retention policy, reinsured risk percentage         100.00%                    
Empower | Separate account liabilities under MODCO                              
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                              
Reinsurance retention policy, reinsured risk percentage           100.00%                  
Empower | General account liabilities under MODCO                              
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                              
Reinsurance retention policy, reinsured risk percentage           100.00%                  
Allstate                              
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                              
Number Of Counterparties | counterparty                           2  
v3.25.4
Reinsurance (Reinsurance Amounts Included in the Consolidated Statements of Operations) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reinsurance Disclosures [Abstract]      
Direct premiums $ 26,371 $ 39,222 $ 29,475
Reinsurance assumed 6,990 6,167 5,005
Reinsurance ceded (2,564) (2,492) (7,116)
Premiums [1] 30,797 42,897 27,364
Direct policy charges and fee income 4,719 4,629 3,933
Reinsurance assumed 1,163 1,188 1,228
Reinsurance ceded (1,216) (1,519) (634)
Policy charges and fee income 4,666 4,298 4,527
Direct change in value of market risk benefits, net of related hedging gains (losses) (545) (405) 123
Reinsurance assumed 64 134 120
Reinsurance ceded 6 (126) (187)
Change in value of market risk benefits, net of related hedging gains (losses) (475) (397) 56
Direct policyholders’ benefits 31,577 43,743 32,044
Reinsurance assumed 8,320 7,722 7,128
Reinsurance ceded (4,673) (4,346) (8,241)
Policyholders’ benefits [1] 35,224 47,119 30,931
Direct change in estimates of liability for future policy benefits 113 112 447
Reinsurance assumed 4 78 (147)
Reinsurance ceded (14) (227) 37
Change in estimates of liability for future policy benefits [1] $ 103 $ (37) $ 337
[1] See Note 24 for additional information regarding related party transactions.
v3.25.4
Reinsurance (Reinsurance Recoverable and Deposit Receivables) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Reinsurance recoverables and deposit receivables [1] $ 44,077 $ 37,680
Reinsurance recoverables 28,031 26,486
Deposit receivables 16,046 11,194
Reinsurance recoverables net of loss allowance 14 12
Individual and group annuities    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Reinsurance recoverables 7,027 6,987
Life insurance    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Reinsurance recoverables 20,589 19,098
Other reinsurance    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Reinsurance recoverables 415 401
FLIAC | Individual and group annuities    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Reinsurance recoverables 1,381 1,442
Prismic Re    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Deposit receivables 3,684 3,578
Prismic Re | Individual and group annuities    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Reinsurance recoverables 5,475 5,506
Funds withheld and other payables 7,980 7,796
Other    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Deposit receivables 129 0
Other | Individual and group annuities    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Reinsurance recoverables 171 39
Other | Life insurance    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Reinsurance recoverables 8,887 7,996
Hartford Life Business    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Reinsurance Payables 1,366 1,387
Hartford Life Business | Life insurance    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Reinsurance recoverables 2,022 2,033
Somerset Re    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Deposit receivables 2,491 2,795
Funds withheld and other payables 2,602 2,595
Somerset Re | Life insurance    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Reinsurance recoverables 1,667 1,591
Reinsurance Payables 6,525 6,388
Reinsurance recoverables before reins payables 8,192 7,979
Wilton Re | Life insurance    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Reinsurance recoverables 8,013 7,478
Empower    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Deposit receivables 2,471 4,821
Prismic Re International    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Deposit receivables 6,422 0
Resolution Re    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Deposit receivables 849 $ 0
Funds withheld and other payables $ 851  
[1] See Note 24 for additional information regarding related party transactions.
v3.25.4
Closed Block (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jan. 01, 2023
Jan. 01, 2022
Closed Block Policyholder Dividend Obligation [Line Items]          
Policyholders’ dividend obligation $ 571 $ 0   $ 0 $ 792
Increase (decrease) in liability 0 (109) $ (77)    
Income (loss) before income taxes and equity in earnings of operating joint ventures 4,656 3,209 $ 3,072    
Excess Of Actual Cumulative Earnings Over Expected Cumulative Earnings          
Closed Block Policyholder Dividend Obligation [Line Items]          
Policyholders’ dividend obligation 1,635 $ 2,096      
Accumulated Net Unrealized Investment Gain (Loss) Pre Tax          
Closed Block Policyholder Dividend Obligation [Line Items]          
Policyholder dividend obligation, net $ (1,064)        
v3.25.4
Closed Block (Closed Block Liabilities and Assets Designated to Closed Block; Maximum Future Earnings to be Recognized) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jan. 01, 2023
Jan. 01, 2022
Closed Block liabilities          
Future policy benefits $ 41,484 $ 42,464      
Policyholders’ dividends payable 669 688      
Policyholders’ dividend obligation 571 0   $ 0 $ 792
Policyholders’ account balances 4,273 4,359 $ 4,500    
Other Closed Block liabilities 3,030 3,346      
Total Closed Block liabilities 50,027 50,857      
Closed Block assets          
Fixed maturities, available-for-sale, at fair value 28,721 28,570      
Fixed maturities, trading, at fair value 581 647      
Equity securities, at fair value 1,593 1,642      
Commercial mortgage and other loans 7,464 7,652      
Policy loans 3,217 3,348      
Other invested assets 4,538 4,929      
Short-term investments 255 520      
Total investments 46,369 47,308      
Cash and cash equivalents 726 400      
Accrued investment income 388 403      
Other Closed Block assets 279 367      
Total Closed Block assets 47,762 48,478      
Cumulative-effect adjustment from the adoption of ASU 2016-01 0 109 $ 77    
Excess of reported Closed Block liabilities over Closed Block assets 2,265 2,379      
Portion of above representing accumulated other comprehensive income (loss):          
Net unrealized investment gains (losses) (1,230) (2,299)      
Allocated to policyholder dividend obligation 1,064 2,096      
Future earnings to be recognized from Closed Block assets and Closed Block liabilities $ 2,099 $ 2,176      
v3.25.4
Closed Block (Information Regarding Policyholder Dividend Obligation) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Movement in Closed Block Dividend Obligation [Roll Forward]      
Cumulative-effect adjustment from the adoption of ASU 2016-01 $ 0 $ 109 $ 77
Impact from earnings allocable to policyholder dividend obligation (461) (777)  
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation 1,032 (15)  
Balance, December 31 $ 571 $ 0  
v3.25.4
Closed Block (Closed Block Revenues and Benefits and Expenses) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues      
Premiums $ 1,719 $ 1,689 $ 1,675
Net investment income 2,056 2,041 1,949
Realized investment gains (losses), net (373) (769) (380)
Other income (loss) 347 319 411
Total Closed Block revenues 3,749 3,280 3,655
Benefits and Expenses      
Policyholders’ benefits 2,392 2,343 2,354
Interest credited to policyholders’ account balances 113 117 118
Dividends to policyholders 1,015 641 1,008
General and administrative expenses 261 266 280
Total Closed Block benefits and expenses 3,781 3,367 3,760
Closed Block revenues, net of Closed Block benefits and expenses, before income taxes (32) (87) (105)
Income tax expense (benefit) (111) (166) (176)
Closed Block revenues, net of Closed Block benefits and expenses and income taxes $ 79 $ 79 $ 71
v3.25.4
Income Taxes (Components of Income Tax Expense (Benefit)) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current tax expense (benefit):      
U.S. $ 60 $ 495 $ (4)
State and local 16 35 25
Foreign 579 755 667
Total current tax expense (benefit) 655 1,285 688
Deferred tax expense (benefit):      
U.S. (125) (545) 323
State and local 2 (1) 0
Foreign 521 (232) (398)
Total deferred tax expense (benefit) 398 (778) (75)
Total 1,053 507 613
Income tax expense (benefit) on equity in earnings of joint ventures and other operating entities 40 41 34
Income tax expense (benefit) on discontinued operations 0 0 0
Income tax expense (benefit) reported in equity related to:      
Other comprehensive income (loss) 1,003 364 (837)
Total income taxes $ 2,096 $ 912 $ (190)
v3.25.4
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]        
Expected federal income tax expense (benefit)   $ 978 $ 674 $ 645
State taxes (net of federal benefit)   11    
Tax credits   (125)    
Foreign tax credits   (52)    
General business credits   (73)    
Effect of cross-border tax laws   (143)    
GILTI   48 (24) 5
Change in tax law—Bermuda   (318)    
Full inclusion—Bermuda   112    
Other   15    
Nontaxable or nondeductible items   (137)    
Nontaxable investment income   (160)    
Nondeductible expenses   23    
Other reconciling items   (122)    
Foreign tax effects   585    
National & local tax rate difference than U.S.     189 191
Other     (130) (21)
Changes in unrecognized tax benefits   6    
Total   $ 1,053 $ 507 $ 613
Effective Income Tax Rate Reconciliation, Percent [Abstract]        
Expected federal income tax expense/(benefit)   21.00% 21.00% 21.00%
State taxes (net of federal benefit)   0.20%    
Tax credits   (2.70%)    
Foreign tax credits   (1.10%)    
General business credits   (1.60%)    
Effect of cross-border tax laws   (3.10%)    
GILTI   1.00%    
Change in tax law—Bermuda   (6.80%)    
Full inclusion—Bermuda   2.40%    
Other   0.30%    
Nontaxable or nondeductible items   (2.90%)    
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Percent   (3.40%)    
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent   0.50%    
Other reconciling items   (2.60%)    
Foreign tax effects   12.60%    
Changes in unrecognized tax benefits   0.10%    
Effective tax rate   22.60% 15.80% 20.00%
Japan        
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]        
Foreign tax effects   $ 210    
National & local tax rate difference than U.S.   143    
Other   $ 67    
Effective Income Tax Rate Reconciliation, Percent [Abstract]        
Foreign tax effects   4.50%    
National & local tax rate difference than U.S.   3.10%    
Other   1.40%    
Effective tax rate 28.00%      
Brazil        
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]        
Foreign tax effects   $ 169    
National & local tax rate difference than U.S.   80    
Change in tax law   72    
Other   $ 17    
Effective Income Tax Rate Reconciliation, Percent [Abstract]        
Foreign tax effects   3.60%    
National & local tax rate difference than U.S.   1.70%    
Change in tax law   1.50%    
Other   0.40%    
Bermuda        
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]        
Foreign tax effects   $ 194    
National & local tax rate difference than U.S.   (112)    
Change in tax law   318    
Other   $ (12)    
Effective Income Tax Rate Reconciliation, Percent [Abstract]        
Foreign tax effects   4.20%    
National & local tax rate difference than U.S.   (2.40%)    
Change in tax law   6.80%    
Other   (0.30%)    
Effective tax rate     15.00%  
Other Foreign Jurisdictions        
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]        
Foreign tax effects   $ 12    
Effective Income Tax Rate Reconciliation, Percent [Abstract]        
Foreign tax effects   0.30%    
v3.25.4
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Change in Accounting Estimate [Line Items]        
Payments for energy-related tax credits   $ 192    
Energy-related tax credits, purchased, value   200    
Total income tax expense (benefit)   $ 1,053 $ 507 $ 613
Effective tax rate   22.60% 15.80% 20.00%
Expected federal income tax expense/(benefit)   21.00% 21.00% 21.00%
Income tax expense (benefit), adjustment of deferred tax (asset) liability     $ 50 $ 99
DRD constituting non-taxable investment income   $ 54 55 62
Non-taxable investment income   160 168 162
Income (loss) from foreign operations   2,473 1,132 1,731
Expected federal income tax expense (benefit)   978 674 645
Income (loss) from domestic operations   2,184 2,077 1,341
GILTI   $ 48 $ (24) $ 5
Other reconciling items   (2.60%)    
Japan Statutory Tax Rate        
Change in Accounting Estimate [Line Items]        
Effective tax rate     28.00%  
Brazil Statutory Tax Rate        
Change in Accounting Estimate [Line Items]        
Effective tax rate   10.00%    
Office of the Tax Commissioner, Bermuda        
Change in Accounting Estimate [Line Items]        
Effective tax rate     15.00%  
Bermuda        
Change in Accounting Estimate [Line Items]        
Effective tax rate     15.00%  
Deferred Tax Assets, Tax Deferred Expense   $ 0 $ 401  
Bermuda | Change In Enacted Tax Rate        
Change in Accounting Estimate [Line Items]        
Income tax expense (benefit), adjustment of deferred tax (asset) liability   318    
Bermuda | Change In Enacted Tax Rate, Cross-Border        
Change in Accounting Estimate [Line Items]        
Income tax expense (benefit), adjustment of deferred tax (asset) liability   (318)    
Japan        
Change in Accounting Estimate [Line Items]        
Effective tax rate 28.00%      
Income tax expense (benefit), adjustment of deferred tax (asset) liability   $ 37    
Corporate income tax rate, expected   28.93%    
Brazil        
Change in Accounting Estimate [Line Items]        
Income tax expense (benefit), adjustment of deferred tax (asset) liability   $ 72    
v3.25.4
Income Taxes (Reconciliation To Effective Rate) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Expected federal income tax expense (benefit) $ 978 $ 674 $ 645
Non-taxable investment income   (168) (162)
Foreign taxes at other than U.S. rate   189 191
Low-income housing and other tax credits   (94) (106)
Changes in tax law   50 (99)
GILTI 48 (24) 5
Sale of subsidiary   (10) 0
Non-deductible expenses   39 29
Change in valuation allowance   (45) 111
State taxes (net of federal benefit)   26 20
Other   (130) (21)
Total $ 1,053 $ 507 $ 613
Effective tax rate 22.60% 15.80% 20.00%
Expected federal income tax expense/(benefit) 21.00% 21.00% 21.00%
v3.25.4
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:      
Deferred Tax Asset, Debt Securities, Trading, Unrealized Loss $ 6,938 $ 6,987  
Policyholders’ dividends 171 55  
Net operating and capital loss carryforwards 269 360  
Employee benefits 360 271  
Investments 2,862 2,448  
Goodwill and other intangibles 287 313  
Deferred tax assets before valuation allowance 10,887 10,434  
Valuation allowance (212) (238) $ (290)
Deferred tax assets after valuation allowance 10,675 10,196  
Deferred tax liabilities:      
Insurance reserves 6,991 4,629  
Deferred policy acquisition costs 3,951 3,851  
Value of business acquired 142 147  
Other 687 1,261  
Deferred tax liabilities 11,771 9,888  
Net Deferred tax asset (liabilities) (1,096) 308  
Bermuda      
Change in Accounting Estimate [Line Items]      
Deferred Tax Assets, Tax Deferred Expense 0 401  
U.S Operations      
Change in Accounting Estimate [Line Items]      
Deferred Tax Assets, Tax Deferred Expense $ 490 $ 840  
v3.25.4
Income Taxes (Valuation Allowance on Deferred Tax Assets) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Valuation Allowance, Deferred Tax Asset [Roll Forward]    
Balance, beginning of year $ 238 $ 290
Charged to costs and expenses 19 5
Other adjustments (45) (57)
Balance, ending of year 212 238
Federal    
Valuation Allowance, Deferred Tax Asset [Roll Forward]    
Balance, beginning of year 23 25
Charged to costs and expenses (1) (2)
Other adjustments 0 0
Balance, ending of year 22 23
State    
Valuation Allowance, Deferred Tax Asset [Roll Forward]    
Balance, beginning of year 128 132
Charged to costs and expenses 4 0
Other adjustments 0 (4)
Balance, ending of year 132 128
Foreign operations    
Valuation Allowance, Deferred Tax Asset [Roll Forward]    
Balance, beginning of year 87 133
Charged to costs and expenses 16 7
Other adjustments (45) (53)
Balance, ending of year $ 58 $ 87
v3.25.4
Income Taxes (Operating and Capital Loss Carryforwards) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Federal    
Operating Loss Carryforwards [Line Items]    
Operating loss carryforwards $ 0 $ 23
State and local    
Operating Loss Carryforwards [Line Items]    
Operating loss carryforwards 1,993 1,888
Foreign operations    
Operating Loss Carryforwards [Line Items]    
Operating loss carryforwards 926 907
Operating loss carryforwards, subject to expiration 349  
Operating loss carryforwards, not subject to expiration 150  
Federal foreign    
Operating Loss Carryforwards [Line Items]    
Tax credit carryforwards $ 16 $ 15
v3.25.4
Income Taxes (Undistributed Earnings) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Undistributed earnings of foreign subsidiaries $ 417 $ 351 $ 291
v3.25.4
Income Taxes (Income Taxes Paid) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Federal $ 808    
State 32    
Foreign      
Foreign 558    
Total taxes paid, net of refunds 1,398 [1] $ 756 $ 895
Refund received related to prior years 188    
Income taxes paid for transferable energy tax credits 192    
Japan      
Foreign      
Foreign 423    
Brazil      
Foreign      
Foreign 79    
Other Foreign Jurisdictions      
Foreign      
Foreign $ 56    
[1] See Note 17 for additional information regarding the income taxes paid, net of refunds amount by jurisdiction for the year ended December 31, 2025
v3.25.4
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Amount $ 132 $ 133 $ 84
Increases in unrecognized tax benefits—prior years 1 4 13
(Decreases) in unrecognized tax benefits—prior years (3) (5) 0
Increases in unrecognized tax benefits—current year 0 0 36
(Decreases) in unrecognized tax benefits—current year 0 0 0
Settlements with taxing authorities (5) 0 0
Amount 125 132 133
Unrecognized tax benefits that, if recognized, would favorably impact the effective rate $ 125 $ 132 $ 133
v3.25.4
Income Taxes (Amounts Recognized for Tax Related Interest and Penalties) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Interest and penalties recognized in the Consolidated Statements of Operations $ 1 $ 10 $ 7
Interest and penalties recognized in liabilities in the Consolidated Statements of Financial Position $ 33 $ 33  
v3.25.4
Short-Term and Long-Term Debt (Short-Term Debt) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Short Term Debt [Line Items]    
Short-term debt $ 1,443 $ 953
Less: assets under set-off arrangements $ 15,744 $ 14,748
Weighted average interest rate on outstanding short-term debt 3.72% 4.61%
Commercial paper    
Short Term Debt [Line Items]    
Debt maturity 11 days 15 days
Short-term Debt $ 874 $ 521
Current portion of long-term debt    
Short Term Debt [Line Items]    
Short-term Debt 569 432
Short-term Debt    
Short Term Debt [Line Items]    
Less: assets under set-off arrangements 0 0
Short-term Debt 1,443 953
Borrowings due overnight | Commercial paper    
Short Term Debt [Line Items]    
Short-term debt 175 310
Daily average outstanding | Commercial paper    
Short Term Debt [Line Items]    
Short-term debt 2,389 1,823
Prudential Financial    
Short Term Debt [Line Items]    
Short-term debt 561 25
Short-term Debt 561 25
Prudential Financial | Commercial paper    
Short Term Debt [Line Items]    
Short-term debt $ 25 $ 25
Weighted average interest rate on outstanding short-term debt 3.85% 4.38%
Short-term Debt $ 25 $ 25
Prudential Financial | Current portion of long-term debt    
Short Term Debt [Line Items]    
Short-term debt 536 0
Prudential Funding, LLC | Commercial paper    
Short Term Debt [Line Items]    
Short-term Debt 849 496
Mortgage Debt    
Short Term Debt [Line Items]    
Short-term Debt 33 85
Surplus notes    
Short Term Debt [Line Items]    
Short-term Debt 0 347
Senior notes    
Short Term Debt [Line Items]    
Short-term Debt $ 536 $ 0
v3.25.4
Short-Term and Long-Term Debt (Narrative) (Details)
¥ in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Sep. 30, 2024
Mar. 31, 2023
lender
May 31, 2020
Dec. 31, 2025
USD ($)
Rate
Dec. 31, 2025
JPY (¥)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2017
debtInstrument
Dec. 31, 2025
JPY (¥)
Rate
May 15, 2020
USD ($)
Rate
Debt Instrument [Line Items]                    
Long-term debt       $ 18,856   $ 19,187        
Assets Under Set Off Arrangements       15,744   14,748        
Line of Credit, Current       0            
Prudential Financial                    
Debt Instrument [Line Items]                    
Long-term debt       18,378   18,793        
Interest expense       1,360   1,322 $ 1,282      
Outstanding amount of notes       18,378   18,793        
Minimum statutory consolidated net worth       $ 22,100            
Prudential Insurance | Federal Home Loan Bank of New York                    
Debt Instrument [Line Items]                    
Purchase requirement activity-based stock of the outstanding borrowings       4.50%         4.50%  
Debt Instrument, Term Upon Certain Events       90 days 90 days          
Other long-term investments       $ 141   $ 142        
Pledge collateral of prior year-end statutory net admitted assets       5.00%         5.00%  
Maximum amount of pledged asset       $ 7,500            
Debt Instrument, Unused Borrowing Capacity, Amount       6,000            
Prudential Financial and Prudential Funding                    
Debt Instrument [Line Items]                    
Capacity       $ 4,000            
Line of Credit Facility, Expiration Period       5 years 5 years          
Proceeds from Lines of Credit       $ 0            
Prudential Holdings of Japan                    
Debt Instrument [Line Items]                    
Capacity | ¥                 ¥ 100,000  
Line of Credit Facility, Expiration Period 5 years     5 years 5 years          
Proceeds from Lines of Credit | ¥         ¥ 0          
Other Subsidiaries                    
Debt Instrument [Line Items]                    
Capacity       $ 313            
PLIC                    
Debt Instrument [Line Items]                    
Future Debt Instrument Authorized       4,000            
Podiatry Insurance Company of America                    
Debt Instrument [Line Items]                    
Future Debt Instrument Authorized       500            
Future Debt Instrument Outstanding       $ 287            
Minimum | Prudential Insurance | Federal Home Loan Bank of New York                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage       1.925%         1.925%  
Maximum | Prudential Insurance | Federal Home Loan Bank of New York                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage       4.51%         4.51%  
Commercial paper                    
Debt Instrument [Line Items]                    
Debt maturity       11 days 11 days 15 days        
Commercial paper | Prudential Financial                    
Debt Instrument [Line Items]                    
Debt Instrument Authorized       $ 3,000            
Commercial paper | Prudential Funding, LLC                    
Debt Instrument [Line Items]                    
Debt Instrument Authorized       7,000            
Real estate separate accounts | Other Subsidiaries                    
Debt Instrument [Line Items]                    
Capacity       100            
Proceeds from Lines of Credit       42            
Put Option | Prudential Financial                    
Debt Instrument [Line Items]                    
Minimum Equity Less AOCI For Automatic Exercise       9,000            
Private Placement | Prudential Financial                    
Debt Instrument [Line Items]                    
Debt Instrument, Face Amount                   $ 1,500
Debt Instrument, Interest Rate, Stated Percentage | Rate                   2.85%
Debt Instrument, Interest Rate | Rate                   2.175%
Proceeds from sales       $ 1,500            
Senior notes                    
Debt Instrument [Line Items]                    
Long-term Debt, Weighted Average Interest Rate, at Point in Time       4.48%   4.43%     4.48%  
Derivative Financial Instruments, Liabilities                    
Debt Instrument [Line Items]                    
Interest expense       $ 0   $ 0 0      
Current And Long Term Debt                    
Debt Instrument [Line Items]                    
Interest Expense, Debt       1,967   1,956 $ 1,749      
Junior subordinated debt | Prudential Financial                    
Debt Instrument [Line Items]                    
Long-term debt       $ 7,555   8,548        
Junior subordinated debt | Minimum                    
Debt Instrument [Line Items]                    
Debt Instrument, Deferral Period       5 years 5 years          
Junior subordinated debt | Minimum | Prudential Financial                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage       3.70%         3.70%  
Junior subordinated debt | Maximum                    
Debt Instrument [Line Items]                    
Debt Instrument, Deferral Period       10 years 10 years          
Junior subordinated debt | Maximum | Prudential Financial                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage       6.75%         6.75%  
Long-term Debt | Prudential Insurance | Federal Home Loan Bank of New York                    
Debt Instrument [Line Items]                    
Debt Issuance Costs, Net       $ 2,500            
Retail Medium Term Note                    
Debt Instrument [Line Items]                    
Outstanding amount of notes       727   370        
Surplus notes subject to set-off arrangements                    
Debt Instrument [Line Items]                    
Outstanding amount of notes       15,744   14,748        
Future Debt Instrument Authorized       21,500            
Surplus notes subject to set-off arrangements | Captive Reinsurance Subsidiary                    
Debt Instrument [Line Items]                    
Estimated maximum borrowing capacity, after taking into account applicable required collateralization levels and required purchases of activity based stock       500   300        
Fixed rate | Senior notes | Prudential Financial                    
Debt Instrument [Line Items]                    
Long-term debt       $ 10,823   10,245        
Fixed rate | Senior notes | Minimum | Prudential Financial                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage       1.50%         1.50%  
Fixed rate | Senior notes | Maximum | Prudential Financial                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage       6.63%         6.63%  
Floating rate debt | Fixed-Rate Surplus Notes | Prudential Financial                    
Debt Instrument [Line Items]                    
Long-term debt       $ 0   347        
Maturity in February 2033 | Private Placement | Prudential Financial                    
Debt Instrument [Line Items]                    
Debt maturity   10 years                
Debt Instrument, Face Amount       $ 800            
Debt Instrument, Interest Rate, Stated Percentage | Rate       5.791%         5.791%  
Debt Instrument, Interest Rate | Rate       1.815%         1.815%  
Maturity in February 2053 | Private Placement | Prudential Financial                    
Debt Instrument [Line Items]                    
Debt maturity   30 years                
Debt Instrument, Face Amount       $ 700            
Debt Instrument, Interest Rate, Stated Percentage | Rate       5.997%         5.997%  
Debt Instrument, Interest Rate | Rate       2.066%         2.066%  
Subordinated Debt | Fixed rate                    
Debt Instrument [Line Items]                    
Outstanding amount of notes       $ 0   0        
Senior notes                    
Debt Instrument [Line Items]                    
Number of debt instruments issued | debtInstrument               2    
Senior notes | Private Placement | Prudential Financial                    
Debt Instrument [Line Items]                    
Debt maturity     10 years              
Debt Instrument, Face Amount                   $ 1,500
Cure period   30 days 30 days              
Debt instrument, number of lenders | lender   2                
Senior notes | Mortgage Debt                    
Debt Instrument [Line Items]                    
Long-term Debt       217   185        
Senior notes | Fixed rate                    
Debt Instrument [Line Items]                    
Outstanding amount of notes       $ 10,823   10,245        
Senior notes | Fixed rate | Minimum                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage       1.50%         1.50%  
Senior notes | Fixed rate | Maximum                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage       6.63%         6.63%  
Senior notes | Maturity in February 2033 | Private Placement | Prudential Financial                    
Debt Instrument [Line Items]                    
Debt maturity   10 years                
Senior notes | Maturity in February 2053 | Private Placement | Prudential Financial                    
Debt Instrument [Line Items]                    
Debt maturity   30 years                
Mortgage Debt | Prudential Financial                    
Debt Instrument [Line Items]                    
Debt Instrument, Face Amount       $ 750            
Mortgage Debt | Fixed rate                    
Debt Instrument [Line Items]                    
Outstanding amount of notes       $ 134   69        
Mortgage Debt | Fixed rate | Minimum                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage       1.28%         1.28%  
Mortgage Debt | Fixed rate | Maximum                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage       2.21%         2.21%  
Mortgage Debt | Floating rate debt                    
Debt Instrument [Line Items]                    
Outstanding amount of notes       $ 49   31        
Mortgage Debt | Floating rate debt | Minimum                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage       0.95%         0.95%  
Mortgage Debt | Floating rate debt | Maximum                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage       1.74%         1.74%  
Mortgage Debt | Floating rate debt | Foreign public corporate securities                    
Debt Instrument [Line Items]                    
Outstanding amount of notes       $ 184   $ 100        
v3.25.4
Short-Term and Long-Term Debt (Credit Facilities) (Details)
¥ in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2025
USD ($)
Dec. 31, 2025
JPY (¥)
Dec. 31, 2025
JPY (¥)
Prudential Financial and Prudential Funding        
CreditFacility [Line Items]        
Original Term   5 years 5 years  
Capacity | $   $ 4,000    
Amount Outstanding | $   $ 0    
Prudential Holdings of Japan        
CreditFacility [Line Items]        
Original Term 5 years 5 years 5 years  
Capacity | ¥       ¥ 100,000
Amount Outstanding | ¥     ¥ 0  
v3.25.4
Short-Term and Long-Term Debt (Long-Term Debt) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Less: assets under set-off arrangements $ 15,744 $ 14,748
Total long-term debt 18,856 19,187
Surplus notes subject to set-off arrangements    
Debt Instrument [Line Items]    
Long-term debt 15,744 14,748
Retail Medium Term Note    
Debt Instrument [Line Items]    
Long-term debt 727 370
Surplus notes | Fixed-rate notes:    
Debt Instrument [Line Items]    
Long-term debt 0 0
Surplus notes subject to set-off arrangements | Fixed-rate notes:    
Debt Instrument [Line Items]    
Long-term debt 15,744 14,748
Senior notes | Fixed-rate notes:    
Debt Instrument [Line Items]    
Long-term debt 10,823 10,245
Mortgage Debt | Fixed-rate notes:    
Debt Instrument [Line Items]    
Long-term debt 134 69
Mortgage Debt | Floating-rate notes:    
Debt Instrument [Line Items]    
Long-term debt 49 31
Mortgage Debt | Debt denominated in foreign currency | Floating-rate notes:    
Debt Instrument [Line Items]    
Long-term debt 184 100
Junior subordinated debt    
Debt Instrument [Line Items]    
Long-term debt 7,595 8,587
Subtotal    
Debt Instrument [Line Items]    
Long-term debt 34,600 33,935
Line of Credit | Floating-rate notes:    
Debt Instrument [Line Items]    
Long-term debt 255 255
Somerset Re surplus notes subject to set off arrangements    
Debt Instrument [Line Items]    
Long-term debt 7,600  
Prudential Financial    
Debt Instrument [Line Items]    
Long-term debt 18,378 18,793
Total long-term debt 18,378 18,793
Prudential Financial | Senior notes | Fixed-rate notes:    
Debt Instrument [Line Items]    
Total long-term debt 10,823 $ 10,245
Prudential Financial | Junior subordinated debt    
Debt Instrument [Line Items]    
Long-term debt 7,555  
Subsidiaries | Junior subordinated debt    
Debt Instrument [Line Items]    
Long-term debt $ 40  
Minimum | Surplus notes subject to set-off arrangements | Fixed-rate notes:    
Debt Instrument [Line Items]    
Interest Rate 3.66%  
Minimum | Senior notes | Fixed-rate notes:    
Debt Instrument [Line Items]    
Interest Rate 1.50%  
Minimum | Mortgage Debt | Fixed-rate notes:    
Debt Instrument [Line Items]    
Interest Rate 1.28%  
Minimum | Mortgage Debt | Floating-rate notes:    
Debt Instrument [Line Items]    
Interest Rate 0.95%  
Minimum | Junior subordinated debt    
Debt Instrument [Line Items]    
Interest Rate 1.72%  
Minimum | Line of Credit | Fixed-rate notes:    
Debt Instrument [Line Items]    
Interest Rate 5.62%  
Minimum | Prudential Financial | Senior notes | Fixed-rate notes:    
Debt Instrument [Line Items]    
Interest Rate 1.50%  
Maximum | Surplus notes subject to set-off arrangements | Fixed-rate notes:    
Debt Instrument [Line Items]    
Interest Rate 5.48%  
Maximum | Senior notes | Fixed-rate notes:    
Debt Instrument [Line Items]    
Interest Rate 6.63%  
Maximum | Mortgage Debt | Fixed-rate notes:    
Debt Instrument [Line Items]    
Interest Rate 2.21%  
Maximum | Mortgage Debt | Floating-rate notes:    
Debt Instrument [Line Items]    
Interest Rate 1.74%  
Maximum | Junior subordinated debt    
Debt Instrument [Line Items]    
Interest Rate 6.75%  
Maximum | Line of Credit | Fixed-rate notes:    
Debt Instrument [Line Items]    
Interest Rate 5.98%  
Maximum | Prudential Financial | Senior notes | Fixed-rate notes:    
Debt Instrument [Line Items]    
Interest Rate 6.63%  
v3.25.4
Short-Term and Long-Term Debt (Contractual Maturities for Long-Term Debt) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
2027 $ 63  
2028 667  
2029 95  
2030 750  
2031 and thereafter 17,281  
Long-term debt $ 18,856 $ 19,187
v3.25.4
Short-Term and Long-Term Debt (Senior Notes and Mortgage Debt) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Senior notes    
Debt Instrument [Line Items]    
Short-term Debt $ 536 $ 0
Medium-Term Notes    
Debt Instrument [Line Items]    
Debt, Long-term and Short-term, Combined Amount 9,130 8,382
Medium-Term Notes | Senior notes    
Debt Instrument [Line Items]    
Debt, Long-term and Short-term, Combined Amount 11,576 10,430
Senior notes    
Debt Instrument [Line Items]    
Debt, Long-term and Short-term, Combined Amount 1,502 1,493
Retail Medium Term Note    
Debt Instrument [Line Items]    
Outstanding amount of notes 727 370
Mortgage Debt | Senior notes    
Debt Instrument [Line Items]    
Long-term Debt 217 $ 185
Short-term Debt $ 569  
v3.25.4
Short-Term and Long-Term Debt (Surplus Notes with Set-Off Arrangements) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Assets Under Set Off Arrangements $ 15,744 $ 14,748
PLIC    
Debt Instrument [Line Items]    
Future Debt Instrument Authorized 4,000  
Surplus notes subject to set-off arrangements    
Debt Instrument [Line Items]    
Outstanding amount of notes 15,744 14,748
Future Debt Instrument Authorized 21,500  
Surplus notes subject to set-off arrangements | Captive Reinsurance Subsidiary    
Debt Instrument [Line Items]    
Estimated maximum borrowing capacity, after taking into account applicable required collateralization levels and required purchases of activity based stock 500 300
Regulation XXX | Surplus notes subject to set-off arrangements due 2044 | Captive Reinsurance Subsidiary    
Debt Instrument [Line Items]    
Debt Instrument Authorized 8,000  
Outstanding amount of notes 7,660 7,560
Guideline AXXX | Somerset Re surplus notes subject to set off arrangements | Captive Reinsurance Subsidiary    
Debt Instrument [Line Items]    
Debt Instrument Authorized 9,500  
Outstanding amount of notes $ 7,584 $ 6,888
v3.25.4
Short-Term and Long-Term Debt (Schedule of Junior Subordinated Notes) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Rate
Junior Subordinated Institutional Notes September 2017  
Debt Instrument [Line Items]  
Principal Amount $ 750
Interest Rate 4.50%
Junior Subordinated Institutional Notes September 2017 | SOFR  
Debt Instrument [Line Items]  
Interest Rate Subsequent to Optional Redemption Date | Rate 4.50%
Junior Subordinated Institutional Notes August 2018  
Debt Instrument [Line Items]  
Principal Amount $ 565
Interest Rate 5.63%
Junior Subordinated Institutional Notes September 2018  
Debt Instrument [Line Items]  
Principal Amount $ 1,000
Interest Rate 5.70%
Junior Subordinated Institutional Notes September 2018 | SOFR  
Debt Instrument [Line Items]  
Interest Rate Subsequent to Optional Redemption Date | Rate 2.93%
Junior Subordinated Retail Notes August 2020 4.13%  
Debt Instrument [Line Items]  
Principal Amount $ 500
Interest Rate 4.13%
Junior Subordinated Institutional Notes August 2020 3.70%  
Debt Instrument [Line Items]  
Principal Amount $ 800
Interest Rate 3.70%
Junior Subordinated Institutional Notes August 2020 3.70% | US Treasury  
Debt Instrument [Line Items]  
Interest Rate Subsequent to Optional Redemption Date | Rate 3.04%
Junior Subordinated Institutional Notes February 2022  
Debt Instrument [Line Items]  
Principal Amount $ 1,000
Interest Rate 5.13%
Junior Subordinated Institutional Notes February 2022 | US Treasury  
Debt Instrument [Line Items]  
Interest Rate Subsequent to Optional Redemption Date | Rate 3.16%
Junior Subordinated Institutional Notes August 2022 5.95%  
Debt Instrument [Line Items]  
Principal Amount $ 300
Interest Rate 5.95%
Junior Subordinated Institutional Notes August 2022 6.00%  
Debt Instrument [Line Items]  
Principal Amount $ 1,200
Interest Rate 6.00%
Junior Subordinated Institutional Notes August 2022 6.00% | US Treasury  
Debt Instrument [Line Items]  
Interest Rate Subsequent to Optional Redemption Date | Rate 3.23%
Junior Subordinated Institutional Notes February 2023  
Debt Instrument [Line Items]  
Principal Amount $ 500
Interest Rate 6.75%
Junior Subordinated Institutional Notes February 2023 | US Treasury  
Debt Instrument [Line Items]  
Interest Rate Subsequent to Optional Redemption Date | Rate 2.85%
Junior Subordinated Institutional Notes March 2024  
Debt Instrument [Line Items]  
Principal Amount $ 1,000
Interest Rate 6.50%
Junior Subordinated Institutional Notes March 2024 | US Treasury  
Debt Instrument [Line Items]  
Interest Rate Subsequent to Optional Redemption Date | Rate 2.40%
v3.25.4
Employee Benefit Plans (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]        
Qualified Pension Plan 81.00%      
Pension Benefit Percent Allocation Traditional 64.00%      
Pension Benefit Percent Allocation Cash Balance 36.00%      
Percentage of annual salary Contributed by the Company for employees (401(k) plans) 4.00%      
General And Administrative Expense        
Defined Benefit Plan Disclosure [Line Items]        
Defined Contribution Plan, Cost $ 84 $ 87 $ 79  
Other liabilities        
Defined Benefit Plan Disclosure [Line Items]        
Net accumulated liability for non-retiree postemployment benefits provided to former or inactive employee 30      
Rabbi Trust        
Defined Benefit Plan Disclosure [Line Items]        
Defined Benefit Plan Obligation 949 861    
Fair value of plan assets 199 157    
Defined Benefit Plan, Plan Assets, Amount 199 157    
Rabbi Trust | Discontinued Operations        
Defined Benefit Plan Disclosure [Line Items]        
Defined Benefit Plan Obligation 47 51    
Fair value of plan assets 68 75    
Defined Benefit Plan, Plan Assets, Amount 68 75    
Pension Benefits        
Defined Benefit Plan Disclosure [Line Items]        
Defined Benefit Plan Obligation 10,804 10,629 11,238  
Fair value of plan assets $ 12,490 $ 12,293 $ 12,649  
Bond Yield rate used in determining Discount rate 5.55% 5.85% 5.30% 5.45%
Expected long-term rate of return on plan assets 7.75% 8.00% 7.50% 7.50%
Defined Benefit Plans Estimated Future Employer Contributions in Next Fiscal Year $ 165      
Defined Benefit Plan, Plan Assets, Amount 12,490 $ 12,293 $ 12,649  
Postretirement        
Defined Benefit Plan Disclosure [Line Items]        
Defined Benefit Plan Obligation 1,038 1,026 1,032  
Fair value of plan assets $ 1,239 $ 1,187 $ 1,186  
Bond Yield rate used in determining Discount rate 5.25% 5.70% 5.20% 5.55%
Expected long-term rate of return on plan assets 6.25% 6.50% 6.75% 7.75%
Defined Benefit Plans Estimated Future Employer Contributions in Next Fiscal Year $ 10      
Defined Benefit Plan, Plan Assets, Amount $ 1,239 $ 1,187 $ 1,186  
Maximum | Postretirement        
Defined Benefit Plan Disclosure [Line Items]        
Deferred Compensation Arrangement with Individual, Requisite Age 55 years      
Deferred Compensation Arrangement with Individual, Requisite Service Period 20 years      
Minimum | Postretirement        
Defined Benefit Plan Disclosure [Line Items]        
Deferred Compensation Arrangement with Individual, Requisite Age 50 years      
Deferred Compensation Arrangement with Individual, Requisite Service Period 10 years      
Foreign plans        
Defined Benefit Plan Disclosure [Line Items]        
Defined Benefit Plan Weighted Average Asset Allocations 3.00%      
Foreign plans | Pension Benefits        
Defined Benefit Plan Disclosure [Line Items]        
Pension benefits for foreign plans percentage of the ending benefit obligation 9.00% 10.00%    
v3.25.4
Employee Benefit Plans (Status of Prepaid Benefits Costs and Accrued Benefit Liabilities Included in Other Assets and Other Liabilities) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits        
Change in benefit obligation        
Benefit obligation at the beginning of period $ (10,629) $ (11,238)    
Service cost (187) (206) $ (204)  
Interest cost (565) (539) (551)  
Plan participants’ contributions 0 0    
Amendments (6) 0    
Actuarial gains (losses), net (333) 360    
Settlements 58 62    
Special termination benefits 0 (1)    
Benefits paid 872 823    
Foreign currency changes and other (15) 110    
Benefit obligation at end of period (10,804) (10,629) (11,238)  
Change in plan assets        
Plan assets at beginning of period 12,293 12,649    
Actual return on plan assets 944 366    
Employer contributions 168 177    
Plan participants’ contributions 0 0    
Disbursement for settlements (58) (62)    
Benefits paid (872) (823)    
Foreign currency changes and other 16 (14)    
Plan assets at end of period 12,490 12,293 12,649  
Funded status at end of period 1,686 1,664    
Acquisition/Divestiture 1 0    
Amounts recognized in the Statements of Financial Position        
Prepaid benefit cost 3,503 3,451    
Accrued benefit liability (1,817) (1,787)    
Net amount recognized 1,686 1,664    
Items recorded in “Accumulated other comprehensive income (loss)” not yet recognized as a component of net periodic (benefit) cost:        
Prior service cost 6 (1) (2) $ (2)
Net actuarial loss 3,228 2,924 2,797 2,466
Net amount not recognized 3,234 2,923    
Accumulated benefit obligation (9,973) (9,925)    
Acquisition/Divestiture 1 0    
Other Postretirement Benefits        
Change in benefit obligation        
Benefit obligation at the beginning of period (1,026) (1,032)    
Service cost (6) (7) (9)  
Interest cost (55) (51) (71)  
Plan participants’ contributions (18) (21)    
Amendments 0 0    
Actuarial gains (losses), net (42) (29)    
Settlements 0 0    
Special termination benefits 0 0    
Benefits paid 110 113    
Foreign currency changes and other (1) 1    
Benefit obligation at end of period (1,038) (1,026) (1,032)  
Change in plan assets        
Plan assets at beginning of period 1,187 1,186    
Actual return on plan assets 136 88    
Employer contributions 8 5    
Plan participants’ contributions 18 21    
Disbursement for settlements 0 0    
Benefits paid (110) (113)    
Foreign currency changes and other 0 0    
Plan assets at end of period 1,239 1,187 1,186  
Funded status at end of period 201 161    
Acquisition/Divestiture 0 0    
Amounts recognized in the Statements of Financial Position        
Prepaid benefit cost 282 232    
Accrued benefit liability (81) (71)    
Net amount recognized 201 161    
Items recorded in “Accumulated other comprehensive income (loss)” not yet recognized as a component of net periodic (benefit) cost:        
Prior service cost (211) (278) (345) (54)
Net actuarial loss 186 218 $ 209 $ 222
Net amount not recognized (25) (60)    
Accumulated benefit obligation (1,038) (1,026)    
Acquisition/Divestiture $ 0 $ 0    
v3.25.4
Employee Benefit Plans (Information for Pension Plans with a Projected and Accumulated Benefit Obligation in Excess of Plan Assets) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]    
Projected benefit obligation $ 1,817 $ 1,787
Fair value of plan assets 0 0
Information On Pension Plans With Accumulated Benefit Obligation In Excess Of Plan Assets [Abstract]    
Accumulated benefit obligation 1,617 1,625
Fair value of plan assets $ 0 $ 0
v3.25.4
Employee Benefit Plans (Components of Net Periodic Benefit Cost Included in General and Administrative Expenses) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Service cost $ 187 $ 206 $ 204
Interest cost 565 539 551
Expected return on plan assets (996) (953) (926)
Amortization of prior service cost (1) (1) (1)
Amortization of actuarial (gain) loss, net 84 90 69
Settlements (3) 1 3
Special termination benefits 0 1 25
Net periodic (benefit) cost (164) (117) (75)
Other Postretirement Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Service cost 6 7 9
Interest cost 55 51 71
Expected return on plan assets (73) (76) (86)
Amortization of prior service cost (67) (67) (7)
Amortization of actuarial (gain) loss, net 10 8 10
Settlements 0 0 0
Special termination benefits 0 0 5
Net periodic (benefit) cost $ (69) $ (77) $ 2
v3.25.4
Employee Benefit Plans (Amounts Recorded in Accumulated Other Comprehensive Income not yet Recognized) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension Benefits      
Pension And Other Post Retirement Benefits Plans, Net Prior Service Cost Credit [Roll Forward]      
Beginning balance $ (1) $ (2) $ (2)
Amortization for the period 1 1 1
Deferrals for the period 6 0 (2)
Impact of foreign currency changes and other 0 0 1
Ending balance 6 (1) (2)
Pension And Other Postretirement Benefit Plans, Accumulated Net Gains (Losses) [Roll Forward]      
Balance, beginning of year 2,924 2,797 2,466
Amortization for the period (84) (90) (69)
Deferrals for the period 385 227 411
Impact of foreign currency changes and other 3 (10) (11)
Balance, end of period 3,228 2,924 2,797
Other Postretirement Benefits      
Pension And Other Post Retirement Benefits Plans, Net Prior Service Cost Credit [Roll Forward]      
Beginning balance (278) (345) (54)
Amortization for the period 67 67 7
Deferrals for the period 0 0 (298)
Impact of foreign currency changes and other 0 0 0
Ending balance (211) (278) (345)
Pension And Other Postretirement Benefit Plans, Accumulated Net Gains (Losses) [Roll Forward]      
Balance, beginning of year 218 209 222
Amortization for the period (10) (8) (10)
Deferrals for the period (21) 17 (3)
Impact of foreign currency changes and other (1) 0 0
Balance, end of period $ 186 $ 218 $ 209
v3.25.4
Employee Benefit Plans (Assumptions Related to Calculation of Domestic Benefit Obligation (End of Period) and Determination of Net Periodic (Benefit) Cost (Beginning of Period)) (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits        
Defined Benefit Plan Disclosure [Line Items]        
Discount rate 5.55% 5.85% 5.30% 5.45%
Rate of increase in compensation levels 6.25% 6.25% 6.25% 4.50%
Expected return on plan assets 7.75% 8.00% 7.50% 7.50%
Interest Crediting Rate 4.85% 4.35% 4.95% 4.25%
Other Postretirement Benefits        
Defined Benefit Plan Disclosure [Line Items]        
Discount rate 5.25% 5.70% 5.20% 5.55%
Expected return on plan assets 6.25% 6.50% 6.75% 7.75%
Health care cost trend rates 8.00% 7.90% 7.35% 6.50%
Ultimate health care cost trend rate 4.75% 4.75% 4.75% 4.75%
v3.25.4
Employee Benefit Plans (Asset Allocation Targets Reflecting a Percentage of Total Assets by Asset Class) (Details)
Dec. 31, 2025
Minimum | Pension Benefits | U.S. Equities  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 0.00%
Minimum | Pension Benefits | International Equities  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 0.00%
Minimum | Pension Benefits | Fixed maturities  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 51.00%
Minimum | Pension Benefits | Short-term Investments  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 0.00%
Minimum | Pension Benefits | Real Estate  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 3.00%
Minimum | Pension Benefits | Other invested assets  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 8.00%
Minimum | Postretirement | U.S. Equities  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 11.00%
Minimum | Postretirement | International Equities  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 4.00%
Minimum | Postretirement | Fixed maturities  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 5.00%
Minimum | Postretirement | Short-term Investments  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 0.00%
Minimum | Postretirement | Real Estate  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 0.00%
Minimum | Postretirement | Other invested assets  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 0.00%
Maximum | Pension Benefits | U.S. Equities  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 3.00%
Maximum | Pension Benefits | International Equities  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 8.00%
Maximum | Pension Benefits | Fixed maturities  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 70.00%
Maximum | Pension Benefits | Short-term Investments  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 11.00%
Maximum | Pension Benefits | Real Estate  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 16.00%
Maximum | Pension Benefits | Other invested assets  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 40.00%
Maximum | Postretirement | U.S. Equities  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 32.00%
Maximum | Postretirement | International Equities  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 22.00%
Maximum | Postretirement | Fixed maturities  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 72.00%
Maximum | Postretirement | Short-term Investments  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 26.00%
Maximum | Postretirement | Real Estate  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 0.00%
Maximum | Postretirement | Other invested assets  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 0.00%
v3.25.4
Employee Benefit Plans (Pension and Post Retirement Asset Allocations in Accordance with Investment Guidelines) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Gross Notional $ 676,411 $ 548,831  
Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 12,490 12,293 $ 12,649
Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 4,285 4,416  
Pension Benefits | Other invested assets      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 4,198 4,122  
Pension Benefits | Net assets in the fair value hierarchy      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 9,191 9,308  
Postretirement      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 1,239 1,187 1,186
Postretirement | Equities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 55 48  
Postretirement | Defined Benefit Plan, Debt Security      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 2  
Postretirement | Net assets in the fair value hierarchy      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 133 96  
Postretirement | Variable Life Insurance Policies at contract value      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 957 943  
Level 1 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 52 86  
Level 1 | Pension Benefits | Other invested assets      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Level 1 | Pension Benefits | Net assets in the fair value hierarchy      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 52 86  
Level 1 | Postretirement | Equities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Level 1 | Postretirement | Defined Benefit Plan, Debt Security      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Level 1 | Postretirement | Net assets in the fair value hierarchy      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 78 46  
Level 2 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 4,210 4,295  
Level 2 | Pension Benefits | Other invested assets      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Level 2 | Pension Benefits | Net assets in the fair value hierarchy      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 4,210 4,295  
Level 2 | Postretirement | Equities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 55 48  
Level 2 | Postretirement | Defined Benefit Plan, Debt Security      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 2  
Level 2 | Postretirement | Net assets in the fair value hierarchy      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 55 50  
Level 3 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 23 35  
Level 3 | Pension Benefits | Other invested assets      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 4,198 4,122  
Level 3 | Pension Benefits | Net assets in the fair value hierarchy      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 4,929 4,927  
Level 3 | Postretirement | Equities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Level 3 | Postretirement | Defined Benefit Plan, Debt Security      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Level 3 | Postretirement | Net assets in the fair value hierarchy      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Investment Measure at Net Asset Value as a practical expedient | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 2,418 2,186  
Investment Measure at Net Asset Value as a practical expedient | Pension Benefits | Real Estate      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 511 510  
Investment Measure at Net Asset Value as a practical expedient | Pension Benefits | Short-term Investments      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 150 67  
Investment Measure at Net Asset Value as a practical expedient | Pension Benefits | Equity Securities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 54 37  
Investment Measure at Net Asset Value as a practical expedient | Pension Benefits | Equity Securities | International      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 166 185  
Investment Measure at Net Asset Value as a practical expedient | Postretirement      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 149 148  
Investment Measure at Net Asset Value as a practical expedient | Postretirement | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 623 652  
Investment Measure at Net Asset Value as a practical expedient | Postretirement | Equity Securities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 215 192  
Investment Measure at Net Asset Value as a practical expedient | Postretirement | Equity Securities | International      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 119 99  
U.S. Equities | Postretirement | Equities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 43 38  
U.S. Equities | Level 1 | Postretirement | Equities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
U.S. Equities | Level 2 | Postretirement | Equities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 43 38  
U.S. Equities | Level 3 | Postretirement | Equities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
International Equities | Postretirement | Equities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 12 10  
International Equities | Level 1 | Postretirement | Equities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
International Equities | Level 2 | Postretirement | Equities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 12 10  
International Equities | Level 3 | Postretirement | Equities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Other U.S. government securities | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 919 919  
Other U.S. government securities | Level 1 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Other U.S. government securities | Level 2 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 919 919  
Other U.S. government securities | Level 3 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
U.S. government securities (state & other) | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 259 273  
U.S. government securities (state & other) | Level 1 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
U.S. government securities (state & other) | Level 2 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 259 273  
U.S. government securities (state & other) | Level 3 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Non-U.S. government securities | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 47 42  
Non-U.S. government securities | Level 1 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Non-U.S. government securities | Level 2 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 47 42  
Non-U.S. government securities | Level 3 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Corporate bonds | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 2,181 2,041  
Corporate bonds | Level 1 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Corporate bonds | Level 2 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 2,171 2,035  
Corporate bonds | Level 3 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 10 6  
Asset-backed | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 486 560  
Asset-backed | Level 1 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Asset-backed | Level 2 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 486 560  
Asset-backed | Level 3 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Collateralized mortgage obligations | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 304 453  
Collateralized mortgage obligations | Level 1 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Collateralized mortgage obligations | Level 2 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 304 453  
Collateralized mortgage obligations | Level 3 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Collateralized loan obligations | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 24  
Collateralized loan obligations | Level 1 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Collateralized loan obligations | Level 2 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 24  
Collateralized loan obligations | Level 3 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Interest Rate Swaps | Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Gross Notional 1,221 1,227  
Interest Rate Swaps | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 24 (12)  
Interest Rate Swaps | Level 1 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Interest Rate Swaps | Level 2 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 24 (12)  
Interest Rate Swaps | Level 3 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Registered investment companies | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 21 44  
Registered investment companies | Postretirement | Defined Benefit Plan, Debt Security      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 2  
Registered investment companies | Postretirement | Short-term Investments      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 78 46  
Registered investment companies | Level 1 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 21 44  
Registered investment companies | Level 1 | Postretirement | Defined Benefit Plan, Debt Security      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Registered investment companies | Level 1 | Postretirement | Short-term Investments      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 78 46  
Registered investment companies | Level 2 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Registered investment companies | Level 2 | Postretirement | Defined Benefit Plan, Debt Security      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 2  
Registered investment companies | Level 2 | Postretirement | Short-term Investments      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Registered investment companies | Level 3 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Registered investment companies | Level 3 | Postretirement | Defined Benefit Plan, Debt Security      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Registered investment companies | Level 3 | Postretirement | Short-term Investments      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Other | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 36 52  
Other | Level 1 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 23 22  
Other | Level 2 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 1  
Other | Level 3 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 13 29  
Partnerships | Pension Benefits | Real Estate      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 708 770  
Partnerships | Pension Benefits | Other invested assets      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 2,550 2,437  
Partnerships | Level 1 | Pension Benefits | Real Estate      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Partnerships | Level 1 | Pension Benefits | Other invested assets      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Partnerships | Level 2 | Pension Benefits | Real Estate      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Partnerships | Level 2 | Pension Benefits | Other invested assets      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Partnerships | Level 3 | Real Estate      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 708 770 942
Partnerships | Level 3 | Other invested assets      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 2,550 2,437 2,142
Partnerships | Level 3 | Pension Benefits | Real Estate      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 708 770  
Partnerships | Level 3 | Pension Benefits | Other invested assets      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 2,550 2,437  
Hedge Fund | Pension Benefits | Other invested assets      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 1,648 1,685  
Hedge Fund | Level 1 | Pension Benefits | Other invested assets      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Hedge Fund | Level 2 | Pension Benefits | Other invested assets      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Hedge Fund | Level 3 | Other invested assets      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 1,648 1,685 $ 1,495
Hedge Fund | Level 3 | Pension Benefits | Other invested assets      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 1,648 1,685  
Pooled separate accounts | Investment Measure at Net Asset Value as a practical expedient | Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 2,265 2,090  
Common/collective trusts | Investment Measure at Net Asset Value as a practical expedient | Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 940 802  
Other countries | Investment Measure at Net Asset Value as a practical expedient | Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 94 93  
Other common stocks | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 8 20  
Other common stocks | Level 1 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 8 20  
Other common stocks | Level 2 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Other common stocks | Level 3 | Pension Benefits | Fixed maturities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 0  
Net assets at fair value | Postretirement      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount $ 282 $ 244  
v3.25.4
Employee Benefit Plans (Changes in Fair Value of Level 3 Pension and Post Retirement Assets) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Level 3 | Corporate Bond Securities    
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Plan assets at beginning of period $ 6 $ 9
Actual return on assets:    
Relating to assets still held at the reporting date 0 0
Relating to assets sold during the period 0 0
Purchases 4 0
Sales 0 (3)
Issuances 0 0
Settlements 0 0
Transfers in and/or out of Level 3 0 0
Plan assets at end of period 10 6
Postretirement    
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Plan assets at beginning of period 1,187 1,186
Actual return on assets:    
Plan assets at end of period 1,239 1,187
Other | Level 3 | Fixed Maturities    
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Plan assets at beginning of period 29 82
Actual return on assets:    
Relating to assets still held at the reporting date 0 0
Relating to assets sold during the period 0 0
Purchases 0 0
Sales 0 0
Issuances 14 29
Settlements (30) (82)
Transfers in and/or out of Level 3 0 0
Plan assets at end of period 13 29
Partnerships | Level 3 | Real Estate    
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Plan assets at beginning of period 770 942
Actual return on assets:    
Relating to assets still held at the reporting date 2 (95)
Relating to assets sold during the period 0 0
Purchases 8 (18)
Sales (72) (59)
Issuances 0 0
Settlements 0 0
Transfers in and/or out of Level 3 0 0
Plan assets at end of period 708 770
Partnerships | Level 3 | Other invested assets    
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Plan assets at beginning of period 2,437 2,142
Actual return on assets:    
Relating to assets still held at the reporting date 254 219
Relating to assets sold during the period 0 0
Purchases 127 76
Sales (268) 0
Issuances 0 0
Settlements 0 0
Transfers in and/or out of Level 3 0 0
Plan assets at end of period 2,550 2,437
Hedge Fund | Level 3 | Other invested assets    
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Plan assets at beginning of period 1,685 1,495
Actual return on assets:    
Relating to assets still held at the reporting date 146 158
Relating to assets sold during the period 0 0
Purchases 75 32
Sales (258) 0
Issuances 0 0
Settlements 0 0
Transfers in and/or out of Level 3 0 0
Plan assets at end of period $ 1,648 $ 1,685
v3.25.4
Employee Benefit Plans (Expected Benefit Payments for Company's Pension and Postretirement Plans as well as Expected Medicare Part D Subsidy Receipts Related to Postretirement Plan) (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Pension Benefits  
Defined Benefit Plan Disclosure [Line Items]  
2026 $ 1,056
2027 900
2028 914
2029 933
2030 962
2031-2035 4,594
Total 9,359
Postretirement  
Defined Benefit Plan Disclosure [Line Items]  
2026 92
2027 96
2028 99
2029 105
2030 107
2031-2035 469
Total $ 968
v3.25.4
Equity (Common Stock Changes in Number of Shares Issued, Held in Treasury and Outstanding) (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Balance, beginning (in shares) 666,305,189    
Balance, ending (in shares) 666,305,189 666,305,189  
Issued      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Balance, beginning (in shares) 666,300,000 666,300,000 666,300,000
Common Stock issued (in shares) 0.0 0.0 0.0
Common Stock acquired 0.0 0.0 0.0
Stock-based compensation programs (in shares) 0.0 0.0 0.0
Balance, ending (in shares) 666,300,000 666,300,000 666,300,000
Held In Treasury      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Balance, beginning (in shares) 311,700,000 307,100,000 300,300,000
Common Stock issued (in shares) 0.0 0.0 0.0
Common Stock acquired 9,300,000 8,600,000 10,900,000
Stock-based compensation programs (in shares) (2,700,000) (4,000,000.0) (4,100,000)
Balance, ending (in shares) 318,300,000 311,700,000 307,100,000
Outstanding      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Balance, beginning (in shares) 354,600,000 359,200,000 366,000,000.0
Common Stock issued (in shares) 0.0 0.0 0.0
Common Stock acquired 9,300,000 8,600,000 10,900,000
Stock-based compensation programs (in shares) 2,700,000 4,000,000.0 4,100,000
Balance, ending (in shares) 348,000,000.0 354,600,000 359,200,000
v3.25.4
Equity (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Class of Stock [Line Items]      
Preferred Stock, Shares Authorized 10,000,000 10,000,000 10,000,000
Preferred Stock, Shares Outstanding 0 0 0
Common Stock, par value (in dollars per share) $ 0.01 $ 0.01  
Prudential Financial      
Class of Stock [Line Items]      
Preferred Stock, Shares Authorized 10,000,000 10,000,000  
Common Stock, par value (in dollars per share) $ 0.01 $ 0.01  
Cash and short-term investments at carrying value excluding intercompany liquidity account $ 3,817    
Cash and short-term investments at carrying value excluding intercompany liquidity account 3,817    
Prudential Insurance      
Class of Stock [Line Items]      
Unassigned Surplus $ 3,687    
Percentage exceed the greater/lesser of statutory surplus 10.00%    
POJ      
Class of Stock [Line Items]      
Japan Permitted Percentage of Statutory Earnings w/o approval 83.00%    
Japan-Retained Earnings Level- Permitted Percentage of Prior Year Statutory Earnings   100.00%  
RBC or solvency margin capital in excess of the regulatory required minimums 3.5    
Permitted to be paid, after September 24, 2026 | Prudential Insurance      
Class of Stock [Line Items]      
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval $ 648    
Permitted to be paid in 2026 | Prudential Insurance      
Class of Stock [Line Items]      
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval 1,848    
Permitted to be paid, after December 25, 2026 | Prudential Insurance      
Class of Stock [Line Items]      
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval $ 1,200    
v3.25.4
Equity (Share Repurchases Authorizations) (Details) - USD ($)
shares in Millions, $ in Billions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 10, 2025
Dec. 10, 2024
Dec. 11, 2023
Under February 2023 Board Of Directors Authorization            
Equity, Class of Treasury Stock [Line Items]            
Share Repurchase Program, Authorized, Amount   $ 1.0        
Under November 2025 Board Of Directors Authorization            
Equity, Class of Treasury Stock [Line Items]            
Share Repurchase Program, Authorized, Amount       $ 1.0    
Under December 2023 Board Of Directors Authorization            
Equity, Class of Treasury Stock [Line Items]            
Share Repurchase Program, Authorized, Amount           $ 1.0
Under December 2024 Board Of Directors Authorization            
Equity, Class of Treasury Stock [Line Items]            
Share Repurchase Program, Authorized, Amount         $ 1.0  
Other common stocks | Under February 2023 Board Of Directors Authorization            
Equity, Class of Treasury Stock [Line Items]            
Number of Treasury Stock Shares Acquired     10.9      
Other common stocks | Under December 2023 Board Of Directors Authorization            
Equity, Class of Treasury Stock [Line Items]            
Number of Treasury Stock Shares Acquired   8.6        
Other common stocks | Under December 2024 Board Of Directors Authorization            
Equity, Class of Treasury Stock [Line Items]            
Number of Treasury Stock Shares Acquired 9.3          
v3.25.4
Equity (Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance $ 28,187 $ 28,110 $ 30,934
Income tax benefit (expense) (1,003) (364) 837
Ending Balance 32,787 28,187 28,110
Foreign  Currency Translation Adjustment      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance (3,615) (2,686) (2,274)
Total amount recorded in AOCI 499 (811) (246)
Amounts reclassified from AOCI (53) (41) (18)
Income tax benefit (expense) (14) (77) (148)
Ending Balance (3,183) (3,615) (2,686)
Net Unrealized Investment Gains (Losses)      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance (18,687) (11,213) (16,194)
Total amount recorded in AOCI (1,695) (12,822) 5,076
Amounts reclassified from AOCI 1,042 2,697 1,143
Income tax benefit (expense) 551 2,651 (1,238)
Ending Balance (18,789) (18,687) (11,213)
Interest rate remeasurement of Liability for Future Policy Benefits      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance 17,306 8,547 15,242
Total amount recorded in AOCI 5,385 11,804 (8,770)
Amounts reclassified from AOCI 0 0 0
Income tax benefit (expense) (1,652) (3,045) 2,075
Ending Balance 21,039 17,306 8,547
Gains (losses) from Changes in Non-performance Risk on Market Risk Benefits      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance 532 900 1,448
Total amount recorded in AOCI (195) (466) (693)
Amounts reclassified from AOCI 0 0 0
Income tax benefit (expense) 41 98 145
Ending Balance 378 532 900
Pension and Postretirement Unrecognized Net Periodic Benefit (Cost)      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance (2,247) (2,052) (2,028)
Total amount recorded in AOCI (372) (234) (98)
Amounts reclassified from AOCI 26 30 71
Income tax benefit (expense) 71 9 3
Ending Balance (2,522) (2,247) (2,052)
Accumulated Other Comprehensive Income (Loss)      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance (6,711) (6,504) (3,806)
Total amount recorded in AOCI 3,622 (2,529) (4,731)
Amounts reclassified from AOCI 1,015 2,686 1,196
Income tax benefit (expense) (1,003) (364) 837
Ending Balance (3,077) (6,711) (6,504)
Net unrealized gains (losses) on all other investments      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance (27,287) (17,179) (24,959)
Ending Balance (26,641) (27,287) (17,179)
Cash flow hedges | Net Unrealized Investment Gains (Losses)      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance 1,780 869  
Ending Balance (231) 1,780 869
Fair value hedges | Net Unrealized Investment Gains (Losses)      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance (64) (60)  
Ending Balance $ (123) $ (64) $ (60)
v3.25.4
Equity (Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]      
Realized investment gains (losses), net [1],[2] $ (4,132) $ (3,429) $ (3,615)
Other income (loss) [1] 4,426 3,037 4,065
Total Foreign Currency Translation Adjustment      
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]      
Total amount reclassified from AOCI to income 53 41 18
Net Unrealized Investment Gains (Losses)      
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]      
Total amount reclassified from AOCI to income (1,042) (2,697) (1,143)
Total amortization of defined benefit pension items      
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]      
Total amount reclassified from AOCI to income (26) (30) (71)
Accumulated Other Comprehensive Income (Loss)      
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]      
Total amount reclassified from AOCI to income (1,015) (2,686) (1,196)
Amounts reclassified from AOCI      
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]      
Realized investment gains (losses), net 44 41 18
Other income (loss) $ 9 $ 0 $ 0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration] General and Administrative Expense General and Administrative Expense General and Administrative Expense
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] General and Administrative Expense General and Administrative Expense General and Administrative Expense
Amortization of defined benefit items:      
Prior service cost $ 68 $ 68 $ 8
Actuarial gain (loss) (94) (98) (79)
Amounts reclassified from AOCI | Total Foreign Currency Translation Adjustment      
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]      
Total amount reclassified from AOCI to income 53 41 18
Amounts reclassified from AOCI | Net Unrealized Investment Gains (Losses)      
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]      
Total amount reclassified from AOCI to income (1,042) (2,697) (1,143)
Amounts reclassified from AOCI | Total amortization of defined benefit pension items      
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]      
Total amount reclassified from AOCI to income (26) (30) (71)
Amounts reclassified from AOCI | Accumulated Other Comprehensive Income (Loss)      
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]      
Total amount reclassified from AOCI to income (1,015) (2,686) (1,196)
Amounts reclassified from AOCI | Net unrealized investment gains (losses) on available-for-sale securities      
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]      
Net unrealized investment gains (losses) (900) (3,272) (1,311)
Amounts reclassified from AOCI | Interest Rate | Cash Flow Hedges      
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]      
Net unrealized investment gains (losses) (13) (30) (38)
Amounts reclassified from AOCI | Currency | Cash Flow Hedges      
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]      
Net unrealized investment gains (losses) (8) 3 14
Amounts reclassified from AOCI | Currency | Fair value hedges      
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]      
Net unrealized investment gains (losses) (14) (10) (8)
Amounts reclassified from AOCI | Currency/Interest Rate | Cash Flow Hedges      
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]      
Net unrealized investment gains (losses) $ (107) $ 612 $ 200
[1] See Note 24 for additional information regarding related party transactions.
[2] See Note 24 for additional information regarding related party transactions.
v3.25.4
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 Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance $ 28,187 $ 28,110 $ 30,934
Ending Balance 32,787 28,187 28,110
Net Unrealized Investment Gain (Loss) on AFS Fixed Maturity Securities With AllowancePre Tax      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance 6 (72) (45)
Net investment gains (losses) on investments arising during the period (6) (24) 15
Reclassification adjustment for (gains) losses included in net income (4) 97 (3)
Reclassification due to allowance for credit losses recorded during the period     (39)
Reclassification due to allowance for credit losses recorded during the period   5  
Ending Balance (4) 6 (72)
Net unrealized gains (losses) on all other investments      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance (27,287) (17,179) (24,959)
Net investment gains (losses) on investments arising during the period (400) (12,703) 6,595
Reclassification adjustment for (gains) losses included in net income 1,046 2,600 1,146
Reclassification due to allowance for credit losses recorded during the period     39
Reclassification due to allowance for credit losses recorded during the period   (5)  
Ending Balance (26,641) (27,287) (17,179)
Reinsurance Recoverables      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance (269) (484) (703)
Impact of net unrealized investment (gains) losses 101 215 219
Ending Balance (168) (269) (484)
Future Policy Benefits, Policyholders’ Account Balances and Reinsurance Payables      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance 981 1,306 1,946
Impact of net unrealized investment (gains) losses (358) (325) (640)
Ending Balance 623 981 1,306
Policyholders' Dividends      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance 2,096 2,081 3,194
Impact of net unrealized investment (gains) losses (1,032) 15 (1,113)
Ending Balance 1,064 2,096 2,081
Income Tax Benefit (Expense)      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance 5,786 3,135 4,373
Net investment gains (losses) on investments arising during the period (179) 3,339 (1,327)
Reclassification adjustment for (gains) losses included in net income 459 (708) (229)
Reclassification due to allowance for credit losses recorded during the period     0
Reclassification due to allowance for credit losses recorded during the period   0  
Impact of net unrealized investment (gains) losses 271 20 318
Ending Balance 6,337 5,786 3,135
Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses)      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance (18,687) (11,213) (16,194)
Net investment gains (losses) on investments arising during the period (585) (9,388) 5,283
Reclassification adjustment for (gains) losses included in net income 1,501 1,989 914
Reclassification due to allowance for credit losses recorded during the period     0
Reclassification due to allowance for credit losses recorded during the period   0  
Impact of net unrealized investment (gains) losses (1,018) (75) (1,216)
Ending Balance (18,789) (18,687) (11,213)
Additional Paid-in Capital      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning Balance 25,901 25,746 25,747
Ending Balance $ 26,013 $ 25,901 $ 25,746
v3.25.4
Equity (Statutory Financial Information) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Prudential Insurance      
Statutory Accounting Practices [Line Items]      
Statutory net income (loss) $ 1,951 $ 1,245 $ 1,732
Statutory capital and surplus $ 15,907 $ 15,790 $ 16,085
Gibraltar Life [Member]      
Statutory Accounting Practices [Line Items]      
Statutory Accounting Practices Risk Based Capital Requirements Compliance Ratio Multiple 3.5    
Japan Permitted Percentage of Statutory Earnings w/o approval 83.00%    
POJ      
Statutory Accounting Practices [Line Items]      
Statutory Accounting Practices Risk Based Capital Requirements Compliance Ratio Multiple 3.5    
Japan Permitted Percentage of Statutory Earnings w/o approval 83.00%    
Permitted to be paid in 2026 | Prudential Insurance      
Statutory Accounting Practices [Line Items]      
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval $ 1,848    
Permitted to be paid, after September 24, 2026 | Prudential Insurance      
Statutory Accounting Practices [Line Items]      
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval 648    
Permitted to be paid, after December 25, 2026 | Prudential Insurance      
Statutory Accounting Practices [Line Items]      
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval $ 1,200    
v3.25.4
Equity (Dividends Declared) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Equity [Abstract]      
Dividends declared per share of Common Stock (in dollars per share) $ 5.40 $ 5.20 $ 5.00
v3.25.4
Earnings Per Share (Narrative) (Details) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Undistributed earnings allocated to participating unvested share-based payment awards, weighted outstanding shares 3.8 4.0 4.1
v3.25.4
Earnings Per Share (Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Basic earnings per share      
Net income (loss) $ 3,732 $ 2,846 $ 2,508
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards 41 32 29
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Income $ 3,535 $ 2,695 $ 2,459
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Weighted Average Shares 351.8 357.5 363.5
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Per Share Amount $ 10.05 $ 7.54 $ 6.76
Dilutive Securities, Effect on Basic Earnings Per Share [Abstract]      
Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic $ 41 $ 32 $ 29
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted $ 41 $ 32 $ 29
Stock options, Weighted Average Shares 0.1 0.3 0.2
Deferred and long-term compensation programs (in shares) 1.8 1.5 0.9
Diluted earnings per share      
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Income $ 3,535 $ 2,695 $ 2,459
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Weighted Average Shares 353.7 359.3 364.6
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Per Share Amount $ 9.99 $ 7.50 $ 6.74
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests $ 156 $ 119 $ 20
v3.25.4
Earnings Per Share (Antidilutive Securities Excluded From the Computation of Diluted Earnings Per Share) (Details) - $ / shares
shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Weighted average shares of antidilutive security excluded from computation of diluted earnings per share (in shares) 0.1 0.1 1.3
Antidilutive stock options based on application of the treasury stock method      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Weighted average shares of antidilutive security excluded from computation of diluted earnings per share (in shares) 0.1 0.1 1.2
Weighted average exercise price of options excluded from computation of diluted earnings per share (in dollars per share) $ 109.02 $ 110.42 $ 102.63
Antidilutive stock options due to net loss available to holders of Common Stock      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Weighted average shares of antidilutive security excluded from computation of diluted earnings per share (in shares) 0.0 0.0 0.0
Antidilutive shares based on application of the treasury stock method      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Weighted average shares of antidilutive security excluded from computation of diluted earnings per share (in shares) 0.0 0.0 0.1
Antidilutive shares due to net loss available to holders of Common Stock      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Weighted average shares of antidilutive security excluded from computation of diluted earnings per share (in shares) 0.0 0.0 0.0
v3.25.4
Share-Based Payments (Narrative) (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Jan. 10, 2024
USD ($)
employee
plan
shares
Dec. 31, 2025
USD ($)
$ / shares
Rate
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Tax benefit realized for exercises of stock options   $ 1 $ 3 $ 2
Tax benefit realized upon vesting of restricted stock shares, restricted stock units, and performance shares   54 60 77
Total Compensation Cost Recognized   257 314 254
Omnibus Incentive Plan        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Unrecognized compensation cost for stock options   0    
Assurance IQ        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Tax benefit realized for exercises of stock options   1 1 1
Unrecognized compensation cost for stock options   0    
Total Compensation Cost Recognized   $ 0 0 3
Omnibus Incentive Plan        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Authorized shares remain available for grant including previously authorized but unissued shares under the Option Plan | shares   12,496,717    
Employee stock options        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Maximum term of stock option granted (in years)   10 years    
Vesting period   3 years    
The total intrinsic value of stock options exercised   $ 2 $ 26 $ 8
Granted (in shares) | shares   0 0 0
Total Compensation Cost Recognized   $ 0 $ 0 $ 0
Employee stock options | Share-Based Payment Arrangement, Tranche One        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Award vesting rights, percentage | Rate   33.00%    
Employee stock options | Share-Based Payment Arrangement, Tranche Two        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Award vesting rights, percentage | Rate   33.00%    
Employee stock options | Share-Based Payment Arrangement, Tranche Three        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Award vesting rights, percentage | Rate   33.00%    
Employee stock options | Assurance IQ        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Maximum term of stock option granted (in years)   10 years    
Vesting period   3 years    
The total intrinsic value of stock options exercised   $ 1 2 3
Granted (in shares) | shares   0    
Total Compensation Cost Recognized   $ 0 0 2
Employee Restricted Stock Restricted Units And Performance Shares        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
The fair market value of share awards released   269 302 360
Unrecognized Compensation Cost   $ 169    
Weighted Average Recognition Period (in years)   1 year 9 months 3 days    
Employee Restricted Stock Restricted Units And Performance Shares | Assurance IQ        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
The fair market value of share awards released   $ 0 $ 1 $ 1
Employee restricted stock units        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Granted (in dollars per share) | $ / shares   $ 108.42 $ 102.66 $ 102.64
Award restriction period   3 years    
Granted (in shares) | shares   1,952,680    
Total Compensation Cost Recognized   $ 200 $ 200 $ 200
Employee restricted stock units | Share-Based Payment Arrangement, Tranche One        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Award restrictions, percentage   33.00%    
Employee restricted stock units | Share-Based Payment Arrangement, Tranche Two        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Award restrictions, percentage   33.00%    
Employee restricted stock units | Share-Based Payment Arrangement, Tranche Three        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Award restrictions, percentage | Rate   33.00%    
Employee restricted stock units | Assurance IQ        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Granted (in dollars per share) | $ / shares   $ 0 $ 0 $ 0
Unrecognized compensation cost not including stock options   $ 0    
Total Compensation Cost Recognized   $ 0 $ 0 $ 1
Employee performance shares and performance units        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Granted (in dollars per share) | $ / shares   $ 104.93 $ 97.67 $ 103.27
Number of employees to receive shares from plan modifications | employee 161      
Number of performance plans affected by plan modifications | plan 3      
Granted (in shares) | shares   734,808    
Total Compensation Cost Recognized $ 62 $ 57 $ 114 $ 54
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | shares 600,000      
Employee performance shares and performance units | Assurance IQ        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Tax benefit realized upon vesting of restricted stock shares, restricted stock units, and performance shares   0 1 1
Total Compensation Cost Recognized   $ 0 $ 0 $ 0
v3.25.4
Share-Based Payments (Compensation Cost Recognized and Related Income Tax Benefit for Stock Options, Restricted Stock Shares, Restricted Stock Units, and Performance Share Awards) (Details) - USD ($)
$ in Millions
 12 Months Ended
Jan. 10, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Total Compensation Cost Recognized   $ 257 $ 314 $ 254
Income Tax Benefit   59 74 59
Assurance IQ        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Total Compensation Cost Recognized   0 0 3
Income Tax Benefit   0 0 1
Employee stock options        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Total Compensation Cost Recognized   0 0 0
Income Tax Benefit   0 0 0
Employee stock options | Assurance IQ        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Total Compensation Cost Recognized   0 0 2
Income Tax Benefit   0 0 1
Employee restricted stock units        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Total Compensation Cost Recognized   200 200 200
Income Tax Benefit   46 47 47
Employee restricted stock units | Assurance IQ        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Total Compensation Cost Recognized   0 0 1
Income Tax Benefit   0 0 0
Employee performance shares and performance units        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Total Compensation Cost Recognized $ 62 57 114 54
Income Tax Benefit   13 27 12
Employee performance shares and performance units | Assurance IQ        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Total Compensation Cost Recognized   0 0 0
Income Tax Benefit   $ 0 $ 0 $ 0
v3.25.4
Share-Based Payments (Summary of the Status of the Company's Employee Stock Option Grants) (Details) - Employee stock options - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Shares      
Outstanding (in shares) 661,895    
Granted (in shares) 0 0 0
Exercised (in shares) (56,141)    
Forfeited (in shares) 0    
Expired (in shares) (1,314)    
Outstanding (in shares) 604,440 661,895  
Exercisable (in shares) 604,440    
Weighted Average Exercise Price      
Outstanding (in dollars per share) $ 96.00    
Granted (in dollars per share) 0.00    
Exercised (in dollars per share) 78.42    
Forfeited (in dollars per share) 0.00    
Expired (in dollars per share) 78.08    
Outstanding (in dollars per share) 97.67 $ 96.00  
Exercisable (in dollars per share) $ 97.67    
Assurance IQ      
Shares      
Outstanding (in shares) 2,171    
Granted (in shares) 0    
Exercised (in shares) (2,171)    
Forfeited (in shares) 0    
Expired (in shares) 0    
Outstanding (in shares) 0 2,171  
Exercisable (in shares) 0    
Weighted Average Exercise Price      
Outstanding (in dollars per share) $ 0.09    
Granted (in dollars per share) 0.00    
Exercised (in dollars per share) 0.09    
Forfeited (in dollars per share) 0.00    
Expired (in dollars per share) 0.00    
Outstanding (in dollars per share) 0.00 $ 0.09  
Exercisable (in dollars per share) $ 0.00    
v3.25.4
Share-Based Payments (Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value of Stock Options Outstanding, Vested and Expected to Vest, and Exercisable) (Details) - Employee stock options
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Outstanding, Weighted Average Remaining Contractual Term 2 years 6 months 3 days
Exercisable, Weighted Average Remaining Contractual Term 2 years 6 months 3 days
Outstanding, Aggregate Intrinsic Value $ 9
Exercisable, Aggregate Intrinsic Value $ 9
v3.25.4
Share-Based Payments (Summary of the Company's Employee Restricted Stock Shares, Restricted Stock Units and Performance Shares (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Minimum      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Number of shares to be awarded at the end of each performance period 0.00%    
Maximum      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Number of shares to be awarded at the end of each performance period 150.00%    
Employee restricted stock units      
Restricted Awards      
Restricted (in shares) 3,919,337    
Granted (in shares) 1,952,680    
Forfeited (in shares) (229,277)    
Performance adjustment (in shares) 0    
Released (in shares) (1,893,017)    
Restricted (in shares) 3,749,723 3,919,337  
Weighted Average Grant Date Fair Value      
Restricted (in dollars per share) $ 104.53    
Granted (in dollars per share) 108.42 $ 102.66 $ 102.64
Forfeited (in dollars per share) 107.07    
Performance adjustment (in dollars per share) 0.00    
Released (in dollars per share) 107.52    
Restricted (in dollars per share) $ 104.90 $ 104.53  
Employee performance shares and performance units      
Restricted Awards      
Restricted (in shares) 1,923,149    
Granted (in shares) 734,808    
Forfeited (in shares) (53,342)    
Performance adjustment (in shares) (100,878)    
Released (in shares) (468,344)    
Restricted (in shares) 2,035,393 1,923,149  
Weighted Average Grant Date Fair Value      
Restricted (in dollars per share) $ 101.50    
Granted (in dollars per share) 104.93 $ 97.67 103.27
Forfeited (in dollars per share) 107.21    
Performance adjustment (in dollars per share) 103.72    
Released (in dollars per share) 103.74    
Restricted (in dollars per share) 101.96 101.50  
Assurance IQ | Employee restricted stock units      
Weighted Average Grant Date Fair Value      
Granted (in dollars per share) $ 0 $ 0 $ 0
v3.25.4
Segment Information (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]            
Total deferred gain (loss) $ 711     $ 711    
Synthetic Gic Fees       97 $ 100 $ 107
Income (loss) before income taxes and equity in earnings of operating joint ventures       4,656 3,209 3,072
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] General and Administrative Expense   General and Administrative Expense      
Revision of Prior Period, Adjustment            
Segment Reporting Information [Line Items]            
Income (loss) before income taxes and equity in earnings of operating joint ventures   $ (150)        
Segment Reconciling Items            
Segment Reporting Information [Line Items]            
Derivative, Gain (Loss) on Derivative, Net, Terminated Or Offset Before Maturity       123 140 178
Operating Segments            
Segment Reporting Information [Line Items]            
Income (loss) before income taxes and equity in earnings of operating joint ventures       6,637 5,926 5,599
Retirement Strategies | Operating Segments | Individual Retirement Strategies | U.S. Businesses            
Segment Reporting Information [Line Items]            
Income (loss) before income taxes and equity in earnings of operating joint ventures       $ 1,732 $ 1,763 $ 1,818
v3.25.4
Segment Information (Operating Income of Reportable Segments) (Reconciling Items) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Premiums [1] $ 30,797 $ 42,897 $ 27,364
Insurance Commissions and Fees 4,666 4,298 4,527
Net Investment Income 21,473 19,909 17,865
Asset management fees, commissions and other income 3,838 3,301 4,223
Revenues 60,774 70,405 53,979
Policyholders’ benefits [1] 35,224 47,119 30,931
Policyholder Account Balance, Interest Expense 5,068 4,582 3,983
Amortization expense [1] 1,635 1,492 1,459
Total Expenses 35,549 22,327 14,551
Benefits, Losses and Expenses 56,118 67,196 50,907
Income (loss) before income taxes and equity in earnings of operating joint ventures 4,656 3,209 3,072
Total Reconciling Items      
Segment Reporting Information [Line Items]      
Premiums 2,206 2,152 2,140
Insurance Commissions and Fees 256 21 303
Net Investment Income 2,535 2,534 2,572
Asset management fees, commissions and other income (1,900) (2,355) (1,526)
Revenues 3,097 2,352 3,489
Income (loss) before income taxes and equity in earnings of operating joint ventures (1,981) (2,717) (2,527)
Realized investment gains (losses), net, and related charges and adjustments      
Segment Reporting Information [Line Items]      
Income (loss) before income taxes and equity in earnings of operating joint ventures (1,618) (2,150) (2,510)
Segment Reconciling Items, Change In Value Of Market Risk Benefits, Net Of Related Hedging Gains (Losses)      
Segment Reporting Information [Line Items]      
Income (loss) before income taxes and equity in earnings of operating joint ventures (475) (397) 56
Segment Reconciling Items, Market Experience Updates      
Segment Reporting Information [Line Items]      
Income (loss) before income taxes and equity in earnings of operating joint ventures 68 (52) 110
Segment Reconciling Items, Closed Block Division      
Segment Reporting Information [Line Items]      
Income (loss) before income taxes and equity in earnings of operating joint ventures (68) (113) (100)
Segment Reconciling Items, Other Divested And Run-Off Business      
Segment Reporting Information [Line Items]      
Income (loss) before income taxes and equity in earnings of operating joint ventures 107 30 21
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests      
Segment Reporting Information [Line Items]      
Income (loss) before income taxes and equity in earnings of operating joint ventures (20) (16) (68)
Segment Reconciling Items, Other Adjustments      
Segment Reporting Information [Line Items]      
Income (loss) before income taxes and equity in earnings of operating joint ventures 25 (19) (36)
International Businesses      
Segment Reporting Information [Line Items]      
Policyholder Account Balance, Interest Expense 2,169 1,810 1,445
Segment Reconciling Items      
Segment Reporting Information [Line Items]      
Terminated hedges of foreign currency earnings 9 (11) (32)
Current period yield adjustments 199 216 467
Principal source of earnings 17 50 1
Investments carried at fair value through net income 692 (337) 754
Foreign currency exchange movements 12 (76) (123)
Other Activities (1) (1) (10)
Operating Segments      
Segment Reporting Information [Line Items]      
Premiums 28,591 40,745 25,224
Insurance Commissions and Fees 4,410 4,277 4,224
Net Investment Income 18,938 17,375 15,293
Asset management fees, commissions and other income 5,738 5,656 5,749
Revenues 57,677 68,053 50,490
Policyholders’ benefits 31,899 44,018 27,937
Policyholder Account Balance, Interest Expense 4,704 3,949 3,246
Interest expense 2,112 2,019 1,754
Deferred Policy Acquisition Cost, Capitalization (2,753) (2,601) (2,328)
Amortization expense 1,571 1,445 1,417
Total Expenses 6,773 6,870 7,035
Variable Expenses 6,441 6,262 5,520
Other Expenses 293 165 310
Benefits, Losses and Expenses 51,040 62,127 44,891
Income (loss) before income taxes and equity in earnings of operating joint ventures 6,637 5,926 5,599
Operating Segments | Total Corporate and Other      
Segment Reporting Information [Line Items]      
Premiums (22) (20) (16)
Insurance Commissions and Fees (60) (57) (53)
Net Investment Income 1,338 1,234 730
Asset management fees, commissions and other income (1,060) (1,063) (612)
Revenues 196 94 49
Policyholders’ benefits (6) (19) (11)
Policyholder Account Balance, Interest Expense 54 84 113
Interest expense 840 677 639
Deferred Policy Acquisition Cost, Capitalization 144 188 97
Amortization expense (60) (56) (37)
Total Expenses 799 1,102 1,354
Variable Expenses (1) (99) (72)
Other Expenses 0 0 0
Benefits, Losses and Expenses 1,770 1,877 2,083
Income (loss) before income taxes and equity in earnings of operating joint ventures (1,574) (1,783) (2,034)
Operating Segments | PGIM | PGIM      
Segment Reporting Information [Line Items]      
Premiums 0 0 0
Insurance Commissions and Fees 0 0 0
Net Investment Income 181 15 268
Asset management fees, commissions and other income 4,050 4,077 3,370
Revenues 4,231 4,092 3,638
Policyholders’ benefits 0 0 0
Policyholder Account Balance, Interest Expense 0 0 0
Interest expense 100 105 113
Deferred Policy Acquisition Cost, Capitalization 0 (1) (2)
Amortization expense 0 2 2
Total Expenses 1,973 1,841 1,771
Variable Expenses 1,280 1,270 1,041
Other Expenses 0 0 0
Benefits, Losses and Expenses 3,353 3,217 2,925
Income (loss) before income taxes and equity in earnings of operating joint ventures 878 875 713
Operating Segments | U.S. Businesses Division | Retirement Strategies | Institutional Retirement Strategies      
Segment Reporting Information [Line Items]      
Premiums 10,987 22,947 6,342
Insurance Commissions and Fees 30 33 33
Net Investment Income 5,150 4,674 4,180
Asset management fees, commissions and other income 490 541 475
Revenues 16,657 28,195 11,030
Policyholders’ benefits 13,501 25,752 8,759
Policyholder Account Balance, Interest Expense 817 664 552
Interest expense 60 31 1
Deferred Policy Acquisition Cost, Capitalization (95) (80) (75)
Amortization expense 24 11 16
Total Expenses 273 231 199
Variable Expenses 106 106 84
Other Expenses 258 (376) (201)
Benefits, Losses and Expenses 14,944 26,339 9,335
Income (loss) before income taxes and equity in earnings of operating joint ventures 1,713 1,856 1,695
Operating Segments | U.S. Businesses Division | Retirement Strategies | Individual Retirement Strategies      
Segment Reporting Information [Line Items]      
Premiums 78 76 86
Insurance Commissions and Fees 1,125 1,234 1,247
Net Investment Income 2,855 2,110 1,454
Asset management fees, commissions and other income 1,483 1,705 1,745
Revenues 5,541 5,125 4,532
Policyholders’ benefits 264 141 134
Policyholder Account Balance, Interest Expense 1,455 1,039 560
Interest expense 52 84 72
Deferred Policy Acquisition Cost, Capitalization (668) (641) (379)
Amortization expense 472 394 349
Total Expenses 580 578 552
Variable Expenses 1,635 1,759 1,418
Other Expenses 19 8 8
Benefits, Losses and Expenses 3,809 3,362 2,714
Income (loss) before income taxes and equity in earnings of operating joint ventures 1,732 1,763 1,818
Operating Segments | U.S. Businesses Division | Group Insurance      
Segment Reporting Information [Line Items]      
Premiums 5,419 5,129 5,024
Insurance Commissions and Fees 728 678 674
Net Investment Income 543 530 512
Asset management fees, commissions and other income 84 90 75
Revenues 6,774 6,427 6,285
Policyholders’ benefits 5,022 4,801 4,703
Policyholder Account Balance, Interest Expense 137 149 166
Interest expense 21 11 8
Deferred Policy Acquisition Cost, Capitalization (4) (28) (3)
Amortization expense 9 6 9
Total Expenses 751 734 743
Variable Expenses 457 440 340
Other Expenses 0 0 0
Benefits, Losses and Expenses 6,393 6,113 5,966
Income (loss) before income taxes and equity in earnings of operating joint ventures 381 314 319
Operating Segments | U.S. Businesses Division | Individual Life      
Segment Reporting Information [Line Items]      
Premiums 936 957 969
Insurance Commissions and Fees 2,207 2,065 2,015
Net Investment Income 2,842 3,089 2,860
Asset management fees, commissions and other income 145 84 430
Revenues 6,130 6,195 6,274
Policyholders’ benefits 2,920 3,095 3,295
Policyholder Account Balance, Interest Expense 733 803 912
Interest expense 1,036 1,113 898
Deferred Policy Acquisition Cost, Capitalization (933) (901) (768)
Amortization expense 433 442 456
Total Expenses 529 591 481
Variable Expenses 1,173 1,125 981
Other Expenses (21) 132 114
Benefits, Losses and Expenses 5,870 6,400 6,369
Income (loss) before income taxes and equity in earnings of operating joint ventures 260 (205) (95)
Operating Segments | International Businesses | International Businesses      
Segment Reporting Information [Line Items]      
Premiums 11,193 11,656 12,819
Insurance Commissions and Fees 380 324 308
Net Investment Income 6,029 5,723 5,289
Asset management fees, commissions and other income 546 222 266
Revenues 18,148 17,925 18,682
Policyholders’ benefits 10,198 10,248 11,057
Policyholder Account Balance, Interest Expense 1,508 1,210 943
Interest expense 3 (2) 23
Deferred Policy Acquisition Cost, Capitalization (1,197) (1,138) (1,198)
Amortization expense 693 646 622
Total Expenses 1,868 1,793 1,935
Variable Expenses 1,791 1,661 1,728
Other Expenses 37 401 389
Benefits, Losses and Expenses 14,901 14,819 15,499
Income (loss) before income taxes and equity in earnings of operating joint ventures $ 3,247 $ 3,106 $ 3,183
[1] See Note 24 for additional information regarding related party transactions.
v3.25.4
Segment Information (Certain Financial Information for the Reportable Segments) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Number Of Reportable Segments Not Disclosed Flag segments    
Total assets $ 773,740 $ 735,587  
Revenues 60,774 70,405 $ 53,979
Net Investment Income 21,473 19,909 17,865
Total Benefits and Expenses 56,118 67,196 50,907
Policyholders’ Benefits [1] 35,224 47,119 30,931
Interest credited to policyholders’ account balances 5,068 4,582 3,983
Amortization of deferred policy acquisition costs [1] 1,635 1,492 1,459
Income (loss) before income taxes and equity in earnings of operating joint ventures 4,656 3,209 3,072
International Businesses      
Segment Reporting Information [Line Items]      
Interest credited to policyholders’ account balances 2,169 1,810 1,445
Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 57,677 68,053 50,490
Net Investment Income 18,938 17,375 15,293
Total Benefits and Expenses 51,040 62,127 44,891
Policyholders’ Benefits 31,899 44,018 27,937
Interest credited to policyholders’ account balances 4,704 3,949 3,246
Interest expense 2,112 2,019 1,754
Amortization of deferred policy acquisition costs 1,571 1,445 1,417
Income (loss) before income taxes and equity in earnings of operating joint ventures 6,637 5,926 5,599
Operating Segments | Total U.S. Businesses      
Segment Reporting Information [Line Items]      
Total assets 468,873 438,923  
Operating Segments | International Businesses | International Businesses      
Segment Reporting Information [Line Items]      
Total assets 187,770 180,038  
Operating Segments | PGIM | PGIM      
Segment Reporting Information [Line Items]      
Total assets 39,103 36,044  
Operating Segments | Retirement Strategies | U.S. Businesses Division      
Segment Reporting Information [Line Items]      
Total assets 296,440 276,993  
Operating Segments | Retirement Strategies | U.S. Businesses Division | Individual Retirement Strategies      
Segment Reporting Information [Line Items]      
Total assets 161,309 150,151  
Revenues 5,541 5,125 4,532
Net Investment Income 2,855 2,110 1,454
Total Benefits and Expenses 3,809 3,362 2,714
Policyholders’ Benefits 264 141 134
Interest credited to policyholders’ account balances 1,455 1,039 560
Interest expense 52 84 72
Amortization of deferred policy acquisition costs 472 394 349
Income (loss) before income taxes and equity in earnings of operating joint ventures 1,732 1,763 1,818
Operating Segments | Retirement Strategies | U.S. Businesses Division | Institutional Retirement Strategies      
Segment Reporting Information [Line Items]      
Total assets 135,131 126,842  
Revenues 16,657 28,195 11,030
Net Investment Income 5,150 4,674 4,180
Total Benefits and Expenses 14,944 26,339 9,335
Policyholders’ Benefits 13,501 25,752 8,759
Interest credited to policyholders’ account balances 817 664 552
Interest expense 60 31 1
Amortization of deferred policy acquisition costs 24 11 16
Income (loss) before income taxes and equity in earnings of operating joint ventures 1,713 1,856 1,695
Operating Segments | Group Insurance | U.S. Businesses Division      
Segment Reporting Information [Line Items]      
Total assets 41,292 39,340  
Revenues 6,774 6,427 6,285
Net Investment Income 543 530 512
Total Benefits and Expenses 6,393 6,113 5,966
Policyholders’ Benefits 5,022 4,801 4,703
Interest credited to policyholders’ account balances 137 149 166
Interest expense 21 11 8
Amortization of deferred policy acquisition costs 9 6 9
Income (loss) before income taxes and equity in earnings of operating joint ventures 381 314 319
Operating Segments | Individual Life | U.S. Businesses Division      
Segment Reporting Information [Line Items]      
Total assets 131,141 122,590  
Revenues 6,130 6,195 6,274
Net Investment Income 2,842 3,089 2,860
Total Benefits and Expenses 5,870 6,400 6,369
Policyholders’ Benefits 2,920 3,095 3,295
Interest credited to policyholders’ account balances 733 803 912
Interest expense 1,036 1,113 898
Amortization of deferred policy acquisition costs 433 442 456
Income (loss) before income taxes and equity in earnings of operating joint ventures 260 (205) (95)
Operating Segments | International Businesses | International Businesses      
Segment Reporting Information [Line Items]      
Revenues 18,148 17,925 18,682
Net Investment Income 6,029 5,723 5,289
Total Benefits and Expenses 14,901 14,819 15,499
Policyholders’ Benefits 10,198 10,248 11,057
Interest credited to policyholders’ account balances 1,508 1,210 943
Interest expense 3 (2) 23
Amortization of deferred policy acquisition costs 693 646 622
Income (loss) before income taxes and equity in earnings of operating joint ventures 3,247 3,106 3,183
Operating Segments | Total Corporate and Other      
Segment Reporting Information [Line Items]      
Revenues 196 94 49
Net Investment Income 1,338 1,234 730
Total Benefits and Expenses 1,770 1,877 2,083
Policyholders’ Benefits (6) (19) (11)
Interest credited to policyholders’ account balances 54 84 113
Interest expense 840 677 639
Amortization of deferred policy acquisition costs (60) (56) (37)
Income (loss) before income taxes and equity in earnings of operating joint ventures (1,574) (1,783) $ (2,034)
Segment Reconciling Items | Total Corporate and Other      
Segment Reporting Information [Line Items]      
Total assets 29,899 31,767  
Segment Reporting, Reconciling Item, Corporate Nonsegment | Closed Block division      
Segment Reporting Information [Line Items]      
Total assets $ 48,095 $ 48,815  
[1] See Note 24 for additional information regarding related party transactions.
v3.25.4
Segment Information (Revenues and Asset Management Revenues) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Asset management and service fees [1] $ 4,019 $ 4,090 $ 3,717
Revenues 60,774 70,405 53,979
PGIM | Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Revenues 905 837 796
United States      
Segment Reporting Information [Line Items]      
Revenues 36,801 48,568 31,031
Japan      
Segment Reporting Information [Line Items]      
Revenues 13,487 13,760 15,538
Other Countries      
Segment Reporting Information [Line Items]      
Revenues 10,486 8,077 7,410
Management Service, Base      
Segment Reporting Information [Line Items]      
Asset management and service fees 3,440 3,386 3,169
Management Service, Incentive      
Segment Reporting Information [Line Items]      
Asset management and service fees 94 198 45
Financial Service, Other      
Segment Reporting Information [Line Items]      
Asset management and service fees $ 485 $ 506 $ 503
[1] See Note 24 for additional information regarding related party transactions.
v3.25.4
Related Party Transactions - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Nov. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Related Party Transaction [Line Items]              
Future policy benefits $ 266,914     $ 268,912   $ 273,281  
Guarantee on letters of credit 2,300            
Prismic Re International              
Related Party Transaction [Line Items]              
Future policy benefits     $ 7,000        
Contingent debt facility $ 80            
Contingent Debt Facility              
Related Party Transaction [Line Items]              
Related Party Transaction, Term 10 years            
Related Party              
Related Party Transaction [Line Items]              
Future policy benefits         $ 9,000    
Guarantee on letters of credit $ 2,000     $ 2,000      
Prismic Re Unfunded Commitment   $ 320          
Prismic HoldCo              
Related Party Transaction [Line Items]              
Equity Method Investment, Ownership Percentage         20.00%   20.00%
Prismic HoldCo | Prismic Re International              
Related Party Transaction [Line Items]              
Carrying value     $ 103        
Prismic HoldCo | Related Party              
Related Party Transaction [Line Items]              
Equity Method Investment, Ownership Percentage 20.00% 20.00%   20.00%     20.00%
Prismic HoldCo | Related Party              
Related Party Transaction [Line Items]              
Carrying value $ 200     $ 200     $ 200
v3.25.4
Related Party Transactions - The Company’s Related Party Balances with Prismic (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]    
Other assets [1],[2] $ 15,009 $ 13,737
Accumulated other comprehensive income (loss) [1] (3,077) (6,711)
Reinsurance and funds withheld payables, embedded derivatives at fair value 174 (118)
Related Party    
Related Party Transaction [Line Items]    
Reinsurance Recoverables, Gross 15,581 9,084
Other assets 162 187
Reinsurance and funds withheld payables (includes $194 and $(91) of embedded derivatives at fair value at December 31, 2024 and 2023, respectively) 7,980 7,796
Accumulated other comprehensive income (loss) (128) (139)
Reinsurance and funds withheld payables, embedded derivatives at fair value $ 194 $ (91)
[1] See Note 24 for additional information regarding related party transactions.
[2] See Note 4 for details of balances associated with variable interest entities.
v3.25.4
Related Party Transactions - The Initial and Ongoing Reinsurance Activity with Prismic Re of Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]      
Premiums [1] $ 30,797 $ 42,897 $ 27,364
Asset management and service fees [1] 4,019 4,090 3,717
Other income (loss) [1] 4,426 3,037 4,065
Realized Investment Gains (Losses) [1],[2] (4,132) (3,429) (3,615)
Policyholders’ benefits [1] (35,224) (47,119) (30,931)
Change in estimates of liability for future policy benefits [1] (103) 37 (337)
Amortization of deferred policy acquisition costs [1] 1,635 1,492 1,459
General and administrative expenses [1] 13,012 13,342 12,951
Income (loss) from related parties, before income taxes 4,656 3,209 3,072
Other Comprehensive Income (Loss), before tax 3,634 (207) (2,698)
Prudential Financial      
Related Party Transaction [Line Items]      
Other income (loss) 20 17 14
Realized Investment Gains (Losses) 7 (2) (4)
Income (loss) from related parties, before income taxes (784) (703) (692)
Related Party      
Related Party Transaction [Line Items]      
Premiums (19) 6 (4,811)
Asset management and service fees 61 38 10
Other income (loss) 353 150 52
Realized Investment Gains (Losses) (509) 255 (491)
Policyholders’ benefits (281) (281) (4,915)
Change in estimates of liability for future policy benefits (20) 7 5
Amortization of deferred policy acquisition costs (9) 0 0
General and administrative expenses 40 48 3
Income (loss) from related parties, before income taxes 156 675 (333)
Other Comprehensive Income (Loss), before tax 11 (473) 335
Total comprehensive income (loss), before tax $ 167 $ 202 $ 2
[1] See Note 24 for additional information regarding related party transactions.
[2] See Note 24 for additional information regarding related party transactions.
v3.25.4
Related Party Transactions - The Initial and Ongoing Reinsurance Activity with Prismic Re of Cash Flows (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Realized investment gains(losses), net [1],[2] $ 4,132 $ 3,429 $ 3,615
Deferred policy acquisition costs [2] (1,215) (1,111) (869)
Reinsurance related-balances [2] 2,263 2,731 683
Other, net [2] (4,487) (2,124) (3,707)
CASH FLOWS FROM INVESTING ACTIVITIES      
Other. net [2] (207) (50) (676)
CASH FLOWS FROM FINANCING ACTIVITIES      
Other, net [2] 848 830 645
Related Party      
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Realized investment gains(losses), net 509 (255) 491
Deferred policy acquisition costs (9) 0 0
Reinsurance related-balances (843) (743) (235)
Other, net (26) (16) (29)
CASH FLOWS FROM INVESTING ACTIVITIES      
Other. net (64) 0 0
CASH FLOWS FROM FINANCING ACTIVITIES      
Other, net $ 336 $ 374 $ 3
[1] See Note 24 for additional information regarding related party transactions.
[2] See Note 24 for additional information regarding related party transactions.
v3.25.4
Commitments and Contingent Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Commitments and Contingent Liabilities [Line Items]    
Guarantee on letters of credit $ 2,300  
Other assets:    
Premium tax offset for future undiscounted assessments 5 $ 25
Premium tax offset currently available for paid assessments 69 62
Total 74 87
Other liabilities:    
Insolvency assessments 5 29
Standby Letters of Credit    
Commitments and Contingent Liabilities [Line Items]    
Guarantee on letters of credit 1,500  
Standby Uncommitted Letters Of Credit    
Commitments and Contingent Liabilities [Line Items]    
Guarantee on letters of credit 500  
Commitments | Commercial Mortgage Loans    
Commitments and Contingent Liabilities [Line Items]    
Total outstanding mortgage loan commitments 1,851 2,552
Portion of commitment where prearrangement to sell to investor exists 352 578
Allowance for credit losses 5 2
Change in allowance for credit losses 3 1
Expected to be funded from the GA and other operations outside the SA    
Commitments and Contingent Liabilities [Line Items]    
Commitments to Purchase Investment (excluding Commercial Mortgage Loans) 13,205 11,664
Expected to be funded from separate accounts    
Commitments and Contingent Liabilities [Line Items]    
Commitments to Purchase Investment (excluding Commercial Mortgage Loans) 339 0
Indemnification | Securities Lending and Securities Repurchase Transactions    
Commitments and Contingent Liabilities [Line Items]    
Indemnification provided to certain clients for securities lending and securities repurchase transactions 4,459 5,015
Fair value of related collateral associated with above indemnifications 4,558 5,119
Accrued Liability associated with guarantee 0 0
Indemnification | Securities Repurchase Transactions    
Commitments and Contingent Liabilities [Line Items]    
Indemnification provided to certain clients for securities lending and securities repurchase transactions 0 240
Indemnification | Serviced Mortgage Loans    
Commitments and Contingent Liabilities [Line Items]    
Maximum exposure under indemnification agreements for mortgage loans serviced by the Company 3,717 3,272
First-loss exposure portion of above 1,068 942
Accrued Liability associated with guarantee 24 25
Allowance for credit losses 11 12
Change in allowance for credit losses (1) (2)
Guarantee of Asset Values    
Commitments and Contingent Liabilities [Line Items]    
Guaranteed value of third parties’ assets 75,883 76,416
Fair value of collateral supporting these assets 73,511 71,423
Guarantees, Liabilities, Fair Value Disclosure 0 (1)
Other Guarantees    
Commitments and Contingent Liabilities [Line Items]    
Other guarantees where amount can be determined 290 289
Accrued Liability associated with guarantee 31 32
Purchase Investments    
Commitments and Contingent Liabilities [Line Items]    
Change in allowance for credit losses $ 0 $ 0
v3.25.4
Commitments and Contingent Liabilities (Narrative Excluding Litigation) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Nov. 30, 2025
USD ($)
Related Party      
Commitments and Contingent Liabilities [Line Items]      
Prismic Re Unfunded Commitment     $ 320
Commitments | Commercial Mortgage Loans      
Commitments and Contingent Liabilities [Line Items]      
Allowance for credit losses $ 5 $ 2  
Change in allowance for credit losses 3 1  
Purchase Investments      
Commitments and Contingent Liabilities [Line Items]      
Change in allowance for credit losses $ 0 0  
Indemnification | Securities Lending and Securities Repurchase Transactions      
Commitments and Contingent Liabilities [Line Items]      
Guarantor obligations, liquidation proceeds, percentage 102.00%    
Indemnification | Securities Repurchase Transactions      
Commitments and Contingent Liabilities [Line Items]      
Guarantor obligations, liquidation proceeds, percentage 95.00%    
Indemnification | Serviced Mortgage Loans      
Commitments and Contingent Liabilities [Line Items]      
Allowance for credit losses $ 11 12  
Change in allowance for credit losses (1) (2)  
Mortgages subject to loss-sharing arrangements $ 28,275 $ 25,763  
Weighted-average debt service coverage ratio of mortgages subject to loss-sharing arrangements 1.93 1.95  
Weighted-average loan-to-value ratio of mortgages subject to loss-sharing arrangements 62.00% 62.00%  
Losses related to indemnifications that were settled $ 0 $ 0  
Indemnification | Minimum | Serviced Mortgage Loans      
Commitments and Contingent Liabilities [Line Items]      
Percentage share of losses incurred on certain loans serviced 4.00%    
Indemnification | Maximum | Serviced Mortgage Loans      
Commitments and Contingent Liabilities [Line Items]      
Percentage share of losses incurred on certain loans serviced 20.00%    
v3.25.4
Commitments and Contingent Liabilities (Litigation Narrative) (Details)
$ in Millions
 1 Months Ended 3 Months Ended
Nov. 30, 2025
assetManagers
Dec. 31, 2017
defendant
May 09, 2026
Dec. 31, 2025
USD ($)
POJ | Subsequent Event        
Loss Contingencies [Line Items]        
Voluntarily suspension of new sales activity at Prudential of Japan     90 days  
Maximum        
Loss Contingencies [Line Items]        
Estimate of possible losses in excess of accruals (less than) for litigation and regulatory matters | $       $ 250
Total Asset Recovery Services, LLC v. MetLife, Inc., and Prudential | Pending Litigation        
Loss Contingencies [Line Items]        
Loss Contingency, Number of Defendants | defendant   19    
Optimum Communications, Inc., et al. v. Apollo Capital Management, L.P. | Pending Litigation        
Loss Contingencies [Line Items]        
Loss contingency, number of unaffiliated asset managers | assetManagers 7      
v3.25.4
Subsequent Events (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Billions
 12 Months Ended
Feb. 03, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Subsequent Event [Line Items]        
Dividends declared per share of Common Stock (in dollars per share)   $ 5.40 $ 5.20 $ 5.00
Under February 2023 Board Of Directors Authorization        
Subsequent Event [Line Items]        
Share Repurchase Program, Authorized, Amount     $ 1.0  
Subsequent Event        
Subsequent Event [Line Items]        
Dividends declared per share of Common Stock (in dollars per share) $ 1.40      
v3.25.4
Schedule I - Summary of Investments Other Than investments in Related Parties (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Schedule of Investments [Line Items]    
Commercial mortgage and other loans [1] $ 64,715 $ 62,341
Fixed Maturities, available-for-sale, Amortized Cost 357,996 341,004
Fixed Maturities, available-for-sale, at fair value [1] 331,455 311,570
Equity securities, Fair Value [1] 10,972 9,417
Fixed Maturities, Trading, amortized cost 15,536 13,631
Fixed maturities, trading [1] 14,869 12,530
Assets supporting experience-rated contractholder liabilities, at amortized cost 3,129 2,582
Assets supporting experience-rated contractholder liabilities, at fair value 4,842 3,707
Commercial mortgage and other loans 64,715 62,341
Policy loans 9,958 9,795
Short-term investments 6,414 9,069
Other invested assets [1] 27,294 26,351
Total Investment at Cost 493,345  
Total investment 470,519 444,780
Fixed Maturities    
Schedule of Investments [Line Items]    
Assets supporting experience-rated contractholder liabilities, at amortized cost 895 819
Assets supporting experience-rated contractholder liabilities, at fair value 896 826
Equity securities    
Schedule of Investments [Line Items]    
Equity securities, at cost 8,303  
Equity securities, Fair Value 10,972  
Assets supporting experience-rated contractholder liabilities, at amortized cost 2,234 1,763
Assets supporting experience-rated contractholder liabilities, at fair value 3,946 2,881
Available-for-sale | Fixed Maturities    
Schedule of Investments [Line Items]    
Fixed Maturities, available-for-sale, Amortized Cost 357,996  
Fixed Maturities, available-for-sale, at fair value 331,455  
Trading | Fixed Maturities    
Schedule of Investments [Line Items]    
Fixed Maturities, Trading, amortized cost 15,536  
Fixed maturities, trading 14,869  
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 26,334 24,869
Fixed Maturities, available-for-sale, at fair value 22,179 20,348
U.S. Treasury securities and obligations of U.S. government authorities and agencies | Available-for-sale | Fixed Maturities    
Schedule of Investments [Line Items]    
Fixed Maturities, available-for-sale, Amortized Cost 26,334  
Fixed Maturities, available-for-sale, at fair value 22,179  
Obligations of U.S. states and their political subdivisions    
Schedule of Investments [Line Items]    
Fixed Maturities, available-for-sale, Amortized Cost 5,881 6,590
Fixed Maturities, available-for-sale, at fair value 5,465 6,104
Obligations of U.S. states and their political subdivisions | Available-for-sale | Fixed Maturities    
Schedule of Investments [Line Items]    
Fixed Maturities, available-for-sale, Amortized Cost 5,881  
Fixed Maturities, available-for-sale, at fair value 5,465  
Foreign governments | Available-for-sale | Fixed Maturities    
Schedule of Investments [Line Items]    
Fixed Maturities, available-for-sale, Amortized Cost 62,469  
Fixed Maturities, available-for-sale, at fair value 50,614  
Asset-backed securities    
Schedule of Investments [Line Items]    
Fixed Maturities, available-for-sale, Amortized Cost 19,130 16,979
Fixed Maturities, available-for-sale, at fair value 19,329 17,134
Asset-backed securities | Available-for-sale | Fixed Maturities    
Schedule of Investments [Line Items]    
Fixed Maturities, available-for-sale, Amortized Cost 19,130  
Fixed Maturities, available-for-sale, at fair value 19,329  
Residential mortgage-backed securities    
Schedule of Investments [Line Items]    
Fixed Maturities, available-for-sale, Amortized Cost 5,493 2,698
Fixed Maturities, available-for-sale, at fair value 5,381 2,490
Residential mortgage-backed securities | Available-for-sale | Fixed Maturities    
Schedule of Investments [Line Items]    
Fixed Maturities, available-for-sale, Amortized Cost 5,493  
Fixed Maturities, available-for-sale, at fair value 5,381  
Commercial Mortgage Backed Securities    
Schedule of Investments [Line Items]    
Fixed Maturities, available-for-sale, Amortized Cost 9,958 9,791
Fixed Maturities, available-for-sale, at fair value 9,743 $ 9,273
Commercial Mortgage Backed Securities | Available-for-sale | Fixed Maturities    
Schedule of Investments [Line Items]    
Fixed Maturities, available-for-sale, Amortized Cost 9,958  
Fixed Maturities, available-for-sale, at fair value 9,743  
Public utilities | Available-for-sale | Fixed Maturities    
Schedule of Investments [Line Items]    
Fixed Maturities, available-for-sale, Amortized Cost 37,064  
Fixed Maturities, available-for-sale, at fair value 35,090  
All other corporate bonds | Available-for-sale | Fixed Maturities    
Schedule of Investments [Line Items]    
Fixed Maturities, available-for-sale, Amortized Cost 191,338  
Fixed Maturities, available-for-sale, at fair value 183,273  
Redeemable preferred stock | Available-for-sale | Fixed Maturities    
Schedule of Investments [Line Items]    
Fixed Maturities, available-for-sale, Amortized Cost 329  
Fixed Maturities, available-for-sale, at fair value 381  
Other common stocks | Equity securities    
Schedule of Investments [Line Items]    
Equity securities, at cost 6,245  
Equity securities, Fair Value 7,645  
Mutual funds | Equity securities    
Schedule of Investments [Line Items]    
Equity securities, at cost 1,509  
Equity securities, Fair Value 2,755  
Nonredeemable preferred stock | Equity securities    
Schedule of Investments [Line Items]    
Equity securities, at cost 85  
Equity securities, Fair Value 103  
Perpetual preferred stock | Equity securities    
Schedule of Investments [Line Items]    
Equity securities, at cost 464  
Equity securities, Fair Value 469  
Commercial mortgage and agricultural properties loans and other collateralized loans    
Schedule of Investments [Line Items]    
Commercial mortgage and other loans 64,544  
Uncollateralized loans    
Schedule of Investments [Line Items]    
Commercial mortgage and other loans $ 171  
[1] See Note 4 for details of balances associated with variable interest entities.
v3.25.4
Schedule II - Condensed Financial Information of Registrant (Condensed Statements of Financial Position) (Details) - USD ($)
$ / shares in Units, $ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
ASSETS        
Fixed maturities, available-for-sale, at fair value [1] $ 331,455 $ 311,570    
Equity securities [1] 10,972 9,417    
Other invested assets [1] 27,294 26,351    
Total investment 470,519 444,780    
Cash and cash equivalents 19,712 [1] 18,497 [1] $ 19,419  
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures 1,030 782 $ 1,192  
Other assets [1],[2] 15,009 13,737    
TOTAL ASSETS 773,740 735,587    
LIABILITIES        
Short-term debt 1,443 953    
Long-term debt 18,856 19,187    
Other Liabilities [1] 17,692 16,679    
Total liabilities 738,159 705,461    
EQUITY        
Preferred Stock ($0.01 par value; 10,000,000 shares authorized; none issued) 0 0    
Common Stock ($0.01 par value; 1,500,000,000 shares authorized; 666,305,189 shares issued as of December 31, 2025 and December 31, 2024) 6 6    
Additional paid-in capital 26,013 25,901    
Common Stock held in treasury, at cost (318,361,498 and 311,738,187 shares as of December 31, 2025 and 2024, respectively) (25,335) (24,511)    
Accumulated Other Comprehensive Income (Loss) [2] (3,077) (6,711)    
Retained earnings 34,831 33,187    
Total equity 32,438 27,872    
Total liabilities and equity 773,740 735,587    
Fixed Maturities, available-for-sale, Amortized Cost $ 357,996 $ 341,004    
Preferred Stock, par value (in dollars per share) $ 0.01 $ 0.01    
Preferred Stock, Shares Authorized 10,000,000 10,000,000 10,000,000  
Preferred Stock, Shares Issued 0 0    
Common Stock, par value (in dollars per share) $ 0.01 $ 0.01    
Common Stock, Shares Authorized 1,500,000,000 1,500,000,000    
Common Stock, Shares, Issued 666,305,189 666,305,189    
Treasury Stock, Shares 318,361,498 311,738,187    
Prudential Financial        
ASSETS        
Fixed maturities, available-for-sale, at fair value $ 1,335 $ 1,335    
Equity securities 174 25    
Other invested assets 2,051 3,361    
Total investment 3,560 4,721    
Cash and cash equivalents 1,204 1,051 $ 971 $ 1,396
Due from subsidiaries 3,327 3,460    
Loans receivable from subsidiaries 5,393 5,251    
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures 47,056 41,054    
Property, plant and equipment 363 381    
Income taxes receivable 491 418    
Other assets 445 475    
TOTAL ASSETS 61,839 56,811    
LIABILITIES        
Due to subsidiaries 4,139 3,800    
Loans payable to subsidiaries 5,684 5,602    
Short-term debt 561 25    
Long-term debt 18,378 18,793    
Income Taxes Payable 128 167    
Other Liabilities 511 552    
Total liabilities 29,401 28,939    
EQUITY        
Preferred Stock ($0.01 par value; 10,000,000 shares authorized; none issued) 0 0    
Common Stock ($0.01 par value; 1,500,000,000 shares authorized; 666,305,189 shares issued as of December 31, 2025 and December 31, 2024) 6 6    
Additional paid-in capital 26,013 25,901    
Common Stock held in treasury, at cost (318,361,498 and 311,738,187 shares as of December 31, 2025 and 2024, respectively) (25,335) (24,511)    
Accumulated Other Comprehensive Income (Loss) (3,077) (6,711)    
Retained earnings 34,831 33,187    
Total equity 32,438 27,872    
Total liabilities and equity 61,839 56,811    
Fixed Maturities, available-for-sale, Amortized Cost 1,425 1,477    
Equity securities, at cost $ 174 $ 25    
Preferred Stock, par value (in dollars per share) $ 0.01 $ 0.01    
Preferred Stock, Shares Authorized 10,000,000 10,000,000    
Preferred Stock, Shares Issued 0 0    
Common Stock, par value (in dollars per share) $ 0.01 $ 0.01    
Common Stock, Shares Authorized 1,500,000,000 1,500,000,000    
Common Stock, Shares, Issued 666,305,189 666,305,189    
Treasury Stock, Shares 318,361,498 311,738,187    
[1] See Note 4 for details of balances associated with variable interest entities.
[2] See Note 24 for additional information regarding related party transactions.
v3.25.4
Schedule II - Condensed Financial Information of Registrant (Condensed Statements of Operations) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
REVENUES      
Net Investment Income $ 21,473 $ 19,909 $ 17,865
Realized investment gains (losses), net [1],[2] (4,132) (3,429) (3,615)
Other income (loss) [1] 4,426 3,037 4,065
Total revenues 60,774 70,405 53,979
EXPENSES      
Income (loss) before income taxes and equity in earnings of operating joint ventures 4,656 3,209 3,072
Total income tax expense (benefit) 1,053 507 613
INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURES 3,603 2,702 2,459
Equity in earnings of joint ventures and other operating entities, net of taxes 129 144 49
Net income (loss) 3,732 2,846 2,508
Comprehensive income (loss) attributable to Prudential Financial, Inc. 7,210 2,520 (210)
Prudential Financial      
REVENUES      
Net Investment Income 360 376 345
Realized investment gains (losses), net 7 (2) (4)
Affiliated interest revenue 317 392 408
Other income (loss) 20 17 14
Total revenues 704 783 763
EXPENSES      
General and administrative expenses 128 164 173
Interest expense 1,360 1,322 1,282
Total expenses 1,488 1,486 1,455
Income (loss) before income taxes and equity in earnings of operating joint ventures (784) (703) (692)
Total income tax expense (benefit) (214) (192) (152)
INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURES (570) (511) (540)
Equity In Earnings Of Subsidiaries 4,117 3,191 3,023
Equity in earnings of joint ventures and other operating entities, net of taxes 29 47 5
Net income (loss) 3,576 2,727 2,488
Other Comprehensive Income (loss) 3,634 (207) (2,698)
Comprehensive income (loss) attributable to Prudential Financial, Inc. $ 7,210 $ 2,520 $ (210)
[1] See Note 24 for additional information regarding related party transactions.
[2] See Note 24 for additional information regarding related party transactions.
v3.25.4
Schedule II - Condensed Financial Information of Registrant (Condensed Statements of Cash Flow) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ 3,732 $ 2,846 $ 2,508
Adjustments to reconcile net income to cash provided by operating activities:      
Equity in earnings of joint ventures and other operating entities, net of taxes (129) (144) (49)
Realized investment gains (losses), net [1],[2] 4,132 3,429 3,615
Dividends received from subsidiaries 107 95 66
Change in:      
Other, net [2] (4,487) (2,124) (3,707)
Cash flows from (used in) operating activities 6,271 8,502 6,510
Proceeds from the sale/maturity of:      
Fixed maturities, available-for-sale 45,218 59,059 44,097
Short-term investments 33,226 33,316 32,684
Payments for the purchase of:      
Equity securities, at fair value 8,473 6,576 4,296
Fixed maturities, available-for-sale (67,592) (72,997) (47,580)
Short-term investments (31,039) (37,244) (32,872)
Other. net [2] (207) (50) (676)
Cash flows from (used in) investing activities (25,892) (28,585) (12,122)
CASH FLOWS FROM FINANCING ACTIVITIES      
Cash dividends paid on Common Stock (1,926) (1,891) (1,846)
Common Stock acquired (1,000) (1,000) (1,012)
Common Stock reissued for exercise of stock options 109 201 126
Proceeds from the issuance of debt (maturities longer than 90 days) 1,195 1,423 716
Repayments of debt (maturities longer than 90 days) (1,546) (814) (1,982)
Net change in financing arrangements (maturities 90 days or less) 449 (583) 10
Other, net [2] 848 830 645
Cash flows from (used in) financing activities 20,773 19,394 7,739
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 18,497 [3] 19,419  
CASH AND CASH EQUIVALENTS, END OF YEAR 19,712 [3] 18,497 [3] 19,419
SUPPLEMENTAL CASH FLOW INFORMATION      
Cash paid (refunds received) during the period for taxes 1,398 [4] 756 895
Prudential Financial      
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) 3,576 2,727 2,488
Adjustments to reconcile net income to cash provided by operating activities:      
Equity in earnings of subsidiaries (4,117) (3,191) (3,023)
Equity in earnings of joint ventures and other operating entities, net of taxes (29) (47) (5)
Realized investment gains (losses), net (7) 2 4
Dividends received from subsidiaries 2,232 3,032 3,705
Property, plant and equipment (1) (3) (15)
Change in:      
Due to/from subsidiaries, net 753 (106) 212
Other, net 46 145 (487)
Cash flows from (used in) operating activities 2,453 2,559 2,879
Proceeds from the sale/maturity of:      
Fixed maturities, available-for-sale 617 212 372
Short-term investments 15,206 15,502 19,196
Payments for the purchase of:      
Equity securities, at fair value (149) 0 0
Fixed maturities, available-for-sale (565) (171) (171)
Short-term investments (13,896) (16,627) (18,938)
Capital contributions to subsidiaries (430) (384) (1,651)
Returns of capital contributions from subsidiaries 0 300 599
Loans to subsidiaries, net of maturities (142) 197 584
Other. net (114) 0 0
Cash flows from (used in) investing activities 527 (971) (9)
CASH FLOWS FROM FINANCING ACTIVITIES      
Cash dividends paid on Common Stock (1,926) (1,891) (1,846)
Common Stock acquired (1,000) (1,000) (1,012)
Common Stock reissued for exercise of stock options 109 201 126
Proceeds from the issuance of debt (maturities longer than 90 days) 1,108 1,123 495
Repayments of debt (maturities longer than 90 days) (1,008) (512) (1,514)
Repayments of loans from subsidiaries (530) (9) (660)
Proceeds from loans payable to subsidiaries 524 702 1,256
Net change in financing arrangements (maturities 90 days or less) 0 (1) 1
Other, net (104) (121) (141)
Cash flows from (used in) financing activities (2,827) (1,508) (3,295)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 153 80 (425)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 1,051 971 1,396
CASH AND CASH EQUIVALENTS, END OF YEAR 1,204 1,051 971
SUPPLEMENTAL CASH FLOW INFORMATION      
Cash paid during the period for interest 1,257 1,231 1,224
Cash paid (refunds received) during the period for taxes (289) (448) 554
NON-CASH TRANSACTIONS DURING THE YEAR      
Non-cash capital contributions to subsidiaries (63) (2,919) (753)
Non-cash dividends/returns of capital from subsidiaries 0 83 1,067
Treasury Stock shares issued for stock-based compensation programs $ 186 $ 216 $ 275
[1] See Note 24 for additional information regarding related party transactions.
[2] See Note 24 for additional information regarding related party transactions.
[3] See Note 4 for details of balances associated with variable interest entities.
[4] See Note 17 for additional information regarding the income taxes paid, net of refunds amount by jurisdiction for the year ended December 31, 2025
v3.25.4
Schedule II - Condensed Financial Information of Registrant (Short and Long-Term Debt) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Short-term debt $ 1,443,000 $ 953,000  
Long-term debt $ 18,856,000 $ 19,187,000  
Commercial Paper, Weighted Average Interest Rate 3.72% 4.61%  
Prudential Financial      
Debt Instrument [Line Items]      
Short-term debt $ 561,000 $ 25,000  
Long-term debt 18,378,000 18,793,000  
Interest expense 1,360,000 1,322,000 $ 1,282,000
Prudential Financial | Derivatives      
Debt Instrument [Line Items]      
Interest expense 0 0 $ 0
Prudential Financial | Commercial Paper      
Debt Instrument [Line Items]      
Short-term debt $ 25,000 $ 25,000  
Commercial Paper, Weighted Average Interest Rate 3.85% 4.38%  
Prudential Financial | Current portion of long-term debt      
Debt Instrument [Line Items]      
Short-term debt $ 536,000 $ 0  
Prudential Financial | Junior subordinated debt      
Debt Instrument [Line Items]      
Long-term debt $ 7,555,000 8,548,000  
Prudential Financial | Minimum | Junior subordinated debt      
Debt Instrument [Line Items]      
Interest Rate 3.70%    
Prudential Financial | Maximum | Junior subordinated debt      
Debt Instrument [Line Items]      
Interest Rate 6.75%    
Fixed rate | Prudential Financial | Senior notes      
Debt Instrument [Line Items]      
Long-term debt $ 10,823,000 $ 10,245,000  
Fixed rate | Prudential Financial | Minimum | Senior notes      
Debt Instrument [Line Items]      
Interest Rate 1.50%    
Fixed rate | Prudential Financial | Maximum | Senior notes      
Debt Instrument [Line Items]      
Interest Rate 6.63%    
v3.25.4
Schedule II - Condensed Financial Information of Registrant (Contractual Maturities for Long-Term Debt) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
2027 $ 63  
2028 667  
2029 95  
2030 750  
2031 and thereafter 17,281  
Long-term debt 18,856 $ 19,187
Prudential Financial    
Debt Instrument [Line Items]    
2027 63  
2028 412  
2029 71  
2030 665  
2031 and thereafter 17,167  
Long-term debt $ 18,378 $ 18,793
v3.25.4
Schedule II - Condensed Financial Information of Registrant (Dividends and Returns of Capital) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Rabbi Trust      
Condensed Financial Statements, Captions [Line Items]      
Dividends or Returns of Capital received by Parent Company from Subsidiaries   $ 900  
Prudential Financial      
Condensed Financial Statements, Captions [Line Items]      
Dividends or Returns of Capital received by Parent Company from Subsidiaries $ 2,232 3,332 $ 4,304
International Insurance and Investments Holding Companies | Prudential Financial      
Condensed Financial Statements, Captions [Line Items]      
Dividends or Returns of Capital received by Parent Company from Subsidiaries 1,118 1,385 216
Prudential Insurance Company of America | Prudential Financial      
Condensed Financial Statements, Captions [Line Items]      
Dividends or Returns of Capital received by Parent Company from Subsidiaries 900 1,550 3,100
PGIM Holding Company | Prudential Financial      
Condensed Financial Statements, Captions [Line Items]      
Dividends or Returns of Capital received by Parent Company from Subsidiaries 202 61 84
Other Companies | Prudential Financial      
Condensed Financial Statements, Captions [Line Items]      
Dividends or Returns of Capital received by Parent Company from Subsidiaries $ 12 $ 336 $ 904
v3.25.4
Schedule II - Condensed Financial Information of Registrant (Narratives) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Nov. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Schedule II Narrative [Line Items]            
Guarantee on letters of credit $ 2,300,000          
Other Income [1] (4,426,000) $ (3,037,000) $ (4,065,000)      
Related Party            
Schedule II Narrative [Line Items]            
Guarantee on letters of credit 2,000,000 2,000,000        
Other Income $ (353,000) $ (150,000) (52,000)      
Prismic HoldCo            
Schedule II Narrative [Line Items]            
Equity Method Investment, Ownership Percentage         20.00% 20.00%
Prismic HoldCo | Related Party            
Schedule II Narrative [Line Items]            
Equity Method Investment, Ownership Percentage 20.00% 20.00%   20.00%   20.00%
Prismic HoldCo | Related Party            
Schedule II Narrative [Line Items]            
Carrying value $ 200,000 $ 200,000       $ 200,000
Prudential Financial            
Schedule II Narrative [Line Items]            
Increase (Decrease) In Interest Expense, Derivative Instruments 1,360,000 1,322,000 1,282,000      
Other Income (20,000) (17,000) (14,000)      
Derivatives | Prudential Financial            
Schedule II Narrative [Line Items]            
Increase (Decrease) In Interest Expense, Derivative Instruments 0 $ 0 0      
Standby Letters of Credit            
Schedule II Narrative [Line Items]            
Guarantee on letters of credit 1,500,000          
Standby Uncommitted Letters Of Credit            
Schedule II Narrative [Line Items]            
Guarantee on letters of credit 500,000          
Commercial Paper | Prudential Financial            
Schedule II Narrative [Line Items]            
Guarantee obligation 850,000          
Investee Debt | Prudential Financial            
Schedule II Narrative [Line Items]            
Guarantee obligation $ 5,000,000          
Commitments to Extend Credit | Prudential Financial            
Schedule II Narrative [Line Items]            
Guarantee obligation     $ 500,000      
[1] See Note 24 for additional information regarding related party transactions.
v3.25.4
Schedule III - Supplementary Insurance Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred Policy Acquisition Costs $ 21,530 $ 20,448 $ 20,856
Future Policy Benefits, Losses, Claims Expenses 266,750 268,600 272,957
Unearned Premiums 164 312 324
Other Policy  Claims and Benefits Payable 192,579 166,972 148,493
Premiums, Policy Charges and Fee Income 35,463 47,195 31,891
Net Investment Income 21,473 19,909 17,865
Benefits, Claims, Losses and Settlement Expenses 41,368 52,399 35,983
Amortization of DAC 1,635 1,492 1,459
Other Operating Expenses 13,012 13,342 13,128
U.S. Businesses Division      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred Policy Acquisition Costs 12,359 11,551 11,757
Future Policy Benefits, Losses, Claims Expenses 120,974 117,864 106,756
Unearned Premiums 94 246 251
Other Policy  Claims and Benefits Payable 123,543 102,944 85,988
Premiums, Policy Charges and Fee Income 21,679 33,008 16,589
Net Investment Income 11,380 10,405 9,010
Benefits, Claims, Losses and Settlement Expenses 24,546 36,245 18,943
Amortization of DAC 993 889 862
Other Operating Expenses 4,904 5,148 4,551
International Businesses      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred Policy Acquisition Costs 9,678 9,304 9,351
Future Policy Benefits, Losses, Claims Expenses 95,165 99,633 113,428
Unearned Premiums 70 66 73
Other Policy  Claims and Benefits Payable 61,715 54,881 51,971
Premiums, Policy Charges and Fee Income 11,660 12,103 13,231
Net Investment Income 6,040 5,715 5,281
Benefits, Claims, Losses and Settlement Expenses 12,322 12,059 12,525
Amortization of DAC 692 646 622
Other Operating Expenses 2,463 2,314 2,488
Total PFI excluding Closed Block division      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred Policy Acquisition Costs 21,386 20,292 20,688
Future Policy Benefits, Losses, Claims Expenses 225,266 226,136 229,370
Unearned Premiums 164 312 324
Other Policy  Claims and Benefits Payable 187,067 161,925 142,553
Premiums, Policy Charges and Fee Income 33,744 45,505 30,216
Net Investment Income 19,416 17,861 15,906
Benefits, Claims, Losses and Settlement Expenses 37,848 49,299 32,503
Amortization of DAC 1,623 1,480 1,446
Other Operating Expenses 12,725 13,054 12,856
PGIM | PGIM      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred Policy Acquisition Costs 0 0 0
Future Policy Benefits, Losses, Claims Expenses 0 0 0
Unearned Premiums 0 0 0
Other Policy  Claims and Benefits Payable 0 0 0
Premiums, Policy Charges and Fee Income 0 0 0
Net Investment Income 181 15 268
Benefits, Claims, Losses and Settlement Expenses 0 0 0
Amortization of DAC 0 2 2
Other Operating Expenses 3,215 3,097 2,937
Institutional Retirement Strategies | U.S. Businesses Division      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred Policy Acquisition Costs 283 208 139
Future Policy Benefits, Losses, Claims Expenses 85,693 84,717 75,431
Unearned Premiums 0 0 0
Other Policy  Claims and Benefits Payable 23,067 18,761 17,520
Premiums, Policy Charges and Fee Income 11,017 22,979 6,375
Net Investment Income 5,055 4,603 4,161
Benefits, Claims, Losses and Settlement Expenses 14,383 26,392 9,209
Amortization of DAC 23 10 10
Other Operating Expenses 354 286 210
Individual Retirement Strategies | U.S. Businesses Division      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred Policy Acquisition Costs 4,329 4,091 3,881
Future Policy Benefits, Losses, Claims Expenses 1,321 1,181 1,229
Unearned Premiums 0 0 0
Other Policy  Claims and Benefits Payable 61,324 46,105 30,860
Premiums, Policy Charges and Fee Income 1,205 1,312 1,335
Net Investment Income 2,891 2,124 1,453
Benefits, Claims, Losses and Settlement Expenses 1,505 1,042 713
Amortization of DAC 528 430 387
Other Operating Expenses 1,511 1,779 1,663
Retirement Strategies | U.S. Businesses Division      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred Policy Acquisition Costs 4,612 4,299 4,020
Future Policy Benefits, Losses, Claims Expenses 87,014 85,898 76,660
Unearned Premiums 0 0 0
Other Policy  Claims and Benefits Payable 84,391 64,866 48,380
Premiums, Policy Charges and Fee Income 12,222 24,291 7,710
Net Investment Income 7,946 6,727 5,614
Benefits, Claims, Losses and Settlement Expenses 15,888 27,434 9,922
Amortization of DAC 551 440 397
Other Operating Expenses 1,865 2,065 1,873
Group Insurance | U.S. Businesses Division      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred Policy Acquisition Costs 154 159 137
Future Policy Benefits, Losses, Claims Expenses 5,609 5,425 5,348
Unearned Premiums 94 246 251
Other Policy  Claims and Benefits Payable 4,832 5,032 5,342
Premiums, Policy Charges and Fee Income 6,147 5,807 5,699
Net Investment Income 543 531 517
Benefits, Claims, Losses and Settlement Expenses 5,160 4,949 4,869
Amortization of DAC 9 6 9
Other Operating Expenses 1,226 1,157 1,088
Individual Life | U.S. Businesses Division      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred Policy Acquisition Costs 7,593 7,093 7,600
Future Policy Benefits, Losses, Claims Expenses 28,351 26,541 24,748
Unearned Premiums 0 0 0
Other Policy  Claims and Benefits Payable 34,320 33,046 32,266
Premiums, Policy Charges and Fee Income 3,310 2,910 3,180
Net Investment Income 2,891 3,147 2,879
Benefits, Claims, Losses and Settlement Expenses 3,498 3,862 4,152
Amortization of DAC 433 443 456
Other Operating Expenses 1,813 1,926 1,590
Corporate and Other      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred Policy Acquisition Costs (651) (563) (420)
Future Policy Benefits, Losses, Claims Expenses 9,127 8,639 9,186
Unearned Premiums 0 0 0
Other Policy  Claims and Benefits Payable 1,809 4,100 4,594
Premiums, Policy Charges and Fee Income 405 394 396
Net Investment Income 1,815 1,726 1,347
Benefits, Claims, Losses and Settlement Expenses 980 995 1,035
Amortization of DAC (62) (57) (40)
Other Operating Expenses 2,143 2,495 2,880
Closed Block division      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred Policy Acquisition Costs 144 156 168
Future Policy Benefits, Losses, Claims Expenses 41,484 42,464 43,587
Unearned Premiums 0 0 0
Other Policy  Claims and Benefits Payable 5,512 5,047 5,940
Premiums, Policy Charges and Fee Income 1,719 1,690 1,675
Net Investment Income 2,057 2,048 1,959
Benefits, Claims, Losses and Settlement Expenses 3,520 3,100 3,480
Amortization of DAC 12 12 13
Other Operating Expenses $ 287 $ 288 $ 272
v3.25.4
Schedule IV - Reinsurance (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reinsurance Face Amount/Premiums for Insurance Companies, by Product Segment [Line Items]      
Gross Amount $ 4,227,621 $ 4,125,517 $ 4,173,524
Ceded to Other Companies 1,022,549 979,667 891,770
Assumed from Other Companies 154,535 159,355 165,988
Net Amount $ 3,359,607 $ 3,305,205 $ 3,447,742
Percentage of Amount Assumed to Net 4.60% 4.80% 4.80%
Gross Amount $ 26,371 $ 39,222 $ 29,475
Ceded to Other Companies 2,564 2,492 7,116
Assumed from Other Companies 6,990 6,167 5,005
Premiums [1] $ 30,797 $ 42,897 $ 27,364
Percentage of Amount Assumed to Net 22.70% 14.40% 18.30%
Life Insurance      
Reinsurance Face Amount/Premiums for Insurance Companies, by Product Segment [Line Items]      
Gross Amount $ 23,367 $ 36,320 $ 26,585
Ceded to Other Companies 2,447 2,384 7,028
Assumed from Other Companies 6,990 6,167 5,005
Premiums $ 27,910 $ 40,103 $ 24,562
Percentage of Amount Assumed to Net 25.00% 15.40% 20.40%
Accident and Health Insurance      
Reinsurance Face Amount/Premiums for Insurance Companies, by Product Segment [Line Items]      
Gross Amount $ 3,004 $ 2,902 $ 2,890
Ceded to Other Companies 117 108 88
Assumed from Other Companies 0 0 0
Premiums $ 2,887 $ 2,794 $ 2,802
Percentage of Amount Assumed to Net 0.00% 0.00% 0.00%
[1] See Note 24 for additional information regarding related party transactions.