Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	Apr. 30, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-16707
Entity Registrant Name	Prudential Financial, Inc.
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
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001137774
Entity Common Stock, Shares Outstanding		347,000,000
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 Notes
Document Information [Line Items]
Title of 12(b) Security	4.125% Junior Subordinated Notes
Trading Symbol	PFH
Security Exchange Name	NYSE

Unaudited Interim Consolidated Statements of Financial Position - USD ($)
$ in Millions

Mar. 31, 2026

Dec. 31, 2025

ASSETS

Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2026-$249; 2025-$183) (amortized cost: 2026-$363,246; 2025-$357,996)

^[1]

$ 330,851

$ 331,455

Fixed maturities, trading, at fair value (amortized cost: 2026-$16,814; 2025-$15,536)

^[1]

15,831

14,869

Assets supporting experience-rated contractholder liabilities, at fair value

4,781

4,842

Equity securities, at fair value (cost: 2026-$10,333; 2025-$8,303)

^[1]

12,552

10,972

Commercial mortgage and other loans (net of $487 and $469 allowance for credit losses; includes $1,495 and $1,056 of loans measured at fair value under the fair value option at March 31, 2026 and December 31, 2025, respectively)

^[1]

65,412

64,715

Policy loans

9,988

9,958

Other invested assets (net of $2 and $2 allowance for credit losses; includes $8,527 and $8,286 of assets measured at fair value at March 31, 2026 and December 31, 2025, respectively)

^[1]

27,792

27,294

Short-term investments (net of allowance for credit losses: 2026-$11; 2025-$0)

6,917

6,414

Total investments

474,124

470,519

Cash and cash equivalents

^[1]

15,936

19,712

Accrued investment income

^[1]

3,633

3,636

Deferred policy acquisition cost

21,730

21,530

Value of business acquired

382

397

Market risk benefit assets

2,166

2,330

Reinsurance recoverables and deposit receivables (net of $14 and $14 allowance for credit losses; includes $745 and $573 of embedded derivatives at fair value at March 31, 2026 and December 31, 2025, respectively)

^[2]

43,213

44,077

Income Tax Assets

0

279

Other assets (net of $1 and $1 allowance for credit losses; includes $0 and $0 of assets at fair value at March 31, 2026 and December 31, 2025, respectively)

^[1],[2]

15,176

15,009

Separate account assets

189,036

196,251

TOTAL ASSETS

765,396

773,740

LIABILITIES

Future policy benefits

262,470

266,914

Policyholders’ account balances

192,131

191,307

Market risk benefit liabilities

5,000

4,623

Policyholders’ dividends

809

1,272

Securities sold under agreements to repurchase

10,975

9,598

Cash collateral for loaned securities

8,905

8,700

Reinsurance and funds withheld payables (includes $78 and $174 of embedded derivatives at fair value at March 31, 2026 and December 31, 2025, respectively)

^[2]

19,270

18,844

Income tax liabilities

255

0

Short-term debt

946

1,443

Long-term debt

18,882

18,856

Other liabilities (includes $15 and $16 allowance for credit losses and $6,401 and $6,215 of derivatives at fair value at March 31, 2026 and December 31, 2025, respectively)

^[1]

18,507

17,692

Notes issued by consolidated variable interest entities (includes $1,330 and $767 measured at fair value under the fair value option at March 31, 2026 and December 31, 2025, respectively)

^[1]

3,283

2,659

Separate account liabilities

189,036

196,251

Total liabilities

730,469

738,159

COMMITMENTS AND CONTINGENT LIABILITIES (See Note 21)

Redeemable Noncontrolling Interest, Equity, Carrying Amount

2,608

2,794

Total mezzanine equity

2,608

2,794

EQUITY

Preferred Stock ($0.01 par value; $10,000,000 shares authorized; none issued)

0

Common Stock ($0.01 par value; 1,500,000,000 shares authorized; 666,305,189 shares issued as of both March 31, 2026 and December 31, 2025)

6

Additional paid-in capital

25,948

26,013

Common Stock held in treasury, at cost (318,980,082 and 318,361,498 shares at March 31, 2026 and December 31, 2025, respectively)

(25,461)

(25,335)

Accumulated other comprehensive income (loss)

^[2]

(3,450)

(3,077)

Retained Earnings

34,932

34,831

Total Prudential Financial, Inc. equity

31,975

32,438

Noncontrolling interests

344

349

Total equity

32,319

32,787

TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY

$ 765,396

$ 773,740

[1]	See Note 4 for details of balances associated with variable interest entities.
[2]	See Note 20 for additional information regarding related party transactions.

Unaudited Interim Consolidated Statements of Financial Position (Parenthetical) - USD ($)
$ in Millions

Mar. 31, 2026

Dec. 31, 2025

Fixed Maturities, AFS, allowance for credit losses

$ 249

$ 183

Fixed Maturities, available-for-sale, Amortized Cost

363,246

357,996

Fixed maturities, trading, amortized cost

16,814

15,536

Equity securities, AFS, amortized cost

10,333

8,303

Commercial mortgage and other loans, allowance for credit losses

487

469

Commercial mortgage and other loans

^[1]

65,412

64,715

Other invested assets, allowance for credit losses

^[1]

27,792

27,294

Other invested assets, at fair value

8,527

8,286

Reinsurance recoverables and deposit receivables, allowance for credit losses

14

Reinsurance recoverable and deposit receivables, embedded derivatives at fair value

745

573

Other assets, assets at fair value

0

Reinsurance and funds withheld payables, embedded derivatives at fair value

78

174

Other Liabilities, derivatives at fair value

6,401

6,215

Notes issued by consolidated variable interest entities (includes $1,330 and $767 measured at fair value under the fair value option at March 31, 2026 and December 31, 2025, respectively)

^[1]

$ 3,283

$ 2,659

Preferred stock, par value (in dollars per share)

$ 0.01

Preferred stock, shares authorized

10,000,000

Preferred stock, shares issued

0

Common stock, par value (in dollars per share)

$ 0.01

Common stock, shares authorized

1,500,000,000

Common stock, shares, Issued

666,305,189

Treasury Stock, Common, Shares

318,980,082

318,361,498

Fair value option

Commercial mortgage and other loans

$ 1,495

$ 1,056

Other invested assets, allowance for credit losses

26

Notes issued by consolidated variable interest entities (includes $1,330 and $767 measured at fair value under the fair value option at March 31, 2026 and December 31, 2025, respectively)

1,330

767

Leveraged lease loans

Other invested assets, allowance for credit losses

2

ASU 2016-13

Short-term investments, allowance for credit losses

11

0

Other assets, allowance for credit losses

1

Other liabilities, allowance for credit losses

$ 15

$ 16

[1]	See Note 4 for details of balances associated with variable interest entities.

Unaudited Interim Consolidated Statements of Operations - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

REVENUES

Premiums (includes $5 and $1 of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended March 31, 2026 and 2025, respectively)

^[1]

$ 8,362

$ 7,000

Policy charges and fee income

1,132

1,157

Net Investment Income

5,665

5,130

Asset management and service fees

^[1]

996

984

Other income (loss)

^[1]

30

280

Realized investment gains (losses), net

^[1]

(364)

(730)

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

(295)

(351)

Total revenues

15,526

13,470

BENEFITS AND EXPENSES

Policyholders’ benefits

^[1]

9,533

8,140

Change in estimates of liability for future policy benefits

^[1]

39

(50)

Interest credited to policyholders’ account balances

1,109

825

Dividends to policyholders

232

145

Amortization of deferred policy acquisition costs

^[1]

411

407

General and administrative expenses

^[1]

3,469

3,083

Total benefits and expenses

14,793

12,550

INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES

733

920

Total income tax expense (benefit)

129

207

INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES

604

713

Equity in earnings of joint ventures and other operating entities, net of taxes

2

29

NET INCOME (LOSS)

606

742

Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests

9

35

NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC.

$ 597

$ 707

Basic earnings per share-Common Stock:

Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share)

$ 1.69

$ 1.97

Diluted earnings per share-Common Stock:

Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share)

$ 1.68

$ 1.96

[1]	See Note 20 for additional information regarding related party transactions.

Unaudited Interim Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Gain (loss) from changes in estimates on deferred profit liability amortization	$ 5	$ 1

Unaudited Interim Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Statement of Comprehensive Income [Abstract]

NET INCOME (LOSS)

$ 606

$ 742

Other comprehensive income (loss), before tax:

Foreign currency translation adjustments for the period

(69)

386

Net unrealized investment gains (losses)

(4,736)

(227)

Interest rate remeasurement of future policy benefits

^[1]

4,435

2,036

Gain (loss) from changes in non-performance risk on market risk benefits

208

167

Defined benefit pension and postretirement unrecognized periodic benefit (cost)

18

3

Total

(144)

2,365

Less: Income tax expense (benefit) related to other comprehensive income (loss)

230

395

Other comprehensive income (loss), net of taxes

(374)

1,970

Comprehensive income (loss)

232

2,712

Less: Comprehensive income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests

8

35

Comprehensive income (loss) attributable to Prudential Financial, Inc.

$ 224

$ 2,677

[1]	See Note 20 for additional information regarding related party transactions.

Unaudited Interim 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	Non-controlling Interests	redeemable noncontrolling interest
Beginning Balance at Dec. 31, 2024	$ 28,187	$ 6	$ 25,901	$ 33,187	$ (24,511)	$ (6,711)	$ 27,872	$ 315	$ 1,939
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock acquired	(251)				(251)		(251)
Contributions from noncontrolling interests	4							4	64
Distributions to noncontrolling interests	(21)							(21)	(18)
Consolidations/(deconsolidations) of noncontrolling interests	13							13	8
Stock-based compensation programs	71		(30)		101		71
Dividends declared on Common Stock	(486)			(486)			(486)
Comprehensive income:
NET INCOME (LOSS)	742			707			707	9	26
Other comprehensive income (loss), net of taxes	1,970					1,970	1,970
Total comprehensive income (loss)	2,712			707		1,970	2,677	9	26
Ending Balance at Mar. 31, 2025	30,203	6	25,871	33,408	(24,661)	(4,741)	29,883	320	2,019
Comprehensive income:
Net Income (Loss), excluding portion attributable to redeemable noncontrolling interest	716
Comprehensive Income (Loss), Net of Tax, excluding Portion Attributable to redeemable Noncontrolling Interest	2,686
Beginning Balance at Dec. 31, 2025	32,787	6	26,013	34,831	(25,335)	(3,077)	32,438	349	2,794
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock acquired	(251)				(251)		(251)
Contributions from noncontrolling interests	12							12	213
Distributions to noncontrolling interests	(17)							(17)	(62)
Consolidations/(deconsolidations) of noncontrolling interests	0								(345)
Stock-based compensation programs	60		(65)		125		60
Dividends declared on Common Stock	(496)			(496)			(496)
Comprehensive income:
NET INCOME (LOSS)	606			597			597	1	8
Other comprehensive income (loss), net of taxes	(374)					(373)	(373)	(1)
Total comprehensive income (loss)	232			597		(373)	224	0	8
Ending Balance at Mar. 31, 2026	32,319	$ 6	$ 25,948	$ 34,932	$ (25,461)	$ (3,450)	$ 31,975	$ 344	$ 2,608
Comprehensive income:
Net Income (Loss), excluding portion attributable to redeemable noncontrolling interest	598
Comprehensive Income (Loss), Net of Tax, excluding Portion Attributable to redeemable Noncontrolling Interest	$ 224

Unaudited Interim Consolidated Statements of Cash Flows - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

NET INCOME (LOSS)

$ 606

$ 742

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Realized investment (gains) losses, net

^[1]

364

730

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

295

351

Policy charges and fee income

(620)

(507)

Interest credited to policyholders’ account balances

1,109

825

Depreciation and amortization

143

Depreciation and amortization

(161)

(Gains) losses on assets supporting experience-rated contractholder liabilities, net

119

256

Change in:

Deferred Policy Acquisition Costs

^[2]

(213)

(375)

Future policy benefits and other insurance liabilities

525

(205)

Reinsurance related-balances

^[2]

(609)

(601)

Income taxes

490

133

Derivatives, net

240

(1,336)

Other, net

^[2]

(1,441)

(2,358)

Cash flows from (used in) operating activities

1,008

(2,506)

Proceeds from the sale/maturity/prepayment of:

Fixed maturities, available-for-sale

15,183

10,959

Fixed maturities, trading

876

1,123

Assets supporting experience-rated contractholder liabilities

336

486

Equity securities

1,778

2,344

Commercial mortgage and other loans

1,709

1,947

Policy loans

456

461

Other invested assets

995

876

Short-term investments

9,596

5,258

Payments for the purchase/origination of:

Fixed maturities, available-for-sale

(21,147)

(16,975)

Fixed maturities, trading

(1,929)

(1,637)

Assets supporting experience-rated contractholder liabilities

(470)

(615)

Equity securities

(3,703)

(1,862)

Commercial mortgage and other loans

(2,051)

(2,172)

Policy loans

(396)

(370)

Other invested assets

(1,100)

(834)

Short-term investments

(10,113)

(4,887)

Derivatives, net

(274)

325

Other, net

78

108

Cash flows from (used in) investing activities

(10,176)

(5,465)

CASH FLOWS FROM FINANCING ACTIVITIES

Policyholders’ account deposits

9,869

8,993

Policyholders’ account withdrawals

(5,712)

(4,600)

Net change in securities sold under agreements to repurchase and cash collateral for loaned securities

1,583

639

Cash dividends paid on Common Stock

(502)

(491)

Net change in financing arrangements (maturities 90 days or less)

1

266

Common Stock acquired

(246)

Common Stock reissued for exercise of stock options

29

28

Proceeds from the issuance of debt (maturities longer than 90 days)

105

841

Repayments of debt (maturities longer than 90 days)

(560)

(191)

Proceeds from notes issued by consolidated VIEs

627

7

Other, net

^[2]

246

253

Cash flows from (used in) financing activities

5,440

5,499

Effect of foreign exchange rate changes on cash balances

(28)

56

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS

(3,756)

(2,416)

CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR

18,520

CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD

16,104

NON-CASH TRANSACTIONS DURING THE PERIOD

Treasury Stock shares issued for stock-based compensation programs

192

172

RECONCILIATION TO THE UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

Cash and cash equivalents

15,936

^[3]

16,063

Restricted cash and restricted cash equivalents (included in “Other assets”)

57

41

Total cash, cash equivalents, restricted cash and restricted cash equivalents

15,993

16,104

Empower

NON-CASH TRANSACTIONS DURING THE PERIOD

Novation of contracts under reinsurance agreement

1,659

^[4]

0

Prismic Re International

CASH FLOWS FROM FINANCING ACTIVITIES

CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR

19,749

CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD

15,993

NON-CASH TRANSACTIONS DURING THE PERIOD

Net assets transferred, excluding Cash and cash equivalents

0

6,069

^[5]

Deposit assets established for Policyholders' account balances ceded

0

(6,288)

^[5]

Unwind of Deferred policy acquisition costs ceded

0

219

^[5]

Net cash received

$ 0

^[5]

[1]	See Note 20 for additional information regarding related party transactions.
[2]	See Note 20 for additional information regarding related party transactions.
[3]	See Note 4 for details of balances associated with variable interest entities.
[4]	“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 12 for additional information regarding the reinsurance agreement with Empower.
[5]	See Note 12 for additional information regarding the reinsurance agreement with Prismic Life Reinsurance International, Ltd. (“Prismic Re International”).

Business and Basis of Presentation	3 Months Ended
Business and Basis of Presentation	Mar. 31, 2026
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-related services, mutual funds and investment management. Effective January 1, 2026, the Company made the following segment reporting changes to isolate the impacts of certain discontinued products that were previously commingled with the results of actively sold products that more closely reflect the Company’s strategic focus. These changes are consistent with the Company’s recent organizational changes and strategy and reflect how the Chief Operating Decision Maker (“CODM”) assesses performance and allocates resources: •“U.S. Legacy Products” segment: (i) traditional variable annuities with guaranteed living benefit riders and certain other annuity products, previously included in the former Individual Retirement Strategies segment, and (ii) guaranteed universal life policies, previously included in the Individual Life segment, have been combined into a new reportable segment named “U.S. Legacy Products.” This segment represents run-off blocks of business consisting of products that are no longer being sold in U.S. markets and will be managed with a focus on reducing risk and optimizing value. •“Retirement” segment: The blocks of business in the former Individual Retirement Strategies segment that were not moved into the U.S. Legacy Products segment, discussed above, consisting primarily of registered index-linked annuity and fixed annuity products, and the products previously included in the former Institutional Retirement Strategies segment have been combined into a new reportable segment named “Retirement.” This combined segment better represents the Company’s strategic management, growth trajectory, and resource allocation policies. •“Individual Life” segment: There were no other impacts to this segment other than the transfer of the guaranteed universal life policies, discussed above. The remaining blocks of business contained within this segment primarily consist of term, indexed universal life, and variable universal life products. These segment reporting changes are being applied retrospectively and do not have an impact on any of the Company’s previously issued Consolidated Financial Statements. See Note 19 for additional information regarding the Company’s segments. The Company’s principal operations now consist of PGIM (the Company’s global investment management business), the U.S. Businesses (consisting of Retirement, Group Insurance, Individual Life and U.S. Legacy Products), 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. As previously disclosed, in January 2026, The Prudential Life Insurance Company, Ltd. (“Prudential of Japan”), a Japanese insurance subsidiary of the Company, reported the findings of its internal investigation into incidents of misconduct involving certain employees of Prudential of Japan. In response to these findings, Prudential of Japan is implementing a series of actions which include strengthening oversight of sales practices, governance and risk management, as well as leadership changes. Moreover, in February 2026, following discussions with the Japanese regulator, the Company voluntarily suspended new sales activity at Prudential of Japan for a 90-day period commencing February 9, 2026. In April 2026, the Company announced the voluntary extension of the suspension of new sales for an additional 180 days through November 5, 2026. See “—Litigation and Regulatory Matters—Regulatory” within Note 21 for additional information. Basis of Presentation The Unaudited Interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). The Unaudited Interim 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. In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. 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 (“MRBs”); 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 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 three months ended March 31, 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 quarterly or annual financial statements.

Significant Accounting Policies and Pronouncements

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Significant Accounting Policies and Pronouncements

SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS

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 March 31, 2026, 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 issued but not yet adopted as of March 31, 2026

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.

Investments

3 Months Ended

Mar. 31, 2026

Investments [Abstract]

Investments

INVESTMENTS

Fixed Maturity Securities

The following tables set forth the composition of fixed maturities, available-for-sale, as of the dates indicated:


	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	26,854	$	475	$	4,747	$	0	$	22,582
Obligations of U.S. states and their political subdivisions	5,540		103		584		0		5,059
Foreign government securities	60,717		284		13,326		0		47,675
U.S. public corporate securities	117,124		1,316		10,685		20		107,735
U.S. private corporate securities(1)	47,818		912		2,303		109		46,318
Foreign public corporate securities	25,217		260		1,406		27		24,044
Foreign private corporate securities	41,638		961		3,104		91		39,404
Asset-backed securities(2)	21,482		200		66		2		21,614
Commercial mortgage-backed securities	10,154		50		328		0		9,876
Residential mortgage-backed securities(3)	6,702		23		181		0		6,544
Total fixed maturities, available-for-sale(1)	$	363,246	$	4,584	$	36,730	$	249	$	330,851

__________

(1)Excludes notes with amortized cost of $15,844 million (fair value, $15,844 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, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair 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 subdivisions	5,881		138		554		0		5,465
Foreign government securities	62,469		497		12,352		0		50,614
U.S. public corporate securities	115,160		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 securities	24,496		413		1,178		28		23,703
Foreign private corporate securities	41,099		1,638		2,523		55		40,159
Asset-backed securities(2)	19,130		226		26		1		19,329
Commercial mortgage-backed securities	9,958		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.

The following tables set forth the fair value and gross unrealized losses on fixed maturities, available-for-sale 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:


	March 31, 2026
	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	$	7,022	$	162	$	11,075	$	4,585	$	18,097	$	4,747
Obligations of U.S. states and their political subdivisions	669		18		3,310		566		3,979		584
Foreign government securities	12,741		489		22,948		12,837		35,689		13,326
U.S. public corporate securities	27,994		672		48,859		9,998		76,853		10,670
U.S. private corporate securities	8,355		157		22,438		2,144		30,793		2,301
Foreign public corporate securities	6,319		132		8,098		1,272		14,417		1,404
Foreign private corporate securities	7,471		267		14,577		2,835		22,048		3,102
Asset-backed securities	9,533		30		655		36		10,188		66
Commercial mortgage-backed securities	1,323		8		5,014		320		6,337		328
Residential mortgage-backed securities	3,092		20		1,174		161		4,266		181
Total fixed maturities, available-for-sale	$	84,519	$	1,955	$	138,148	$	34,754	$	222,667	$	36,709


	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 subdivisions	399		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 securities	9,789		218		52,459		9,114		62,248		9,332
U.S. private corporate securities	3,297		68		24,064		1,895		27,361		1,963
Foreign public corporate securities	2,253		35		8,586		1,142		10,839		1,177
Foreign private corporate securities	849		44		16,286		2,473		17,135		2,517
Asset-backed securities	2,979		6		626		20		3,605		26
Commercial mortgage-backed securities	249		1		5,435		301		5,684		302
Residential mortgage-backed securities	353		2		1,210		153		1,563		155
Total fixed maturities, available-for-sale	$	33,698	$	976	$	147,942	$	32,225	$	181,640	$	33,201

As of March 31, 2026 and December 31, 2025, the gross unrealized losses on fixed maturities, available-for-sale securities without an allowance of $35,694 million and $32,392 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 $1,015 million and $809 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of

March 31, 2026, the $34,754 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. 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.

In accordance with its policy described in Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at March 31, 2026. 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 March 31, 2026, 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, available-for-sale by contractual maturities, as of the date indicated:


	March 31, 2026
	Amortized Cost		Fair Value
	(in millions)
Fixed maturities, available-for-sale:
Due in one year or less	$	22,569	$	22,605
Due after one year through five years	66,157		65,912
Due after five years through ten years	57,697		56,908
Due after ten years(1)	178,485		147,392
Asset-backed securities	21,482		21,614
Commercial mortgage-backed securities	10,154		9,876
Residential mortgage-backed securities	6,702		6,544
Total	$	363,246	$	330,851

__________

(1)Excludes notes with amortized cost of $15,844 million (fair value, $15,844 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 maturities, available-for-sale proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses, for the periods indicated:


	Three Months Ended March 31,
	2026		2025
	(in millions)
Fixed maturities, available-for-sale:
Proceeds from sales(1)	$	8,481	$	4,912
Proceeds from maturities/prepayments	6,794		5,761
Gross investment gains from sales and maturities	359		282
Gross investment losses from sales and maturities	(872)		(307)
Write-downs recognized in earnings(2)	(165)		(119)
(Addition to) release of allowance for credit losses	(66)		80

__________

(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $(92) million and $286 million for the three months ended March 31, 2026 and 2025, respectively.

(2)Amounts represent write-downs on credit adverse securities and securities actively marketed for sale.

The following tables set forth the balance of and changes in the allowance for credit losses for fixed maturities, available-for-sale, as of and for the periods indicated:


	Three Months Ended March 31, 2026
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Securities		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period	$	0	$	0	$	182	$	1	$	0	$	0	$	183
Additions to allowance for credit losses not previously recorded	0		0		55		1		0		0		56
Reductions for securities sold during the period	0		0		(2)		0		0		0		(2)
Additions (reductions) on securities with previous allowance	0		0		35		0		0		0		35
Write-downs charged against the allowance	0		0		(23)		0		0		0		(23)
Balance, end of period	$	0	$	0	$	247	$	2	$	0	$	0	$	249


	Three Months Ended March 31, 2025
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Securities		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(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 recorded	0		0		16		1		0		0		17
Reductions for securities sold during the period	0		0		(6)		0		0		0		(6)
Additions (reductions) on securities with previous allowance	0		0		3		0		0		0		3
Write-downs charged against the allowance	0		0		(94)		0		0		0		(94)
Balance, end of period	$	0	$	0	$	250	$	1	$	0	$	0	$	251

For additional information regarding the Company’s methodology for developing its allowance and expected losses, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

For the three months ended March 31, 2026, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions in the consumer cyclical, energy and transportation sectors within corporate securities, due to adverse projected cash flows, partially offset by write-downs of distressed securities within the consumer cyclical sector. For the three months ended March 31, 2025, the net decrease in the allowance for credit losses on available-for-sale securities was related to write-downs within the communications, capital goods and consumer non-cyclical sectors within corporate securities, primarily due to security restructures.

The Company did not have any fixed maturity securities purchased with credit deterioration as of both March 31, 2026 and December 31, 2025.

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:


	March 31, 2026				December 31, 2025
	Amortized Cost or Cost		Fair Value		Amortized Cost or Cost		Fair Value
	(in millions)
Fixed maturities:
Corporate securities	$	60	$	57	$	57	$	55
Foreign government securities	633		612		611		596
Obligations of U.S. government authorities and agencies and obligations of U.S. states	229		246		227		245
Total fixed maturities(1)	922		915		895		896
Equity securities	2,327		3,866		2,234		3,946
Total assets supporting experience-rated contractholder liabilities(2)	$	3,249	$	4,781	$	3,129	$	4,842

__________

(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 March 31, 2026 and December 31, 2025.

(2)The portfolio consisted of public securities as of both March 31, 2026 and December 31, 2025.

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 $(150) million and $(199) million during the three months ended March 31, 2026 and 2025, 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 $(309) million and $187 million during the three months ended March 31, 2026 and 2025, respectively.

Equity Securities

The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss),” was $(328) million and $(229) million during the three months ended March 31, 2026 and 2025, 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:


	March 31, 2026				December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(in millions)
Investments in Japanese government and government agency securities:
Fixed maturities, available-for-sale	$	52,952	$	40,625	$	54,863	$	43,554
Fixed maturities, trading	19		18		19		18
Assets supporting experience-rated contractholder liabilities	558		529		536		510
Total	$	53,529	$	41,172	$	55,418	$	44,082


	March 31, 2026				December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(in millions)
Investments in Brazilian government and government agency securities:
Fixed maturities, available-for-sale	$	4,039	$	3,480	$	3,651	$	3,152
Short-term investments	1		1		1		1
Cash equivalents	306		306		260		260
Total	$	4,346	$	3,787	$	3,912	$	3,413

Commercial Mortgage and Other Loans

The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated:


	March 31, 2026				December 31, 2025
	Amount		% of Total		Amount		% of Total
	($ in millions)
Commercial mortgage and agricultural property loans by property type:
Office	$	6,455	10.3	%	$	6,517	10.4	%
Retail	5,511		8.8		5,680		9.0
Apartments/Multi-Family	18,995		30.3		18,522		29.5
Industrial	16,900		27.0		17,280		27.5
Hospitality	1,627		2.6		1,738		2.8
Self-Storage	2,126		3.5		2,245		3.6
Health Care Senior Living	1,795		2.9		1,832		2.9
Other	1,074		1.7		689		1.1
Total commercial mortgage loans	54,483		87.1		54,503		86.8
Agricultural property loans	8,105		12.9		8,275		13.2
Total commercial mortgage and agricultural property loans	62,588		100.0	%	62,778		100.0	%
Allowance for credit losses	(409)				(414)
Total net commercial mortgage and agricultural property loans	62,179				62,364
Other loans:
Residential mortgage loans	2,454				1,632
Uncollateralized loans	165				171
Other collateralized loans	692				603
Total other loans	3,311				2,406
Allowance for credit losses	(78)				(55)
Total net other loans	3,233				2,351
Total net commercial mortgage and other loans(1)	$	65,412			$	64,715

__________

(1)Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of March 31, 2026 and December 31, 2025, the net carrying value of these loans was $1,495 million and $1,056 million, respectively.

As of March 31, 2026, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in California (29%), Florida (6%) and Texas (6%) and included loans secured by properties in Europe (6%), Mexico (2%), Japan (1%) and Australia (1%).

As of March 31, 2026, the residential mortgage loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in Florida (12%), California (12%) and New York (9%).

The following tables set forth the balance of and changes in the allowance for credit losses for commercial mortgage and other loans, as of and for the periods indicated:


	Three Months Ended March 31, 2026
	Commercial Mortgage Loans		Agricultural Property Loans		Residential Mortgage Loans		Other Collateralized Loans		Uncollateralized Loans		Total
	(in millions)
Allowance, beginning of period	$	366	$	48	$	15	$	40	$	0	$	469
Addition to (release of) allowance for expected losses	(17)		11		7		(9)		25		17

Other	1		0		0		0		0		1
Allowance, end of period	$	350	$	59	$	22	$	31	$	25	$	487


	Three Months Ended March 31, 2025
	Commercial Mortgage Loans		Agricultural Property Loans		Residential Mortgage Loans		Other Collateralized Loans		Uncollateralized Loans		Total
	(in millions)
Allowance, beginning of period	$	407	$	121	$	0	$	32	$	14	$	574
Addition to (release of) allowance for expected losses	53		2		0		2		1		58
Allowance, end of period	$	460	$	123	$	0	$	34	$	15	$	632

For additional information regarding the Company’s methodology for developing its allowance and expected losses, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

For the three months ended March 31, 2026, the net addition to the allowance for credit losses on commercial mortgage and other loans was primarily due to increases in loan-specific reserves on commercial mortgage loans within the retail sector, agricultural property loans and an uncollateralized loan, partially offset by a decrease in the general reserve. For the three months ended March 31, 2025, the net addition to the allowance for credit losses on commercial mortgage and other loans was primarily due to increases in the loan-specific reserves on commercial mortgage loans within the retail sector.

There were no write-downs of commercial mortgage and agricultural property loans for both the three months ended March 31, 2026 and 2025.

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:


	March 31, 2026
	Amortized Cost by Origination Year
	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total
	(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%	$	520	$	2,367	$	2,423	$	1,995	$	1,198	$	18,296	$	58	$	26,857
60%-69.99%	1,511		3,321		4,175		1,926		1,245		4,366		0		16,544
70%-79.99%	332		613		591		1,155		501		2,976		0		6,168
80% or greater	0		0		36		13		264		4,601		0		4,914
Total	$	2,363	$	6,301	$	7,225	$	5,089	$	3,208	$	30,239	$	58	$	54,483
Debt Service Coverage Ratio:
Greater than 1.2x	$	2,005	$	5,701	$	6,781	$	4,591	$	2,880	$	27,535	$	47	$	49,540
1.0 - 1.2x	358		502		416		498		207		972		11		2,964
Less than 1.0x	0		98		28		0		121		1,732		0		1,979
Total	$	2,363	$	6,301	$	7,225	$	5,089	$	3,208	$	30,239	$	58	$	54,483
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%	$	20	$	813	$	619	$	269	$	937	$	3,690	$	123	$	6,471
60%-69.99%	0		81		140		554		9		113		57		954
70%-79.99%	0		0		0		0		0		0		0		0
80% or greater	0		4		0		27		419		187		43		680
Total	$	20	$	898	$	759	$	850	$	1,365	$	3,990	$	223	$	8,105
Debt Service Coverage Ratio:
Greater than 1.2x	$	15	$	898	$	714	$	796	$	733	$	3,489	$	180	$	6,825
1.0 - 1.2x	5		0		26		41		64		235		0		371
Less than 1.0x	0		0		19		13		568		266		43		909
Total	$	20	$	898	$	759	$	850	$	1,365	$	3,990	$	223	$	8,105


	December 31, 2025
	Amortized Cost by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total
	(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 greater	0		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 - 1.2x	463		534		499		238		82		885		17		2,718
Less than 1.0x	98		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 greater	4		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 - 1.2x	0		19		40		65		62		148		0		334
Less than 1.0x	0		4		16		612		58		228		43		961
Total	$	893	$	764	$	855	$	1,418	$	1,969	$	2,132	$	244	$	8,275

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.


	March 31, 2026
	Amortized Cost by Origination Year
	2026		2025		2024		2023		2022		Prior		Total
	(in millions)
Residential mortgage loans
Performance indicators:
Performing	$	25	$	2,355	$	59	$	0	$	0	$	13	$	2,452
Nonperforming	0		2		0		0		0		0		2
Total	$	25	$	2,357	$	59	$	0	$	0	$	13	$	2,454


	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

For additional information regarding the Company’s commercial mortgage and other loans credit quality monitoring process, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

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 table sets forth the amortized cost basis of loan modifications made to borrowers experiencing financial difficulties during the periods indicated:


	Three Months Ended March 31,
	2026						2025
	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	$	44	$	0	0.0	%	$	0	$	0	0.0	%
Agricultural property loans	$	0	$	0	0.0	%	$	0	$	0	0.0	%

For the three months ended March 31, 2026, the modifications added less than one year to the weighted average life in the commercial mortgage loan portfolio.

The Company did not have any commitments to lend additional funds to borrowers experiencing financial difficulties on modified loans as of both March 31, 2026 and December 31, 2025.

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:


	March 31, 2026
	Current		30-59 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	$	54,249	$	89	$	0	$	145	$	234	$	54,483	$	225
Agricultural property loans	7,350		23		11		721		755		8,105		754
Residential mortgage loans	2,413		33		6		2		41		2,454		2
Other collateralized loans	692		0		0		0		0		692		0
Uncollateralized loans	165		0		0		0		0		165		25
Total	$	64,869	$	145	$	17	$	868	$	1,030	$	65,899	$	1,006

__________

(1)As of March 31, 2026, 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 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.


	December 31, 2025
	Current		30-59 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 loans	7,443		8		0		824		832		8,275		875
Residential mortgage loans	1,630		2		0		0		2		1,632		0
Other collateralized loans	603		0		0		0		0		603		0
Uncollateralized loans	171		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 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Loans on non-accrual status recognized interest of $0 million and $4 million for the three months ended March 31, 2026 and 2025, respectively. Loans on non-accrual status that did not have a related allowance for credit losses were $250 million and $442 million as of March 31, 2026 and December 31, 2025, respectively.

For the three months ended March 31, 2026 and 2025, there were $30 million and $0 million, respectively, of commercial mortgage loans acquired, other than those through direct origination.

For both the three months ended March 31, 2026 and 2025, there were no commercial mortgage loans sold.

For the three months ended March 31, 2026 and 2025, there were $844 million and $0 million, respectively, of residential mortgage loans acquired.

For both the three months ended March 31, 2026 and 2025, there were $4 million and $0 million, respectively, of residential mortgage loans sold.

The Company did not have any commercial mortgage and other loans purchased with credit deterioration as of both March 31, 2026 and December 31, 2025.

Other Invested Assets

The following table sets forth the composition of “Other invested assets,” as of the dates indicated:


	March 31, 2026		December 31, 2025
	(in millions)
LPs/LLCs:
Equity method:
Private equity	$	10,897	$	10,832
Hedge funds	2,976		2,909
Real estate-related(1)	2,948		2,761
Subtotal equity method	16,821		16,502
Fair value:
Private equity	780		848
Hedge funds	1,913		1,964
Real estate-related	804		810
Subtotal fair value	3,497		3,622
Total LPs/LLCs	20,318		20,124
Real estate held through direct ownership(1)	1,927		1,888
Total alternative assets	22,245		22,012
Credit-like instruments(2)	2,460		1,929
Derivative instruments	1,459		1,667
Other(3)	1,628		1,686
Total other invested assets	$	27,792	$	27,294

_________

(1)As of March 31, 2026 and December 31, 2025, real estate held through direct ownership had mortgage debt of $218 million and $217 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 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Accrued Investment Income

The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:


	March 31, 2026		December 31, 2025
	(in millions)
Fixed maturities	$	3,070	$	3,089
Equity securities	19		11
Commercial mortgage and other loans	263		250
Policy loans	233		230
Other invested assets	10		10
Short-term investments and cash equivalents	38		46
Total accrued investment income	$	3,633	$	3,636

Write-downs on accrued investment income were $1 million for both the three months ended March 31, 2026 and 2025.

Net Investment Income

The following table sets forth “Net investment income” by investment type, for the periods indicated:


	Three Months Ended March 31,
	2026		2025
	(in millions)
Fixed maturities, available-for-sale(1)	$	4,184	$	3,773
Fixed maturities, trading	216		167
Assets supporting experience-rated contractholder liabilities	15		14
Equity securities	65		44
Commercial mortgage and other loans	740		692
Policy loans	122		124
Other invested assets	451		396
Short-term investments and cash equivalents	232		267
Gross investment income	6,025		5,477
Less: investment expenses	(360)		(347)
Net investment income	$	5,665	$	5,130

__________

(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:


	Three Months Ended March 31,
	2026		2025
	(in millions)
Fixed maturities(1)	$	(744)	$	(64)
Commercial mortgage and other loans	(6)		(58)
Investment real estate	14		(10)
LPs/LLCs	0		(1)
Derivatives	559		(449)
Ceded (income) loss on funds withheld assets(2)	(195)		(163)
Other	8		15
Realized investment gains (losses), net	$	(364)	$	(730)

__________

(1)Excludes fixed maturity securities classified as trading.

(2)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 under modified coinsurance and funds withheld coinsurance arrangements.

Net Unrealized Gains (Losses) on Investments within AOCI

The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:


	March 31, 2026		December 31, 2025
	(in millions)
Fixed maturity securities, available-for-sale with an allowance	$	(4)	$	(4)
Fixed maturity securities, available-for-sale without an allowance	(32,142)		(26,354)
Derivatives designated as cash flow hedges(1)	536		(231)
Derivatives designated as fair value hedges(1)	(139)		(123)
Other investments(2)	60		67
Net unrealized gains (losses) on investments	$	(31,689)	$	(26,645)

__________

(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:


	March 31, 2026								December 31, 2025
	Remaining Contractual Maturities of the Agreements								Remaining Contractual Maturities of the Agreements
	Overnight & Continuous		Up to 30 Days		30 to 90 Days		Total		Overnight & Continuous		Up to 30 Days		30 to 90 Days		Total
	(in millions)
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	9,776	$	0	$	0	$	9,776	$	7,277	$	1,701	$	0	$	8,978
U.S. public corporate securities	0		530		0		530		0		527		0		527
Foreign public corporate securities	0		18		0		18		0		18		0		18
Commercial mortgage-backed securities	651		0		0		651		75		0		0		75
Total securities sold under agreements to repurchase	$	10,427	$	548	$	0	$	10,975	$	7,352	$	2,246	$	0	$	9,598

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:


	March 31, 2026						December 31, 2025
	Remaining Contractual Maturities of the Agreements						Remaining Contractual Maturities of the Agreements
	Overnight & Continuous		Up to 30 Days		Total		Overnight & Continuous		Up to 30 Days		Total
	(in millions)

Obligations of U.S. states and their political subdivisions	$	40	$	0	$	40	$	45	$	0	$	45
Foreign government securities	179		0		179		226		0		226
U.S. public corporate securities	6,331		64		6,395		7,068		152		7,220
Foreign public corporate securities	1,065		4		1,069		1,157		16		1,173
Equity securities	1,216		6		1,222		36		0		36
Total cash collateral for loaned securities(1)	$	8,831	$	74	$	8,905	$	8,532	$	168	$	8,700

__________

(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.

Variable Interest Entities

3 Months Ended

Mar. 31, 2026

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 variable interest entities (“VIEs”). For additional information, see Note 4 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

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
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
	(in millions)
Fixed maturities, available-for-sale	$	1,973	$	1,870	$	640	$	663

Fixed maturities, trading	926		442		0		0
Equity securities	66		106		0		0
Commercial mortgage and other loans	576		583		247		244
Other invested assets	8,814		8,227		474		477
Cash and cash equivalents	686		654		0		0
Accrued investment income	13		12		1		1
Other assets	1,344		1,594		720		716
Total assets of consolidated VIEs	$	14,398	$	13,488	$	2,082	$	2,101
Other liabilities	$	872	$	603	$	3	$	3
Notes issued by consolidated VIEs(2)	3,269		2,644		14		15
Total liabilities of consolidated VIEs	$	4,141	$	3,247	$	17	$	18

__________

(1)Total assets of consolidated VIEs reflect $4,871 million and $4,801 million as of March 31, 2026 and December 31, 2025, 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 March 31, 2026, 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. The Company’s maximum exposure to loss resulting from its relationship with unconsolidated VIEs is limited to its investment in the VIEs, which was $1,478 million and $1,484 million as of March 31, 2026 and December 31, 2025, 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 Unaudited Interim 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 limited partnerships and limited liability companies (“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 $20,714 million and $20,509 million as of March 31, 2026 and December 31, 2025, respectively.

Derivatives and Hedging

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging

DERIVATIVES AND HEDGING

Types of Derivative and Hedging Instruments

The Company utilizes various derivatives and hedging instruments to manage certain of its risks. Commonly used derivative and non-derivative hedging instruments include, but are not necessarily limited to:

•Interest rate contracts: futures, swaps, forwards, options, caps and floors

•Equity contracts: futures, options and total return swaps

•Foreign exchange contracts: futures, options, forwards, swaps, and foreign currency debt instruments

•Credit contracts: single and index reference credit default swaps

Other types of financial contracts that the Company accounts for as derivatives are:

•To-be-announced (“TBA”) forward contracts, loan commitments, embedded derivatives and synthetic guaranteed investment contracts (“GICs”).

For detailed information regarding these contracts and the related strategies, see Note 5 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

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 $1,462 million and $1,671 million as of March 31, 2026 and December 31, 2025, respectively, and total derivative liabilities of $6,401 million and $6,215 million as of March 31, 2026 and December 31, 2025, respectively, reflected in the Unaudited Interim Consolidated Statements of Financial Position.


Primary Underlying Risk /Instrument Type	March 31, 2026						December 31, 2025
			Fair Value						Fair Value
	Gross Notional		Assets		Liabilities		Gross Notional		Assets		Liabilities
	(in millions)
Derivatives Designated as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps	$	5,117	$	21	$	(334)	$	5,083	$	23	$	(344)
Interest Rate Forwards	351		0		0		10		0		0
Foreign Currency
Foreign Currency Forwards	4,929		59		(219)		4,912		28		(208)
Currency/Interest Rate
Foreign Currency Swaps	33,551		1,581		(963)		33,823		1,286		(1,440)
Total Derivatives Designated as Hedge Accounting Instruments	$	43,948	$	1,661	$	(1,516)	$	43,828	$	1,337	$	(1,992)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps	$	249,491	$	10,733	$	(23,332)	$	244,336	$	10,825	$	(23,617)
Interest Rate Futures	9,955		15		(6)		12,079		7		(22)
Interest Rate Options	27,105		53		(1,211)		30,025		134		(1,382)
Interest Rate Forwards	6,404		12		(67)		3,658		11		(7)
Interest Rate Total Return Swaps	1,514		222		(221)		1,434		217		(221)
Foreign Currency
Foreign Currency Forwards	35,545		1,626		(1,402)		34,149		1,356		(1,383)
Currency/Interest Rate
Foreign Currency Swaps	7,140		435		(142)		7,318		370		(179)
Credit
Credit Default Swaps	5,756		56		0		5,784		112		0
Equity
Equity Futures	1,256		12		(19)		1,033		3		(6)
Equity Options	225,676		8,333		(9,049)		200,661		10,378		(9,189)
Equity Total Return Swaps	19,606		1,325		(895)		14,973		1,366		(1,159)
Other
Other(1)	1,250		0		0		1,250		0		0
Synthetic GICs	75,016		0		0		75,883		0		0
Total Derivatives Not Qualifying as Hedge Accounting Instruments	$	665,714	$	22,822	$	(36,344)	$	632,583	$	24,779	$	(37,165)
Total Derivatives(2)(3)	$	709,662	$	24,483	$	(37,860)	$	676,411	$	26,116	$	(39,157)

__________

(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 $16,927 million (including the Prismic funds withheld related embedded derivative net liability of $105 million) and $18,404 million (including the Prismic funds withheld related embedded derivative net liability of $194 million) as of March 31, 2026 and December 31, 2025, respectively, primarily included in “Policyholders’ account balances” and “Reinsurance and funds withheld payables.”

(3)Recorded in “Other invested assets” and “Other liabilities” on the Unaudited Interim Consolidated Statements of Financial Position.

As of March 31, 2026, the following amounts were recorded on the Unaudited Interim 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.


	March 31, 2026				December 31, 2025
Balance Sheet Line Item in which Hedged Item is Recorded	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)		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	$	563	$	8	$	594	$	11

Policyholders’ account balances	$	(1,589)	$	302	$	(1,588)	$	299
Future policy benefits	$	(2,379)	$	329	$	(2,405)	$	300

__________

(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 Unaudited Interim 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 Unaudited Interim Consolidated Statements of Financial Position.


	March 31, 2026
	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	$	24,347	$	(23,021)	$	1,326	$	(326)	$	1,000
Securities purchased under agreement to resell	0		0		0		0		0
Total Assets	$	24,347	$	(23,021)	$	1,326	$	(326)	$	1,000
Offsetting of Financial Liabilities:
Derivatives	$	37,860	$	(31,459)	$	6,401	$	(6,401)	$	0
Securities sold under agreement to repurchase	10,975		0		10,975		(10,975)		0
Total Liabilities	$	48,835	$	(31,459)	$	17,376	$	(17,376)	$	0


	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 resell	0		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 repurchase	9,598		0		9,598		(9,523)		75
Total Liabilities	$	48,755	$	(32,942)	$	15,813	$	(15,534)	$	279

__________

(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 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

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.


	Three Months Ended March 31, 2026
	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’ Benefits		Change 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	$	(8)	$	0	$	0
Currency	0		0		0		0		0		0		(36)		0
Total gains (losses) on derivatives designated as hedge instruments	2		0		0		0		0		(8)		(36)		0
Gains (losses) on the hedged item:
Interest Rate	(3)		0		7		0		0		3		(5)		0
Currency	0		0		0		0		0		0		35		0
Total gains (losses) on hedged item	(3)		0		7		0		0		3		30		0
Amortization for gains (losses) excluded from assessment of the effectiveness

Currency	0		0		0		0		0		0		(4)		(16)
Total amortization for gains (losses) excluded from assessment of the effectiveness	0		0		0		0		0		0		(4)		(16)
Total gains (losses) on fair value hedges net of hedged item	(1)		0		7		0		0		(5)		(10)		(16)
Cash flow hedges
Interest Rate	0		0		(2)		0		0		0		0		1
Currency	0		0		0		0		0		0		0		63
Currency/Interest Rate	23		0		73		54		0		0		0		703
Total gains (losses) on cash flow hedges	23		0		71		54		0		0		0		767
Net investment hedges
Currency	0		0		0		0		0		0		0		10
Currency/Interest Rate	0		0		0		0		0		0		0		0
Total gains (losses) on net investment hedges	0		0		0		0		0		0		0		10
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	15		(77)		0		0		0		0		0		0
Currency	0		0		0		0		0		0		0		0
Currency/Interest Rate	109		0		0		0		0		0		0		0
Credit	(29)		0		0		0		0		0		0		0
Equity	(1,387)		271		0		0		0		0		0		0
Embedded Derivatives(2)	1,829		0		0		0		0		0		0		0
Total gains (losses) on derivatives not qualifying as hedge accounting instruments	537		194		0		0		0		0		0		0
Total	$	559	$	194	$	78	$	54	$	0	$	(5)	$	(10)	$	761


	Three Months Ended March 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’ Benefits		Change in AOCI(1)
	(in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Gains (losses) on derivatives designated as hedge instruments:
Interest Rate	$	(3)	$	0	$	0	$	0	$	0	$	35	$	30	$	0
Currency	0		0		0		0		0		0		53		0
Total gains (losses) on derivatives designated as hedge instruments	(3)		0		0		0		0		35		83		0
Gains (losses) on the hedged item:
Interest Rate	3		0		5		0		0		(49)		(32)		0
Currency	0		0		0		0		0		0		(53)		0
Total gains (losses) on hedged item	3		0		5		0		0		(49)		(85)		0

Amortization for gains (losses) excluded from assessment of the effectiveness
Currency	0		0		0		0		0		0		(3)		(69)
Total amortization for gains (losses) excluded from assessment of the effectiveness	0		0		0		0		0		0		(3)		(69)
Total gains (losses) on fair value hedges net of hedged item	0		0		5		0		0		(14)		(5)		(69)
Cash flow hedges
Interest Rate	0		0		(3)		0		0		0		0		8
Currency	0		0		0		0		0		0		0		(26)
Currency/Interest Rate	22		0		96		(147)		0		0		0		(103)
Total gains (losses) on cash flow hedges	22		0		93		(147)		0		0		0		(121)
Net investment hedges
Currency	0		0		0		0		0		0		0		(15)
Currency/Interest Rate	0		0		0		0		0		0		0		0
Total gains (losses) on net investment hedges	0		0		0		0		0		0		0		(15)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	189		141		0		0		0		0		0		0
Currency	(174)		0		0		(1)		0		0		0		0
Currency/Interest Rate	(28)		0		0		0		0		0		0		0
Credit	(11)		0		0		0		0		0		0		0
Equity	(1,469)		202		0		0		0		0		0		0
Embedded Derivatives(2)	1,257		0		0		0		0		0		0		0
Total gains (losses) on derivatives not qualifying as hedge accounting instruments	(236)		343		0		(1)		0		0		0		0
Total	$	(214)	$	343	$	98	$	(148)	$	0	$	(14)	$	(5)	$	(205)

__________

(1)Excludes changes related to net investment hedges using non-derivative instruments of $14 million and $(51) million for the three months ended March 31, 2026, and 2025 respectively.

(2)Includes the Prismic funds withheld related embedded derivative realized gain (loss) of $88 million and $(147) million for the three months ended March 31, 2026 and 2025 respectively.

Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:


	(in millions)
Balance, December 31, 2025	$	(231)
Amount recorded in AOCI:
Interest Rate	(1)
Currency	60
Currency/Interest Rate	853
Total amount recorded in AOCI	912
Amount reclassified from AOCI to income:
Interest Rate	2
Currency	3
Currency/Interest Rate	(150)
Total amount reclassified from AOCI to income	(145)
Balance, March 31, 2026	$	536

The changes in fair value of cash flow hedges are deferred in AOCI and are included in “Net unrealized investment gains (losses)” in the Unaudited Interim Consolidated Statements of Comprehensive Income; these amounts are then reclassified to earnings when the hedged item affects earnings. Using March 31, 2026 values, it is estimated that a pre-tax gain of $304 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending March 31, 2027.

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 25 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 $24 million and $(66) million for the three months ended March 31, 2026 and 2025, respectively.

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 11 years for index reference.


	March 31, 2026
	NAIC Rating Designation of Underlying Credit Obligation(1)
	NAIC 1				NAIC 2				NAIC 3				NAIC 4				NAIC 5				NAIC 6(2)				Total
	Gross Notional		Fair Value		Gross Notional		Fair Value		Gross Notional		Fair Value		Gross Notional		Fair Value		Gross Notional		Fair Value		Gross Notional		Fair Value		Gross Notional		Fair 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		5,024		22		0		0		0		0		732		34		5,756		56
Total	$	0	$	0	$	0	$	0	$	5,024	$	22	$	0	$	0	$	0	$	0	$	732	$	34	$	5,756	$	56


	December 31, 2025
	NAIC Rating Designation of Underlying Credit Obligation(1)
	NAIC 1				NAIC 2				NAIC 3				NAIC 4				NAIC 5				NAIC 6(2)				Total
	Gross Notional		Fair Value		Gross Notional		Fair Value		Gross Notional		Fair Value		Gross Notional		Fair Value		Gross Notional		Fair Value		Gross Notional		Fair Value		Gross Notional		Fair 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

_________

(1)The NAIC rating designations are based on availability and the lowest ratings among Moody’s Investors Service, Inc. (“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 4% and 3% of the index reference name rated as NAIC 6 as of March 31, 2026 and December 31, 2025, 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 had no exposure on purchased credit protection as of March 31, 2026 or December 31, 2025.

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 over-the-counter (“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 March 31, 2026, 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.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Fair Value of Assets and Liabilities

3 Months Ended

Mar. 31, 2026

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.

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.

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.

For a discussion of the Company’s valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 6 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes in the Company’s valuation techniques during the period represented by these Unaudited Interim Consolidated Financial Statements.

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.


	March 31, 2026
	Level 1		Level 2		Level 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	$	22,582	$	0	$		$	22,582
Obligations of U.S. states and their political subdivisions	0		5,054		5				5,059
Foreign government securities	0		47,670		5				47,675
U.S. corporate public securities	0		107,671		64				107,735
U.S. corporate private securities(2)	0		40,781		5,537				46,318
Foreign corporate public securities	0		24,005		39				24,044
Foreign corporate private securities	0		37,579		1,825				39,404
Asset-backed securities(3)	0		16,672		4,942				21,614
Commercial mortgage-backed securities	0		9,031		845				9,876
Residential mortgage-backed securities	0		6,435		109				6,544
Subtotal	0		317,480		13,371				330,851
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	0		246		0				246

Foreign government securities	0		612		0				612
Corporate securities	0		57		0				57



Equity securities	2,156		1,710		0				3,866

Subtotal	2,156		2,625		0				4,781
Market risk benefit assets	0		0		2,166				2,166
Fixed maturities, trading	0		12,916		2,915				15,831
Equity securities	9,732		2,252		568				12,552
Commercial mortgage and other loans	0		1,225		270				1,495
Other invested assets(4)	37		24,446		1,134		(23,021)		2,596
Short-term investments	2,496		3,751		44				6,291
Cash equivalents	620		8,646		0				9,266
Reinsurance recoverables and deposit receivables	0		293		452				745

Separate account assets(5)(6)	9,426		151,769		210				161,405
Total assets	$	24,467	$	525,403	$	21,130	$	(23,021)	$	547,979
Market risk benefit liabilities	$	0	$	0	$	5,000	$		$	5,000
Policyholders’ account balances	0		0		17,590				17,590
Reinsurance and funds withheld payables	0		78		0				78
Other liabilities	35		37,825		0		(31,459)		6,401
Notes issued by consolidated VIEs	0		0		1,330				1,330
Total liabilities	$	35	$	37,903	$	23,920	$	(31,459)	$	30,399


	December 31, 2025
	Level 1		Level 2		Level 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 subdivisions	0		5,460		5				5,465
Foreign government securities	0		50,609		5				50,614
U.S. corporate public securities	0		107,718		63				107,781
U.S. corporate private securities(2)	0		42,007		5,094				47,101
Foreign corporate public securities	0		23,661		42				23,703
Foreign corporate private securities	0		38,425		1,734				40,159
Asset-backed securities(3)	0		15,227		4,102				19,329
Commercial mortgage-backed securities	0		8,890		853				9,743
Residential mortgage-backed securities	0		5,281		100				5,381
Subtotal	0		319,457		11,998				331,455
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	0		245		0				245

Foreign government securities	0		596		0				596
Corporate securities	0		55		0				55



Equity securities	2,225		1,721		0				3,946

Subtotal	2,225		2,617		0				4,842
Market risk benefit assets	0		0		2,330				2,330
Fixed maturities, trading	0		12,556		2,313				14,869
Equity securities	8,052		2,294		626				10,972
Commercial mortgage and other loans	0		793		263				1,056
Other invested assets(4)	301		25,816		1,088		(24,445)		2,760
Short-term investments	116		5,664		1				5,781
Cash equivalents	1,466		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 balances	0		0		18,799				18,799
Reinsurance and funds withheld payables	0		174		0				174
Other liabilities	280		38,877		0		(32,942)		6,215
Notes issued by consolidated VIEs	0		0		767				767
Total liabilities	$	280	$	39,051	$	24,189	$	(32,942)	$	30,578

__________

(1)“Netting” amounts represent cash collateral of $(8,438) million and $(8,497) million as of March 31, 2026 and December 31, 2025, 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 $15,844 million (carrying amount of $15,844 million) and $15,744 million (carrying amount of $15,744 million) as of March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025, the fair value of such investments was $5,931 million and $5,526 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 March 31, 2026 and December 31, 2025, the fair value of such investments was $27,631 million and $27,506 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 Unaudited Interim Consolidated Statements of Financial Position.

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.


	As of March 31, 2026
	Fair Value		Valuation Techniques	Unobservable Inputs	Minimum	Maximum	Weighted Average	Impact of Increase in Input on Fair Value(1)
	(in millions)
Assets:
Corporate securities(2)(3)	$	8,331	Discounted cash flow	Discount rate	1.20%	31.61%	9.14%	Decrease
			Market comparables	EBITDA multiple(4)	5.5X	8.5X	6.9X	Increase
			Liquidation	Liquidation value	12.01%	77.35%	36.82%	Increase
Asset backed securities	$	783	Discounted cash flow	Discount rate	1.98%	10.24%	3.88%	Decrease
				Liquidity premium	2.55%	2.60%	2.56%	Decrease
Commercial mortgage-backed securities	$	845	Discounted cash flow	Liquidity premium	0.90%	0.90%	0.90%	Decrease
Market risk benefit assets(6)	$	2,166	Discounted cash flow	Lapse rate(8)	1%	20%		Increase
				Spread over SOFR(9)	0.44%	1.85%		Increase
				Utilization rate(10)	37%	94%		Decrease
				Withdrawal rate	See table footnote (11) below.
				Mortality rate(12)	0%	16%		Increase
				Equity volatility curve	18%	26%		Decrease
Equity securities	$	181	Market comparables	EBITDA multiple(4)	6.0X	7.0X	6.2X	Increase
			Net Asset Value	Share price	$3	$1,809	$750	Increase
Commercial mortgage and other loans	$	270	Discounted cash flow	Spread	1.90%	3.10%	2.47%	Decrease
Reinsurance recoverables and deposit receivables	$	452	Discounted cash flow	Lapse rate(8)	1%	50%		Increase
				Spread over SOFR(9)	0.44%	1.82%		Increase
				Option Budget(13)	0%	6%		Decrease
Liabilities:
Market risk benefit liabilities(6)	$	5,000	Discounted cash flow	Lapse rate(8)	1%	20%		Decrease
				Spread over SOFR(9)	0.44%	1.85%		Decrease
				Utilization rate(10)	37%	94%		Increase
				Withdrawal rate	See table footnote (11) below.
				Mortality rate(12)	0%	16%		Decrease
				Equity volatility curve	18%	26%		Increase
Policyholders’ account balances(7)	$	17,502	Discounted cash flow	Lapse rate(8)	0%	80%		Decrease
				Spread over SOFR(9)	0.44%	1.82%		Decrease
				Mortality rate(12)	0%	23%		Decrease

				Option Budget(13)	(1)%	6%		Increase
Notes issued by consolidated VIEs	$	517	Liquidation	Liquidation value	100%	100%	100%	Increase


	As of December 31, 2025
	Fair Value		Valuation Techniques	Unobservable Inputs	Minimum	Maximum	Weighted Average	Impact of Increase in Input on Fair Value(1)
	(in millions)
Assets:
Corporate securities(2)(3)	$	7,702	Discounted cash flow	Discount rate	1.10%	25.50%	8.47%	Decrease
			Market comparables	EBITDA multiple(4)	5.5X	8.5X	7.5X	Increase
			Liquidation	Liquidation value	12.01%	39.00%	30.18%	Increase
Asset backed securities	$	1,767	Discounted cash flow	Discount rate	2.10%	10.05%	6.10%	Decrease
				Liquidity premium	1.50%	2.60%	1.89%	Decrease
Commercial mortgage-backed securities	$	853	Discounted cash flow	Liquidity premium	0.90%	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 rate	See table footnote (11) below.
				Mortality rate(12)	0%	16%		Increase
				Equity volatility curve	15%	25%		Decrease
Equity securities	$	214	Discounted cash flow	Discount rate(5)	40%	40%		Decrease
			Market comparables	EBITDA multiple(4)	7.0X	7.0X	7.0X	Increase
			Net Asset Value	Share price	$3	$1,809	$778	Increase
Commercial mortgage and other loans	$	263	Discounted cash flow	Spread	2.15%	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 rate	See table footnote (11) below.
				Mortality rate(12)	0%	16%		Decrease
				Equity volatility curve	15%	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	Liquidation	Liquidation value	100%	100%	100%	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 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 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 secured overnight financing rate (“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 March 31, 2026 and December 31, 2025, respectively. This spread includes an estimate of non-performance risk (“NPR”), which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar Life Insurance Company (“AuguStar”), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits. See Note 12 for additional information regarding this transaction. As a result of this transaction, a ceded MRB asset balance was established to fair value the reinsurance reimbursements to the Company. The establishment of the fair value also required an estimate of NPR for AuguStar, which may differ from the Company’s; however, the NPR spreads for AuguStar were developed using a methodology similar to that of the Company.

(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 March 31, 2026 and December 31, 2025, 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 11). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.


	Three Months Ended March 31, 2026(6)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(7)		Transfers out of Level 3(7)		Fair Value, end of period		Unrealized gains (losses) for assets and liabilities still held(2)
	(in millions)
Fixed maturities, available-for-sale:

U.S. states	$	5	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	5	$	0
Foreign government	5		0		0		0		0		0		0		0		0		5		0
Corporate securities(3)	6,933		(154)		686		(94)		0		(360)		13		469		(28)		7,465		(165)
Structured securities(4)	5,055		(32)		1,298		(54)		0		(150)		(1)		0		(220)		5,896		(32)






Other assets:
Fixed maturities, trading	2,313		(44)		724		(24)		0		(41)		(1)		16		(28)		2,915		(49)
Equity securities	626		(32)		23		(2)		0		(14)		0		0		(33)		568		(28)
Commercial mortgage and other loans	263		0		39		0		26		(58)		0		0		0		270		0
Other invested assets	1,088		(1)		59		(12)		0		0		0		0		0		1,134		(1)
Short-term investments	1		(11)		26		0		0		28		0		0		0		44		(11)
Cash equivalents	0		0		0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	367		60		44		0		0		(21)		2		0		0		452		39

Separate account assets	211		(4)		6		(1)		0		(8)		0		6		0		210		(4)
Liabilities:
Policyholders’ account balances(5)	(18,799)		1,589		0		0		0		(381)		1		0		0		(17,590)		323
Other liabilities	0		0		0		0		0		0		0		0		0		0		0
Notes issued by consolidated VIEs	(767)		(2)		0		0		(138)		0		(423)		0		0		(1,330)		(4)


	Three Months Ended March 31, 2026
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets and liabilities still held(2)
	Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)
	(in millions)
Fixed maturities, available-for-sale	$	(77)	$	0	$	0	$	(111)	$	2	$	(89)	$	0	$	0	$	(108)

Other assets:
Fixed maturities, trading	0		(44)		0		0		0		0		(49)		0		0
Equity securities	0		(32)		0		0		0		0		(28)		0		0
Commercial mortgage and other loans	0		0		0		0		0		0		0		0		0
Other invested assets	0		(1)		0		0		0		0		(1)		0		0
Short-term investments	(11)		0		0		0		0		(11)		0		0		0
Cash equivalents	0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	60		0		0		0		0		39		0		0		0

Separate account assets	0		0		(4)		0		0		0		0		(4)		0
Liabilities:
Policyholders’ account balances	1,589		0		0		0		0		323		0		0		0
Other liabilities	0		0		0		0		0		0		0		0		0
Notes issued by consolidated VIEs	0		(2)		0		0		0		0		(4)		0		0


	Three Months Ended March 31, 2025(6)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(7)		Transfers out of Level 3(7)		Fair Value, end of period		Unrealized gains (losses) for assets and liabilities 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 government	7		0		0		0		0		(2)		0		0		0		5		0
Corporate securities(3)	5,831		(68)		868		(350)		0		(194)		(41)		234		(1)		6,279		(71)
Structured securities(4)	2,333		18		826		(323)		0		(65)		(362)		865		(75)		3,217		19






Other assets:
Fixed maturities, trading	1,986		(21)		423		(261)		0		(252)		366		3		(106)		2,138		(7)
Equity securities	518		(17)		154		(23)		0		0		0		119		(18)		733		(23)
Commercial mortgage and other loans	233		0		0		0		30		0		0		0		0		263		0
Other invested assets	953		(1)		14		(1)		0		0		0		0		0		965		(1)
Short-term investments	461		0		8		(3)		0		(4)		0		0		0		462		0
Cash equivalents	0		0		1		0		0		0		0		0		0		1		0
Reinsurance recoverables and deposit receivables	613		(4)		23		0		0		(18)		(233)		0		0		381		(21)

Separate account assets	232		(8)		60		(34)		0		(1)		0		4		0		253		(8)
Liabilities:
Policyholders’ account balances(5)	(12,746)		1,435		0		0		0		(625)		(2)		0		0		(11,938)		407
Other liabilities	(1)		(12)		0		0		0		0		0		0		0		(13)		(12)
Notes issued by consolidated VIEs	(60)		0		0		0		(7)		0		0		0		0		(67)		0


	Three Months Ended March 31, 2025
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets and liabilities still held(2)
	Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)
	(in millions)
Fixed maturities, available-for-sale	$	(19)	$	0	$	0	$	(28)	$	(3)	$	(22)	$	0	$	0	$	(30)






Other assets:
Fixed maturities, trading	0		(6)		0		0		(15)		0		(7)		0		0
Equity securities	0		(17)		0		0		0		0		(23)		0		0
Commercial mortgage and other loans	0		0		0		0		0		0		0		0		0
Other invested assets	0		(1)		0		0		0		0		(1)		0		0
Short-term investments	0		0		0		0		0		0		0		0		0
Cash equivalents	0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	(4)		0		0		0		0		(21)		0		0		0

Separate account assets	0		0		(8)		0		0		0		0		(8)		0
Liabilities:
Policyholders’ account balances	1,435		0		0		0		0		407		0		0		0
Other liabilities	(12)		0		0		0		0		(12)		0		0		0
Notes issued by consolidated VIEs	0		0		0		0		0		0		0		0		0

__________

(1)“Other” includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities.

(2)Unrealized gains or losses related to assets and liabilities 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 $2,166 million and $2,139 million and MRB liabilities of $5,000 million and $5,021 million for the periods ended March 31, 2026 and 2025, respectively. See Note 11 for additional information.

(7)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the period in which the transfers occur for any such positions still held at the end of the period.

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 March 31, 2026
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in millions)
Derivative Assets:
Interest Rate	$	15	$	11,041	$	0	$		$	11,056
Currency	0		1,685		0				1,685
Credit	0		56		0				56
Currency/Interest Rate	0		2,016		0				2,016
Equity	22		9,648		0				9,670
Netting(1)							(23,021)		(23,021)
Total derivative assets	$	37	$	24,446	$	0	$	(23,021)	$	1,462
Derivative Liabilities:
Interest Rate	$	6	$	25,165	$	0	$		$	25,171
Currency	0		1,621		0				1,621
Credit	0		0		0				0
Currency/Interest Rate	0		1,105		0				1,105
Equity	29		9,934		0				9,963
Netting(1)							(31,459)		(31,459)
Total derivative liabilities	$	35	$	37,825	$	0	$	(31,459)	$	6,401


	As of December 31, 2025
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in millions)
Derivative Assets:
Interest Rate	$	7	$	11,210	$	0	$		$	11,217
Currency	0		1,384		0				1,384
Credit	0		112		0				112
Currency/Interest Rate	0		1,656		0				1,656
Equity	293		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
Currency	0		1,591		0				1,591
Credit	0		0		0				0
Currency/Interest Rate	0		1,619		0				1,619
Equity	258		10,096		0				10,354
Netting(1)							(32,942)		(32,942)
Total derivative liabilities	$	280	$	38,877	$	0	$	(32,942)	$	6,215

__________

(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.


	Three Months Ended March 31, 2026
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other		Transfers into Level 3(2)		Transfers out of Level 3(2)		Fair Value, end of period		Unrealized 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 Rate	0		0		0		0		0		0		0		0		0		0		0


	Three Months Ended March 31, 2025
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other		Transfers into Level 3(2)		Transfers out of Level 3(2)		Fair Value, end of period		Unrealized gains (losses) for assets still held(1)
	(in millions)
Net Derivative - Equity	$	0	$	1	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	1	$	1
Net Derivative - Interest Rate	0		(13)		0		0		0		0		0		0		0		(13)		(13)

__________

(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 period in which the transfers occur for any such positions still held at the end of the period.

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).


	Three Months Ended March 31,
	2026		2025
	(in millions)
Gains (Losses):


Investment real estate	$	0	$	(12)
Investment in JV/LP and Other	$	(5)	$	0
Equity securities	$	9	$	0


	March 31, 2026		December 31, 2025
	(in millions)
Carrying value after measurement as of period end:


Investment real estate(1)	$	0	$	45
Investment in JV/LP and Other(1)	$	74	$	61
Equity securities(1)	$	32	$	92

__________

(1)Reported carrying values for 2026 include values as of the measurement dates of March 31, 2026 for “Investment in JV/LP and Other” and “Equity securities.” Reported carrying values for 2025 include values as of the measurement dates 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.”

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.


	Three Months Ended March 31,
	2026		2025
	(in millions)
Commercial mortgage and other loans:
Interest income	$	8	$	8
Changes in fair value	$	0	$	0
Notes issued by consolidated VIEs:
Interest expense	$	8	$	0
Changes in fair value	$	2	$	0


	March 31, 2026		December 31, 2025
	(in millions)
Commercial mortgage and other loans(1):
Fair value as of period end	$	1,495	$	1,056
Aggregate contractual principal as of period end	$	1,485	$	1,048
Other invested assets:
Fair value as of period end	$	26	$	26


Notes issued by consolidated VIEs:
Fair value as of period end	$	1,330	$	767
Aggregate contractual principal as of period end	$	1,330	$	767

__________

(1)As of March 31, 2026, 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 Unaudited Interim Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.


	March 31, 2026
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in millions)
Assets:


Commercial mortgage and other loans	$	0	$	13	$	62,288	$	62,301	$	63,917
Policy loans	13		0		9,975		9,988		9,988
Other invested assets	0		93		0		93		93
Short-term investments	625		1		0		626		626
Cash and cash equivalents	6,422		248		0		6,670		6,670
Accrued investment income	0		3,633		0		3,633		3,633
Reinsurance recoverables and deposit receivables	0		8		7,066		7,074		7,074
Other assets	56		3,401		2		3,459		3,459
Total assets	$	7,116	$	7,397	$	79,331	$	93,844	$	95,460
Liabilities:
Policyholders’ account balances—investment contracts	$	0	$	35,871	$	48,916	$	84,787	$	90,343
Securities sold under agreements to repurchase	0		10,975		0		10,975		10,975
Cash collateral for loaned securities	0		8,905		0		8,905		8,905
Reinsurance and funds withheld payables(2)	0		10,772		(37)		10,735		10,735
Short-term debt	0		910		36		946		946
Long-term debt(3)	7,263		10,059		457		17,779		18,882
Notes issued by consolidated VIEs	0		0		1,953		1,953		1,953
Other liabilities	0		7,636		31		7,667		7,667
Separate account liabilities—investment contracts	0		22,320		17,545		39,865		39,865
Total liabilities	$	7,263	$	107,448	$	68,901	$	183,612	$	190,271


	December 31, 2025
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in millions)
Assets:


Commercial mortgage and other loans	$	0	$	14	$	63,164	$	63,178	$	63,659
Policy loans	12		0		9,946		9,958		9,958
Other invested assets	0		93		0		93		93
Short-term investments	632		1		0		633		633
Cash and cash equivalents	6,652		222		0		6,874		6,874
Accrued investment income	0		3,636		0		3,636		3,636
Reinsurance recoverables and deposit receivables	0		8		6,710		6,718		6,718
Other assets	37		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 repurchase	0		9,598		0		9,598		9,598
Cash collateral for loaned securities	0		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 liabilities	0		6,993		31		7,024		7,024
Separate account liabilities—investment contracts	0		22,548		17,663		40,211		40,211
Total liabilities	$	7,507	$	105,385	$	70,040	$	182,932	$	188,301

__________

(1)Carrying values presented herein differ from those in the Company’s Unaudited Interim 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 Life Reinsurance, Ltd (“Prismic Re”) with a fair value of $7,430 million (carrying amount of $7,430 million) and $7,513 million (carrying amount of $7,513 million), a portion of which relates to insurance contracts as of March 31, 2026 and December 31, 2025, respectively. See Note 12 for additional information regarding the reinsurance arrangement with Prismic Re.

(3)Excludes debt with fair value of $15,844 million (carrying amount of $15,844 million) and $15,744 million (carrying amount of $15,744 million) as of March 31, 2026 and December 31, 2025, respectively, which have been offset with the associated notes under a netting agreement.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Deferred Policy Acquisition Costs, Deferred Reinsurance, Deferred Sales Inducements and Value of Business Acquired

3 Months Ended

Mar. 31, 2026

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 (“DAC”)

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:


	Three Months Ended March 31, 2026
			Individual Life				U.S. Legacy Products				International Businesses		Total
	Retirement		Term Life		Variable/ Universal Life		Annuities		Guaranteed Universal Life
	(in millions)
Balance, BOP	$	2,304	$	2,203	$	4,845	$	2,308	$	545	$	9,678	$	21,883
Capitalization	174		48		169		1		5		263		660
Amortization expense	(81)		(53)		(57)		(58)		(4)		(178)		(431)
Other adjustments	0		0		(1)		0		0		4		3
Foreign currency adjustment	(1)		0		0		0		0		(11)		(12)
Balance, EOP	$	2,396	$	2,198	$	4,956	$	2,251	$	546	$	9,756	22,103
Other businesses													(373)
Total DAC balance													$	21,730


	Three Months Ended March 31, 2025
			Individual Life				U.S. Legacy Products(1)				International Businesses		Total
	Retirement(1)		Term Life		Variable/ Universal Life(1)		Annuities		Guaranteed Universal Life
	(in millions)
Balance, BOP	$	1,744	$	2,215	$	4,369	$	2,556	$	509	$	9,304	$	20,697
Capitalization	306		46		144		1		13		305		815
Amortization expense	(82)		(52)		(53)		(61)		(6)		(169)		(423)
Other adjustments(2)	(2)		0		(1)		0		1		(214)		(216)
Foreign currency adjustment	2		0		0		0		0		184		186
Balance, EOP	$	1,968	$	2,209	$	4,459	$	2,496	$	517	$	9,410	21,059
Other businesses													(269)
Total DAC balance													$	20,790

__________

(1)Prior period amounts have been updated to conform to current presentation.

(2)Includes the impact of the reinsurance transaction with Prismic Re International in International Businesses. See Note 12 for additional information.

Deferred Reinsurance Losses (“DRL”)

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:


	Three Months Ended March 31, 2026
			U.S. Legacy Products		Total
	Retirement		Guaranteed Universal Life
	(in millions)
Balance, BOP	$	248	$	932	$	1,180

Amortization	(7)		(10)		(17)


Balance, EOP	$	241	$	922	1,163
Other businesses					63
Total DRL balance					$	1,226


	Three Months Ended March 31, 2025
			U.S. Legacy Products		Total
	Retirement		Guaranteed Universal Life
	(in millions)
Balance, BOP	$	280	$	969	$	1,249

Amortization	(8)		(9)		(17)


Balance, EOP	$	272	$	960	1,232
Other businesses					86
Total DRL balance					$	1,318

Deferred Reinsurance Gains (“DRG”)

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:


	Three Months Ended March 31, 2026
			U.S. Legacy Products				Total
	Retirement		Annuities		Guaranteed Universal Life
	(in millions)
Balance, BOP	$	67	$	263	$	333	$	663
Deferred reinsurance gain	2		0		0		2
Amortization	(1)		(6)		(4)		(11)


Balance, EOP	$	68	$	257	$	329	654
Other businesses							40
Total DRG balance							$	694


	Three Months Ended March 31, 2025
			U.S. Legacy Products				Total
	Retirement		Annuities		Guaranteed Universal Life
	(in millions)
Balance, BOP	$	62	$	287	$	348	$	697
Deferred reinsurance gain	1		0		0		1
Amortization	(1)		(6)		(4)		(11)

Foreign currency adjustment	2		0		0		2
Balance, EOP	$	64	$	281	$	344	689
Other businesses							43
Total DRG balance							$	732

Deferred Sales Inducements (“DSI”)

The following table shows a rollforward of DSI balances for annuity products within U.S. Legacy Products, which is the only line of business that contains a material DSI balance, along with a reconciliation to the Company’s total DSI balance:


	Three Months Ended March 31,
	2026		2025(1)
	(in millions)
Balance, BOP	$	348	$	378
Capitalization	1		1
Amortization expense	(8)		(8)


Balance, EOP	341		371
Other businesses	25		27
Total DSI balance	$	366	$	398

__________

(1)Prior period amounts have been updated to conform to current presentation.

Value of Business Acquired (“VOBA”)

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:


	Three Months Ended March 31,
	2026		2025
	(in millions)
Balance, BOP	$	384	$	421

Amortization expense	(9)		(10)

Foreign currency adjustment	(5)		20
Balance, EOP	370		431
Other businesses(1)	12		15
Total VOBA balance	$	382	$	446

__________

(1)Represents Aoba Life business.

Separate Accounts

3 Months Ended

Mar. 31, 2026

Separate Accounts Disclosure [Abstract]

Separate Accounts

SEPARATE ACCOUNTS

The Company issues variable annuity and variable life insurance contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contractholder. Most variable annuity and variable life insurance contracts are offered with both separate and general account options. See Note 10 for additional information.

The assets supporting the variable portion of variable annuity and variable life insurance contracts are carried at fair value and reported as “Separate account assets” with an equivalent amount reported as “Separate account liabilities.” The liabilities related to the net amount at risk are reflected within “Future policy benefits” or “Market risk benefit liabilities” (or “assets,” if applicable). Amounts assessed against the contractholders for mortality, administration, and other services are included within revenue in “Policy charges and fee income” and changes in liabilities for minimum guarantees are generally included in “Policyholders’ benefits” or “Change in value of market risk benefits, net of related hedging gains (losses).”

Separate Account Assets

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


	March 31, 2026		December 31, 2025
	(in millions)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	4,924	$	4,753
Obligations of U.S. states and their political subdivisions	2,483		2,514
Foreign government bonds	122		109
U.S. corporate securities	12,553		13,783
Foreign corporate securities	3,302		4,282
Asset-backed securities	2,129		3,445
Mortgage-backed securities	13,335		10,154
Mutual funds:
Equity	85,788		92,137
Fixed Income	29,998		30,602
Other	6,152		6,315
Equity securities	5,198		5,459
Commercial mortgage and other loans	52		53
Other invested assets	19,837		19,749
Short-term investments	1,011		1,276
Cash and cash equivalents	2,152		1,620
Total	$	189,036	$	196,251

For the periods ended March 31, 2026 and December 31, 2025, 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:


	Three Months Ended March 31, 2026
	PGIM		Retirement		Group Insurance		Individual Life		U.S. Legacy Products		Total
	(in millions)
Balance, BOP	$	29,278	$	12,154	$	26,916	$	54,073	$	77,880	$	200,301
Deposits	2,055		150		22		1,139		12		3,378
Investment performance	179		(128)		(74)		(1,549)		(1,269)		(2,841)

Policy charges	(16)		(5)		(57)		(321)		(463)		(862)
Surrenders and withdrawals	(1,145)		(445)		(7)		(284)		(3,364)		(5,245)
Benefit payments	(950)		(123)		(85)		(157)		(28)		(1,343)
Net transfers (to) from general account	31		7		(3)		(200)		4		(161)
Other	(207)		69		25		(62)		1		(174)

Balance, EOP	$	29,225	$	11,679	$	26,737	$	52,639	$	72,773	$	193,053
Other businesses(1)											(4,017)
Total separate account liabilities											$	189,036

Cash surrender value(2)	$	29,225	$	11,525	$	26,591	$	51,250	$	72,350	$	190,941

__________

(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 is no cash surrender charges for the PGIM segment.


	Three Months Ended March 31, 2025
	PGIM		Retirement		Group Insurance		Individual Life		U.S. Legacy Products		Total
	(in millions)
Balance, BOP	$	28,645	$	12,664	$	25,126	$	46,891	$	83,618	$	196,944
Deposits	2,211		289		11		924		12		3,447
Investment performance	569		175		511		(1,220)		(168)		(133)

Policy charges	(16)		(6)		(38)		(309)		(510)		(879)
Surrenders and withdrawals	(1,695)		(567)		(9)		(280)		(3,353)		(5,904)
Benefit payments	(910)		(129)		(60)		(153)		(27)		(1,279)
Net transfers (to) from general account	(83)		(157)		13		(109)		7		(329)
Other	(118)		78		(7)		44		2		(1)

Balance, EOP	$	28,603	$	12,347	$	25,547	$	45,788	$	79,581	191,866
Other businesses(1)											(3,675)
Total separate account liabilities											$	188,191

Cash surrender value(2)	$	28,603	$	12,207	$	25,452	$	42,169	$	78,856	$	187,287

__________

(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 is no cash surrender charges for the PGIM segment.

Liability For Future Policy Benefits

3 Months Ended

Mar. 31, 2026

Insurance [Abstract]

Liabilities 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 (“DPL”); and

•Additional Insurance Reserves (“AIR”)

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.


	Three Months Ended March 31, 2026
	Present Value of Expected Net Premiums
			Individual Life		International Businesses		Corporate and Other		Total
	Retirement		Term Life				Long-Term Care
	(in millions)
Balance, BOP	$	87,431	$	10,637	$	41,359	$	2,868	$	142,295
Effect of cumulative changes in discount rate assumptions, BOP	14,178		280		3,431		64		17,953
Balance at original discount rate, BOP	101,609		10,917		44,790		2,932		160,248

Effect of actual variances from expected experience and other activity	17		(75)		(306)		21		(343)
Adjusted balance, BOP	101,626		10,842		44,484		2,953		159,905
Issuances	1,587		206		525		0		2,318
Net premiums / considerations collected	(3,082)		(339)		(1,749)		(82)		(5,252)
Interest accrual	927		131		349		35		1,442
Foreign currency adjustment	(1,977)		0		(168)		0		(2,145)
Other adjustments	0		(16)		28		0		12
Balance at original discount rate, EOP	99,081		10,824		43,469		2,906		156,280
Effect of cumulative changes in discount rate assumptions, EOP	(17,517)		(409)		(4,016)		(103)		(22,045)
Balance, EOP	$	81,564	$	10,415	$	39,453	$	2,803	134,235
Other businesses, EOP									112
Total balance, EOP									$	134,347


	Three Months Ended March 31, 2026
	Present Value of Expected Future Policy Benefits
			Individual Life		International Businesses		Corporate and Other		Total
	Retirement		Term Life				Long-Term Care
	(in millions)
Balance, BOP	$	167,704	$	19,166	$	125,543	$	11,660	$	324,073
Effect of cumulative changes in discount rate assumptions, BOP	17,769		602		26,267		1,435		46,073
Balance at original discount rate, BOP	185,473		19,768		151,810		13,095		370,146

Effect of actual variances from expected experience and other activity	26		(95)		(309)		20		(358)
Adjusted balance, BOP	185,499		19,673		151,501		13,115		369,788
Issuances	1,587		206		525		0		2,318
Interest accrual	1,846		237		1,172		157		3,412
Benefit payments	(3,849)		(375)		(2,844)		(100)		(7,168)
Foreign currency adjustment	(1,991)		0		(790)		0		(2,781)
Other adjustments	91		(7)		80		0		164
Balance at original discount rate, EOP	183,183		19,734		149,644		13,172		365,733
Effect of cumulative changes in discount rate assumptions, EOP	(22,213)		(874)		(29,712)		(1,726)		(54,525)
Balance, EOP	$	160,970	$	18,860	$	119,932	$	11,446	311,208
Other businesses, EOP									1,483
Total balance, EOP									$	312,691


	Three Months Ended March 31, 2026
	Net Liability for Future Policy Benefits - Benefit Reserves
			Individual Life		International Businesses		Corporate and Other		Total
	Retirement		Term Life				Long-Term Care
	(in millions)
Balance, EOP, pre-flooring	$	79,406	$	8,445	$	80,479	$	8,643	$	176,973
Flooring impact, EOP	156		2		91		0		249
Balance, EOP, post-flooring	79,562		8,447		80,570		8,643		177,222
Less: Reinsurance recoverables	5,089		618		292		0		5,999
Balance after reinsurance recoverables, EOP, post-flooring	$	74,473	$	7,829	$	80,278	$	8,643	171,223
Other businesses, EOP(1)									1,317
Total balance after reinsurance recoverables, EOP									$	172,540


	Three Months Ended March 31, 2025
	Present Value of Expected Net Premiums
			Individual Life		International Businesses		Corporate and Other		Total(2)
	Retirement(2)		Term Life				Long-Term Care
	(in millions)
Balance, BOP	$	72,526	$	10,724	$	45,851	$	2,854	$	131,955
Effect of cumulative changes in discount rate assumptions, BOP	14,545		578		2,599		132		17,854
Balance at original discount rate, BOP	87,071		11,302		48,450		2,986		149,809

Effect of actual variances from expected experience and other activity	22		(62)		(303)		19		(324)
Adjusted balance, BOP	87,093		11,240		48,147		3,005		149,485
Issuances	4,148		201		768		0		5,117
Net premiums / considerations collected	(1,559)		(340)		(1,893)		(80)		(3,872)
Interest accrual	824		133		368		36		1,361
Foreign currency adjustment	2,777		0		1,264		0		4,041
Other adjustments	0		1		43		0		44
Balance at original discount rate, EOP	93,283		11,235		48,697		2,961		156,176
Effect of cumulative changes in discount rate assumptions, EOP	(16,053)		(460)		(3,029)		(102)		(19,644)
Balance, EOP	$	77,230	$	10,775	$	45,668	$	2,859	136,532
Other businesses, EOP									93
Total balance, EOP									$	136,625


	Three Months Ended March 31, 2025
	Present Value of Expected Future Policy Benefits
			Individual Life		International Businesses		Corporate and Other		Total(2)
	Retirement(2)		Term Life				Long-Term Care
	(in millions)
Balance, BOP	$	151,679	$	18,996	$	135,485	$	11,178	$	317,338
Effect of cumulative changes in discount rate assumptions, BOP	20,199		1,134		17,834		1,548		40,715
Balance at original discount rate, BOP	171,878		20,130		153,319		12,726		358,053

Effect of actual variances from expected experience and other activity	0		(70)		(337)		19		(388)
Adjusted balance, BOP	171,878		20,060		152,982		12,745		357,665
Issuances	4,148		201		768		0		5,117
Interest accrual	1,727		238		1,173		153		3,291
Benefit payments	(3,647)		(392)		(2,208)		(87)		(6,334)
Foreign currency adjustment	2,806		0		4,169		0		6,975
Other adjustments	32		0		105		0		137
Balance at original discount rate, EOP	176,944		20,107		156,989		12,811		366,851
Effect of cumulative changes in discount rate assumptions, EOP	(20,916)		(920)		(21,001)		(1,525)		(44,362)
Balance, EOP	$	156,028	$	19,187	$	135,988	$	11,286	322,489
Other businesses, EOP(1)									1,493
Total balance, EOP									$	323,982


	Three Months Ended March 31, 2025
	Net Liability for Future Policy Benefits - Benefit Reserves
			Individual Life		International Businesses		Corporate and Other		Total(2)
	Retirement(2)		Term Life				Long-Term Care
	(in millions)
Balance, EOP, pre-flooring	$	78,798	$	8,411	$	90,320	$	8,427	$	185,956
Flooring impact, EOP	75		0		41		0		116
Balance, EOP, post-flooring	78,873		8,411		90,361		8,427		186,072
Less: Reinsurance recoverables	5,050		655		353		0		6,058
Balance after reinsurance recoverables, EOP, post-flooring	$	73,823	$	7,756	$	90,008	$	8,427	180,014
Other businesses, EOP(1)									1,341
Total balance after reinsurance recoverables, EOP									$	181,355

__________

(1)Reflects balance after reinsurance recoverables of $54 million and $59 million at March 31, 2026 and 2025, 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:


	Three Months Ended March 31, 2026

				Individual Life			International Businesses			Corporate and Other
	Retirement			Term Life						Long-Term Care
	($ in millions)
Undiscounted expected future gross premiums	$	170,594		$	22,983		$	100,069		$	6,316
Discounted expected future gross premiums (at original discount rate)	$	106,657		$	15,529		$	77,692		$	4,281
Discounted expected future gross premiums (at current discount rate)	$	87,531		$	14,999		$	70,888		$	4,140
Undiscounted expected future benefits and expenses	$	298,309		$	30,521		$	246,815		$	29,421
Weighted-average duration of the liability in years (at original discount rate)	8			9			17			16
Weighted-average duration of the liability in years (at current discount rate)	8			9			13			14
Weighted-average interest rate (at original discount rate)	4.83		%	5.11		%	3.06		%	4.91		%
Weighted-average interest rate (at current discount rate)	5.57		%	5.48		%	4.77		%	5.98		%


	Three Months Ended March 31, 2025

				Individual Life			International Businesses			Corporate and Other
	Retirement(1)			Term Life						Long-Term Care
	($ in millions)
Undiscounted expected future gross premiums	$	158,816		$	22,905		$	109,182		$	6,725
Discounted expected future gross premiums (at original discount rate)	$	100,852		$	15,602		$	85,647		$	4,494
Discounted expected future gross premiums (at current discount rate)	$	83,236		$	15,008		$	80,722		$	4,349
Undiscounted expected future benefits and expenses	$	285,003		$	31,022		$	258,029		$	29,618
Weighted-average duration of the liability in years (at original discount rate)	8			10			17			17
Weighted-average duration of the liability in years (at current discount rate)	8			9			15			15
Weighted-average interest rate (at original discount rate)	4.75		%	5.13		%	3.00		%	4.91		%
Weighted-average interest rate (at current discount rate)	5.49		%	5.44		%	3.89		%	5.84		%

__________

(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 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

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.

For the first three months of 2026, there was a $54 million charge to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts. The unfavorable impact in the first three months of 2026 is primarily due to new pension risk transfer business sold in Retirement, for which the present value of expected benefits at the required discount rate exceeds the premium paid.

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

Deferred Profit Liability

The balances of and changes in DPL as of and for the period indicated are as follows:


	Three Months Ended March 31, 2026
	Deferred Profit Liability
			International Businesses		Total
	Retirement
	(in millions)
Balance, BOP, post-flooring	$	5,419	$	10,225	$	15,644
Less: Flooring impact, BOP	0		2		2
Balance, BOP, pre-flooring	5,419		10,223		15,642

Effect of actual variances from expected experience and other activity	24		(30)		(6)
Adjusted balance, BOP	5,443		10,193		15,636
Profits deferred	5		641		646
Interest accrual	56		93		149
Amortization	(138)		(536)		(674)
Foreign currency adjustment	(5)		(14)		(19)
Other adjustments	0		13		13
Balance, EOP, pre-flooring	5,361		10,390		15,751
Flooring impact, EOP	0		2		2
Balance, EOP, post-flooring	5,361		10,392		15,753
Less: Reinsurance recoverables	390		44		434
Balance after reinsurance recoverables, EOP, post-flooring	$	4,971	$	10,348	15,319
Other businesses					157
Total balance after reinsurance recoverables, EOP					$	15,476


	Three Months Ended March 31, 2025
	Deferred Profit Liability
			International Businesses
	Retirement(1)				Total(1)
	(in millions)
Balance, BOP, post-flooring	$	5,683	$	9,354	$	15,037
Less: Flooring impact, BOP	0		2		2
Balance, BOP, pre-flooring	5,683		9,352		15,035

Effect of actual variances from expected experience and other activity	12		(11)		1
Adjusted balance, BOP	5,695		9,341		15,036
Profits deferred	31		666		697
Interest accrual	59		84		143
Amortization	(147)		(522)		(669)
Foreign currency adjustment	8		202		210
Other adjustments	0		13		13
Balance, EOP, pre-flooring	5,646		9,784		15,430
Flooring impact, EOP	0		2		2
Balance, EOP, post-flooring	5,646		9,786		15,432
Less: Reinsurance recoverables	389		41		430
Balance after reinsurance recoverables, EOP, post-flooring	$	5,257	$	9,745	15,002
Other businesses					149
Total balance after reinsurance recoverables, EOP					$	15,151

_________

(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 guaranteed minimum death benefits (“GMDB”) and guaranteed minimum income benefits (“GMIB”) contract features, that are above and beyond the contractholder’s account balance for certain long-duration life contracts.

The following table shows a rollforward of AIR balances for guaranteed universal life products within the U.S. Legacy Products segment, which is the only line of business that contains a material AIR balance, for the periods indicated, along with a reconciliation to the Company’s total AIR balance:


	Three Months Ended March 31,
	2026		2025(1)
	(in millions)
Balance, including amounts in AOCI, BOP, post-flooring	$	17,904	$	16,205
Flooring impact and amounts in AOCI	315		460
Balance, excluding amounts in AOCI, BOP, pre-flooring	18,219		16,665

Effect of actual variances from expected experience and other activity	19		6
Adjusted balance, BOP	18,238		16,671
Assessments collected(2)	279		259
Interest accrual	151		139
Benefits paid	(74)		(49)
Other adjustments	(4)		0
Balance, excluding amounts in AOCI, EOP, pre-flooring	18,590		17,020
Flooring impact and amounts in AOCI	(324)		(402)
Balance, including amounts in AOCI, EOP, post-flooring	18,266		16,618
Less: Reinsurance recoverables	10,814		9,660
Balance after reinsurance recoverables, including amounts in AOCI, EOP	7,452		6,958
Other businesses(3)	268		110
Total balance after reinsurance recoverables	$	7,720	$	7,068

__________

(1)Prior period amounts have been updated to conform to current period presentation.

(2)Represents the portion of gross assessments required to fund the future policy benefits.

(3)Reflects balance after reinsurance recoverables of $211 million and $146 million at March 31, 2026 and 2025, respectively.


	Three Months Ended March 31,
	2026		2025(1)
Weighted-average duration of the liability in years (at original discount rate)	21		21
Weighted-average interest rate (at original discount rate)	3.33	%	3.38	%

__________

(1)Prior period amounts have been updated to conform to current period presentation.

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:


	Three Months Ended March 31,
	2026		2025
	(in millions)
Benefit reserves, EOP, post-flooring	$	178,593	$	187,472
Deferred Profit Liability EOP, post-flooring	15,910		15,581
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring	18,745		16,874
Subtotal of amounts disclosed above	213,248		219,927
Other Future Policy Benefits reserves(1)	49,222		50,042
Total Future Policy Benefits	$	262,470	$	269,969

__________

(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 in the Company’s Consolidated Statement of Operations as of the periods indicated:


	Three Months Ended March 31, 2026
	Revenues(1)
			Individual Life		U.S. Legacy Products		International Businesses		Other Businesses		Total
	Retirement		Term Life		Guaranteed Universal Life
	(in millions)
Benefit reserves	$	3,236	$	486	$	0	$	2,705	$	151	$	6,578
Deferred profit liability	53		0		0		(182)		(2)		(131)
Additional insurance reserves	45		0		385		51		547		1,028
Total	$	3,334	$	486	$	385	$	2,574	$	696	$	7,475


	Three Months Ended March 31, 2025
	Revenues(1)
			Individual Life		U.S. Legacy Products(2)		International Businesses		Other Businesses(2)		Total
	Retirement(2)		Term Life		Guaranteed Universal Life
	(in millions)
Benefit reserves	$	1,679	$	468	$	0	$	2,970	$	141	$	5,258
Deferred profit liability	45		0		0		(230)		0		(185)
Additional insurance reserves	0		0		357		0		478		835
Total	$	1,724	$	468	$	357	$	2,740	$	619	$	5,908


	Three Months Ended March 31, 2026
	Interest Expense
			Individual Life		U.S. Legacy Products		International Businesses		Other Businesses		Total
	Retirement		Term Life		Guaranteed Universal Life
	(in millions)
Benefit reserves	$	918	$	106	$	0	$	823	$	133	$	1,980
Deferred profit liability	56		0		0		93		2		151
Additional insurance reserves	1		0		151		0		3		155
Total	$	975	$	106	$	151	$	916	$	138	$	2,286


	Three Months Ended March 31, 2025
	Interest Expense
			Individual Life		U.S. Legacy Products(2)		International Businesses		Other Businesses(2)		Total
	Retirement(2)		Term Life		Guaranteed Universal Life
	(in millions)
Benefit reserves	$	903	$	105	$	0	$	805	$	128	$	1,941
Deferred profit liability	58		0		0		84		2		144
Additional insurance reserves	0		0		139		0		5		144
Total	$	961	$	105	$	139	$	889	$	135	$	2,229

__________

(1)Represents gross premiums for benefit reserves, gross premiums, excluding impact of foreign currency adjustments 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:


	Three Months Ended March 31, 2026
				Group Insurance			Individual Life			U.S. Legacy Products						International Businesses			Total
	Retirement			Life/Disability			Variable/Universal Life			Annuities			Guaranteed Universal Life
	($ in millions)
Balance, beginning of period	$	80,975		$	4,763		$	15,480		$	3,715		$	12,788		$	60,946		$	178,667
Deposits	5,851			58			386			31			332			1,829			8,487
Interest credited	539			33			93			18			92			281			1,056
Acquisitions and dispositions	0			0			0			0			0			0			0
Policy charges	(44)			(73)			(133)			0			(384)			(180)			(814)
Surrenders and withdrawals	(2,384)			(256)			(457)			(165)			(24)			(633)			(3,919)
Benefit payments	(219)			0			(10)			(35)			(32)			(621)			(917)
Net transfers (to) from separate account	(23)			3			217			11			0			0			208
Change in market value and other adjustments(1)	(1,561)			0			(73)			0			0			(3)			(1,637)
Foreign currency adjustment	(11)			0			0			0			0			(198)			(209)
Balance, end of period	$	83,123		$	4,528		$	15,503		$	3,575		$	12,772		$	61,421		180,922


Closed Block Division																			4,240
Unearned revenue reserve, unearned expense credit, and additional interest reserve																			6,956
Other(2)																			13
Total Policyholders’ account balance																			$	192,131
Weighted-average crediting rate	2.63		%	2.82		%	2.40		%	1.93		%	2.88		%	1.84		%	2.35		%
Net amount at risk(3)	$	0		$	75,147		$	273,818		$	0		$	148,490		$	29,692		$	527,147
Cash surrender value(4)	$	79,736		$	3,596		$	10,931		$	3,398		$	11,608		$	56,012		$	165,281


	Three Months Ended March 31, 2025
				Group Insurance			Individual Life(5)			U.S. Legacy Products(5)						International Businesses			Total
	Retirement(5)			Life/Disability			Variable/Universal Life			Annuities			Guaranteed Universal Life
	($ in millions)
Balance, beginning of period	$	60,869		$	4,974		$	14,902		$	4,324		$	12,694		$	54,270		$	152,033
Deposits	5,019			120			341			29			350			2,357			8,216
Interest credited	404			35			107			27			91			92			756
Acquisitions and Dispositions	0			0			0			0			0			0			0
Policy charges	(29)			(89)			(130)			(1)			(384)			(149)			(782)
Surrenders and withdrawals	(1,659)			(452)			(414)			(188)			(32)			(382)			(3,127)
Benefit payments	(194)			0			(23)			(28)			(30)			(496)			(771)
Net transfers (to) from separate account	31			(13)			143			2			0			0			163
Change in market value and other adjustments(1)	(1,461)			0			11			0			0			(4)			(1,454)
Foreign currency adjustment	0			0			0			0			0			857			857
Balance, end of period	$	62,980		$	4,575		$	14,937		$	4,165		$	12,689		$	56,545		155,891


Closed Block Division																			4,324
Unearned revenue reserve, unearned expense credit, and additional interest reserve																			6,220
Other(2)																			3,843
Total Policyholders’ account balance																			$	170,278
Weighted-average crediting rate	2.62		%	2.94		%	2.88		%	2.50		%	2.87		%	0.66		%	1.96		%
Net amount at risk(3)	$	1		$	74,477		$	256,477		$	0		$	148,707		$	29,251		$	508,913
Cash surrender value(4)	$	60,231		$	3,658		$	12,549		$	3,808		$	11,424		$	50,581		$	142,251

__________

(1)Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.

(2)Includes $1,070 million and $5,040 million of the Full Service Retirement business’s account balances reinsured to Empower for March 31, 2026 and 2025, 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.

(5)Prior period amounts have been updated to conform to current period presentation.

“Policyholders’ account balances” for Retirement, 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 $9,867 million and $5,639 million at March 31, 2026 and 2025, respectively. Under this program, which have maximum authorized amount 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 The Prudential Insurance Company of America (“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 March 31, 2026 and 2025 are funding agreements which secure the medium-term note liability, which are carried at amortized cost, of $6,193 million and $3,467 million, respectively, and short-term note liability of $3,145 million and $2,008 million, respectively, and Retail Note liability of $567 million and $187 million, respectively.

“Policyholders’ account balances” for Retirement also includes collateralized funding agreements issued to the Federal Home Loan Bank of New York (“FHLBNY”) totaling $2,628 million as of both March 31, 2026 and 2025. 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.

The Company issues variable life and universal life insurance contracts which may also include a “no-lapse guarantee” where the Company contractually guarantees to the contractholder a death benefit even when the account value drops to zero, as long as the “no-lapse guarantee” premium is paid.

The net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to,

the assumptions used in the original pricing of these products, including contractholder mortality, contract lapses, and premium pattern, as well as interest rate and equity market returns.

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

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


	March 31, 2026
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
Less than 1.00%	$	221	$	8	$	21	$	1,808	$	2,058
1.00% - 1.99%	1,841		36		158		46		2,081
2.00% - 2.99%	184		1,738		635		6		2,563
3.00% - 4.00%	6,248		5		12		3		6,268
Greater than 4.00%	6,818		0		0		0		6,818
Total	$	15,312	$	1,787	$	826	$	1,863	$	19,788
Group Insurance - Life / Disability
Less than 1.00%	$	0	$	0	$	0	$	813	$	813
1.00% - 1.99%	4		0		0		2		6
2.00% - 2.99%	39		0		0		0		39
3.00% - 4.00%	1,423		5		73		4		1,505
Greater than 4.00%	3		0		0		0		3
Total	$	1,469	$	5	$	73	$	819	$	2,366
Individual Life - Variable / Universal Life
Less than 1.00%	$	0	$	0	$	361	$	0	$	361
1.00% - 1.99%	475		283		0		407		1,165
2.00% - 2.99%	232		145		116		282		775
3.00% - 4.00%	2,101		329		989		252		3,671
Greater than 4.00%	4,791		0		0		0		4,791
Total	$	7,599	$	757	$	1,466	$	941	$	10,763
U.S. Legacy Products - Annuities
Less than 1.00%	$	237	$	77	$	472	$	8	$	794
1.00% - 1.99%	136		550		41		0		727
2.00% - 2.99%	447		19		7		0		473
3.00% - 4.00%	1,699		16		8		0		1,723
Greater than 4.00%	140		0		0		0		140
Total	$	2,659	$	662	$	528	$	8	$	3,857
U.S. Legacy Products - Guaranteed Universal Life
Less than 1.00%	$	0	$	0	$	0	$	0	$	0
1.00% - 1.99%	18		0		0		3,178		3,196
2.00% - 2.99%	27		0		4,037		289		4,353
3.00% - 4.00%	2,989		1,109		663		0		4,761
Greater than 4.00%	462		0		0		0		462
Total	$	3,496	$	1,109	$	4,700	$	3,467	$	12,772
International Businesses
Less than 1.00%	$	3,540	$	23	$	0	$	0	$	3,563
1.00% - 1.99%	14,165		78		0		0		14,243
2.00% - 2.99%	7,690		277		29		0		7,996
3.00% - 4.00%	10,607		0		0		0		10,607
Greater than 4.00%	19,534		0		0		0		19,534
Total	$	55,536	$	378	$	29	$	0	$	55,943


	March 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(2)
Less than 1.00%	$	441	$	3	$	13	$	1,062	$	1,519
1.00% - 1.99%	1,961		59		167		70		2,257
2.00% - 2.99%	177		456		553		15		1,201
3.00% - 4.00%	6,344		6		11		3		6,364
Greater than 4.00%	3,238		0		0		0		3,238
Total	$	12,161	$	524	$	744	$	1,150	$	14,579
Group Insurance - Life / Disability
Less than 1.00%	$	0	$	0	$	0	$	800	$	800
1.00% - 1.99%	0		0		0		2		2
2.00% - 2.99%	45		0		0		0		45
3.00% - 4.00%	1,453		0		50		9		1,512
Greater than 4.00%	3		0		0		0		3
Total	$	1,501	$	0	$	50	$	811	$	2,362
Individual Life - Variable / Universal Life(2)
Less than 1.00%	$	0	$	0	$	0	$	347	$	347
1.00% - 1.99%	295		0		359		387		1,041
2.00% - 2.99%	272		132		162		255		821
3.00% - 4.00%	2,707		76		1,140		41		3,964
Greater than 4.00%	4,858		0		0		0		4,858
Total	$	8,132	$	208	$	1,661	$	1,030	$	11,031
U.S. Legacy Products - Annuities(2)
Less than 1.00%	$	191	$	337	$	604	$	0	$	1,132
1.00% - 1.99%	137		364		39		0		540
2.00% - 2.99%	458		9		4		0		471
3.00% - 4.00%	1,873		53		8		0		1,934
Greater than 4.00%	162		0		0		0		162
Total	$	2,821	$	763	$	655	$	0	$	4,239
U.S. Legacy Products - Guaranteed Universal Life(2)
Less than 1.00%	$	0	$	0	$	0	$	0	$	0
1.00% - 1.99%	15		0		1,723		1,191		2,929
2.00% - 2.99%	26		1,415		2,584		165		4,190
3.00% - 4.00%	3,267		1,648		170		0		5,085
Greater than 4.00%	485		0		0		0		485
Total	$	3,793	$	3,063	$	4,477	$	1,356	$	12,689
International Businesses
Less than 1.00%	$	16,363	$	43	$	78	$	3,282	$	19,766
1.00% - 1.99%	10,725		30		0		0		10,755
2.00% - 2.99%	4,615		268		27		0		4,910
3.00% - 4.00%	6,807		0		0		0		6,807
Greater than 4.00%	9,727		0		0		0		9,727
Total	$	48,237	$	341	$	105	$	3,282	$	51,965

__________

(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 (“URR”)

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


	Three Months Ended March 31, 2026
	Individual Life		U.S. Legacy Products		International Businesses
	Variable/ Universal Life		Guaranteed Universal Life				Total
	(in millions)
Balance, beginning of period	$	3,809	$	2,047	$	666	$	6,522
Unearned revenue	150		61		47		258
Amortization expense	(46)		(21)		(9)		(76)
Other adjustments	0		0		0		0
Foreign currency adjustment	0		0		(7)		(7)
Balance, end of period	$	3,913	$	2,087	$	697	6,697
Other							72
Total unearned revenue reserve balance							$	6,769


	Three Months Ended March 31, 2025
	Individual Life(1)		U.S. Legacy Products(1)		International Businesses
	Variable/ Universal Life		Guaranteed Universal Life				Total
	(in millions)
Balance, beginning of period	$	3,389	$	1,856	$	505	$	5,750
Unearned revenue	147		68		50		265
Amortization expense	(46)		(18)		(7)		(71)
Other adjustments	0		0		0		0
Foreign currency adjustment	0		0		17		17
Balance, end of period	$	3,490	$	1,906	$	565	5,961
Other							62
Total unearned revenue reserve balance							$	6,023

__________

(1)Prior period amounts have been updated to conform to current period presentation.

MARKET RISK BENEFITS

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


	Three Months Ended March 31, 2026
			U.S. Legacy Products		Total
	Retirement		Annuities
	(in millions)
Balance, BOP	$	290	$	2,794	$	3,084
Effect of cumulative changes in NPR	(29)		506		477
Balance, BOP, before effect of changes in NPR	261		3,300		3,561
Attributed fees collected	25		227		252
Claims paid	(1)		(17)		(18)
Interest accrual	3		34		37
Actual in force different from expected	1		4		5
Effect of changes in interest rates	11		146		157
Effect of changes in equity markets	42		299		341

Issuances	40		3		43



Other adjustments	1		0		1
Balance, EOP, before effect of changes in NPR	383		3,996		4,379
Effect of cumulative changes in NPR	(16)		(671)		(687)
Balance, EOP	367		3,325		3,692
Less: Reinsured MRBs	0		870		870
Balance, EOP, net of reinsurance	$	367	$	2,455	2,822
Other businesses					12
Total net MRB balance					$	2,834


	Three Months Ended March 31, 2025(1)
			U.S. Legacy Products		Total
	Retirement		Annuities
	(in millions)
Balance, BOP	$	91	$	2,657	$	2,748
Effect of cumulative changes in NPR	(16)		689		673
Balance, BOP, before effect of changes in NPR	75		3,346		3,421
Attributed fees collected	11		254		265
Claims paid	0		(20)		(20)
Interest accrual	1		40		41
Actual in force different from expected	1		18		19
Effect of changes in interest rates	7		425		432
Effect of changes in equity markets	14		226		240

Issuances	20		3		23



Other adjustments(1)	10		0		10
Balance, EOP, before effect of changes in NPR	139		4,292		4,431
Effect of cumulative changes in NPR	(1)		(840)		(841)
Balance, EOP	138		3,452		3,590
Less: Reinsured MRBs	0		735		735
Balance, EOP, net of reinsurance	$	138	$	2,717	2,855
Other businesses					27
Total net MRB balance					$	2,882

_________

(1)Prior period amounts have been updated to conform to current presentation.

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 tables above.


	March 31, 2026
			U.S. Legacy Products
	Retirement		Annuities
	($ in millions)
Net amount at risk(2)	$	667	$	9,002
Weighted-average attained age of contractholders	73		72


	March 31, 2025(1)
			U.S. Legacy Products
	Retirement		Annuities
	($ in millions)
Net amount at risk(2)	$	0	$	9,717
Weighted-average attained age of contractholders	73		71

__________

(1)Prior period amounts have been updated to conform to current period presentation.

(2)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:


	March 31, 2026
			U.S. Legacy Products		Other Businesses		Total
	Retirement		Annuities
	(in millions)


MRB Assets	$	34	$	2,132	$	0	$	2,166



MRB Liabilities	401		4,587		12		5,000

Net Liability	$	367	$	2,455	$	12	$	2,834


	March 31, 2025(1)
			U.S. Legacy Products		Other Businesses		Total
	Retirement		Annuities
	(in millions)


MRB Assets	$	31	$	2,106	$	2	$	2,139



MRB Liabilities	169		4,823		29		5,021

Net Liability	$	138	$	2,717	$	27	$	2,882

_________

(1)Prior period amounts have been updated to conform to current presentation.

Policyholders' Account Balances

3 Months Ended

Mar. 31, 2026

Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract]

Liabilities 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 (“DPL”); and

•Additional Insurance Reserves (“AIR”)

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.


	Three Months Ended March 31, 2026
	Present Value of Expected Net Premiums
			Individual Life		International Businesses		Corporate and Other		Total
	Retirement		Term Life				Long-Term Care
	(in millions)
Balance, BOP	$	87,431	$	10,637	$	41,359	$	2,868	$	142,295
Effect of cumulative changes in discount rate assumptions, BOP	14,178		280		3,431		64		17,953
Balance at original discount rate, BOP	101,609		10,917		44,790		2,932		160,248

Effect of actual variances from expected experience and other activity	17		(75)		(306)		21		(343)
Adjusted balance, BOP	101,626		10,842		44,484		2,953		159,905
Issuances	1,587		206		525		0		2,318
Net premiums / considerations collected	(3,082)		(339)		(1,749)		(82)		(5,252)
Interest accrual	927		131		349		35		1,442
Foreign currency adjustment	(1,977)		0		(168)		0		(2,145)
Other adjustments	0		(16)		28		0		12
Balance at original discount rate, EOP	99,081		10,824		43,469		2,906		156,280
Effect of cumulative changes in discount rate assumptions, EOP	(17,517)		(409)		(4,016)		(103)		(22,045)
Balance, EOP	$	81,564	$	10,415	$	39,453	$	2,803	134,235
Other businesses, EOP									112
Total balance, EOP									$	134,347


	Three Months Ended March 31, 2026
	Present Value of Expected Future Policy Benefits
			Individual Life		International Businesses		Corporate and Other		Total
	Retirement		Term Life				Long-Term Care
	(in millions)
Balance, BOP	$	167,704	$	19,166	$	125,543	$	11,660	$	324,073
Effect of cumulative changes in discount rate assumptions, BOP	17,769		602		26,267		1,435		46,073
Balance at original discount rate, BOP	185,473		19,768		151,810		13,095		370,146

Effect of actual variances from expected experience and other activity	26		(95)		(309)		20		(358)
Adjusted balance, BOP	185,499		19,673		151,501		13,115		369,788
Issuances	1,587		206		525		0		2,318
Interest accrual	1,846		237		1,172		157		3,412
Benefit payments	(3,849)		(375)		(2,844)		(100)		(7,168)
Foreign currency adjustment	(1,991)		0		(790)		0		(2,781)
Other adjustments	91		(7)		80		0		164
Balance at original discount rate, EOP	183,183		19,734		149,644		13,172		365,733
Effect of cumulative changes in discount rate assumptions, EOP	(22,213)		(874)		(29,712)		(1,726)		(54,525)
Balance, EOP	$	160,970	$	18,860	$	119,932	$	11,446	311,208
Other businesses, EOP									1,483
Total balance, EOP									$	312,691


	Three Months Ended March 31, 2026
	Net Liability for Future Policy Benefits - Benefit Reserves
			Individual Life		International Businesses		Corporate and Other		Total
	Retirement		Term Life				Long-Term Care
	(in millions)
Balance, EOP, pre-flooring	$	79,406	$	8,445	$	80,479	$	8,643	$	176,973
Flooring impact, EOP	156		2		91		0		249
Balance, EOP, post-flooring	79,562		8,447		80,570		8,643		177,222
Less: Reinsurance recoverables	5,089		618		292		0		5,999
Balance after reinsurance recoverables, EOP, post-flooring	$	74,473	$	7,829	$	80,278	$	8,643	171,223
Other businesses, EOP(1)									1,317
Total balance after reinsurance recoverables, EOP									$	172,540


	Three Months Ended March 31, 2025
	Present Value of Expected Net Premiums
			Individual Life		International Businesses		Corporate and Other		Total(2)
	Retirement(2)		Term Life				Long-Term Care
	(in millions)
Balance, BOP	$	72,526	$	10,724	$	45,851	$	2,854	$	131,955
Effect of cumulative changes in discount rate assumptions, BOP	14,545		578		2,599		132		17,854
Balance at original discount rate, BOP	87,071		11,302		48,450		2,986		149,809

Effect of actual variances from expected experience and other activity	22		(62)		(303)		19		(324)
Adjusted balance, BOP	87,093		11,240		48,147		3,005		149,485
Issuances	4,148		201		768		0		5,117
Net premiums / considerations collected	(1,559)		(340)		(1,893)		(80)		(3,872)
Interest accrual	824		133		368		36		1,361
Foreign currency adjustment	2,777		0		1,264		0		4,041
Other adjustments	0		1		43		0		44
Balance at original discount rate, EOP	93,283		11,235		48,697		2,961		156,176
Effect of cumulative changes in discount rate assumptions, EOP	(16,053)		(460)		(3,029)		(102)		(19,644)
Balance, EOP	$	77,230	$	10,775	$	45,668	$	2,859	136,532
Other businesses, EOP									93
Total balance, EOP									$	136,625


	Three Months Ended March 31, 2025
	Present Value of Expected Future Policy Benefits
			Individual Life		International Businesses		Corporate and Other		Total(2)
	Retirement(2)		Term Life				Long-Term Care
	(in millions)
Balance, BOP	$	151,679	$	18,996	$	135,485	$	11,178	$	317,338
Effect of cumulative changes in discount rate assumptions, BOP	20,199		1,134		17,834		1,548		40,715
Balance at original discount rate, BOP	171,878		20,130		153,319		12,726		358,053

Effect of actual variances from expected experience and other activity	0		(70)		(337)		19		(388)
Adjusted balance, BOP	171,878		20,060		152,982		12,745		357,665
Issuances	4,148		201		768		0		5,117
Interest accrual	1,727		238		1,173		153		3,291
Benefit payments	(3,647)		(392)		(2,208)		(87)		(6,334)
Foreign currency adjustment	2,806		0		4,169		0		6,975
Other adjustments	32		0		105		0		137
Balance at original discount rate, EOP	176,944		20,107		156,989		12,811		366,851
Effect of cumulative changes in discount rate assumptions, EOP	(20,916)		(920)		(21,001)		(1,525)		(44,362)
Balance, EOP	$	156,028	$	19,187	$	135,988	$	11,286	322,489
Other businesses, EOP(1)									1,493
Total balance, EOP									$	323,982


	Three Months Ended March 31, 2025
	Net Liability for Future Policy Benefits - Benefit Reserves
			Individual Life		International Businesses		Corporate and Other		Total(2)
	Retirement(2)		Term Life				Long-Term Care
	(in millions)
Balance, EOP, pre-flooring	$	78,798	$	8,411	$	90,320	$	8,427	$	185,956
Flooring impact, EOP	75		0		41		0		116
Balance, EOP, post-flooring	78,873		8,411		90,361		8,427		186,072
Less: Reinsurance recoverables	5,050		655		353		0		6,058
Balance after reinsurance recoverables, EOP, post-flooring	$	73,823	$	7,756	$	90,008	$	8,427	180,014
Other businesses, EOP(1)									1,341
Total balance after reinsurance recoverables, EOP									$	181,355

__________

(1)Reflects balance after reinsurance recoverables of $54 million and $59 million at March 31, 2026 and 2025, 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:


	Three Months Ended March 31, 2026

				Individual Life			International Businesses			Corporate and Other
	Retirement			Term Life						Long-Term Care
	($ in millions)
Undiscounted expected future gross premiums	$	170,594		$	22,983		$	100,069		$	6,316
Discounted expected future gross premiums (at original discount rate)	$	106,657		$	15,529		$	77,692		$	4,281
Discounted expected future gross premiums (at current discount rate)	$	87,531		$	14,999		$	70,888		$	4,140
Undiscounted expected future benefits and expenses	$	298,309		$	30,521		$	246,815		$	29,421
Weighted-average duration of the liability in years (at original discount rate)	8			9			17			16
Weighted-average duration of the liability in years (at current discount rate)	8			9			13			14
Weighted-average interest rate (at original discount rate)	4.83		%	5.11		%	3.06		%	4.91		%
Weighted-average interest rate (at current discount rate)	5.57		%	5.48		%	4.77		%	5.98		%


	Three Months Ended March 31, 2025

				Individual Life			International Businesses			Corporate and Other
	Retirement(1)			Term Life						Long-Term Care
	($ in millions)
Undiscounted expected future gross premiums	$	158,816		$	22,905		$	109,182		$	6,725
Discounted expected future gross premiums (at original discount rate)	$	100,852		$	15,602		$	85,647		$	4,494
Discounted expected future gross premiums (at current discount rate)	$	83,236		$	15,008		$	80,722		$	4,349
Undiscounted expected future benefits and expenses	$	285,003		$	31,022		$	258,029		$	29,618
Weighted-average duration of the liability in years (at original discount rate)	8			10			17			17
Weighted-average duration of the liability in years (at current discount rate)	8			9			15			15
Weighted-average interest rate (at original discount rate)	4.75		%	5.13		%	3.00		%	4.91		%
Weighted-average interest rate (at current discount rate)	5.49		%	5.44		%	3.89		%	5.84		%

__________

(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 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

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.

For the first three months of 2026, there was a $54 million charge to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts. The unfavorable impact in the first three months of 2026 is primarily due to new pension risk transfer business sold in Retirement, for which the present value of expected benefits at the required discount rate exceeds the premium paid.

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

Deferred Profit Liability

The balances of and changes in DPL as of and for the period indicated are as follows:


	Three Months Ended March 31, 2026
	Deferred Profit Liability
			International Businesses		Total
	Retirement
	(in millions)
Balance, BOP, post-flooring	$	5,419	$	10,225	$	15,644
Less: Flooring impact, BOP	0		2		2
Balance, BOP, pre-flooring	5,419		10,223		15,642

Effect of actual variances from expected experience and other activity	24		(30)		(6)
Adjusted balance, BOP	5,443		10,193		15,636
Profits deferred	5		641		646
Interest accrual	56		93		149
Amortization	(138)		(536)		(674)
Foreign currency adjustment	(5)		(14)		(19)
Other adjustments	0		13		13
Balance, EOP, pre-flooring	5,361		10,390		15,751
Flooring impact, EOP	0		2		2
Balance, EOP, post-flooring	5,361		10,392		15,753
Less: Reinsurance recoverables	390		44		434
Balance after reinsurance recoverables, EOP, post-flooring	$	4,971	$	10,348	15,319
Other businesses					157
Total balance after reinsurance recoverables, EOP					$	15,476


	Three Months Ended March 31, 2025
	Deferred Profit Liability
			International Businesses
	Retirement(1)				Total(1)
	(in millions)
Balance, BOP, post-flooring	$	5,683	$	9,354	$	15,037
Less: Flooring impact, BOP	0		2		2
Balance, BOP, pre-flooring	5,683		9,352		15,035

Effect of actual variances from expected experience and other activity	12		(11)		1
Adjusted balance, BOP	5,695		9,341		15,036
Profits deferred	31		666		697
Interest accrual	59		84		143
Amortization	(147)		(522)		(669)
Foreign currency adjustment	8		202		210
Other adjustments	0		13		13
Balance, EOP, pre-flooring	5,646		9,784		15,430
Flooring impact, EOP	0		2		2
Balance, EOP, post-flooring	5,646		9,786		15,432
Less: Reinsurance recoverables	389		41		430
Balance after reinsurance recoverables, EOP, post-flooring	$	5,257	$	9,745	15,002
Other businesses					149
Total balance after reinsurance recoverables, EOP					$	15,151

_________

(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 guaranteed minimum death benefits (“GMDB”) and guaranteed minimum income benefits (“GMIB”) contract features, that are above and beyond the contractholder’s account balance for certain long-duration life contracts.

The following table shows a rollforward of AIR balances for guaranteed universal life products within the U.S. Legacy Products segment, which is the only line of business that contains a material AIR balance, for the periods indicated, along with a reconciliation to the Company’s total AIR balance:


	Three Months Ended March 31,
	2026		2025(1)
	(in millions)
Balance, including amounts in AOCI, BOP, post-flooring	$	17,904	$	16,205
Flooring impact and amounts in AOCI	315		460
Balance, excluding amounts in AOCI, BOP, pre-flooring	18,219		16,665

Effect of actual variances from expected experience and other activity	19		6
Adjusted balance, BOP	18,238		16,671
Assessments collected(2)	279		259
Interest accrual	151		139
Benefits paid	(74)		(49)
Other adjustments	(4)		0
Balance, excluding amounts in AOCI, EOP, pre-flooring	18,590		17,020
Flooring impact and amounts in AOCI	(324)		(402)
Balance, including amounts in AOCI, EOP, post-flooring	18,266		16,618
Less: Reinsurance recoverables	10,814		9,660
Balance after reinsurance recoverables, including amounts in AOCI, EOP	7,452		6,958
Other businesses(3)	268		110
Total balance after reinsurance recoverables	$	7,720	$	7,068

__________

(1)Prior period amounts have been updated to conform to current period presentation.

(2)Represents the portion of gross assessments required to fund the future policy benefits.

(3)Reflects balance after reinsurance recoverables of $211 million and $146 million at March 31, 2026 and 2025, respectively.


	Three Months Ended March 31,
	2026		2025(1)
Weighted-average duration of the liability in years (at original discount rate)	21		21
Weighted-average interest rate (at original discount rate)	3.33	%	3.38	%

__________

(1)Prior period amounts have been updated to conform to current period presentation.

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:


	Three Months Ended March 31,
	2026		2025
	(in millions)
Benefit reserves, EOP, post-flooring	$	178,593	$	187,472
Deferred Profit Liability EOP, post-flooring	15,910		15,581
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring	18,745		16,874
Subtotal of amounts disclosed above	213,248		219,927
Other Future Policy Benefits reserves(1)	49,222		50,042
Total Future Policy Benefits	$	262,470	$	269,969

__________

(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 in the Company’s Consolidated Statement of Operations as of the periods indicated:


	Three Months Ended March 31, 2026
	Revenues(1)
			Individual Life		U.S. Legacy Products		International Businesses		Other Businesses		Total
	Retirement		Term Life		Guaranteed Universal Life
	(in millions)
Benefit reserves	$	3,236	$	486	$	0	$	2,705	$	151	$	6,578
Deferred profit liability	53		0		0		(182)		(2)		(131)
Additional insurance reserves	45		0		385		51		547		1,028
Total	$	3,334	$	486	$	385	$	2,574	$	696	$	7,475


	Three Months Ended March 31, 2025
	Revenues(1)
			Individual Life		U.S. Legacy Products(2)		International Businesses		Other Businesses(2)		Total
	Retirement(2)		Term Life		Guaranteed Universal Life
	(in millions)
Benefit reserves	$	1,679	$	468	$	0	$	2,970	$	141	$	5,258
Deferred profit liability	45		0		0		(230)		0		(185)
Additional insurance reserves	0		0		357		0		478		835
Total	$	1,724	$	468	$	357	$	2,740	$	619	$	5,908


	Three Months Ended March 31, 2026
	Interest Expense
			Individual Life		U.S. Legacy Products		International Businesses		Other Businesses		Total
	Retirement		Term Life		Guaranteed Universal Life
	(in millions)
Benefit reserves	$	918	$	106	$	0	$	823	$	133	$	1,980
Deferred profit liability	56		0		0		93		2		151
Additional insurance reserves	1		0		151		0		3		155
Total	$	975	$	106	$	151	$	916	$	138	$	2,286


	Three Months Ended March 31, 2025
	Interest Expense
			Individual Life		U.S. Legacy Products(2)		International Businesses		Other Businesses(2)		Total
	Retirement(2)		Term Life		Guaranteed Universal Life
	(in millions)
Benefit reserves	$	903	$	105	$	0	$	805	$	128	$	1,941
Deferred profit liability	58		0		0		84		2		144
Additional insurance reserves	0		0		139		0		5		144
Total	$	961	$	105	$	139	$	889	$	135	$	2,229

__________

(1)Represents gross premiums for benefit reserves, gross premiums, excluding impact of foreign currency adjustments 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:


	Three Months Ended March 31, 2026
				Group Insurance			Individual Life			U.S. Legacy Products						International Businesses			Total
	Retirement			Life/Disability			Variable/Universal Life			Annuities			Guaranteed Universal Life
	($ in millions)
Balance, beginning of period	$	80,975		$	4,763		$	15,480		$	3,715		$	12,788		$	60,946		$	178,667
Deposits	5,851			58			386			31			332			1,829			8,487
Interest credited	539			33			93			18			92			281			1,056
Acquisitions and dispositions	0			0			0			0			0			0			0
Policy charges	(44)			(73)			(133)			0			(384)			(180)			(814)
Surrenders and withdrawals	(2,384)			(256)			(457)			(165)			(24)			(633)			(3,919)
Benefit payments	(219)			0			(10)			(35)			(32)			(621)			(917)
Net transfers (to) from separate account	(23)			3			217			11			0			0			208
Change in market value and other adjustments(1)	(1,561)			0			(73)			0			0			(3)			(1,637)
Foreign currency adjustment	(11)			0			0			0			0			(198)			(209)
Balance, end of period	$	83,123		$	4,528		$	15,503		$	3,575		$	12,772		$	61,421		180,922


Closed Block Division																			4,240
Unearned revenue reserve, unearned expense credit, and additional interest reserve																			6,956
Other(2)																			13
Total Policyholders’ account balance																			$	192,131
Weighted-average crediting rate	2.63		%	2.82		%	2.40		%	1.93		%	2.88		%	1.84		%	2.35		%
Net amount at risk(3)	$	0		$	75,147		$	273,818		$	0		$	148,490		$	29,692		$	527,147
Cash surrender value(4)	$	79,736		$	3,596		$	10,931		$	3,398		$	11,608		$	56,012		$	165,281


	Three Months Ended March 31, 2025
				Group Insurance			Individual Life(5)			U.S. Legacy Products(5)						International Businesses			Total
	Retirement(5)			Life/Disability			Variable/Universal Life			Annuities			Guaranteed Universal Life
	($ in millions)
Balance, beginning of period	$	60,869		$	4,974		$	14,902		$	4,324		$	12,694		$	54,270		$	152,033
Deposits	5,019			120			341			29			350			2,357			8,216
Interest credited	404			35			107			27			91			92			756
Acquisitions and Dispositions	0			0			0			0			0			0			0
Policy charges	(29)			(89)			(130)			(1)			(384)			(149)			(782)
Surrenders and withdrawals	(1,659)			(452)			(414)			(188)			(32)			(382)			(3,127)
Benefit payments	(194)			0			(23)			(28)			(30)			(496)			(771)
Net transfers (to) from separate account	31			(13)			143			2			0			0			163
Change in market value and other adjustments(1)	(1,461)			0			11			0			0			(4)			(1,454)
Foreign currency adjustment	0			0			0			0			0			857			857
Balance, end of period	$	62,980		$	4,575		$	14,937		$	4,165		$	12,689		$	56,545		155,891


Closed Block Division																			4,324
Unearned revenue reserve, unearned expense credit, and additional interest reserve																			6,220
Other(2)																			3,843
Total Policyholders’ account balance																			$	170,278
Weighted-average crediting rate	2.62		%	2.94		%	2.88		%	2.50		%	2.87		%	0.66		%	1.96		%
Net amount at risk(3)	$	1		$	74,477		$	256,477		$	0		$	148,707		$	29,251		$	508,913
Cash surrender value(4)	$	60,231		$	3,658		$	12,549		$	3,808		$	11,424		$	50,581		$	142,251