AMERIPRISE FINANCIAL INC
For the period ended Mar 31, 2026. Filed May 7, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 7, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Policyholder Account Balances, Future Policy Benefits and Claims
- Policyholder Account Balances, Future Policy Benefits and Claims
Policyholder account balances, future policy benefits and claims consisted of the following:
| March 31, 2026 | December 31, 2025 | |
|---|---|---|
| (in millions) | ||
| Policyholder account balances | ||
| Policyholder account balances | $36,988 | $37,005 |
| Future policy benefits | ||
| Reserve for future policy benefits | 7,426 | 7,601 |
| Deferred profit liability | 135 | 130 |
| Additional liabilities for insurance guarantees | 1,510 | 1,500 |
| Other insurance and annuity liabilities | 124 | 78 |
| Total future policy benefits | 9,195 | 9,309 |
| Policy claims and other policyholders’ funds | 218 | 184 |
| Total policyholder account balances, future policy benefits and claims | $46,401 | $46,498 |
Index
Variable Annuities
Purchasers of variable annuities can select from a variety of investment options and can elect to allocate a portion to a fixed account. A vast majority of the premiums received for variable annuity contracts are held in separate accounts where the assets are held for the exclusive benefit of those contractholders.
Most of the variable annuity contracts issued by the Company contain a guaranteed minimum death benefit (“GMDB”). The Company previously offered contracts with guaranteed minimum accumulation benefit (“GMAB”), guaranteed minimum withdrawal benefit (“GMWB”), and guaranteed minimum income benefit (“GMIB”) provisions. See Note 10 for additional information regarding the Company’s variable annuity guarantees. See Note 12 and Note 14 for additional information regarding the Company’s derivative instruments used to hedge risks related to these guarantees.
Structured Variable Annuities
Structured variable annuities provide contractholders the option to allocate a portion of their account value to an indexed account held in a non-insulated separate account with the contractholder’s rate of return, which may be positive or negative, tied to selected indices, subject to either a cap or floor. The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value. The Company hedges the equity and interest rate risk related to the indexed account with freestanding derivative instruments.
Fixed Annuities
Fixed annuities include deferred, payout and fixed deferred indexed annuity contracts. In 2020, the Company discontinued sales of fixed deferred and fixed deferred indexed annuities.
Deferred contracts offer a guaranteed minimum rate of interest and security of the principal invested. Payout contracts guarantee a fixed income payment for life or the term of the contract. Liabilities for fixed annuities in a benefit or payout status are based on future estimated payments using established industry mortality tables and interest rates.
The Company’s fixed index annuity product is a fixed annuity that includes an indexed account. The rate of interest credited above the minimum guarantee for funds allocated to the indexed account is linked to the performance of the specific index for the indexed account (subject to a cap). The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value.
See Note 14 for additional information regarding the Company’s derivative instruments used to hedge the risk related to indexed accounts.
Insurance Liabilities
Universal life (“UL”) policies accumulate cash value that increases by a fixed interest rate. Purchasers of variable universal life (“VUL”) can select from a variety of investment options and can elect to allocate a portion of their account balance to a fixed account or a separate account. A vast majority of the premiums received for VUL policies are held in separate accounts where the assets are held for the exclusive benefit of those policyholders.
Indexed universal life (“IUL”) is a UL policy that includes an indexed account. The rate of credited interest for funds allocated by a contractholder to the indexed account is linked to the performance of the specific index for the indexed account (subject to stated account parameters, which include a cap and floor, or a spread). The policyholder may allocate all or a portion of the policy value to a fixed or any available indexed account. The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value. The Company hedges the interest credited rate including equity and interest rate risk related to the indexed account with freestanding derivative instruments.
See Note 14 for additional information regarding the Company’s derivative instruments used to hedge the risk related to IUL.
The Company also offers term life insurance as well as disability income (“DI”) insurance products. The Company no longer offers standalone long term care (“LTC”) insurance products and whole life insurance but has in force policies from prior years.
Insurance liabilities include accumulation values, incurred but not reported claims, obligations for anticipated future claims, unpaid reported claims and claim adjustment expenses.
Index
The balances of and changes in policyholder account balances were as follows:
| Variable Annuities | Structured Variable Annuities | Fixed Annuities | Fixed Indexed Annuities | Non-Life Contingent Payout Annuities | |
|---|---|---|---|---|---|
| (in millions, except percentages) | |||||
| Balance at January 1, 2026 | $3,320 | $21,504 | $4,918 | $289 | $435 |
| Contract deposits | 13 | 902 | 8 | — | 21 |
| Policy charges | (3) | (1) | — | — | — |
| Surrenders and other benefits | (111) | (286) | (147) | (13) | (25) |
| Net transfer from (to) separate account liabilities | (5) | — | — | — | — |
| Variable account index-linked adjustments | — | (482) | — | — | — |
| Interest credited | 26 | 1 | 46 | 3 | 3 |
| Balance at March 31, 2026 | $3,240 | $21,638 | $4,825 | $279 | $434 |
| Weighted-average crediting rate | 3.3% | 1.9% | 3.9% | 2.1% | N/A |
| Cash surrender value (1) | $3,223 | $20,582 | $4,824 | $263 | N/A |
| Universal Life Insurance | Variable Universal Life Insurance | Indexed Universal Life Insurance | Other Life Insurance | Total,All Products | |
| (in millions, except percentages) | |||||
| Balance at January 1, 2026 | $1,349 | $1,705 | $3,048 | $437 | $37,005 |
| Contract deposits | 26 | 80 | 38 | — | 1,088 |
| Policy charges | (41) | (23) | (30) | — | (98) |
| Surrenders and other benefits | (14) | (23) | (16) | (14) | (649) |
| Net transfer from (to) separate account liabilities | — | (34) | — | — | (39) |
| Variable account index-linked adjustments | — | — | — | — | (482) |
| Interest credited | 11 | 17 | 52 | 4 | 163 |
| Balance at March 31, 2026 | $1,331 | $1,722 | $3,092 | $427 | $36,988 |
| Weighted-average crediting rate | 3.6% | 3.9% | 3.0% | 4.0% | |
| Net amount at risk | $7,858 | $57,545 | $12,947 | $117 | |
| Cash surrender value (1) | $1,229 | $1,113 | $2,696 | $269 | |
Index
| Variable Annuities | Structured Variable Annuities | Fixed Annuities | Fixed Indexed Annuities | Non-Life Contingent Payout Annuities | |
|---|---|---|---|---|---|
| (in millions, except percentages) | |||||
| Balance at January 1, 2025 | $3,680 | $16,330 | $5,369 | $305 | $447 |
| Contract deposits | 57 | 3,816 | 35 | — | 73 |
| Policy charges | (13) | (4) | — | — | — |
| Surrenders and other benefits | (486) | (846) | (677) | (26) | (99) |
| Net transfer from (to) separate account liabilities | (31) | — | — | — | — |
| Variable account index-linked adjustments | — | 2,206 | — | — | — |
| Interest credited | 113 | 2 | 191 | 10 | 14 |
| Balance at December 31, 2025 | $3,320 | $21,504 | $4,918 | $289 | $435 |
| Weighted-average crediting rate | 3.3% | 1.9% | 3.8% | 2.1% | N/A |
| Cash surrender value (1) | $3,302 | $20,582 | $4,916 | $272 | N/A |
| Universal Life Insurance | Variable Universal Life Insurance | Indexed Universal Life Insurance | Other Life Insurance | Total,All Products | |
| (in millions, except percentages) | |||||
| Balance at January 1, 2025 | $1,405 | $1,647 | $2,894 | $465 | $32,542 |
| Contract deposits | 138 | 318 | 165 | — | 4,602 |
| Policy charges | (169) | (91) | (123) | — | (400) |
| Surrenders and other benefits | (72) | (102) | (71) | (45) | (2,424) |
| Net transfer from (to) separate account liabilities | — | (132) | — | — | (163) |
| Variable account index-linked adjustments | — | — | — | — | 2,206 |
| Interest credited | 47 | 65 | 183 | 17 | 642 |
| Balance at December 31, 2025 | $1,349 | $1,705 | $3,048 | $437 | $37,005 |
| Weighted-average crediting rate | 3.6% | 3.9% | 3.0% | 4.0% | |
| Net amount at risk | $7,944 | $57,269 | $13,040 | $121 | |
| Cash surrender value (1) | $1,241 | $1,109 | $2,640 | $274 | |
(1) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. For variable annuities and VUL, the cash surrender value shown is the proportion of the total cash surrender value related to their fixed account liabilities.
Refer to Note 10 for the net amount at risk for market risk benefits (“MRB”) associated with variable and structured variable annuities. Fixed, fixed indexed, and non-life contingent payout annuities do not have net amount at risk in excess of account value. Net amount at risk for insurance products is calculated as the death benefit amount in excess of applicable account values, host, embedded derivative, and separate account liabilities.
Index
The following tables present the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of guaranteed minimum interest rates (“GMIRs”) and the range of the difference between rates credited to policyholders and contractholders as of March 31, 2026 and December 31, 2025 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated. Rates are reset at management’s discretion, subject to guaranteed minimums.
| March 31, 2026 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Account Values with Crediting Rates | |||||||||
| Range of Guaranteed Minimum Crediting Rates · At Guaranteed Minimum · 1-49 bps above Guaranteed Minimum · 50-99 bps above Guaranteed Minimum · 100-150 bps above Guaranteed Minimum · Greater than 150 bps above Guaranteed Minimum · Total | |||||||||
| (in millions, except percentages) | |||||||||
| Fixed accounts of variable annuities | 1% | – | 1.99% | $5 | $57 | $82 | $19 | $— | $163 |
| 2% | – | 2.99% | 86 | 8 | — | — | — | 94 | |
| 3% | – | 3.99% | 1,638 | — | — | 1 | — | 1,639 | |
| 4% | – | 5.00% | 1,298 | — | — | — | — | 1,298 | |
| Total | $3,027 | $65 | $82 | $20 | $— | $3,194 | |||
| Fixed accounts of structured variable annuities | 1% | – | 1.99% | $— | $50 | $14 | $1 | $— | $65 |
| 2% | – | 2.99% | 36 | — | — | — | — | 36 | |
| 3% | – | 3.99% | 1 | — | — | — | — | 1 | |
| 4% | – | 5.00% | — | — | — | — | — | — | |
| Total | $37 | $50 | $14 | $1 | $— | $102 | |||
| Fixed annuities | 1% | – | 1.99% | $— | $159 | $138 | $109 | $17 | $423 |
| 2% | – | 2.99% | 12 | 16 | 2 | — | — | 30 | |
| 3% | – | 3.99% | 2,057 | 1 | — | — | — | 2,058 | |
| 4% | – | 5.00% | 2,307 | — | — | — | — | 2,307 | |
| Total | $4,376 | $176 | $140 | $109 | $17 | $4,818 | |||
| Non-indexed accounts of fixed indexed annuities | 1% | – | 1.99% | $— | $1 | $4 | $13 | $— | $18 |
| 2% | – | 2.99% | — | — | — | — | — | — | |
| 3% | – | 3.99% | — | — | — | — | — | — | |
| 4% | – | 5.00% | — | — | — | — | — | — | |
| Total | $— | $1 | $4 | $13 | $— | $18 | |||
| Universal life insurance | 1% | – | 1.99% | $— | $— | $— | $— | $— | $— |
| 2% | – | 2.99% | 47 | 6 | 18 | 4 | 1 | 76 | |
| 3% | – | 3.99% | 779 | — | 5 | 6 | — | 790 | |
| 4% | – | 5.00% | 435 | 4 | — | — | — | 439 | |
| Total | $1,261 | $10 | $23 | $10 | $1 | $1,305 | |||
Index
| Account Values with Crediting Rates | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Range of Guaranteed Minimum Crediting Rates · At Guaranteed Minimum · 1-49 bps above Guaranteed Minimum · 50-99 bps above Guaranteed Minimum · 100-150 bps above Guaranteed Minimum · Greater than 150 bps above Guaranteed Minimum · Total | |||||||||||||||
| (in millions, except percentages) | |||||||||||||||
| Fixed accounts of variable universal life insurance | 1% | – | 1.99% | $— | $— | $2 | $2 | $55 | $59 | ||||||
| 2% | – | 2.99% | 1 | 15 | 2 | 1 | 14 | 33 | |||||||
| 3% | – | 3.99% | 96 | 1 | 5 | 14 | — | 116 | |||||||
| 4% | – | 5.00% | 520 | 23 | — | — | — | 543 | |||||||
| Total | $617 | $39 | $9 | $17 | $69 | $751 | |||||||||
| Non-indexed accounts of indexed universal life insurance | 1% | – | 1.99% | $— | $— | $— | $— | $2 | $2 | ||||||
| 2% | – | 2.99% | — | — | — | 137 | — | 137 | |||||||
| 3% | – | 3.99% | — | — | — | — | — | — | |||||||
| 4% | – | 5.00% | — | — | — | — | — | — | |||||||
| Total | $— | $— | $— | $137 | $2 | $139 | |||||||||
| Other life insurance | 1% | – | 1.99% | $— | $— | $— | $— | $— | $— | ||||||
| 2% | – | 2.99% | — | — | — | — | — | — | |||||||
| 3% | – | 3.99% | 23 | — | — | — | — | 23 | |||||||
| 4% | – | 5.00% | 245 | — | — | — | — | 245 | |||||||
| Total | $268 | $— | $— | $— | $— | $268 | |||||||||
| Total | 1% | – | 1.99% | $5 | $267 | $240 | $144 | $74 | $730 | ||||||
| 2% | – | 2.99% | 182 | 45 | 22 | 142 | 15 | 406 | |||||||
| 3% | – | 3.99% | 4,594 | 2 | 10 | 21 | — | 4,627 | |||||||
| 4% | – | 5.00% | 4,805 | 27 | — | — | — | 4,832 | |||||||
| Total | $9,586 | $341 | $272 | $307 | $89 | $10,595 | |||||||||
| Percentage of total account values that reset in: | |||||||||||||||
| Next 12 months | 100.0% | 99.9% | 99.9% | 100.0% | 99.9% | 100.0% | |||||||||
| > 12 months to 24 months | — | — | — | — | — | — | |||||||||
| > 24 months | — | 0.1 | 0.1 | — | 0.1 | — | |||||||||
| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | |||||||||
Index
| December 31, 2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Account Values with Crediting Rates | |||||||||
| Range of Guaranteed Minimum Crediting Rates · At Guaranteed Minimum · 1-49 bps above Guaranteed Minimum · 50-99 bps above Guaranteed Minimum · 100-150 bps above Guaranteed Minimum · Greater than 150 bps above Guaranteed Minimum · Total | |||||||||
| (in millions, except percentages) | |||||||||
| Fixed accounts of variable annuities | 1% | – | 1.99% | $7 | $62 | $82 | $20 | $— | $171 |
| 2% | – | 2.99% | 89 | 8 | — | — | — | 97 | |
| 3% | – | 3.99% | 1,686 | — | — | 1 | — | 1,687 | |
| 4% | – | 5.00% | 1,321 | — | — | — | — | 1,321 | |
| Total | $3,103 | $70 | $82 | $21 | $— | $3,276 | |||
| Fixed accounts of structured variable annuities | 1% | – | 1.99% | $— | $26 | $26 | $1 | $— | $53 |
| 2% | – | 2.99% | 16 | — | — | — | — | 16 | |
| 3% | – | 3.99% | 1 | — | — | — | — | 1 | |
| 4% | – | 5.00% | — | — | — | — | — | — | |
| Total | $17 | $26 | $26 | $1 | $— | $70 | |||
| Fixed annuities | 1% | – | 1.99% | $— | $182 | $143 | $103 | $19 | $447 |
| 2% | – | 2.99% | 13 | 16 | 2 | — | — | 31 | |
| 3% | – | 3.99% | 2,116 | 1 | 1 | — | — | 2,118 | |
| 4% | – | 5.00% | 2,312 | — | — | — | — | 2,312 | |
| Total | $4,441 | $199 | $146 | $103 | $19 | $4,908 | |||
| Non-indexed accounts of fixed indexed annuities | 1% | – | 1.99% | $— | $2 | $4 | $13 | $— | $19 |
| 2% | – | 2.99% | — | — | — | — | — | — | |
| 3% | – | 3.99% | — | — | — | — | — | — | |
| 4% | – | 5.00% | — | — | — | — | — | — | |
| Total | $— | $2 | $4 | $13 | $— | $19 | |||
| Universal life insurance | 1% | – | 1.99% | $— | $— | $— | $— | $— | $— |
| 2% | – | 2.99% | 47 | 6 | 19 | 2 | 1 | 75 | |
| 3% | – | 3.99% | 789 | — | 4 | 7 | — | 800 | |
| 4% | – | 5.00% | 442 | 5 | — | — | — | 447 | |
| Total | $1,278 | $11 | $23 | $9 | $1 | $1,322 | |||
| Fixed accounts of variable universal life insurance | 1% | – | 1.99% | $— | $— | $3 | $1 | $48 | $52 |
| 2% | – | 2.99% | 1 | 16 | 2 | 1 | 14 | 34 | |
| 3% | – | 3.99% | 98 | 1 | 3 | 14 | — | 116 | |
| 4% | – | 5.00% | 524 | 25 | — | — | — | 549 | |
| Total | $623 | $42 | $8 | $16 | $62 | $751 | |||
Index
| Account Values with Crediting Rates | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Range of Guaranteed Minimum Crediting Rates · At Guaranteed Minimum · 1-49 bps above Guaranteed Minimum · 50-99 bps above Guaranteed Minimum · 100-150 bps above Guaranteed Minimum · Greater than 150 bps above Guaranteed Minimum · Total | |||||||||||||||
| (in millions, except percentages) | |||||||||||||||
| Non-indexed accounts of indexed universal life insurance | 1% | – | 1.99% | $— | $— | $— | $— | $2 | $2 | ||||||
| 2% | – | 2.99% | — | — | — | 135 | — | 135 | |||||||
| 3% | – | 3.99% | — | — | — | — | — | — | |||||||
| 4% | – | 5.00% | — | — | — | — | — | — | |||||||
| Total | $— | $— | $— | $135 | $2 | $137 | |||||||||
| Other life insurance | 1% | – | 1.99% | $— | $— | $— | $— | $— | $— | ||||||
| 2% | – | 2.99% | — | — | — | — | — | — | |||||||
| 3% | – | 3.99% | 24 | — | — | — | — | 24 | |||||||
| 4% | – | 5.00% | 249 | — | — | — | — | 249 | |||||||
| Total | $273 | $— | $— | $— | $— | $273 | |||||||||
| Total | 1% | – | 1.99% | $7 | $272 | $258 | $138 | $69 | $744 | ||||||
| 2% | – | 2.99% | 166 | 46 | 23 | 138 | 15 | 388 | |||||||
| 3% | – | 3.99% | 4,714 | 2 | 8 | 22 | — | 4,746 | |||||||
| 4% | – | 5.00% | 4,848 | 30 | — | — | — | 4,878 | |||||||
| Total | $9,735 | $350 | $289 | $298 | $84 | $10,756 | |||||||||
| Percentage of total account values that reset in: | |||||||||||||||
| Next 12 months | 100.0% | 100.0% | 99.9% | 100.0% | 99.8% | 100.0% | |||||||||
| > 12 months to 24 months | — | — | — | — | — | — | |||||||||
| > 24 months | — | — | 0.1 | — | 0.2 | — | |||||||||
| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | |||||||||
Index
The following tables summarize the balances of and changes in the liability for future policy benefits:
| Life Contingent Payout Annuities · Term and Whole Life Insurance · Disability Income Insurance · Long Term Care Insurance · Total,All Products | |||||||
|---|---|---|---|---|---|---|---|
| (in millions, except percentages) | |||||||
| Present Value of Expected Net Premiums: | |||||||
| Balance at January 1, 2026 | $— | $813 | $33 | $988 | $1,834 | ||
| Beginning balance at original discount rate | — | 836 | 37 | 977 | 1,850 | ||
| Effect of changes in cash flow assumptions | — | — | — | — | — | ||
| Effect of actual variances from expected experience | — | (13) | — | (6) | (19) | ||
| Adjusted beginning of year balance | $— | $823 | $37 | $971 | $1,831 | ||
| Issuances | 27 | 15 | 3 | — | 45 | ||
| Interest accrual | — | 10 | — | 12 | 22 | ||
| Net premiums collected | (27) | (19) | — | (33) | (79) | ||
| Derecognition (lapses) | — | — | — | — | — | ||
| Ending balance at original discount rate | $— | $829 | $40 | $950 | $1,819 | ||
| Effect of changes in discount rate assumptions | — | (39) | (5) | (4) | (48) | ||
| Balance at March 31, 2026 | $— | $790 | $35 | $946 | $1,771 | ||
| Present Value of Future Policy Benefits: | |||||||
| Balance at January 1, 2026 | $1,273 | $1,378 | $499 | $6,277 | $9,427 | ||
| Beginning balance at original discount rate | 1,318 | 1,380 | 478 | 6,322 | 9,498 | ||
| Effect of changes in cash flow assumptions | — | — | — | — | — | ||
| Effect of actual variances from expected experience | (5) | (17) | (1) | (7) | (30) | ||
| Adjusted beginning of year balance | $1,313 | $1,363 | $477 | $6,315 | $9,468 | ||
| Issuances | 27 | 15 | 3 | — | 45 | ||
| Interest accrual | 14 | 18 | 7 | 78 | 117 | ||
| Benefit payments | (42) | (20) | (10) | (107) | (179) | ||
| Derecognition (lapses) | — | — | — | — | — | ||
| Ending balance at original discount rate | $1,312 | $1,376 | $477 | $6,286 | $9,451 | ||
| Effect of changes in discount rate assumptions | (65) | (33) | 11 | (175) | (262) | ||
| Balance at March 31, 2026 | $1,247 | $1,343 | $488 | $6,111 | $9,189 | ||
| Adjustment due to reserve flooring | $— | $8 | $— | $— | $8 | ||
| Net liability for future policy benefits | $1,247 | $561 | $453 | $5,165 | $7,426 | ||
| Less: reinsurance recoverable | 672 | 401 | 21 | 2,593 | 3,687 | ||
| Net liability for future policy benefits, after reinsurance recoverable | $575 | $160 | $432 | $2,572 | $3,739 | ||
| Discounted expected future gross premiums | $— | $1,910 | $785 | $1,128 | $3,823 | ||
| Expected future gross premiums | $— | $3,293 | $1,110 | $1,513 | $5,916 | ||
| Expected future benefit payments | $1,901 | $2,321 | $785 | $10,109 | $15,116 | ||
| Weighted average interest accretion rate | 4.4% | 6.0% | 6.3% | 5.1% | |||
| Weighted average discount rate | 5.3% | 5.6% | 5.5% | 5.6% | |||
| Weighted average duration of liability (in years) | 6 | 7 | 6 | 8 | |||
Index
| Life Contingent Payout Annuities · Term and Whole Life Insurance · Disability Income Insurance · Long Term Care Insurance · Total,All Products | |||||||
|---|---|---|---|---|---|---|---|
| (in millions, except percentages) | |||||||
| Present Value of Expected Net Premiums: | |||||||
| Balance at January 1, 2025 | $— | $737 | $53 | $1,057 | $1,847 | ||
| Beginning balance at original discount rate | — | 774 | 59 | 1,072 | 1,905 | ||
| Effect of changes in cash flow assumptions | — | 58 | (19) | (8) | 31 | ||
| Effect of actual variances from expected experience | — | (17) | (12) | 1 | (28) | ||
| Adjusted beginning of year balance | $— | $815 | $28 | $1,065 | $1,908 | ||
| Issuances | 141 | 60 | 9 | — | 210 | ||
| Interest accrual | 1 | 39 | 2 | 50 | 92 | ||
| Net premiums collected | (142) | (78) | (2) | (138) | (360) | ||
| Derecognition (lapses) | — | — | — | — | — | ||
| Ending balance at original discount rate | $— | $836 | $37 | $977 | $1,850 | ||
| Effect of changes in discount rate assumptions | — | (23) | (4) | 11 | (16) | ||
| Balance at December 31, 2025 | $— | $813 | $33 | $988 | $1,834 | ||
| Present Value of Future Policy Benefits: | |||||||
| Balance at January 1, 2025 | $1,204 | $1,322 | $545 | $6,187 | $9,258 | ||
| Beginning balance at original discount rate | 1,289 | 1,353 | 535 | 6,408 | 9,585 | ||
| Effect of changes in cash flow assumptions | (2) | 27 | (30) | 25 | 20 | ||
| Effect of actual variances from expected experience | (5) | (20) | (25) | 13 | (37) | ||
| Adjusted beginning of year balance | $1,282 | $1,360 | $480 | $6,446 | $9,568 | ||
| Issuances | 141 | 60 | 9 | — | 210 | ||
| Interest accrual | 57 | 74 | 30 | 316 | 477 | ||
| Benefit payments | (162) | (114) | (41) | (440) | (757) | ||
| Derecognition (lapses) | — | — | — | — | — | ||
| Ending balance at original discount rate | $1,318 | $1,380 | $478 | $6,322 | $9,498 | ||
| Effect of changes in discount rate assumptions | (45) | (2) | 21 | (45) | (71) | ||
| Balance at December 31, 2025 | $1,273 | $1,378 | $499 | $6,277 | $9,427 | ||
| Adjustment due to reserve flooring | $— | $8 | $— | $— | $8 | ||
| Net liability for future policy benefits | $1,273 | $573 | $466 | $5,289 | $7,601 | ||
| Less: reinsurance recoverable | 703 | 408 | 20 | 2,657 | 3,788 | ||
| Net liability for future policy benefits, after reinsurance recoverable | $570 | $165 | $446 | $2,632 | $3,813 | ||
| Discounted expected future gross premiums | $— | $1,971 | $809 | $1,173 | $3,953 | ||
| Expected future gross premiums | $— | $3,334 | $1,126 | $1,554 | $6,014 | ||
| Expected future benefit payments | $1,906 | $2,328 | $789 | $10,218 | $15,241 | ||
| Weighted average interest accretion rate | 4.4% | 6.2% | 6.3% | 5.0% | |||
| Weighted average discount rate | 5.0% | 5.3% | 5.2% | 5.3% | |||
| Weighted average duration of liability (in years) | 6 | 7 | 6 | 8 | |||
Index
Impacts of the annual review of policy benefit reserves assumptions are reflected within the effect of changes in cash flow assumptions in the disaggregated rollforwards above. The annual review of policy benefit reserves assumptions in the third quarter of 2025 resulted in a net increase in future policy benefit reserves, primarily due to net unfavorable changes in LTC morbidity and mortality assumptions partially offset by favorable changes to disability income insurance claim incidence rates.
The balances of and changes in additional liabilities related to insurance guarantees were as follows:
| Universal Life Insurance · Variable Universal Life Insurance · Other Life Insurance · Total,All Products | ||||||
|---|---|---|---|---|---|---|
| (in millions, except percentages) | ||||||
| Balance at January 1, 2026 | $1,409 | $80 | $11 | $1,500 | ||
| Interest accrual | 11 | 1 | — | 12 | ||
| Benefit accrual | 31 | 2 | — | 33 | ||
| Benefit payments | (21) | (3) | (2) | (26) | ||
| Effect of actual variances from expected experience | — | 1 | 1 | 2 | ||
| Impact of change in net unrealized (gains) losses on securities | (9) | — | (2) | (11) | ||
| Balance at March 31, 2026 | $1,421 | $81 | $8 | $1,510 | ||
| Weighted average interest accretion rate | 3.0% | 7.1% | 3.9% | |||
| Weighted average discount rate | 3.1% | 7.1% | 3.9% | |||
| Weighted average duration of reserves (in years) | 8 | 8 | 7 | |||
| Universal Life Insurance · Variable Universal Life Insurance · Other Life Insurance · Total,All Products | ||||||
|---|---|---|---|---|---|---|
| (in millions, except percentages) | ||||||
| Balance at January 1, 2025 | $1,301 | $80 | $8 | $1,389 | ||
| Interest accrual | 40 | 5 | 1 | 46 | ||
| Benefit accrual | 132 | 10 | 2 | 144 | ||
| Benefit payments | (84) | (14) | (4) | (102) | ||
| Effect of actual variances from expected experience | 11 | (1) | 2 | 12 | ||
| Impact of change in net unrealized (gains) losses on securities | 9 | — | 2 | 11 | ||
| Balance at December 31, 2025 | $1,409 | $80 | $11 | $1,500 | ||
| Weighted average interest accretion rate | 2.9% | 6.8% | 3.8% | |||
| Weighted average discount rate | 3.1% | 7.1% | 3.9% | |||
| Weighted average duration of reserves (in years) | 9 | 8 | 7 | |||
The amount of revenue and interest recognized in the Statements of Operations was as follows:
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | ||
| Gross Premiums | Interest Expense | |
| (in millions) | ||
| Life contingent payout annuities | $32 | $14 |
| Term and whole life insurance | 43 | 8 |
| Disability income insurance | 27 | 7 |
| Long term care insurance | 40 | 66 |
| Total | $142 | $95 |
Index
| Year Ended December 31, | ||
|---|---|---|
| 2025 | ||
| Gross Premiums | Interest Expense | |
| (in millions) | ||
| Life contingent payout annuities | $157 | $56 |
| Term and whole life insurance | 174 | 35 |
| Disability income insurance | 114 | 28 |
| Long term care insurance | 171 | 266 |
| Total | $616 | $385 |
The following tables summarize the balances of and changes in unearned revenue:
| Universal Life Insurance | Variable Universal Life Insurance | Indexed Universal Life Insurance | Total,All Products | |
|---|---|---|---|---|
| (in millions) | ||||
| Balance at January 1, 2026 | $26 | $307 | $318 | $651 |
| Deferral of revenue | — | 21 | 11 | 32 |
| Amortization | — | (6) | (7) | (13) |
| Balance at March 31, 2026 | $26 | $322 | $322 | $670 |
| Balance at January 1, 2025 | $26 | $249 | $295 | $570 |
| Deferral of revenue | 1 | 79 | 47 | 127 |
| Amortization | (1) | (21) | (24) | (46) |
| Balance at December 31, 2025 | $26 | $307 | $318 | $651 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.