Long-duration Contracts (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Rollforward of Policyholder Account Balance

The following represents a rollforward of the policyholder account balance by product within interest sensitive contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve.


	Year ended December 31, 2025
(In millions, except percentages)	Traditional Deferred Annuities			Indexed Annuities			Funding Agreements			Other Investment-type			Total
Balance at December 31, 2024	$	86,661		$	97,861		$	54,768		$	8,030		$	247,320
Deposits	28,796			18,407			33,700			1,069			81,972
Policy charges	(2)			(795)			—			—			(797)
Surrenders and withdrawals	(9,364)			(11,701)			—			(238)			(21,303)
Benefit payments	(1,386)			(1,551)			(7,193)			(193)			(10,323)
Interest credited	4,513			3,093			3,210			230			11,046
Foreign exchange	(17)			3			864			15			865
Other	—			—			206			(92)			114
Balance at December 31, 2025	$	109,201		$	105,317		$	85,555		$	8,821		$	308,894

Weighted average crediting rate	4.7		%	2.7		%	4.6		%	2.8		%
Net amount at risk	$	422		$	17,371		$	—		$	23
Cash surrender value	103,155			97,760			—			6,716


	Year ended December 31, 2024
(In millions, except percentages)	Traditional Deferred Annuities			Indexed Annuities			Funding Agreements			Other Investment-type			Total
Balance at December 31, 2023	$	64,763		$	93,147		$	32,350		$	7,629		$	197,889
Deposits	25,459			16,230			29,249			1,088			72,026
Policy charges	(2)			(709)			—			—			(711)
Surrenders and withdrawals	(5,389)			(12,744)			—			(84)			(18,217)
Benefit payments	(1,108)			(1,580)			(8,304)			(212)			(11,204)
Interest credited	3,256			3,524			1,707			205			8,692
Foreign exchange	(318)			(7)			(414)			(498)			(1,237)
Other	—			—			180			(98)			82
Balance at December 31, 2024	$	86,661		$	97,861		$	54,768		$	8,030		$	247,320


Weighted average crediting rate	4.3		%	2.7		%	4.4		%	2.7		%
Net amount at risk	$	425		$	15,441		$	—		$	51
Cash surrender value	81,243			89,511			—			6,784


	Year ended December 31, 2023
(In millions, except percentages)	Traditional Deferred Annuities			Indexed Annuities			Funding Agreements			Other Investment-type			Total
Balance at December 31, 2022	$	43,518		$	92,660		$	27,439		$	4,722		$	168,339
Deposits	30,175			12,639			6,893			4,597			54,304
Policy charges	(2)			(651)			—			—			(653)
Surrenders and withdrawals	(9,929)			(11,253)			(110)			(40)			(21,332)
Benefit payments	(984)			(1,609)			(3,273)			(275)			(6,141)
Interest credited	1,858			1,279			883			155			4,175
Foreign exchange	52			1			260			(95)			218
Other1	75			81			258			(1,435)			(1,021)
Balance at December 31, 2023	$	64,763		$	93,147		$	32,350		$	7,629		$	197,889


Weighted average crediting rate	4.0		%	2.4		%	3.4		%	2.7		%
Net amount at risk	$	425		$	14,716		$	—		$	103
Cash surrender value	61,345			85,381			—			6,375

1Other includes a $1,371 million reduction of reserves related to the VIAC recapture agreement. See note 18 for further information.

Schedule of Reconciliation of Interest Sensitive Contract Liabilities

The following is a reconciliation of interest sensitive contract liabilities to the consolidated statements of financial condition:


	December 31,
(In millions)	2025		2024		2023
Traditional deferred annuities	$	109,201	$	86,661	$	64,763
Indexed annuities	105,317		97,861		93,147

Funding agreements	85,555		54,768		32,350
Other investment-type	8,821		8,030		7,629

Reconciling items1	6,995		6,317		6,781
Interest sensitive contract liabilities	$	315,889	$	253,637	$	204,670

1 Reconciling items primarily include embedded derivatives in indexed annuities, unaccreted host contract adjustments on indexed annuities, negative VOBA, sales inducement liabilities, and wholly ceded universal life insurance contracts.

Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate

The following represents policyholder account balances by range of guaranteed minimum crediting rates (“GMCR”), as well as the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums. Athene’s funding agreements and other investment-type products provide Athene with little to no discretionary ability to change the rates of interest payable to the respective policyholder or institution and, as a result, those policyholder account balances are excluded from the following tables.


	December 31, 2025
(In millions)	At Guaranteed Minimum		1 Basis Point – 100 Basis Points Above Guaranteed Minimum		Greater than 100 Basis Points Above Guaranteed Minimum		Total
Traditional deferred annuities
< 2.0%	$	4,993	$	1,855	$	87,483	$	94,331
2.0% – < 4.0%	5,652		571		4,057		10,280
4.0% – < 6.0%	4,585		1		1		4,587
6.0% and greater	3		—		—		3
Total traditional deferred annuities	$	15,233	$	2,427	$	91,541	$	109,201



Indexed annuities
< 2.0%	$	1,450	$	1,063	$	3,540	$	6,053
2.0% – < 4.0%	3,702		84		—		3,786


Total indexed annuities with GMCR	5,152		1,147		3,540		9,839
Other1							95,478
Total indexed annuities							$	105,317


























1 Includes account value allocated to an indexed strategy or other amounts without a GMCR.


	December 31, 2024
(In millions)	At Guaranteed Minimum		1 Basis Point – 100 Basis Points Above Guaranteed Minimum		Greater than 100 Basis Points Above Guaranteed Minimum		Total
Traditional deferred annuities
< 2.0%	$	4,502	$	1,766	$	68,104	$	74,372
2.0% – < 4.0%	6,667		417		1,744		8,828
4.0% – < 6.0%	3,449		8		1		3,458
6.0% and greater	3		—		—		3
Total traditional deferred annuities	$	14,621	$	2,191	$	69,849	$	86,661



Indexed annuities
< 2.0%	$	1,782	$	1,258	$	3,082	$	6,122
2.0% – < 4.0%	4,411		79		158		4,648


Total indexed annuities with GMCR	6,193		1,337		3,240		10,770
Other1							87,091
Total indexed annuities							$	97,861



























1 Includes account value allocated to an indexed strategy or other amounts without a GMCR.
Note: The amounts presented in this table have been revised to conform with the current year presentation to provide certain product-level detail and account value allocated to an indexed strategy or other amounts without a GMCR.


	December 31, 2023
(In millions)	At Guaranteed Minimum		1 Basis Point – 100 Basis Points Above Guaranteed Minimum		Greater than 100 Basis Points Above Guaranteed Minimum		Total
Traditional deferred annuities
< 2.0%	$	3,755	$	3,483	$	44,941	$	52,179
2.0% – < 4.0%	7,753		463		879		9,095
4.0% – < 6.0%	3,477		9		1		3,487
6.0% and greater	2		—		—		2
Total traditional deferred annuities	$	14,987	$	3,955	$	45,821	$	64,763



Indexed annuities
< 2.0%	$	2,456	$	1,615	$	2,718	$	6,789
2.0% – < 4.0%	5,388		20		—		5,408


Total indexed annuities with GMCR	7,844		1,635		2,718		12,197
Other1							80,950
Total indexed annuities							$	93,147



























1 Includes account value allocated to an indexed strategy or other amounts without a GMCR.
Note: The amounts presented in this table have been revised to conform with the current year presentation to provide certain product-level detail and account value allocated to an indexed strategy or other amounts without a GMCR.

Schedule of Rollforward by Product and Reconciliation of Future Policy Benefit and Premiums and Interest Expense

The following is a rollforward by product within future policy benefits:


	Year ended December 31, 2025
(In millions, except percentages and years)	Payout Annuities with Life Contingencies			Whole Life			Total
Present value of expected net premiums
Beginning balance, present value of expected net premiums	$	—		$	880		$	880
Effect of changes in discount rate assumptions	—			(30)			(30)
Effect of foreign exchange on the change in discount rate assumptions	—			2			2
Beginning balance at original discount rate	—			852			852
Effect of changes in cash flow assumptions	—			54			54
Effect of actual to expected experience	—			(13)			(13)
Adjusted balance	—			893			893
Issuances	—			647			647
Interest accrual	—			26			26
Net premium collected	—			(207)			(207)
Foreign exchange	—			9			9
Other	—			10			10
Ending balance at original discount rate	—			1,378			1,378
Effect of changes in discount rate assumptions	—			25			25
Effect of foreign exchange on the change in discount rate assumptions	—			(1)			(1)
Ending balance, present value of expected net premiums	$	—		$	1,402		$	1,402
Present value of expected future policy benefits
Beginning balance, present value of expected future policy benefits	$	42,261		$	2,711		$	44,972
Effect of changes in discount rate assumptions	7,378			206			7,584
Effect of foreign exchange on the change in discount rate assumptions	(5)			(1)			(6)
Beginning balance at original discount rate	49,634			2,916			52,550
Effect of changes in cash flow assumptions	(53)			184			131
Effect of actual to expected experience	(88)			(45)			(133)
Adjusted balance	49,493			3,055			52,548
Issuances	1,150			1,759			2,909
Interest accrual	1,734			90			1,824
Benefit payments	(4,417)			(138)			(4,555)
Foreign exchange	60			7			67
Other	—			11			11
Ending balance at original discount rate	48,020			4,784			52,804
Effect of changes in discount rate assumptions	(5,941)			(1,036)			(6,977)
Effect of foreign exchange on the change in discount rate assumptions	(21)			47			26
Ending balance, present value of expected future policy benefits	42,058			3,795			45,853
Less: Present value of expected net premiums	—			1,402			1,402
Net future policy benefits	$	42,058		$	2,393		$	44,451

Weighted-average liability duration (in years)	9.2			20.7
Weighted-average interest accretion rate	3.7		%	5.2		%
Weighted-average current discount rate	5.3		%	6.4		%
Expected future gross premiums, undiscounted	$	—		$	1,963
Expected future gross premiums, discounted1	—			1,577
Expected future benefit payments, undiscounted	70,176			12,229

1 Discounted at the original discount rate.


	Year ended December 31, 2024
(In millions, except percentages and years)	Payout Annuities with Life Contingencies			Whole Life			Total
Present value of expected net premiums
Beginning balance, present value of expected net premiums	$	—		$	1,182		$	1,182
Effect of changes in discount rate assumptions	—			(45)			(45)
Effect of foreign exchange on the change in discount rate assumptions	—			(2)			(2)
Beginning balance at original discount rate	—			1,135			1,135

Effect of actual to expected experience	—			(4)			(4)
Adjusted balance	—			1,131			1,131

Interest accrual	—			22			22
Net premium collected	—			(190)			(190)
Foreign exchange	—			(111)			(111)
Ending balance at original discount rate	—			852			852
Effect of changes in discount rate assumptions	—			30			30
Effect of foreign exchange on the change in discount rate assumptions	—			(2)			(2)
Ending balance, present value of expected net premiums	$	—		$	880		$	880
Present value of expected future policy benefits
Beginning balance, present value of expected future policy benefits	$	45,001		$	3,371		$	48,372
Effect of changes in discount rate assumptions	6,233			(89)			6,144
Effect of foreign exchange on the change in discount rate assumptions	1			(6)			(5)
Beginning balance at original discount rate	51,235			3,276			54,511
Effect of changes in cash flow assumptions	(104)			—			(104)
Effect of actual to expected experience	78			(4)			74
Adjusted balance	51,209			3,272			54,481
Issuances	1,115			—			1,115
Interest accrual	1,802			69			1,871
Benefit payments	(4,476)			(85)			(4,561)
Foreign exchange	(16)			(340)			(356)

Ending balance at original discount rate	49,634			2,916			52,550
Effect of changes in discount rate assumptions	(7,378)			(206)			(7,584)
Effect of foreign exchange on the change in discount rate assumptions	5			1			6
Ending balance, present value of expected future policy benefits	42,261			2,711			44,972
Less: Present value of expected net premiums	—			880			880
Net future policy benefits	$	42,261		$	1,831		$	44,092



Weighted-average liability duration (in years)	9.4			30.7
Weighted-average interest accretion rate	3.7		%	4.8		%
Weighted-average current discount rate	5.6		%	4.8		%
Expected future gross premiums, undiscounted	$	—		$	1,107
Expected future gross premiums, discounted1	—			929
Expected future benefit payments, undiscounted	72,793			10,618


1 Discounted at the original discount rate.


	Year ended December 31, 2023
(In millions, except percentages and years)	Payout Annuities with Life Contingencies			Whole Life			Total
Present value of expected net premiums
Beginning balance, present value of expected net premiums	$	—		$	—		$	—






Issuances	—			3,091			3,091
Interest accrual	—			6			6
Net premium collected	—			(2,027)			(2,027)
Foreign exchange	—			65			65

Ending balance at original discount rate	—			1,135			1,135
Effect of changes in discount rate assumptions	—			45			45
Effect of foreign exchange on the change in discount rate assumptions	—			2			2
Ending balance, present value of expected net premiums	$	—		$	1,182		$	1,182
Present value of expected future policy benefits
Beginning balance, present value of expected future policy benefits	$	36,422		$	—		$	36,422
Effect of changes in discount rate assumptions	8,425			—			8,425
Effect of foreign exchange on the change in discount rate assumptions	(13)			—			(13)
Beginning balance at original discount rate	44,834			—			44,834
Effect of changes in cash flow assumptions	(297)			—			(297)
Effect of actual to expected experience	(67)			—			(67)
Adjusted balance	44,470			—			44,470
Issuances	10,427			3,091			13,518
Interest accrual	1,646			18			1,664
Benefit payments	(3,834)			(18)			(3,852)
Foreign exchange	35			185			220
Other1	(1,509)			—			(1,509)
Ending balance at original discount rate	51,235			3,276			54,511
Effect of changes in discount rate assumptions	(6,233)			89			(6,144)
Effect of foreign exchange on the change in discount rate assumptions	(1)			6			5
Ending balance, present value of expected future policy benefits	45,001			3,371			48,372
Less: Present value of expected net premiums	—			1,182			1,182
Net future policy benefits	$	45,001		$	2,189		$	47,190

Weighted-average liability duration (in years)	9.5			33.5
Weighted-average interest accretion rate	3.6		%	4.8		%
Weighted-average current discount rate	5.1		%	4.1		%
Expected future gross premiums, undiscounted	$	—		$	1,497
Expected future gross premiums, discounted2	—			1,239
Expected future benefit payments, undiscounted	75,261			11,344


1 Other includes a $1,509 million reduction of reserves related to the VIAC recapture agreement. See note 18 for further information.
2 Discounted at the original discount rate.

The following is a reconciliation of future policy benefits to the consolidated statements of financial condition:


	December 31,
(In millions)	2025		2024		2023
Payout annuities with life contingencies	$	42,058	$	42,261	$	45,001
Whole life	2,393		1,831		2,189
Reconciling items1	5,813		5,810		6,097
Future policy benefits	$	50,264	$	49,902	$	53,287

1 Reconciling items primarily include the deferred profit liability and negative VOBA associated with the liability for future policy benefits. Additionally, it includes term life reserves, fully ceded whole life reserves, and reserves for immaterial lines of business including accident and health and disability, as well as other insurance benefit reserves for no-lapse guarantees with universal life contracts, all of which are fully ceded.

The following is a reconciliation of premiums and interest expense relating to future policy benefits to the consolidated statements of operations:


	Premiums
	Years ended December 31,
(In millions)	2025		2024		2023
Payout annuities with life contingencies	$	1,047	$	1,085	$	10,504
Whole life	1,559		204		2,214
Reconciling items1	22		29		31
Total premiums	$	2,628	$	1,318	$	12,749

	Interest Expense
	Years ended December 31,
(In millions)	2025		2024		2023
Payout annuities with life contingencies	$	1,735	$	1,802	$	1,646
Whole life	64		47		12

Total interest expense	$	1,799	$	1,849	$	1,658

1 Reconciling items primarily relate to immaterial lines of business including term life, fully ceded whole life, and accident and health and disability.

The following is a summary of remeasurement gains (losses) included within future policy and other policy benefits on the consolidated statements of operations:


	Years ended December 31,
(In millions)	2025		2024		2023
Reserves	$	43	$	25	$	364
Deferred profit liability	(54)		(48)		(246)
Negative VOBA	35		39		(65)
Total remeasurement gains (losses)	$	24	$	16	$	53

Schedule of Rollforward of Net Market Risk Benefit Liabilities by Product

The following is a rollforward of net market risk benefit liabilities by product:


	Year ended December 31, 2025
(In millions, except years)	Traditional Deferred Annuities		Indexed Annuities		Total
Balance at December 31, 2024	$	190	$	3,525	$	3,715
Effect of changes in instrument-specific credit risk	(3)		(154)		(157)
Balance, beginning of period, before changes in instrument-specific credit risk	187		3,371		3,558
Issuances	—		429		429
Interest accrual	9		182		191
Attributed fees collected	2		394		396
Benefit payments	(4)		(66)		(70)
Effect of changes in interest rates	5		2		7
Effect of changes in equity	—		(112)		(112)
Effect of actual policyholder behavior compared to expected behavior	3		109		112
Effect of changes in future expected policyholder behavior	(5)		(38)		(43)
Effect of changes in other future expected assumptions	3		(15)		(12)
Balance, end of period, before changes in instrument-specific credit risk	200		4,256		4,456
Effect of changes in instrument-specific credit risk	5		255		260
Balance at December 31, 2025	205		4,511		4,716
Less: Reinsurance recoverable	—		73		73
Balance at December 31, 2025, net of reinsurance	$	205	$	4,438	$	4,643


Net amount at risk	$	422	$	17,371
Weighted-average attained age of contract holders (in years)	76		69


	Year ended December 31, 2024
(In millions, except years)	Traditional Deferred Annuities		Indexed Annuities		Total
Balance at December 31, 2023	$	192	$	3,181	$	3,373
Effect of changes in instrument-specific credit risk	2		(10)		(8)
Balance, beginning of period, before changes in instrument-specific credit risk	194		3,171		3,365
Issuances	—		295		295
Interest accrual	10		191		201
Attributed fees collected	2		358		360
Benefit payments	(4)		(52)		(56)
Effect of changes in interest rates	(18)		(640)		(658)
Effect of changes in equity	—		(94)		(94)
Effect of actual policyholder behavior compared to expected behavior	6		73		79
Effect of changes in future expected policyholder behavior	(3)		88		85
Effect of changes in other future expected assumptions	—		(19)		(19)
Balance, end of period, before changes in instrument-specific credit risk	187		3,371		3,558
Effect of changes in instrument-specific credit risk	3		154		157
Balance at December 31, 2024	190		3,525		3,715
Less: Reinsurance recoverable	—		37		37
Balance at December 31, 2024, net of reinsurance	$	190	$	3,488	$	3,678


Net amount at risk	$	425	$	15,441
Weighted-average attained age of contract holders (in years)	76		69


	Year ended December 31, 2023
(In millions, except years)	Traditional Deferred Annuities		Indexed Annuities		Total
Balance at December 31, 2022	$	170	$	2,319	$	2,489
Effect of changes in instrument-specific credit risk	13		353		366
Balance, beginning of period, before changes in instrument-specific credit risk	183		2,672		2,855
Issuances	—		106		106
Interest accrual	10		147		157
Attributed fees collected	2		336		338
Benefit payments	(2)		(32)		(34)
Effect of changes in interest rates	(1)		(90)		(91)
Effect of changes in equity	—		(119)		(119)
Effect of actual policyholder behavior compared to expected behavior	5		67		72
Effect of changes in future expected policyholder behavior	(3)		78		75
Effect of changes in other future expected assumptions	—		6		6
Balance, end of period, before changes in instrument-specific credit risk	194		3,171		3,365
Effect of changes in instrument-specific credit risk	(2)		10		8
Balance at December 31, 2023	$	192	$	3,181	$	3,373



Net amount at risk	$	425	$	14,716
Weighted-average attained age of contract holders (in years)	75		69

Schedule of Reconciliation of Market Risk Benefits

The following is a reconciliation of market risk benefits to the consolidated statements of financial condition. Market risk benefit assets are included in other assets on the consolidated statements of financial condition.


	December 31, 2025
(In millions)	Asset		Liability		Net Liability
Traditional deferred annuities	$	—	$	205	$	205
Indexed annuities	214		4,725		4,511





Total	$	214	$	4,930	$	4,716

	December 31, 2024
(In millions)	Asset		Liability		Net Liability
Traditional deferred annuities	$	—	$	190	$	190
Indexed annuities	313		3,838		3,525





Total	$	313	$	4,028	$	3,715

	December 31, 2023
(In millions)	Asset		Liability		Net Liability
Traditional deferred annuities	$	—	$	192	$	192
Indexed annuities	378		3,559		3,181





Total	$	378	$	3,751	$	3,373

Schedule of Unobservable Inputs for Market Risk Benefits

The following tables summarize the valuation techniques and quantitative inputs and assumptions used for financial assets and liabilities categorized as Level 3:

December 31, 2025

Fair Value

(In millions)

Valuation Technique

Unobservable Inputs

Ranges

Weighted Average

Financial Assets

Asset Management

Investments

850

Discounted cash flow

Discount rate

5.7% – 52.8%

17.3%

154

Direct capitalization

Capitalization rate

7.0%

193

Adjusted transaction value

N/A

Due from related parties

Discounted cash flow

Discount rate

14.8%

Derivative assets

Option model

Volatility rate

40.0%

Investments of consolidated VIEs

Bank loans

357

Discounted cash flow

Discount rate

6.7% – 13.9%

8.9%

740

Adjusted transaction value

N/A

Equity securities

392

Discounted cash flow

Discount rate

10.0% – 13.5%

12.8%

1,014

Adjusted transaction value

N/A

Option model

Volatility rate

100.0% – 105.0%

102.9%

Bonds

430

Adjusted transaction value

N/A

Retirement Services

AFS, trading and equity securities

31,915

Discounted cash flow

Discount rate

2.8% – 22.9%

6.4%

Mortgage loans2

95,524

Discounted cash flow

Discount rate

1.0% – 31.5%

6.5%

Recoverability

Estimated proceeds

N/A

Investment funds2

1,313

Discounted cash flow

Discount rate

13.0% – 14.0%

13.1%

286

Recoverability

Estimated proceeds

N/A

Reported net asset value

N/A

Financial Liabilities

Asset Management

Contingent consideration obligations

Discounted cash flow

Discount rate

20.0% – 24.0%

22.9%

Retirement Services

Interest sensitive contract liabilities – indexed annuities embedded derivatives

14,749

Discounted cash flow

Nonperformance risk

0.4% – 1.0%

0.6%

Option budget

0.5% – 5.9%

3.1%

Surrender rate

6.0% – 14.2%

9.6%

1 Unobservable inputs were weighted based on the fair value of the investments included in the range.

2 Includes those of consolidated VIEs.

3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.

4 The option budget and surrender rate weighted averages are calculated based on projected account values.

December 31, 2024

Fair Value

(In millions)

Valuation Techniques

Unobservable Inputs

Ranges

Weighted Average

Financial Assets

Asset Management

Investments

765

Discounted cash flow

Discount rate

13.5% – 52.8%

17.8%

128

Direct capitalization

Capitalization rate

6.7%

159

Adjusted transaction value

N/A

Due from related parties

Discounted cash flow

Discount rate

14.0%

Derivative assets

Option model

Volatility rate

52.5%

Investments of consolidated VIEs

Bank loans

168

Discounted cash flow

Discount rate

5.6% – 23.4%

9.0%

179

Adjusted transaction value

N/A

Equity securities

495

Dividend discount model

Discount rate

14.1%

417

Discounted cash flow

Discount rate

8.3% – 13.3%

13.3%

Adjusted transaction value

N/A

Option model

Volatility rate

84.8% – 117.5%

110.7%

Bonds

412

Discounted cash flow

Discount rate

6.6% – 11.7%

7.0%

491

Adjusted transaction value

N/A

Retirement Services

AFS, trading and equity securities

28,655

Discounted cash flow

Discount rate

4.7% – 20.0%

7.1%

Mortgage loans2

67,115

Discounted cash flow

Discount rate

1.8% – 43.1%

6.7%

Investment funds2

1,909

Discounted cash flow

Discount rate

6.6% – 14.0%

10.8%

Financial Liabilities

Asset Management

Contingent consideration obligations

Discounted cash flow

Discount rate

20.0% – 25.0%

23.6%

Retirement Services

Interest sensitive contract liabilities – indexed annuities embedded derivatives

11,242

Discounted cash flow

Nonperformance risk

0.4% – 1.1%

0.7%

Option budget

0.5% – 6.0%

2.8%

Surrender rate

6.0% – 14.2%

9.0%

1 Unobservable inputs were weighted based on the fair value of the investments included in the range.

2 Includes those of consolidated VIEs.

3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.

4 The option budget and surrender rate weighted averages are calculated based on projected account values.

The following summarizes the unobservable inputs for market risk benefits:


	December 31, 2025
(In millions, except percentages)	Fair Value		Valuation Technique	Unobservable Inputs	Minimum		Maximum		Weighted Average			Impact of an Increase in the Input on Fair Value
Market risk benefits, net	$	4,716	Discounted cash flow	Nonperformance risk	0.4	%	1.0	%	0.9	%	1	Decrease
				Option budget	0.5	%	5.9	%	2.6	%	2	Decrease
				Surrender rate	3.8	%	7.9	%	5.2	%	2	Decrease
				Utilization rate	28.6	%	95.0	%	86.3	%	3	Increase

	December 31, 2024
(In millions, except percentages)	Fair Value		Valuation Technique	Unobservable Inputs	Minimum		Maximum		Weighted Average			Impact of an Increase in the Input on Fair Value
Market risk benefits, net	$	3,715	Discounted cash flow	Nonperformance risk	0.4	%	1.1	%	1.0	%	1	Decrease
				Option budget	0.5	%	6.0	%	2.3	%	2	Decrease
				Surrender rate	3.3	%	7.2	%	4.6	%	2	Decrease
				Utilization rate	28.6	%	95.0	%	84.9	%	3	Increase

	December 31, 2023
(In millions, except percentages)	Fair Value		Valuation Technique	Unobservable Inputs	Minimum		Maximum		Weighted Average			Impact of an Increase in the Input on Fair Value
Market risk benefits, net	$	3,373	Discounted cash flow	Nonperformance risk	0.4	%	1.4	%	1.2	%	1	Decrease
				Option budget	0.5	%	6.0	%	1.9	%	2	Decrease
				Surrender rate	3.2	%	6.4	%	4.5	%	2	Decrease
				Utilization rate	28.6	%	95.0	%	83.6	%	3	Increase

1 The nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve.
2 The option budget and surrender rate weighted averages are calculated based on projected account values.
3 The utilization of GLWB withdrawals represents the estimated percentage of policyholders that are expected to use their income rider over the duration of the contract, with the weighted average based on current account values.