Policyholders' Account Balances

9 Months Ended

Sep. 30, 2025

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

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")

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

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

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.


	Nine Months Ended September 30, 2025
	Present Value of Expected Net Premiums
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	1,287,544	$	0	$	1,287,544
Effect of cumulative changes in discount rate assumptions, beginning of period	75,036		0		75,036
Balance at original discount rate, beginning of period	1,362,580		0		1,362,580

Effect of assumption update	(24,177)		0		(24,177)
Effect of actual variances from expected experience and other activity	(24,937)		171		(24,766)
Adjusted balance, beginning of period	1,313,466		171		1,313,637
Issuances	72,688		2,249		74,937
Net premiums / considerations collected	(115,292)		(2,420)		(117,712)
Interest accrual	47,577		0		47,577
Other adjustments	(7,872)		0		(7,872)
Balance at original discount rate, end of period	1,310,567		0		1,310,567
Effect of cumulative changes in discount rate assumptions, end of period	(34,304)		0		(34,304)
Balance, end of period	$	1,276,263	$	0	$	1,276,263


	Nine Months Ended September 30, 2025
	Present Value of Expected Future Policy Benefits
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	2,499,241	$	20,516	$	2,519,757
Effect of cumulative changes in discount rate assumptions, beginning of period	164,980		1,477		166,457
Balance at original discount rate, beginning of period	2,664,221		21,993		2,686,214

Effect of assumption update	(50,976)		0		(50,976)
Effect of actual variances from expected experience and other activity	(26,253)		295		(25,958)
Adjusted balance, beginning of period	2,586,992		22,288		2,609,280
Issuances	72,688		2,249		74,937
Interest accrual	96,489		655		97,144
Benefit payments	(121,788)		(2,262)		(124,050)
Other adjustments	(6,202)		(93)		(6,295)
Balance at original discount rate, end of period	2,628,179		22,837		2,651,016
Effect of cumulative changes in discount rate assumptions, end of period	(81,385)		(1,120)		(82,505)
Balance, end of period	$	2,546,794	$	21,717	$	2,568,511


	Nine Months Ended September 30, 2025
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	1,270,531	$	21,717	$	1,292,248
Flooring impact, end of period	14		0		14
Balance, end of period, post-flooring	1,270,545		21,717		1,292,262
Less: Reinsurance recoverables	1,181,667		21,717		1,203,384
Balance after reinsurance recoverables, end of period, post-flooring	$	88,878	$	0	$	88,878


	Nine Months Ended September 30, 2024
	Present Value of Expected Net Premiums
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	1,389,421	$	0	$	1,389,421
Effect of cumulative changes in discount rate assumptions, beginning of period	29,313		0		29,313
Balance at original discount rate, beginning of period	1,418,734		0		1,418,734

Effect of assumption update	9,001		0		9,001
Effect of actual variances from expected experience and other activity	(50,258)		(208)		(50,466)
Adjusted balance, beginning of period	1,377,477		(208)		1,377,269
Issuances	73,754		3,124		76,878
Net premiums / considerations collected	(118,830)		(2,916)		(121,746)
Interest accrual	48,583		0		48,583

Balance at original discount rate, end of period	1,380,984		0		1,380,984
Effect of cumulative changes in discount rate assumptions, end of period	(15,631)		0		(15,631)
Balance, end of period	$	1,365,353	$	0	$	1,365,353


	Nine Months Ended September 30, 2024
	Present Value of Expected Future Policy Benefits
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	2,619,569	$	18,489	$	2,638,058
Effect of cumulative changes in discount rate assumptions, beginning of period	44,322		1,510		45,832
Balance at original discount rate, beginning of period	2,663,891		19,999		2,683,890

Effect of assumption update	10,368		(241)		10,127
Effect of actual variances from expected experience and other activity	(69,283)		106		(69,177)
Adjusted balance, beginning of period	2,604,976		19,864		2,624,840
Issuances	73,754		3,124		76,878
Interest accrual	96,145		560		96,705
Benefit payments	(109,055)		(1,998)		(111,053)
Other adjustments	(215)		2		(213)
Balance at original discount rate, end of period	2,665,605		21,552		2,687,157
Effect of cumulative changes in discount rate assumptions, end of period	(22,362)		(1,091)		(23,453)
Balance, end of period	$	2,643,243	$	20,461	$	2,663,704


	Nine Months Ended September 30, 2024
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	1,277,890	$	20,461	$	1,298,351
Flooring impact, end of period	14		0		14
Balance, end of period, post-flooring	1,277,904		20,461		1,298,365
Less: Reinsurance recoverables	1,087,466		20,461		1,107,927
Balance after reinsurance recoverables, end of period, post-flooring	$	190,438	$	0	$	190,438

The following tables provide supplemental information related to the balances of and changes in benefit reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:


	Nine Months Ended September 30, 2025
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	3,005,380		$	0
Discounted expected future gross premiums (at original discount rate)	$	1,984,926		$	0
Discounted expected future gross premiums (at current discount rate)	$	1,944,542		$	0
Undiscounted expected future benefits and expenses	$	4,245,670		$	30,433


Weighted-average duration of the liability in years (at original discount rate)	10			6
Weighted-average duration of the liability in years (at current discount rate)	9			5
Weighted-average interest rate (at original discount rate)	5.19		%	4.16		%
Weighted-average interest rate (at current discount rate)	5.22		%	4.97		%


	Nine Months Ended September 30, 2024
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	3,014,568		$	0
Discounted expected future gross premiums (at original discount rate)	$	2,009,087		$	0
Discounted expected future gross premiums (at current discount rate)	$	1,995,991		$	0
Undiscounted expected future benefits and expenses	$	4,312,461		$	27,898


Weighted-average duration of the liability in years (at original discount rate)	10			6
Weighted-average duration of the liability in years (at current discount rate)	10			5
Weighted-average interest rate (at original discount rate)	5.23		%	3.92		%
Weighted-average interest rate (at current discount rate)	4.93		%	4.72		%

For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2 to the Company's Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss, respectively.

In the first nine months of 2025, there was a $2 million charge to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, offset by a $2 million gain, reflecting the impact of ceded reinsurance on the affected cohorts.

In the first nine months of 2024, 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 periods indicated are as follows:


	Nine Months Ended September 30,
	2025		2024
	Fixed Annuities
	(in thousands)
Balance, beginning of period, post flooring	$	1,513	$	1,365
Effect of assumption update	0		106
Effect of actual variances from expected experience and other activity	(5)		(223)
Adjusted balance, beginning of period	1,508		1,248
Profits deferred	907		364
Interest accrual	66		39
Amortization	(204)		(148)
Other adjustments	(4)		1
Balance, end of period, post-flooring	2,273		1,504
Less: Reinsurance recoverables	2,273		1,504
Balance after reinsurance recoverables, end of period	$	0	$	0

Additional Insurance Reserves

AIR represents the additional liability for annuitization, death, or other insurance benefits, including guaranteed minimum death benefits ("GMDB") 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 variable and universal life products for the periods indicated:


	Nine Months Ended September 30,
	2025		2024
	(in thousands)
Balance including amounts in AOCI, beginning of period, post-flooring	$	1,134,475	$	986,166
Flooring impact and amounts in AOCI	32,954		56,487

Balance, excluding amounts in AOCI, beginning of period, pre-flooring	1,167,429		1,042,653



Effect of assumption update	(1,821)		14,446
Effect of actual variances from expected experience and other activity	15,307		(6,321)
Adjusted balance, beginning of period	1,180,915		1,050,778
Assessments collected(1)	70,705		74,069
Interest accrual	30,446		27,463
Benefits paid	(13,628)		(15,059)

Balance, excluding amounts in AOCI, end of period, pre-flooring	1,268,438		1,137,251



Flooring impact and amounts in AOCI	(26,985)		(16,618)


Balance, including amounts in AOCI, end of period, post-flooring	1,241,453		1,120,633
Less: Reinsurance recoverables	1,207,872		1,088,124
Balance after reinsurance recoverables, including amounts in AOCI, end of period	$	33,581	$	32,509

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


	Nine Months Ended September 30,
	2025		2024




Weighted-average duration of the liability in years (at original discount rate)	26		27
Weighted-average interest rate (at original discount rate)	3.36	%	3.41	%

Future Policy Benefits Reconciliation

The following table presents the reconciliation of the ending balances from the above rollforwards, benefit reserves, DPL, and AIR, including other liabilities, gross of related reinsurance recoverables, to the total liability for future policy benefits as reported on the Company's Unaudited Interim Statements of Financial Position as of the periods indicated:


	Nine Months Ended September 30,
	2025		2024

	(in thousands)
Benefit reserves, end of period, post-flooring	$	1,292,262	$	1,298,365
Deferred profit liability, end of period, post-flooring	2,273		1,504
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring	1,241,453		1,120,633
Subtotal of amounts disclosed above	2,535,988		2,420,502
Other Future policy benefits reserves(1)	167,444		166,702
Total Future policy benefits	$	2,703,432	$	2,587,204

(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.

Revenue and Interest Expense

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


	Nine Months Ended September 30, 2025
	Revenues(1)
	Term Life		Variable/Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	177,950	$	0	$	3,349	$	181,299
Deferred profit liability	0		0		(760)		(760)
Additional insurance reserves	0		163,902		0		163,902
Total	$	177,950	$	163,902	$	2,589	$	344,441


	Nine Months Ended September 30, 2024
	Revenues(1)
	Term Life		Variable/Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	177,320	$	0	$	3,299	$	180,619
Deferred profit liability	0		0		(139)		(139)
Additional insurance reserves	0		189,339		0		189,339
Total	$	177,320	$	189,339	$	3,160	$	369,819

(1)Represents gross premiums for benefit reserves; revenue for DPL and gross assessments for AIR.


	Nine Months Ended September 30, 2025
	Interest Expense
	Term Life		Variable/Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	48,912	$	0	$	655	$	49,567
Deferred profit liability	0		0		66		66
Additional insurance reserves	0		30,446		0		30,446
Total	$	48,912	$	30,446	$	721	$	80,079


	Nine Months Ended September 30, 2024
	Interest Expense
	Term Life		Variable/Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	47,561	$	0	$	560	$	48,121
Deferred profit liability	0		0		39		39
Additional insurance reserves	0		27,463		0		27,463
Total	$	47,561	$	27,463	$	599	$	75,623

POLICYHOLDERS' ACCOUNT BALANCES

The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:


	Nine Months Ended September 30, 2025

	Fixed Annuities			Variable Annuities			Variable Life / Universal Life			Total
	($ in thousands)
Balance, beginning of period	$	36,453		$	1,370,563		$	3,088,104		$	4,495,120
Deposits	3,301			548,620			193,433			745,354
Interest credited	768			35,869			27,590			64,227

Policy charges	(35)			(297)			(108,790)			(109,122)
Surrenders and withdrawals	(4,897)			(39,896)			(125,261)			(170,054)
Benefit payments	(1,136)			(2,317)			(15,382)			(18,835)
Net transfers (to) from separate account	0			32,609			47,118			79,727

Change in market value and other adjustments(1)	0			145,658			52,277			197,935
Balance, end of period	$	34,454		$	2,090,809		$	3,159,089		5,284,352

Unearned revenue reserve										461,226
Other										10,229
Total Policyholders' account balance										$	5,755,807

Weighted-average crediting rate	2.89		%	2.76		%	1.18		%	1.75		%
Net amount at risk(2)	$	0		$	0		$	36,251,505		$	36,251,505
Cash surrender value(3)	$	6,567		$	2,023,251		$	2,817,662		$	4,847,480


	Nine Months Ended September 30, 2024

	Fixed Annuities			Variable Annuities			Variable Life / Universal Life			Total
	($ in thousands)
Balance, beginning of period	$	35,025		$	592,581		$	3,028,746		$	3,656,352
Deposits	5,456			459,924			166,096			631,476
Interest credited	765			16,126			47,476			64,367

Policy charges	(40)			(172)			(110,124)			(110,336)
Surrenders and withdrawals	(4,827)			(29,403)			(108,291)			(142,521)
Benefit payments	(721)			(2,951)			(338)			(4,010)
Net transfers (to) from separate account	0			19,357			38,011			57,368

Change in market value and other adjustments(1)	0			55,577			15,342			70,919
Balance, end of period	$	35,658		$	1,111,039		$	3,076,918		4,223,615
Unearned revenue reserve										410,876
Other										9,865
Total Policyholders' account balance										$	4,644,356

Weighted-average crediting rate	2.89		%	2.52		%	2.07		%	2.18		%
Net amount at risk(2)	$	0		$	0		$	35,095,242		$	35,095,242
Cash surrender value(3)	$	8,102		$	1,089,086		$	2,749,470		$	3,846,658

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

(2)The net amount at risk calculation includes both general and separate account balances.

(3)Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.

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

The net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including contractholder mortality, contract lapses, and premium pattern, as well as interest rate and equity market returns.

The Company also issues annuity contracts that provide certain death benefit and/or living benefit guarantees and are accounted for as MRBs. See Note 10 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:


	September 30, 2025
Range of Guaranteed Minimum Crediting Rate(1)	At guaranteed minimum		1 -50 bps above guaranteed minimum		51 - 150 bps above guaranteed minimum		Greater than 150 bps above guaranteed minimum		Total
	(in thousands)
Fixed Annuities
Less than 1.00%	$	0	$	0	$	0	$	0	$	0
1.00% - 1.99%	635		0		0		0		635
2.00% - 2.99%	21,252		0		0		0		21,252
3.00% - 4.00%	5,967		0		0		0		5,967
Greater than 4.00%	0		0		0		0		0
Total	$	27,854	$	0	$	0	$	0	$	27,854
Variable Annuities
Less than 1.00%	$	3,573	$	0	$	0	$	0	$	3,573
1.00% - 1.99%	72,076		70,228		0		0		142,304
2.00% - 2.99%	1,430		3		0		0		1,433
3.00% - 4.00%	85,518		0		0		0		85,518
Greater than 4.00%	109		0		0		0		109
Total	$	162,706	$	70,231	$	0	$	0	$	232,937
Variable Life / Universal Life
Less than 1.00%	$	0	$	0	$	0	$	34,604	$	34,604
1.00% - 1.99%	38,415		0		311,943		215,304		565,662
2.00% - 2.99%	4,895		170,821		176,808		46,218		398,742
3.00% - 4.00%	309,845		164,069		907,824		0		1,381,738
Greater than 4.00%	354,751		0		0		0		354,751
Total	$	707,906	$	334,890	$	1,396,575	$	296,126	$	2,735,497


	September 30, 2024
Range of Guaranteed Minimum Crediting Rate(1)	At guaranteed minimum		1 - 50 bps above guaranteed minimum		51 - 150 bps above guaranteed minimum		Greater than 150 bps above guaranteed minimum		Total
	(in thousands)
Fixed Annuities
Less than 1.00%	$	0	$	0	$	0	$	0	$	0
1.00% - 1.99%	893		0		0		0		893
2.00% - 2.99%	20,130		0		0		0		20,130
3.00% - 4.00%	7,367		0		0		0		7,367
Greater than 4.00%	0		0		0		0		0
Total	$	28,390	$	0	$	0	$	0	$	28,390
Variable Annuities
Less than 1.00%	$	2,951	$	0	$	0	$	0	$	2,951
1.00% - 1.99%	114,191		50,620		1,534		0		166,345
2.00% - 2.99%	1,279		2		0		0		1,281
3.00% - 4.00%	99,705		861		0		0		100,566
Greater than 4.00%	134		0		0		0		134
Total	$	218,260	$	51,483	$	1,534	$	0	$	271,277
Variable Life / Universal Life
Less than 1.00%	$	0	$	0	$	0	$	24,484	$	24,484
1.00% - 1.99%	27,959		0		285,234		207,376		520,569
2.00% - 2.99%	4,264		162,137		174,910		42,874		384,185
3.00% - 4.00%	252,340		235,856		915,873		0		1,404,069
Greater than 4.00%	365,918		0		0		0		365,918
Total	$	650,481	$	397,993	$	1,376,017	$	274,734	$	2,699,225

(1)Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.

Unearned Revenue Reserve ("URR")

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


	Nine Months Ended September 30,
	2025		2024

	Variable Life / Universal Life
	(in thousands)


Balance, beginning of period	$	423,240	$	370,258
Unearned revenue	52,294		54,039
Amortization expense	(14,308)		(13,421)


Balance, end of period	$	461,226	$	410,876

MARKET RISK BENEFITS

The following tables show a rollforward of MRB balances for variable annuity products, along with a reconciliation to the Company’s total net MRB positions as of the following dates:


	Nine Months Ended September 30, 2025
	Variable Annuities		Less: Reinsured Market Risk Benefits		Total, Net of Reinsurance
	(in thousands)
Balance, beginning of period	$	190,687	$	(190,687)	$	0
Effect of cumulative changes in non-performance risk	61,123		0		61,123
Balance, beginning of period, before effect of changes in non-performance risk	251,810		(190,687)		61,123
Attributed fees collected	71,031		(71,031)		0
Claims paid	(1,384)		1,384		0
Interest accrual	10,852		(10,852)		0
Actual in force different from expected	4,618		(4,618)		0
Effect of changes in interest rates	10,495		(10,495)		0
Effect of changes in equity markets	(91,963)		91,963		0
Effect of assumption update and other refinements	13,514		(13,514)		0
Issuances	4,898		(4,898)		0
Other adjustments	2,052		(2,052)		0
Effect of changes in current period counterparty non-performance risk	0		(6,672)		(6,672)
Balance, end of period, before effect of changes in non-performance risk	275,923		(221,472)		54,451
Effect of cumulative changes in non-performance risk	(54,451)		0		(54,451)
Balance, end of period	$	221,472	$	(221,472)	$	0


	Nine Months Ended September 30, 2024
	Variable Annuities		Less: Reinsured Market Risk Benefits		Total, Net of Reinsurance
	(in thousands)
Balance, beginning of period	$	301,771	$	(301,771)	$	0
Effect of cumulative changes in non-performance risk	100,377		0		100,377
Balance, beginning of period, before effect of changes in non-performance risk	402,148		(301,771)		100,377
Attributed fees collected	77,254		(77,254)		0
Claims paid	(1,860)		1,860		0
Interest accrual	14,294		(14,294)		0
Actual in force different from expected	(405)		405		0
Effect of changes in interest rates	1,642		(1,642)		0
Effect of changes in equity markets	(143,284)		143,284		0
Effect of assumption update and other refinements(1)	6,091		(6,091)		0
Issuances	3,228		(3,228)		0
Other adjustments(1)	600		(600)		0
Effect of changes in current period counterparty non-performance risk	0		(10,520)		(10,520)
Balance, end of period, before effect of changes in non-performance risk	359,708		(269,851)		89,857
Effect of cumulative changes in non-performance risk	(89,857)		0		(89,857)
Balance, end of period	$	269,851	$	(269,851)	$	0

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

In both 2025 and 2024, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to policyholder behavior assumptions.

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

The Company also issues indexed variable 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.

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 table presents accompanying information to the rollforward table above.


	September 30, 2025		September 30, 2024
	Variable Annuities
	($ in thousands)
Net amount at risk(1)	$	625,447	$	582,042
Weighted-average attained age of contractholders	71		70

(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.

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


	September 30, 2025		September 30, 2024
	Variable Annuities
	(in thousands)
Direct and assumed	$	137,640	$	128,830
Ceded	359,111		398,681
Total market risk benefit assets	$	496,751	$	527,511

Direct and assumed	$	359,111	$	398,681
Ceded	137,640		128,830
Total market risk benefit liabilities	$	496,751	$	527,511

Net balance	$	0	$	0

PRUCO LIFE INSURANCE OF NEW JERSEY 10-Q