Reconciliations of the liabilities for each of our principal product categories follows (in millions). This information reflects the changes in discounted present values of expected future policy benefits and expected future net premiums before reinsurance ceded. Net premiums represent the portion of expected gross premiums that are required to provide for future policy benefits and variable expenses.


	Annuities						Life and health
	2026			2025			2026			2025
Expected future policy benefits:
Balance at the beginning of the year	$	10,441		$	10,276		$	48,124		$	43,784
Balance at the beginning of the year - original discount rates		11,930			11,757			61,247			55,170
Effects of cash flow assumption changes		—			—			(153	)		(75	)
Effects of actual versus expected experience		—			2			(196	)		218
Change in benefits, net		(125	)		(120	)		(394	)		(562	)
Interest accrual		140			138			354			318
Foreign currency effect		(16	)		49			155			263
Balance at March 31 - original discount rates		11,929			11,826			61,013			55,332
Effects of changes in discount rate assumptions		(1,808	)		(1,450	)		(13,922	)		(12,086	)
Balance at March 31	$	10,121		$	10,376		$	47,091		$	43,246

Expected future net premiums:
Balance at the beginning of the year							$	43,584		$	39,294
Balance at the beginning of the year - original discount rates								55,359			49,500
Effects of cash flow assumption changes								(87	)		(66	)
Effects of actual versus expected experience								(187	)		195
Change in premiums, net								(386	)		(544	)
Interest accrual								321			285
Foreign currency effect								121			234
Balance at March 31 - original discount rates								55,141			49,604
Effects of changes in discount rate assumptions								(12,542	)		(10,843	)
Balance at March 31							$	42,599		$	38,761

Liabilities for future policy benefits:
Balance at March 31	$	10,121		$	10,376		$	4,492		$	4,485
Reinsurance recoverables		—			—			(49	)		(47	)
Balance at March 31, net of reinsurance recoverables	$	10,121		$	10,376		$	4,443		$	4,438

Other information relating to our long-duration insurance liabilities follows (dollars in millions).


	Annuities						Life and health
	March 31						March 31
	2026			2025			2026			2025
Undiscounted expected future gross premiums	$	—		$	—		$	113,151		$	100,956
Discounted expected future gross premiums		—			—			68,481			59,104
Undiscounted expected future benefits		32,395			30,603			101,046			92,018

Weighted average discount rate		6.0	%		5.7	%		5.2	%		5.2	%
Weighted average accretion rate		4.8	%		4.8	%		2.6	%		2.7	%
Weighted average duration	15 years			16 years			14 years			14 years