Market risk is the risk that our consolidated financial position and results of operations will be affected by fluctuations in the value of financial instruments. We have significant holdings in financial instruments and are naturally exposed to a variety of market risks. The main market risks we are exposed to include interest rate risk, equity market price risk and credit risk. We do not have material market risk exposure to "trading" activities in our Condensed Consolidated Financial Statements. For further details on these market risks, see Quantitative and Qualitative Disclosures About Market Risk in Part II, Item 7A. of our Annual Report on Form 10-K. Market Risk Related to Interest Rates We assess interest rate exposures for financial assets, liabilities and derivatives using hypothetical test scenarios that assume either increasing or decreasing 100 basis point parallel shifts in the yield curve. In calculating these amounts, we exclude gains and losses on separate account fixed income securities related to products for which the investment risk is borne primarily by the separate account contract holder rather than by us. While the test scenarios are for illustrative purposes only and do not reflect our expectations regarding future interest rates or the performance of fixed-income markets, they are near-term, reasonably possible hypothetical changes that illustrate the potential impact of such events. These tests do not measure the 103 Table of Contents change in value that could result from non-parallel shifts in the yield curve. As a result, the actual change in fair value from a 100 basis point change in interest rates could be different from that indicated by these calculations. The following table summarizes the net estimated potential change in fair value from hypothetical 100 basis point upward and downward shifts in interest rates as of June 30, 2026: Hypothetical Change inFair Value(2) ($ in millions) Notional Fair Value(1) + 100 Basis Points Yield Curve Shift - 100 Basis Points Yield Curve Shift Financial assets with interest rate risk: Fixed maturity securities, including securities pledged $ — $ 29,333 $ (1,804) $ 1,967 Mortgage loans on real estate — 5,356 (153) 164 Embedded derivatives within reinsurance — 60 (19) 21 Financial liabilities with interest rate risk: Investment contracts: Funding agreements without fixed maturities and deferred annuities(3) — 35,804 (1,687) 1,824 Funding agreements with fixed maturities — 2,261 (16) 17 Supplementary contracts and immediate annuities — 468 (15) 17 Derivatives: Interest rate contracts 16,307 47 261 (291) Long-term debt — 1,920 (76) 84 Stabilizer and MCGs — 8 10 1 (1) Separate account assets and liabilities, which are interest rate sensitive, are not included herein as any interest rate risk is borne by the holder of the separate account. (2) Increases in assets and liabilities are presented without parentheses while (decreases) in assets and liabilities are presented with parentheses. (3) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within Stabilizer and MCGs. Market Risk Related to Equity Market Prices We assess equity risk exposures for financial assets, liabilities and derivatives using hypothetical test scenarios that assume either an increase or decrease of 10% in all equity market benchmark levels. In calculating these amounts, we exclude gains and losses on separate account equity securities related to products for which the investment risk is borne primarily by the separate account contract holder rather than by us. While the test scenarios are for illustrative purposes only and do not reflect our expectations regarding the future performance of equity markets, they are near-term, reasonably possible hypothetical changes that illustrate the potential impact of such events. These scenarios consider only the direct effect on fair value of declines in equity benchmark market levels and not changes in asset-based fees recognized as revenue or changes in any other assumptions such as market volatility or mortality, utilization or persistency rates in insurance contracts. In addition, these scenarios do not reflect the effect of basis risk, such as potential differences in the performance of the investment funds underlying the variable annuity products relative to the equity market benchmark we use as a basis for developing our hedging strategy. The impact of basis risk could result in larger differences between the change in fair value of the equity-based derivatives and the related living benefit features, in comparison to the hypothetical test scenarios. 104 Table of Contents The following table summarizes the net estimated potential change in fair value from an instantaneous increase and decrease in all equity market benchmark levels of 10% as of June 30, 2026: Hypothetical Change inFair Value(1) ($ in millions) Notional Fair Value + 10% Equity Shock -10% Equity Shock Financial assets with equity market risk: Equity securities, at fair value $ — $ 202 $ 19 $ (19) Limited partnerships/corporations — 1,879 113 (113) Derivatives: Equity contracts 247 — 17 (17) (1) Increases in assets are presented without parentheses while (decreases) in assets are presented with parentheses.