Products & Liabilities
· Source: curated SEC 10-K filing analysis· 10 of 34 tables shown
Confidence:HighMediumLow
| Attribute | Detail |
|---|---|
| Product type | Deferred annuity with equity index-linked crediting strategies |
| Issuing entity | AGL (primary); USL (New York residents) |
| Account type | General Account |
| Liability classification | PAB (host contract) + Embedded Derivative (index credits) + MRB (GMWB/GMDB riders) |
| Revenue model | Spread-based (NII earned on GA assets minus index credits and option cost) |
| Key financials | |
| - Embedded derivative liability (index credits) | $9,996M (FY2025), up from $8,390M (FY2024) -- +$1.6B YoY |
| - MRB liability (GMWB/GMDB riders) | Portion of $5,118M segment MRB (FIA riders estimated ~$3.8B based on option-based host offset method) |
| - Account value (portion of PAB) | Estimated ~$50-55B (largest single product within Individual Retirement, based on embedded derivative magnitude) |
| - Weighted average crediting rate | Included in segment 3.63% average |
| - Guaranteed minimum rates | 71% of Individual Retirement AV ($42.3B) credited >50 bps above minimums; 69% have guarantees at or below 1% |
| Hedging program | Equity index options (calls, call spreads), equity futures -- non-designated economic hedges; $66.8B equity contract notional (shared with RILA, IUL, VA MRBs) |
| Reinsurance | Minimal FPB cession ($5M). No significant third-party reinsurance on FIA blocks. CRBG Bermuda may assume intercompany risk for capital efficiency. |
| Regulatory | AGL: TX DIS approved; USL: NY DFS approved. Not a registered security (general account product). |
| Attribute | Detail |
|---|---|
| Product type | Deferred annuity with limited downside exposure and upside participation linked to equity indices |
| Issuing entity | AGL (primary); USL (New York residents) |
| Account type | General Account (registered as a security but GA-backed) |
| Liability classification | PAB (host contract) + Embedded Derivative (index credits, both positive and negative) |
| Revenue model | Spread-based (NII on GA assets minus net index credits; higher spread potential due to policyholder downside absorption) |
| Key financials | |
| - Embedded derivative liability | $765M (FY2025), up from $17M (FY2024) -- 45x increase reflecting rapid product launch |
| - Account value (portion of PAB) | Estimated $5-8B (based on embedded derivative scaling relative to FIA) |
| - Crediting rate | Market-linked; policyholder absorbs losses to buffer/floor level |
| Hedging program | Equity index options (puts, put spreads, calls), equity futures -- non-designated economic hedges; shared with FIA equity derivative book |
| Reinsurance | None identified. Retained risk. |
| Regulatory | SEC-registered; sold by prospectus. AGL files N-4 with SEC. NY-approved via USL. |
| Attribute | Detail |
|---|---|
| Product type | Deferred annuity with fixed interest crediting rate, guaranteed minimum rate |
| Issuing entity | AGL (primary); USL (New York residents) |
| Account type | General Account |
| Liability classification | PAB (policyholder account balance accreted at credited rate) |
| Revenue model | Spread-based (NII minus credited rate; $2,665M segment spread income includes fixed annuity contribution) |
| Key financials | |
| - Account value (portion of PAB) | Estimated ~$45-55B (balancing Individual Retirement PAB of $109.6B against FIA, RILA, and SPIA) |
| - Crediting rate data | Segment average 3.63%. Guarantee analysis: 27% of account values ($15.8B) at minimums; 71% ($42.3B) >50 bps above minimums. Legacy contracts with >4% guarantees: $0.4B (small). |
| - Guaranteed minimum rates | Predominantly <=1% ($41.4B or 69% of total with rate guarantees); >3%: $5.5B (9%) |
| - Deposits (FY2025) | Segment total: $20,641M; fixed annuities represent a significant share |
| - Surrenders & withdrawals | Segment total: $(10,597)M |
| Hedging program | Interest rate derivatives (swaps, futures) for duration management -- non-designated. No equity hedging needed. |
| Reinsurance | Minimal. Standard mortality/longevity risk retained. |
| Regulatory | Not a registered security. State-approved (TX, NY). |
| Attribute | Detail |
|---|---|
| Product type | Immediate payout annuity providing guaranteed income stream |
| Issuing entity | AGL; USL (New York) |
| Account type | General Account |
| Liability classification | FPB (future policy benefits -- present value of future benefit payments) |
| Revenue model | Spread-based (NII on reserves backing benefit payments) |
| Key financials | |
| - FPB (Individual Retirement) | $1,219M gross, $1,214M net of reinsurance -- primarily SPIA and payout annuity reserves |
| - Premiums | $100M (FY2025 Individual Retirement premiums) |
| - Liability duration | 7.3 years (segment weighted average) |
| Hedging program | Interest rate derivatives for duration matching of long-duration payout stream |
| Reinsurance | $5M reinsurance recoverable; essentially fully retained |
| Regulatory | State-approved general account product |
| Attribute | Detail |
|---|---|
| Product type | Variable annuity with separate account investment options and guaranteed living/death benefits |
| Issuing entity | AGL (ceded August 1, 2025); USL (ceded January 2, 2026) |
| Account type | Separate Account (now ceded under modco) |
| Liability classification | MRB (GMWB, GMDB, GMIB) + Separate Account Liabilities |
| Revenue model | Previously fee-based (M&E charges, rider fees). Now economically transferred to CSLR. |
| Key financials | |
| - Separate account liabilities ceded to CSLR | $45.2B (AGL portion closed Aug 2025) |
| - General account liabilities ceded to CSLR | ~$5.0B |
| - Ceded MRB | $(896)M (net asset position in Corporate & Other) |
| - Assets transferred at inception | $1.9B (primarily fixed maturity securities) |
| - Net deposit asset recorded | $2.5B (including $2.1B deferred gain) |
| Hedging program | $20.5B notional associated with reinsurance agreements (up from $9.4B). Derivatives hedging ceded VA MRBs continue during transition period. |
| Reinsurance | 100% ceded to Corporate Solutions Life Reinsurance Company (CSLR), affiliated with Venerable Holdings. Counterparty protections include comfort trusts, over-collateralization, and protective hedging arrangements. |
| Regulatory | SEC-registered (N-4 filings). Now in Corporate & Other segment. SAAMCo (mutual fund manager for VA subaccounts) sold to Venerable January 1, 2026. |
| Attribute | Detail |
|---|---|
| Product type | Tax-qualified employer retirement plans with fixed and variable investment options |
| Issuing entity | VALIC (primary); AGL (some group products) |
| Account type | Both General Account (fixed options) and Separate Account (variable options) |
| Liability classification | PAB (fixed option deposits) + Separate Account Liabilities (variable options) |
| Revenue model | Hybrid: Spread income on GA fixed deposits ($683M); Fee income from M&E charges, advisory fees, recordkeeping ($802M + $361M advisory) |
| Key financials | |
| - PAB (GA fixed option) | $38,137M (end of period) |
| - Deposits (FY2025) | $4,715M |
| - Surrenders & withdrawals | $(8,687)M |
| - Net transfers in | $4,539M |
| - Separate account assets | ~$84B (total segment AUMA of $130.3B minus $38.1B GA minus $11.0B out-of-plan) |
| - Advisory fee income | $361M |
| Crediting rate analysis | Average 3.25%. 62% of AV ($21.2B) at guaranteed minimums. Legacy blocks with >4% guarantees: $6.1B (18% of AV) -- a significant margin headwind. |
| Hedging program | Minimal equity hedging (MRB of $346M covers GMDB riders on group VA). Stable value wraps: ~$49.0B notional in "Other contracts" primarily for group retirement products. |
| Reinsurance | No FPB reinsurance ($311M gross = $311M net). Mortality risk minimal on accumulation products. |
| Regulatory | VALIC: TX DIS. SEC N-4 filings for variable annuity separate accounts. ERISA compliance for 401(k); governmental plan rules for 457. |
| Attribute | Detail |
|---|---|
| Product type | Fixed interest crediting option within group retirement plans |
| Issuing entity | VALIC (primary) |
| Account type | General Account |
| Liability classification | PAB |
| Revenue model | Spread-based ($683M spread income) |
| Key financials | |
| - Account value | $33,953M subject to crediting rate guarantees (from crediting rate table) |
| - Crediting rate | Segment average 3.25% |
| - Guarantees | 62% at minimums; $5.96B with >4% guarantees; $0.12B with >5% guarantees |
| Hedging program | Interest rate derivatives for duration management |
| Reinsurance | None |
| Attribute | Detail |
|---|---|
| Product type | Individual annuity or investment products sold outside the employer plan context, using VALIC distribution |
| Issuing entity | VALIC |
| Account type | Separate Account |
| Liability classification | Separate Account Liabilities |
| Revenue model | Fee-based (M&E charges, advisory fees) |
| Key financials | |
| - Separate account assets | $11.0B (FY2025), $11.1B (FY2024) |
| Hedging program | No general account risk; pass-through to policyholder |
| Reinsurance | None |
| Attribute | Detail |
|---|---|
| Product type | Non-insurance fee-based services: plan administration, compliance, financial planning, advisory |
| Issuing entity | VALIC Financial Advisors (broker-dealer/adviser); VALIC Retirement Services Company (TPA); VALIC Trust Company (custodian) |
| Account type | N/A (service revenue, not balance-sheet product) |
| Liability classification | N/A |
| Revenue model | Fee-based ($361M advisory fee income; additional recordkeeping fees within the $802M total fee income) |
| Hedging program | N/A |
| Reinsurance | N/A |
| Attribute | Detail |
|---|---|
| Product type | Level-premium term life insurance (10, 15, 20, 30-year terms) |
| Issuing entity | AGL (primary); USL (New York residents) |
| Account type | General Account |
| Liability classification | FPB (future policy benefits -- net LFPB) |
| Revenue model | Underwriting margin (premiums minus claims, change in reserves, reinsurance costs) |
| Key financials | |
| - Premiums (Life Insurance segment) | $1,466M (includes term and whole life) |
| - FPB (Life Insurance, net LFPB) | $8,844M (portion attributable to term and whole life) |
| - Gross life insurance in force | $1.062T |
| - Net life insurance in force | $947.6B |
| Hedging program | No derivative hedging; mortality risk managed through underwriting and reinsurance |
| Reinsurance | YRT cession to third-party reinsurers. Retention limit: $3.5M per single life for term. $668M total Life Insurance reinsurance recoverable. 10.8% of gross in-force ceded ($114.5B). Certain YRT reinsurers have disputed rate increases; CRBG contests retroactive premium increases in arbitration. |
| Regulatory | State-approved (TX, NY). Not a registered security. |