Direct Life Insurance Carriers (U.S.) — Industry Primer

NAICS 2022 code 524113. Figures are the most recent available. Federal business statistics are for the direct-life-carrier industry specifically; industry-wide balance-sheet, premium, and sales figures come from insurance regulators and trade sources, which use different scopes and accounting concepts than the Census data.

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1. Overview

A direct life insurance carrier is the company that actually underwrites a policy — it assumes the risk, sets the premium, holds the reserves, and pays the claim. This is a long-duration promise business: carriers price mortality and policyholder behavior, collect premiums or deposits, invest the money, and pay benefits over decades. The industry covers three closely related product families sold under one balance sheet: life insurance (a death benefit), annuities (contracts that accumulate savings and pay out income, often for retirement), and certain individual disability-income and accidental-death coverage.[5]

Why it matters: this is one of the largest pools of long-duration capital in the United States. U.S. life insurers held roughly $9.3 trillion in total assets at year-end 2024 — money collected as premiums today against promises that come due over decades — and the industry earned about $38.2 billion in net income that year.[4] Carriers make money two ways at once: an underwriting margin (charging more for risk than claims cost) and an investment spread (earning more on invested premiums than they credit to policyholders). That makes the business unusually sensitive to interest rates, demographics, and credit markets.

Public and private ways in. Both routes are live and material here:

• Public markets: a dozen-plus listed carriers (MetLife, Prudential Financial, Corebridge, and others) trade as stocks, plus exchange-traded funds (ETFs — baskets of stocks that trade like a single share) that hold insurers.
• Private markets: some of the biggest and fastest-growing players are not publicly traded — mutual companies owned by their policyholders (Northwestern Mutual, New York Life, MassMutual) and alternative-asset-manager-owned annuity platforms (Apollo's Athene, KKR's Global Atlantic). Privately owned insurers now hold close to 20% of U.S. life-industry assets.[10] You reach those either through the mutuals' products or by buying the listed asset managers that own them.

The best businesses combine disciplined underwriting, persistent policyholders, strong distribution, conservative asset-liability management, and reliable access to capital. Premium growth alone is not enough.

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2. What it is and how it's structured

Scope. NAICS 524113 covers establishments primarily engaged in initially underwriting (assuming the risk and assigning premiums) annuities and life insurance policies, disability-income policies, and accidental-death-and-dismemberment (AD&D) coverage.[5] The key word is direct: the carrier sells to, and owes the benefit to, the end policyholder.

What it excludes — and where the adjacent activity is classified:

• Reinsurance carriers → NAICS 524130. A reinsurer insures other insurers; it does not sell to the public. This matters because life insurers cede huge blocks of business to reinsurers (increasingly offshore) — see §7 and §9.[5]
• Health and medical insurance carriers → NAICS 524114 (major medical, dental). Some diversified insurers straddle both codes.[5]
• Property and casualty carriers → NAICS 524126.[5]
• Insurance agencies and brokerages → NAICS 524210. The agents, brokers, and advisors who sell policies but don't carry the risk are a separate, much larger head-count industry — the main reason federal carrier-employment figures understate the industry's footprint (see §3).[5]
• Third-party administration of insurance and pension funds → NAICS 524292.[5]
• Insurance and employee-benefit funds, including pension funds → NAICS 5251.[5]

Legal structure is layered. A public or private holding company typically owns several state-regulated life and annuity companies, plus captives, reinsurers, distributors, and asset managers. Regulators therefore examine both the individual insurance entities and the wider holding-company group.[32]

Ownership mix. Four owner types coexist, and each has different investor implications:

The number of independent carriers has been shrinking for years as regulation and scale pressure push small firms to merge — a long consolidation trend (see §8) that has trimmed both stock and mutual ranks.[12] Apollo's 2021 merger with Athene and KKR's full 2024 takeover of Global Atlantic moved tens of billions of annuity reserves onto asset-manager balance sheets; these firms now write roughly a third of U.S. fixed and fixed-indexed annuity sales.[10][23]

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3. How big it is

Federal ground-truth figures for the direct-life-carrier industry (NAICS 524113):

The undercount caveat — read this before quoting the figures. The federal carrier statistics count only the insurers' own employees (about 309,000). They do not capture the vast independent salesforce — agents, brokers, and advisors — who actually distribute life and annuity products; those workers sit in NAICS 524210. So the headcount reflects the manufacturers, not the whole distribution economy. County Business Patterns also covers only establishments with paid employees, and none of these figures map cleanly to policy counts, consolidated assets, statutory premiums, or public-company revenue. The $600.7 billion receipts line (premiums plus fees and net investment income booked as receipts) is a fair flow measure, but it says nothing about the industry's defining feature — a $9.3 trillion asset base — which the Census receipts line does not show.[2][4] That said, the undercount is milder here than in industries dominated by tiny operators: a licensed carrier requires capital, regulatory filings, and paid staff, so few real risk-bearers are missed entirely.

Industry-wide scale (insurance-regulator data): total net admitted assets reached $9.3 trillion at year-end 2024, up 5.8%, split between $6.1 trillion of general-account assets (backing guaranteed products) and $3.3 trillion of separate accounts (variable products where policyholders bear the investment result). Net income was $38.2 billion in 2024, down from $43.2 billion in 2023.[4]

Concentration. The top of the market is surprisingly fragmented for an industry full of household names: the four largest firms took 26.4% of receipts, the top eight 43%, the top twenty 70%, and the top fifty 92.2%, with a Herfindahl-Hirschman Index (HHI — a standard concentration gauge where under 1,500 is "unconcentrated") of just 331.2.[2] Read that as: a handful of giants, then a long, competitive tail of hundreds of carriers, and no single dominant player. Independent market-share tallies put the largest firm (Northwestern Mutual) near 7% and the top five around 30% of life premiums.[9]

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4. The investable universe

Unusually for a large industry, much of the biggest capital here is not listed. Tickers refer to the parent company, not a standalone NAICS 524113 legal entity, and companies with very different product mixes (protection, annuity, retirement, fee, run-off) can perform very differently even within this one code.[9] Public plays first, then the major private/other owners.

Publicly traded U.S. life & annuity carriers (approximate equity market value, mid-2026; for orientation, not precision):[16]

Two 2026 corporate actions reshape this list:

• Corebridge + Equitable announced an all-stock merger (March 2026) to form a combined retirement/life/wealth/asset-management company ("New Equitable," ~$1.5 trillion in assets under management and administration), with shareholder votes set for mid-2026 and closing expected by year-end 2026, subject to regulatory approval.[29]
• Brighthouse Financial stockholders approved a ~$4.1 billion all-cash acquisition by an affiliate of Aquarian Capital ($70.00/share) in February 2026; if it closes as expected in 2026, BHF leaves the public market.[28]

Adjacent listed names sit partly in this business but lead with other lines: Aflac (AFL) and Unum (UNM) center on supplemental and group/disability protection; Voya (VOYA) leads with workplace retirement and benefits. Reinsurance Group of America (RGA) is a pure life reinsurer (NAICS 524130), not a direct carrier.

Alternative-asset-manager platforms (reachable via the listed parent): Athene (owned by Apollo, ticker APO) held over $360 billion in assets at year-end 2024; Global Atlantic (owned by KKR, ticker KKR) manages ~$170 billion.[15][24] Buying APO or KKR is an indirect way to own these annuity engines plus the asset-management fee stream around them. Brookfield Wealth Solutions (BNT) is a public insurance/annuity/reinsurance platform in the same mold.[25]

Major private/mutual owners (not investable as equities): Northwestern Mutual (~$378 billion admitted assets), New York Life, MassMutual, Nationwide, Pacific Life, and Guardian are policyholder-owned mutuals among the industry's largest firms; Prudential of America Group led one 2024 ranking at ~$568 billion in admitted assets.[12] You participate in these only as a policyholder (buying insurance or annuities), not as a shareholder.

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5. How the money works

A life insurer is best understood as a bond portfolio wrapped in a promise. The economic cycle: sell a protection or income guarantee, price and reserve it (set aside liabilities for future benefits), invest the collected funds, and earn underwriting, spread, and fee income while managing capital and reinsurance.[30][31] Carriers earn from a few distinct engines:

1. Investment spread (the dominant engine for annuities and cash-value life). The insurer collects premiums now and pays claims later, so it sits on a large pool of investable money — insurance "float." It invests that float (mostly in bonds and mortgages) and keeps the difference between what it earns and what it credits to policyholders. The industry's net investment yield was 4.4% in 2024; the spread over credited rates is the profit.[4] Higher rates generally help this engine — which is why the annuity boom followed the 2022–2024 rate rise.

2. Underwriting / mortality margin. For protection products, the insurer prices in an expected death or disability rate (from actuarial mortality tables) plus a cushion. If policyholders die later or less often than assumed, the difference is profit; if faster (a pandemic, say), it's a loss. Insurers also benefit when policies lapse — a lapsed policy keeps prior premiums without paying a claim.

3. Fee income. On variable and separate-account products (the $3.3 trillion of separate accounts), the policyholder bears the market risk and the insurer earns asset-based fees — a capital-light, asset-manager-like revenue stream.[4][31]

Actuaries frame profit as mortality margin + interest (spread) margin + expense margin, plus lapse experience.

Metrics that matter (and where to find them):

• Statutory vs. GAAP accounting. Insurers keep two sets of books: conservative statutory (SAP — statutory accounting principles) accounts filed with state regulators, which drive capital and dividends; and GAAP (generally accepted accounting principles) accounts for investors. Statutory strength gates how much cash can flow up to owners.[30]
• Premiums and deposits, new annualized premium, and persistency/lapse rates — the top-line and durability of sales.
• Net investment income and credited rates — the spread engine.
• Reserve adequacy, statutory surplus, and the risk-based capital (RBC) ratio — the solvency cushion (see §7).
• Asset-liability matching / duration. Because liabilities run for decades, insurers match long assets to long promises. A duration mismatch turns interest-rate moves into gains or losses — the core financial risk of the business.

Unlike manufacturing or retail, capacity utilization and same-store sales are not central metrics. For a public investor, the practical scorecard is return on equity (ROE), book-value growth, RBC strength, and capital returned via dividends and buybacks. For a private/policyholder participant in a mutual, the relevant "return" is the annual dividend credited to participating policies and the strength of the guarantee.

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6. What drives demand

• Demographics and retirement. An aging population converting savings into guaranteed income is the single biggest tailwind. The Census Bureau projects that one in five Americans will be of retirement age by 2030 and that older adults will outnumber children by 2034.[19] Retail annuity sales hit a record $434.1 billion in 2024, the third straight record year, led by fixed-indexed annuities (+32% to $126.9 billion).[6]
• Shift of retirement risk to individuals. As guaranteed employer pensions give way to defined-contribution plans, annuities supply the guaranteed-income component people used to get from a pension — expanding the market but also raising scrutiny of fees, guarantees, and capital.
• Interest rates. Higher rates lift investment spreads and make guaranteed products more competitive with bank deposits; falling rates squeeze both. Rate volatility can also dent bond values and increase surrenders. Rates are the industry's master variable.[4]
• The protection gap. About half of U.S. adults have life insurance, yet 102 million adults (42%) say they need it or need more — a persistent, large unmet demand, especially among women, younger, and middle-income households.[8] U.S. individual-life new annualized premium set a record $15.9 billion in 2024, evidence the gap is beginning to convert to sales.[17]
• Employer pension de-risking. Companies keep offloading pension obligations to insurers via pension risk transfer (PRT) — group-annuity buyouts that move liabilities off the employer's balance sheet. PRT reached $51.8 billion in 2024, just short of the record.[7]
• Equity markets lift separate-account and variable-product fee income.

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7. Regulation

Life insurance is regulated by the states, not primarily by Washington. Each carrier answers to the insurance department of every state it operates in, coordinated (not overridden) by the National Association of Insurance Commissioners (NAIC), which writes model laws that states then adopt. State departments license carriers, approve many products, oversee market conduct, review holding-company transactions, and monitor solvency.[13][32]

Core pillars:

• Statutory accounting (SAP) — conservative, solvency-focused financial reporting filed with regulators, distinct from investor GAAP.[30]
• Risk-based capital (RBC). Since 1993, the NAIC RBC formula sets a minimum capital level scaled to a company's asset, insurance, interest-rate, and business risks; falling below defined thresholds triggers escalating regulatory intervention up to seizure. It is an early-warning tool, not a full measure of asset quality.[13]
• Reserves and principle-based reserving (PBR). Insurers must hold statutory reserves sufficient to pay future claims; under PBR, reserves reflect prescribed assumptions plus each company's own credible experience (mortality, expenses, policyholder behavior, economic conditions).[20]
• State guaranty associations. If an insurer fails, member insurers in each state fund a guaranty association that covers policyholders up to statutory limits (commonly $250,000–$300,000 in present-value benefits, varying by state and product). All 50 states and D.C. have them — a privately funded backstop, not a federal one.[14]
• Federal securities overlay for variable products. Traditional fixed insurance is state-regulated, but variable annuities and variable life pass investment risk to the policyholder through separate accounts, so the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) govern their disclosure and distribution.[21]
• Federal coordination, not federal regulation. The Federal Insurance Office (FIO) advises the Treasury and joins international discussions but does not supervise insurers or replace the states.[22] Workplace-sold products can also involve the Employee Retirement Income Security Act (ERISA), federal tax rules, and the Department of Labor.

Live regulatory front (a judgment, not a settled rule): regulators and the federal Financial Stability Oversight Council (FSOC) are scrutinizing the surge of annuity reserves ceded to offshore (mostly Bermuda) reinsurers — approaching $800 billion — and the growth of affiliated reinsurance and less-liquid, private-credit assets on insurer balance sheets. Expect tightening disclosure and capital rules here over the next few years.[11]

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8. Competitive dynamics and consolidation

Fragmented at the top, consolidating underneath. The concentration data (CR4 of 26.4%, HHI of 331.2) confirm no single dominant player, but the trend is toward fewer, larger carriers as small firms merge under regulatory and scale pressure.[2][12] Competition runs on three axes:

1. Distribution. Reach to the customer — captive agents (Northwestern Mutual, Primerica), independent advisors, banks, and workplace/benefits channels — is a durable moat, reinforced by brand trust and policyholder persistency.
2. Cost of capital and investment skill. The winner in a spread business is whoever can fund cheaply and invest well. This is exactly why alternative-asset managers moved in: Apollo/Athene, KKR/Global Atlantic, and Eldridge/Security Benefit pair permanent insurance capital with in-house credit origination, letting them out-bid traditional carriers on annuity pricing. These platforms now write roughly a third of fixed and fixed-indexed annuity sales and hold nearly a fifth of industry assets.[10][26]
3. Product mix. Several legacy insurers have exited capital-heavy variable-annuity and universal-life risk (Brighthouse spun off from MetLife, Corebridge from AIG) while others lean into fee-based and protection lines.

Consolidation here often happens through reinsurance and block transactions rather than simple brand acquisitions — but outright M&A is active too, as the 2026 Corebridge–Equitable all-stock merger and the Aquarian–Brighthouse take-private show.[28][29] The result is a two-speed market: mutual carriers emphasize permanence and policyholder value, while public and sponsor-controlled platforms emphasize capital efficiency, fee generation, and shareholder returns. Both models coexist, but their incentives and risk tolerances differ.

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9. Risks

• Interest-rate and asset-liability risk. A duration mismatch turns rate moves into losses; a sharp fall in rates compresses spreads and can strand guarantees written when rates were high. This is the industry's central risk.[4]
• Credit and illiquidity risk. Insurers reach for yield in corporate credit, commercial mortgages, and increasingly private/affiliated assets that earn more but are harder to value or sell. A credit downturn (commercial real estate is a watch item) hits reserves and capital.[11]
• Offshore/affiliated reinsurance and counterparty risk. Ceding blocks to a company's own Bermuda affiliate can free capital but may leave policyholders with a weaker backstop, and the original carrier still owes the benefit if a reinsurer can't pay — concerns flagged by FSOC.[11]
• Mortality/longevity shocks. A pandemic raises death claims; unexpectedly long lifespans raise annuity payouts. The two partly offset across a diversified book, but a mismatch hurts.
• Lapse and policyholder behavior. In a rising-rate world, customers surrender old low-rate contracts to chase better yields — 2024 surrenders and withdrawals rose 16.3%, straining liquidity.[4]
• Distribution and conduct risk. Mis-selling, misleading illustrations, and unsuitable annuity exchanges create regulatory and reputational losses.
• Ownership and governance risk. Affiliated investment mandates, holding-company debt, sponsor incentives, and trapped subsidiary capital can pit policyholders, creditors, and shareholders against one another.
• Technology and cyber risk. Underwriting, servicing, and claims run on sensitive personal data and complex systems.
• Regulatory and transaction risk. Tighter rules on offshore reinsurance and asset quality could raise required capital; proposed mergers can distract management, disrupt distribution, and fail to win approval.[11][28][29]

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10. How to invest and the outlook

Public routes.

• Individual stocks: the listed carriers in §4 (MET, PRU, PFG, CRBG, EQH, GL, PRI, JXN, LNC, FG, and others). These are typically valued on price-to-book value (P/B) and dividend yield rather than earnings multiples, because book value and statutory capital drive the business. Start with the regulated subsidiaries, not just the parent — statutory surplus, RBC, reserve adequacy, asset quality, duration, liquidity, reinsurance, and whether the parent can actually pull dividends up from its insurance units. A low P/B is not automatically cheap if the balance sheet holds weak assets, thin reserves, or costly guarantees.
• The asset-manager parents: owning Apollo (APO) or KKR (KKR) is an indirect way to own the fast-growing Athene/Global Atlantic annuity engines plus the fee business — a different risk/return profile than a pure carrier.
• Funds: broad financial-sector ETFs and insurance-focused funds give diversified exposure without single-company risk.

Private routes.

• As a policyholder/household, you access the mutuals (Northwestern Mutual, New York Life, MassMutual) and the annuity platforms by buying their products — participating whole-life dividends or annuity income — not by buying shares. Buying a policy is not an equity investment; the questions that matter are the guarantees, costs, surrender terms, tax treatment, and the issuer's claims-paying strength.
• Institutional and accredited investors reach the space through mutual-insurer debt, sponsor-backed platforms, preferred equity, private credit, reinsurance vehicles, and direct platform acquisitions — with due diligence on regulatory capital, asset-liability matching, affiliated-investment arrangements, governance, and liquidity. Pension sponsors interact directly via PRT.

Near-term drivers (forward-looking judgment, not fact). The tailwinds look durable: an aging population, a large and growing protection gap (102 million adults under-covered), record annuity and pension-risk-transfer demand, and — as long as rates stay elevated — healthy investment spreads.[6][7][8] LIMRA forecasts U.S. individual-life new annualized premium to grow 2% to 6% in 2026.[18] The chief swing factors are the rate path (a sharp decline would compress spreads) and the regulatory clampdown on offshore/affiliated reinsurance and private-asset concentration, which could raise capital requirements for the fastest-growing players. Net: a structurally growing, cash-generative industry whose returns hinge on interest rates and on who ultimately bears the mortality, longevity, guarantee, credit, liquidity, and regulatory-capital risk.

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Sources

1. U.S. Census Bureau. County Business Patterns 2023, NAICS 524113 (Direct Life Insurance Carriers) — establishments, employment, annual and first-quarter payroll. https://www.census.gov/programs-surveys/cbp.html
2. U.S. Census Bureau. 2022 Economic Census, Concentration by Largest Firms, NAICS 524113 — firms, receipts, CR4/CR8/CR20/CR50, HHI. https://www.census.gov/programs-surveys/economic-census.html
3. U.S. Small Business Administration. Table of Small Business Size Standards (NAICS 524113). 2023. https://www.sba.gov/document/support-table-size-standards
4. National Association of Insurance Commissioners (NAIC). U.S. Life and A&H Insurance Industry — 2024 Annual Results. 2025. https://content.naic.org/sites/default/files/2024-annual-life-industry-commentary.pdf
5. U.S. Census Bureau. 2022 NAICS Definition — 524113 Direct Life Insurance Carriers (scope and exclusions). https://www.census.gov/naics/?input=524113&year=2022
6. LIMRA. 2024 Retail Annuity Sales Grow to a Record $434.1 Billion. 2025. https://www.limra.com/en/newsroom/news-releases/2025/limra-2024-retail-annuity-sales-grow-12-to-a-record-$434.1-billion/
7. LIMRA. U.S. Single-Premium Pension Risk Transfer Sales Leap 14% to $51.8 Billion in 2024. 2025. https://www.limra.com/en/newsroom/news-releases/2025/limra-u.s.-single-premium-pension-risk-transfer-sales-leap-14-to-$51.8-billion/
8. LIMRA. U.S. Life Insurance Need Gap Grows in 2024. 2024. https://www.limra.com/en/newsroom/news-releases/2024/u.s.-life-insurance-need-gap-grows-in-2024/
9. NAIC. Life Insurance Market Share / 2024 Market Share Data. 2025. https://content.naic.org/article/naic-releases-2024-market-share-data
10. Insurance Business Magazine (citing ALIRT). Privately-owned insurers now hold nearly 20% of US life industry assets. 2024. https://www.insurancebusinessmag.com/us/news/life-insurance/privatelyowned-insurers-now-hold-nearly-20-of-us-life-industry-assets--alirt-581927.aspx
11. Insurance Business Magazine. US Treasury / FSOC scrutiny of the Bermuda reinsurance market and offshore reinsurance risk. 2025. https://www.insurancebusinessmag.com/reinsurance/news/breaking-news/us-treasury-joins-scrutiny-of-1-52-trillion-bermuda-reinsurance-market-574857.aspx
12. Life Risk News. US Life Insurer Ownership, Size, and Solvency Trends Remain Consistent (AM Best / Best's rankings). 2025. https://liferisk.news/us-life-insurer-ownership-size-and-solvency-trends-remains-consistent/
13. NAIC. Insurance Topics — Risk-Based Capital. https://content.naic.org/insurance-topics/risk-based-capital
14. Federal Reserve Bank of Chicago. Insurance on Insurers: How State Insurance Guaranty Funds Protect Policyholders. 2024. https://www.chicagofed.org/publications/economic-perspectives/2024/3
15. Athene Holding Ltd. Investor materials — $360+ billion total assets at year-end 2024. U.S. Securities and Exchange Commission. https://www.sec.gov/Archives/edgar/data/1527469/000152746924000094/q32024fixedincomeinvesto.htm
16. companiesmarketcap.com / Macrotrends. Market capitalizations of listed U.S. life insurers. 2026. https://companiesmarketcap.com/
17. LIMRA. U.S. Individual Life Insurance Premium Sets New Sales Record in 2024 ($15.9B new annualized premium). 2025. https://www.limra.com/en/newsroom/news-releases/2025/limra-u.s.-individual-life-insurance-premium-sets-new-sales-record-in-2024/
18. LIMRA. LIMRA Forecasts Individual Life Insurance Premium to Grow 2%–6% in 2026. 2026. https://www.limra.com/en/newsroom/industry-trends/2026/limra-forecasts-individual-life-insurance-premium-to-grow-in-2026/
19. U.S. Census Bureau. Demographic Turning Points: Population Projections for 2020 to 2060. 2020. https://www.census.gov/library/publications/2020/demo/p25-1144.html
20. NAIC. Insurance Topics — Principle-Based Reserving. 2025. https://content.naic.org/insurance-topics/principle-based-reserving
21. U.S. Securities and Exchange Commission. Updated Disclosure Requirements and Summary Prospectus for Variable Annuity and Variable Life Insurance Contracts. 2020. https://www.sec.gov/rules-regulations/2020/03/updated-disclosure-requirements-summary-prospectus-variable-annuity-variable-life-insurance
22. NAIC. Insurance Topics — Federal Insurance Office. https://content.naic.org/insurance-topics/federal-insurance-office
23. Global Atlantic. KKR Completes Acquisition of Global Atlantic. 2024. https://www.globalatlantic.com/news/KKR-completes-acquisition-of-global-atlantic
24. Apollo Global Management. 2025 Form 10-K (Athene retirement-services segment). 2026. https://ir.apollo.com/sec-filings/
25. Brookfield Wealth Solutions. Frequently Asked Questions. 2026. https://bnt.brookfield.com/stock-distributions/faqs
26. Eldridge. About (Security Benefit ownership). 2026. https://www.eldridge.com/about
27. Manulife. John Hancock and Manulife in the United States (representative foreign-owned U.S. subsidiary). 2026. https://www.manulife.com/en/markets.html
28. Brighthouse Financial / Business Wire. Brighthouse Financial Stockholders Approve Merger with Aquarian Capital (~$4.1B all-cash, $70.00/share). Feb 12, 2026. https://www.businesswire.com/news/home/20260212418449/en/Brighthouse-Financial-Stockholders-Approve-Merger-with-Aquarian-Capital
29. Corebridge Financial / Equitable Holdings / Business Wire. Corebridge Financial and Equitable Holdings Announce Transformational (All-Stock) Merger. Mar 26, 2026. https://www.businesswire.com/news/home/20260325187893/en/Corebridge-Financial-and-Equitable-Holdings-Announce-Transformational-Merger
30. NAIC. Insurance Topics — Statutory Accounting Principles. https://content.naic.org/insurance-topics/statutory-accounting-principles
31. NAIC. Insurance Topics — Separate Accounts. https://content.naic.org/insurance-topics/separate-accounts
32. NAIC. Insurance Topics — Group Supervision. https://content.naic.org/insurance-topics/group-supervision