The Company's reinsurance recoverables as of September 30, 2025 are presented at amount due by range of external credit rating and collateral level in the following table, with reinsurance recoverables that are market risk benefits separately presented at fair value:


(In millions)	Fair Value of Collateral Contractually Required to Meet or Exceed Carrying Value of Recoverable		Collateral Provisions Exist That May Mitigate Risk of Credit Loss (1)		No Collateral		Total
Ongoing operations
A- equivalent and higher current ratings (2)	$	—	$	6	$	227	$	233
BBB- to BBB+ equivalent current credit ratings (2)	—		—		64		64
Not rated	85		7		3		95
Acquisition, disposition or run-off activities
BBB+ equivalent and higher current ratings (2)(3)	293		2,847		74		3,214

Not rated	—		6		1		7
Total reinsurance recoverables before market risk benefits	$	378	$	2,866	$	369	$	3,613
Allowance for uncollectible reinsurance							(23)
Market risk benefits							756
Total reinsurance recoverables (4)							$	4,346

(1)Includes collateral provisions requiring the reinsurer to fully collateralize its obligation if its external credit rating is downgraded to a specified level.

(3)Comprised of six reinsurers, of which 75% is held by two reinsurers, Lincoln National Life Insurance Company and Lincoln Life and Annuity Company of New York.