v3.25.4
Investments
 12 Months Ended
Dec. 31, 2025
Equity Method Investments, Joint Ventures, Investments, Debt And Equity Securities [Abstract]  
Investments
5. Investments
FIXED MATURITY SECURITIES
Bonds held to maturity are carried at amortized cost when we have the ability and positive intent to hold these securities until maturity. When we do not have the ability or positive intent to hold bonds until maturity, these securities are classified as available-for-sale or the fair value option has been elected. None of our fixed maturity securities met the criteria for held to maturity classification at December 31, 2025 or 2024.
Unrealized gains and losses from available-for-sale investments in fixed maturity securities carried at fair value are reported as a separate component of AOCI, net of policy related amounts and deferred income taxes, in Shareholders’ equity. Realized and unrealized gains and losses from fixed maturity securities for which the fair value option has been elected are reflected in Net investment income. Investments in fixed maturity securities are generally recorded on a trade-date basis.
Interest income is recognized using the effective yield method and reflects amortization of premium and accretion of discount. Premiums and discounts arising from the purchase of bonds classified as available-for-sale are treated as yield adjustments over their estimated holding periods, until maturity, or call date, if applicable. For investments in certain structured securities, recognized yields are updated based on current information regarding the timing and amount of expected undiscounted future cash flows. For high credit quality structured securities, no assumption is made concerning prepayments. As principal prepayments occur, a portion of the unamortized premium or discount is recorded in net investment income such that the effective yield of a security remains constant throughout the life of the security. For structured securities that are not high credit quality, the structured securities yields are based on expected cash flows which take into account both expected credit losses and prepayments.
An allowance for credit losses is not established upon initial recognition of the asset (unless the security is determined to be a purchased credit deteriorated asset which is discussed in more detail below). Subsequently, differences between actual and expected cash flows and changes in expected cash flows are recognized as adjustments to the allowance for credit losses. Changes that cannot be reflected as adjustments to the allowance for credit losses are accounted for as prospective adjustments to yield.
SECURITIES AVAILABLE-FOR-SALE
The following table presents the amortized cost or cost and fair value of our available-for-sale securities:
(in millions)
Amortized
Cost or
Costs
Allowance
for Credit
Losses(a)
Gross
Unrealized
Gains(b)
Gross
Unrealized
Losses(b)
Fair
Value
December 31, 2025
Bonds available-for-sale:
U.S. government and government sponsored entities$1,655 $— $11 $(329)$1,337 
Obligations of states, municipalities and political subdivisions5,146 — 30 (690)4,486 
Non-U.S. governments5,021 — 83 (617)4,487 
Corporate debt134,444 (94)2,099 (14,378)122,071 
Mortgage-backed, asset-backed and collateralized:
RMBS16,297 (8)658 (597)16,350 
CMBS9,749 (23)78 (497)9,307 
CLO9,036 — 104 (48)9,092 
ABS22,500 (5)259 (503)22,251 
Total mortgage-backed, asset-backed and collateralized57,582 (36)1,099 (1,645)57,000 
Total bonds available-for-sale
$203,848 $(130)$3,322 $(17,659)$189,381 
December 31, 2024
Bonds available-for-sale:
U.S. government and government sponsored entities$1,698 $— $7 $(337)$1,368 
Obligations of states, municipalities and political subdivisions5,479 — 20 (838)4,661 
Non-U.S. governments4,734 — 26 (856)3,904 
Corporate debt123,134 (86)927 (17,497)106,478 
Mortgage-backed, asset-backed and collateralized:
RMBS16,077 (15)562 (840)15,784 
CMBS10,260 (18)73 (738)9,577 
CLO10,020 — 156 (58)10,118 
ABS19,656 — 146 (852)18,950 
Total mortgage-backed, asset-backed and collateralized56,013 (33)937 (2,488)54,429 
Total bonds available-for-sale
$191,058 $(119)$1,917 $(22,016)$170,840 
(a)Changes in the allowance for credit losses are recorded through Net realized gains (losses) and are not recognized in OCI.
(b)Includes mark-to-market movement (“MTM”) relating to embedded derivatives and fair value hedge basis adjustment.
Securities Available-for-Sale in a Loss Position for Which No Allowance for Credit Loss Has Been Recorded
The following table summarizes the fair value and gross unrealized losses on our available-for-sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit loss has been recorded:
Less Than 12 Months
12 Months or More
Total
(in millions)
Fair Value
Gross Unrealized Losses*
Fair Value
Gross Unrealized Losses*
Fair Value
Gross Unrealized Losses*
December 31, 2025
Bonds available-for-sale:
U.S. government and government sponsored entities$54 $1 $875 $328 $929 $329 
Obligations of states, municipalities and political subdivisions407 46 3,303 644 3,710 690 
Non-U.S. governments360 32 2,515 585 2,875 617 
Corporate debt16,178 1,351 55,136 13,002 71,314 14,353 
RMBS1,949 139 4,146 446 6,095 585 
CMBS1,023 14 4,785 478 5,808 492 
CLO2,826 36 658 12 3,484 48 
ABS3,231 66 5,697 437 8,928 503 
Total bonds available-for-sale
$26,028 $1,685 $77,115 $15,932 $103,143 $17,617 
December 31, 2024
Bonds available-for-sale:
U.S. government and government sponsored entities$264 $17 $676 $320 $940 $337 
Obligations of states, municipalities and political subdivisions645 46 3,504 792 4,149 838 
Non-U.S. governments922 76 2,587 780 3,509 856 
Corporate debt24,777 2,176 60,591 15,291 85,368 17,467 
RMBS3,164 101 4,964 716 8,128 817 
CMBS839 32 5,665 700 6,504 732 
CLO1,293 31 935 27 2,228 58 
ABS3,620 86 7,711 766 11,331 852 
Total bonds available-for-sale
$35,524 $2,565 $86,633 $19,392 $122,157 $21,957 
*Includes mark to market movement relating to embedded derivatives and fair value hedge basis adjustment.
At December 31, 2025, we held 11,154 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 8,986 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, 2024, we held 14,190 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 11,054 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). We did not recognize the unrealized losses in earnings on these fixed maturity securities at December 31, 2025 because it was determined that such losses were due to non-credit factors. Additionally, we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, we performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, liquidity position, expected defaults, industry and sector analysis, forecasts and available market data.
Contractual Maturities of Fixed Maturity Securities Available-for-Sale
The following table presents the amortized cost and fair value of fixed maturity securities available-for-sale by contractual maturity:
Total Fixed Maturity Securities
Available-for-sale
(in millions)Amortized Cost,
Net of Allowance		Fair Value
December 31, 2025
Due in one year or less$3,428 $3,418 
Due after one year through five years25,404 25,441 
Due after five years through ten years31,883 31,830 
Due after ten years85,457 71,692 
Mortgage-backed, asset-backed and collateralized57,546 57,000 
Total$203,718 $189,381 
Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties.
The following table presents the gross realized gains and gross realized losses from sales or maturities of our available-for-sale securities:
Years Ended December 31,
202520242023
(in millions)Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses
Fixed maturity securities$85 $(894)$80 $(1,274)$100 $(451)
For the years ended December 31, 2025, 2024, and 2023, the aggregate fair value of available-for-sale securities sold was $13.5 billion, $7.9 billion, and $7.6 billion respectively, which resulted in Net realized gains (losses) of $(809) million, $(1,194) million, and $(351) million respectively. Included within the Net realized gains (losses) are $(20) million, $(53) million, and $(73) million of realized gains (losses) for the years ended December 31, 2025, 2024, and 2023 respectively, which relate to the Fortitude Re funds withheld assets held by Corebridge in support of Fortitude Re’s reinsurance obligations to Corebridge (Fortitude Re funds withheld assets). These realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets.
OTHER SECURITIES MEASURED AT FAIR VALUE
The following table presents the fair value of fixed maturity securities measured at fair value, including securities in the modco agreement with Fortitude Re, based on our election of the fair value option and equity securities measured at fair value:
December 31, 2025December 31, 2024
(in millions)
Fair
Value
Percent
of Total
Fair
Value
Percent
of Total
Fixed maturity securities:
U.S. government and government sponsored entities$192 4 %$188 4 %
Obligations of states, municipalities and political subdivisions34 1 34 1 
Non-U.S. governments75 1 27 1 
Corporate debt2,914 53 2,936 54 
Mortgage-backed, asset-backed and collateralized:
RMBS137 2 151 3 
CMBS217 4 220 4 
CLO585 11 478 9 
ABS1,253 23 1,228 23 
Total mortgage-backed, asset-backed and collateralized2,192 40 2,077 39 
Total fixed maturity securities5,407 99 5,262 99 
Equity securities79 1 56 1 
Total$5,486 100 %$5,318 100 %
OTHER INVESTED ASSETS
The following table summarizes the carrying amounts of other invested assets:
(in millions)December 31, 2025December 31, 2024
Alternative investments(a)(b)
$8,123 $7,829 
Investment real estate(c)
985 1,426 
All other investments(d)
1,127 596 
Total
$10,235 $9,851 
(a)At December 31, 2025, included hedge funds of $121 million and private equity funds of $8.0 billion. At December 31, 2024, included hedge funds of $210 million and private equity funds of $7.6 billion.
(b)All liquid hedge fund investments have been redeemed. The remaining investments, excluding those in the modco agreement with Fortitude Re, are in illiquid and/or side pocket vehicles whose liquidation horizons are uncertain and likely to extend over the coming quarters and/or years.
(c)Net of accumulated depreciation of $406 million and $528 million as of December 31, 2025 and December 31, 2024, respectively.
(d)Includes Corebridge’s ownership interest in Fortitude Re Bermuda, which is recorded using the measurement alternative for equity securities. Our investment in Fortitude Re Bermuda totaled $156 million and $156 million at December 31, 2025 and December 31, 2024, respectively.
Other Invested Assets Carried at Fair Value
Certain hedge funds, private equity funds, and other investment partnerships for which we have elected the fair value option are reported at fair value with changes in fair value recognized in Net investment income.
Other Invested Assets – Equity Method Investments
We account for hedge funds, private equity funds and other investment partnerships using the equity method of accounting unless our interest is so minor that we may have virtually no influence over partnership operating and financial policies, or we have elected the fair value option. Under the equity method of accounting, our carrying amount generally is our share of the net asset value of the funds or the partnerships, and changes in our share of the net asset values are recorded in Net investment income. In applying the equity method of accounting, we consistently use the most recently available financial information provided by the general partner or manager of each of these investments. Hedge funds are reported as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag. The financial statements of these investees are generally audited annually. The carrying amount of equity method investments totaled $2.8 billion and $2.6 billion as of December 31, 2025 and December 31, 2024, respectively, representing various ownership percentages each period.
Summarized Financial Information of Equity Method Investees
The following is the aggregated summarized financial information of our equity method investees, including those for which the fair value option has been elected:
Years Ended December 31,
(in millions)202520242023
Operating results:
Total revenues$4,515 $3,400 $2,319 
Total expenses(722)(652)(521)
Net income$3,793 $2,748 $1,798 
December 31,
(in millions)20252024
Balance sheet:
Total assets$30,717 $26,231 
Total liabilities$(2,245)$(1,338)
Other Investments
Also included in Other invested assets are real estate held for investment. These investments are reported at cost, less depreciation and are subject to impairment review, as discussed below.
NET INVESTMENT INCOME    
Net investment income represents income primarily from the following sources:
•Interest income and related expenses, including amortization of premiums and accretion of discounts with changes in the timing and the amount of expected principal and interest cash flows reflected in yield, as applicable.
•Dividend income from common and preferred stocks.
•Realized and unrealized gains and losses from investments in other securities and investments for which we elected the fair value option.
•Earnings from alternative investments.
•Prepayment premiums.
The following table presents the components of Net investment income:
Years Ended December 31,
202520242023
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		Total
Available-for-sale fixed maturity securities, including short-term investments
$9,210 $672 $9,882 $8,796 $740 $9,536 $7,894 $822 $8,716 
Other fixed maturity securities
56 407 463 43 326 369 49 291 340 
Equity securities86 — 86 4 — 4 40 — 40 
Interest on mortgage and other loans2,720 169 2,889 2,485 193 2,678 2,160 199 2,359 
Alternative investments*378 115 493 159 146 305 18 86 104 
Real estate32 (1)31 45 (4)41 38 — 38 
Other investments48 — 48 60 — 60 61 (1)60 
Total investment income12,530 1,362 13,892 11,592 1,401 12,993 10,260 1,397 11,657 
Investment expenses738 30 768 734 31 765 550 29 579 
Net investment income$11,792 $1,332 $13,124 $10,858 $1,370 $12,228 $9,710 $1,368 $11,078 
*Included income from hedge funds and private equity funds. Hedge funds are recorded as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag.
NET REALIZED GAINS AND LOSSES
Net realized gains and losses are determined by specific identification. The Net realized gains and losses are generated primarily from the following sources:
•Sales or full redemptions of available-for-sale fixed maturity securities, real estate and other alternative investments.
•Reductions to the amortized cost basis of available-for-sale fixed maturity securities that have been written down due to our intent to sell them or it being more likely than not that we will be required to sell them.
•Changes in the allowance for credit losses on bonds available-for-sale, mortgage and other loans receivable, and loans commitments.
•Most changes in the fair value of free standing and embedded derivatives, including changes in the non-performance adjustment are included in Net realized gains (losses). However, changes in derivatives designated as hedging instruments when the fair value of the hedged item is not reported in Net realized gains (losses) are excluded from Net realized gains (losses). Additionally, changes in the fair value of free standing derivatives that hedge certain MRBs are excluded from Net realized gains (losses).
•Foreign exchange gains and losses resulting from foreign currency transactions.
•Changes in fair value of the embedded derivative related to the Fortitude Re funds withheld assets.
The following table presents the components of Net realized gains (losses):
Years Ended December 31,
202520242023
(in millions)Excluding Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		Total
Sales of fixed maturity securities$(789)$(20)$(809)$(1,141)$(53)$(1,194)$(278)$(73)$(351)
Intent to sell(a)
(275)— (275)(15)(32)(47)— — — 
Change in allowance for credit losses on fixed maturity securities(131)(21)(152)(237)(7)(244)(162)(9)(171)
Change in allowance for credit losses on loans(24)2 (22)(66)18 (48)(138)(66)(204)
Foreign exchange transactions, net of related hedges(145)9 (136)134 7 141 (195)(10)(205)
Index-Linked interest credited embedded derivatives, net of related hedges(400)— (400)(19)— (19)(776)— (776)
All other derivatives and hedge accounting(b)
(334)(54)(388)128 (202)(74)(53)(66)(119)
Sales of alternative investments and real estate investments33 3 36 159 21 180 50 (2)48 
Other
(120)(19)(139)(60)— (60)(62)2 (60)
Net realized losses – excluding Fortitude Re funds withheld embedded derivative(2,185)(100)(2,285)(1,117)(248)(1,365)(1,614)(224)(1,838)
Net realized losses on Fortitude Re funds withheld embedded derivative— (1,673)(1,673)— (518)(518)— (1,734)(1,734)
Net realized losses$(2,185)$(1,773)$(3,958)$(1,117)$(766)$(1,883)$(1,614)$(1,958)$(3,572)
(a)Includes the impairment of fixed maturity securities in 2025 that Corebridge has or will transfer or sell in conjunction with the Reinsurance Agreements discussed in Note 1.
(b)Derivative activity related to hedging certain MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 14.
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS
The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available-for-sale securities:
Years Ended December 31,
(in millions)
20252024
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities
$5,750 $(1,703)
Other investments— 3
Total increase (decrease) in unrealized appreciation (depreciation) of investments
$5,750 $(1,700)

The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other invested assets still held at the reporting date:
Years Ended December 31,
20252024
(in millions)
Equities
Other Invested Assets
Total
Equities
Other Invested Assets
Total
Net gains recognized during the period on equity securities and other investments$86 $509 $595 $4 $408 $412 
Less: Net gains recognized during the period on equity securities and other investments sold during the period73 7 80 12 16 28 
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date$13 $502 $515 $(8)$392 $384 
EVALUATING INVESTMENTS FOR AN ALLOWANCE FOR CREDIT LOSSES AND IMPAIRMENTS
Fixed Maturity Securities
If we intend to sell a fixed maturity security or it is more likely than not that we will be required to sell a fixed maturity security before recovery of its amortized cost basis and if the fair value of the security is below amortized cost, an impairment has occurred and the amortized cost is written down to current fair value, with a corresponding charge to Net realized gains (losses). No allowance is established in these situations and any previously recorded allowance is reversed. The new cost basis is not adjusted for subsequent increases in estimated fair value. When assessing our intent to sell a fixed maturity security, or whether it is more likely than not that we will be required to sell a fixed maturity security before recovery of its amortized cost basis, management evaluates relevant facts and circumstances including, but not limited to, decisions to reposition our investment portfolio, sales of securities to meet cash flow needs and sales of securities to take advantage of favorable pricing.
For fixed maturity securities for which a decline in the fair value below the amortized cost is due to credit related factors, an allowance is established for the difference between the estimated recoverable value and amortized cost with a corresponding charge to Net realized gains (losses). The allowance for credit losses is limited to the difference between amortized cost and fair value. The estimated recoverable value is the present value of cash flows expected to be collected, as determined by management. The difference between fair value and amortized cost that is not associated with credit related factors is presented in unrealized appreciation (depreciation) of fixed maturity securities on which an allowance for credit losses was previously recognized (a separate component of AOCI). Accrued interest is excluded from the measurement of the allowance for credit losses.
When estimating future cash flows for structured fixed maturity securities (e.g., RMBS, CMBS, CLO, ABS) management considers the historical performance of underlying assets and available market information as well as bond-specific structural considerations, such as credit enhancement and the priority of payment structure of the security. In addition, the process of estimating future cash flows includes, but is not limited to, the following critical inputs, which vary by asset class:
•Current delinquency rates;
•Expected default rates and the timing of such defaults;
•Loss severity and the timing of any recovery; and
•Expected prepayment speeds.
When estimating future cash flows for corporate, municipal and sovereign fixed maturity securities determined to be credit impaired, management considers:
•Expected default rates and the timing of such defaults;
•Loss severity and the timing of any recovery; and
•Scenarios specific to the issuer and the security, which may also include estimates of outcomes of corporate restructurings, political and macroeconomic factors, stability and financial strength of the issuer, the value of any secondary sources of repayment and the disposition of assets.
We consider severe price declines in our assessment of potential credit impairments. We may also modify our model inputs when we determine that price movements in certain sectors are indicative of factors not captured by the cash flow models.
Under the current expected credit loss (“CECL”) model, credit losses are reassessed each period. The allowance for credit losses and the corresponding charge to Net realized gains (losses) can be reversed if conditions change, however, the allowance for credit losses will never be reduced below zero. When we determine that all or a portion of a fixed maturity security is uncollectable, the uncollectable amortized cost amount is written off with a corresponding reduction to the allowance for credit losses. If we collect cash flows that were previously written off, the recovery is recognized by recording a gain in Net realized gains (losses).
Credit Impairments
The following table presents a rollforward of the changes in allowance for credit losses on available-for-sale fixed maturity securities by major investment category:
Years Ended December 31,
202520242023
(in millions)
Structured
Non-Structured
Total
Structured
Non-Structured
Total
Structured
Non-Structured
Total
Balance, beginning of year
$33 $86 $119 $55 $73 $128 $27 $121 $148 
Additions:
Securities for which allowance for credit losses were not previously recorded
19 143 162 21 90 111 59 84 143 
Reductions:
Securities sold during the period
— (21)(21)(21)(34)(55)(2)(30)(32)
Additional net increases or decreases to the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery, amortized cost basis
(11)1 (10)46 87 133 (10)38 28 
Write-offs charged against the allowance
(7)(116)(123)(68)(131)(199)(19)(140)(159)
Other
2 1 3 — 1 1 — — — 
Balance, end of year$36 $94 $130 $33 $86 $119 $55 $73 $128 
We did not purchase any securities with more-than-insignificant credit deterioration since their origination during the years ended December 31, 2025, 2024 and 2023.
Other Invested Assets
Our equity method investments in private equity funds, hedge funds and other entities are evaluated for impairment each reporting period. Such evaluation considers market conditions, events and volatility that may impact the recoverability of the underlying investments within these private equity funds and hedge funds and is based on the nature of the underlying investments and specific inherent risks. Such risks may evolve based on the nature of the underlying investments.
Our investments in real estate are periodically evaluated for recoverability whenever changes in circumstances indicate the carrying amount of an asset may be impaired. When impairment indicators are present, we compare expected investment cash flows to carrying amount. When the expected cash flows are less than the carrying amount, the investments are written down to fair value with a corresponding charge to earnings.
PLEDGED INVESTMENTS
Secured Financing and Similar Arrangements
We enter into secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase agreements), in which we transfer securities in exchange for cash, with an agreement by us to repurchase the same or substantially similar securities. Our secured financing transactions also include those that involve the transfer of securities to financial institutions in exchange for cash (securities lending agreements). In all of these secured financing transactions, the securities transferred by us (pledged collateral) may be sold or repledged by the counterparties. These agreements are recorded at their contracted amounts plus accrued interest, other than those that are accounted for at fair value.
Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions. In the event of a decline in the fair value of the pledged collateral under these secured financing transactions, we may be required to transfer cash or additional securities as pledged collateral under these agreements. At the termination of the transactions, we and our counterparties are obligated to return the amounts borrowed and the securities transferred, respectively.
The following table presents the fair value of securities pledged to counterparties under secured financing transactions, including repurchase and securities lending agreements:
(in millions)December 31, 2025December 31, 2024
Fixed maturity securities available-for-sale
$4,405 $2,921 
At December 31, 2025 and December 31, 2024, amounts borrowed under repurchase and securities lending agreements totaled $4.5 billion and $3.0 billion, respectively.
The following table presents the fair value of securities pledged under our repurchase agreements by collateral type and by remaining contractual maturity:
Remaining Contractual Maturity of the Repurchase Agreements
(in millions)Overnight and ContinuousUp to 30 Days31 - 90 Days91 - 364 Days365 Days or GreaterTotal
December 31, 2025
Bonds available-for-sale:
Non-U.S. governments$— $25 $34 $— $— $59 
Corporate debt6 598 486 — — 1,090 
Total$6 $623 $520 $— $— $1,149 
December 31, 2024
Bonds available-for-sale:
Corporate debt$12 $675 $— $— $— $687 
Total$12 $675 $— $— $— $687 
The following table presents the fair value of securities pledged under our securities lending agreements by collateral type and by remaining contractual maturity:
Remaining Contractual Maturity of the Securities Lending Agreements
(in millions)Overnight and ContinuousUp to 30 Days31 - 90 Days91 - 364 Days365 Days or GreaterTotal
December 31, 2025
Bonds available for sale:
Non-U.S. government$— $57 $— $— $— $57 
Corporate debt— 3,199 — — — 3,199 
Total$— $3,256 $— $— $— $3,256 
December 31, 2024
Bonds available-for-sale:
Corporate debt$— $2,234 $— $— $— $2,234 
Total$— $2,234 $— $— $— $2,234 
There were $0 million and $120 million of reverse repurchase agreements at December 31, 2025 and December 31, 2024, respectively.
We do not currently offset any secured financing transactions. All such transactions are collateralized and margined daily consistent with market standards and subject to enforceable master netting arrangements with rights of set off.
Insurance – Statutory and Other Deposits
The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or other insurance-related arrangements, including certain annuity-related obligations and certain reinsurance treaties, was $12.1 billion and $9.5 billion at December 31, 2025 and December 31, 2024, respectively.
Other Pledges and Restrictions
Certain of our subsidiaries are members of Federal Home Loan Banks (“FHLBs”) and such membership requires the members to own stock in these FHLBs. We owned an aggregate of $306 million and $279 million of stock in FHLBs at December 31, 2025 and December 31, 2024, respectively. In addition, our subsidiaries have pledged securities available-for-sale and residential loans associated with borrowings and funding agreements from FHLBs, with a fair value of $2.9 billion and $8.5 billion, respectively, at December 31, 2025 and $4.2 billion and $3.2 billion, respectively, at December 31, 2024.
Certain GICs recorded in policyholder contract deposits with a carrying value of $48 million and $47 million at December 31, 2025 and December 31, 2024, respectively, have provisions that require collateral to be posted or payments to be made by us upon a downgrade of our Insurer Financial Strength (“IFS”) ratings. The actual amount of collateral required to be posted to the counterparties in the event of such downgrades and the aggregate amount of payments that we could be required to make depend on market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the downgrade. The fair value of securities pledged as collateral with respect to these obligations was approximately $121 million and $62 million at December 31, 2025 and December 31, 2024, respectively. This collateral primarily consists of securities of the U.S. government and government-sponsored entities and generally cannot be repledged or resold by the counterparties.
As part of our collateralized reinsurance transactions, we pledge collateral to cedants as contractually required. The fair value of securities pledged as excess collateral with respect to these obligations was approximately $650 million and $546 million at December 31, 2025 and December 31, 2024, respectively. Additionally, assets supporting these transactions are held solely for the benefit of the cedants and insulated from obligations owed to our other policyholders and general creditors.
Reinsurance transactions between Corebridge and Fortitude Re were structured as modified coinsurance.