Lending Activities (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Composition of Mortgages and Other Loans Receivable

The following table presents the composition of Mortgage and other loans receivable, net:


(in millions)	December 31, 2025		December 31, 2024
Commercial mortgages(a)	$	37,009	$	35,795
Residential mortgages	13,839		12,735
Life insurance policy loans	1,694		1,726
Commercial loans, other loans and notes receivable(b)	2,666		3,283
Total mortgage and other loans receivable	55,208		53,539
Allowance for credit losses(c)	(727)		(771)
Mortgage and other loans receivable, net	$	54,481	$	52,768

(a)Commercial mortgages primarily represent loans for apartments, offices and industrial properties, with exposures in New York and California representing the largest geographic concentrations (aggregating approximately 17% and 10%, respectively, at December 31, 2025, and 18% and 10%, respectively, at December 31, 2024). The weighted average loan-to-value ratio for NY and CA was 66% and 57% at December 31, 2025, respectively, and 65% and 56% at December 31, 2024, respectively. The debt service coverage ratio for NY and CA was 1.9X and 2.1X at December 31, 2025, respectively, and 1.9X and 2.1X at December 31, 2024, respectively.

(b)There were no loans that were held for sale which are carried at lower of cost or market as of December 31, 2025 and December 31, 2024.

(c)Does not include allowance for credit losses of $7 million and $20 million at December 31, 2025 and December 31, 2024, respectively, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

Schedule of Credit Quality

The following table presents debt service coverage ratios for commercial mortgages by year of vintage*:


December 31, 2025
(in millions)	2025		2024		2023		2022		2021		Prior		Total
>1.2X	$	4,633	$	4,154	$	1,695	$	5,876	$	2,333	$	14,172	$	32,863
1.00 - 1.20X	185		217		275		464		73		1,932		3,146
<1.00X	—		—		23		42		92		843		1,000
Total commercial mortgages	$	4,818	$	4,371	$	1,993	$	6,382	$	2,498	$	16,947	$	37,009
December 31, 2024
(in millions)	2024		2023		2022		2021		2020		Prior		Total
>1.2X	$	3,997	$	2,275	$	6,429	$	2,589	$	1,247	$	14,763	$	31,300
1.00 - 1.20X	542		284		825		88		214		1,413		3,366
<1.00X	—		—		25		—		—		1,104		1,129
Total commercial mortgages	$	4,539	$	2,559	$	7,279	$	2,677	$	1,461	$	17,280	$	35,795

*The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.9X at both periods ended December 31, 2025 and December 31, 2024. The debt service coverage ratios are updated when additional relevant information becomes available.

The following table presents loan-to-value ratios for commercial mortgages by year of vintage*:


December 31, 2025
(in millions)	2025		2024		2023		2022		2021		Prior		Total
Less than 65%	$	4,007	$	3,806	$	1,824	$	3,731	$	1,815	$	10,145	$	25,328
65% to 75%	811		565		146		2,275		421		4,776		8,994
76% to 80%	—		—		—		1		42		549		592
Greater than 80%	—		—		23		375		220		1,477		2,095
Total commercial mortgages	$	4,818	$	4,371	$	1,993	$	6,382	$	2,498	$	16,947	$	37,009

December 31, 2024
(in millions)	2024		2023		2022		2021		2020		Prior		Total
Less than 65%	$	3,726	$	2,234	$	4,915	$	2,001	$	701	$	10,903	$	24,480
65% to 75%	813		325		2,084		323		556		3,841		7,942
76% to 80%	—		—		—		220		—		592		812
Greater than 80%	—		—		280		133		204		1,944		2,561
Total commercial mortgages	$	4,539	$	2,559	$	7,279	$	2,677	$	1,461	$	17,280	$	35,795

*The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 60% at December 31, 2025 and 60% at December 31, 2024. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.

The following table presents the credit quality performance indicators for commercial mortgages:


(dollars in millions)	Number of Loans	Class														Percent of Total
		Apartments		Offices		Retail		Industrial		Hotel		Others		Total
December 31, 2025
Credit Quality Performance Indicator:
In good standing	576	$	13,688	$	7,675	$	4,114	$	8,163	$	2,037	$	778	$	36,455	99%

90 days or less delinquent	1	—		15		—		—		—		—		15		—%
>90 days delinquent or in process of foreclosure(a)	4	1		352		186		—		—		—		539		1%
Total(b)	581	$	13,689	$	8,042	$	4,300	$	8,163	$	2,037	$	778	$	37,009	100%
Allowance for credit losses		$	28	$	360	$	164	$	14	$	27	$	1	$	594	2	%

December 31, 2024
Credit Quality Performance Indicator:
In good standing	591	$	14,188	$	7,905	$	3,899	$	6,763	$	1,947	$	453	$	35,155	98%

90 days or less delinquent	2	—		343		—		—		—		—		343		1%
>90 days delinquent or in process of foreclosure	2	—		111		186		—		—		—		297		1%
Total(b)	595	$	14,188	$	8,359	$	4,085	$	6,763	$	1,947	$	453	$	35,795	100%
Allowance for credit losses		$	36	$	430	$	103	$	28	$	29	$	—	$	626	2	%

(a)Includes $21 million of Retail loans and $11 million of Office loans supporting the Fortitude Re Funds Withheld arrangements, greater than 90 days delinquent or in process of foreclosure, at December 31, 2025

(b)Does not reflect allowance for credit losses.

The following table presents credit quality performance indicators for residential mortgages by year of vintage:


December 31, 2025
(in millions)	2025		2024		2023		2022		2021		Prior		Total
FICO*:
780 and greater	$	595	$	974	$	570	$	616	$	2,129	$	1,384	$	6,268
720 - 779	1,044		1,740		926		529		509		543		5,291
660 - 719	287		578		292		180		125		349		1,811
600 - 659	107		54		17		28		15		158		379
Less than 600	—		—		5		12		7		66		90
Total residential mortgages	$	2,033	$	3,346	$	1,810	$	1,365	$	2,785	$	2,500	$	13,839

December 31, 2024
(in millions)	2024		2023		2022		2021		2020		Prior		Total
FICO*:
780 and greater	$	1,075	$	667	$	690	$	2,258	$	617	$	863	$	6,170
720 - 779	1,647		1,095		579		582		149		440		4,492
660 - 719	609		355		235		150		38		336		1,723
600 - 659	15		12		34		25		10		146		242
Less than 600	3		2		19		12		5		67		108
Total residential mortgages	$	3,349	$	2,131	$	1,557	$	3,027	$	819	$	1,852	$	12,735

*Fair Isaac Corporation (“FICO”) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated within the last twelve months. FICO scores for residential mortgage investor loans to corporate entities are those of the guarantor at time of purchase. On December 31, 2025 and December 31, 2024 residential loans direct to consumers totaled $7.8 billion and $8.4 billion, respectively.

Schedule of Allowance for Credit Losses

The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable*:


Years Ended December 31,	2025						2024						2023

(in millions)	Commercial Mortgages		Other Loans		Total		Commercial Mortgages		Other Loans		Total		Commercial Mortgages		Other Loans		Total








Allowance, beginning of year	$	626	$	145	$	771	$	614	$	84	$	698	$	531	$	69	$	600
Loans charged off	(76)		(3)		(79)		(6)		(7)		(13)		(106)		—		(106)

Net charge-offs	(76)		(3)		(79)		(6)		(7)		(13)		(106)		—		(106)
Addition to (release of) allowance for loan losses	44		(9)		35		18		68		86		189		15		204



Allowance, end of year	$	594	$	133	$	727	$	626	$	145	$	771	$	614	$	84	$	698

*Does not include allowance for credit losses of $7 million, $20 million and $58 million at December 31, 2025, 2024 and 2023, respectively, in relation to the off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities in the Consolidated Balance Sheets.