
	As of December 31, 2025
	Amortized Cost		Gross Unrealized				Allowance for Credit Losses		Fair Value
			Gains		Losses
Fixed maturity AFS securities:
Corporate bonds	$	68,479	$	837	$	5,540	$	53	$	63,723
U.S. government bonds	890		9		32		–		867
State and municipal bonds	2,161		35		231		–		1,965
Foreign government bonds	256		17		50		–		223
RMBS	2,034		45		108		6		1,965
CMBS	2,493		17		87		–		2,423
ABS	16,301		137		210		50		16,178
Hybrid and redeemable preferred securities	228		21		6		1		242
Total fixed maturity AFS securities	$	92,842	$	1,118	$	6,264	$	110	$	87,586


	As of December 31, 2024
	Amortized Cost		Gross Unrealized				Allowance for Credit Losses		Fair Value
			Gains		Losses
Fixed maturity AFS securities:
Corporate bonds	$	67,991	$	560	$	6,704	$	14	$	61,833
U.S. government bonds	427		3		40		–		390
State and municipal bonds	2,391		27		270		–		2,148
Foreign government bonds	277		12		56		–		233
RMBS	1,849		23		162		7		1,703
CMBS	1,713		5		135		–		1,583
ABS	14,103		99		409		24		13,769
Hybrid and redeemable preferred securities	227		25		10		1		241
Total fixed maturity AFS securities	$	88,978	$	754	$	7,786	$	46	$	81,900


	Amortized Cost		Fair Value
Due in one year or less	$	4,357	$	4,318
Due after one year through five years	19,875		19,700
Due after five years through ten years	13,373		13,056
Due after ten years	34,409		29,946
Subtotal	72,014		67,020
Structured securities (RMBS, CMBS, ABS)	20,828		20,566
Total fixed maturity AFS securities	$	92,842	$	87,586

The fair value and gross unrealized losses of fixed maturity AFS securities (dollars in millions) for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:


	As of December 31, 2025
	Less Than or Equal to Twelve Months				Greater Than Twelve Months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses (1)
Fixed maturity AFS securities:
Corporate bonds	$	8,529	$	1,225	$	30,458	$	4,315	$	38,987	$	5,540
U.S. government bonds	427		27		36		5		463		32
State and municipal bonds	143		26		944		205		1,087		231
Foreign government bonds	6		1		135		49		141		50
RMBS	154		7		803		101		957		108
CMBS	408		8		956		79		1,364		87
ABS	3,354		30		3,105		180		6,459		210
Hybrid and redeemable
preferred securities	17		1		54		5		71		6
Total fixed maturity AFS securities	$	13,038	$	1,325	$	36,491	$	4,939	$	49,529	$	6,264

Total number of fixed maturity AFS securities in an unrealized loss position											5,738


	As of December 31, 2024
	Less Than or Equal to Twelve Months				Greater Than Twelve Months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses (1)
Fixed maturity AFS securities:
Corporate bonds	$	16,388	$	1,290	$	29,045	$	5,414	$	45,433	$	6,704
U.S. government bonds	85		3		224		37		309		40
State and municipal bonds	652		61		721		209		1,373		270
Foreign government bonds	29		5		118		51		147		56
RMBS	658		29		724		133		1,382		162
CMBS	475		29		777		106		1,252		135
ABS	2,801		106		3,826		303		6,627		409
Hybrid and redeemable
preferred securities	18		1		93		9		111		10
Total fixed maturity AFS securities	$	21,106	$	1,524	$	35,528	$	6,262	$	56,634	$	7,786

Total number of fixed maturity AFS securities in an unrealized loss position											6,645

(1) As of December 31, 2025 and 2024, we recognized $12 million and $23 million of gross unrealized losses, respectively, in OCI for fixed maturity AFS securities for which an allowance for credit losses has been recorded.

The fair value, gross unrealized losses (in millions) and number of fixed maturity AFS securities where the fair value had declined and remained below amortized cost by greater than 20% were as follows:


	As of December 31, 2025

	Fair Value		Gross Unrealized Losses		Number of Securities (1)
Less than six months	$	2,318	$	829	441
Six months or greater, but less than nine months	337		159		60
Nine months or greater, but less than twelve months	302		119		99
Twelve months or greater	4,985		2,089		889
Total	$	7,942	$	3,196	1,489


	As of December 31, 2024
	Fair Value		Gross Unrealized Losses		Number of Securities (1)
Less than six months	$	5,209	$	1,556	780
Six months or greater, but less than nine months	365		195		209
Nine months or greater, but less than twelve months	71		28		36
Twelve months or greater	4,305		2,142		734
Total	$	9,950	$	3,921	1,759

Our gross unrealized losses on fixed maturity AFS securities decreased by $1.5 billion for the year ended December 31, 2025. As discussed further below, we do not believe the unrealized loss position as of December 31, 2025, required an impairment recognized in earnings as: (i) we did not intend to sell these fixed maturity AFS securities; (ii) it is not more likely than not that we will be required to sell the fixed maturity AFS securities before recovery of their amortized cost basis; and (iii) the difference in the fair value compared to the amortized cost was due to factors other than credit loss. Based upon this evaluation as of December 31, 2025, management believes we have the ability to generate adequate amounts of cash from our normal operations (e.g., insurance premiums, fee income and investment income) to meet cash requirements with a prudent margin of safety without requiring the sale of our impaired securities.

As of December 31, 2025, the unrealized losses associated with our corporate bond, U.S. government bond, state and municipal bond and foreign government bond securities were attributable primarily to rising interest rates and widening credit spreads since purchase. We performed a detailed analysis of the financial performance of the underlying issuers and determined that we expected to recover the entire amortized cost of each impaired security.

Credit ratings express opinions about the credit quality of a security. Securities rated investment grade (those rated BBB- or higher by S&P Global Ratings (“S&P”) or Baa3 or higher by Moody’s Investors Service (“Moody’s”)) are generally considered by the rating agencies and market participants to be low credit risk. As of December 31, 2025 and 2024, 96% of the fair value of our corporate bond portfolio was rated investment grade. As of December 31, 2025 and 2024, the portion of our corporate bond portfolio rated below investment grade had an amortized cost of $3.0 billion and $2.7 billion, respectively, and a fair value of $2.9 billion and $2.7 billion, respectively. Based upon the analysis discussed above, we believe that as of December 31, 2025 and 2024, we would have recovered the amortized cost of each corporate bond.

As of December 31, 2025, the unrealized losses associated with our MBS and ABS were attributable primarily to rising interest rates and widening credit spreads since purchase. We assessed for credit impairment using a cash flow model that incorporates key assumptions including default rates, severities and prepayment rates. We estimated losses for a security by forecasting the underlying loans in each transaction. The forecasted loan performance was used to project cash flows to the various tranches in the structure, as applicable. Our forecasted cash flows also considered, as applicable, independent industry analyst reports and forecasts and other independent market data. Based upon our assessment of the expected credit losses of the security given the performance of the underlying collateral compared to our subordination or other credit enhancement, we expected to recover the entire amortized cost of each impaired security.

As of December 31, 2025, the unrealized losses associated with our hybrid and redeemable preferred securities were attributable primarily to wider credit spreads caused by illiquidity in the market and subordination within the capital structure, as well as credit risk of underlying issuers. For our hybrid and redeemable preferred securities, we evaluated the financial performance of the underlying issuers based upon

We regularly review our fixed maturity AFS securities for declines in fair value that we determine to be impairment-related, including those attributable to credit risk factors that may require an allowance for credit losses. See Note 1 for a discussion regarding our accounting policy relating to the allowance for credit losses on our fixed maturity AFS securities.


	As of or For the Year Ended December 31, 2025
	Corporate Bonds		RMBS		ABS		Hybrids		Total
Balance as of beginning-of-year	$	14	$	7	$	24	$	1	$	46
Additions from purchases of PCD debt securities (1)	–		–		–		–		–
Additions for securities for which credit losses were
not previously recognized	45		–		20		–		65
Additions (reductions) for securities for which
credit losses were previously recognized	26		(1)		7		–		32
Reductions for securities disposed	(7)		–		(1)		–		(8)
Reductions for securities charged off	(25)		–		–		–		(25)
Balance as of end-of-year (2)	$	53	$	6	$	50	$	1	$	110


	As of or For the Year Ended December 31, 2024
	Corporate Bonds		RMBS		ABS		Hybrids		Total
Balance as of beginning-of-year	$	8	$	6	$	4	$	1	$	19
Additions from purchases of PCD debt securities (1)	–		–		–		–		–
Additions for securities for which credit losses were
not previously recognized	10		–		15		–		25
Additions (reductions) for securities for which
credit losses were previously recognized	11		1		5		–		17
Reductions for securities disposed	–		–		–		–		–
Reductions for securities charged off	(15)		–		–		–		(15)
Balance as of end-of-year (2)	$	14	$	7	$	24	$	1	$	46


	As of or For the Year Ended December 31, 2023
	Corporate Bonds		RMBS		ABS		Hybrids		Total
Balance as of beginning-of-year	$	9	$	7	$	4	$	1	$	21
Additions from purchases of PCD debt securities (1)	–		–		–		–		–
Additions for securities for which credit losses were
not previously recognized	24		1		–		–		25
Additions (reductions) for securities for which
credit losses were previously recognized	(2)		(2)		–		–		(4)
Reductions for securities disposed	(2)		–		–		–		(2)
Reductions for securities charged off	(21)		–		–		–		(21)
Balance as of end-of-year (2)	$	8	$	6	$	4	$	1	$	19

(2) As of December 31, 2025, 2024 and 2023, accrued investment income on fixed maturity AFS securities totaled $790 million, $766 million and $814 million, respectively, and was excluded from the estimate of credit losses.


	As of December 31,
	2025		2024
Fixed maturity securities:
Corporate bonds	$	1,166	$	1,390

State and municipal bonds	13		13
Foreign government bonds	39		41
RMBS	56		63
CMBS	100		108
ABS	273		371
Hybrid and redeemable preferred securities	13		19
Total trading securities	$	1,660	$	2,005

The portion of the market adjustment for trading gains and losses recognized in realized gain (loss) that relate to trading securities still held as of December 31, 2025, 2024 and 2023, was $41 million, $(1) million and $80 million, respectively.


	As of December 31, 2025						As of December 31, 2024
	Commercial		Residential		Total		Commercial		Residential		Total
Current	$	17,506	$	4,628	$	22,134	$	17,424	$	3,387	$	20,811
30 to 59 days past due	1		93		94		6		71		77
60 to 89 days past due	5		34		39		–		33		33
90 or more days past due	35		144		179		35		90		125
Allowance for credit losses	(112)		(69)		(181)		(99)		(53)		(152)
Unamortized premium (discount)	(9)		115		106		(6)		83		77
Mark-to-market gains (losses) (1)	(33)		–		(33)		(31)		–		(31)
Total carrying value	$	17,393	$	4,945	$	22,338	$	17,329	$	3,611	$	20,940

(1) Represents the mark-to-market on certain mortgage loans on real estate that support our modified coinsurance agreements, where the investment results are passed directly to the reinsurers, and for which we have elected the fair value option. As of December 31, 2025, the amortized cost and fair value of such mortgage loans on real estate that were in nonaccrual status was $30 million and $20 million, respectively. As of December 31, 2024, the amortized cost and fair value of such mortgage loans on real estate that were in nonaccrual status was $30 million and $21 million, respectively. As of December 31, 2025 and 2024, there were no such mortgage loans on real estate that were more than 90 days past due and still accruing interest. For additional information, see “Fair Value Option” in Note 14.

Our commercial mortgage loan portfolio had the largest concentrations in California, which accounted for 28% and 27% of commercial mortgage loans on real estate as of December 31, 2025 and 2024, respectively, and Texas, which accounted for 10% of commercial mortgage loans on real estate as of December 31, 2025 and 2024.

As of December 31, 2025, our residential mortgage loan portfolio had the largest concentrations in New York and Florida, which accounted for 13% and 12% of residential mortgage loans on real estate, respectively. As of December 31, 2024, our residential mortgage loans portfolio had the largest concentrations in California and New York, which accounted for 14% of residential mortgage loans on real estate.

The amortized cost of mortgage loans on real estate on nonaccrual status (in millions) was as follows, excluding certain mortgage loans on real estate that support our modified coinsurance agreements, where the investment results are passed directly to the reinsurers:

We use LTV and debt-service coverage ratios as credit quality indicators for our commercial mortgage loans on real estate. The amortized cost of commercial mortgage loans on real estate (dollars in millions) by year of origination and credit quality indicator was as follows:


	As of December 31, 2025
	LTV Less Than 65%		Debt-Service Coverage Ratio	LTV 65% to 75%		Debt-Service Coverage Ratio	LTV Greater Than 75%		Debt-Service Coverage Ratio	Total
Origination Year
2025	$	1,322	1.81	$	182	1.41	$	11	1.20	$	1,515
2024	1,497		1.68	66		1.41	1		2.01	1,564
2023	1,310		1.87	33		1.38	1		1.17	1,344
2022	1,703		2.20	76		1.59	5		1.83	1,784
2021	2,190		3.65	37		1.70	26		4.36	2,253
2020 and prior	9,014		2.53	46		1.38	18		1.86	9,078
Total	$	17,036		$	440		$	62		$	17,538


	As of December 31, 2024
	LTV Less Than 65%		Debt-Service Coverage Ratio	LTV 65% to 75%		Debt-Service Coverage Ratio	LTV Greater Than 75%		Debt-Service Coverage Ratio	Total
Origination Year
2024	$	1,548	1.73	$	83	1.41	$	–	–	$	1,631
2023	1,317		1.77	44		1.36	–		–	1,361
2022	1,721		2.11	94		1.55	4		1.30	1,819
2021	2,249		3.49	47		1.52	–		–	2,296
2020	1,158		3.33	4		1.53	–		–	1,162
2019 and prior	9,056		2.38	126		1.58	8		1.30	9,190
Total	$	17,049		$	398		$	12		$	17,459

We use loan performance status as the primary credit quality indicator for our residential mortgage loans on real estate. The amortized cost of residential mortgage loans on real estate (in millions) by year of origination and credit quality indicator was as follows:


	As of December 31, 2025
	Performing		Nonperforming		Total
Origination Year
2025	$	1,650	$	4	$	1,654
2024	1,776		64		1,840
2023	440		21		461
2022	425		33		458
2021	381		14		395
2020 and prior	194		12		206
Total	$	4,866	$	148	$	5,014



	As of December 31, 2024
	Performing		Nonperforming		Total
Origination Year
2024	$	1,895	$	14	$	1,909
2023	557		16		573
2022	492		33		525
2021	427		11		438
2020	65		4		69
2019 and prior	136		14		150
Total	$	3,572	$	92	$	3,664

In connection with our recognition of an allowance for credit losses for mortgage loans on real estate, we perform a quantitative analysis using a probability of default/loss given default/exposure at default approach to estimate expected credit losses in our mortgage loan portfolio as well as unfunded commitments related to commercial mortgage loans, exclusive of certain mortgage loans held at fair value. See Note 1 for a discussion regarding our accounting policy relating to the allowance for credit losses on our mortgage loans on real estate.


	As of or For the Year Ended December 31, 2025
	Commercial		Residential		Total
Balance as of beginning-of-year	$	99	$	53	$	152
Additions (reductions) from provision for credit loss
expense (1)	21		16		37
Additions from purchases of PCD mortgage loans on
real estate	–		–		–
Reductions for mortgage loans on real estate charged off	(8)		–		(8)
Balance as of end-of-year (2)	$	112	$	69	$	181


	As of or For the Year Ended December 31, 2024
	Commercial		Residential		Total
Balance as of beginning-of-year	$	86	$	28	$	114
Additions (reductions) from provision for credit loss
expense (1)	63		25		88
Additions from purchases of PCD mortgage loans on
real estate	–		–		–
Reductions for mortgage loans on real estate charged off	(50)		–		(50)
Balance as of end-of-year (2)	$	99	$	53	$	152


	As of or For the Year Ended December 31, 2023
	Commercial		Residential		Total
Balance as of beginning-of-year	$	83	$	15	$	98
Additions (reductions) from provision for credit loss
expense (1)	3		13		16
Additions from purchases of PCD mortgage loans on
real estate	–		–		–
Balance as of end-of-year (2)	$	86	$	28	$	114

(1) We recognized less than $1 million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the years ended December 31, 2025 and 2024. We recognized $(1) million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the year ended December 31, 2023.

(2) Accrued investment income on mortgage loans on real estate totaled $109 million, $94 million and $67 million as of December 31, 2025, 2024 and 2023, respectively, and was excluded from the estimate of credit losses.

As of December 31, 2025 and 2024, alternative investments included investments in 364 and 351 different partnerships, respectively, and represented approximately 3% of total investments. These amounts do not include alternative investments that support funds withheld


	For the Years Ended December 31,
	2025		2024		2023
Fixed maturity AFS securities	$	4,140	$	4,088	$	4,961
Trading securities	96		117		158
Equity securities	16		21		13
Mortgage loans on real estate	1,034		881		752
Policy loans	101		93		102
Cash and invested cash	320		227		118
Commercial mortgage loan prepayment
and bond make-whole premiums	22		15		10


Other investments	466		271		230
Investment income	6,195		5,713		6,344
Investment expense	(570)		(606)		(611)
Net investment income	$	5,625	$	5,107	$	5,733

Details underlying intent to sell impairments and credit loss benefit (expense) incurred as a result of impairments that were recognized in net income (loss) and included in realized gain (loss) on fixed maturity AFS securities (in millions) were as follows:


	For the Years Ended December 31,
	2025		2024		2023
Intent to Sell Impairments (1)
Fixed maturity AFS securities:
Corporate bonds	$	–	$	–	$	(3,805)
State and municipal bonds	–		–		(214)
RMBS	–		–		(74)
CMBS	–		–		(60)
ABS	–		–		(57)
Hybrid and redeemable preferred securities	–		–		(3)
Total intent to sell impairments	$	–	$	–	$	(4,213)

Credit Loss Benefit (Expense)
Fixed maturity AFS securities:
Corporate bonds	$	(64)	$	(21)	$	(23)
RMBS	1		(1)		1
ABS	(26)		(20)		1

Total credit loss benefit (expense)	$	(89)	$	(42)	$	(21)

(1) For the year ended December 31, 2023, this includes impairments of certain fixed maturity AFS securities in an unrealized loss position, resulting from the Company’s intent to sell these securities as part of the fourth quarter 2023 reinsurance transaction.

The carrying value of the payables for collateral on investments included on the Consolidated Balance Sheets and the fair value of the related investments or collateral (in millions) consisted of the following:


	As of December 31, 2025				As of December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
Collateral payable for derivative investments (1)	$	7,808	$	7,808	$	7,069	$	7,069
Securities pledged under securities lending agreements (2)	145		139		157		151
Investments pledged for FHLB lending program (3)	–		–		2,650		3,657
Total payables for collateral on investments	$	7,953	$	7,947	$	9,876	$	10,877

(1) We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties’ credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash or fixed maturity AFS securities. This also includes interest payable on collateral. See Note 5 for additional information.

(2) Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on the Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities.

(3) Our pledged investments for Federal Home Loan Bank (“FHLB”) related to the lending program are included in fixed maturity AFS securities and mortgage loans on real estate on the Consolidated Balance Sheets. The collateral requirements are generally 105% to 115% of the fair value for fixed maturity AFS securities and 155% to 175% of the fair value for mortgage loans on real estate. The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities.

We have repurchase agreements through which we can obtain liquidity by pledging securities. The collateral requirements are generally 80% to 95% of the fair value of the securities, and our agreements with third parties contain contractual provisions to allow for additional

collateral to be obtained when necessary. The cash received in our repurchase program is typically invested in fixed maturity AFS securities. As of December 31, 2025 and 2024, we were not participating in any open repurchase agreements.


	For the Years Ended December 31,
	2025		2024		2023
Collateral payable for derivative investments	$	739	$	1,942	$	1,917
Securities pledged under securities lending agreements	(12)		(48)		(93)
Investments pledged for FHLB lending program	(2,650)		–		(480)
Total increase (decrease) in payables for collateral on investments	$	(1,923)	$	1,894	$	1,344

We have elected not to offset our securities lending transactions in the consolidated financial statements. The remaining contractual maturities of securities lending transactions accounted for as secured borrowings (in millions) were as follows:


	As of December 31, 2025
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
Securities Lending
Corporate bonds	$	130	$	–	$	–	$	–	$	130
Foreign government bonds	5		–		–		–		5
Equity securities	10		–		–		–		10
Total gross secured borrowings	$	145	$	–	$	–	$	–	$	145


	As of December 31, 2024
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
Securities Lending
Corporate bonds	$	144	$	–	$	–	$	–	$	144
U.S. government bonds	1		–		–		–		1
Equity securities	12		–		–		–		12
Total gross secured borrowings	$	157	$	–	$	–	$	–	$	157

We accept collateral in the form of securities in connection with repurchase agreements. In instances where we are permitted to sell or re-pledge the securities received, we report the fair value of the collateral received and a related obligation to return the collateral in the consolidated financial statements. In addition, we receive securities in connection with securities borrowing agreements that we are permitted to sell or re-pledge. As of December 31, 2025, we had not received any collateral and, therefore, had not sold or re-pledged any collateral under these agreements.

December 31, 2025, the fair value of this collateral received that we are permitted to sell or re-pledge was $2.3 billion, and we had re-pledged $31 million of this collateral to cover our collateral requirements.

We pledge assets as collateral in connection with derivative, securities lending and repurchase agreements, FABR funding agreements, membership obligations with the FHLB and regulatory deposits. See “Payables for Collateral on Investments” above and “Funding Agreements – FABR Funding Agreements” in Note 11 for additional information. Assets pledged as collateral at carrying value as reported on the Consolidated Balance Sheets were as follows:


	As of December 31, 2025		As of December 31, 2024
Fixed maturity AFS securities	$	3,577	$	1,736
Trading securities	14		23
Equity securities	10		12
Mortgage loans on real estate	1,217		3,530
Other investments	20		21
Cash and invested cash	63		110
Total assets pledged as collateral	$	4,901	$	5,432

As of December 31, 2025, our investment commitments were $4.6 billion, which included $3.1 billion of LPs, $890 million of mortgage loans on real estate, $390 million of asset-backed variable interest entities and $245 million of private placement securities.

As of December 31, 2025, our most significant investments in one issuer were our investments in securities issued by White Chapel LLC and White Chapel V LLC with a fair value of $1.2 billion and $1.1 billion, respectively, or 1% of total investments. As of December 31, 2024, our most significant investments in one issuer were our investments in securities issued by White Chapel V LLC and White Chapel LLC with a fair value of $1.5 billion and $1.1 billion, respectively, or 1% of total investments. These concentrations include fixed maturity AFS, trading and equity securities.

As of December 31, 2025 and 2024, our most significant investments in one industry were our investments in securities in the financial services industry with a fair value of $16.2 billion, or 12% and 13%, respectively, of total investments, and our investments in securities in the consumer non-cyclical industry with a fair value of $11.0 billion and $10.7 billion, respectively, or 8% and 9%, respectively, of total investments. These concentrations include fixed maturity AFS, trading and equity securities.