
	For the Years Ended December 31,
	2025		2024		2023
Fixed maturity AFS securities: (1)
Gross gains	$	31	$	21	$	627
Gross losses	(102)		(203)		(428)
Credit loss benefit (expense) (2)	(89)		(42)		(21)
Intent to sell impairments	–		–		(4,213)
Realized gain (loss) on equity securities (3)	(1)		18		(6)
Credit loss benefit (expense) on mortgage loans on
real estate (2)	(37)		(88)		(16)
Credit loss benefit (expense) on reinsurance-related assets (4)(5)	(5)		(20)		(35)
Realized gain (loss) on the mark-to-market on certain
instruments (6)(7)	(615)		(224)		(509)
Indexed product derivative results (8)	125		404		(232)
GLB rider fees ceded to LNBAR and attributed fees	(140)		(132)		(112)
Realized gain (loss) on other non-financial assets (9)	(14)		481		–
Other realized gain (loss)	101		61		11
Total realized gain (loss)	$	(746)	$	276	$	(4,934)

(1) 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. Pursuant to the applicable accounting guidance, the Company impaired the securities in a loss position down to fair market value upon entry into the agreements in the second quarter of 2023 and recognized additional impairment on certain of these securities during the third quarter of 2023 due to higher interest rates. Interest rates declined during the fourth quarter of 2023, which resulted in recognition of a $295 million pre-tax net gain upon close of the transaction, included in gross gains and gross losses. See Notes 3 and 7 for additional information.

(3) Includes mark-to-market adjustments on equity securities still held of $11 million, $21 million and $8 million for the years ended December 31, 2025, 2024 and 2023, respectively.

(5) Includes the release of reinsurance recoverables and the corresponding allowance for credit losses related to a third-party reinsurer, Scottish Re, where liquidation proceedings commenced during the third quarter of 2023. As of September 30, 2023, reinsurance coverage terminated and all business ceded to Scottish Re was therefore recaptured.

(6) Represents changes in the fair values of derivatives we hold as part of VUL hedging, reinsurance-related embedded derivatives and trading securities. See Note 7 for additional information.

(7) Includes gains and losses from fair value changes on mortgage loans on real estate accounted for under the fair value option of $(2) million, $7 million and $(11) million for the years ended December 31, 2025, 2024 and 2023, respectively.

(8) Represents the change in fair value of the index options that we hold and the change in the fair value of the embedded derivative liabilities of our indexed annuity and IUL contracts, and the associated index options to hedge policyholder index allocations applicable to future reset periods for our indexed annuity products.

(9) For the year ended December 31, 2025, represents impairment of long-lived assets. For the year ended December 31, 2024, relates to the sale of the wealth management business (see Note 1 for additional information).