SCHEDULE I - CONSOLIDATED SUMMARY OF INVESTMENTS – OTHER THAN INVESTMENTS IN RELATED PARTIES

SCHEDULE I – CONSOLIDATED SUMMARY OF INVESTMENTS – OTHER THAN

INVESTMENTS IN RELATED PARTIES


Column A	Column B		Column C		Column D
	As of December 31, 2025
	Cost or		Fair		Carrying
Type of Investment	Amortized Cost		Value		Value
Fixed Maturity Available-For-Sale Securities (1)
Bonds:
U.S. government bonds	$	890	$	867	$	867
Foreign government bonds	256		223		223
State and municipal bonds	2,161		1,965		1,965
Public utilities	11,161		10,118		10,118
All other corporate bonds	57,318		53,605		53,605
Mortgage-backed and asset-backed securities	20,828		20,566		20,566
Hybrid and redeemable preferred securities	228		242		242
Total fixed maturity available-for-sale securities	92,842		87,586		87,586

Equity Securities
Common stocks:
Banks, trusts and insurance companies	153		163		163
Industrial, miscellaneous and all other	222		220		220
Non-redeemable preferred securities	250		246		246
Total equity securities	625		629		629

Trading securities	1,743		1,660		1,660
Mortgage loans on real estate (2)	22,552		21,835		22,338
Policy loans	2,617		N/A		2,617
Derivative investments (3)	1,418		9,945		9,945
Other investments	7,812		7,812		7,812
Total investments	$	129,609			$	132,587

(1) For investments deemed to have declines in value that are impairment-related, an allowance for credit losses is recorded to reduce the carrying value to their estimated realizable value.

(2) Mortgage loans on real estate are generally carried at unpaid principal balances adjusted for amortization of premiums and accretion of discounts and are net of allowance for credit losses. We carry certain mortgage loans at fair value where the fair value option has been elected.

(3) Derivative investment assets cost was offset by $380 million and fair value was offset by $60 million in derivative liabilities reflected in other liabilities on our Consolidated Balance Sheets.