Investments (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Available-for-Sale Securities Reconciliation

The amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of fixed maturity AFS securities (in millions) were as follows:


	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

Investments Classified by Contractual Maturity Date

The amortized cost and fair value of fixed maturity AFS securities by contractual maturities (in millions) as of December 31, 2025, were as follows:


	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

Fair Value and Gross Unrealized Losses in a Continuous Unrealized Loss Position

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

(1) We may reflect a security in more than one aging category based on various purchase dates.

Schedule of Available-for-Sale Securities Whose Value is Below Amortized Cost


	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


	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

(1) We may reflect a security in more than one aging category based on various purchase dates.

Debt Securities, Available-for-Sale

Changes in the allowance for credit losses on fixed maturity AFS securities (in millions), aggregated by investment category, were as follows:


	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

(1) Represents purchased credit-deteriorated (“PCD”) fixed maturity AFS securities.

(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.

Fair Value of Trading Securities

Trading securities at fair value (in millions) consisted of the following:


	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

Composition of Current and Past Due Mortgage Loans on Real Estate

The following provides the current and past due composition of our mortgage loans on real estate (in millions):


	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.

Amortized Cost of Mortgage Loans on Real Estate on Nonaccrual Status


	As of December 31, 2025		As of December 31, 2024

Commercial mortgage loans on real estate	$	5		$	4
Residential mortgage loans on real estate	148			92
Total	$	153		$	96

Financing Receivable Credit Quality Indicators

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

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

Changes in Allowance for Credit Losses on Mortgage Loans on Real Estate

Changes in the allowance for credit losses on mortgage loans on real estate (in millions) were as follows:


	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.

Net Investment Income

The major categories of net investment income (in millions) on the Consolidated Statements of Comprehensive Income (Loss) were as follows:


	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

Credit Loss Expense Incurred

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.

Payables for Collateral on Investments

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.

Schedule of Increase (Decrease) in Payables for Collateral on Investments

Increase (decrease) in payables for collateral on investments (in millions) consisted of the following:


	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

Schedule of Securities Pledged by Contractual Maturity

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

Schedule of Financial Instruments Owned and Pledged as Collateral

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