v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Composition of Fair Value of Debt Securities Classified by Rating At March 31, 2026 and December 31, 2025, the carrying value of investments rated by the Company’s consolidated investment advisor totaled $839 million and $606 million, respectively.
Percent of Total Debt
Securities Carrying Value
March 31, 2026December 31, 2025
Investment Rating
U.S. government securities 6.0%5.9%
AAA
4.8%5.0%
AA
9.4%9.5%
A
32.5%32.2%
BBB
41.2%40.9%
Investment grade
93.9%93.5%
BB
2.3%2.5%
B and below
3.8%4.0%
Below investment grade
6.1%6.5%
Total debt securities
100.0%100.0%
Schedule of Total Carrying Value Debt Securities in Unrealized Loss Position
At March 31, 2026 and December 31, 2025, the total carrying value of debt securities in an unrealized loss position consisted of:

March 31, 2026December 31, 2025
Investment grade securities79%78%
Below investment grade securities1%1%
Not rated securities20%21%
Schedule of Debt Securities - Amortized Cost, Gross Unrealized Gains and Losses, Fair Value and Allowance for Credit Loss and Maturities
At March 31, 2026 and December 31, 2025, the amortized cost, allowance for credit loss ("ACL"), gross unrealized gains and losses, and fair value of debt securities, including trading securities and securities carried at fair value under the fair value option, were as follows (in millions):

Allowance GrossGross
Amortizedfor UnrealizedUnrealizedFair
March 31, 2026
Cost (1)
Credit LossGainsLossesValue
U.S. government securities$3,989 $— $1 $865 $3,125 
Other government securities1,255 — 2 202 1,055 
Public utilities6,696 — 46 530 6,212 
Corporate securities35,124 6 245 2,255 33,108 
Residential mortgage-backed473 1 21 26 467 
Commercial mortgage-backed2,010 — 5 61 1,954 
Other asset-backed securities6,160 10 17 140 6,027 
Total debt securities$55,707 $17 $337 $4,079 $51,948 
Allowance GrossGross
Amortizedfor UnrealizedUnrealizedFair
December 31, 2025
Cost (1)
Credit LossGainsLossesValue
U.S. government securities$3,854 $— $2 $851 $3,005 
Other government securities1,254 — 4 193 1,065 
Public utilities6,529 — 75 458 6,146 
Corporate securities34,515 — 443 2,042 32,916 
Residential mortgage-backed445 4 24 23 442 
Commercial mortgage-backed1,873 — 10 54 1,829 
Other asset-backed securities5,491 7 34 130 5,388 
Total debt securities$53,961 $11 $592 $3,751 $50,791 
(1) Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option and trading securities.
The amortized cost, ACL, gross unrealized gains and losses, and fair value of debt securities at March 31, 2026, by contractual maturity, are shown below (in millions). Actual maturities may differ from contractual maturities where securities can be called or prepaid with or without early redemption penalties.

Allowance GrossGross
Amortizedfor UnrealizedUnrealizedFair
Cost (1)
Credit LossGainsLossesValue
Due in 1 year or less$1,794 $— $2 $6 $1,790 
Due after 1 year through 5 years14,271 — 92 394 13,969 
Due after 5 years through 10 years13,927 — 144 384 13,687 
Due after 10 years through 20 years9,633 6 48 1,430 8,245 
Due after 20 years7,439 — 8 1,638 5,809 
Residential mortgage-backed473 1 21 26 467 
Commercial mortgage-backed2,010 — 5 61 1,954 
Other asset-backed securities6,160 10 17 140 6,027 
Total$55,707 $17 $337 $4,079 $51,948 
(1) Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option and trading securities.
Schedule of Residential Mortgage-Backed Securities The Company’s non-agency RMBS include investments in securities backed by prime, Alt-A, and subprime loans, as follows (in millions):
Allowance GrossGross
Amortizedfor UnrealizedUnrealizedFair
March 31, 2026
Cost (1)
Credit LossGainsLossesValue
Prime$310 $1 $2 $14 $297 
Alt-A21 — 14 3 32 
Subprime7 — 4 — 11 
Total non-agency RMBS$338 $1 $20 $17 $340 
Allowance GrossGross
Amortizedfor UnrealizedUnrealizedFair
December 31, 2025
Cost (1)
Credit LossGainsLossesValue
Prime$280 $2 $3 $13 $268 
Alt-A23 2 16 2 35 
Subprime7 — 4 — 11 
Total non-agency RMBS$310 $4 $23 $15 $314 
(1) Amortized cost, apart from carrying value for securities carried at fair value under the fair value option and trading securities.
Schedule of Debt Securities in Continuous Unrealized Loss Position
The following table summarizes the gross unrealized losses of debt securities, fair value, and number of securities, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position (dollars in millions):

March 31, 2026December 31, 2025
Less than 12 monthsLess than 12 months
GrossFair
Value		GrossFair
Value
Unrealized# ofUnrealized# of
LossessecuritiesLossessecurities
U.S. government securities$2 $335 23 $2 $68 16 
Other government securities 3 116 26 1 48 7 
Public utilities22 1,083 137 7 419 44 
Corporate securities160 8,160 906 44 2,300 240 
Residential mortgage-backed5 162 63 2 43 21 
Commercial mortgage-backed5 632 85 2 163 30 
Other asset-backed securities34 2,747 240 16 673 69 
Total temporarily impaired securities$231 $13,235 1,480 $74 $3,714 427 
12 months or longer12 months or longer
GrossFair
Value		GrossFair
Value
Unrealized# ofUnrealized# of
LossessecuritiesLossessecurities
U.S. government securities$863 $2,238 20 $849 $2,263 20 
Other government securities 199 856 100 192 887 107 
Public utilities508 3,293 402 451 3,383 415 
Corporate securities2,095 11,164 1,431 1,998 12,130 1,502 
Residential mortgage-backed21 144 161 21 172 166 
Commercial mortgage-backed56 778 116 52 801 117 
Other asset-backed securities106 1,131 137 114 1,249 147 
Total temporarily impaired securities$3,848 $19,604 2,367 $3,677 $20,885 2,474 
TotalTotal
GrossGross
UnrealizedFair# ofUnrealizedFair# of
LossesValue
securities (1)
LossesValue
securities (1)
U.S. government securities$865 $2,573 38 $851 $2,331 31 
Other government securities 202 972 124 193 935 113 
Public utilities530 4,376 522 458 3,802 454 
Corporate securities
2,255 19,324 2,224 2,042 14,430 1,706 
Residential mortgage-backed26 306 223 23 215 187 
Commercial mortgage-backed61 1,410 194 54 964 146 
Other asset-backed securities140 3,878 370 130 1,922 211 
Total temporarily impaired securities$4,079 $32,839 3,695 $3,751 $24,599 2,848 
(1) Certain securities contain multiple lots and fit the criteria of both aging groups.
Schedule of Rollforward of Debt Securities Allowance for Credit Loss
The roll-forward of the allowance for credit loss for available-for-sale securities by sector is as follows (in millions):

Three Months Ended March 31, 2026US
government
securities		Other government securitiesPublic
utilities		Corporate securitiesResidential mortgage-backedCommercial mortgage-backedOther
asset-backed securities		Total
Balance at January 1, 2026$—$—$—$—$4$—$7$11
Additions for which credit loss was not previously recorded———6———6
Changes for securities with previously recorded credit loss————(1)—2827
Additions for purchases of PCD debt securities (1)
————————
Reductions from charge-offs——————(18)(18)
Reductions for securities disposed————(2)—(7)(9)
Securities intended/required to be sold before recovery of amortized cost basis————————
Balance at March 31, 2026 (2)
$—$—$—$6$1$—$10$17

Three Months Ended March 31, 2025US
government
securities		Other government securitiesPublic
utilities		Corporate securitiesResidential mortgage-backedCommercial mortgage-backedOther
asset-backed securities		Total
Balance at January 1, 2025$—$—$—$8$6$—$25$39
Additions for which credit loss was not previously recorded—————1—1
Changes for securities with previously recorded credit loss——————11
Additions for purchases of PCD debt securities (1)
————————
Reductions from charge-offs————————
Reductions for securities disposed————————
Securities intended/required to be sold before recovery of amortized cost basis—————(1)—(1)
Balance at March 31, 2025 (2)
$—$—$—$8$6$—$26$40

(1) Represents purchased credit-deteriorated ("PCD") fixed maturity available-for-sale securities.
(2) Accrued interest receivable on debt securities totaled $519 million and $448 million as of March 31, 2026 and 2025, respectively, and was excluded from the determination of credit losses for the three months ended March 31, 2026 and 2025.
Schedule of Sources of Net Investment Income
The sources of net investment income were as follows (in millions):

Three Months Ended March 31,
20262025
Debt securities (1)
$472 $431 
Equity securities (2)
(59)1 
Mortgage loans 99 83 
Policy loans 16 17 
Limited partnerships 19 38 
Other investment income 57 52 
Total investment income excluding funds withheld assets604 622 
Investment expenses (3)
(63)(94)
Net investment income excluding funds withheld assets541 528 
Net investment income on funds withheld assets (see Note 8)199 227 
Net investment income $740 $755 
(1) Includes changes in fair value gains (losses) on trading securities and includes $(72) million and $(10) million for the three months ended March 31, 2026 and 2025, respectively, related to the change in fair value for securities carried under the fair value option.
(2) Includes changes in fair value of TPG common stock. See discussion above on our Long-term Strategic Partnership with TPG.
(3) Includes expenses from consolidated variable interest entities, which includes changes in fair value of notes issued by those entities, of $(16) million and $(32) million for the three months ended March 31, 2026 and 2025, respectively.
The following assets and liabilities were held in support of reserves associated with the Company’s funds withheld reinsurance agreements and were reported in the respective financial statement line items on the Condensed Consolidated Balance Sheets (in millions):

March 31,December 31,
20262025
Assets
Debt securities, available-for-sale$7,476 $7,947 
Debt securities, at fair value under the fair value option6 6 
Equity securities69 88 
Mortgage loans2,022 2,102 
Mortgage loans, at fair value under the fair value option
196 324 
Policy loans3,567 3,548 
Freestanding derivative instruments, net7 (4)
Other invested assets674 712 
Cash and cash equivalents626 375 
Accrued investment income87 92 
Other assets and liabilities, net (8)5 
Total assets (1)
$14,722 $15,195 
Liabilities
Funds held under reinsurance treaties (2)
$14,511 $14,960 
Total liabilities$14,511 $14,960 
(1) Certain assets are reported at amortized cost while the fair value of those assets is reported in the embedded derivative in the funds withheld liability.
(2) Includes funds withheld embedded derivative asset (liability) of $1,765 million and $1,752 million at March 31, 2026 and December 31, 2025, respectively.

The sources of income related to funds withheld under reinsurance treaties reported in net investment income in the Condensed Consolidated Income Statements were as follows (in millions):

Three Months Ended March 31,
20262025
Debt securities (1)
$87 $100 
Equity securities (1)— 
Mortgage loans (2)
26 43 
Policy loans 87 83 
Limited partnerships 8 10 
Other investment income 3 4 
     Total investment income on funds withheld assets 210 240 
Other investment expenses on funds withheld assets (3)
(11)(13)
        Total net investment income on funds withheld reinsurance treaties $199 $227 
    
(1)    Includes nil and $1 million for the three months ended March 31, 2026 and 2025, respectively, related to the change in fair value for securities carried under the fair value option.
(2)    Includes $2 million and $4 million for the three months ended March 31, 2026 and 2025, respectively, related to the change in fair value for mortgage loans carried under the fair value option.
(3)    Includes management fees.
Schedule of Net Gains (Losses) on Derivatives and Investments
The following table summarizes net gains (losses) on derivatives and investments (in millions):

Three Months Ended March 31,
20262025
Available-for-sale securities
    Realized gains on sale $7 $3 
    Realized losses on sale (9)(12)
    Credit loss income (expense) (8)— 
Credit loss income (expense) on mortgage loans(26)(11)
Other (1)
(11)(46)
Net gains (losses) excluding derivatives and funds withheld assets (47)(66)
Net gains (losses) on derivative instruments (see Note 5) 330 1,409 
Net gains (losses) on derivatives and investments283 1,343 
Net gains (losses) on funds withheld reinsurance treaties (see Note 8) (159)(388)
     Total net gains (losses) on derivatives and investments $124 $955 
(1) Includes the foreign currency gain or loss related to foreign denominated trust instruments supporting funding agreements.
Schedule of Asset and Liability Information for Consolidated VIEs
Asset and liability information for the consolidated VIEs included on the Condensed Consolidated Balance Sheets are as follows (in millions):

March 31, 2026December 31, 2025
Assets
Debt securities, at fair value under fair value option$2,650 $2,698 
Equity securities 8 6 
Other invested assets1,083 979 
Cash and cash equivalents176 154 
Other assets 71 51 
Total assets$3,988 $3,888 
Liabilities
Notes issued by consolidated VIEs, at fair value under fair value option$2,543 $2,578 
Other liabilities323 258 
Total other liabilities 2,866 2,836 
Total liabilities$2,866 $2,836 
Equity
Noncontrolling interests$404 $389 
Schedule of Commercial Mortgage Loans and Residential Mortgage Loans
The following table shows commercial mortgage loans, residential mortgage loans, and the respective accrued interest thereon (in millions):

March 31, 2026December 31, 2025
Commercial mortgage loans (1)
$9,137 $8,957 
Accrued interest receivable on commercial mortgage loans35 34 
Residential mortgage loans (2)
1,307 1,254 
Accrued interest receivable on residential mortgage loans13 13 
(1) Net of an allowance for credit losses of $137 million and $117 million at each date, respectively.
(2) Net of an allowance for credit losses of $22 million and $16 million at each date, respectively.
Schedule of Rollforward of Mortgagees Allowance for Credit Loss
The following table provides the change in the allowance for credit losses in the Company’s mortgage loan portfolios (in millions):

Three Months Ended March 31, 2026ApartmentHotelOfficeRetailWarehouseOtherResidential MortgageTotal
Balance at January 1, 2026$32 $11 $28 $17 $27 $2 $16 $133 
Charge offs, net of recoveries(1)— (4)— — — — (5)
Reductions for mortgages disposed— — — — — — — — 
Additions from purchase of PCD mortgage loans— — — — — — — — 
Provision (release)(8)(7)32 13 (4)(1)6 31 
Balance at March 31, 2026 (1) (2)
$23 $4 $56 $30 $23 $1 $22 $159 
Three Months Ended March 31, 2025ApartmentHotelOfficeRetailWarehouseOtherResidential MortgageTotal
Balance at January 1, 2025$23 $7 $44 $19 $20 $3 $5 $121 
Charge offs, net of recoveries— — (6)— — — — (6)
Reductions for mortgages disposed— — — — — — — — 
Additions from purchase of PCD mortgage loans— — — — — — — — 
Provision (release)5 — 2 — — (1)9 15 
Balance at March 31, 2025 (1) (2)
$28 $7 $40 $19 $20 $2 $14 $130 
(1) Accrued interest receivable totaled $48 million and $42 million as of March 31, 2026 and 2025, respectively, and was excluded from the determination of credit losses.
(2) Accrued interest amounting to nil and nil was written off as of March 31, 2026 and 2025, respectively, relating to loans that were greater than 90 days delinquent or in the process of foreclosure.
Schedule of Impaired Financing Receivables
The following table provides information about our residential mortgage loans in process of foreclosure (in millions):

March 31, 2026December 31, 2025
Recorded investment (1)
$27$38
Unpaid principal balance3045
Related loan allowance—1
Average recorded investment2729
Investment income recognized—1

(1) At March 31, 2026 and December 31, 2025, includes $4 million and $4 million, respectively, of loans in process of foreclosure, all of which are loans supported with insurance or other guarantees provided by various governmental programs.
Schedule of Information About Credit Quality and Vintage Year of Commercial Mortgage Loans
The following tables provide information about the credit quality with vintage year and category of mortgage loans (dollars in millions):

March 31, 2026
20262025202420232022PriorRevolving
Loans		Total% of
Total
Commercial mortgage loans
Loan to value ratios (1):
Less than 70%$476 $1,126 $507 $473 $420 $4,448 $— $7,450 81 %
70% - 80%— 247 130 44 180 700 — 1,301 14 %
80% - 100% — 40 1 25 46 132 — 244 3 %
Greater than 100%— — 2 — 55 85 — 142 2 %
Total commercial mortgage loans476 1,413 640 542 701 5,365 — 9,137 100 %
Debt service coverage ratios (2):
Greater than 1.20x475 1,320 612 486 586 4,841 — 8,320 91 %
1.00x - 1.20x — 43 24 48 55 379 — 549 6 %
Less than 1.00x— — — — 51 144 — 195 2 %
Non-income producing properties1 50 4 8 9 1 — 73 1 %
Total commercial mortgage loans476 1,413 640 542 701 5,365 — 9,137 100 %
Residential mortgage loans
Performing27 589 202 10 13 414 — 1,255 96 %
Nonperforming— 2 4 9 8 29 — 52 4 %
Total residential mortgage loans27 591 206 19 21 443 — 1,307 100 %
Total mortgage loans$503 $2,004 $846 $561 $722 $5,808 $— $10,444 100 %
(1) The loan to value ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.
(2) The debt service coverage ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.
December 31, 2025
20252024202320222021PriorRevolving
Loans		Total% of
Total
Commercial mortgage loans
Loan to value ratios (1):
Less than 70%$1,140 $508 $521 $466 $345 $4,296 $— $7,276 81 %
70% - 80%206 129 62 221 353 316 — 1,287 14 %
80% - 100% — — 25 46 24 151 — 246 3 %
Greater than 100%— 2 — 56 — 90 — 148 2 %
Total commercial mortgage loans1,346 639 608 789 722 4,853 — 8,957 100 %
Debt service coverage ratios (2):
Greater than 1.20x1,313 615 538 594 434 4,591 — 8,085 90 %
1.00x - 1.20x 33 24 70 145 174 231 — 677 8 %
Less than 1.00x— — — 50 114 31 — 195 2 %
Total commercial mortgage loans1,346 639 608 789 722 4,853 — 8,957 100 %
Residential mortgage loans
Performing487 223 17 17 71 375 — 1,190 95 %
Nonperforming— 4 16 20 3 21 — 64 5 %
Total residential mortgage loans487 227 33 37 74 396 — 1,254 100 %
Total mortgage loans$1,833 $866 $641 $826 $796 $5,249 $— $10,211 100 %

(1) The loan to value ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.
(2) The debt service coverage ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

Accruing Loans (1)
March 31, 2026Current
30-89 Days Past Due (2)
90 Days or Greater Past Due (2)
Non-accrual Loans (1)
Total Loans (1)
Non-accrual Loans with No Allowance (1)
Interest Income on Non-accrual Loans
Apartment$3,189 $6 $— $16 $3,211 $— $— 
Hotel762 — — — 762 — — 
Office1,056 10 — 83 1,149 — — 
Retail1,652 — — — 1,652 — — 
Warehouse2,136 — — — 2,136 — — 
Other364 — — — 364 — — 
Total commercial9,159 16 — 99 9,274 — — 
Residential (2)
1,222 51 21 35 1,329 — — 
Total$10,381 $67 $21 $134 10,603 $— $— 
ACL(159)
Total with ACL$10,444 
Accruing Loans (1)
December 31, 2025Current
30-89 Days Past Due (2)
90 Days or Greater Past Due (2)
Non-accrual Loans (1)
Total Loans (1)
Non-accrual Loans with No Allowance (1)
Interest Income on Non-accrual Loans
Apartment$2,866 $— $— $— $2,866 $— $— 
Hotel789 — — — 789 — — 
Office1,062 — — 109 1,171 — — 
Retail1,664 — — — 1,664 — — 
Warehouse2,217 — — — 2,217 — — 
Other367 — — — 367 — — 
Total commercial8,965 — — 109 9,074 — — 
Residential (2)
1,124 69 16 61 1,270 — 2 
Total$10,089 $69 $16 $170 $10,344 $— $2 
ACL(133)
Total with ACL$10,211 

(1) Amortized cost or fair value for loans carried at fair value under the fair value option.
(2) At March 31, 2026 and December 31, 2025, includes $15 million and $19 million, respectively, of loans 30-89 days past due and $21 million and $16 million, respectively, of loans 90 days or greater past due and supported with insurance or other guarantees provided by various governmental programs.
Schedule of Mortgage Loans Identified to Borrowers Experiencing Financial Difficulty
The following table provides information about the mortgage loans modified during the periods indicated to borrowers experiencing financial difficulty (dollars in millions):

Term Extension
Amortized
Cost Basis		Percent of
Total Class
Three Months Ended March 31, 2026
Commercial mortgage loans$10 0.11 %
Three Months Ended March 31, 2025
Commercial mortgage loans$— — %
The following table describes the financial effect of the modifications made to the loans noted above:

Term Extension
Financial Effect
Three Months Ended March 31, 2026
Commercial mortgage loans
 Granted extension of term for 42 months and rate converted from variable to fixed.
The following table depicts the performance of loans that have been modified in the last 12 months (in millions):
Payment Status (Amortized Cost Basis)
Current30-89 Days Past Due90+ Days Past Due
March 31, 2026
Commercial mortgage loans$— $10 $— 
March 31, 2025
Commercial mortgage loans$— $— $—