v3.26.1
Investments
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments (4) InvestmentsNet Investment Income
Sources of net investment income were as follows for the periods indicated:
Three months ended
March 31,
(Amounts in millions)20262025
Fixed maturity securities—taxable$556 $559 
Equity securities2 3 
Commercial mortgage loans76 73 
Policy loans38 36 
Limited partnerships38 8 
Other invested assets (1)
60 61 
Cash, cash equivalents, restricted cash and short-term investments19 22 
Gross investment income before expenses and fees789 762 
Expenses and fees(23)(23)
Net investment income$766 $739 
_____________
(1)Includes amounts related to derivative instruments. See note 5 for additional information.
Net Investment Gains (Losses)
The following table sets forth net investment gains (losses) for the periods indicated:
Three months ended
March 31,
(Amounts in millions)20262025
Realized investment gains (losses):
Available-for-sale fixed maturity securities:
Realized gains$6 $4 
Realized losses(27)(8)
Net realized gains (losses) on available-for-sale fixed maturity securities(21)(4)
Net realized gains (losses) on equity securities sold— 1 
Total net realized investment gains (losses)(21)(3)
Net change in allowance for credit losses on available-for-sale fixed maturity securities— (4)
Net unrealized gains (losses) on equity securities still held(19)(14)
Net unrealized gains (losses) on limited partnerships3 38 
Commercial mortgage loans1 3 
Derivative instruments (1)
11 6 
Other(1)1 
Net investment gains (losses)$(26)$27 
_____________________
(1)See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses).
See Note 2—Summary of Significant Accounting Policies included in the Notes to Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for a discussion of our policy for evaluating and measuring the allowance for credit losses related to our available-for-sale fixed maturity securities. The following table represents the allowance for credit losses aggregated by security type for available-for-sale fixed maturity securities as of and for the three months ended March 31, 2026:
(Amounts in millions)Beginning
balance		Increase from
securities
without
allowance in
previous
periods		Increase
(decrease)
from securities
with allowance
in previous
periods		Securities
sold		Decrease
due to change
in intent or
requirement
to sell		Write-offsRecoveriesEnding
balance
Fixed maturity securities:
Non-U.S. government$2 $— $4 $— $— $— $— $6 
U.S. corporate8 — 2 — — — — 10 
Non-U.S. corporate9 — (2)(3)— — — 4 
Commercial mortgage-backed4 — (1)— — — — 3 
Total available-for-sale fixed maturity securities$23 $— $3 $(3)$— $— $— $23 
The following table represents the allowance for credit losses aggregated by security type for available-for-sale fixed maturity securities as of and for the three months ended March 31, 2025:
(Amounts in millions)Beginning
balance		Increase from
securities
without
allowance in
previous
periods		Increase
(decrease)
from securities
with allowance
in previous
 periods		Securities
sold		Decrease
due to change
in intent or
requirement
to sell		Write-offsRecoveriesEnding
balance
Fixed maturity securities:
U.S. corporate$4 $2 $— $— $— $— $— $6 
Non-U.S. corporate3 1 — — — — — 4 
Commercial mortgage-backed3 — 1 — — — — 4 
Total available-for-sale fixed maturity securities$10 $3 $1 $— $— $— $— $14 
(c)Unrealized Investment Gains and Losses
Net unrealized gains and losses on available-for-sale investment securities reflected as a separate component of accumulated other comprehensive income (loss) were as follows as of the dates indicated:
(Amounts in millions)March 31,
2026		December 31,
2025
Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses$(3,068)$(2,356)
Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses(6)(9)
Adjustments to policyholder contract balances77 66 
Income taxes, net456 307 
Net unrealized investment gains (losses)(2,541)(1,992)
Less: net unrealized investment gains (losses) attributable to noncontrolling interests(15)(5)
Net unrealized investment gains (losses) attributable to Genworth Financial, Inc.$(2,526)$(1,987)
The change in net unrealized gains (losses) on available-for-sale investment securities reported in accumulated other comprehensive income (loss) was as follows as of and for the three months ended March 31:
(Amounts in millions)20262025
Beginning balance$(1,987)$(3,156)
Unrealized gains (losses) arising during the period:
Unrealized gains (losses) on fixed maturity securities(730)649 
Adjustments to policyholder contract balances11 (10)
(Provision) benefit for income taxes153 (136)
Change in unrealized gains (losses) on investment securities(566)503 
Reclassification adjustments to net investment (gains) losses (1)
17 3 
Change in net unrealized investment gains (losses)(549)506 
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests(10)10 
Ending balance$(2,526)$(2,660)
_____________
(1)Net of taxes of $(4) million and $(1) million during the three months ended March 31, 2026 and 2025, respectively.
Amounts reclassified out of accumulated other comprehensive income (loss) to net investment gains (losses) include realized gains (losses) on sales of securities, which are determined on a specific identification basis.
Fixed Maturity Securities
As of March 31, 2026, the amortized cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows:
(Amounts in millions)Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Allowance
for credit
 losses		Fair
value
Fixed maturity securities:
U.S. government, agencies and government-sponsored enterprises$3,967 $50 $(401)$— $3,616 
State and political subdivisions2,336 15 (265)— 2,086 
Non-U.S. government1,276 19 (98)(6)1,191 
U.S. corporate:
Utilities4,848 64 (426)(3)4,483 
Energy2,506 57 (138)— 2,425 
Finance and insurance7,434 68 (580)— 6,922 
Consumer—non-cyclical4,630 72 (342)(6)4,354 
Technology and communications2,871 43 (294)— 2,620 
Industrial986 9 (99)(1)895 
Capital goods2,353 46 (126)— 2,273 
Consumer—cyclical1,286 14 (81)— 1,219 
Transportation1,113 31 (87)— 1,057 
Other274 2 (15)— 261 
Total U.S. corporate28,301 406 (2,188)(10)26,509 
Non-U.S. corporate:
Utilities635 2 (38)— 599 
Energy935 21 (37)(4)915 
Finance and insurance1,760 30 (90)— 1,700 
Consumer—non-cyclical619 4 (73)— 550 
Technology and communications772 6 (72)— 706 
Industrial761 12 (32)— 741 
Capital goods713 6 (33)— 686 
Consumer—cyclical231 1 (11)— 221 
Transportation504 11 (24)— 491 
Other447 9 (20)— 436 
Total non-U.S. corporate7,377 102 (430)(4)7,045 
Residential mortgage-backed1,089 12 (37)— 1,064 
Commercial mortgage-backed1,596 2 (237)(3)1,358 
Other asset-backed2,250 9 (33)— 2,226 
Total available-for-sale fixed maturity securities$48,192 $615 $(3,689)$(23)$45,095 
As of December 31, 2025, the amortized cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows:
(Amounts in millions)Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Allowance
for credit
losses		Fair
value
Fixed maturity securities:
U.S. government, agencies and government-sponsored enterprises$3,999 $66 $(364)$— $3,701 
State and political subdivisions2,356 13 (255)— 2,114 
Non-U.S. government1,257 36 (76)(2)1,215 
U.S. corporate:
Utilities4,798 95 (375)(3)4,515 
Energy2,506 69 (123)— 2,452 
Finance and insurance7,435 109 (487)— 7,057 
Consumer—non-cyclical4,591 98 (279)(4)4,406 
Technology and communications2,947 58 (256)— 2,749 
Industrial1,030 14 (89)(1)954 
Capital goods2,359 65 (105)— 2,319 
Consumer—cyclical1,295 23 (69)— 1,249 
Transportation1,115 37 (77)— 1,075 
Other280 4 (14)— 270 
Total U.S. corporate28,356 572 (1,874)(8)27,046 
Non-U.S. corporate:
Utilities672 4 (36)(3)637 
Energy957 27 (36)(4)944 
Finance and insurance1,751 43 (75)— 1,719 
Consumer—non-cyclical615 6 (64)— 557 
Technology and communications743 9 (63)— 689 
Industrial769 19 (27)— 761 
Capital goods710 11 (29)— 692 
Consumer—cyclical255 3 (8)— 250 
Transportation491 15 (21)— 485 
Other467 12 (20)(2)457 
Total non-U.S. corporate7,430 149 (379)(9)7,191 
Residential mortgage-backed1,115 19 (34)— 1,100 
Commercial mortgage-backed1,536 3 (226)(4)1,309 
Other asset-backed2,101 13 (28)— 2,086 
Total available-for-sale fixed maturity securities$48,150 $871 $(3,236)$(23)$45,762 
The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of March 31, 2026:
Less than 12 months12 months or moreTotal
(Dollar amounts in millions)Fair
value		Gross
unrealized
losses		Number
of
securities		Fair
value		Gross
unrealized
losses		Number
of
securities		Fair
value		Gross
unrealized
losses		Number
of
securities
Description of Securities
Fixed maturity securities:
U.S. government, agencies and government-sponsored enterprises$495 $(12)37$1,662 $(389)60$2,157 $(401)97
State and political subdivisions136 (4)341,458 (261)2481,594 (265)282
Non-U.S. government348 (11)109365 (86)52713 (97)161
U.S. corporate4,053 (98)90513,471 (2,085)1,85817,524 (2,183)2,763
Non-U.S. corporate1,301 (22)2453,270 (408)4094,571 (430)654
Residential mortgage-backed149 (2)64350 (35)123499 (37)187
Commercial mortgage-backed136 (2)381,098 (235)1631,234 (237)201
Other asset-backed726 (4)158539 (29)1101,265 (33)268
Total for fixed maturity securities in an unrealized loss position$7,344 $(155)1,590$22,213 $(3,528)3,023$29,557 $(3,683)4,613
% Below cost:
<20% Below cost$7,317 $(142)1,581$17,770 $(1,928)2,395$25,087 $(2,070)3,976
20%-50% Below cost27 (13)94,443 (1,600)6284,470 (1,613)637
Total for fixed maturity securities in an unrealized loss position$7,344 $(155)1,590$22,213 $(3,528)3,023$29,557 $(3,683)4,613
Investment grade$7,127 $(142)1,534$21,688 $(3,462)2,947$28,815 $(3,604)4,481
Below investment grade217 (13)56525 (66)76742 (79)132
Total for fixed maturity securities in an unrealized loss position$7,344 $(155)1,590$22,213 $(3,528)3,023$29,557 $(3,683)4,613
The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual investment securities had been in a continuous unrealized loss position, based on industry, as of March 31, 2026:
Less than 12 months12 months or moreTotal
(Dollar amounts in millions)Fair
value		Gross
unrealized
losses		Number
of
securities		Fair
value		Gross
unrealized
losses		Number
of
securities		Fair
value		Gross
unrealized
losses		Number
of
securities
Description of Securities
U.S. corporate:
Utilities$771 $(15)146$2,025 $(411)313$2,796 $(426)459
Energy281 (6)77991 (132)1321,272 (138)209
Finance and insurance1,118 (21)2533,971 (559)5255,089 (580)778
Consumer—non-cyclical561 (12)1322,259 (330)2852,820 (342)417
Technology and communications410 (18)981,564 (276)2061,974 (294)304
Industrial110 (3)30545 (91)83655 (94)113
Capital goods397 (8)87916 (118)1281,313 (126)215
Consumer—cyclical210 (3)46645 (78)99855 (81)145
Transportation195 (12)36441 (75)71636 (87)107
Other— — —114 (15)16114 (15)16
Subtotal, U.S. corporate securities4,053 (98)90513,471 (2,085)1,85817,524 (2,183)2,763
Non-U.S. corporate:
Utilities143 (1)24359 (37)41502 (38)65
Energy173 (2)31328 (35)37501 (37)68
Finance and insurance344 (6)62726 (84)951,070 (90)157
Consumer—non-cyclical77 (2)25376 (71)43453 (73)68
Technology and communications97 (3)25428 (69)51525 (72)76
Industrial129 (2)25237 (30)34366 (32)59
Capital goods117 (1)20326 (32)43443 (33)63
Consumer—cyclical64 (2)998 (9)13162 (11)22
Transportation95 (2)11225 (22)28320 (24)39
Other62 (1)13167 (19)24229 (20)37
Subtotal, non-U.S. corporate securities1,301 (22)2453,270 (408)4094,571 (430)654
Total for corporate securities in an unrealized loss position$5,354 $(120)1,150$16,741 $(2,493)2,267$22,095 $(2,613)3,417
We did not recognize an allowance for credit losses on securities in an unrealized loss position included in the tables above. Based on a qualitative and quantitative review of the issuers of the securities, we believe the decline in fair value was largely due to increased interest rates since purchase and was not indicative of credit losses. The issuers continue to make timely principal and interest payments. For all securities in an unrealized loss position without an allowance for credit losses, we expect to recover the amortized cost based on our estimate of the amount and timing of cash flows to be collected. We do not intend to sell nor do we expect that we will be required to sell these securities prior to recovering our amortized cost.
The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of December 31, 2025:
Less than 12 months12 months or moreTotal
(Dollar amounts in millions)Fair
value		Gross
unrealized
losses		Number
of
securities		Fair
value		Gross
unrealized
losses		Number
of
securities		Fair
value		Gross
unrealized
losses		Number
of
securities
Description of Securities
Fixed maturity securities:
U.S. government, agencies and government-sponsored enterprises$438 $(9)28$1,626 $(355)68$2,064 $(364)96
State and political subdivisions79 (2)181,577 (253)2571,656 (255)275
Non-U.S. government115 (1)36399 (74)55514 (75)91
U.S. corporate1,664 (57)39914,057 (1,811)1,81415,721 (1,868)2,213
Non-U.S. corporate244 (11)573,495 (366)4383,739 (377)495
Residential mortgage-backed— — — 391 (34)140391 (34)140
Commercial mortgage-backed59 (1)151,118 (225)1691,177 (226)184
Other asset-backed187 (1)57640 (27)128827 (28)185
Total for fixed maturity securities in an unrealized loss position$2,786 $(82)610$23,303 $(3,145)3,069$26,089 $(3,227)3,679
% Below cost:
<20% Below cost$2,731 $(61)593$19,932 $(1,928)2,587$22,663 $(1,989)3,180
20%-50% Below cost55 (21)173,370 (1,216)4813,425 (1,237)498
>50% Below cost— — —1 (1)11 (1)1
Total for fixed maturity securities in an unrealized loss position$2,786 $(82)610$23,303 $(3,145)3,069$26,089 $(3,227)3,679
Investment grade$2,705 $(71)582$22,737 $(3,096)2,991$25,442 $(3,167)3,573
Below investment grade81 (11)28566 (49)78647 (60)106
Total for fixed maturity securities in an unrealized loss position$2,786 $(82)610$23,303 $(3,145)3,069$26,089 $(3,227)3,679
The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual investment securities had been in a continuous unrealized loss position, based on industry, as of December 31, 2025:
Less than 12 months12 months or moreTotal
(Dollar amounts in millions)Fair
value		Gross
unrealized
losses		Number
of
securities		Fair
value		Gross
unrealized
losses		Number
of
securities		Fair
value		Gross
unrealized
losses		Number
of
securities
Description of Securities
U.S. corporate:
Utilities$319 $(8)66$2,109 $(367)320$2,428 $(375)386
Energy147 (5)301,009 (118)1341,156 (123)164
Finance and insurance329 (5)954,198 (482)5144,527 (487)609
Consumer—non-cyclical239 (3)602,368 (276)2612,607 (279)321
Technology and communications259 (16)631,573 (240)1951,832 (256)258
Industrial56 (1)18575 (82)81631 (83)99
Capital goods146 (3)37983 (102)1281,129 (105)165
Consumer—cyclical— — —715 (69)103715 (69)103
Transportation130 (10)24449 (67)67579 (77)91
Other39 (6)678 (8)11117 (14)17
Subtotal, U.S. corporate securities1,664 (57)39914,057 (1,811)1,81415,721 (1,868)2,213
Non-U.S. corporate:
Utilities— — —386 (36)43386 (36)43
Energy78 (6)16358 (30)49436 (36)65
Finance and insurance85 (1)14800 (74)109885 (75)123
Consumer—non-cyclical— — —390 (64)43390 (64)43
Technology and communications29 (2)13435 (61)48464 (63)61
Industrial18 (1)10259 (26)35277 (27)45
Capital goods— — —332 (29)42332 (29)42
Consumer—cyclical— — —130 (8)15130 (8)15
Transportation34 (1)4229 (20)29263 (21)33
Other— — —176 (18)25176 (18)25
Subtotal, non-U.S. corporate securities244 (11)573,495 (366)4383,739 (377)495
Total for corporate securities in an unrealized loss position$1,908 $(68)456$17,552 $(2,177)2,252$19,460 $(2,245)2,708
The scheduled maturity distribution of fixed maturity securities as of March 31, 2026 is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.
(Amounts in millions)Amortized costFair value
Due one year or less$1,714 $1,711 
Due after one year through five years8,621 8,429 
Due after five years through ten years10,793 10,675 
Due after ten years22,129 19,632 
Subtotal43,257 40,447 
Residential mortgage-backed1,089 1,064 
Commercial mortgage-backed1,596 1,358 
Other asset-backed2,250 2,226 
Total$48,192 $45,095 
As of March 31, 2026, securities issued by finance and insurance, utilities and consumer—non-cyclical industry groups represented approximately 26%, 15% and 14%, respectively, of our domestic and foreign corporate fixed maturity securities portfolio. No other industry group comprised more than 10% of our investment portfolio.
As of March 31, 2026, we did not hold any fixed maturity securities in any single issuer, other than securities issued or guaranteed by the U.S. government, which exceeded 10% of stockholders’ equity.
(e)Commercial Mortgage Loans
Our mortgage loans are collateralized by commercial properties, including multi-family residential buildings. The carrying value of commercial mortgage loans is stated at original cost net of principal payments, amortization and allowance for credit losses.
We diversify our commercial mortgage loans by both property type and geographic region. The following tables set forth the distribution across property type and geographic region for commercial mortgage loans as of the dates indicated:
March 31, 2026December 31, 2025
(Amounts in millions)Carrying value% of totalCarrying value% of total
Property type:
Retail$2,629 42%$2,642 42%
Industrial1,464 231,454 23
Office1,266 201,292 20
Apartments516 8514 8
Mixed use338 5323 5
Other138 2138 2
Subtotal6,351 100%6,363 100%
Allowance for credit losses(58)(59)
Total$6,293 $6,304 
March 31, 2026December 31, 2025
(Amounts in millions)Carrying value% of totalCarrying value% of total
Geographic region:
South Atlantic$1,742 28%$1,733 27%
Pacific1,135 181,167 19
Mountain1,012 16997 16
Middle Atlantic843 13845 13
West South Central496 8504 8
East North Central443 7424 7
West North Central332 5339 5
East South Central200 3202 3
New England148 2152 2
Subtotal6,351 100%6,363 100%
Allowance for credit losses(58)(59)
Total$6,293 $6,304 
As of March 31, 2026 and December 31, 2025, we had one commercial mortgage loan in the office property type with an amortized cost of $6 million that was more than 90 days past due and on non-accrual status. This loan did not have an allowance for credit losses as of December 31, 2025. As of March 31, 2026, we had two commercial mortgage loans in the industrial property type with an aggregate amortized cost of $1 million that were more than 90 days past due. The collection of principal and interest on these loans is probable; therefore, they were not placed on non-accrual status as of March 31, 2026. As of December 31, 2025, these loans had an aggregate amortized cost of $3 million and were 31 to 60 days past due. For a discussion of our policy related to placing commercial mortgage loans on non-accrual status, see Note 2—Summary of Significant Accounting Policies included in the Notes to Consolidated Financial Statements in our 2025 Annual Report on Form 10-K.

Occasionally, we may make modifications of interest rate reductions, term extensions and/or principal forgiveness related to commercial mortgage loans. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. As the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses as a result of the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification.
We did not have any loan modifications or extensions associated with borrowers experiencing financial difficulty that resulted in the consideration of whether to establish a new loan or to continue accounting for the modification or extension under the existing loan during the three months ended March 31, 2026 and 2025. As of March 31, 2026, all loans modified during the 12 months prior remained current.
The following table sets forth the allowance for credit losses related to commercial mortgage loans as of and for the periods indicated:
Three months ended
March 31,
(Amounts in millions)20262025
Allowance for credit losses:
Beginning balance$59 $39 
Provision(1)(3)
Write-offs— — 
Recoveries— — 
Ending balance$58 $36 
In evaluating the credit quality of commercial mortgage loans, we assess the performance of the underlying loans using both quantitative and qualitative criteria. Certain risks associated with commercial mortgage loans can be evaluated by reviewing both the debt-to-value and debt service coverage ratio to understand both the probability of the borrower not being able to make the necessary loan payments as well as the ability to sell the underlying property for an amount that would enable us to recover our unpaid principal balance in the event of default by the borrower. The average debt-to-value ratio is based on our most recent estimate of the fair value for the underlying property which is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A lower debt-to-value indicates that our loan value is more likely to be recovered in the event of default by the borrower if the property were sold. The debt service coverage ratio is based on “normalized” annual income of the property compared to the payments required under the terms of the loan. Normalization allows for the removal of annual one-time events such as capital expenditures, prepaid or late real estate tax payments or non-recurring third-party fees (such as legal, consulting or contract fees). This ratio is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A higher debt service coverage ratio indicates the borrower is less likely to default on the loan. The debt service coverage ratio is not used without considering other factors associated with the borrower, such as the borrower’s liquidity or access to other resources that may result in our expectation that the borrower will continue to make the future scheduled payments.
The following tables set forth commercial mortgage loans by year of origination and credit quality indicator as of March 31, 2026:
(Amounts in millions)202620252024202320222021 and
prior		Total
Debt-to-value:
0% - 50%$14 $102 $32 $83 $128 $1,979 $2,338 
51% - 60%16 99 55 38 208 844 1,260 
61% - 75%104 407 106 138 464 1,270 2,489 
76% - 100%— — — — 42 191 233 
Greater than 100%— — — — — 31 31 
Total amortized cost$134 $608 $193 $259 $842 $4,315 $6,351 
Debt service coverage ratio:
Less than 1.00$— $— $— $— $34 $267 $301 
1.00 - 1.255 43 16 11 41 309 425 
1.26 - 1.5073 258 76 96 118 550 1,171 
1.51 - 2.0034 178 68 76 390 1,432 2,178 
Greater than 2.0022 129 33 76 259 1,757 2,276 
Total amortized cost$134 $608 $193 $259 $842 $4,315 $6,351 
The following tables set forth the debt-to-value of commercial mortgage loans by property type as of the dates indicated:
March 31, 2026
(Amounts in millions)0% - 50%51% - 60%61% - 75%76% - 100%Greater
than 100%		Total
Property type:
Retail$1,134 $584 $906 $5 $— $2,629 
Industrial598 260 606 — — 1,464 
Office260 225 565 210 6 1,266 
Apartments208 126 182 — — 516 
Mixed use68 53 177 15 25 338 
Other70 12 53 3 — 138 
Total amortized cost$2,338 $1,260 $2,489 $233 $31 $6,351 
% of total37%20%39%4%—%100%
Weighted-average debt service coverage ratio2.50 1.88 1.52 1.16 0.75 1.94 
December 31, 2025
(Amounts in millions)0% - 50%51% - 60%61% - 75%76% - 100%Greater
 than 100%		Total
Property type:
Retail$1,168 $576 $893 $5 $— $2,642 
Industrial615 255 584 — — 1,454 
Office261 224 586 215 6 1,292 
Apartments211 127 176 — — 514 
Mixed use69 54 148 27 25 323 
Other72 25 37 4 — 138 
Total amortized cost$2,396 $1,261 $2,424 $251 $31 $6,363 
% of total38%20%38%4%— %100%
Weighted-average debt service coverage ratio2.50 1.87 1.54 1.05 0.90 1.94 
The following tables set forth the debt service coverage ratio for fixed rate commercial mortgage loans by property type as of the dates indicated:
March 31, 2026
(Amounts in millions)Less than 1.001.00 - 1.251.26 - 1.501.51 - 2.00Greater
 than 2.00		Total
Property type:
Retail$27 $97 $510 $1,105 $890 $2,629 
Industrial43 61 303 424 633 1,464 
Office167 184 199 323 393 1,266 
Apartments16 32 92 169 207 516 
Mixed use41 40 46 107 104 338 
Other7 11 21 50 49 138 
Total amortized cost$301 $425 $1,171 $2,178 $2,276 $6,351 
% of total5%7%18%34%36%100%
Weighted-average debt-to-value75%69%65%57%43%55%
December 31, 2025
(Amounts in millions)Less than 1.001.00 - 1.251.26 - 1.501.51 - 2.00Greater
than 2.00		Total
Property type:
Retail$27 $93 $515 $1,107 $900 $2,642 
Industrial46 61 276 419 652 1,454 
Office175 187 200 331 399 1,292 
Apartments16 32 87 170 209 514 
Mixed use42 41 27 108 105 323 
Other8 11 16 53 50 138 
Total amortized cost$314 $425 $1,121 $2,188 $2,315 $6,363 
% of total5%7%18%34%36%100%
Weighted-average debt-to-value74%70%65%58%43%55%