Investments

3 Months Ended

Mar. 31, 2026

INVESTMENTS

Fixed Maturity Securities

The following tables set forth the composition of fixed maturities, available-for-sale, as of the dates indicated:


	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	26,854	$	475	$	4,747	$	0	$	22,582
Obligations of U.S. states and their political subdivisions	5,540		103		584		0		5,059
Foreign government securities	60,717		284		13,326		0		47,675
U.S. public corporate securities	117,124		1,316		10,685		20		107,735
U.S. private corporate securities(1)	47,818		912		2,303		109		46,318
Foreign public corporate securities	25,217		260		1,406		27		24,044
Foreign private corporate securities	41,638		961		3,104		91		39,404
Asset-backed securities(2)	21,482		200		66		2		21,614
Commercial mortgage-backed securities	10,154		50		328		0		9,876
Residential mortgage-backed securities(3)	6,702		23		181		0		6,544
Total fixed maturities, available-for-sale(1)	$	363,246	$	4,584	$	36,730	$	249	$	330,851

__________

(1)Excludes notes with amortized cost of $15,844 million (fair value, $15,844 million), which have been offset with the associated debt under a netting agreement.

(2)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans, education loans and other asset types.

(3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	26,334	$	668	$	4,823	$	0	$	22,179
Obligations of U.S. states and their political subdivisions	5,881		138		554		0		5,465
Foreign government securities	62,469		497		12,352		0		50,614
U.S. public corporate securities	115,160		1,977		9,345		11		107,781
U.S. private corporate securities(1)	47,976		1,177		1,964		88		47,101
Foreign public corporate securities	24,496		413		1,178		28		23,703
Foreign private corporate securities	41,099		1,638		2,523		55		40,159
Asset-backed securities(2)	19,130		226		26		1		19,329
Commercial mortgage-backed securities	9,958		87		302		0		9,743
Residential mortgage-backed securities(3)	5,493		43		155		0		5,381
Total fixed maturities, available-for-sale(1)	$	357,996	$	6,864	$	33,222	$	183	$	331,455

__________

(1)Excludes notes with amortized cost of $15,744 million (fair value, $15,744 million), which have been offset with the associated debt under a netting agreement.

(2)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans, education loans and other asset types.

(3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

The following tables set forth the fair value and gross unrealized losses on fixed maturities, available-for-sale without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:


	March 31, 2026
	Less Than Twelve Months				Twelve Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	7,022	$	162	$	11,075	$	4,585	$	18,097	$	4,747
Obligations of U.S. states and their political subdivisions	669		18		3,310		566		3,979		584
Foreign government securities	12,741		489		22,948		12,837		35,689		13,326
U.S. public corporate securities	27,994		672		48,859		9,998		76,853		10,670
U.S. private corporate securities	8,355		157		22,438		2,144		30,793		2,301
Foreign public corporate securities	6,319		132		8,098		1,272		14,417		1,404
Foreign private corporate securities	7,471		267		14,577		2,835		22,048		3,102
Asset-backed securities	9,533		30		655		36		10,188		66
Commercial mortgage-backed securities	1,323		8		5,014		320		6,337		328
Residential mortgage-backed securities	3,092		20		1,174		161		4,266		181
Total fixed maturities, available-for-sale	$	84,519	$	1,955	$	138,148	$	34,754	$	222,667	$	36,709


	December 31, 2025
	Less Than Twelve Months				Twelve Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	3,644	$	83	$	12,075	$	4,740	$	15,719	$	4,823
Obligations of U.S. states and their political subdivisions	399		9		3,631		545		4,030		554
Foreign government securities	9,886		510		23,570		11,842		33,456		12,352
U.S. public corporate securities	9,789		218		52,459		9,114		62,248		9,332
U.S. private corporate securities	3,297		68		24,064		1,895		27,361		1,963
Foreign public corporate securities	2,253		35		8,586		1,142		10,839		1,177
Foreign private corporate securities	849		44		16,286		2,473		17,135		2,517
Asset-backed securities	2,979		6		626		20		3,605		26
Commercial mortgage-backed securities	249		1		5,435		301		5,684		302
Residential mortgage-backed securities	353		2		1,210		153		1,563		155
Total fixed maturities, available-for-sale	$	33,698	$	976	$	147,942	$	32,225	$	181,640	$	33,201

As of March 31, 2026 and December 31, 2025, the gross unrealized losses on fixed maturities, available-for-sale securities without an allowance of $35,694 million and $32,392 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $1,015 million and $809 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of

March 31, 2026, the $34,754 million of gross unrealized losses of twelve months or more were concentrated in the finance, consumer non-cyclical and utility sectors within corporate securities, as well as in foreign government securities. As of December 31, 2025, the $32,225 million of gross unrealized losses of twelve months or more were concentrated in the consumer non-cyclical, finance and utility sectors within corporate securities, as well as in foreign government securities.

In accordance with its policy described in Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at March 31, 2026. This conclusion was based on detailed analysis of the underlying credit and cash flows for each security. Gross unrealized losses are primarily attributable to increases in interest rates, general credit spread widening and foreign currency exchange rate movements. As of March 31, 2026, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the amortized cost basis.

The following table sets forth the amortized cost and fair value of fixed maturities, available-for-sale by contractual maturities, as of the date indicated:


	March 31, 2026
	Amortized Cost		Fair Value
	(in millions)
Fixed maturities, available-for-sale:
Due in one year or less	$	22,569	$	22,605
Due after one year through five years	66,157		65,912
Due after five years through ten years	57,697		56,908
Due after ten years(1)	178,485		147,392
Asset-backed securities	21,482		21,614
Commercial mortgage-backed securities	10,154		9,876
Residential mortgage-backed securities	6,702		6,544
Total	$	363,246	$	330,851

__________

(1)Excludes notes with amortized cost of $15,844 million (fair value, $15,844 million), which have been offset with the associated debt under a netting agreement.

Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Asset-backed, commercial mortgage-backed and residential mortgage-backed securities are shown separately in the table above, as they do not have a single maturity date.

The following table sets forth the sources of fixed maturities, available-for-sale proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses, for the periods indicated:


	Three Months Ended March 31,
	2026		2025
	(in millions)
Fixed maturities, available-for-sale:
Proceeds from sales(1)	$	8,481	$	4,912
Proceeds from maturities/prepayments	6,794		5,761
Gross investment gains from sales and maturities	359		282
Gross investment losses from sales and maturities	(872)		(307)
Write-downs recognized in earnings(2)	(165)		(119)
(Addition to) release of allowance for credit losses	(66)		80

__________

(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $(92) million and $286 million for the three months ended March 31, 2026 and 2025, respectively.

(2)Amounts represent write-downs on credit adverse securities and securities actively marketed for sale.

The following tables set forth the balance of and changes in the allowance for credit losses for fixed maturities, available-for-sale, as of and for the periods indicated:


	Three Months Ended March 31, 2026
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Securities		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period	$	0	$	0	$	182	$	1	$	0	$	0	$	183
Additions to allowance for credit losses not previously recorded	0		0		55		1		0		0		56
Reductions for securities sold during the period	0		0		(2)		0		0		0		(2)
Additions (reductions) on securities with previous allowance	0		0		35		0		0		0		35
Write-downs charged against the allowance	0		0		(23)		0		0		0		(23)
Balance, end of period	$	0	$	0	$	247	$	2	$	0	$	0	$	249


	Three Months Ended March 31, 2025
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Securities		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period	$	0	$	0	$	331	$	0	$	0	$	0	$	331
Additions to allowance for credit losses not previously recorded	0		0		16		1		0		0		17
Reductions for securities sold during the period	0		0		(6)		0		0		0		(6)
Additions (reductions) on securities with previous allowance	0		0		3		0		0		0		3
Write-downs charged against the allowance	0		0		(94)		0		0		0		(94)
Balance, end of period	$	0	$	0	$	250	$	1	$	0	$	0	$	251

For additional information regarding the Company’s methodology for developing its allowance and expected losses, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

For the three months ended March 31, 2026, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions in the consumer cyclical, energy and transportation sectors within corporate securities, due to adverse projected cash flows, partially offset by write-downs of distressed securities within the consumer cyclical sector. For the three months ended March 31, 2025, the net decrease in the allowance for credit losses on available-for-sale securities was related to write-downs within the communications, capital goods and consumer non-cyclical sectors within corporate securities, primarily due to security restructures.

The Company did not have any fixed maturity securities purchased with credit deterioration as of both March 31, 2026 and December 31, 2025.

Assets Supporting Experience-Rated Contractholder Liabilities

The following table sets forth the composition of “Assets supporting experience-rated contractholder liabilities,” as of the dates indicated:


	March 31, 2026				December 31, 2025
	Amortized Cost or Cost		Fair Value		Amortized Cost or Cost		Fair Value
	(in millions)
Fixed maturities:
Corporate securities	$	60	$	57	$	57	$	55
Foreign government securities	633		612		611		596
Obligations of U.S. government authorities and agencies and obligations of U.S. states	229		246		227		245
Total fixed maturities(1)	922		915		895		896
Equity securities	2,327		3,866		2,234		3,946
Total assets supporting experience-rated contractholder liabilities(2)	$	3,249	$	4,781	$	3,129	$	4,842

__________

(1)As a percentage of amortized cost, 99% of the portfolio was considered high or highest quality based on NAIC or equivalent ratings, as of both March 31, 2026 and December 31, 2025.

(2)The portfolio consisted of public securities as of both March 31, 2026 and December 31, 2025.

The net change in unrealized gains (losses) from assets supporting experience-rated contractholder liabilities still held at period end, recorded within “Other income (loss),” was $(150) million and $(199) million during the three months ended March 31, 2026 and 2025, respectively.

Fixed Maturities, Trading

The net change in unrealized gains (losses) from fixed maturities, trading still held at period end, recorded within “Other income (loss),” was $(309) million and $187 million during the three months ended March 31, 2026 and 2025, respectively.

Equity Securities

The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss),” was $(328) million and $(229) million during the three months ended March 31, 2026 and 2025, respectively.

Concentrations of Financial Instruments

The Company monitors its concentrations of financial instruments and mitigates credit risk by maintaining a diversified investment portfolio which limits exposure to any single issuer.

As of the dates indicated, the Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the Company’s equity included securities of the U.S. government and certain U.S. government agencies and securities guaranteed by the U.S. government, as well as the securities disclosed below:


	March 31, 2026				December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(in millions)
Investments in Japanese government and government agency securities:
Fixed maturities, available-for-sale	$	52,952	$	40,625	$	54,863	$	43,554
Fixed maturities, trading	19		18		19		18
Assets supporting experience-rated contractholder liabilities	558		529		536		510
Total	$	53,529	$	41,172	$	55,418	$	44,082


	March 31, 2026				December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(in millions)
Investments in Brazilian government and government agency securities:
Fixed maturities, available-for-sale	$	4,039	$	3,480	$	3,651	$	3,152
Short-term investments	1		1		1		1
Cash equivalents	306		306		260		260
Total	$	4,346	$	3,787	$	3,912	$	3,413

Commercial Mortgage and Other Loans

The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated:


	March 31, 2026				December 31, 2025
	Amount		% of Total		Amount		% of Total
	($ in millions)
Commercial mortgage and agricultural property loans by property type:
Office	$	6,455	10.3	%	$	6,517	10.4	%
Retail	5,511		8.8		5,680		9.0
Apartments/Multi-Family	18,995		30.3		18,522		29.5
Industrial	16,900		27.0		17,280		27.5
Hospitality	1,627		2.6		1,738		2.8
Self-Storage	2,126		3.5		2,245		3.6
Health Care Senior Living	1,795		2.9		1,832		2.9
Other	1,074		1.7		689		1.1
Total commercial mortgage loans	54,483		87.1		54,503		86.8
Agricultural property loans	8,105		12.9		8,275		13.2
Total commercial mortgage and agricultural property loans	62,588		100.0	%	62,778		100.0	%
Allowance for credit losses	(409)				(414)
Total net commercial mortgage and agricultural property loans	62,179				62,364
Other loans:
Residential mortgage loans	2,454				1,632
Uncollateralized loans	165				171
Other collateralized loans	692				603
Total other loans	3,311				2,406
Allowance for credit losses	(78)				(55)
Total net other loans	3,233				2,351
Total net commercial mortgage and other loans(1)	$	65,412			$	64,715

__________

(1)Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of March 31, 2026 and December 31, 2025, the net carrying value of these loans was $1,495 million and $1,056 million, respectively.

As of March 31, 2026, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in California (29%), Florida (6%) and Texas (6%) and included loans secured by properties in Europe (6%), Mexico (2%), Japan (1%) and Australia (1%).

As of March 31, 2026, the residential mortgage loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in Florida (12%), California (12%) and New York (9%).

The following tables set forth the balance of and changes in the allowance for credit losses for commercial mortgage and other loans, as of and for the periods indicated:


	Three Months Ended March 31, 2026
	Commercial Mortgage Loans		Agricultural Property Loans		Residential Mortgage Loans		Other Collateralized Loans		Uncollateralized Loans		Total
	(in millions)
Allowance, beginning of period	$	366	$	48	$	15	$	40	$	0	$	469
Addition to (release of) allowance for expected losses	(17)		11		7		(9)		25		17

Other	1		0		0		0		0		1
Allowance, end of period	$	350	$	59	$	22	$	31	$	25	$	487


	Three Months Ended March 31, 2025
	Commercial Mortgage Loans		Agricultural Property Loans		Residential Mortgage Loans		Other Collateralized Loans		Uncollateralized Loans		Total
	(in millions)
Allowance, beginning of period	$	407	$	121	$	0	$	32	$	14	$	574
Addition to (release of) allowance for expected losses	53		2		0		2		1		58
Allowance, end of period	$	460	$	123	$	0	$	34	$	15	$	632

For the three months ended March 31, 2026, the net addition to the allowance for credit losses on commercial mortgage and other loans was primarily due to increases in loan-specific reserves on commercial mortgage loans within the retail sector, agricultural property loans and an uncollateralized loan, partially offset by a decrease in the general reserve. For the three months ended March 31, 2025, the net addition to the allowance for credit losses on commercial mortgage and other loans was primarily due to increases in the loan-specific reserves on commercial mortgage loans within the retail sector.

There were no write-downs of commercial mortgage and agricultural property loans for both the three months ended March 31, 2026 and 2025.

The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:


	March 31, 2026
	Amortized Cost by Origination Year
	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total
	(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%	$	520	$	2,367	$	2,423	$	1,995	$	1,198	$	18,296	$	58	$	26,857
60%-69.99%	1,511		3,321		4,175		1,926		1,245		4,366		0		16,544
70%-79.99%	332		613		591		1,155		501		2,976		0		6,168
80% or greater	0		0		36		13		264		4,601		0		4,914
Total	$	2,363	$	6,301	$	7,225	$	5,089	$	3,208	$	30,239	$	58	$	54,483
Debt Service Coverage Ratio:
Greater than 1.2x	$	2,005	$	5,701	$	6,781	$	4,591	$	2,880	$	27,535	$	47	$	49,540
1.0 - 1.2x	358		502		416		498		207		972		11		2,964
Less than 1.0x	0		98		28		0		121		1,732		0		1,979
Total	$	2,363	$	6,301	$	7,225	$	5,089	$	3,208	$	30,239	$	58	$	54,483
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%	$	20	$	813	$	619	$	269	$	937	$	3,690	$	123	$	6,471
60%-69.99%	0		81		140		554		9		113		57		954
70%-79.99%	0		0		0		0		0		0		0		0
80% or greater	0		4		0		27		419		187		43		680
Total	$	20	$	898	$	759	$	850	$	1,365	$	3,990	$	223	$	8,105
Debt Service Coverage Ratio:
Greater than 1.2x	$	15	$	898	$	714	$	796	$	733	$	3,489	$	180	$	6,825
1.0 - 1.2x	5		0		26		41		64		235		0		371
Less than 1.0x	0		0		19		13		568		266		43		909
Total	$	20	$	898	$	759	$	850	$	1,365	$	3,990	$	223	$	8,105


	December 31, 2025
	Amortized Cost by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total
	(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%	$	2,816	$	2,088	$	2,057	$	1,270	$	2,570	$	16,546	$	62	$	27,409
60%-69.99%	3,670		4,506		1,873		1,250		1,581		3,048		0		15,928
70%-79.99%	677		711		1,242		506		901		1,948		0		5,985
80% or greater	0		36		0		258		454		4,433		0		5,181
Total	$	7,163	$	7,341	$	5,172	$	3,284	$	5,506	$	25,975	$	62	$	54,503
Debt Service Coverage Ratio:
Greater than 1.2x	$	6,602	$	6,779	$	4,673	$	2,963	$	5,333	$	23,384	$	45	$	49,779
1.0 - 1.2x	463		534		499		238		82		885		17		2,718
Less than 1.0x	98		28		0		83		91		1,706		0		2,006
Total	$	7,163	$	7,341	$	5,172	$	3,284	$	5,506	$	25,975	$	62	$	54,503
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%	$	813	$	624	$	296	$	977	$	1,944	$	1,927	$	143	$	6,724
60%-69.99%	76		140		554		8		15		85		58		936
70%-79.99%	0		0		0		0		0		16		0		16
80% or greater	4		0		5		433		10		104		43		599
Total	$	893	$	764	$	855	$	1,418	$	1,969	$	2,132	$	244	$	8,275
Debt Service Coverage Ratio:
Greater than 1.2x	$	893	$	741	$	799	$	741	$	1,849	$	1,756	$	201	$	6,980
1.0 - 1.2x	0		19		40		65		62		148		0		334
Less than 1.0x	0		4		16		612		58		228		43		961
Total	$	893	$	764	$	855	$	1,418	$	1,969	$	2,132	$	244	$	8,275

Residential mortgage loans primarily include fixed-rate, amortizing mortgage loans on rental properties owned by borrowers with FICO scores typically considered prime or above. The primary credit quality indicator is whether a loan is performing or nonperforming. The Company defines nonperforming residential mortgage loans as those that are 90 days or more past due and/or in nonaccrual status.


	March 31, 2026
	Amortized Cost by Origination Year
	2026		2025		2024		2023		2022		Prior		Total
	(in millions)
Residential mortgage loans
Performance indicators:
Performing	$	25	$	2,355	$	59	$	0	$	0	$	13	$	2,452
Nonperforming	0		2		0		0		0		0		2
Total	$	25	$	2,357	$	59	$	0	$	0	$	13	$	2,454


	December 31, 2025
	Amortized Cost by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
	(in millions)
Residential mortgage loans
Performance indicators:
Performing	$	1,561	$	57	$	0	$	0	$	0	$	14	$	1,632
Nonperforming	0		0		0		0		0		0		0
Total	$	1,561	$	57	$	0	$	0	$	0	$	14	$	1,632

For additional information regarding the Company’s commercial mortgage and other loans credit quality monitoring process, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

The Company may grant loan modifications in its commercial mortgage and other loan portfolios to borrowers experiencing financial difficulties. These loan modifications may be in the form of principal forgiveness, interest rate reduction, other-than-insignificant payment delay, term extension or some combination thereof. The amount, timing and extent of modifications granted and subsequent performance are considered in determining any allowance for credit losses.

The following table sets forth the amortized cost basis of loan modifications made to borrowers experiencing financial difficulties during the periods indicated:


	Three Months Ended March 31,
	2026						2025
	Term Extension		Other Than Insignificant Delay in Payment		% of Amortized Cost		Term Extension		Other Than Insignificant Delay in Payment		% of Amortized Cost
	($ in millions)
Commercial mortgage loans	$	44	$	0	0.0	%	$	0	$	0	0.0	%
Agricultural property loans	$	0	$	0	0.0	%	$	0	$	0	0.0	%

For the three months ended March 31, 2026, the modifications added less than one year to the weighted average life in the commercial mortgage loan portfolio.

The Company did not have any commitments to lend additional funds to borrowers experiencing financial difficulties on modified loans as of both March 31, 2026 and December 31, 2025.

The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:


	March 31, 2026
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due(1)(2)		Total Past Due		Total Loans		Non-Accrual Status(3)
	(in millions)
Commercial mortgage loans	$	54,249	$	89	$	0	$	145	$	234	$	54,483	$	225
Agricultural property loans	7,350		23		11		721		755		8,105		754
Residential mortgage loans	2,413		33		6		2		41		2,454		2
Other collateralized loans	692		0		0		0		0		692		0
Uncollateralized loans	165		0		0		0		0		165		25
Total	$	64,869	$	145	$	17	$	868	$	1,030	$	65,899	$	1,006

__________

(1)As of March 31, 2026, there were no loans in this category accruing interest.

(2)Includes loans for which no credit losses are expected due to U.S. agency guarantees.

(3)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.


	December 31, 2025
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due(1)(2)		Total Past Due		Total Loans		Non-Accrual Status(3)
	(in millions)
Commercial mortgage loans	$	54,349	$	0	$	0	$	154	$	154	$	54,503	$	190
Agricultural property loans	7,443		8		0		824		832		8,275		875
Residential mortgage loans	1,630		2		0		0		2		1,632		0
Other collateralized loans	603		0		0		0		0		603		0
Uncollateralized loans	171		0		0		0		0		171		25
Total	$	64,196	$	10	$	0	$	978	$	988	$	65,184	$	1,090

__________

(1)As of December 31, 2025, there were no loans in this category accruing interest.

(2)Includes loans for which no credit losses are expected due to U.S. agency guarantees.

Loans on non-accrual status recognized interest of $0 million and $4 million for the three months ended March 31, 2026 and 2025, respectively. Loans on non-accrual status that did not have a related allowance for credit losses were $250 million and $442 million as of March 31, 2026 and December 31, 2025, respectively.

For the three months ended March 31, 2026 and 2025, there were $30 million and $0 million, respectively, of commercial mortgage loans acquired, other than those through direct origination.

For both the three months ended March 31, 2026 and 2025, there were no commercial mortgage loans sold.

For the three months ended March 31, 2026 and 2025, there were $844 million and $0 million, respectively, of residential mortgage loans acquired.

For both the three months ended March 31, 2026 and 2025, there were $4 million and $0 million, respectively, of residential mortgage loans sold.

The Company did not have any commercial mortgage and other loans purchased with credit deterioration as of both March 31, 2026 and December 31, 2025.

Other Invested Assets

The following table sets forth the composition of “Other invested assets,” as of the dates indicated:


	March 31, 2026		December 31, 2025
	(in millions)
LPs/LLCs:
Equity method:
Private equity	$	10,897	$	10,832
Hedge funds	2,976		2,909
Real estate-related(1)	2,948		2,761
Subtotal equity method	16,821		16,502
Fair value:
Private equity	780		848
Hedge funds	1,913		1,964
Real estate-related	804		810
Subtotal fair value	3,497		3,622
Total LPs/LLCs	20,318		20,124
Real estate held through direct ownership(1)	1,927		1,888
Total alternative assets	22,245		22,012
Credit-like instruments(2)	2,460		1,929
Derivative instruments	1,459		1,667
Other(3)	1,628		1,686
Total other invested assets	$	27,792	$	27,294

_________

(1)As of March 31, 2026 and December 31, 2025, real estate held through direct ownership had mortgage debt of $218 million and $217 million, respectively.

(2)Includes structured debt investments in feeder funds that are consolidated, resulting in the Company reporting the consolidated feeder funds’ proportionate share of the net assets of the master fund within “Other invested assets.”

(3)Primarily includes equity investments accounted for under the measurement alternative, tax advantaged investments, strategic investments made by investment management operations, leveraged leases and member and activity stock held in the Federal Home Loan Bank of New York. For additional information regarding the Company’s holdings in the Federal Home Loan Bank of New York, see Note 18 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Accrued Investment Income

The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:


	March 31, 2026		December 31, 2025
	(in millions)
Fixed maturities	$	3,070	$	3,089
Equity securities	19		11
Commercial mortgage and other loans	263		250
Policy loans	233		230
Other invested assets	10		10
Short-term investments and cash equivalents	38		46
Total accrued investment income	$	3,633	$	3,636

Write-downs on accrued investment income were $1 million for both the three months ended March 31, 2026 and 2025.

Net Investment Income

The following table sets forth “Net investment income” by investment type, for the periods indicated:


	Three Months Ended March 31,
	2026		2025
	(in millions)
Fixed maturities, available-for-sale(1)	$	4,184	$	3,773
Fixed maturities, trading	216		167
Assets supporting experience-rated contractholder liabilities	15		14
Equity securities	65		44
Commercial mortgage and other loans	740		692
Policy loans	122		124
Other invested assets	451		396
Short-term investments and cash equivalents	232		267
Gross investment income	6,025		5,477
Less: investment expenses	(360)		(347)
Net investment income	$	5,665	$	5,130

__________

(1)Includes income on credit-linked notes which are reported on the same financial statement line as related surplus notes, as conditions are met for right to offset.

Realized Investment Gains (Losses), Net

The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:


	Three Months Ended March 31,
	2026		2025
	(in millions)
Fixed maturities(1)	$	(744)	$	(64)
Commercial mortgage and other loans	(6)		(58)
Investment real estate	14		(10)
LPs/LLCs	0		(1)
Derivatives	559		(449)
Ceded (income) loss on funds withheld assets(2)	(195)		(163)
Other	8		15
Realized investment gains (losses), net	$	(364)	$	(730)

__________

(1)Excludes fixed maturity securities classified as trading.

(2)Includes changes in the value of reinsurance and funds withheld payables, primarily reflecting the impact of net investment income on withheld assets that are ceded to certain reinsurance counterparties under modified coinsurance and funds withheld coinsurance arrangements.

Net Unrealized Gains (Losses) on Investments within AOCI

The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:


	March 31, 2026		December 31, 2025
	(in millions)
Fixed maturity securities, available-for-sale with an allowance	$	(4)	$	(4)
Fixed maturity securities, available-for-sale without an allowance	(32,142)		(26,354)
Derivatives designated as cash flow hedges(1)	536		(231)
Derivatives designated as fair value hedges(1)	(139)		(123)
Other investments(2)	60		67
Net unrealized gains (losses) on investments	$	(31,689)	$	(26,645)

__________

(1)For additional information regarding cash flow and fair value hedges, see Note 5.

(2)Includes net unrealized gains (losses) on certain joint ventures that are strategic in nature and are included in “Other assets.”

Repurchase Agreements and Securities Lending

In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. The following table sets forth the composition of “Securities sold under agreements to repurchase,” as of the dates indicated:


	March 31, 2026								December 31, 2025
	Remaining Contractual Maturities of the Agreements								Remaining Contractual Maturities of the Agreements
	Overnight & Continuous		Up to 30 Days		30 to 90 Days		Total		Overnight & Continuous		Up to 30 Days		30 to 90 Days		Total
	(in millions)
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	9,776	$	0	$	0	$	9,776	$	7,277	$	1,701	$	0	$	8,978
U.S. public corporate securities	0		530		0		530		0		527		0		527
Foreign public corporate securities	0		18		0		18		0		18		0		18
Commercial mortgage-backed securities	651		0		0		651		75		0		0		75
Total securities sold under agreements to repurchase	$	10,427	$	548	$	0	$	10,975	$	7,352	$	2,246	$	0	$	9,598

The following table sets forth the composition of “Cash collateral for loaned securities,” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:


	March 31, 2026						December 31, 2025
	Remaining Contractual Maturities of the Agreements						Remaining Contractual Maturities of the Agreements
	Overnight & Continuous		Up to 30 Days		Total		Overnight & Continuous		Up to 30 Days		Total
	(in millions)

Obligations of U.S. states and their political subdivisions	$	40	$	0	$	40	$	45	$	0	$	45
Foreign government securities	179		0		179		226		0		226
U.S. public corporate securities	6,331		64		6,395		7,068		152		7,220
Foreign public corporate securities	1,065		4		1,069		1,157		16		1,173
Equity securities	1,216		6		1,222		36		0		36
Total cash collateral for loaned securities(1)	$	8,831	$	74	$	8,905	$	8,532	$	168	$	8,700

__________

(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.