v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments [Abstract]  
Fixed Maturities, Available-for-sale, Debt 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 LossesFair
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 subdivisions5,540 103 584 0 5,059 
Foreign government securities
60,717 284 13,326 0 47,675 
U.S. public corporate securities117,124 1,316 10,685 20 107,735 
U.S. private corporate securities(1)47,818 912 2,303 109 46,318 
Foreign public corporate securities25,217 260 1,406 27 24,044 
Foreign private corporate securities41,638 961 3,104 91 39,404 
Asset-backed securities(2)21,482 200 66 2 21,614 
Commercial mortgage-backed securities10,154 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 LossesFair
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 subdivisions5,881 138 554 0 5,465 
Foreign government securities
62,469 497 12,352 0 50,614 
U.S. public corporate securities115,160 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 securities24,496 413 1,178 28 23,703 
Foreign private corporate securities41,099 1,638 2,523 55 40,159 
Asset-backed securities(2)19,130 226 26 1 19,329 
Commercial mortgage-backed securities9,958 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.
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
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 subdivisions669 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 securities27,994 672 48,859 9,998 76,853 10,670 
U.S. private corporate securities8,355 157 22,438 2,144 30,793 2,301 
Foreign public corporate securities6,319 132 8,098 1,272 14,417 1,404 
Foreign private corporate securities7,471 267 14,577 2,835 22,048 3,102 
Asset-backed securities9,533 30 655 36 10,188 66 
Commercial mortgage-backed securities1,323 8 5,014 320 6,337 328 
Residential mortgage-backed securities3,092 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 subdivisions399 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 securities9,789 218 52,459 9,114 62,248 9,332 
U.S. private corporate securities3,297 68 24,064 1,895 27,361 1,963 
Foreign public corporate securities2,253 35 8,586 1,142 10,839 1,177 
Foreign private corporate securities849 44 16,286 2,473 17,135 2,517 
Asset-backed securities2,979 6 626 20 3,605 26 
Commercial mortgage-backed securities249 1 5,435 301 5,684 302 
Residential mortgage-backed securities353 2 1,210 153 1,563 155 
Total fixed maturities, available-for-sale$33,698 $976 $147,942 $32,225 $181,640 $33,201 
Fixed Maturities Classified by Contractual Maturity Date
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 CostFair Value
(in millions)
Fixed maturities, available-for-sale:
Due in one year or less$22,569 $22,605 
Due after one year through five years66,157 65,912 
Due after five years through ten years
57,697 56,908 
Due after ten years(1)178,485 147,392 
Asset-backed securities21,482 21,614 
Commercial mortgage-backed securities10,154 9,876 
Residential mortgage-backed securities6,702 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.
Sources of Fixed Maturity Proceeds and Related Investment Gains (Losses) as well as Losses on Impairments
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,
 20262025
 (in millions)
Fixed maturities, available-for-sale:
Proceeds from sales(1)$8,481 $4,912 
Proceeds from maturities/prepayments6,794 5,761 
Gross investment gains from sales and maturities359 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.
Allowance for Credit Losses for Fixed Maturity Securities
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 SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(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 recorded0 0 55 1 0 0 56 
Reductions for securities sold during the period0 0 (2)0 0 0 (2)
Additions (reductions) on securities with previous allowance0 0 35 0 0 0 35 
Write-downs charged against the allowance0 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 SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(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 recorded0 0 16 1 0 0 17 
Reductions for securities sold during the period0 0 (6)0 0 0 (6)
Additions (reductions) on securities with previous allowance0 0 3 0 0 0 3 
Write-downs charged against the allowance0 0 (94)0 0 0 (94)
Balance, end of period$0 $0 $250 $1 $0 $0 $251 
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, 2026December 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 securities2,327 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.
Securities Concentrations of Credit Risk
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, 2026December 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, trading19 18 19 18 
Assets supporting experience-rated contractholder liabilities558 529 536 510 
Total$53,529 $41,172 $55,418 $44,082 
 March 31, 2026December 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 investments1 1 1 1 
Cash equivalents306 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, 2026December 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 %
Retail5,511 8.8 5,680 9.0 
Apartments/Multi-Family18,995 30.3 18,522 29.5 
Industrial16,900 27.0 17,280 27.5 
Hospitality1,627 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 loans54,483 87.1 54,503 86.8 
Agricultural property loans8,105 12.9 8,275 13.2 
Total commercial mortgage and agricultural property loans62,588 100.0 %62,778 100.0 %
Allowance for credit losses(409)(414)
Total net commercial mortgage and agricultural property loans62,179 62,364 
Other loans:
Residential mortgage loans
2,454 1,632 
Uncollateralized loans165 171 
Other collateralized loans692 603 
Total other loans3,311 2,406 
Allowance for credit losses(78)(55)
Total net other loans3,233 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.
Commercial Mortgage Loan Commitments

March 31,
2026		December 31,
2025
 (in millions)
Total outstanding mortgage loan commitments$2,318 $1,851 
Portion of commitment where prearrangement to sell to investor exists$570 $352 
Indemnification of Serviced Mortgage Loans

March 31,
2026		December 31,
2025
 (in millions)
Maximum exposure under indemnification agreements for mortgage loans serviced by the Company$3,846 $3,717 
First-loss exposure portion of above$1,104 $1,068 
Accrued liability associated with guarantees(1)$25 $24 
__________
(1)The accrued liability associated with guarantees includes an allowance for credit losses of $10 million and $11 million as of March 31, 2026 and December 31, 2025, respectively. The change in allowance was $1 million and $0 million for the three months ended March 31, 2026 and 2025, respectively.
Allowance for Credit Losses
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 losses53 2 0 2 1 58 
Allowance, end of period$460 $123 $0 $34 $15 $632 
Financing Receivable Credit Quality Indicators
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
20262025202420232022PriorRevolving LoansTotal
(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 greater0 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 - 1.2x358 502 416 498 207 972 11 2,964 
Less than 1.0x0 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 greater0 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 - 1.2x5 0 26 41 64 235 0 371 
Less than 1.0x0 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
20222021PriorRevolving LoansTotal
(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 greater0 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 - 1.2x463 534 499 238 82 885 17 2,718 
Less than 1.0x98 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 greater4 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 - 1.2x0 19 40 65 62 148 0 334 
Less than 1.0x0 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 
Amortized Cost Basis of Loan Modifications made to Borrowers Experiencing Financial Difficulties
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,
20262025
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 %
Aging of Past Due Commercial Mortgage and Other Loans and Nonaccrual Status
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
 Current30-59 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 loans7,350 23 11 721 755 8,105 754 
Residential mortgage loans
2,413 33 6 2 41 2,454 2 
Other collateralized loans692 0 0 0 0 692 0 
Uncollateralized loans165 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
 Current30-59 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 loans7,443 8 0 824 832 8,275 875 
Residential mortgage loans
1,630 2 0 0 2 1,632 0 
Other collateralized loans603 0 0 0 0 603 0 
Uncollateralized loans171 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.
(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.
Other Invested Assets
The following table sets forth the composition of “Other invested assets,” as of the dates indicated:

March 31, 2026December 31, 2025
 (in millions)
LPs/LLCs:
Equity method:
Private equity$10,897 $10,832 
Hedge funds2,976 2,909 
Real estate-related(1)
2,948 2,761 
Subtotal equity method16,821 16,502 
Fair value:
Private equity780 848 
Hedge funds1,913 1,964 
Real estate-related804 810 
Subtotal fair value3,497 3,622 
Total LPs/LLCs20,318 20,124 
Real estate held through direct ownership(1)
1,927 1,888 
Total alternative assets22,245 22,012 
Credit-like instruments(2)
2,460 1,929 
Derivative instruments1,459 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, 2026December 31, 2025
 (in millions)
Fixed maturities$3,070 $3,089 
Equity securities19 11 
Commercial mortgage and other loans263 250 
Policy loans233 230 
Other invested assets10 10 
Short-term investments and cash equivalents38 46 
Total accrued investment income$3,633 $3,636 
Net Investment Income
The following table sets forth “Net investment income” by investment type, for the periods indicated: 

 Three Months Ended
March 31,
 20262025
 (in millions)
Fixed maturities, available-for-sale(1)$4,184 $3,773 
Fixed maturities, trading216 167 
Assets supporting experience-rated contractholder liabilities15 14 
Equity securities65 44 
Commercial mortgage and other loans740 692 
Policy loans122 124 
Other invested assets
451 396 
Short-term investments and cash equivalents232 267 
Gross investment income6,025 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,
 20262025
 (in millions)
Fixed maturities(1)$(744)$(64)
Commercial mortgage and other loans(6)(58)
Investment real estate14 (10)
LPs/LLCs0 (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 Investment
The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:

March 31, 2026December 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 The following table sets forth the composition of “Securities sold under agreements to repurchase,” as of the dates indicated:
March 31, 2026December 31, 2025
Remaining Contractual Maturities of the AgreementsRemaining Contractual Maturities of the Agreements
 Overnight & ContinuousUp to 30 Days30 to 90 DaysTotal  Overnight & ContinuousUp to 30 Days30 to 90 DaysTotal
(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 securities651 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, 2026December 31, 2025
Remaining Contractual Maturities of the AgreementsRemaining Contractual Maturities of the Agreements
 Overnight & ContinuousUp to 30 DaysTotal  Overnight & ContinuousUp to 30 DaysTotal
(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 securities6,331 64 6,395 7,068 152 7,220 
Foreign public corporate securities1,065 4 1,069 1,157 16 1,173 
Equity securities1,216 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.