v3.26.1
Commitments and Contingent Liabilities (Tables)
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Mortgage 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.
Commitments to Purchase Investments (excluding Commercial Mortgage Loans)
Commitments to Purchase Investments (excluding Commercial Mortgage Loans)

March 31,
2026		December 31,
2025
 (in millions)
Expected to be funded from the general account and other operations outside the separate accounts$13,078 $13,205 
Expected to be funded from separate accounts$369 $339 
Indemnification of Securities Lending and Securities Repurchase Transactions Indemnification of Securities Lending and Securities Repurchase Transactions
March 31,
2026		December 31,
2025
 (in millions)
Indemnification provided to certain clients for securities lending and securities repurchase transactions(1)$4,978 $4,459 
Fair value of related collateral associated with above indemnifications(1)
$5,090 $4,558 
Accrued liability associated with guarantee$0 $0 
__________ 
(1)Includes $0 million related to securities repurchase transactions as of March 31, 2026 and December 31, 2025.
Guarantees
Guarantees of Asset Values

March 31,
2026		December 31,
2025
 (in millions)
Guaranteed value of third-parties’ assets$75,016 $75,883 
Fair value of collateral supporting these assets$73,266 $73,511 
Asset (liability) associated with guarantee, carried at fair value$0 $0 
Other Guarantees

March 31,
2026		December 31,
2025
 (in millions)
Other guarantees where amount can be determined$290 $290 
Accrued liability for other guarantees and indemnifications$31 $31