v3.26.1
Lending Activities (Tables)
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Schedule of Composition of Mortgages and Other Loans Receivable
The following table presents the composition of Mortgage and other loans receivable, net:
(in millions)March 31, 2026December 31, 2025
Commercial mortgages(a)
$36,846$37,009
Residential mortgages13,89713,839
Life insurance policy loans1,6851,694
Commercial loans, other loans and notes receivable(b)
2,6782,666
Total mortgage and other loans receivable55,10655,208
Allowance for credit losses(c)
(753)(727)
Mortgage and other loans receivable, net$54,353$54,481
(a)Commercial mortgages primarily represent loans for apartments, offices and industrial properties, with exposures in New York and California representing the largest geographic concentrations (aggregating approximately 17% and 10%, respectively, at March 31, 2026, and 17% and 10%, respectively, at December 31, 2025). The weighted average loan-to-value ratio for NY and CA was 67% and 57% at March 31, 2026, respectively, and 66% and 57% at December 31, 2025, respectively. The debt service coverage ratio for NY and CA was 1.9X and 2.1X at March 31, 2026, respectively, and 1.9X and 2.1X at December 31, 2025, respectively.
(b)There were no loans that were held for sale which are carried at lower of cost or market as of March 31, 2026 and December 31, 2025.
(c)Does not include allowance for credit losses of $7 million and $7 million at March 31, 2026 and December 31, 2025, respectively, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.
Schedule of Credit Quality
The following table presents debt service coverage ratios for commercial mortgages by year of vintage*:
March 31, 2026
(in millions)20262025202420232022PriorTotal
>1.2X$1,017$4,648$3,932$1,615$5,631$15,880$32,723
1.00 - 1.20X461841872794651,9633,124
<1.00X———2342934999
Total commercial mortgages$1,063$4,832$4,119$1,917$6,138$18,777$36,846
December 31, 2025
(in millions)20252024202320222021PriorTotal
>1.2X$4,633$4,154$1,695$5,876$2,333$14,172$32,863
1.00 - 1.20X185217275464731,9323,146
<1.00X——2342928431,000
Total commercial mortgages$4,818$4,371$1,993$6,382$2,498$16,947$37,009
*The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.9X at both periods ended March 31, 2026 and December 31, 2025. The debt service coverage ratios are updated when additional relevant information becomes available.
The following table presents loan-to-value ratios for commercial mortgages by year of vintage*:
March 31, 2026
(in millions)20262025202420232022PriorTotal
Less than 65%$913$4,025$3,560$1,798$3,582$11,525$25,403
65% to 75%150807559961,8744,9838,469
76% to 80%————310588898
Greater than 80%———233721,6812,076
Total commercial mortgages$1,063$4,832$4,119$1,917$6,138$18,777$36,846
December 31, 2025
(in millions)20252024202320222021PriorTotal
Less than 65%$4,007$3,806$1,824$3,731$1,815$10,145$25,328
65% to 75%8115651462,2754214,7768,994
76% to 80%———142549592
Greater than 80%——233752201,4772,095
Total commercial mortgages$4,818$4,371$1,993$6,382$2,498$16,947$37,009
*The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 61% at March 31, 2026 and 60% at December 31, 2025. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.
The following table presents the credit quality performance indicators for commercial mortgages:
(dollars in millions)Number
of
Loans		ClassPercent
 of
Total
 ApartmentsOfficesRetailIndustrialHotelOthers
Total
March 31, 2026
Credit Quality Performance Indicator:
In good standing564$13,894$7,478$3,916$8,320$1,921$777$36,30699%
90 days or less delinquent
—————————%
>90 days delinquent or in process of foreclosure(a)
4—354186———5401%
Total(b)
568$13,894$7,832$4,102$8,320$1,921$777$36,846100%
Allowance for credit losses$26$355$181$8$25$2$5972 %
(dollars in millions)Number
of
Loans		ClassPercent
 of
Total
 ApartmentsOfficesRetailIndustrialHotelOthers
Total
December 31, 2025
Credit Quality Performance Indicator:
In good standing576$13,688$7,675$4,114$8,163$2,037$778$36,45599%
90 days or less delinquent
1—15————15—%
>90 days delinquent or in
process of foreclosure
41352186———5391%
Total(b)
581$13,689$8,042$4,300$8,163$2,037$778$37,009100%
Allowance for credit losses$28$360$164$14$27$1$5942 %
(a)Includes $21 million of Retail loans and $13 million of Office loans supporting the Fortitude Re Funds Withheld arrangements, greater than 90 days delinquent or in process of foreclosure, at March 31, 2026
(b)Does not reflect allowance for credit losses.
The following table presents credit quality performance indicators for residential mortgages by year of vintage:
March 31, 2026
(in millions)20262025202420232022PriorTotal
FICO*:
780 and greater$71$694$1,003$556$614$3,438$6,376
720 - 7791811,0371,6959055191,0505,387
660 - 719402855692751644921,825
600 - 659———924169202
Less than 600———92078107
Total residential mortgages$292$2,016$3,267$1,754$1,341$5,227$13,897
December 31, 2025
(in millions)20252024202320222021PriorTotal
FICO*:
780 and greater$595$974$570$616$2,129$1,384$6,268
720 - 7791,0441,7409265295095435,291
660 - 7192875782921801253491,811
600 - 65910754172815158379
Less than 600——51276690
Total residential mortgages$2,033$3,346$1,810$1,365$2,785$2,500$13,839
    
*Fair Isaac Corporation (“FICO”) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated within the last twelve months. FICO scores for residential mortgage investor loans to corporate entities are those of the guarantor at time of purchase. On March 31, 2026 and December 31, 2025 residential loans direct to consumers totaled $7.7 billion and $7.8 billion, respectively.
Schedule of Allowance for Credit Losses
The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable*:
Three Months Ended March 31,20262025
(in millions)Commercial MortgagesOther LoansTotalCommercial MortgagesOther LoansTotal
Allowance, beginning of period$594$133$727$626$145$771
Loans charged off(5)(2)(7)(8)—(8)
Net charge-offs(5)(2)(7)(8)—(8)
Addition to (release of) allowance for loan losses8253338(9)29 
Allowance, end of period$597$156$753$656$136$792
*Does not include allowance for credit losses of $7 million and $9 million, respectively at March 31, 2026 and, 2025, in relation to the off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities in the Condensed Consolidated Balance Sheets.