INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Investments [Line Items]

The amortized cost and allowance for credit losses for the Company's investments in fixed maturity securities and the fair values of these investments as well as the fair value of the Company's investments in equity securities are presented in the following tables.


	March 31, 2026
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities available-for-sale, carried at fair value through other comprehensive income:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	17,439	$	0	$	27	$	4,099	$	13,367
Municipalities	838		0		2		163		677
Mortgage- and asset-backed securities	417		0		1		43		375
Public utilities	2,467		0		85		204		2,348
Sovereign and supranational	323		0		6		20		309
Banks/financial institutions	5,374		0		139		554		4,959
Other corporate	5,346		0		277		632		4,991
Total yen-denominated	32,204		0		537		5,715		27,026
U.S. dollar-denominated:
U.S. government and agencies	207		0		1		3		205
Municipalities	1,180		0		82		61		1,201
Mortgage- and asset-backed securities	4,410		0		245		40		4,615
Public utilities	4,241		0		438		127		4,552
Sovereign and supranational	58		0		18		0		76
Banks/financial institutions	3,788		0		480		33		4,235
Other corporate	19,250		0		2,621		679		21,192
Total U.S. dollar-denominated	33,134		0		3,885		943		36,076
Other currencies:
Mortgage- and asset-backed securities	43		0		4		0		47
Public utilities	51		0		3		0		54
Other corporate	24		0		1		0		25
Total other currencies	118		0		8		0		126
Total securities available-for-sale	$	65,456	$	0	$	4,430	$	6,658	$	63,228


	December 31, 2025
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities available-for-sale, carried at fair value through other comprehensive income:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	18,063	$	0	$	41	$	3,727	$	14,377
Municipalities	856		0		5		145		716
Mortgage- and asset-backed securities	297		0		1		38		260
Public utilities	2,519		0		123		174		2,468
Sovereign and supranational	330		0		7		13		324
Banks/financial institutions	5,382		0		170		477		5,075
Other corporate	5,438		0		357		534		5,261
Total yen-denominated	32,885		0		704		5,108		28,481
U.S. dollar-denominated:
U.S. government and agencies	230		0		2		2		230
Municipalities	1,185		0		83		54		1,214
Mortgage- and asset-backed securities	3,854		0		239		35		4,058
Public utilities	4,292		0		465		107		4,650
Sovereign and supranational	57		0		21		0		78
Banks/financial institutions	3,672		0		518		21		4,169
Other corporate	18,967		0		2,740		597		21,110
Total U.S. dollar-denominated	32,257		0		4,068		816		35,509
Other currencies:
Mortgage- and asset-backed securities	44		0		4		0		48
Public utilities	52		0		4		0		56
Other corporate	25		0		2		0		27
Total other currencies	121		0		10		0		131
Total securities available-for-sale	$	65,263	$	0	$	4,782	$	5,924	$	64,121

Held-to-Maturity Securities


	March 31, 2026
(In millions)	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities held-to-maturity, carried at amortized cost:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	15,137	$	1	$	15,136	$	12	$	971	$	14,177
Municipalities	230		0		230		0		13		217

Public utilities	31		0		31		0		4		27
Sovereign and supranational	342		3		339		2		8		333

Other corporate	16		0		16		0		1		15
Total yen-denominated	15,756		4		15,752		14		997		14,769
Total securities held-to-maturity	$	15,756	$	4	$	15,752	$	14	$	997	$	14,769


	December 31, 2025
(In millions)	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities held-to-maturity, carried at amortized cost:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	15,461	$	2	$	15,459	$	81	$	713	$	14,827
Municipalities	235		0		235		0		6		229
Public utilities	32		0		32		0		3		29
Sovereign and supranational	381		3		378		6		9		375
Other corporate	16		0		16		0		0		16
Total yen-denominated	16,125		5		16,120		87		731		15,476
Total securities held-to-maturity	$	16,125	$	5	$	16,120	$	87	$	731	$	15,476

Equity Securities, FV-NI


	March 31, 2026			December 31, 2025
(In millions)	Fair Value			Fair Value
Equity securities, carried at fair value through net earnings:
Equity securities:
Yen-denominated		$	618		$	609
U.S. dollar-denominated		233			278

Total equity securities		$	851		$	887

Investments Classified by Contractual Maturity Date

The contractual and economic maturities of the Company's investments in fixed maturity securities at March 31, 2026, were as follows:


(In millions)	Amortized Cost (1)			Fair Value
Available-for-sale:
Due in one year or less		$	1,674		$	1,744
Due after one year through five years		7,813			8,682
Due after five years through 10 years		15,925			16,516
Due after 10 years		35,174			31,249
Mortgage- and asset-backed securities		4,870			5,037
Total fixed maturity securities available-for-sale		$	65,456		$	63,228
Held-to-maturity:
Due in one year or less		$	0		$	0
Due after one year through five years		2,819			2,824
Due after five years through 10 years		5,788			5,755
Due after 10 years		7,145			6,190

Total fixed maturity securities held-to-maturity		$	15,752		$	14,769

(1) Net of allowance for credit losses

Investment Exposures Exceeding Ten Percent Shareholders' Equity

Investment exposures that individually exceeded 10% of shareholders' equity were as follows:

March 31, 2026

December 31, 2025

(In millions)

Credit
Rating

Amortized
Cost

Fair
Value

Credit
Rating

Amortized
Cost

Fair
Value

Japan National Government(1)

A+

$31,756

$26,885

A+

$32,618

$28,434

(1) Japan Government Bonds (JGBs) or JGB-backed securities

Gain (Loss) on Investments

Information regarding pretax net investment gains and losses was as follows:


	Three Months Ended March 31,
(In millions)		2026		2025
Net investment gains (losses):
Sales and redemptions:
Fixed maturity securities available-for-sale:
Gross gains from sales		$	1	$	114
Gross losses from sales		(141)		(235)
Foreign currency gains (losses)		126		161
Other investments:
Gross gains (losses) from sales and redemptions		(2)		1


Total sales and redemptions		(16)		41
Equity securities		(14)		(61)


Real estate owned impairments		(24)		0
Credit losses:

Fixed maturity securities held-to-maturity		1		0
Commercial mortgage and other loans		(50)		(53)

Loan commitments		2		(2)
Reinsurance recoverables and other		(14)		0
Total credit losses		(61)		(55)
Derivatives and other:
Derivative gains (losses)		(95)		(45)
Foreign currency gains (losses)		259		(843)
Total derivatives and other		164		(888)
Total net investment gains (losses)		$	49	$	(963)

Net Effect on Shareholders' Equity of Unrealized Gains and Losses from Investment Securities

The net effect on shareholders’ equity of unrealized gains and losses from fixed maturity securities was as follows:


(In millions)	March 31, 2026			December 31, 2025
Unrealized gains (losses) on securities available-for-sale		$	(2,228)		$	(1,142)
Deferred income taxes		(437)			(667)
Shareholders’ equity, unrealized gains (losses) on fixed maturity securities		$	(2,665)		$	(1,809)

Investments Gross Unrealized Loss Aging

The following tables present the fair values and gross unrealized losses of the Company's available-for-sale securities for the periods ended March 31, 2026 and December 31, 2025, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.


	March 31, 2026
	Total						Less than 12 months						12 months or longer
(In millions)	Fair Value			Unrealized Losses			Fair Value			Unrealized Losses			Fair Value			Unrealized Losses
Fixed maturity securities available- for-sale:
U.S. government and agencies:
U.S. dollar-denominated		$	166		$	3		$	130		$	1		$	36		$	2
Japan government and agencies:
Yen-denominated		12,636			4,099			5,083			305			7,553			3,794
Municipalities:
U.S. dollar-denominated		612			61			92			6			520			55
Yen-denominated		487			163			222			13			265			150
Mortgage- and asset- backed securities:
U.S. dollar-denominated		1,022			40			674			7			348			33
Yen-denominated		314			43			152			3			162			40
Public utilities:
U.S. dollar-denominated		1,279			127			499			9			780			118
Yen-denominated		1,005			204			211			7			794			197

Sovereign and supranational:

Yen-denominated		262			20			224			8			38			12
Banks/financial institutions:
U.S. dollar-denominated		695			33			534			8			161			25
Yen-denominated		3,439			554			778			54			2,661			500
Other corporate:
U.S. dollar-denominated		5,644			679			2,158			31			3,486			648
Yen-denominated		2,670			632			989			63			1,681			569
Total		$	30,231		$	6,658		$	11,746		$	515		$	18,485		$	6,143


	December 31, 2025
	Total						Less than 12 months						12 months or longer
(In millions)	Fair Value			Unrealized Losses			Fair Value			Unrealized Losses			Fair Value			Unrealized Losses
Fixed maturity securities available- for-sale:
U.S. government and agencies:
U.S. dollar-denominated		$	37		$	2		$	0		$	0		$	37		$	2
Japan government and agencies:
Yen-denominated		13,521			3,727			7,966			692			5,555			3,035
Municipalities:
U.S. dollar-denominated		630			54			8			0			622			54
Yen-denominated		520			145			234			6			286			139
Mortgage- and asset- backed securities:
U.S. dollar-denominated		547			35			217			5			330			30
Yen-denominated		183			38			9			1			174			37
Public utilities:
U.S. dollar-denominated		1,055			107			169			2			886			105
Yen-denominated		838			174			0			0			838			174
Sovereign and supranational:

Yen-denominated		276			13			236			0			40			13
Banks/financial institutions:
U.S. dollar-denominated		252			21			62			0			190			21
Yen-denominated		3,467			477			495			26			2,972			451
Other corporate:
U.S. dollar-denominated		4,535			597			620			5			3,915			592
Yen-denominated		2,395			534			640			33			1,755			501
Total		$	28,256		$	5,924		$	10,656		$	770		$	17,600		$	5,154

Commercial Mortgage and Other Loans by Property Type

The following table presents the composition of the carrying value for commercial mortgage and other loans by property type as of the periods presented.


	March 31, 2026				December 31, 2025
(In millions)	Amortized Cost		% of Total		Amortized Cost		% of Total
Commercial mortgage and other loans:
Transitional real estate loans:
Office	$	1,232	12.1	%	$	1,229	12.1	%
Retail	250		2.4		267		2.6
Apartments/Multi-Family	1,422		13.9		1,555		15.3
Industrial	75		.7		75		.7
Hospitality	521		5.1		522		5.1
Other	239		2.3		240		2.4
Total transitional real estate loans	3,739		36.5		3,888		38.2
Commercial mortgage loans:
Office	254		2.5		255		2.5
Retail	215		2.1		217		2.1
Apartments/Multi-Family	523		5.1		539		5.3
Industrial	423		4.1		427		4.2

Other	27		.3		14		.1
Total commercial mortgage loans	1,442		14.1		1,452		14.2
Middle market loans	4,498		44.0		4,404		43.2
Other loans	548		5.4		447		4.4
Total commercial mortgage and other loans	$	10,227	100.0	%	$	10,191	100.0	%
Allowance for credit losses	(457)				(426)
Total net commercial mortgage and other loans	$	9,770			$	9,765

Financing Receivable Nonaccrual

The following tables present an aging of past due and nonaccrual loans at amortized cost, before allowance for credit losses, as of the periods presented.


	March 31, 2026
(In millions)	Current		Less Than 90 Days Past Due		90 Days or More Past Due(1)		Total Past Due		Total Loans		Nonaccrual Status
Transitional real estate loans	$	3,179	$	94	$	466	$	560	$	3,739	$	576
Commercial mortgage loans	1,442		0		0		0		1,442		0
Middle market loans	4,367		33		98		131		4,498		98
Other loans	548		0		0		0		548		0
Total	$	9,536	$	127	$	564	$	691	$	10,227	$	674

(1) As of March 31, 2026, there were no loans that were 90 days or more past due that continued to accrue interest.


	December 31, 2025
(In millions)	Current		Less Than 90 Days Past Due		90 Days or More Past Due(1)		Total Past Due		Total Loans		Nonaccrual Status
Transitional real estate loans	$	3,418	$	0	$	470	$	470	$	3,888	$	545
Commercial mortgage loans	1,452		0		0		0		1,452		0
Middle market loans	4,263		58		83		141		4,404		98
Other loans	447		0		0		0		447		0
Total	$	9,580	$	58	$	553	$	611	$	10,191	$	643

(1) As of December 31, 2025, there were no loans that were 90 days or more past due that continued to accrue interest.

Effect of Loan Modifications

The following tables present the amortized cost basis of modified loans to borrowers experiencing financial difficulty and the financial effect of the modifications, disaggregated by loan classification and type of modification.

Three Months Ended

March 31, 2026

(In millions)

Amortized Cost (1)

% of Total

Financial Effect

Middle market loans:

Principal forgiveness and term extension

Reduction in the amortized cost basis of $11 million and term extension of 13 months on average

(1) Net of allowance for credit losses


Three Months Ended March 31, 2025
(In millions)	Amortized Cost (1)		% of Total		Financial Effect







Middle market loans:
Principal forgiveness	$	1	0.0	%	Reduction in the amortized cost basis of $3 million
Term extension	33		1.0		Term extension of six months on average
Other-than-insignificant payment delays	47		1.0		Delay in principal and interest payments of 23 months on average

(1) Net of allowance for credit losses

Loan Performance After Modifications

The following tables present an aging of loans that received modifications in the 12 months preceding the period presented, at amortized cost.


	March 31, 2026
(In millions)	Current		Less Than 90 Days Past Due		90 Days or More Past Due		Nonaccrual Status
Transitional real estate loans	$	263	$	0	$	43	$	43

Middle market loans	68		9		0		0

Total	$	331	$	9	$	43	$	43


	March 31, 2025
(In millions)	Current		Less Than 90 Days Past Due		90 Days or More Past Due		Nonaccrual Status
Transitional real estate loans	$	347	$	0	$	0	$	0

Middle market loans	96		0		0		20

Total	$	443	$	0	$	0	$	20

Allowance for Loan Losses by Portfolio Segment

The following table presents the roll forward of the allowance for credit losses by portfolio segment for loans and by accounting classification for securities.


(In millions)	Transitional Real Estate Loans		Commercial Mortgage Loans		Middle Market Loans		Other Loans and Loan Commitments		Held-to- Maturity Securities		Available- for-Sale Securities		Total
Three Months Ended March 31, 2026:
Balance at December 31, 2025	$	(277)	$	(9)	$	(138)	$	(17)	$	(5)	$	0	$	(446)
(Addition to) release of allowance for credit losses	(17)		3		(36)		2		1		0		(47)
Writeoffs, net of recoveries	8		0		11		0		0		0		19
Change in foreign exchange	0		0		0		0		0		0		0
Balance at March 31, 2026	$	(286)	$	(6)	$	(163)	$	(15)	$	(4)	$	0	$	(474)
Three Months Ended March 31, 2025:
Balance at December 31, 2024	$	(199)	$	(14)	$	(140)	$	(17)	$	(5)	$	0	$	(375)
(Addition to) release of allowance for credit losses	(28)		(1)		(24)		(2)		0		0		(55)
Writeoffs, net of recoveries	24		0		14		0		0		0		38
Change in foreign exchange	0		0		0		0		0		0		0
Balance at March 31, 2025	$	(203)	$	(15)	$	(150)	$	(19)	$	(5)	$	0	$	(392)

Other Investments

The table below presents the composition of the carrying value for other investments as of the periods presented.


(In millions)	March 31, 2026			December 31, 2025
Other investments:
Policy loans		$	205		$	210
Short-term investments (1)		2,616			1,373
Limited partnerships (2)		4,226			4,109
Real estate owned		853			902
Other		37			28
Total other investments		$	7,937		$	6,622

(1) Includes securities lending collateral

(2) Includes tax credit investments and asset classes such as private equity and real estate funds

Securities Lending Transactions Accounted for as Secured Borrowings

Details of the collateral by loaned security type and remaining maturity of the agreements were as follows:


Securities Lending Transactions Accounted for as Secured Borrowings
Remaining Contractual Maturity of the Agreements
	March 31, 2026								December 31, 2025
(In millions)	Overnight and Continuous(1)		Up to 30 days		30-90 days		Total		Overnight and Continuous(1)		Up to 30 days		30-90 days		Total
Securities lending transactions:
Fixed maturity securities:
Japan government and agencies	$	0	$	2,250	$	2,810	$	5,060	$	0	$	1,591	$	1,329	$	2,920

Public utilities	61		0		0		61		54		0		0		54

Banks/financial institutions	257		0		0		257		150		0		0		150
Other corporate	1,036		0		0		1,036		865		0		0		865

Total borrowings	$	1,354	$	2,250	$	2,810	$	6,414	$	1,069	$	1,591	$	1,329	$	3,989
Gross amount of recognized liabilities for securities lending transactions							$	6,414							$	3,989

(1) The related loaned security, under the Company's U.S. securities lending program, can be returned to the Company at the transferee's discretion; therefore, they are classified as Overnight and Continuous.

Variable Interest Entity, Consolidated

Schedule of Investments [Line Items]

Investments in Variable Interest Entities

The following table presents the carrying value and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported.

Investments in Consolidated Variable Interest Entities


(In millions)	March 31, 2026			December 31, 2025
Assets: (1)
Fixed maturity securities available-for-sale		$	3,545		$	3,636

Commercial mortgage and other loans		7,907			7,896
Other investments (2)		2,331			2,320

Other assets (3)		43			45
Total assets of consolidated VIEs		$	13,826		$	13,897
Liabilities:
Other liabilities (3)		$	806		$	765
Total liabilities of consolidated VIEs		$	806		$	765

(1) As of March 31, 2026, the Company's investments in consolidated VIEs also held cash and cash equivalents of $975 million, of which $709 million was restricted.

(2) Consists entirely of alternative investments in limited partnerships, which represent VIEs where the Company is not the primary beneficiary and therefore are not consolidated

(3) Consists entirely of derivatives

Variable Interest Entity, Not Consolidated

Schedule of Investments [Line Items]

Investments in Variable Interest Entities

The table below presents the carrying value and balance sheet caption in which the Company's investments in VIEs that are not consolidated are reported.

Investments in Variable Interest Entities Not Consolidated


(In millions)	March 31, 2026			December 31, 2025
Assets:
Fixed maturity securities available-for-sale		$	7,206		$	6,750
Other investments (1)		1,721			1,603
Total investments in VIEs not consolidated		$	8,927		$	8,353

(1) Consists entirely of alternative investments in limited partnerships

Transitional real estate loans

Schedule of Investments [Line Items]

Financing Receivable Credit Quality Indicators

The following tables present as of March 31, 2026 the amortized cost basis of TREs, CMLs, MMLs, and other loans by year of origination and key credit quality indicator.


Transitional Real Estate Loans
(In millions)	2026		2025		2024		2023		2022		Prior		Total
Loan-to-Value Ratio:
0%-59.99%	$	0	$	0	$	0	$	0	$	317	$	274	$	591
60%-69.99%	0		0		0		27		394		854		1,275
70%-79.99%	0		0		0		14		628		462		1,104
80% or greater	63		0		0		0		155		551		769
Total	$	63	$	0	$	0	$	41	$	1,494	$	2,141	$	3,739
Current-period gross writeoffs:	$	0	$	0	$	0	$	0	$	8	$	0	$	8

Commercial mortgage loans

Schedule of Investments [Line Items]

Financing Receivable Credit Quality Indicators


Commercial Mortgage Loans
(In millions)	2026		2025		2024		2023		2022		Prior		Total		Weighted-Average DSCR
Loan-to-Value Ratio:
0%-59.99%	$	0	$	11	$	0	$	32	$	0	$	1,182	$	1,225	2.73
60%-69.99%	13		20		0		0		0		63		96		2.02
70%-79.99%	0		0		0		0		0		32		32		1.49
80% or greater	0		0		12		0		0		77		89		1.05
Total	$	13	$	31	$	12	$	32	$	0	$	1,354	$	1,442	2.55
Weighted Average DSCR	1.52		1.83		1.09		2.56		0.00		2.59
Current-period gross writeoffs:	$	0	$	0	$	0	$	0	$	0	$	0	$	0

Middle market loans

Schedule of Investments [Line Items]

Financing Receivable Credit Quality Indicators


Middle Market Loans
(In millions)	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total
Credit Ratings:
BBB	$	0	$	21	$	55	$	37	$	0	$	95	$	10	$	218
BB	164		388		533		73		312		805		67		2,342
B	0		248		132		45		253		690		37		1,405
CCC	0		25		3		0		34		300		31		393
CC	0		5		2		0		9		67		6		89
C and lower	6		0		0		0		0		40		5		51
Total	$	170	$	687	$	725	$	155	$	608	$	1,997	$	156	$	4,498
Current-period gross writeoffs:	$	0	$	0	$	0	$	0	$	0	$	11	$	0	$	11

Other loans

Schedule of Investments [Line Items]

Financing Receivable Credit Quality Indicators


Other Loans
(In millions)	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total
Credit Ratings:
A	$	0	$	0	$	0	$	0	$	64	$	0	$	0	$	64
AA	0		0		0		0		8		3		0		11
BBB	74		36		249		0		25		24		0		408
BB	0		0		0		65		0		0		0		65




Total	$	74	$	36	$	249	$	65	$	97	$	27	$	0	$	548
Current-period gross writeoffs:	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0