INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-Sale Fixed Maturities by Classification

The following tables provide information relating to the Company’s fixed maturities classified as AFS:

AFS Fixed Maturities by Classification


	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
March 31, 2026
Fixed Maturities:
Corporate (1)	$	49,712	$	8	$	401	$	4,395	$	45,710
U.S. Treasury, government and agency	5,058		—		1		1,359		3,700
States and political subdivisions	378		—		2		72		308
Foreign governments	553		—		1		84		470
Residential mortgage-backed (2)	7,673		—		50		119		7,604
Asset-backed (3)	16,336		—		72		81		16,327
Commercial mortgage-backed	4,880		—		14		262		4,632
Redeemable preferred stock	54		—		3		—		57
Total at March 31, 2026	$	84,644	$	8	$	544	$	6,372	$	78,808

December 31, 2025:
Fixed Maturities:
Corporate (1)	$	48,193	$	—	$	658	$	4,010	$	44,841
U.S. Treasury, government and agency	5,040		—		1		1,304		3,737
States and political subdivisions	378		—		3		71		310
Foreign governments	556		—		3		77		482
Residential mortgage-backed (2)	7,093		—		85		92		7,086
Asset-backed (3)	15,978		—		126		46		16,058
Commercial mortgage-backed	4,814		—		26		250		4,590
Redeemable preferred stock	54		—		4		—		58
Total at December 31, 2025	$	82,106	$	—	$	906	$	5,850	$	77,162

______________

(1)Corporate fixed maturities include both public and private issues.

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

(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.

Schedule of Contractual Maturities of Available-for-Sale Fixed Maturities

The contractual maturities of AFS fixed maturities as of March 31, 2026 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or pre-pay obligations with or without call or pre-payment penalties.

Contractual Maturities of AFS Fixed Maturities


	Amortized Cost (Less Allowance for Credit Losses)		Fair Value
	(in millions)
March 31, 2026
Contractual maturities:
Due in one year or less	$	2,563	$	2,548
Due in years two through five	16,555		16,312
Due in years six through ten	17,150		16,732
Due after ten years	19,425		14,596
Subtotal	55,693		50,188
Residential mortgage-backed	7,673		7,604
Asset-backed	16,336		16,327
Commercial mortgage-backed	4,880		4,632
Redeemable preferred stock	54		57
Total at March 31, 2026	$	84,636	$	78,808

Schedule of Proceeds and Gains (Losses) on Sales for Available-for-Sale Fixed Maturities

The following table shows proceeds from sales, gross gains (losses) from sales and allowance for credit losses for AFS fixed maturities:

Proceeds from Sales, Gross Gains (Losses) from Sales and Allowance for Credit and Intent to Sell Losses for AFS Fixed Maturities


	Three Months Ended March 31,
		2026		2025
		(in millions)
Proceeds from sales		$	155	$	1,302
Gross gains on sales		$	2	$	2
Gross losses on sales		$	(3)	$	(3)

Net (increase) decrease in Allowance for Credit and Intent to Sell losses		$	(20)	$	(6)

Schedule of Debt Securities, Available-for-Sale, Allowance for Credit Loss

The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts:

AFS Fixed Maturities - Credit and Intent to Sell Loss Impairments


	Three Months Ended March 31,
		2026		2025
		(in millions)
Balance, beginning of period		$	54	$	47
Previously recognized impairments on securities that matured, paid, prepaid or sold		(1)		—
Recognized impairments on securities impaired to fair value this period (1)		4		—
Credit losses recognized this period on securities for which credit losses were not previously recognized		12		5
Additional credit losses this period on securities previously impaired		2		1


Balance, end of period		$	71	$	53

______________

(1)Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.

Schedule of Net Unrealized Gains (Losses) on Available-for-Sale Fixed Maturities

The tables below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI:

Net Unrealized Gains (Losses) on AFS Fixed Maturities


	Three Months Ended March 31, 2026
	Net Unrealized Gains (Losses) on Investments		Policyholders’ Liabilities		Deferred Income Tax Asset (Liability)		AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
	(in millions)
Balance, beginning of period	$	(4,944)	$	24	$	10	$	(4,910)
Net investment gains (losses) arising during the period	(898)		—		—		(898)
Reclassification adjustment:
Included in net income (loss)	20		—		—		20
Excluded from net income (loss)	—		—		—		—
Other	—		—		(4)		(4)
Impact of net unrealized investment gains (losses)	—		(5)		186		181
Net unrealized investment gains (losses) excluding credit losses	(5,822)		19		192		(5,611)
Net unrealized investment gains (losses) with credit losses	(6)		—		1		(5)
Balance, end of period	$	(5,828)	$	19	$	193	$	(5,616)

	Three Months Ended March 31, 2025
Balance, beginning of period	$	(8,074)	$	71	$	464	$	(7,539)
Net investment gains (losses) arising during the period	844		—		—		844
Reclassification adjustment:
Included in net income (loss)	8		—		—		8

Other	—		—		(8)		(8)
Impact of net unrealized investment gains (losses)	—		(5)		(178)		(183)
Net unrealized investment gains (losses) excluding credit losses	(7,222)		66		278		(6,878)
Net unrealized investment gains (losses) with credit losses	(4)		—		1		(3)
Balance, end of period	$	(7,226)	$	66	$	279	$	(6,881)

Schedule of Continuous Gross Unrealized Losses for Available-for-Sale Fixed Maturities

The following tables disclose the fair values and gross unrealized losses of the 4,231 issues as of March 31, 2026, and the 3,287 issues as of December 31, 2025, that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated:

AFS Fixed Maturities in an Unrealized Loss Position for Which No Allowance Is Recorded


	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions)
March 31, 2026
Fixed Maturities:
Corporate	$	10,772	$	195	$	20,136	$	4,195	$	30,908	$	4,390
U.S. Treasury, government and agency	102		1		3,553		1,358		3,655		1,359
States and political subdivisions	13		—		221		72		234		72
Foreign governments	37		—		352		84		389		84
Residential mortgage-backed	3,274		26		757		93		4,031		119
Asset-backed	6,046		51		514		30		6,560		81
Commercial mortgage-backed	904		8		2,447		254		3,351		262

Total at March 31, 2026	$	21,148	$	281	$	27,980	$	6,086	$	49,128	$	6,367

December 31, 2025:
Fixed Maturities:
Corporate	$	4,286	$	68	$	21,138	$	3,942	$	25,424	$	4,010
U.S. Treasury, government and agency	29		—		3,621		1,304		3,650		1,304
States and political subdivisions	13		—		223		71		236		71
Foreign governments	19		—		364		77		383		77
Residential mortgage-backed	619		3		836		89		1,455		92
Asset-backed	2,114		12		580		30		2,694		42
Commercial mortgage-backed	263		2		2,562		248		2,825		250

Total at December 31, 2025	$	7,343	$	85	$	29,324	$	5,761	$	36,667	$	5,846

Schedule of Financing Receivable, Allowance for Credit Loss

The change in the allowance for credit losses for commercial, agricultural and residential mortgage loans were as follows:


	Three Months Ended March 31,
		2026		2025
		(in millions)
Allowance for credit losses on mortgage loans:
Commercial mortgages:
Balance, beginning of period		$	299	$	259
Current-period provision for expected credit losses		3		(5)
Write-offs charged against the allowance		(34)		—
Recoveries of amounts previously written off		—		—
Net change in allowance		(31)		(5)
Balance, end of period		$	268	$	254

Agricultural mortgages:
Balance, beginning of period		$	6	$	15
Current-period provision for expected credit losses		2		(2)
Write-offs charged against the allowance		—		—
Recoveries of amounts previously written off		—		—
Net change in allowance		2		(2)
Balance, end of period		$	8	$	13

Residential mortgages:
Balance, beginning of period		$	8	$	4
Current-period provision for expected credit losses		2		1
Write-offs charged against the allowance		—		—
Recoveries of amounts previously written off		—		—
Net change in allowance		2		1
Balance, end of period		$	10	$	5

Total allowance for credit losses		$	286	$	272

Schedule of Financing Receivable Credit Quality Indicators

The Company’s commercial and agricultural mortgage loans segregated by risk rating exposure were as follows:

Loan to Value (“LTV”) Ratios (1) (3) (4)


	March 31, 2026
	Amortized Cost Basis by Origination Year
	2026		2025		2024		2023		2022		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Commercial and agricultural mortgage loans:
Commercial:
0% - 50%	$	—	$	60	$	185	$	237	$	612	$	1,916	$	14	$	—	$	3,024
50% - 70%	128		2,483		1,208		768		963		2,551		332		329		8,762
70% - 90%	156		559		250		238		794		2,060		160		342		4,559
90% plus	—		4		—		—		590		1,605		—		—		2,199
Total commercial	$	284	$	3,106	$	1,643	$	1,243	$	2,959	$	8,132	$	506	$	671	$	18,544

Agricultural:
0% - 50%	$	27	$	185	$	38	$	99	$	139	$	1,305	$	—	$	—	$	1,793
50% - 70%	18		116		153		47		129		385		—		—		848
70% - 90%	—		—		—		—		—		—		—		—		—
90% plus	—		—		—		—		—		9		—		—		9
Total agricultural	$	45	$	301	$	191	$	146	$	268	$	1,699	$	—	$	—	$	2,650


Total commercial and agricultural mortgage loans:
0% - 50%	$	27	$	245	$	223	$	336	$	751	$	3,221	$	14	$	—	$	4,817
50% - 70%	146		2,599		1,361		815		1,092		2,936		332		329		9,610
70% - 90%	156		559		250		238		794		2,060		160		342		4,559
90% plus	—		4		—		—		590		1,614		—		—		2,208
Total commercial and agricultural mortgage loans	$	329	$	3,407	$	1,834	$	1,389	$	3,227	$	9,831	$	506	$	671	$	21,194

Debt Service Coverage (“DSC”) Ratios (2) (3) (4)


	March 31, 2026
	Amortized Cost Basis by Origination Year
	2026		2025		2024		2023		2022		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Commercial and agricultural mortgage loans:
Commercial:
Greater than 2.0x	$	—	$	127	$	185	$	175	$	1,150	$	3,747	$	—	$	—	$	5,384
1.8x to 2.0x	—		—		103		—		—		1,184		—		307		1,594
1.5x to 1.8x	—		170		424		285		804		1,234		72		164		3,153
1.2x to 1.5x	84		2,115		813		387		479		711		30		94		4,713
1.0x to 1.2x	200		694		118		262		351		1,098		404		106		3,233
Less than 1.0x	—		—		—		134		175		158		—		—		467
Total commercial	$	284	$	3,106	$	1,643	$	1,243	$	2,959	$	8,132	$	506	$	671	$	18,544

Agricultural:
Greater than 2.0x	$	15	$	28	$	8	$	5	$	11	$	215	$	—	$	—	$	282
1.8x to 2.0x	—		26		10		16		44		143		—		—		239
1.5x to 1.8x	10		44		45		11		37		309		—		—		456
1.2x to 1.5x	9		75		41		41		65		592		—		—		823
1.0x to 1.2x	10		104		69		43		87		393		—		—		706
Less than 1.0x	1		24		18		30		24		47		—		—		144
Total agricultural	$	45	$	301	$	191	$	146	$	268	$	1,699	$	—	$	—	$	2,650


Total commercial and agricultural mortgage loans:
Greater than 2.0x	$	15	$	155	$	193	$	180	$	1,161	$	3,962	$	—	$	—	$	5,666
1.8x to 2.0x	—		26		113		16		44		1,327		—		307		1,833
1.5x to 1.8x	10		214		469		296		841		1,543		72		164		3,609
1.2x to 1.5x	93		2,190		854		428		544		1,303		30		94		5,536
1.0x to 1.2x	210		798		187		305		438		1,491		404		106		3,939
Less than 1.0x	1		24		18		164		199		205		—		—		611
Total commercial and agricultural mortgage loans	$	329	$	3,407	$	1,834	$	1,389	$	3,227	$	9,831	$	506	$	671	$	21,194

______________

(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

(3)Residential mortgage loans are excluded from the above tables.

(4)Mortgage loans carried at fair value using the fair value option of $72 million are excluded from the above tables.

LTV Ratios (1) (3)


	December 31, 2025
	Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Commercial and agricultural mortgage loans:
Commercial:
0% - 50%	$	60	$	185	$	237	$	612	$	204	$	1,770	$	—	$	—	$	3,068
50% - 70%	2,611		1,256		856		975		638		1,980		357		270		8,943
70% - 90%	424		249		228		803		640		1,310		160		333		4,147
90% plus	—		—		—		590		527		1,110		—		—		2,227
Total commercial	$	3,095	$	1,690	$	1,321	$	2,980	$	2,009	$	6,170	$	517	$	603	$	18,385

Agricultural:
0% - 50%	$	188	$	37	$	99	$	134	$	218	$	1,087	$	—	$	—	$	1,763
50% - 70%	118		159		48		137		101		315		—		—		878
70% - 90%	—		—		—		—		—		—		—		—		—
90% plus	—		—		—		—		—		9		—		—		9
Total agricultural	$	306	$	196	$	147	$	271	$	319	$	1,411	$	—	$	—	$	2,650


Total commercial and agricultural mortgage loans:
0% - 50%	$	248	$	222	$	336	$	746	$	422	$	2,857	$	—	$	—	$	4,831
50% - 70%	2,729		1,415		904		1,112		739		2,295		357		270		9,821
70% - 90%	424		249		228		803		640		1,310		160		333		4,147
90% plus	—		—		—		590		527		1,119		—		—		2,236
Total commercial and agricultural mortgage loans	$	3,401	$	1,886	$	1,468	$	3,251	$	2,328	$	7,581	$	517	$	603	$	21,035

DSC Ratios (2) (3)


	December 31, 2025
	Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Commercial and agricultural mortgage loans:
Commercial:
Greater than 2.0x	$	127	$	185	$	175	$	1,036	$	1,069	$	2,683	$	—	$	—	$	5,275
1.8x to 2.0x	69		103		58		—		209		978		—		307		1,724
1.5x to 1.8x	169		472		311		818		48		1,190		72		165		3,245
1.2x to 1.5x	2,112		814		355		478		385		328		271		94		4,837
1.0x to 1.2x	618		116		412		390		190		910		174		37		2,847
Less than 1.0x	—		—		10		258		108		81		—		—		457
Total commercial	$	3,095	$	1,690	$	1,321	$	2,980	$	2,009	$	6,170	$	517	$	603	$	18,385

Agricultural:
Greater than 2.0x	$	28	$	8	$	5	$	11	$	31	$	187	$	—	$	—	$	270
1.8x to 2.0x	26		10		17		23		54		92		—		—		222
1.5x to 1.8x	37		46		11		59		38		270		—		—		461
1.2x to 1.5x	86		45		41		66		119		484		—		—		841
1.0x to 1.2x	104		69		43		88		67		339		—		—		710
Less than 1.0x	25		18		30		24		10		39		—		—		146
Total agricultural	$	306	$	196	$	147	$	271	$	319	$	1,411	$	—	$	—	$	2,650


Total commercial and agricultural mortgage loans:
Greater than 2.0x	$	155	$	193	$	180	$	1,047	$	1,100	$	2,870	$	—	$	—	$	5,545
1.8x to 2.0x	95		113		75		23		263		1,070		—		307		1,946
1.5x to 1.8x	206		518		322		877		86		1,460		72		165		3,706
1.2x to 1.5x	2,198		859		396		544		504		812		271		94		5,678
1.0x to 1.2x	722		185		455		478		257		1,249		174		37		3,557
Less than 1.0x	25		18		40		282		118		120		—		—		603
Total commercial and agricultural mortgage loans	$	3,401	$	1,886	$	1,468	$	3,251	$	2,328	$	7,581	$	517	$	603	$	21,035

______________

(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

(3)Residential mortgage loans are excluded from the above tables.

The amortized cost of residential mortgage loans by credit quality indicator and origination year was as follows:


	March 31, 2026
	Amortized Cost Basis by Origination Year
	2026		2025		2024		2023		2022		Prior		Total
	(in millions)
Performance indicators:
Performing	$	29	$	729	$	524	$	308	$	164	$	123	$	1,877
Nonperforming	—		—		—		—		—		—		—
Total	$	29	$	729	$	524	$	308	$	164	$	123	$	1,877


	December 31, 2025
	Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
	(in millions)
Performance indicators:
Performing	$	711	$	602	$	340	$	168	$	121	$	4	$	1,946
Nonperforming	—		—		—		—		—		—		—
Total	$	711	$	602	$	340	$	168	$	121	$	4	$	1,946

Schedule of Age Analysis of Past Due Mortgage Loans

The aging analysis of past-due mortgage loans at amortized cost were as follows:

Age Analysis of Past Due Mortgage Loans at Amortized Cost


	Accruing Loans												Non-accruing Loans		Total Loans		Non-accruing Loans with No Allowance		Interest Income on Non-accruing Loans
	Past Due								Current		Total
	30-59 Days		60-89 Days		90 Days or More		Total
	(in millions)
March 31, 2026:
Mortgage loans:
Commercial	$	—	$	—	$	—	$	—	$	18,459	$	18,459	$	85	$	18,544	$	—	$	—
Agricultural	26		—		17		43		2,597		2,640		10		2,650		—		—
Residential	2		3		5		10		1,867		1,877		—		1,877		—		—
Total	$	28	$	3	$	22	$	53	$	22,923	$	22,976	$	95	$	23,071	$	—	$	—

December 31, 2025:
Mortgage loans:
Commercial	$	—	$	—	$	—	$	—	$	18,348	$	18,348	$	37	$	18,385	$	—	$	—
Agricultural	13		—		24		37		2,602		2,639		11		2,650		9		—
Residential	5		1		4		10		1,936		1,946		—		1,946		—		—
Total	$	18	$	1	$	28	$	47	$	22,886	$	22,933	$	48	$	22,981	$	9	$	—

Schedule of Unrealized and Realized Gains (Losses) from Equity Securities and Net Investment Income (Loss) from Trading Securities and Net Investment Income (Loss) from Fixed Maturities, at Fair Value using the Fair Value Option

The breakdown of unrealized and realized gains and (losses) on equity securities was as follows:

Unrealized and Realized Gains (Losses) from Equity Securities


	Three Months Ended March 31,
		2026		2025
		(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period		$	(6)	$	—
Net investment gains (losses) recognized on securities sold during the period		1		—
Unrealized and realized gains (losses) on equity securities		$	(5)	$	—

The breakdown of net investment income (loss) from trading securities was as follows:

Net Investment Income (Loss) from Trading Securities


	Three Months Ended March 31,
		2026		2025
		(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period		$	(31)	$	(17)
Net investment gains (losses) recognized on securities sold during the period		—		16
Unrealized and realized gains (losses) on trading securities		(31)		(1)
Interest and dividend income from trading securities		19		9
Net investment income (loss) from trading securities		$	(12)	$	8

The breakdown of net investment income (loss) from fixed maturities, at fair value using the fair value option were as follows:

Net Investment Income (Loss) from Fixed Maturities, at Fair Value using the Fair Value Option


	Three Months Ended March 31,
		2026		2025
		(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period		$	(22)	$	7
Net investment gains (losses) recognized on securities sold during the period		3		2
Unrealized and realized gains (losses) from fixed maturities		(19)		9
Interest and dividend income from fixed maturities		9		—
Net investment income (loss) from fixed maturities		$	(10)	$	9

Schedule of Net Investment Income

The following table provides the components of Net investment income by investment type:


	Three Months Ended March 31,
		2026		2025
		(in millions)
Fixed maturities		$	955	$	936
Mortgage loans on real estate		299		260
Other equity investments		83		44
Policy loans		24		55
Trading securities		(12)		8
Other investment income		(11)		(23)
Mortgage loans at fair value		(2)		—
Fixed maturities, at fair value using the fair value option		(10)		9
Gross investment income (loss)		1,326		1,289
Investment expenses		(42)		(41)
Net investment income (loss)		$	1,284	$	1,248

Schedule of Investment Gains (Losses), Net

Investment gains (losses), net, including changes in the valuation allowances and credit losses were as follows:


	Three Months Ended March 31,
		2026		2025
		(in millions)
Fixed maturities		$	(20)	$	(8)
Mortgage loans on real estate		(5)		(7)

Other		(4)		1
Investment gains (losses), net		$	(29)	$	(14)