v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Fixed Maturity Securities by Sector
Fixed maturity securities by sector were as follows at:
March 31, 2026
December 31, 2025
Amortized Cost
Allowance for Credit Losses
Gross Unrealized
Estimated Fair Value
Amortized Cost
Allowance for Credit Losses
Gross Unrealized
Estimated Fair Value
Gains
Losses
Gains
Losses
(In millions)
U.S. corporate
$
41,570 
$
33 
$
288 
$
3,489 
$
38,336 
$
41,590 
$
27 
$
443 
$
3,097 
$
38,909 
Foreign corporate
12,162 
17 
86 
1,128 
11,103 
12,380 
31 
145 
997 
11,497 
Residential mortgage-backed securities
9,426 3 68 612 

8,879 
9,029 3 85 579 

8,532 
U.S. government and agency7,248 — 63 648 
6,663 
7,216 — 105 610 
6,711 
Asset-backed securities
6,149 
10 
17 
54 
6,102 
6,081 
— 
33 
55 
6,059 
Commercial mortgage-backed securities
6,072 
2 
6 
236 
5,840 
6,086 
3 
13 
226 
5,870 
State and political subdivision
3,633 
— 
89 
308 
3,414 
3,691 
— 
103 
300 
3,494 
Foreign government
946 
— 
28 
79 
895 
973 
— 
36 
67 
942 
Total fixed maturity securities
$
87,206 
$
65 
$
645 
$
6,554 
$
81,232 
$
87,046 
$
64 
$
963 
$
5,931 
$
82,014 
Maturities of Fixed Maturity Securities
The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at March 31, 2026:
Due in One Year or Less
Due After One Year Through Five Years
Due After Five Years Through Ten Years
Due After Ten Years
Structured Securities (1)
Total Fixed Maturity Securities
(In millions)
Amortized cost
$
5,534 
$
20,219 
$
13,011 
$
26,795 
$
21,647 
$
87,206 
Estimated fair value
$
5,515 
$
19,736 
$
12,531 
$
22,629 
$
20,821 
$
81,232 
_______________
(1)Structured securities include residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”) (collectively, “Structured Securities”).
Continuous Gross Unrealized Losses for Fixed Maturity Securities by Sector
The estimated fair value and gross unrealized losses of fixed maturity securities in an unrealized loss position, by sector and by length of time that the securities have been in a continuous unrealized loss position, were as follows at:
March 31, 2026December 31, 2025
Less than 12 Months12 Months or GreaterLess than 12 Months12 Months or Greater
Estimated Fair Value
Gross Unrealized Losses
Estimated Fair Value
Gross Unrealized Losses
Estimated Fair Value
Gross Unrealized Losses
Estimated Fair Value
Gross Unrealized Losses
(Dollars in millions)
U.S. corporate$8,832 $458 $18,267 $3,031 $4,160 $395 $19,089 $2,702 
Foreign corporate2,623 164 5,228 964 1,382 179 5,259 818 
RMBS
2,120 65 4,123 547 818 49 4,361 530 
U.S. government and agency1,272 27 2,042 621 600 10 2,255 600 
ABS
2,240 9 702 45 513 2 751 53 
CMBS
1,271 11 3,789 225 329 2 4,291 224 
State and political subdivision422 10 1,675 298 255 7 1,799 293 
Foreign government99 8 505 71 54 5 558 62 
Total fixed maturity securities
$18,879 $752 $36,331 $5,802 $8,111 $649 $38,363 $5,282 
Total number of securities in an unrealized loss position
2,821 4,897 1,328 5,093 
Rollforward of the Allowance for Credit Losses for Fixed Maturity Securities by Sector
The changes in the allowance for credit losses for fixed maturity securities by sector were as follows:
U.S. Corporate
Foreign Corporate
RMBS
CMBS
ABS
Total
(In millions)
Three Months Ended March 31, 2026
Balance, beginning of period
$
27 
$
31 
$
3 
$
3 
$
— 
$
64 
Allowance on securities where credit losses were not previously recorded
1 
— 
— 
— 
10 
11 
Reductions for securities sold
(2)
(14)
— 
(1)
— 
(17)
Change in allowance on securities with an allowance recorded in a previous period
7 
— 
— 
— 
— 
7 
Write-offs charged against allowance (1)
— 
— 
— 
— 
— 
— 
Balance, end of period
$
33 
$
17 
$
3 
$
2 
$
10 
$
65 
Three Months Ended March 31, 2025
Balance, beginning of period
$
47 
$
26 
$
4 
$
4 
$
— 
$
81 
Allowance on securities where credit losses were not previously recorded
— 
— 
— 
— 
— 
— 
Reductions for securities sold
(1)
— 
— 
(1)
— 
(2)
Change in allowance on securities with an allowance recorded in a previous period
2 
3 
— 
(1)
— 
4 
Write-offs charged against allowance (1)
(27)
— 
— 
— 
— 
(27)
Balance, end of period
$
21 
$
29 
$
4 
$
2 
$
— 
$
56 
_______________
(1)The Company did not record any write-offs for the three months ended March 31, 2026. The Company recorded total write-offs of $33 million for the three months ended March 31, 2025
Mortgage Loans by Portfolio Segment
Mortgage loans are summarized as follows at:
March 31, 2026
December 31, 2025
Carrying
Value
% of
Total
Carrying
Value
% of
Total
(Dollars in millions)
Commercial
$
12,134 
53.6 
%
$
12,323 
54.2 
%
Agricultural
4,644 
20.5 
4,656 
20.5 
Residential
6,052 
26.8 
5,976 
26.3 
Total mortgage loans (1)
22,830 
100.9 
22,955 
101.0 
Allowance for credit losses
(210)
(0.9)
(200)
(1.0)
Total mortgage loans, net
$
22,620 
100.0 
%
$
22,755 
100.0 
%
_______________
(1)Purchases of mortgage loans from third parties were $296 million and $178 million for the three months ended March 31, 2026 and 2025, respectively, and were primarily comprised of residential mortgage loans.
Rollforward of the Allowance for Credit Losses for Mortgage Loans by Portfolio Segment
The changes in the allowance for credit losses by portfolio segment were as follows:
Commercial
Agricultural
Residential
Total
(In millions)
Three Months Ended March 31, 2026
Balance, beginning of period
$
134 
$
20 
$
46 
$
200 
Current period provision
11 
— 
(1)
10 
Charge-offs, net of recoveries
— 
— 
— 
— 
Balance, end of period
$
145 
$
20 
$
45 
$
210 
Three Months Ended March 31, 2025
Balance, beginning of period
$
106 
$
30 
$
42 
$
178 
Current period provision
40 
4 
(1)
43 
Charge-offs, net of recoveries
— 
(12)
— 
(12)
Balance, end of period
$
146 
$
22 
$
41 
$
209 
Credit Quality of Mortgage Loans by Portfolio Segment
The amortized cost of mortgage loans by year of origination and credit quality indicator was as follows at:
2026
2025
2024
2023
2022
Prior
Total
(In millions)
March 31, 2026
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%
$
98 
$
423 
$
668 
$
136 
$
437 
$
4,333 
$
6,095 
65% to 75%
184 
262 
180 
— 
583 
1,470 
2,679 
76% to 80%
— 
9 
— 
— 
205 
696 
910 
Greater than 80%
— 
36 
— 
— 
662 
1,752 
2,450 
Total commercial mortgage loans
282 
730 
848 
136 
1,887 
8,251 
12,134 
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%
93 
418 
342 
188 
555 
2,769 
4,365 
65% to 75%
— 
43 
— 
17 
96 
117 
273 
76% to 80%
— 
— 
— 
— 
— 
3 
3 
Greater than 80%
— 
— 
— 
— 
— 
3 
3 
Total agricultural mortgage loans
93 
461 
342 
205 
651 
2,892 
4,644 
Residential mortgage loans
Performing
12 
1,103 
571 
154 
1,119 
2,987 
5,946 
Nonperforming
— 
1 
— 
— 
41 
64 
106 
Total residential mortgage loans
12 
1,104 
571 
154 
1,160 
3,051 
6,052 
Total
$
387 
$
2,295 
$
1,761 
$
495 
$
3,698 
$
14,194 
$
22,830 
2025
2024
2023
2022
2021
Prior
Total
(In millions)
December 31, 2025
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%
$
423 
$
668 
$
157 
$
483 
$
1,713 
$
2,905 
$
6,349 
65% to 75%
262 
180 
— 
583 
651 
717 
2,393 
76% to 80%
9 
— 
— 
205 
287 
606 
1,107 
Greater than 80%
36 
— 
— 
661 
244 
1,533 
2,474 
Total commercial mortgage loans
730 
848 
157 
1,932 
2,895 
5,761 
12,323 
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%
415 
343 
191 
558 
1,048 
1,820 
4,375 
65% to 75%
43 
— 
17 
97 
100 
18 
275 
76% to 80%
— 
— 
— 
— 
— 
3 
3 
Greater than 80%
— 
— 
— 
— 
3 
— 
3 
Total agricultural mortgage loans
458 
343 
208 
655 
1,151 
1,841 
4,656 
Residential mortgage loans
Performing
873 
622 
168 
1,146 
1,505 
1,554 
5,868 
Nonperforming
— 
— 
— 
45 
22 
41 
108 
Total residential mortgage loans
873 
622 
168 
1,191 
1,527 
1,595 
5,976 
Total
$
2,061 
$
1,813 
$
533 
$
3,778 
$
5,573 
$
9,197 
$
22,955 
The amortized cost of commercial mortgage loans by debt-service coverage ratio was as follows at:
March 31, 2026
December 31, 2025
Amortized Cost
% of
Total
Amortized Cost
% of
Total
(Dollars in millions)
Debt-service coverage ratios:
Greater than 1.20x
$
10,901 
89.8 
%
$
11,157 
90.5 
%
1.00x - 1.20x
750 
6.2 
739 
6.0 
Less than 1.00x
483 
4.0 
427 
3.5 
Total
$
12,134 
100.0 
%
$
12,323 
100.0 
%
Past Due Mortgage Loans by Portfolio Segment
The aging of the amortized cost of past due mortgage loans by portfolio segment was as follows at:
March 31, 2026
December 31, 2025
Commercial
Agricultural
Residential
Total
Commercial
Agricultural
Residential
Total
(In millions)
Current
$
11,995 
$
4,628 
$
5,945 
$
22,568 
$
12,216 
$
4,648 
$
5,865 
$
22,729 
30-59 days past due
13 
8 
1 
22 
47 
— 
3 
50 
60-89 days past due
19 
3 
34 
56 
— 
— 
31 
31 
90-179 days past due
47 
— 
21 
68 
49 
— 
28 
77 
180+ days past due
60 
5 
51 
116 
11 
8 
49 
68 
Total
$
12,134 
$
4,644 
$
6,052 
$
22,830 
$
12,323 
$
4,656 
$
5,976 
$
22,955 
Mortgage Loans in Nonaccrual Status by Portfolio Segment
The amortized cost of mortgage loans in a nonaccrual status by portfolio segment was as follows at:
Commercial
Agricultural
Residential (1)
Total
(In millions)
March 31, 2026
$
239 
$
2 
$
106 
$
347 
December 31, 2025
$
220 
$
5 
$
108 
$
333 
_______________
(1) The Company had $51 million and $54 million of mortgage loans in nonaccrual status for which there was no related allowance for credit losses at March 31, 2026 and December 31, 2025, respectively.
Net Unrealized Investment Gains (Losses)
The components of net unrealized investment gains (losses), included in AOCI, were as follows at:
March 31, 2026
December 31, 2025
(In millions)
Fixed maturity securities
$
(5,909)
$
(4,968)
Derivatives
323 
224 
Other
(10)
(9)
Subtotal
(5,596)
(4,753)
Amounts allocated from:
Future policy benefits
524 
525 
Deferred income tax benefit (expense)
1,065 
888 
Net unrealized investment gains (losses)
$
(4,007)
$
(3,340)
The changes in net unrealized investment gains (losses) were as follows:
Three Months Ended March 31, 2026
(In millions)
Balance at December 31, 2025
$
(3,340)
Unrealized investment gains (losses) during the period
(843)
Unrealized investment gains (losses) relating to:
Future policy benefits
(1)
Deferred income tax benefit (expense)
177 
Balance at March 31, 2026
$
(4,007)
Change in net unrealized investment gains (losses)
$
(667)
Securities Lending
Elements of the securities lending program are presented below at:
March 31, 2026
December 31, 2025
(In millions)
Securities on loan: (1)
Amortized cost
$
3,593 
$
3,550 
Estimated fair value
$
3,126 
$
3,141 
Cash collateral received from counterparties (2)
$
3,215 
$
3,225 
Reinvestment portfolio — estimated fair value
$
3,343 
$
3,352 
_______________
(1)Included in fixed maturity securities.
(2)Included in payables for collateral under securities loaned and other transactions.
The cash collateral liability by loaned security type and remaining tenor of the agreements were as follows at:
March 31, 2026
December 31, 2025
Open (1)
1 Month or Less
1 to 6 Months
Total
Open (1)
1 Month or Less
1 to 6 Months
Total
(In millions)
U.S. government and agency
$
321 
$
927 
$
1,603 
$
2,851 
$
417 
$
663 
$
1,777 
$
2,857 
U.S. corporate
— 
36 
274 
310 
48 
256 
— 
304 
Foreign corporate
— 
2 
44 
46 
15 
47 
— 
62 
Foreign government
1 
2 
5 
8 
— 
2 
— 
2 
Total
$
322 
$
967 
$
1,926 
$
3,215 
$
480 
$
968 
$
1,777 
$
3,225 
_______________
(1)The related loaned security could be returned to the Company on the next business day which would require the Company to immediately return the cash collateral.
Invested Assets on Deposit, Held in Trust and Pledged as Collateral
Invested assets on deposit, held in trust and pledged as collateral at estimated fair value were as follows at:
March 31, 2026
December 31, 2025
(In millions)
Invested assets on deposit (regulatory deposits) (1)
$
6,562 
$
6,574 
Invested assets held in trust (reinsurance agreements) (2)
7,013 
7,327 
Invested assets pledged as collateral (3)
12,043 
10,794 
Total invested assets on deposit, held in trust and pledged as collateral
$
25,618 
$
24,695 
_______________
(1)The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policyholder liabilities, of which $112 million and $126 million of the assets on deposit represents restricted cash and cash equivalents at March 31, 2026 and December 31, 2025, respectively.
(2)The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions, of which $116 million and $331 million of the assets held in trust balance represents restricted cash and cash equivalents at March 31, 2026 and December 31, 2025, respectively.
(3)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 3 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report) and derivative transactions (see Note 8).
Variable Interest Entities
The carrying amount and maximum exposure to loss related to the VIEs for which the Company has concluded that it holds a variable interest, but is not the primary beneficiary, were as follows at:
 
March 31, 2026
December 31, 2025
 
Carrying Amount
Maximum Exposure to Loss
Carrying Amount
Maximum Exposure to Loss
 
(In millions)
Fixed maturity securities
$
12,674 
$
13,332 
$
13,174 
$
13,780 
Limited partnerships and LLCs
4,280 
5,235 
4,288 
5,244 
Total
$
16,954 
$
18,567 
$
17,462 
$
19,024 
Components of Net Investment Income
The components of net investment income were as follows:
Three Months Ended
March 31,
2026
2025
(In millions)
Investment income:
Fixed maturity securities
$
916 
$
924 
Trading securities (1)
(3)
11 
Mortgage loans
255 
257 
Policy loans
19 
18 
Limited partnerships and LLCs (2)
67 
71 
Cash, cash equivalents and short-term investments
60 
72 
Other
31 
27 
Total investment income
1,345 
1,380 
Less: Investment expenses
87 
83 
Net investment income
$
1,258 
$
1,297 
_______________
(1)Investment gains (losses) related to trading securities still held were ($10) million and $6 million for the three months ended March 31, 2026 and 2025, respectively.
(2)Includes net investment income pertaining to other limited partnership interests of $64 million and $56 million for the three months ended March 31, 2026 and 2025, respectively.
Components of Net Investment Gains (Losses)
The components of net investment gains (losses) were as follows:
Three Months Ended
March 31,
2026
2025
(In millions)
Fixed maturity securities
$
(39)
$
(34)
Equity securities
(2)
(3)
Mortgage loans
(10)
(43)
Limited partnerships and LLCs
— 
(1)
Other
(1)
(2)
Total net investment gains (losses)
$
(52)
$
(83)
Gains (losses) from foreign currency transactions included within net investment gains (losses) were not significant for both the three months ended March 31, 2026 and 2025.
Sales or Disposals of Fixed Maturity Securities Proceeds from sales or disposals of fixed maturity securities and the components of fixed maturity securities net investment gains (losses) were as follows:
Three Months Ended
March 31,
2026
2025
(In millions)
Proceeds
$
619 
$
687 
Gross investment gains
$
2 
$
3 
Gross investment losses
(24)
(28)
Net investment gains (losses)
$
(22)
$
(25)