
	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Allowance for credit losses		Fair Value
Fixed maturities:
U.S. Treasuries	$	685	$	1	$	58	$	—	$	—	$	628
U.S. Government agencies and authorities	30		1		—		—		—		31
State, municipalities and political subdivisions	559		—		95		—		—		464
U.S. corporate public securities	8,829		115		1,019		—		—		7,925
U.S. corporate private securities	5,708		46		239		—		11		5,504
Foreign corporate public securities and foreign governments(1)	2,882		35		239		—		2		2,676
Foreign corporate private securities(1)	2,883		41		64		—		8		2,852
Residential mortgage-backed securities	4,338		41		207		—		—		4,172
Commercial mortgage-backed securities	2,882		4		402		—		—		2,484
Other asset-backed securities	2,845		19		37		—		12		2,815
Total fixed maturities, including securities pledged	31,641		303		2,360		—		33		29,551
Less: Securities pledged	1,334		—		124		—		—		1,210
Total fixed maturities	$	30,307	$	303	$	2,236	$	—	$	33	$	28,341

(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Condensed Consolidated Statements of Operations.


	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Allowance for credit losses		Fair Value
Fixed maturities:
U.S. Treasuries	$	663	$	2	$	51	$	—	$	—	$	614
U.S. Government agencies and authorities	30		1		—		—		—		31
State, municipalities and political subdivisions	606		—		96		—		—		510
U.S. corporate public securities	8,600		177		913		—		—		7,864
U.S. corporate private securities	5,748		86		203		—		9		5,622
Foreign corporate public securities and foreign governments(1)	2,926		69		215		—		2		2,778
Foreign corporate private securities(1)	2,805		61		49		—		8		2,809
Residential mortgage-backed securities	4,489		54		200		1		—		4,344
Commercial mortgage-backed securities	3,071		6		401		—		—		2,676
Other asset-backed securities	2,914		27		31		—		7		2,903
Total fixed maturities, including securities pledged	31,852		483		2,159		1		26		30,151
Less: Securities pledged	1,388		—		127		—		—		1,261
Total fixed maturities	$	30,464	$	483	$	2,032	$	1	$	26	$	28,890

The amortized cost and fair value of fixed maturities, including securities pledged, as of March 31, 2026, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date.


	Amortized Cost		Fair Value
Due to mature:
One year or less	$	907	$	906
After one year through five years	3,595		3,556
After five years through ten years	3,824		3,769
After ten years	13,250		11,849
Mortgage-backed securities	7,220		6,656
Other asset-backed securities	2,845		2,815
Fixed maturities, including securities pledged	$	31,641	$	29,551

As of March 31, 2026 and December 31, 2025, the Company did not have any investments in a single issuer, other than obligations of the U.S. Government and government agencies, with a carrying value in excess of 10% of the Company's Total shareholders' equity.

The following table presents collateral held by asset class that the Company pledged under securities lending as of the dates indicated:


	March 31, 2026		December 31, 2025
U.S. Treasuries	$	57	$	52

U.S. corporate public securities	480		495

Short-term investments and cash equivalents	31		16

Foreign corporate public securities and foreign governments	231		199
Total(1)	$	799	$	762

(1) As of March 31, 2026 and December 31, 2025, liabilities to return cash collateral were $766 and $726, respectively, and included in Payables under securities loan and repurchase agreements, including collateral held on the Condensed Consolidated Balance Sheets.

The Company's securities lending activities are conducted on an overnight basis, and all securities loaned can be recalled at any time. The Company does not offset assets and liabilities associated with its securities lending program.


	Three Months Ended March 31, 2026
	U.S. corporate private securities		Commercial mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Other asset-backed securities		Total
Balance as of January 1	$	9	$	—	$	2	$	8	$	7	$	26
Credit losses on securities for which credit losses were not previously recorded	—		—		—		—		3		3

Reductions for securities sold during the period	—		—		—		—		—		—


Increase (decrease) on securities with allowance recorded in previous period	2		—		—		—		2		4


Balance as of March 31	$	11	$	—	$	2	$	8	$	12	$	33


	Year Ended December 31, 2025
	U.S. corporate private securities		Commercial mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Other asset-backed securities		Total
Balance as of January 1	$	6	$	17	$	2	$	9	$	4	$	38
Credit losses on securities for which credit losses were not previously recorded	9		—		—		—		3		12

Reductions for securities sold during the period	(6)		(17)		—		—		—		(23)


Increase (decrease) on securities with allowance recorded in previous period	—		—		—		(1)		—		(1)


Balance as of December 31	$	9	$	—	$	2	$	8	$	7	$	26

For additional information about the Company’s methodology and significant inputs used in determining whether a credit loss exists, see the Business, Basis of Presentation and Significant Accounting Policies Note to the Consolidated Financial Statements in Part II, Item 8. of the Annual Report on Form 10-K.

The following tables present available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by investment category and duration as of the dates indicated:


	As of March 31, 2026
	Twelve Months or Less Below Amortized Cost				More Than Twelve Months Below Amortized Cost	Total
	Fair Value		Unrealized Capital Losses			Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses
U.S. Treasuries	$	282	$	7		$	287	$	51	$	569	$	58

State, municipalities and political subdivisions	4		—			450		95		454		95
U.S. corporate public securities	1,445		68			4,136		951		5,581		1,019
U.S. corporate private securities	1,071		17			2,100		222		3,171		239
Foreign corporate public securities and foreign governments	665		12			1,091		227		1,756		239
Foreign corporate private securities	667		7			960		57		1,627		64
Residential mortgage-backed	595		7			997		200		1,592		207
Commercial mortgage-backed	96		—			2,034		402		2,130		402
Other asset-backed	772		9			242		28		1,014		37
Total	$	5,597	$	127		$	12,297	$	2,233	$	17,894	$	2,360


	As of December 31, 2025
	Twelve Months or Less Below Amortized Cost				More Than Twelve Months Below Amortized Cost	Total
	Fair Value		Unrealized Capital Losses			Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses
U.S. Treasuries	$	257	$	4		$	291	$	47	$	548	$	51

State, municipalities and political subdivisions	4		—			493		96		497		96
U.S. corporate public securities	568		42			4,282		871		4,850		913
U.S. corporate private securities	348		4			2,334		199		2,682		203
Foreign corporate public securities and foreign governments	163		4			1,247		211		1,410		215
Foreign corporate private securities	70		1			1,118		48		1,188		49
Residential mortgage-backed	244		2			1,170		198		1,414		200
Commercial mortgage-backed	75		1			2,243		400		2,318		401
Other asset-backed	251		3			260		28		511		31
Total	$	1,980	$	61		$	13,438	$	2,098	$	15,418	$	2,159

As of March 31, 2026 and December 31, 2025, the Company concluded that an allowance for credit losses was not warranted for the securities above because the unrealized losses are interest rate related. The Company does not intend to sell the

The Company may sell securities during the period in which fair value has declined below amortized cost for fixed maturities. In certain situations, new factors, including changes in the business environment, can change the Company’s previous intent to continue holding a security. Accordingly, these factors may lead the Company to record additional intent related capital losses. For the three months ended March 31, 2026 and March 31, 2025, intent impairments were $4 and $19, respectively.

The Company evaluates all debt modifications to determine whether a modification results in a new loan or a continuation of an existing loan. Disclosures are required for loan modifications with borrowers experiencing financial difficulty. For the three months ended March 31, 2026 and 2025, the Company had no material debt modifications that require such disclosure.

The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates mortgage loans based on relevant current information including a review of loan-specific performance, property characteristics and market trends. Loan performance is monitored on a loan specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk.

Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. These ratios are utilized as part of the review process described above.

The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of March 31, 2026 and December 31, 2025, respectively.


	As of March 31, 2026
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2026	$	68	$	114	$	28	$	—	$	—	$	210
2025	394		489		72		20		—		975
2024	200		123		18		—		—		341
2023	73		199		—		—		—		272
2022	249		224		77		3		—		553
Prior	2,935		322		37		17		2		3,313
Total	$	3,919	$	1,471	$	232	$	40	$	2	$	5,664


	As of December 31, 2025
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2025	$	387	$	489	$	92	$	—	$	—	$	968
2024	180		147		18		—		—		345
2023	90		203		—		—		—		293
2022	249		254		85		—		—		588
2021	227		185		37		17		—		466
Prior	2,783		163		—		—		2		2,948
Total	$	3,916	$	1,441	$	232	$	17	$	2	$	5,608

The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of March 31, 2026 and December 31, 2025, respectively.


	As of March 31, 2026
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total(1)
2026	$	89	$	93	$	28	$	—	$	210
2025	730		136		68		41		975
2024	167		100		46		28		341
2023	164		33		73		2		272
2022	347		99		28		79		553
Prior	2,471		403		295		144		3,313
Total	$	3,968	$	864	$	538	$	294	$	5,664


	As of December 31, 2025
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total(1)
2025	$	736	$	150	$	67	$	15	$	968
2024	161		129		49		6		345
2023	168		34		89		2		293
2022	337		116		48		87		588
2021	313		20		48		85		466
Prior	2,207		402		245		94		2,948
Total	$	3,922	$	851	$	546	$	289	$	5,608

The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of March 31, 2026 and December 31, 2025, respectively.


	As of March 31, 2026
	U.S. Region
Year of Origination	Pacific		South Atlantic		Middle Atlantic		West South Central		Mountain		East North Central		New England		West North Central		East South Central		Total
2026	$	34	$	69	$	58	$	23	$	2	$	13	$	2	$	—	$	9	$	210
2025	244		108		238		193		76		33		37		21		25		975
2024	64		107		49		58		20		16		7		3		17		341
2023	32		38		16		96		38		23		—		26		3		272
2022	139		68		55		79		107		77		1		7		20		553
Prior	840		746		679		245		293		274		61		95		80		3,313
Total	$	1,353	$	1,136	$	1,095	$	694	$	536	$	436	$	108	$	152	$	154	$	5,664


	As of December 31, 2025
	U.S. Region
Year of Origination	Pacific		South Atlantic		Middle Atlantic		West South Central		Mountain		East North Central		New England		West North Central		East South Central		Total
2025	$	244	$	109	$	238	$	189	$	75	$	33	$	36	$	19	$	25	$	968
2024	60		104		49		69		20		17		7		3		16		345
2023	33		42		16		96		38		36		3		26		3		293
2022	151		73		55		79		108		94		1		7		20		588
2021	102		55		97		60		89		51		2		10		—		466
Prior	764		719		598		190		217		228		60		91		81		2,948
Total	$	1,354	$	1,102	$	1,053	$	683	$	547	$	459	$	109	$	156	$	145	$	5,608

The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of March 31, 2026 and December 31, 2025, respectively.


	As of March 31, 2026
Year of Origination	Property Type
	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2026	$	—	$	124	$	33	$	—	$	53	$	—	$	—	$	210
2025	405		409		146		7		5		3		—		975
2024	60		202		63		16		—		—		—		341
2023	117		116		7		—		32		—		—		272
2022	106		235		156		37		9		10		—		553
Prior	735		866		905		575		46		135		51		3,313
Total	$	1,423	$	1,952	$	1,310	$	635	$	145	$	148	$	51	$	5,664


	As of December 31, 2025
Year of Origination	Property Type
	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2025	$	406	$	403	$	145	$	7	$	4	$	3	$	—	$	968
2024	73		197		59		16		—		—		—		345
2023	121		120		7		13		32		—		—		293
2022	107		247		178		37		9		10		—		588
2021	46		137		166		104		—		—		13		466
Prior	713		750		779		480		46		141		39		2,948
Total	$	1,466	$	1,854	$	1,334	$	657	$	91	$	154	$	52	$	5,608


	March 31, 2026		December 31, 2025
Allowance for credit losses, beginning of period	$	31	$	24
Credit losses on mortgage loans for which credit losses were not previously recorded	1		16

Increase (decrease) on mortgage loans with an allowance recorded in a previous period	(2)		2
Provision for expected credit losses	30		42
Write-offs	—		(11)

Allowance for credit losses, end of period	$	30	$	31

Commercial mortgage loans are placed on non-accrual status when 90 days in arrears, when the Company has concerns regarding the collectability of future payments or when a loan has matured without being paid off or extended. As of March 31, 2026 and December 31, 2025, the Company had $71 of commercial mortgage loans in non-accrual status. The amount of interest income recognized on loans in non-accrual status for the three months ended March 31, 2026 and the year ended December 31, 2025 was immaterial.


	Three Months Ended March 31,
		2026		2025
Fixed maturities		$	467	$	465
Equity securities		2		3
Mortgage loans on real estate		69		67
Policy loans		5		5
Short-term investments and cash equivalents		9		10
Limited partnerships and other		38		32


Gross investment income		590		582
Less: Investment expenses		21		22
Net investment income		$	569	$	560

As of March 31, 2026 and December 31, 2025, the Company had $58 and $1, respectively, of investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults.


	Three Months Ended March 31,
		2026		2025
Fixed maturities, available-for-sale, including securities pledged		$	(16)	$	1
Fixed maturities, at fair value option		(64)		20

Equity securities, at fair value		(3)		1
Derivatives		17		(53)
Embedded derivatives within fixed maturities		(1)		4

Standalone derivative		—		1
Managed custody guarantees		—		(1)
Stabilizer		(2)		4
Mortgage loans		—		(6)
Other investments		24		(5)
Net gains (losses)		$	(45)	$	(34)