v3.26.1
Investments (excluding Consolidated Investment Entities) (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Fixed Maturities
Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of March 31, 2026:
Amortized CostGross Unrealized Capital GainsGross Unrealized Capital Losses
Embedded Derivatives(2)
Allowance for credit lossesFair Value
Fixed maturities:
U.S. Treasuries
$685 $1 $58 $— $— $628 
U.S. Government agencies and authorities
30 1 — — — 31 
State, municipalities and political subdivisions559 — 95 — — 464 
U.S. corporate public securities
8,829 115 1,019 — — 7,925 
U.S. corporate private securities5,708 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 securities4,338 41 207 — — 4,172 
Commercial mortgage-backed securities2,882 4 402 — — 2,484 
Other asset-backed securities2,845 19 37 — 12 2,815 
Total fixed maturities, including securities pledged31,641 303 2,360 — 33 29,551 
Less: Securities pledged1,334 — 124 — — 1,210 
Total fixed maturities$30,307 $303 $2,236 $— $33 $28,341 
(1) Primarily U.S. dollar denominated.
(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.
Available-for-sale and FVO fixed maturities were as follows as of December 31, 2025:
Amortized CostGross Unrealized Capital GainsGross Unrealized Capital Losses
Embedded Derivatives(2)
Allowance for credit lossesFair Value
Fixed maturities:
U.S. Treasuries$663 $2 $51 $— $— $614 
U.S. Government agencies and authorities30 1 — — — 31 
State, municipalities and political subdivisions606 — 96 — — 510 
U.S. corporate public securities8,600 177 913 — — 7,864 
U.S. corporate private securities5,748 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 securities4,489 54 200 1 — 4,344 
Commercial mortgage-backed securities3,071 6 401 — — 2,676 
Other asset-backed securities2,914 27 31 — 7 2,903 
Total fixed maturities, including securities pledged31,852 483 2,159 1 26 30,151 
Less: Securities pledged1,388 — 127 — — 1,261 
Total fixed maturities
$30,464 $483 $2,032 $1 $26 $28,890 
(1) Primarily U.S. dollar denominated.
(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.
Investments Classified by Contractual Maturity Date
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 years3,595 3,556 
After five years through ten years3,824 3,769 
After ten years13,250 11,849 
Mortgage-backed securities7,220 6,656 
Other asset-backed securities2,845 2,815 
Fixed maturities, including securities pledged$31,641 $29,551 
Schedule of Securities Borrowed Under Securities Lending Transactions
The following table presents collateral held by asset class that the Company pledged under securities lending as of the dates indicated:
March 31, 2026December 31, 2025
U.S. Treasuries$57 $52 
U.S. corporate public securities480 495 
Short-term investments and cash equivalents
31 16 
Foreign corporate public securities and foreign governments231 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.
Fixed Maturities, Allowance for Credit Losses
The following tables presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the periods presented:
Three Months Ended March 31, 2026
U.S. corporate private securities
Commercial mortgage-backed securitiesForeign corporate public securities and foreign governmentsForeign corporate private securitiesOther asset-backed securitiesTotal
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 period2 — — — 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 securitiesOther asset-backed securitiesTotal
Balance as of January 1$6 $17 $2 $9 $4 $38 
Credit losses on securities for which credit losses were not previously recorded9 — — — 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 
Schedule of Unrealized Loss on Investments
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 ValueUnrealized Capital LossesFair ValueUnrealized Capital LossesFair ValueUnrealized Capital Losses
U.S. Treasuries$282 $7 $287 $51 $569 $58 
State, municipalities and political subdivisions4 — 450 95 454 95 
U.S. corporate public securities1,445 68 4,136 951 5,581 1,019 
U.S. corporate private securities1,071 17 2,100 222 3,171 239 
Foreign corporate public securities and foreign governments665 12 1,091 227 1,756 239 
Foreign corporate private securities667 7 960 57 1,627 64 
Residential mortgage-backed595 7 997 200 1,592 207 
Commercial mortgage-backed 96 — 2,034 402 2,130 402 
Other asset-backed772 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 ValueUnrealized Capital LossesFair ValueUnrealized Capital LossesFair ValueUnrealized Capital Losses
U.S. Treasuries$257 $4 $291 $47 $548 $51 
State, municipalities and political subdivisions4 — 493 96 497 96 
U.S. corporate public securities568 42 4,282 871 4,850 913 
U.S. corporate private securities348 4 2,334 199 2,682 203 
Foreign corporate public securities and foreign governments163 4 1,247 211 1,410 215 
Foreign corporate private securities70 1 1,118 48 1,188 49 
Residential mortgage-backed244 2 1,170 198 1,414 200 
Commercial mortgage-backed75 1 2,243 400 2,318 401 
Other asset-backed251 3 260 28 511 31 
Total$1,980 $61 $13,438 $2,098 $15,418 $2,159 
Mortgage Loans by Loan to Value Ratio
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 
2025394 489 72 20 — 975 
2024200 123 18 — — 341 
202373 199 — — — 272 
2022249 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 
2024180 147 18 — — 345 
202390 203 — — — 293 
2022249 254 85 — — 588 
2021227 185 37 17 — 466 
Prior
2,783 163 — — 2 2,948 
Total
$3,916 $1,441 $232 $17 $2 $5,608 
Mortgage Loans by Debt Service Coverage Ratio
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 
2025730 136 68 41 975 
2024167 100 46 28 341 
2023164 33 73 2 272 
2022347 99 28 79 553 
Prior
2,471 403 295 144 3,313 
Total$3,968 $864 $538 $294 $5,664 
(1) No commercial mortgage loans were secured by land or construction loans.
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 
2024161 129 49 6 345 
2023168 34 89 2 293 
2022337 116 48 87 588 
2021313 20 48 85 466 
Prior
2,207 402 245 94 2,948 
Total$3,922 $851 $546 $289 $5,608 
Mortgage Loans by Geographic Location of Collateral
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 OriginationPacificSouth AtlanticMiddle AtlanticWest South CentralMountainEast North CentralNew EnglandWest North CentralEast South CentralTotal
2026$34 $69 $58 $23 $2 $13 $2 $— $9 $210 
2025244 108 238 193 76 33 37 21 25 975 
202464 107 49 58 20 16 7 3 17 341 
202332 38 16 96 38 23 — 26 3 272 
2022139 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 OriginationPacificSouth AtlanticMiddle AtlanticWest South CentralMountainEast North CentralNew EnglandWest North CentralEast South CentralTotal
2025$244 $109 $238 $189 $75 $33 $36 $19 $25 $968 
202460 104 49 69 20 17 7 3 16 345 
202333 42 16 96 38 36 3 26 3 293 
2022151 73 55 79 108 94 1 7 20 588 
2021102 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 
Mortgage Loans by Property Type of Collateral
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 OriginationProperty Type
RetailIndustrialApartmentsOfficeHotel/MotelOtherMixed UseTotal
2026$— $124 $33 $— $53 $— $— $210 
2025405 409 146 7 5 3 — 975 
202460 202 63 16 — — — 341 
2023117 116 7 — 32 — — 272 
2022106 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 OriginationProperty Type
RetailIndustrialApartmentsOfficeHotel/MotelOtherMixed UseTotal
2025$406 $403 $145 $7 $4 $3 $— $968 
202473 197 59 16 — — — 345 
2023121 120 7 13 32 — — 293 
2022107 247 178 37 9 10 — 588 
202146 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 
Commercial Mortgage Loans, Allowance for Credit Losses
The following table summarizes activity in the allowance for credit losses for commercial mortgage loans for the periods indicated:
March 31, 2026December 31, 2025
Allowance for credit losses, beginning of period
$31 $24 
Credit losses on mortgage loans for which credit losses were not previously recorded1 16 
Increase (decrease) on mortgage loans with an allowance recorded in a previous period(2)2 
Provision for expected credit losses30 42 
Write-offs— (11)
Allowance for credit losses, end of period$30 $31 
Mortgage Loans, Past Due
The following table presents the payment status of commercial mortgage loans as of the dates indicated:
March 31, 2026December 31, 2025
Current$5,593 $5,537 
30-59 days past due— — 
60-89 days past due— — 
Greater than 90 days past due71 71 
Total$5,664 $5,608 
Net Investment Income
The following table summarizes Net investment income by investment type for the periods indicated:
Three Months Ended March 31,
20262025
Fixed maturities$467 $465 
Equity securities2 3 
Mortgage loans on real estate69 67 
Policy loans5 5 
Short-term investments and cash equivalents9 10 
Limited partnerships and other38 32 
Gross investment income590 582 
Less: Investment expenses21 22 
Net investment income$569 $560 
Realized Gain (Loss) on Investments
Net gains (losses) were as follows for the periods indicated:
Three Months Ended March 31,
20262025
Fixed maturities, available-for-sale, including securities pledged$(16)$1 
Fixed maturities, at fair value option(64)20 
Equity securities, at fair value
(3)1 
Derivatives17 (53)
Embedded derivatives within fixed maturities
(1)4 
Standalone derivative
— 1 
Managed custody guarantees— (1)
Stabilizer(2)4 
Mortgage loans
— (6)
Other investments24 (5)
Net gains (losses)
$(45)$(34)
Proceeds and Gross Gains and Gross Losses on Investments
Proceeds from the sale of fixed maturities, available-for-sale and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated:
Three Months Ended March 31,
20262025
Proceeds on sales$1,253 $1,410 
Gross gains27 17 
Gross losses22 35