v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments [Abstract]  
Schedule of Available-for-Sale Securities Reconciliation
The amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of fixed maturity available-for-sale (“AFS”) securities (in millions) were as follows:

As of March 31, 2026
Amortized CostGross UnrealizedAllowance for Credit LossesFair Value
GainsLosses
Fixed maturity AFS securities:
Corporate bonds$76,595 $600 $8,873 $38 $68,284 
U.S. government bonds951 5 37 – 919 
State and municipal bonds2,503 14 393 – 2,124 
Foreign government bonds241 15 54 – 202 
RMBS2,195 39 165 6 2,063 
CMBS2,774 7 112 – 2,669 
ABS17,931 94 256 66 17,703 
Hybrid and redeemable preferred securities234 11 8 1 236 
Total fixed maturity AFS securities$103,424 $785 $9,898 $111 $94,200 
    
As of December 31, 2025
Amortized CostGross UnrealizedAllowance for Credit LossesFair Value
GainsLosses
Fixed maturity AFS securities:
Corporate bonds$76,318 $834 $8,054 $53 $69,045 
U.S. government bonds892 9 32 – 869 
State and municipal bonds2,514 18 385 – 2,147 
Foreign government bonds261 16 51 – 226 
RMBS2,237 45 154 6 2,122 
CMBS2,586 15 99 – 2,502 
ABS16,412 137 217 50 16,282 
Hybrid and redeemable preferred securities242 21 7 1 255 
Total fixed maturity AFS securities$101,462 $1,095 $8,999 $110 $93,448 
Investments Classified by Contractual Maturity Date
The amortized cost and fair value of fixed maturity AFS securities by contractual maturities (in millions) as of March 31, 2026, were as follows:

Amortized CostFair Value
Due in one year or less$5,047 $4,995 
Due after one year through five years20,597 20,161 
Due after five years through ten years12,503 11,999 
Due after ten years42,377 34,610 
Subtotal80,524 71,765 
Structured securities (RMBS, CMBS, ABS)22,900 22,435 
Total fixed maturity AFS securities$103,424 $94,200 
Schedule of Available-for-Sale Securities Unrealized Loss Position
The fair value and gross unrealized losses of fixed maturity AFS securities (dollars in millions) for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:

As of March 31, 2026
Less Than or Equal
to Twelve Months		Greater Than Twelve MonthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair Value
Gross Unrealized Losses (1)
Fixed maturity AFS securities:
Corporate bonds$23,311 $3,669 $29,704 $5,204 $53,015 $8,873 
U.S. government bonds558 31 36 6 594 37 
State and municipal bonds625 163 965 230 1,590 393 
Foreign government bonds12 2 122 52 134 54 
RMBS569 48 766 117 1,335 165 
CMBS1,048 28 940 84 1,988 112 
ABS8,793 81 2,856 175 11,649 256 
Hybrid and redeemable
preferred securities45 2 54 6 99 8 
Total fixed maturity AFS securities$34,961 $4,024 $35,443 $5,874 $70,404 $9,898 
Total number of fixed maturity AFS securities in an unrealized loss position7,330 
As of December 31, 2025
Less Than or Equal
to Twelve Months		Greater Than Twelve MonthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair Value
Gross Unrealized Losses (1)
Fixed maturity AFS securities:
Corporate bonds$16,727 $3,366 $31,404 $4,688 $48,131 $8,054 
U.S. government bonds427 27 36 5 463 32 
State and municipal bonds582 166 995 219 1,577 385 
Foreign government bonds10 2 135 49 145 51 
RMBS345 39 838 115 1,183 154 
CMBS577 19 956 80 1,533 99 
ABS3,453 37 3,107 180 6,560 217 
Hybrid and redeemable
preferred securities22 2 54 5 76 7 
Total fixed maturity AFS securities$22,143 $3,658 $37,525 $5,341 $59,668 $8,999 
Total number of fixed maturity AFS securities in an unrealized loss position6,089 

(1) As of March 31, 2026, and December 31, 2025, we recognized $5 million and $12 million of gross unrealized losses, respectively, in other comprehensive income (loss) (“OCI”) for fixed maturity AFS securities for which an allowance for credit losses has been recorded.

The fair value, gross unrealized losses (in millions) and number of fixed maturity AFS securities where the fair value had declined and remained below amortized cost by greater than 20% were as follows:

As of March 31, 2026
Fair ValueGross Unrealized Losses
Number
of
Securities (1)
Less than six months$3,606 $1,070 577 
Six months or greater, but less than nine months904 449 210 
Nine months or greater, but less than twelve months311 165 61 
Twelve months or greater4,935 2,285 868 
Total$9,756 $3,969 1,716 

As of December 31, 2025
Fair ValueGross Unrealized Losses
Number
of
Securities (1)
Less than six months$2,355 $839 445 
Six months or greater, but less than nine months351 163 65 
Nine months or greater, but less than twelve months302 119 99 
Twelve months or greater5,214 2,195 902 
Total$8,222 $3,316 1,511 
(1) We may reflect a security in more than one aging category based on various purchase dates.
Debt Securities, Available-for-Sale Changes in the allowance for credit losses on fixed maturity AFS securities (in millions), aggregated by investment category, were as follows:
As of or For the Three Months Ended March 31, 2026
Corporate BondsRMBSABSHybridsTotal
Balance as of beginning-of-year$53 $6 $50 $1 $110 
Additions from purchases of PCD debt securities (1)
– – – – – 
Additions for securities for which credit losses were
not previously recognized2 – – – 2 
Additions (reductions) for securities for which
credit losses were previously recognized7 – 18 – 25 
Reductions for disposed securities(1)– (2)– (3)
Reductions for securities charged off(23)– – – (23)
Balance as of end-of-period (2)
$38 $6 $66 $1 $111 
As of or For the Three Months Ended March 31, 2025
Corporate BondsRMBSABSHybridsTotal
Balance as of beginning-of-year$14 $7 $24 $1 $46 
Additions from purchases of PCD debt securities (1)
– – – – – 
Additions for securities for which credit losses were
not previously recognized7 – 8 – 15 
Additions (reductions) for securities for which
credit losses were previously recognized2 (1)12 – 13 
Reductions for disposed securities– – – – – 
Reductions for securities charged off– – – – – 
Balance as of end-of-period (2)
$23 $6 $44 $1 $74 

(1) Represents purchased credit-deteriorated (“PCD”) fixed maturity AFS securities.
(2) As of March 31, 2026 and 2025, accrued investment income on fixed maturity AFS securities totaled $954 million and $911 million, respectively, and was excluded from the estimate of credit losses.
Composition of Current and Past Due Mortgage Loans on Real Estate
The following provides the current and past due composition of our mortgage loans on real estate (in millions):

As of March 31, 2026As of December 31, 2025
CommercialResidentialTotalCommercialResidentialTotal
Current$17,596 $4,992 $22,588 $17,636 $4,628 $22,264 
30 to 59 days past due4 89 93 1 93 94 
60 to 89 days past due– 29 29 5 34 39 
90 or more days past due36 168 204 35 144 179 
Allowance for credit losses(116)(64)(180)(113)(69)(182)
Unamortized premium (discount)(4)126 122 (4)115 111 
Mark-to-market gains (losses) (1)
(32)1 (31)(33)– (33)
Total carrying value$17,484 $5,341 $22,825 $17,527 $4,945 $22,472 

(1) Represents the mark-to-market on certain mortgage loans on real estate that support our modified coinsurance agreements, where the investment results are passed directly to the reinsurers, and for which we have elected the fair value option. As of March 31, 2026, the amortized cost and fair value of such mortgage loans on real estate that were in nonaccrual status was $30 million and $19 million, respectively. As of December 31, 2025, the amortized cost and fair value of such mortgage loans on real estate that were in nonaccrual status was $30 million and $20 million, respectively. As of March 31, 2026, and December 31, 2025, there were no such mortgage loans on real estate that were more than 90 days past due and still accruing interest. For additional information, see “Fair Value Option” in Note 13.
Amortized Cost of Mortgage Loans on Real Estate on Nonaccrual Status
The amortized cost of mortgage loans on real estate on nonaccrual status (in millions) was as follows, excluding certain mortgage loans on real estate that support our modified coinsurance agreements where the investment results are passed directly to the reinsurers:

As of
 March 31,
2026		As of
 December 31,
2025
Commercial mortgage loans on real estate$6 $5 
Residential mortgage loans on real estate172 148 
Total$178 $153 
Financing Receivable Credit Quality Indicators The amortized cost of commercial mortgage loans on real estate (dollars in millions) by year of origination and credit quality indicator was as follows:
As of March 31, 2026
LTV
Less Than 65%		Debt-Service Coverage RatioLTV
65% to 75%		Debt-Service Coverage RatioLTV
Greater Than 75%		Debt-Service Coverage RatioTotal
Origination Year
2026$427 1.64 $30 1.38 $1 1.61 $458 
20251,331 1.81 166 1.41 11 1.20 1,508 
20241,487 1.68 57 1.41 1 2.06 1,545 
20231,309 1.87 32 1.39 1 1.17 1,342 
20221,647 2.23 65 1.64 3 1.21 1,715 
2021 and prior10,970 2.73 85 2.35 9 1.60 11,064 
Total$17,171 $435 $26 $17,632 

As of December 31, 2025
LTV
Less Than 65%		Debt-Service Coverage RatioLTV
65% to 75%		Debt-Service Coverage RatioLTV
Greater Than 75%		Debt-Service Coverage RatioTotal
Origination Year
2025$1,322 1.81 $182 1.41 $11 1.20 $1,515 
20241,496 1.68 66 1.41 1 2.01 1,563 
20231,332 1.86 33 1.38 1 1.17 1,366 
20221,706 2.21 76 1.59 5 1.83 1,787 
20212,208 3.66 37 1.70 26 4.36 2,271 
2020 and prior9,098 2.53 46 1.38 27 1.94 9,171 
Total$17,162 $440 $71 $17,673 
The amortized cost of residential mortgage loans on real estate (in millions) by year of origination and credit quality indicator was as follows:
As of March 31, 2026
PerformingNonperformingTotal
Origination Year
2026$393 $1 $394 
20251,810 11 1,821 
20241,651 74 1,725 
2023419 21 440 
2022406 35 441 
2021 and prior553 30 583 
Total$5,232 $172 $5,404 
As of December 31, 2025
PerformingNonperformingTotal
Origination Year
2025$1,650 $4 $1,654 
20241,776 64 1,840 
2023440 21 461 
2022425 33 458 
2021381 14 395 
2020 and prior194 12 206 
Total$4,866 $148 $5,014 
Changes in Allowance for Credit Losses on Mortgage Loans on Real Estate
Changes in the allowance for credit losses on mortgage loans on real estate (in millions) were as follows:

As of or For the Three Months Ended
March 31, 2026
CommercialResidentialTotal
Balance as of beginning-of-year$113 $69 $182 
Additions (reductions) from provision for credit loss
expense (1)
3 (5)(2)
Additions from purchases of PCD mortgage loans on
real estate– – – 
Reductions for mortgage loans on real estate charged off– – – 
Balance as of end-of-period (2)
$116 $64 $180 

As of or For the Three Months Ended
March 31, 2025
CommercialResidentialTotal
Balance as of beginning-of-year$99 $53 $152 
Additions (reductions) from provision for credit loss
expense (1)
(1)3 2 
Additions from purchases of PCD mortgage loans on
real estate– – – 
Reductions for mortgage loans on real estate charged off– – – 
Balance as of end-of-period (2)
$98 $56 $154 

(1) We recognized less than $1 million and $1 million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the three months ended March 31, 2026 and 2025, respectively.
(2) Accrued investment income on mortgage loans on real estate totaled $113 million and $101 million as of March 31, 2026 and 2025, respectively, and was excluded from the estimate of credit losses.
Credit Loss Expense Incurred
Details underlying credit loss benefit (expense) incurred as a result of impairments that were recognized in net income (loss) and included in realized gain (loss) on fixed maturity AFS securities (in millions) were as follows:

 For the Three
Months Ended
March 31,
20262025
Credit Loss Benefit (Expense)
Fixed maturity AFS securities:
Corporate bonds$(8)$(9)
RMBS– 1 
ABS(16)(20)
Total credit loss benefit (expense)$(24)$(28)
Payables for Collateral on Investments
The carrying value of the payables for collateral on investments included on the Consolidated Balance Sheets and the fair value of the related investments or collateral (in millions) consisted of the following:

As of March 31, 2026As of December 31, 2025
Carrying ValueFair ValueCarrying ValueFair Value
Collateral payable for derivative investments (1)
$6,373 $6,373 $7,809 $7,809 
Securities pledged under securities lending agreements (2)
183 177 145 139 
Investments pledged for FHLB lending program (3)
– – – – 
Total payables for collateral on investments$6,556 $6,550 $7,954 $7,948 

(1) We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties’ credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash or fixed maturity AFS securities. This also includes interest payable on collateral. See Note 5 for additional information.
(2) Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on the Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities.
(3) Our pledged investments for Federal Home Loan Bank (“FHLB”) related to the lending program are included in fixed maturity AFS securities and mortgage loans on real estate on the Consolidated Balance Sheets. The collateral requirements are generally 105% to 115% of the fair value for fixed maturity AFS securities and 155% to 175% of the fair value for mortgage loans on real estate. The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities.
Schedule of Increase (Decrease) in Payables for Collateral on Investments
Increase (decrease) in payables for collateral on investments (in millions) consisted of the following:

For the Three
Months Ended
March 31,
20262025
Collateral payable for derivative investments$(1,436)$(1,655)
Securities pledged under securities
lending agreements38 10 
Securities pledged under repurchase agreements– 57 
Investments pledged for FHLB lending program– (150)
Total increase (decrease) in payables for
collateral on investments$(1,398)$(1,738)
Schedule of Securities Pledged by Contractual Maturity The remaining contractual maturities of securities lending transactions accounted for as secured borrowings (in millions) were as follows:
As of March 31, 2026
Overnight
 and
 Continuous		Up to 30 Days30-90 DaysGreater Than
90 Days		Total
Securities Lending
Corporate bonds$175 $– $– $– $175 
Foreign government bonds4 – – – 4 
Equity securities4 – – – 4 
Total gross secured borrowings$183 $– $– $– $183 

As of December 31, 2025
Overnight
 and
 Continuous		Up to 30 Days30-90 DaysGreater Than
90 Days		Total
Securities Lending
Corporate bonds$130 $– $– $– $130 
Foreign government bonds5 – – – 5 
Equity securities10 – – – 10 
Total gross secured borrowings$145 $– $– $– $145 
Schedule of Assets Pledged as Collateral Assets pledged as collateral at carrying value as reported on the Consolidated Balance Sheets were as follows:
As of
 March 31,
2026		As of
 December 31,
2025
Fixed maturity AFS securities$3,642 $3,578 
Trading securities14 14 
Equity securities4 10 
Mortgage loans on real estate1,666 1,217 
Other investments50 71 
Cash and invested cash356 65 
Total assets pledged as collateral$5,732 $4,955