Realized Gain (Loss) (Tables)

3 Months Ended

Mar. 31, 2026

Details underlying realized gain (loss) (in millions) were as follows:


	For the Three Months Ended March 31,
	2026		2025
Fixed maturity AFS securities:
Gross gains	$	2	$	4
Gross losses	(17)		(122)
Credit loss benefit (expense) (1)	(24)		(28)

Realized gain (loss) on equity securities (2)	2		(5)
Credit loss benefit (expense) on mortgage loans on real estate (1)	2		(1)
Credit loss benefit (expense) on reinsurance-related assets (3)	2		1
Realized gain (loss) on the mark-to-market on certain
instruments (4)(5)	226		(55)
Indexed product derivative results (6)	96		(69)
Derivative results (7)	178		287
Realized gain (loss) on other non-financial assets	(6)		–
Other realized gain (loss)	5		(1)
Total realized gain (loss)	$	466	$	11

(1) Includes changes in the allowance for credit losses as well as direct write-downs to amortized cost as a result of negative credit events.

(2) Includes mark-to-market adjustments on equity securities still held of $2 million and $(5) million for the three months ended March 31, 2026 and 2025, respectively.

(3) Includes changes in the allowance for credit losses pertaining to reinsurance recoverables and deposit assets.

(4) Represents changes in the fair values of derivatives we hold as part of VUL hedging, reinsurance-related embedded derivatives and trading securities.

(5) Includes gains and losses from fair value changes on mortgage loans on real estate accounted for under the fair value option of $1 million and $(1) million for the three months ended March 31, 2026 and 2025, respectively.

(6) Represents the change in fair value of the index options that we hold and the change in the fair value of the embedded derivative liabilities of our indexed annuity and IUL contracts, and the associated index options to hedge policyholder index allocations applicable to future reset periods for our indexed annuity products.

(7) Includes the change in the fair value of the derivative instruments we own to support capital needs associated with our GLB and GDB riders net of fee income allocated to support the cost of purchasing the hedging instruments.