v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Fixed Maturity Securities Available-for-Sale by Sector
The following table presents fixed maturity securities available-for-sale (“AFS”) by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, prime investor, nonqualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. ABS & CLO includes securities collateralized by consumer loans, corporate loans, broadly syndicated bank loans, and other assets. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS & CLO and CMBS are, collectively, “Structured Products.”
March 31, 2026December 31, 2025
Gross UnrealizedEstimated
Fair
Value		Gross UnrealizedEstimated
Fair
Value
Sector
Amortized
Cost
Allowance
for
 Credit Loss
(“ACL”)
GainsLossesAmortized
Cost
ACL
Gains
Losses
(In millions)
U.S. corporate$95,266 $(134)$1,440 $7,602 $88,970 $92,855 $(138)$1,899 $6,657 $87,959 
Foreign corporate
63,323 (52)1,955 5,168 60,058 62,606 (7)2,443 4,453 60,589 
RMBS46,999 (1)595 2,040 45,553 46,567 (1)822 1,970 45,418 
Foreign government
47,427 (57)907 8,230 40,047 47,037 (57)1,068 7,300 40,748 
U.S. government and agency
41,753 — 224 6,028 35,949 42,877 — 303 5,658 37,522 
ABS & CLO
25,346 (5)177 482 25,036 23,028 (6)246 371 22,897 
Municipals12,069 — 174 1,411 10,832 12,195 — 225 1,356 11,064 
CMBS10,008 (24)95 414 9,665 10,036 (40)131 393 9,734 
Total fixed maturity securities AFS
$342,191 $(273)$5,567 $31,375 $316,110 $337,201 $(249)$7,137 $28,158 $315,931 
Available-for-sale fixed maturity securities by contractual maturity date
The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, 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
Products
Total Fixed
Maturity
Securities
AFS
(In millions)
Amortized cost, net of ACL$12,593 $50,867 $57,639 $138,496 $82,323 $341,918 
Estimated fair value$12,728 $50,793 $56,532 $115,803 $80,254 $316,110 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position without an ACL by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position.
March 31, 2026December 31, 2025
Less than 12 MonthsEqual to or Greater
than 12 Months		Less than 12 MonthsEqual to or Greater
than 12 Months
Sector & Credit QualityEstimated
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$21,890 $896 $35,810 $6,685 $8,564 $527 $37,884 $6,092 
Foreign corporate14,050 426 20,751 4,721 5,314 199 22,687 4,251 
RMBS
11,892 174 11,296 1,867 3,848 69 12,983 1,902 
Foreign government13,185 965 15,743 7,264 9,716 652 16,214 6,646 
U.S. government and agency8,947 253 16,336 5,775 8,544 181 16,341 5,477 
ABS & CLO11,832 131 3,867 351 5,349 49 4,000 322 
Municipals1,246 76 5,177 1,335 1,000 79 5,147 1,277 
CMBS2,240 60 3,498 351 1,164 36 3,660 355 
Total fixed maturity securities AFS$85,282 $2,981 $112,478 $28,349 $43,499 $1,792 $118,916 $26,322 
Investment grade$82,098 $2,856 $109,739 $28,007 $41,743 $1,707 $116,021 $26,002 
Below investment grade3,184 125 2,739 342 1,756 85 2,895 320 
Total fixed maturity securities AFS$85,282 $2,981 $112,478 $28,349 $43,499 $1,792 $118,916 $26,322 
Total number of securities in an unrealized loss position9,486 9,439 5,489 9,850 
Debt Securities, Available-for-sale, Allowance for Credit Loss
The rollforward of ACL for fixed maturity securities AFS by sector was as follows:
U.S.
 Corporate		Foreign
Corporate		Foreign
Government		RMBSABS & CLOCMBSTotal
(In millions)
Three Months Ended March 31, 2026
Balance, beginning of period
$138 $7 $57 $1 $6 $40 $249 
ACL not previously recorded— 52 — — — 4 56 
Changes for securities with previously recorded ACL22 — — — (1)4 25 
Securities sold or exchanged(26)(7)— — — (24)(57)
Balance, end of period
$134 $52 $57 $1 $5 $24 $273 
Three Months Ended March 31, 2025
Balance, beginning of period
$59 $18 $57 $1 $9 $16 $160 
ACL not previously recorded— — — 1 — 7 8 
Changes for securities with previously recorded ACL7 — — — 1 2 10 
Securities sold or exchanged(26)(12)— — (3)— (41)
Balance, end of period
$40 $6 $57 $2 $7 $25 $137 
Debt Securities, Trading, and Equity Securities, FV-NI
The following table presents equity securities by security type:
March 31, 2026December 31, 2025
Net Unrealized
Gains (Losses) (1)
Estimated
Fair Value
Net Unrealized
Gains (Losses) (1)		Estimated
Fair Value
Security TypeCostCost
(In millions)
Common stock (2)
$561 $235 $796 $498 $246 $744 
Non-redeemable preferred stock121 10 131 106 8 114 
Total
$682 $245 $927 $604 $254 $858 
________________
(1)    Represents cumulative changes in estimated fair value, recognized in earnings.
(2)    Includes common stock, exchange-traded funds, certain mutual funds and certain real estate investment trusts.
The following table presents these investments by asset type:
March 31, 2026December 31, 2025
Asset TypeCost or
Amortized
Cost		Net Unrealized
Gains (Losses) (1)		Estimated
Fair Value		Cost or
Amortized
Cost		Net Unrealized
Gains (Losses) (1)		Estimated
Fair Value
(In millions)
Contractholder-directed equity securities:
Equity securities$3,153 $750 $3,903 $3,164 $855 $4,019 
Series mutual funds and other securities5,103 1,249 6,352 5,089 1,640 6,729 
Total contractholder-directed equity securities
$8,256 $1,999 $10,255 $8,253 $2,495 $10,748 
FVO securities:
Securities held by CFEs
$1,243 $— $1,243 $1,283 $— $1,283 
General account and other securities1,110 827 1,937 1,149 779 1,928 
Total FVO securities:
$2,353 $827 $3,180 $2,432 $779 $3,211 
Total
$10,609 $2,826 $13,435 $10,685 $3,274 $13,959 
________________
(1)Represents cumulative changes in estimated fair value, recognized in earnings.
Disclosure of Mortgage Loans Net of Valuation Allowance
Mortgage loans are summarized as follows at:
 March 31, 2026December 31, 2025
Portfolio SegmentCarrying
Value (1)		% of
Total		Carrying
Value (1)		% of
Total
(Dollars in millions)
Commercial$48,029 57.4 %$49,400 58.4 %
Agricultural19,355 23.1 19,551 23.1 
Residential17,520 20.9 16,800 19.9 
Total amortized cost84,904 101.4 85,751 101.4 
ACL
(1,213)(1.4)(1,193)(1.4)
Total mortgage loans held-for-investment83,691 100.0 84,558 100.0 
Mortgage loans held-for-sale35 — 35 — 
Total mortgage loans$83,726 100.0 %$84,593 100.0 %
__________________
(1)Includes certain mortgage loans originated for third parties of $6.1 billion and $6.5 billion at amortized cost, with the corresponding mortgage loan secured financing liability of $6.1 billion and $6.5 billion included in other liabilities on the consolidated balance sheet at March 31, 2026 and December 31, 2025, respectively.
Allowance for Loan and Lease Losses, Provision for Loss, Net
The rollforward of ACL for mortgage loans, by portfolio segment, was as follows:
Three Months
Ended
March 31,
20262025
CommercialAgriculturalResidentialTotalCommercialAgriculturalResidentialTotal
(In millions)
Balance, beginning of period$807 $115 $271 $1,193 $537 $84 $179 $800 
Provision (release)
165 2 (50)117 160 11 10 181 
Charge-offs, net of recoveries
(87)(9)(1)(97)— — — — 
Balance, end of period$885 $108 $220 $1,213 $697 $95 $189 $981 
The gross charge-offs of mortgage loans by origination year and portfolio segment for the three months ended March 31, 2026 were as follows:
Portfolio Segment20262025202420232022PriorTotal
(In millions)
Commercial
$— $— $— $— $— $87 $87 
Agricultural— — — — — 9 9 
Residential
— — 1 — — — 1 
Total$— $— $1 $— $— $96 $97 
Financing Receivable, Modified
These mortgage loan modifications are summarized as follows:
Three Months Ended March 31,
2025
Amortized CostAffected Loans
(in Years)
Portfolio SegmentMaturity
Extension
Payment
Delay
Total
Weighted Average
 Life Increase		Average Years
Payment Deferral		% of Book
Value
(Dollars in millions)
Commercial$250 
$— $250 5 0<1%
Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories
The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2026:
Credit Quality Indicator20262025202420232022PriorRevolving LoansTotal% of Total
(Dollars in millions)
LTV ratios:
Less than 65%
$779 $2,595 $3,258 $1,957 $2,253 $13,786 $1,712 $26,340 54.8 %
65% to 75%
125 399 550 632 2,145 3,731 — 7,582 15.8 
76% to 80%
— 98 — 63 410 2,304 — 2,875 6.0 
Greater than 80%
— 187 187 65 783 10,010 — 11,232 23.4 
Total
$904 $3,279 $3,995 $2,717 $5,591 $29,831 $1,712 $48,029 100.0 %
DSCR:
> 1.20x
$755 $2,673 $3,665 $1,973 $4,555 $24,243 $1,712 $39,576 82.4 %
1.00x - 1.20x
— 318 6 384 459 3,443 — 4,610 9.6 
<1.00x
149 288 324 360 577 2,145 — 3,843 8.0 
Total
$904 $3,279 $3,995 $2,717 $5,591 $29,831 $1,712 $48,029 100.0 %
The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2026:
Credit Quality Indicator20262025202420232022PriorRevolving LoansTotal% of Total
(Dollars in millions)
LTV ratios:
Less than 65%
$428 $1,353 $682 $1,171 $2,130 $10,588 $1,412 $17,764 91.8 %
65% to 75%
— 84 47 77 286 825 18 1,337 6.9 
76% to 80%
— — — — 22 32 4 58 0.3 
Greater than 80%
— — 12 — 147 23 14 196 1.0 
Total
$428 $1,437 $741 $1,248 $2,585 $11,468 $1,448 $19,355 100.0 %
The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2026:
Credit Quality Indicator20262025202420232022PriorRevolving LoansTotal% of Total
(Dollars in millions)
Performance indicators:
Performing
$111 $3,646 $2,085 $722 $2,108 $8,296 $— $16,968 96.8 %
Nonperforming (1)
— 24 59 53 98 318 — 552 3.2 
Total
$111 $3,670 $2,144 $775 $2,206 $8,614 $— $17,520 100.0 %
__________________
(1)Includes residential mortgage loans in process of foreclosure with an amortized cost of $179 million and $186 million at March 31, 2026 and December 31, 2025, respectively.
Schedule of Past Due and Non Accrual Mortgage Loans The past due and nonaccrual mortgage loans at amortized cost, prior to ACL, by portfolio segment, were as follows:
Past DuePast Due
 and Still Accruing Interest		Nonaccrual
Portfolio SegmentMarch 31, 2026December 31, 2025March 31, 2026December 31, 2025March 31, 2026December 31, 2025
(In millions)
Commercial$828 $682 $10 $3 $1,894 $1,915 
Agricultural255 252 57 66 208 225 
Residential552 523 28 23 524 500 
Total$1,635 $1,457 $95 $92 $2,626 $2,640 
Disclosure Real Estate and Real Estate Joint Ventures Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:
 Three Months
Ended
March 31,
 March 31, 2026December 31, 202520262025
Income TypeCarrying ValueIncome
(In millions)
Wholly-owned real estate:
Leased real estate$4,379 $4,174 $85 $89 
Other real estate773 710 75 75 
REJVs
8,204 8,556 66 43 
Total real estate and REJVs
$13,356 $13,440 $226 $207 
Fair Value, Concentration of Risk
Investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at estimated fair value, were in fixed income securities of the following foreign governments and their agencies:
March 31, 2026December 31, 2025
(In millions)
Japan$15,609 $16,265 
South Korea$4,982 $5,971 
Mexico$4,709 $4,190 
Securities Lending and Repurchase Agreements
Transactions and agreements accounted for as secured borrowings were as follows:
March 31, 2026December 31, 2025
Securities (1)Securities (1)
Agreement TypeEstimated
Fair Value		Cash Collateral
Received from
Counterparties (2)		Reinvestment
Portfolio at
Estimated Fair
Value		Estimated
Fair Value		Cash Collateral
Received from
Counterparties (2)		Reinvestment
Portfolio at
Estimated Fair
Value
(In millions)
Securities lending$12,169 $12,552 $12,481 $11,866 $12,198 $12,082 
Repurchase agreements$3,124 $3,075 $3,043 $3,002 $2,975 $2,948 
__________________
(1)These securities were included within fixed maturity securities AFS, short-term investments and cash equivalents at both March 31, 2026 and December 31, 2025. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge these securities.
(2)The liability for cash collateral is included within payables for collateral under securities loaned and other transactions.
Contractual maturities of these transactions and agreements accounted for as secured borrowings were as follows:
March 31, 2026December 31, 2025
Remaining MaturitiesRemaining Maturities
Cash collateral liability by security type:Open (1)1 Month
or Less
Over 1
Month
to 6
Months
Over 6
Months
to 1 Year		TotalOpen (1)1 Month
or Less
Over 1
Month
to 6
Months
Over 6
Months
to 1 Year		Total
(In millions)
Securities lending:
U.S. government and agency
$2,007 $4,852 $4,387 $— $11,246 $1,986 $3,911 $4,880 $— $10,777 
Foreign government
— 745 263 — 1,008 — 755 355 — 1,110 
Agency RMBS— 127 171 — 298 — 311 — — 311 
Total
$2,007 $5,724 $4,821 $— $12,552 $1,986 $4,977 $5,235 $— $12,198 
Repurchase agreements:
U.S. government and agency
$— $3,075 $— $— $3,075 $— $2,975 $— $— $2,975 
__________________
(1)The related 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 are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value, and were as follows at:
March 31, 2026December 31, 2025
(In millions)
Invested assets on deposit (regulatory deposits)
$1,529 $1,396 
Invested assets held in trust (external reinsurance agreements) (1)3,646 1,775 
Invested assets pledged as collateral (2)28,548 27,663 
Total invested assets on deposit, held in trust and pledged as collateral
$33,723 $30,834 
__________________
(1)Represents assets held in trust related to assumed third-party reinsurance agreements. Excludes assets held in trust related to reinsurance agreements between wholly-owned subsidiaries of $1.8 billion at both March 31, 2026 and December 31, 2025.
(2)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements, repurchase agreements and a collateral financing arrangement (see Notes 5, 16 and 17 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report). For information regarding invested assets pledged in connection with derivative transactions, see Note 10.
Schedule of Variable Interest Entities
March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Asset Type
Consolidated VIEs
for which the Company is the
Asset Manager
Other Consolidated VIEs
(In millions)
FVO securities primarily held by CFEs
$1,257 $1,300 $— $— 
Contractholder-directed equity securities408 451 — — 
Real estate and REJVs
173 81 203 221 
Investment funds (1)590 490 — — 
Renewable energy partnership (1)— — 43 45 
Leases (1)
24 25 — — 
Cash and cash equivalents
121 90 11 6 
Other
23 21 25 34 
Total assets of consolidated VIEs
$2,596 $2,458 $282 $306 
Short-term debt
$— $— $113 $117 
Long-term debt
68 28 — — 
Notes issued by CFEs1,138 1,206 — — 
Other liabilities
132 158 7 9 
Total liabilities of consolidated VIEs
$1,338 $1,392 $120 $126 
__________________
(1)Included in other invested assets.
Components of Net Investment Income
The composition of net investment income by asset type was as follows:
Three Months
Ended
March 31,
Asset Type20262025
(In millions)
Fixed maturity securities AFS (1)
$3,900 $3,467 
Equity securities
6 9 
FVO securities
(30)(20)
Mortgage loans (1)
1,079 1,139 
Policy loans
109 107 
Real estate and REJVs
226 207 
OLPI (1)
458 220 
Cash, cash equivalents and short-term investments (1)
224 250 
Operating joint ventures
(1)20 
Other
221 239 
Subtotal investment income6,192 5,638 
Less: Investment expenses
518 526 
Subtotal, net
5,674 5,112 
Unit-linked investments(319)(227)
Net investment income
$5,355 $4,885 
Net Investment Income Information
Net realized and unrealized gains (losses) recognized in net investment income:
Net realized gains (losses) from sales and disposals (primarily FVO securities and Unit-linked investments)
$171 $43 
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and Unit-linked investments)
(549)(289)
Net realized and unrealized gains (losses) recognized in net investment income
$(378)$(246)
Changes in estimated fair value subsequent to purchase of FVO securities and Unit-linked investments still held at the end of the respective periods and recognized in net investment income
$(392)$(260)
Equity method investments net investment income (primarily REJVs, OLPI, tax credit and renewable energy partnerships and operating joint ventures)
$533 $267 
________________
(1)Includes net investment income related to invested assets and cash and cash equivalents that are subject to ceded reinsurance with third parties.
Components of Net Investment Gains (Losses)
The composition of net investment gains (losses) by asset type and transaction type was as follows:
Three Months
Ended
March 31,
Asset Type20262025
(In millions)
Fixed maturity securities AFS
$(211)$(244)
Equity securities
(16)(12)
Mortgage loans
(126)(192)
Real estate and REJVs (excluding changes in estimated fair value)
(121)— 
OLPI (excluding changes in estimated fair value) (1)
(44)(1)
Other gains (losses)
(32)(5)
Subtotal
(550)(454)
Change in estimated fair value of OLPI and REJVs
3 3 
Non-investment portfolio gains (losses)
(123)64 
Subtotal
(120)67 
Net investment gains (losses)$(670)$(387)
Transaction Type
Realized gains (losses) on investments sold or disposed (1)
$(242)$(301)
Impairment (losses)
(139)(5)
Recognized gains (losses):
Change in ACL recognized in earnings
(155)(159)
Unrealized net gains (losses) recognized in earnings(11)14 
Total recognized gains (losses)(166)(145)
Non-investment portfolio gains (losses)(123)64 
Net investment gains (losses)$(670)$(387)
Net Investment Gains (Losses) Information
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in net investment gains (losses)
$(11)$(10)
Foreign currency gains (losses)$(132)$75 
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments
Recognized in net investment gains (losses)
$(242)$(301)
Recognized in net investment income
171 43 
Net realized investment gains (losses) from sales and disposals of investments$(71)$(258)
__________________
(1)Includes a net loss of $51 million and $2 million for the three months ended March 31, 2026 and 2025, respectively, for private equity investments sold. For the three months ended March 31, 2026 and 2025, the Company sold $745 million and $43 million, respectively, in portfolios of investments to funds for proceeds of $694 million and $41 million, respectively, in cash and receivables secured by the value of the respective funds. The Company has entered into agreements to serve as the asset manager of the funds for which it receives management fees.
Schedule of Realized Gain (Loss)
The composition of net investment gains (losses) for these securities was as follows:
Three Months
Ended
March 31,
Fixed Maturity Securities AFS20262025
(In millions)
Proceeds$11,001 $7,241 
Gross investment gains$118 $86 
Gross investment (losses)(305)(351)
Realized gains (losses) on sales and disposals(187)(265)
Net credit loss (provision) release (change in ACL recognized in earnings)(21)24 
Impairment (losses)(3)(3)
Net credit loss (provision) release and impairment (losses)(24)21 
Net investment gains (losses)$(211)$(244)
Equity Securities
Realized gains (losses) on sales and disposals$(7)$(22)
Unrealized net gains (losses) recognized in earnings(9)10 
Net investment gains (losses)$(16)$(12)