v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments [Abstract]  
Debt Securities, Available-for-sale
The following tables provide information relating to investments in fixed maturity securities by type as of March 31, 2026 and December 31, 2025 (dollars in millions):
March 31, 2026:Amortized CostAllowance for Credit LossesUnrealized GainsUnrealized LossesEstimated
Fair Value		% of Total
Available-for-sale:
Corporate$77,736 $211 $676 $4,973 $73,228 68.2 %
Canadian government4,897 — 251 133 5,015 4.7 
Japanese government9,873 — — 2,056 7,817 7.3 
Korean government1,346 — — 183 1,163 1.1 
ABS7,436 21 44 178 7,281 6.8 
CMBS2,367 — 25 57 2,335 2.2 
RMBS1,599 — 18 74 1,543 1.4 
U.S. government2,805 — 14 257 2,562 2.4 
State and political subdivisions737 — 2 84 655 0.6 
Other foreign government6,180 — 37 488 5,729 5.3 
Total fixed maturity securities$114,976 $232 $1,067 $8,483 $107,328 100.0 %
December 31, 2025:Amortized CostAllowance for Credit LossesUnrealized GainsUnrealized LossesEstimated
Fair Value		% of Total
Available-for-sale:
Corporate$72,736 $189 $1,142 $3,952 $69,737 68.5 %
Canadian government4,920 — 286 106 5,100 5.1 
Japanese government6,516 — 1 1,816 4,701 4.6 
Korean government1,407 — 1 96 1,312 1.3 
ABS7,478 21 69 157 7,369 7.2 
CMBS2,179 — 35 52 2,162 2.1 
RMBS1,615 — 26 72 1,569 1.5 
U.S. government3,508 — 27 248 3,287 3.3 
State and political subdivisions737 — 2 79 660 0.6 
Other foreign government6,168 — 83 379 5,872 5.8 
Total fixed maturity securities$107,264 $210 $1,672 $6,957 $101,769 100.0 %
Concentration Risk Disclosure [Text Block] The Company’s exposure to concentrations of credit risk from single issuers, including certain agencies, greater than 10% of the Company’s equity is disclosed below, as of March 31, 2026 and December 31, 2025 (dollars in millions):
March 31, 2026December 31, 2025
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Fixed maturity securities guaranteed or issued by:
Japanese government$9,873 $7,817 $6,516 $4,701 
U.S. government2,805 2,562 3,508 3,287 
Canadian province of Quebec1,632 1,735 1,642 1,764 
Investments Classified By Contractual Maturity Date
The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of March 31, 2026, are shown by contractual maturity in the table below (dollars in millions). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Structured securities are shown separately in the table below as they are not due at a single maturity date.
Amortized CostEstimated Fair Value
Available-for-sale:
Due in one year or less$2,288 $2,222 
Due after one year through five years16,429 16,359 
Due after five years through ten years17,100 16,938 
Due after ten years67,757 60,650 
Structured securities11,402 11,159 
Total$114,976 $107,328 
Fixed Maturity Holdings Industry Types Weighted Average Credit Ratings [Table Text Block]
The tables below show the major sectors of the Company’s corporate fixed maturity holdings as of March 31, 2026 and December 31, 2025 (dollars in millions): 
March 31, 2026:Amortized CostEstimated Fair Value% of Total
Finance$22,661 $21,270 29.0 %
Industrial42,019 39,749 54.3 
Utility13,056 12,209 16.7 
Total$77,736 $73,228 100.0 %
December 31, 2025:Amortized CostEstimated Fair Value% of Total
Finance$21,367 $20,489 29.4 %
Industrial39,381 37,839 54.3 
Utility11,988 11,409 16.3 
Total$72,736 $69,737 100.0 %
Financing Receivable, Allowance for Credit Loss [Table Text Block]
The following tables present the rollforward of the allowance for credit losses in fixed maturity securities by type for the three months ended March 31, 2026 and 2025 (dollars in millions):
For the three months ended March 31, 2026:
 CorporateABSCMBSTotal
Balance, beginning of period$189 $21 $— $210 
Credit losses with no previous allowance64 — — 64 
Securities disposed(56)— — (56)
Change in credit losses with a previous allowance14 — — 14 
Foreign currency translation— — — — 
Balance, end of period$211 $21 $— $232 
For the three months ended March 31, 2025:
 CorporateABSCMBSTotal
Balance, beginning of period$82 $15 $1 $98 
Credit losses with no previous allowance10 — — 10 
Securities disposed(2)— — (2)
Change in credit losses with a previous allowance(1)— (1)(2)
    Foreign currency translation(1)— — (1)
Balance, end of period$88 $15 $— $103 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
March 31, 2026:Less than 12 months12 months or greaterTotal
Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
Corporate$26,865 $691 $21,780 $4,168 $48,645 $4,859 
Canadian government1,488 37 650 96 2,138 133 
Japanese government3,586 71 4,136 1,985 7,722 2,056 
Korean government1,043 178 74 5 1,117 183 
ABS2,962 28 1,373 143 4,335 171 
CMBS680 7 654 48 1,334 55 
RMBS358 2 534 72 892 74 
U.S. government935 3 486 254 1,421 257 
State and political subdivisions168 3 391 81 559 84 
Other foreign government2,463 89 1,712 396 4,175 485 
Total investment grade securities40,548 1,109 31,790 7,248 72,338 8,357 
Below investment grade securities:
Corporate1,170 29 401 72 1,571 101 
ABS207 4 19 1 226 5 
Other foreign government— — 9 3 9 3 
Total below investment grade securities1,377 33 429 76 1,806 109 
Total fixed maturity securities$41,925 $1,142 $32,219 $7,324 $74,144 $8,466 
December 31, 2025:Less than 12 months12 months or greaterTotal
Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
Corporate$10,591 $255 $22,666 $3,635 $33,257 $3,890 
Canadian government1,096 34 426 72 1,522 106 
Japanese government1,274 209 3,351 1,607 4,625 1,816 
Korean government1,145 92 78 4 1,223 96 
ABS2,324 15 1,149 141 3,473 156 
CMBS— — 705 50 705 50 
RMBS— — 562 72 562 72 
U.S. government406 1 542 247 948 248 
State and political subdivisions73 1 451 78 524 79 
Other foreign government1,382 26 1,901 350 3,283 376 
Total investment grade securities18,291 633 31,831 6,256 50,122 6,889 
Below investment grade securities:
Corporate652 25 258 31 910 56 
ABS19 1 — — 19 1 
Other foreign government— — 13 3 13 3 
Total below investment grade securities671 26 271 34 942 60 
Total fixed maturity securities$18,962 $659 $32,102 $6,290 $51,064 $6,949 
Investment Income
Major categories of net investment income consist of the following (dollars in millions):
 Three months ended March 31,
 20262025
Fixed maturity securities available-for-sale$1,369 $1,063 
Equity securities4 2 
Mortgage loans157 119 
Policy loans43 18 
Funds withheld at interest108 66 
Limited partnerships and real estate joint ventures54 (15)
Short-term investments and cash and cash equivalents33 36 
Other invested assets(1)(5)
Investment income1,767 1,284 
Investment expense(66)(52)
Net investment income$1,701 $1,232 
Gain Loss On Investments
Investment related gains (losses), net consist of the following (dollars in millions): 
 Three months ended March 31,
 20262025
Fixed maturity securities available-for-sale:
Change in allowance for credit losses$(22)$(6)
Impairments on fixed maturity securities(1)— 
Realized gains on investment activity59 36 
Realized losses on investment activity(165)(87)
Net losses on equity securities(14)(1)
Change in mortgage loan allowance for credit losses2 4 
Limited partnerships and real estate joint ventures impairment losses(22)(5)
Change in fair value of certain limited partnership investments6 (7)
Net losses on freestanding derivatives(57)(2)
Net gains (losses) on embedded derivatives44 (11)
Total investment related gains (losses), net$(170)$(79)
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]
The following table includes invested assets on deposit, invested assets pledged and received as collateral, assets in trust held to satisfy collateral requirements and FHLB common stock restricted as to sale as of March 31, 2026 and December 31, 2025 (dollars in millions):
March 31, 2026December 31, 2025
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Invested assets on deposit (regulatory deposits)$10 $9 $10 $9 
Invested assets pledged as collateral1,880 1,566 1,739 1,527 
Invested assets received as collateral n/a 2,551 n/a2,620 
Assets in trust held to satisfy collateral requirements75,687 71,102 68,241 65,154 
FHLB common stock restricted as to sale68 68 68 68 
Schedule of Repurchase Agreements [Table Text Block]
The following table provides the estimated fair value of securities relating to securities lending and repurchase/reverse repurchase agreements as of March 31, 2026 and December 31, 2025 (dollars in millions):
March 31, 2026December 31, 2025
Securities Loaned (1)
Securities Borrowed (2)
Cash Collateral Received (3)
Securities Loaned (1)
Securities Borrowed (2)
Cash Collateral Received (3)
Securities lending transactions$792 $1,054 $— $831 $1,058 $— 
Repurchase/reverse repurchase transactions2,457 638 1,645 2,623 682 1,783 
(1)Securities loaned or pledged through securities lending transactions or sold to counterparties through repurchase transactions are included within fixed maturity securities. Collateral associated with certain securities lending transactions is not included within this table as the collateral pledged to the counterparty is the right to reinsurance treaty cash flows. Certain securities lending transactions do not require collateral.
(2)Securities borrowed or received as collateral through securities lending transactions or purchased from counterparties through reverse repurchase transactions are not reflected on the condensed consolidated balance sheets.
(3)A payable for the cash received by the Company is included within other liabilities.
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block]
The following table presents the estimated fair value of securities by the remaining contractual maturity of the Company’s securities lending and repurchase agreements as of March 31, 2026 and December 31, 2025 (dollars in millions):
March 31, 2026December 31, 2025
Remaining Contractual Maturity of the AgreementsRemaining Contractual Maturity of the Agreements
Overnight and ContinuousUp to 30 Days30 – 90 DaysGreater than 90 DaysTotalOvernight and ContinuousUp to 30 Days30 – 90 DaysGreater than 90 DaysTotal
Securities lending transactions:
Corporate$— $— $211 $205 $416 $— $— $357 $71 $428 
Japanese government— 149 — 150 299 — — — 310 310 
ABS— — 13 3 16 — — 25 — 25 
CMBS— — 30 — 30 — — 37 — 37 
RMBS— — 10 — 10 — — 10 — 10 
Other foreign government— — 11 10 21 — — 15 6 21 
Total— 149 275 368 792 — — 444 387 831 
Repurchase/reverse repurchase transactions:
Corporate— — 199 1,098 1,297 — — — 1,336 1,336 
Canadian government— — — 12 12 — — — 12 12 
Japanese government— — — 380 380 — — 203 175 378 
ABS— — — 115 115 — — 11 137 148 
CMBS— — — 225 225 — — 49 227 276 
RMBS— — — 46 46 — — 42 47 89 
U.S. government— — — 270 270 — — 4 273 277 
Other foreign government— — — 112 112 — — — 107 107 
Total— — 199 2,258 2,457 — — 309 2,314 2,623 
Total transactions$— $149 $474 $2,626 $3,249 $— $— $753 $2,701 $3,454 
Disclosure Of Real Estate Holdings By Property Type [Table Text Block]
The following table presents the distribution of the Company’s recorded investment in mortgage loans by property type as of March 31, 2026 and December 31, 2025 (dollars in millions):
 March 31, 2026December 31, 2025
Carrying Value% of Total Carrying Value% of Total
Commercial:
Office$1,720 15.0 %$1,800 16.0 %
Retail3,429 29.9 3,455 30.7 
Industrial3,724 32.4 3,549 31.5 
Apartment1,379 12.0 1,356 12.0 
Hotel515 4.5 500 4.4 
Other commercial202 1.8 161 1.4 
Total commercial10,969 95.6 10,821 96.0 
Residential508 4.4 447 4.0 
Recorded investment11,477 100.0 %11,268 100.0 %
Unamortized loan origination fees and discount(44)(47)
Allowance for credit losses(115)(117)
Total mortgage loans$11,318 $11,104 
Mortgage Loans Classified By Contractual Maturity Date [Table Text Block]
The following table presents the maturities of the Company’s recorded investment in mortgage loans as of March 31, 2026 and December 31, 2025 (dollars in millions):
March 31, 2026December 31, 2025
Recorded
Investment		% of Total Recorded
Investment		% of Total
Commercial:
Due within five years$4,620 42.1 %$4,563 42.2 %
Due after five years through ten years5,432 49.5 5,225 48.3 
Due after ten years917 8.4 1,033 9.5 
Total commercial$10,969 100.0 %$10,821 100.0 %
Residential:
Due within five years$190 37.4 %$184 41.2 %
Due after five years through ten years— — — — 
Due after ten years318 62.6 263 58.8 
Total residential$508 100.0 %$447 100.0 %
Mortgage Loan Internal Credit Risk Grade [Table Text Block]
The following tables set forth certain key credit quality indicators of the Company’s recorded investment in commercial mortgage loans as of March 31, 2026 and December 31, 2025 (dollars in millions):
Recorded Investment
Debt Service Ratios
>1.20x1.00x – 1.20x<1.00xTotal% of Total
March 31, 2026:
Loan-to-Value Ratio
0% – 59.99%$4,787 $253 $75 $5,115 46.6 %
60% – 69.99%3,143 266 57 3,466 31.6 
70% – 79.99%1,159 215 76 1,450 13.2 
80% or greater637 174 127 938 8.6 
Total commercial$9,726 $908 $335 $10,969 100.0 %
Recorded Investment
Debt Service Ratios
>1.20x1.00x – 1.20x<1.00xTotal% of Total
December 31, 2025:
Loan-to-Value Ratio
0% – 59.99%$4,799 $162 $79 $5,040 46.5 %
60% – 69.99%3,084 168 79 3,331 30.8 
70% – 79.99%1,126 232 99 1,457 13.5 
80% or greater643 236 114 993 9.2 
Total commercial$9,652 $798 $371 $10,821 100.0 %
The following tables set forth credit quality grades by year of origination of the Company’s recorded investment in commercial mortgage loans as of March 31, 2026 and December 31, 2025 (dollars in millions):
Recorded Investment
Year of Origination
20262025202420232022PriorTotal
March 31, 2026:
Internal credit quality grade:
High investment grade$26 $625 $585 $351 $531 $1,950 $4,068 
Investment grade465 1,906 1,254 755 596 1,396 6,372 
Average— — — 71 107 208 386 
Watch list— — — 12 — 131 143 
Total commercial$491 $2,531 $1,839 $1,189 $1,234 $3,685 $10,969 
Recorded Investment
Year of Origination
20252024202320222021PriorTotal
December 31, 2025:
Internal credit quality grade:
High investment grade$636 $587 $352 $539 $458 $1,679 $4,251 
Investment grade1,908 1,257 788 617 481 973 6,024 
Average— — 83 107 36 195 421 
Watch list— — — — — 125 125 
Total commercial$2,544 $1,844 $1,223 $1,263 $975 $2,972 $10,821 
The following tables set forth credit quality by year of origination of the Company’s recorded investment in residential mortgage loans as of March 31, 2026 and December 31, 2025 (dollars in millions):
Recorded Investment
Year of Origination
20262025202420232022PriorTotal
March 31, 2026:
Performing$21 $357 $40 $8 $20 $58 $504 
Non-performing— 4 — — — — 4 
Total residential$21 $361 $40 $8 $20 $58 $508 
Recorded Investment
Year of Origination
20252024202320222021PriorTotal
December 31, 2025:
Performing$310 $47 $9 $21 $54 $6 $447 
Non-performing— — — — — — — 
Total residential$310 $47 $9 $21 $54 $6 $447 
Financing Receivable, Past Due [Table Text Block]
The following table presents the current and past due composition of the Company’s recorded investment in mortgage loans as of March 31, 2026 and December 31, 2025 (dollars in millions):
 March 31, 2026December 31, 2025
Commercial:
Current$10,938 $10,805 
31 – 60 days past due5 — 
61 – 90 days past due
26 — 
Greater than 90 days past due
— 16 
Total commercial$10,969 $10,821 
Residential:
Current$503 $444 
31 – 60 days past due
1 3 
61 – 90 days past due— — 
Greater than 90 days past due4 — 
Total residential$508 $447 
Allowance For Mortgage Loan And Lease Losses Provision For Loss Net
The following table presents information regarding the Company’s allowance for credit losses for mortgage loans for the three months ended March 31, 2026 and 2025 (dollars in millions):
For the three months ended March 31, 2026:CommercialResidentialTotal
Balance, beginning of period$112 $5 $117 
Provision (release) of credit losses4 1 5 
Write-offs, net of recoveries(7)— (7)
Balance, end of period$109 $6 $115 
For the three months ended March 31, 2025:
Balance, beginning of period$93 $— $93 
Provision (release) of credit losses(6)2 (4)
Write-offs, net of recoveries— — — 
Balance, end of period$87 $2 $89 
Limited Partnership And Joint Ventures Table Text Block
Limited Partnerships and Real Estate Joint Ventures
The carrying values of limited partnerships and real estate joint ventures as of March 31, 2026 and December 31, 2025 are as follows (dollars in millions):
March 31, 2026December 31, 2025
Limited partnerships – equity method$1,878 $1,543 
Limited partnerships – fair value935 925 
Limited partnerships – cost method71 72 
Real estate joint ventures – equity method1,193 1,207 
Real estate joint ventures – fair value16 — 
Total limited partnerships and real estate joint ventures$4,093 $3,747 
Schedule Of Other Invested Assets [Table Text Block] The carrying values of other invested assets as of March 31, 2026 and December 31, 2025 are as follows (dollars in millions):
March 31, 2026December 31, 2025
Lifetime mortgages$1,219 $1,197 
Derivatives179 185 
FHLB common stock68 68 
Other59 64 
Total other invested assets$1,525 $1,514