v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Consolidated Investments
The Company’s consolidated AFS investments as of March 31, 2026 and December 31, 2025 are summarized as follows:
March 31, 2026
 Amortized CostAllowance for Expected Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
Available-for-sale securities (In millions)
Asset-backed securities$18,868 $(20)$119 $(362)$18,605 
Commercial mortgage-backed securities5,179 (63)35 (154)4,997 
Corporates27,372 (7)155 (2,694)24,826 
Hybrids643 — 3 (27)619 
Municipals1,587 — 3 (223)1,367 
Residential mortgage-backed securities2,672 (1)59 (72)2,658 
U.S. Government967 — 3 (5)965 
Foreign Governments415 — 1 (46)370 
Total available-for-sale securities$57,703 $(91)$378 $(3,583)$54,407 
December 31, 2025
 Amortized CostAllowance for Expected Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
Available-for-sale securities (In millions)
Asset-backed securities$18,853 $(25)$166 $(256)$18,738 
Commercial mortgage-backed/asset-backed securities5,341 (61)58 (139)5,199 
Corporates26,538 (25)302 (2,368)24,447 
Hybrids625 — 6 (22)609 
Municipals1,604 — 4 (215)1,393 
Residential mortgage-backed securities2,846 (1)76 (70)2,851 
U.S. Government954 — 5 (3)956 
Foreign Governments400 — 5 (37)368 
Total available-for-sale securities$57,161 $(112)$622 $(3,110)$54,561 
Schedule of Investments Classified by Contractual Maturity Date
The amortized cost and fair value of fixed maturity securities AFS by contractual maturities as of March 31, 2026 and December 31, 2025 are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.
March 31, 2026December 31, 2025
(In millions)(In millions)
Amortized Cost Fair ValueAmortized Cost Fair Value
Corporates, Non-structured Hybrids, Municipal and Government securities:
Due in one year or less$777 $771 $623 $619 
Due after one year through five years6,027 5,999 5,597 5,626 
Due after five years through ten years5,832 5,737 5,811 5,812 
Due after ten years18,348 15,640 18,090 15,716 
Subtotal30,984 28,147 30,121 27,773 
Other securities, which provide for periodic payments:
Asset-backed securities18,868 18,605 18,853 18,738 
Commercial mortgage-backed securities5,179 4,997 5,341 5,199 
Residential mortgage-backed securities2,672 2,658 2,846 2,851 
Subtotal26,719 26,260 27,040 26,788 
Total fixed maturity available-for-sale securities$57,703 $54,407 $57,161 $54,561 
Schedule of Fair Value and Gross Unrealized Losses of Available-for-sale Securities
The fair value and gross unrealized losses of AFS securities, excluding securities in an unrealized loss position with an allowance for expected credit loss, aggregated by investment category and duration of fair value below amortized cost as of March 31, 2026 and December 31, 2025 were as follows:
March 31, 2026
Less than 12 months12 months or longerTotal
Fair ValueGross Unrealized
Losses		Fair ValueGross Unrealized
Losses		Fair ValueGross Unrealized
Losses
Available-for-sale securities(In millions)
Asset-backed securities$6,481 $(128)$2,023 $(225)$8,504 $(353)
Commercial mortgage-backed securities1,169 (11)957 (111)2,126 (122)
Corporates7,905 (183)9,712 (2,513)17,617 (2,696)
Hybrids166 (4)311 (23)477 (27)
Municipals234 (6)1,024 (216)1,258 (222)
Residential mortgage-backed securities456 (3)351 (67)807 (70)
U.S. Government551 (4)82 (1)633 (5)
Foreign Government86 (2)189 (43)275 (45)
Total available-for-sale securities$17,048 $(341)$14,649 $(3,199)$31,697 $(3,540)
Total number of available-for-sale securities in an unrealized loss position less than twelve months3,930 
Total number of available-for-sale securities in an unrealized loss position twelve months or longer2,146
Total number of available-for-sale securities in an unrealized loss position 6,076 
December 31, 2025
Less than 12 months12 months or longerTotal
Fair ValueGross Unrealized
Losses		Fair ValueGross Unrealized
Losses		Fair ValueGross Unrealized
Losses
Available-for-sale securities(In millions)
Asset-backed securities$4,756 $(30)$2,160 $(209)$6,916 $(239)
Commercial mortgage-backed securities542 (11)1,051 (106)1,593 (117)
Corporates3,419 (55)10,097 (2,312)13,516 (2,367)
Hybrids61 (1)372 (21)433 (22)
Municipals201 (3)1,050 (212)1,251 (215)
Residential mortgage-backed securities208 (2)390 (67)598 (69)
U.S. Government353 (1)84 (2)437 (3)
Foreign Government60 — 148 (37)208 (37)
Total available-for-sale securities$9,600 $(103)$15,352 $(2,966)$24,952 $(3,069)
Total number of available-for-sale securities in an unrealized loss position less than twelve months1,962
Total number of available-for-sale securities in an unrealized loss position twelve months or longer2,194
Total number of available-for-sale securities in an unrealized loss position 4,156 
Schedule of Distribution of CMLs, Gross Valuation by Property Type and Geographic Region The distribution of CMLs, gross of valuation allowances, by property type and geographic region is reflected in the following tables:
March 31, 2026December 31, 2025
Gross Carrying Value% of TotalGross Carrying Value% of Total
Property Type:(In millions)(In millions)
Hotel$9 — %$9 — %
Industrial710 20 671 21 
Mixed Use20 1 21 1 
Multifamily1,253 35 1,150 35 
Office340 10 345 11 
Retail293 8 327 10 
Student Housing 83 2 83 3 
Other830 24 654 19 
Total CMLs, gross of valuation allowance
$3,538 100 %$3,260 100 %
Allowance for expected credit loss(23)(18)
Total CMLs, net of valuation allowance
$3,515 $3,242 
U.S. Region:
East North Central$172 5 %$124 4 %
East South Central86 2 86 3 
Middle Atlantic370 10 356 11 
Mountain472 13 396 12 
New England183 5 183 6 
Pacific706 20 709 22 
South Atlantic1,188 35 1,157 34 
West North Central167 5 69 2 
West South Central194 5 180 6 
Total CMLs, gross of valuation allowance
$3,538 100 %$3,260 100 %
Allowance for expected credit loss(23)(18)
Total CMLs, net of valuation allowance
$3,515 $3,242 
Schedule of Loans Segregated by Risk Rating Exposure CMLs segregated by aging of the loans (by year of origination) as of March 31, 2026 and December 31, 2025 were as follows, gross of valuation allowances:
March 31, 2026
Amortized Cost by Origination Year
20262025202420232022PriorTotal
CMLs(In millions)
Current (less than 30 days past due)$319 $612 $292 $195 $292 $1,819 $3,529 
30-89 days past due— — — — — — — 
90 days or more past due— — — — — 9 9 
Total CMLs$319 $612 $292 $195 $292 $1828 $3,538 
December 31, 2025
Amortized Cost by Origination Year
20252024202320222021PriorTotal
CMLs(In millions)
Current (less than 30 days past due)$646 $295 $194 $292 $1,252 $569 $3,248 
30-89 days past due— — — — — — — 
90 days or more past due— — — — — 12 12 
Total CMLs$646 $295 $194 $292 $1,252 $581 $3,260 
RMLs segregated by aging of the loans (by year of origination) as of March 31, 2026 and December 31, 2025, were as follows, gross of valuation allowances:
March 31, 2026
Amortized Cost by Origination Year
20262025202420232022PriorTotal
RMLs(In millions)
Current (less than 30 days past due)$195 $1,758 $715 $313 $746 $1,099 $4,826 
30-89 days past due— 14 6 — 38 10 68 
90 days or more past due— 5 13 22 37 47 124 
Total RMLs$195 $1,777 $734 $335 $821 $1,156 $5,018 
December 31, 2025
Amortized Cost by Origination Year
20252024202320222020PriorTotal
RMLs(In millions)
Current (less than 30 days past due)$1,568 $736 $327 $798 $731 $419 $4,579 
30-89 days past due15 2 17 29 4 3 70 
90 days or more past due2 4 4 12 21 25 68 
Total RMLs$1,585 $742 $348 $839 $756 $447 $4,717 
Schedule of Investment in Mortgage Loans by Loan to Value and Debt Service Coverage Ratios
The following tables present the recorded investment in CMLs by LTV and DSC ratio categories and estimated fair value by the indicated LTV ratios, gross of valuation allowances at March 31, 2026 and December 31, 2025:
Debt-Service Coverage RatiosTotal Amount% of TotalEstimated Fair Value% of Total
>1.251.00 - 1.25<1.00
March 31, 2026(In millions)
LTV Ratios:
Less than 50.00%$720 $53 $— $773 22 %$757 23 %
50.00% to 59.99%875 6 47 928 26 860 26 
60.00% to 74.99%1,405 387 15 1,807 51 1,656 50 
75.00% to 84.99%7 14 9 30 1 30 1 
Total CMLs$3,007 $460 $71 $3,538 100 %$3,303 100 %
December 31, 2025
LTV Ratios:
Less than 50.00%$594 $16 $— $610 19 %$596 19 %
50.00% to 59.99%850 36 37 923 28 852 28 
60.00% to 74.99%1,415 288 6 1,709 52 1,560 52 
75.00% to 84.99%— 9 9 18 1 17 1 
Total CMLs $2,859 $349 $52 $3,260 100 %$3,025 100 %
March 31, 2026
Amortized Cost by Origination Year
20262025202420232022PriorTotal
CMLs(In millions)
LTV Ratios:
Less than 50.00%$125 $147 $87 $67 $21 $326 $773 
50.00% to 59.99%45 155 — 54 150 524 928 
60.00% to 74.99%136 310 201 70 112 978 1,807 
75.00% to 84.99%13 — 4 4 9 — 30 
Total CMLs$319 $612 $292 $195 $292 $1,828 $3,538 
CMLs
DSC Ratios
Greater than 1.25x$194 $436 $142 $182 $283 $1,770 $3,007 
1.00x - 1.25x116 169 150 13 — 12 460 
Less than 1.00x9 7 — — 9 46 71 
Total CMLs$319 $612 $292 $195 $292 $1,828 $3,538 
December 31, 2025
Amortized Cost by Origination Year
20252024202320222021PriorTotal
CMLs(In millions)
LTV Ratios:
Less than 50.00%$148 $49 $66 $21 $75 $251 $610 
50.00% to 59.99%157 36 53 149 320 208 923 
60.00% to 74.99%341 206 70 113 857 122 1,709 
75.00% to 84.99%— 4 5 9 — — 18 
Total CMLs$646 $295 $194 $292 $1,252 $581 $3,260 
CMLs
DSC Ratios
Greater than 1.25x$469 $140 $182 $283 $1,240 $545 $2,859 
1.00x - 1.25x169 155 12 — — 13 349 
Less than 1.00x8 — — 9 12 23 52 
Total CMLs $646 $295 $194 $292 $1,252 $581 $3,260 
Schedule of Residential Mortgage Loans by State The distribution of RMLs by state with highest-to-lowest concentration are reflected in the following tables, gross of valuation allowances:
March 31, 2026
Amortized Cost% of Total
U.S. States:(In millions)
California$375 7 %
Florida270 6 
New York270 6 
All other states (a)4,103 81 
      Total RMLs, gross of valuation allowance5,018 100 %
            Allowance for expected credit loss(74)
      Total RMLs, net of valuation allowance$4,944 
(a)     The individual concentration of each state is less than 5% as of March 31, 2026.
December 31, 2025
Amortized Cost% of Total
U.S. States:(In millions)
California $288 6 %
Florida246 5 
New York232 5 
All other states (a)3,951 84 
      Total RMLs, gross of valuation allowance4,717 100 %
            Allowance for expected credit loss
(68)
      Total RMLs, net of valuation allowance$4,649 
(a)     The individual concentration of each state is less than 5% as of December 31, 2025.
Schedule of Loans with Credit Quality Indicators, Performing or Nonperforming The credit quality of RMLs as of March 31, 2026 and December 31, 2025, was as follows:
March 31, 2026December 31, 2025
Amortized Cost% of TotalAmortized Cost% of Total
Performance indicators:(In millions)(In millions)
Performing$4,893 98 %$4,650 99 %
Non-performing125 2 67 1 
Total RMLs, gross of valuation allowance5,018 100 %4,717 100 %
Allowance for expected loan loss(74)(68)
Total RMLs, net of valuation allowance$4,944 $4,649 
Schedule of Nonaccrual Loans by Amortized Cost Non-accrual loans by amortized cost as of March 31, 2026 and December 31, 2025, were as follows:
March 31, 2026December 31, 2025
Amortized cost of loans on non-accrual(In millions)
Residential mortgage:$125 $67 
Commercial mortgage:9 12 
Total non-accrual mortgages$134 $79 
Schedule of Allowance for Expected Credit Losses on Loans
The allowances for our mortgage loan portfolio are summarized as follows:
Three months ended March 31, 2026
(In millions)
Residential MortgageCommercial MortgageTotal
Beginning Balance$(68)$(18)$(86)
Provision (expense) benefit for loan losses(6)(5)(11)
Ending Balance$(74)$(23)$(97)
Three months ended March 31, 2025
(In millions)
Residential MortgageCommercial MortgageTotal
Beginning Balance
$(53)$(17)$(70)
Provision (expense) benefit for loan losses(3)— (3)
Ending Balance
$(56)$(17)$(73)
Schedule of Sources of Net Investment Income Reported
The major sources of Interest and investment income reported on the accompanying unaudited Condensed Consolidated Statements of Earnings were as follows:
Three months ended March 31,
20262025
(In millions)
Fixed maturity securities, available-for-sale$582 $569 
Equity securities7 8 
Preferred securities6 6 
Mortgage loans105 82 
Invested cash and short-term investments34 53 
Limited partnerships101 55 
Tax deferred property exchange income30 29 
Other investments30 22 
Gross investment income895 824 
Investment expense(73)(64)
Interest and investment income$822 $760 
Schedule of Recognized Gains and Losses, net
Details underlying Recognized gains and losses, net reported on the accompanying unaudited Condensed Consolidated Statements of Earnings were as follows:
Three months ended March 31,
20262025
(In millions)
Net realized losses on fixed maturity available-for-sale securities$(32)$(2)
Net realized/unrealized losses on equity securities (1)(50)(38)
Net realized/unrealized losses on preferred securities (2)(5)(2)
Net realized/unrealized losses on other invested assets(7)(1)
Change in allowance for expected credit losses2 (22)
Net realized gain on sale of F&G Life Re14— 
Derivatives and embedded derivatives:
Realized gains and losses on certain derivative instruments25 (25)
Unrealized losses on certain derivative instruments(285)(159)
Change in fair value of reinsurance related embedded derivatives (3)261 (41)
Change in fair value of other derivatives and embedded derivatives(1)3 
Net realized/unrealized losses on derivatives and embedded derivatives— (222)
Recognized gains and losses, net$(78)$(287)
(1) Includes net valuation losses of $56 million and $43 million for the three months ended March 31, 2026 and 2025, respectively.
(2) Includes net valuation losses of $5 million and $1 million for the three months ended March 31, 2026 and 2025, respectively.
(3) Change in fair value of reinsurance related embedded derivatives is due to activity related to the reinsurance treaties.
Schedule of Proceeds from Sale of Fixed Maturity Available-for-sale Securities
The proceeds from the sale of fixed-maturity securities and the gross gains and losses associated with those transactions were as follows:
Three months ended March 31,
20262025
(In millions)
Proceeds$1,013 $2,084 
Gross gains4 12 
Gross losses(8)(14)
Schedule of Variable Interest Entities Asset and liability information held by consolidated VIEs included on the Consolidated Balance Sheets are as follows:
March 31, 2026December 31, 2025
Assets:(In millions)
Investments in unconsolidated affiliates$270 $262 
Fixed maturity securities, at fair value under fair value option93 — 
Other long-term investments246 248 
Short-term investments33 116 
Cash and cash equivalents1 2 
Total assets$643 $628 
Total consolidated VIE investments$643 $628 
Schedule of Carrying Value and Maximum Loss Exposure, Unconsolidated VIEs
The following table summarizes the carrying value and the maximum loss exposure of our unconsolidated VIEs as of March 31, 2026 and December 31, 2025:
March 31, 2026December 31, 2025
(In millions)(In millions)
Carrying ValueMaximum Loss ExposureCarrying ValueMaximum Loss Exposure
Investment in unconsolidated affiliates$5,277 $6,491 $5,145 $6,389 
Fixed maturity securities25,894 28,164 26,419 28,803 
Total unconsolidated VIE investments$31,171 $34,655 $31,564 $35,192