v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Fixed Maturity Securities by Sector
Fixed maturity securities by sector were as follows at:
March 31, 2026
December 31, 2025
Amortized Cost
Allowance for Credit Losses
Gross Unrealized
Estimated Fair Value
Amortized Cost
Allowance for Credit Losses
Gross Unrealized
Estimated Fair Value
Gains
Losses
Gains
Losses
(In millions)
U.S. corporate
$
41,011 
$
33 
$
284 
$
3,417 
$
37,845 
$
41,030 
$
27 
$
437 
$
3,031 
$
38,409 
Foreign corporate
12,102 
17 
86 
1,122 
11,049 
12,311 
31 
145 
991 
11,434 
Residential mortgage-backed securities
9,366 
3 
67 
605 
8,825 
8,967 
3 
83 
571 
8,476 
U.S. government and agency
6,917 
— 
63 
639 
6,341 
6,942 
— 
104 
601 
6,445 
Asset-backed securities
6,120 
10 
17 
53 
6,074 
6,054 
— 
33 
56 
6,031 
Commercial mortgage-backed securities
5,996 
1 
6 
231 
5,770 
6,009 
1 
14 
222 
5,800 
State and political subdivision
3,562 
— 
86 
305 
3,343 
3,620 
— 
100 
297 
3,423 
Foreign government
947 
— 
28 
79 
896 
974 
— 
35 
67 
942 
Total fixed maturity securities
$
86,021 
$
64 
$
637 
$
6,451 
$
80,143 
$
85,907 
$
62 
$
951 
$
5,836 
$
80,960 
Maturities of Fixed Maturity Securities
The amortized cost and estimated fair value of fixed maturity securities, 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 Securities (1)
Total Fixed Maturity Securities
(In millions)
Amortized cost
$
5,251 
$
19,956 
$
12,908 
$
26,424 
$
21,482 
$
86,021 
Estimated fair value
$
5,234 
$
19,477 
$
12,431 
$
22,332 
$
20,669 
$
80,143 
_______________
(1)Structured securities include residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”) (collectively, “Structured Securities”).
Continuous Gross Unrealized Losses for Fixed Maturity Securities by Sector
The estimated fair value and gross unrealized losses of fixed maturity securities in an unrealized loss position, by sector and by length of time that the securities have been in a continuous unrealized loss position, were as follows at:
March 31, 2026
December 31, 2025
Less than 12 Months
12 Months or Greater
Less than 12 Months
12 Months or Greater
Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(Dollars in millions)
U.S. corporate
$
8,736 
$
455 
$
17,985 
$
2,962 
$
4,126 
$
394 
$
18,777 
$
2,637 
Foreign corporate
2,616 
164 
5,185 
958 
1,380 
179 
5,203 
812 
RMBS
2,118 
65 
4,100 
540 
822 
48 
4,338 
523 
U.S. government and agency
1,097 
27 
2,017 
612 
587 
10 
2,229 
591 
ABS
2,229 
9 
702 
44 
513 
2 
749 
54 
CMBS
1,267 
10 
3,726 
221 
323 
3 
4,227 
219 
State and political subdivision
411 
10 
1,658 
295 
251 
7 
1,777 
290 
Foreign government
100 
8 
505 
71 
54 
5 
560 
62 
Total fixed maturity securities
$
18,574 
$
748 
$
35,878 
$
5,703 
$
8,056 
$
648 
$
37,860 
$
5,188 
Total number of securities in an unrealized loss position
2,792 
4,840 
1,313 
5,035 
Rollforward of the Allowance for Credit Losses for Fixed Maturity Securities by Sector
The changes in the allowance for credit losses for fixed maturity securities by sector were as follows:
U.S. Corporate
Foreign Corporate
RMBS
CMBS
ABS
Total
(In millions)
Three Months Ended March 31, 2026
Balance, beginning of period$27 $31 $3 $1 $— 
$
62 
Allowance on securities where credit losses were not previously recorded1 — — — 10 
11 
Reductions for securities sold(2)(14)— — — 
(16)
Change in allowance on securities with an allowance recorded in a previous period7 — — — — 
7 
Write-offs charged against allowance (1)— — — — — 
— 
Balance, end of period
$
33 
$17 
$
3 
$
1 
$
10 
$
64 
Three Months Ended March 31, 2025
Balance, beginning of period
$
47 
$26 
$
4 
$
2 
$
— 
$
79 
Allowance on securities where credit losses were not previously recorded
— 
— 
— 
— 
— 
— 
Reductions for securities sold
(1)
— 
— 
(1)
— 
(2)
Change in allowance on securities with an allowance recorded in a previous period
2 
3 
(1)
— 
— 
4 
Write-offs charged against allowance (1)
(27)
— 
— 
— 
— 
(27)
Balance, end of period
$
21 
$
29 
$
3 
$
1 
$
— 
$
54 
_______________
(1)The Company did not record any write-offs for the three months ended March 31, 2026. The Company recorded total write-offs of $33 million for the three months ended March 31, 2025.
Mortgage Loans by Portfolio Segment
Mortgage loans are summarized as follows at:
March 31, 2026
December 31, 2025
Carrying
Value
% of
Total
Carrying
Value
% of
Total
(Dollars in millions)
Commercial
$
12,131 
53.7 
%
$
12,319 
54.2 
%
Agricultural
4,622 
20.5 
4,631 
20.4 
Residential
6,052 
26.8 
5,976 
26.3 
Total mortgage loans (1)
22,805 
101.0 
22,926 
100.9 
Allowance for credit losses
(210)
(1.0)
(200)
(0.9)
Total mortgage loans, net
$
22,595 
100.0 
%
$
22,726 
100.0 
%
_______________
(1)Purchases of mortgage loans from third parties were $296 million and $178 million for the three months ended March 31, 2026 and 2025, respectively, and were primarily comprised of residential mortgage loans.
Rollforward of the Allowance for Credit Losses for Mortgage Loans by Portfolio Segment
The changes in the allowance for credit losses by portfolio segment were as follows:
Commercial
Agricultural
Residential
Total
(In millions)
Three Months Ended March 31, 2026
Balance, beginning of period
$134 $20 $46 $200 
Current period provision
11 — (1)
10 
Charge-offs, net of recoveries
— — — 
— 
Balance, end of period
$
145 
$
20 
$
45 
$
210 
Three Months Ended March 31, 2025
Balance, beginning of period
$
106 
$
30 
$
42 
$
178 
Current period provision
40 
4 
(1)
43 
Charge-offs, net of recoveries
— 
(12)
— 
(12)
Balance, end of period
$
146 
$
22 
$
41 
$
209 
Credit Quality of Mortgage Loans by Portfolio Segment
The amortized cost of mortgage loans by year of origination and credit quality indicator was as follows at:
2026
2025
2024
2023
2022
Prior
Total
(In millions)
March 31, 2026
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%
$
98 
$
423 
$
668 
$
136 
$
437 
$
4,333 
$
6,095 
65% to 75%
184 
262 
180 
— 
583 
1,470 
2,679 
76% to 80%
— 
9 
— 
— 
205 
695 
909 
Greater than 80%
— 
36 
— 
— 
662 
1,750 
2,448 
Total commercial mortgage loans
282 
730 
848 
136 
1,887 
8,248 
12,131 
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%
93 
418 
339 
188 
555 
2,750 
4,343 
65% to 75%
— 
43 
— 
17 
96 
117 
273 
76% to 80%
— 
— 
— 
— 
— 
3 
3 
Greater than 80%
— 
— 
— 
— 
— 
3 
3 
Total agricultural mortgage loans
93 
461 
339 
205 
651 
2,873 
4,622 
Residential mortgage loans
Performing
12 
1,103 
571 
154 
1,119 
2,987 
5,946 
Nonperforming
— 
1 
— 
— 
41 
64 
106 
Total residential mortgage loans
12 
1,104 
571 
154 
1,160 
3,051 
6,052 
Total
$
387 
$
2,295 
$
1,758 
$
495 
$
3,698 
$
14,172 
$
22,805 
2025
2024
2023
2022
2021
Prior
Total
(In millions)
December 31, 2025
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%
$423 $668 $157 $483 $1,713 $2,903 $6,347 
65% to 75%
262 180 — 583 651 717 2,393 
76% to 80%
9 — — 205 287 605 1,106 
Greater than 80%
36 — — 661 244 1,532 2,473 
Total commercial mortgage loans
730 848 157 1,932 2,895 5,757 12,319 
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%
415 341 190 558 1,048 1,798 4,350 
65% to 75%
43 — 17 97 100 18 275 
76% to 80%
— — — — — 3 3 
Greater than 80%
— — — — 3 — 3 
Total agricultural mortgage loans
458 341 207 655 1,151 1,819 4,631 
Residential mortgage loans
Performing
873 622 168 1,146 1,505 1,554 5,868 
Nonperforming
— — — 45 22 41 108 
Total residential mortgage loans
873 622 168 1,191 1,527 1,595 5,976 
Total
$2,061 $1,811 $532 $3,778 $5,573 $9,171 $22,926 
The amortized cost of commercial mortgage loans by debt-service coverage ratio was as follows at:
March 31, 2026
December 31, 2025
Amortized Cost
% of
Total
Amortized Cost
% of
Total
(Dollars in millions)
Debt-service coverage ratios:
Greater than 1.20x
$
10,899 
89.8 
%
$
11,154 
90.5 
%
1.00x - 1.20x
750 
6.2 
738 
6.0 
Less than 1.00x
482 
4.0 
427 
3.5 
Total
$
12,131 
100.0 
%
$
12,319 
100.0 
%
Past Due Mortgage Loans by Portfolio Segment
The aging of the amortized cost of past due mortgage loans by portfolio segment was as follows at:
March 31, 2026
December 31, 2025
Commercial
Agricultural
Residential
Total
Commercial
Agricultural
Residential
Total
(In millions)
Current
$
11,993 
$
4,605 
$
5,945 
$
22,543 
$
12,212 
$
4,623 
$
5,865 
$
22,700 
30-59 days past due
12 
8 
1 
21 
47 
— 
3 
50 
60-89 days past due
19 
3 
34 
56 
— 
— 
31 
31 
90-179 days past due
47 
— 
21 
68 
49 
— 
28 
77 
180+ days past due
60 
6 
51 
117 
11 
8 
49 
68 
Total
$
12,131 
$
4,622 
$
6,052 
$
22,805 
$
12,319 
$
4,631 
$
5,976 
$
22,926 
Mortgage Loans in Nonaccrual Status by Portfolio Segment
The amortized cost of mortgage loans in a nonaccrual status by portfolio segment was as follows at:
Commercial
Agricultural
Residential (1)
Total
(In millions)
March 31, 2026
$
239 
$
2 
$
106 
$
347 
December 31, 2025
$
220 
$
5 
$
108 
$
333 
_______________
(1) The Company had $51 million and $54 million of mortgage loans in nonaccrual status for which there was no related allowance for credit losses at March 31, 2026 and December 31, 2025, respectively.
Net Unrealized Investment Gains (Losses)
The components of net unrealized investment gains (losses), included in AOCI, were as follows at:
March 31, 2026
December 31, 2025
(In millions)
Fixed maturity securities
$
(5,814)
$
(4,885)
Derivatives
317 
219 
Other
(8)
(8)
Subtotal
(5,505)
(4,674)
Amounts allocated from:
Future policy benefits
578 
571 
Deferred income tax benefit (expense)
1,035 
862 
Net unrealized investment gains (losses)
$
(3,892)
$
(3,241)
The changes in net unrealized investment gains (losses) were as follows:
Three Months Ended March 31, 2026
(In millions)
Balance at December 31, 2025
$
(3,241)
Unrealized investment gains (losses) during the period
(831)
Unrealized investment gains (losses) relating to:
Future policy benefits
7 
Deferred income tax benefit (expense)
173 
Balance at March 31, 2026
$
(3,892)
Change in net unrealized investment gains (losses)
$
(651)
Securities Lending
Elements of the securities lending program are presented below at:
March 31, 2026
December 31, 2025
(In millions)
Securities on loan: (1)
Amortized cost
$
3,593 
$
3,550 
Estimated fair value
$
3,126 
$
3,141 
Cash collateral received from counterparties (2)
$
3,215 
$
3,225 
Reinvestment portfolio — estimated fair value
$
3,343 
$
3,352 
_______________
(1)Included in fixed maturity securities.
(2)Included in payables for collateral under securities loaned and other transactions.
The cash collateral liability by loaned security type and remaining tenor of the agreements were as follows at:
March 31, 2026
December 31, 2025
Open (1)
1 Month or Less
1 to 6 Months
Total
Open (1)
1 Month or Less
1 to 6 Months
Total
(In millions)
U.S. government and agency
$
321 
$
927 
$
1,603 
$
2,851 
$
417 
$
663 
$
1,777 
$
2,857 
U.S. corporate
— 
36 
274 
310 
48 
256 
— 
304 
Foreign corporate
— 
2 
44 
46 
15 
47 
— 
62 
Foreign government
1 
2 
5 
8 
— 
2 
— 
2 
Total
$
322 
$
967 
$
1,926 
$
3,215 
$
480 
$
968 
$
1,777 
$
3,225 
_______________
(1)The related loaned 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 at estimated fair value were as follows at:
March 31, 2026
December 31, 2025
(In millions)
Invested assets on deposit (regulatory deposits) (1)
$
6,559 
$
6,570 
Invested assets held in trust (reinsurance agreements) (2)
6,955 
7,268 
Invested assets pledged as collateral (3)
12,043 
10,794 
Total invested assets on deposit, held in trust and pledged as collateral
$
25,557 
$
24,632 
_______________
(1)The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policyholder liabilities, of which $112 million and $126 million of the assets on deposit represents restricted cash and cash equivalents at March 31, 2026 and December 31, 2025, respectively.
(2)The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions, of which $113 million and $328 million of the assets held in trust balance represents restricted cash and cash equivalents at March 31, 2026 and December 31, 2025, respectively.
(3)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 3 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report) and derivative transactions (see Note 8).
Variable Interest Entities
The carrying amount and maximum exposure to loss related to the VIEs for which the Company has concluded that it holds a variable interest, but is not the primary beneficiary, were as follows at:
March 31, 2026
December 31, 2025
Carrying Amount
Maximum Exposure to Loss
Carrying Amount
Maximum Exposure to Loss
(In millions)
Fixed maturity securities
$
12,522 
$
13,167 
$
13,020 
$
13,614 
Limited partnerships and LLCs
4,267 
5,222 
4,275 
5,231 
Total
$
16,789 
$
18,389 
$
17,295 
$
18,845 
Components of Net Investment Income
The components of net investment income were as follows:
Three Months Ended
March 31,
2026
2025
(In millions)
Investment income:
Fixed maturity securities
$
905 
$
914 
Trading securities (1)
(3)
11 
Mortgage loans
255 
256 
Policy loans
14 
11 
Limited partnerships and LLCs (2)
67 
71 
Cash, cash equivalents and short-term investments
53 
61 
Other
31 
27 
Total investment income
1,322 
1,351 
Less: Investment expenses
86 
82 
Net investment income
$
1,236 
$
1,269 
_______________
(1)Investment gains (losses) related to trading securities still held were ($10) million and $6 million for the three months ended March 31, 2026 and 2025, respectively.
(2)Includes net investment income pertaining to other limited partnership interests of $64 million and $56 million for the three months ended March 31, 2026 and 2025, respectively.
Components of Net Investment Gains (Losses)
The components of net investment gains (losses) were as follows:
Three Months Ended
March 31,
2026
2025
(In millions)
Fixed maturity securities
$
(40)
$
(34)
Equity securities
— 
(1)
Mortgage loans
(10)
(43)
Limited partnerships and LLCs
— 
(1)
Other
(2)
(2)
Total net investment gains (losses)
$
(52)
$
(81)
Gains (losses) from foreign currency transactions included within net investment gains (losses) were not significant for both the three months ended March 31, 2026 and 2025.
Sales or Disposals of Fixed Maturity Securities Proceeds from sales or disposals of fixed maturity securities and the components of fixed maturity securities net investment gains (losses) were as follows:
Three Months Ended
March 31,
2026
2025
(In millions)
Proceeds
$
575 
$
603 
Gross investment gains
$
2 
$
4 
Gross investment losses
(24)
(28)
Net investment gains (losses)
$
(22)
$
(24)