Investments

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

8. Investments

Fixed Maturity Securities Available-for-Sale

Fixed Maturity Securities Available-for-Sale by Sector

The following table presents fixed maturity securities available-for-sale (“AFS”) by sector. United States (“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, 2026										December 31, 2025
	Amortized Cost				Gross Unrealized				Estimated Fair Value		Amortized Cost				Gross Unrealized				Estimated Fair Value
Sector			Allowance for Credit Loss (“ACL”)		Gains		Losses						ACL		Gains		Losses
	(In millions)

U.S. corporate	$	53,975	$	(121)	$	739	$	3,377	$	51,216	$	52,552	$	(125)	$	1,050	$	2,875	$	50,602
RMBS	28,334		(1)		342		1,383		27,292		28,129		(1)		476		1,365		27,239
U.S. government and agency	28,266		—		124		3,523		24,867		29,811		—		188		3,298		26,701
Foreign corporate	28,334		(16)		460		2,583		26,195		27,934		(7)		742		2,198		26,471
ABS & CLO	16,238		(5)		91		258		16,066		14,610		(5)		137		191		14,551
Municipals	5,830		—		98		526		5,402		5,947		—		138		496		5,589
CMBS	5,144		(16)		36		203		4,961		5,286		(20)		57		210		5,113
Foreign government	3,505		(36)		98		224		3,343		3,115		(36)		151		164		3,066
Total fixed maturity securities AFS	$	169,626	$	(195)	$	1,988	$	12,077	$	159,342	$	167,384	$	(194)	$	2,939	$	10,797	$	159,332

Maturities of Fixed Maturity Securities AFS

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	$	5,984	$	26,171	$	28,361	$	59,221	$	49,694	$	169,431
Estimated fair value	$	5,949	$	25,848	$	27,822	$	51,404	$	48,319	$	159,342

Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities AFS not due at a single maturity date have been presented in the year of final contractual maturity. Structured Products are shown separately, as they are not due at a single maturity.

Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector

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, 2026								December 31, 2025
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
Sector & Credit Quality	Estimated 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	$	12,405	$	270	$	19,477	$	3,093	$	4,208	$	80	$	20,765	$	2,763
RMBS	6,767		67		7,942		1,317		1,728		17		9,165		1,348
U.S. government and agency	5,965		106		10,083		3,417		6,209		57		10,238		3,241
Foreign corporate	5,937		184		10,629		2,396		1,211		69		11,682		2,126
ABS & CLO	7,641		73		2,452		184		3,570		22		2,534		169
Municipals	663		14		2,037		512		588		14		1,961		482
CMBS	1,069		10		1,881		191		421		9		2,081		199
Foreign government	1,028		28		1,017		195		167		4		1,078		159
Total fixed maturity securities AFS	$	41,475	$	752	$	55,518	$	11,305	$	18,102	$	272	$	59,504	$	10,487
Investment grade	$	39,430	$	682	$	54,365	$	11,177	$	17,172	$	232	$	58,276	$	10,396
Below investment grade	2,045		70		1,153		128		930		40		1,228		91
Total fixed maturity securities AFS	$	41,475	$	752	$	55,518	$	11,305	$	18,102	$	272	$	59,504	$	10,487
Total number of securities in an unrealized loss position	5,973				5,520				2,778				5,880

Evaluation of Fixed Maturity Securities AFS for Credit Loss

Evaluation and Measurement Methodologies

See Note 10 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for a description of the Company’s Evaluation and Measurement Methodologies of Fixed Maturity Securities AFS for Credit Loss.

Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position

Gross unrealized losses on securities without an ACL increased $1.3 billion for the three months ended March 31, 2026 to $12.1 billion primarily due to an increase in interest rates.

As shown in the table above, most of the gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater at March 31, 2026, relate to investment grade securities. These unrealized losses are principally due to widening credit spreads since purchase and, with respect to fixed-rate securities, rising interest rates since purchase.

As of March 31, 2026, $128 million of gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater on below investment grade securities were concentrated in the consumer, industrial and transportation sectors within corporate securities and in foreign government securities. These unrealized losses are the result of significantly wider credit spreads resulting from higher risk premiums since purchase, largely due to economic and market uncertainty and, with respect to fixed-rate securities, rising interest rates since purchase.

At March 31, 2026, the Company did not intend to sell its securities in an unrealized loss position without an ACL, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost. Therefore, the Company concluded that these securities had not incurred a credit loss and should not have an ACL at March 31, 2026.

Future provisions for credit loss will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), changes in credit ratings and collateral valuation.

Rollforward of ACL for Fixed Maturity Securities AFS By Sector

The rollforward of ACL for fixed maturity securities AFS by sector was as follows:


	U.S. Corporate		Foreign Corporate		Foreign Government		RMBS		ABS & CLO		CMBS		Total
Three Months Ended March 31, 2026	(In millions)
Balance, beginning of period	$	125	$	7	$	36	$	1	$	5	$	20	$	194
ACL not previously recorded	—		16		—		—		—		3		19
Changes for securities with previously recorded ACL	21		—		—		—		—		4		25
Securities sold or exchanged	(25)		(7)		—		—		—		(11)		(43)

Balance, end of period	$	121	$	16	$	36	$	1	$	5	$	16	$	195
Three Months Ended March 31, 2025
Balance, beginning of period	$	45	$	15	$	36	$	1	$	7	$	8	$	112
ACL not previously recorded	—		—		—		1		—		3		4
Changes for securities with previously recorded ACL	4		—		—		—		1		1		6
Securities sold or exchanged	(23)		(10)		—		—		(3)		—		(36)

Balance, end of period	$	26	$	5	$	36	$	2	$	5	$	12	$	86

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:


	March 31, 2026				December 31, 2025
Portfolio Segment	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	28,884	52.1	%	$	29,546	52.9	%
Agricultural	14,979		27.0		15,203		27.2
Residential	12,313		22.2		11,815		21.2
Total amortized cost	56,176		101.3		56,564		101.3
ACL	(711)		(1.3)		(701)		(1.3)




Total mortgage loans held-for-investment, net	55,465		100.0		55,863		100.0
Mortgage loans held-for-sale	7		—		7		—
Total mortgage loans	$	55,472	100.0	%	$	55,870	100.0	%

The amount of net (discounts) premiums and deferred (fees) expenses, included within total amortized cost, primarily attributable to residential mortgage loans was ($694) million and ($716) million at March 31, 2026 and December 31, 2025, respectively. The accrued interest income for commercial, agricultural and residential mortgage loans at March 31, 2026 was $105 million, $133 million and $115 million, respectively. The accrued interest income for commercial, agricultural and residential mortgage loans at December 31, 2025 was $110 million, $159 million and $103 million, respectively. The accrued interest income related to mortgage loans is included in accrued investment income on the interim condensed consolidated balance sheets.

Purchases of mortgage loans, consisting primarily of residential mortgage loans, from unaffiliated parties, were $905 million and $564 million for the three months ended March 31, 2026 and 2025, respectively.

Sales of mortgage loans were $18 million for the three months ended March 31, 2026.

For the three months ended March 31, 2026, the Company acquired wholly-owned real estate by completing foreclosures on commercial mortgage loans with an amortized cost of $21 million.

Rollforward of ACL for Mortgage Loans by Portfolio Segment

The rollforward of ACL for mortgage loans, by portfolio segment, was as follows:


	Three Months Ended March 31,
	2026								2025
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance, beginning of period	$	436	$	81	$	184	$	701	$	312	$	63	$	128	$	503
Provision (release)	100		3		(39)		64		113		7		6		126

Charge-offs, net of recoveries	(44)		(9)		(1)		(54)		—		—		—		—
Balance, end of period	$	492	$	75	$	144	$	711	$	425	$	70	$	134	$	629

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 Segment	2026		2025		2024		2023		2022		Prior		Total
	(In millions)
Commercial	$	—	$	—	$	—	$	—	$	—	$	44	$	44
Agricultural	—		—		—		—		—		9		9

Residential	—		—		—		—		1		—		1
Total	$	—	$	—	$	—	$	—	$	1	$	53	$	54

ACL Methodology

The Company records an allowance for expected lifetime credit loss in earnings within net investment gains (losses) in an amount that represents the portion of the amortized cost basis of mortgage loans that the Company does not expect to collect, resulting in mortgage loans being presented at the net amount expected to be collected. In determining the Company’s ACL, management applies significant judgment to estimate expected lifetime credit loss, including: (i) pooling mortgage loans that share similar risk characteristics, (ii) considering expected lifetime credit loss over the contractual term of its mortgage loans adjusted for expected prepayments and any extensions, and (iii) considering past events and current and forecasted economic conditions. Each of the Company’s commercial, agricultural and residential mortgage loan portfolio segments are evaluated separately. The ACL is calculated for each mortgage loan portfolio segment based on inputs unique to each loan portfolio segment. On a quarterly basis, mortgage loans within a portfolio segment that share similar risk characteristics, such as internal risk ratings or consumer credit scores, are pooled for calculation of ACL. On an ongoing basis, mortgage loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), such as collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable), are evaluated individually for credit loss. The ACL for loans evaluated individually are established using the same methodologies for all three portfolio segments. For example, the ACL for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost. Accordingly, the change in the estimated fair value of collateral dependent loans, which are evaluated individually for credit loss, is recorded as a change in the ACL which is recorded on a quarterly basis as a charge or credit to earnings in net investment gains (losses).

Commercial and Agricultural Mortgage Loan Portfolio Segments

Within each loan portfolio segment, commercial and agricultural loans are pooled by internal risk rating. Estimated lifetime loss rates, which vary by internal risk rating, are applied to the amortized cost of each loan, excluding accrued investment income, on a quarterly basis to develop the ACL. Internal risk ratings are based on an assessment of the loan’s credit quality, which can change over time. The estimated lifetime loss rates are based on several loan portfolio segment-specific factors, including (i) the Company’s experience with defaults and loss severity, (ii) expected default and loss severity over the forecast period, (iii) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, (iv) loan specific characteristics including loan-to-value (“LTV”) ratios, and (v) internal risk ratings. These evaluations are revised as conditions change and new information becomes available. In its evaluation, the Company uses its several decades of historical default and loss severity experience which capture multiple economic cycles. The Company uses a forecast of economic assumptions for a two-year period for most of its commercial and agricultural mortgage loans, while a one-year period is used for such loans originated in certain markets. After the applicable forecast period, the Company reverts to its historical loss experience using a straight-line basis over two years. For evaluations of commercial mortgage loans, in addition to historical experience, management considers factors that include the impact of a rapid change to the economy, which may not be reflected in the loan portfolio, recent loss and recovery trend experience as compared to historical loss and recovery experience, and loan specific characteristics including debt service coverage ratios (“DSCR”). In estimating expected lifetime credit loss over the term of its commercial mortgage loans, the Company adjusts for expected prepayment and extension experience during the forecast period using historical prepayment and extension experience considering the expected position in the economic cycle and the loan profile (i.e., floating rate, shorter-term fixed rate and longer-term fixed rate) and after the forecast period using long-term historical prepayment experience. For evaluations of agricultural mortgage loans, in addition to historical experience, management considers factors that include increased stress in certain sectors, which may be evidenced by higher delinquency rates, or a change in the number of higher risk loans. In estimating expected lifetime credit loss over the term of its agricultural mortgage loans, the Company’s experience is much less sensitive to the position in the economic cycle and by loan profile; accordingly, historical prepayment experience is used, while extension terms are not prevalent with the Company’s agricultural mortgage loans.

Commercial mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher LTV ratios and lower DSCR. Agricultural mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios and borrower creditworthiness, as well as reviews on a geographic and property-type basis. The monitoring process for agricultural mortgage loans also focuses on higher risk loans.

For commercial mortgage loans, the primary credit quality indicator is the DSCR, which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the DSCR, the higher the risk of experiencing a credit loss. The Company also reviews the LTV ratio of its commercial mortgage loan portfolio. LTV ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. The DSCR and the values utilized in calculating the ratio are updated routinely. In addition, the LTV ratio is routinely updated for all but the lowest risk loans as part of the Company’s ongoing review of its commercial mortgage loan portfolio.

For agricultural mortgage loans, the Company’s primary credit quality indicator is the LTV ratio. The values utilized in calculating this ratio are developed in connection with the ongoing review of the agricultural mortgage loan portfolio and are routinely updated.

After commercial and agricultural mortgage loans are approved, the Company makes commitments to lend and, typically, borrowers draw down on some or all of the commitments. The timing of mortgage loan funding is based on the commitment expiration dates. A liability for credit loss for unfunded commercial and agricultural mortgage loan commitments that is not unconditionally cancellable is recognized in earnings and is reported within net investment gains (losses). The liability is based on estimated lifetime loss rates as described above and the amount of the outstanding commitments, which for lines of credit, considers estimated utilization rates. When the commitment is funded or expires, the liability is adjusted accordingly.

Residential Mortgage Loan Portfolio Segment

The Company’s residential mortgage loan portfolio is comprised primarily of purchased closed end, amortizing residential mortgage loans, including both performing loans purchased within 12 months of origination and reperforming loans purchased after they have been performing for at least 12 months post-modification. Residential mortgage loans are pooled by loan type (i.e., new origination and reperforming) and pooled by similar risk profiles (including consumer credit score and LTV ratios). Estimated lifetime loss rates, which vary by loan type and risk profile, are applied to the amortized cost of each loan excluding accrued investment income on a quarterly basis to develop the ACL. The estimated lifetime loss rates are based on several factors, including (i) industry historical experience and expected results over the forecast period for defaults, (ii) loss severity, (iii) prepayment rates, (iv) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, and (v) loan pool specific characteristics including consumer credit scores, LTV ratios, payment history and home prices. These evaluations are revised as conditions change and new information becomes available. The Company uses industry historical experience which captures multiple economic cycles as the Company has purchased most of its residential mortgage loans in the last five years. The Company uses a forecast of economic assumptions for a two-year period for most of its residential mortgage loans. After the applicable forecast period, the Company reverts to industry historical loss experience using a straight-line basis over one year.

For residential mortgage loans, the Company’s primary credit quality indicator is whether the loan is performing or nonperforming. The Company generally defines nonperforming residential mortgage loans as those that are 60 or more days past due and/or in nonaccrual status which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss.

Modifications to Borrowers Experiencing Financial Difficulty

The Company may modify mortgage loans to borrowers. Each mortgage loan modification is evaluated to determine whether the borrower was experiencing financial difficulties. Disclosed below are those modifications, in materially impacted mortgage segments, where the borrower was determined to be experiencing financial difficulties and the mortgage loans were modified by any of the following means: principal forgiveness, interest rate reduction, other-than-insignificant payment delay or maturity extension. The amount, timing and extent of modifications granted and subsequent performance are considered in determining any ACL recorded. All loans modified to borrowers experiencing financial difficulties are evaluated individually for credit loss as collateral dependent loans.

These mortgage loan modifications are summarized as follows:


	Three Months Ended March 31,
	2025
	Amortized Cost		Affected Loans (in Years)
Portfolio Segment	Maturity Extension			Payment Delay		Total		Weighted Average Life Increase	Average Years Payment Deferral	% of Book Value
	(Dollars in millions)
Commercial	$	136		$	—	$	136	5			—	<1%

For the three months ended March 31, 2026, all commercial and agricultural mortgage loans modified within the past 12 months to borrowers experiencing financial difficulties and still outstanding were current. For the three months ended March 31, 2025, all commercial mortgage loans modified within the past 12 months to borrowers experiencing financial difficulties and still outstanding were current.

Credit Quality of Mortgage Loans by Portfolio Segment

The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2026:


Credit Quality Indicator	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	533	$	1,495	$	1,910	$	1,211	$	905	$	8,329	$	1,712	$	16,095	55.7	%
65% to 75%	120		244		312		432		1,341		2,345		—		4,794		16.6
76% to 80%	—		33		—		52		278		1,044		—		1,407		4.9
Greater than 80%	—		152		177		66		484		5,709		—		6,588		22.8
Total	$	653	$	1,924	$	2,399	$	1,761	$	3,008	$	17,427	$	1,712	$	28,884	100.0	%
DSCR:
> 1.20x	$	538	$	1,512	$	2,148	$	1,149	$	2,285	$	14,080	$	1,712	$	23,424	81.1	%
1.00x - 1.20x	—		274		—		323		265		2,135		—		2,997		10.4
<1.00x	115		138		251		289		458		1,212		—		2,463		8.5
Total	$	653	$	1,924	$	2,399	$	1,761	$	3,008	$	17,427	$	1,712	$	28,884	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 Indicator	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	353	$	949	$	503	$	748	$	1,530	$	8,352	$	1,298	$	13,733	91.7	%
65% to 75%	—		41		32		74		186		712		18		1,063		7.1
76% to 80%	—		—		—		—		22		32		4		58		0.4
Greater than 80%	—		—		—		—		89		22		14		125		0.8
Total	$	353	$	990	$	535	$	822	$	1,827	$	9,118	$	1,334	$	14,979	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 Indicator	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	43	$	2,141	$	1,274	$	232	$	1,532	$	6,715	$	—	$	11,937	96.9	%
Nonperforming (1)	—		13		41		20		72		230		—		376		3.1
Total	$	43	$	2,154	$	1,315	$	252	$	1,604	$	6,945	$	—	$	12,313	100.0	%

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(1)Includes residential mortgage loans in process of foreclosure with an amortized cost of $137 million and $143 million at March 31, 2026 and December 31, 2025, respectively.

Past Due and Nonaccrual Mortgage Loans

The Company has a high quality, well performing mortgage loan portfolio, with 98% of all mortgage loans classified as performing at both March 31, 2026 and December 31, 2025. The Company defines delinquency in a manner consistent with industry practice, when mortgage loans are past due more than two or more months, as applicable, by portfolio segment. The past due and nonaccrual mortgage loans at amortized cost, prior to ACL, by portfolio segment, were as follows:


	Past Due				Past Due and Still Accruing Interest				Nonaccrual
Portfolio Segment	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
	(In millions)
Commercial	$	457	$	339	$	—	$	—	$	948	$	945
Agricultural	172		172		43		43		139		165
Residential	376		365		—		—		376		365
Total	$	1,005	$	876	$	43	$	43	$	1,463	$	1,475

Real Estate and REJVs

The Company’s real estate investment portfolio is diversified by property type, geography and income stream, including income from operating leases, operating income and equity in earnings from equity method REJVs. Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:


	March 31, 2026		December 31, 2025		Three Months Ended March 31,
					2026		2025
Income Type	Carrying Value				Income
	(In millions)
Wholly-owned real estate:
Leased real estate	$	1,577	$	1,331	$	37	$	43
Other real estate	638		553		72		73
REJVs	6,691		6,914		52		13
Total real estate and REJVs	$	8,906	$	8,798	$	161	$	129

Depreciation expense on real estate investments was $20 million and $22 million for the three months ended March 31, 2026 and 2025, respectively. Real estate investments were net of accumulated depreciation of $803 million and $783 million at March 31, 2026 and December 31, 2025, respectively.

Leased Real Estate Investments - Operating Leases

The Company, as lessor, leases investment real estate, principally commercial real estate for office, apartment and retail use, through a variety of operating lease arrangements, which typically include tenant reimbursement for property operating costs and options to renew or extend the lease. In some circumstances, leases may include an option for the lessee to purchase the property. In addition, certain leases of retail space may stipulate that a portion of the income earned is contingent upon the level of the tenants’ revenues. The Company has elected a practical expedient of not separating non-lease components related to reimbursement of property operating costs from associated lease components. These property operating costs have the same timing and pattern of transfer as the related lease component, because they are incurred over the same period of time as the operating lease. Therefore, the combined component is accounted for as a single operating lease. Risk is managed through lessee credit analysis, property type diversification and geographic diversification.

See Note 10 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for a summary of leased real estate investments and earned income by property type.

Other Invested Assets

Tax Equity Investments

The Company invests in certain tax equity investments, including low income housing tax credit partnerships and renewable energy partnerships. The carrying value of tax equity investments, reported in other invested assets on the interim condensed consolidated balance sheets, was $935 million and $676 million at March 31, 2026 and December 31, 2025, respectively. For the three months ended March 31, 2026 and 2025, income tax credits and other income tax benefits of $25 million and $28 million, respectively, and amortized expenses of $22 million and $23 million, respectively, were recognized net as a component of income tax expense in the Company’s interim condensed consolidated statements of operations.

FVO Securities and Equity Securities

The following table presents FVO securities and equity securities by asset type.



	March 31, 2026						December 31, 2025
			Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
Asset Type	Cost
	(In millions)
FVO securities
Securities held by collateralized financing entities (“CFEs”)	$	816	$	—	$	816	$	—	$	—	$	—
General account and other securities	202		694		896		218		648		866
Total FVO securities	$	1,018	$	694	$	1,712	$	218	$	648	$	866
Equity securities
Common stock (2)	$	167	$	40	$	207	$	170	$	25	$	195
Non-redeemable preferred stock	53		10		63		37		7		44
Total equity securities	$	220	$	50	$	270	$	207	$	32	$	239

__________________

(1)Represents cumulative changes in estimated fair value, recognized in earnings.

(2)Includes common stock and certain mutual funds.

Cash Equivalents

Cash equivalents, which includes securities and other investments with an original or remaining maturity of three months or less at the time of purchase, was $5.4 billion and $5.0 billion, at estimated fair value, at March 31, 2026 and December 31, 2025, respectively.

Concentrations of Credit Risk

There were no 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, at both March 31, 2026 and December 31, 2025.

Securities Lending Transactions and Repurchase Agreements

Securities, Collateral and Reinvestment Portfolio

Transactions and agreements accounted for as secured borrowings were as follows:


	March 31, 2026						December 31, 2025
	Securities (1)						Securities (1)
Agreement Type	Estimated 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	$	7,151	$	7,421	$	7,344	$	6,840	$	7,043	$	6,979
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

Contractual maturities of these transactions and agreements accounted for as secured borrowings were as follows:


	March 31, 2026										December 31, 2025
	Remaining Maturities										Remaining 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		Total		Open (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	$	995	$	3,399	$	3,027	$	—	$	7,421	$	971	$	2,445	$	3,627	$	—	$	7,043


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.

If the Company is required to return significant amounts of cash collateral on short notice and is forced to sell investments to meet the return obligation, it may have difficulty selling such collateral that is invested in a timely manner, be forced to sell investments in a volatile or illiquid market for less than what otherwise would have been realized under normal market conditions, or both.

The securities lending and repurchase agreement reinvestment portfolios consist principally of high quality, liquid, publicly traded fixed maturity securities AFS, short-term investments, cash equivalents or cash. If the securities in the reinvestment portfolio become less liquid, liquidity resources within the general account are available to meet any potential cash demands when securities are put back by the counterparty.

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, 2026		December 31, 2025
	(In millions)
Invested assets on deposit (regulatory deposits)	$	103	$	106
Invested assets held in trust (external reinsurance agreements)	578		285
Invested assets pledged as collateral (1)	22,138		21,380
Total invested assets on deposit, held in trust and pledged as collateral	$	22,819	$	21,771

__________________

(1)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements and secured debt (see Notes 4 and 14 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 9.

See “— Securities Lending Transactions and Repurchase Agreements” for information regarding securities supporting securities lending transactions and repurchase agreements. In addition, the Company’s investment in Federal Home Loan Bank of New York common stock, included within other invested assets, which is considered restricted until redeemed by the issuer, was $628 million at redemption value at both March 31, 2026 and December 31, 2025.

The Company maintained invested assets and cash and cash equivalents that are subject to ceded reinsurance arrangements with third parties of $7.8 billion and $8.2 billion at March 31, 2026 and December 31, 2025, respectively, which includes cash and cash equivalents of $610 million and $1.0 billion at March 31, 2026 and December 31, 2025, respectively.

Variable Interest Entities

The Company has invested in legal entities that are VIEs. Legal entities are determined to be VIEs if (1) the equity investors lack (i) the ability to control the entity, (ii) the obligation to absorb losses or (iii) the right to receive returns of the entity, or (2) the entity lacks sufficient equity to finance its activities without subordinated financial support.

For VIEs, the Company determines whether it is the primary beneficiary, which involves an evaluation of the purpose and design of the entity and, whether based on the design of the entity, the Company has both (1) the power to direct the activities of the entity which most significantly affect the economic performance of the entity and (2) the obligation to absorb losses or the right to receive benefits that are potentially significant to the VIE. Significant judgment is required in the primary beneficiary determination, which includes an evaluation of the substance of contractual arrangements and voting agreements, the rights of other investors in an entity and the potential financial results of the entity.

The Company continuously assesses if facts or circumstances indicate that a potential change in the primary beneficiary has occurred. This could include new contractual arrangements of an entity or changes in the investors of an entity. As a result of changes in circumstances, the Company may consolidate or deconsolidate a VIE.

Consolidated VIEs

The Company is the primary beneficiary of certain investment funds and partnership entities in which the Company has invested. The assets of these VIEs may only be used to satisfy the liabilities of the respective VIEs. The Company is not required to provide, and has not provided, material financial support to the VIEs, other than its investment in these VIEs.

The table below reflects the carrying amount and balance sheet classification in which the assets and liabilities of consolidated VIEs are reported. The creditors of these VIEs do not have recourse to the Company in excess of the assets contained within the respective VIEs.


	March 31, 2026		December 31, 2025
Description	Consolidated VIEs
	(In millions)
FVO securities primarily held by CFEs (1)	$	816	$	—
Mortgage loans	180		180
Real estate and REJVs	2,495		2,435
Renewable energy partnership (1)	43		45

Cash and cash equivalents	64		8
Other	10		6
Total assets of consolidated VIEs	$	3,608	$	2,674
Notes issued by CFEs (2)	$	801	$	—
Other liabilities	30		9
Total liabilities of consolidated VIEs	$	831	$	9

__________________

(1)Included in other invested assets.

(2)In the first quarter of 2026, beneficial interests in CFEs were transferred to the Company from an affiliate, which resulted in the Company, as the primary beneficiary, consolidating the CFEs. Notes issued by CFEs represent notes issued by certain collateralized loan obligation (“CLO”) entities. The creditors of these consolidated VIEs do not have recourse to the Company in excess of the assets contained within the VIEs. For these notes, the Company has elected the FVO and has based the estimated fair value on the more observable of the notes or the corresponding assets. Changes in estimated fair value are reported in net investment gains (losses).

Unconsolidated VIEs

The Company has determined that it is not the primary beneficiary of certain VIEs because the Company does not have both (1) the power to direct the activities of the entity which most significantly affect the economic performance of the entity and (2) the obligation to absorb losses or the right to receive benefits that are potentially significant to the VIE.

The Company invests in structured products issued by CFEs or securitization entities that are VIEs which typically do not have substantial equity. Its investments in these structured products are fixed maturity securities investments and include mortgage-backed securities, and ABS & CLOs. The Company’s exposure to losses of these entities is limited to the amount of its investment. See “— Fixed Maturity Securities Available-for-Sale” for details regarding amounts and classification of these assets.

The Company also invests in or provides loans to other legal entities that are VIEs. These primarily include hedge funds, private equity funds and similar entities that are classified within OLPIs, REJVs, other invested assets, fixed maturity securities and mortgage loans. The Company’s maximum exposure to loss for these VIEs is limited to the carrying value of the equity investment plus any unfunded capital commitments. The carrying value of these investments was $11.5 billion and $12.0 billion at March 31, 2026 and December 31, 2025, respectively, and the Company’s unfunded commitments were $2.4 billion and $2.3 billion at March 31, 2026 and December 31, 2025, respectively.

The Company did not provide financial or other support that it was not contractually obligated to provide to entities designated as VIEs for the three months ended March 31, 2026 or 2025.

Net Investment Income

The composition of net investment income by asset type was as follows:


	Three Months Ended March 31,
Asset Type	2026		2025
	(In millions)
Fixed maturity securities AFS	$	2,044	$	1,868
Mortgage loans	717		763
Policy loans	73		70
Real estate and REJVs	161		129
OLPI	183		113
Cash, cash equivalents and short-term investments	90		90
FVO securities	(40)		(33)
Operating joint venture	18		16
Equity securities	1		4
Other	173		154
Subtotal investment income	3,420		3,174
Less: Investment expenses	320		298
Net investment income	$	3,100	$	2,876

Net Investment Income Information
Net realized and unrealized gains (losses) recognized in net investment income:
Net realized gains (losses) from sales and disposals	$	—	$	—
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and REJVs)	(33)		(14)
Net realized and unrealized gains (losses) recognized in net investment income	$	(33)	$	(14)

Changes in estimated fair value subsequent to purchase of FVO securities still held at the end of the respective periods and recognized in net investment income	$	(35)	$	(35)

Equity method investments net investment income (primarily REJVs, OLPI, tax credit and renewable energy partnerships and an operating joint venture)	$	267	$	132

Net Investment Gains (Losses)

Net Investment Gains (Losses) by Asset Type and Transaction Type

The composition of net investment gains (losses) by asset type and transaction type was as follows:


		Three Months Ended March 31,
Asset Type		2026		2025
	(In millions)
Fixed maturity securities AFS		$	(112)	$	(126)
Equity securities		8		(9)
Mortgage loans		(71)		(129)
Real estate and REJVs (excluding changes in estimated fair value)		(22)		—
OLPI (excluding changes in estimated fair value) (1)		(33)		(1)
Other gains (losses)		(7)		(1)
Subtotal		(237)		(266)
Change in estimated fair value of OLPI and REJVs		2		3
Non-investment portfolio gains (losses)		10		(22)
Subtotal		12		(19)
Net investment gains (losses)		$	(225)	$	(285)

Transaction Type
Realized gains (losses) on investments sold or disposed (1)		$	(65)	$	(176)
Impairment (losses)		(119)		(3)
Recognized gains (losses):
Change in ACL recognized in earnings		(67)		(100)
Unrealized net gains (losses) recognized in earnings		16		16
Total recognized gains (losses)		(51)		(84)
Non-investment portfolio gains (losses)		10		(22)
Net investment gains (losses)		$	(225)	$	(285)

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)		$	10	$	(8)





Foreign currency gains (losses)		$	5	$	(27)

Net Realized Investment Gains (Losses) From Sales and Disposals of Investments:
Recognized in net investment gains (losses)		$	(65)	$	(176)
Recognized in net investment income		—		—
Net realized investment gains (losses) from sales and disposals of investments		$	(65)	$	(176)

__________________

(1) Includes a net loss of $40 million and $1 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 $577 million and $36 million, respectively, in portfolios of investments to funds for proceeds of $537 million and $35 million, respectively, in cash and receivables secured by the value of the respective funds. An affiliate has entered into agreements to serve as the asset manager of the funds for which it receives management fees.

Fixed Maturity Securities AFS and Equity Securities – Composition of Net Investment Gains (Losses)

The composition of net investment gains (losses) for these securities was as follows:


	Three Months Ended March 31,
Fixed Maturity Securities AFS	2026		2025
	(In millions)
Proceeds	$	7,443	$	3,280
Gross investment gains	$	86	$	23
Gross investment (losses)	(195)		(172)
Realized gains (losses) on sales and disposals	(109)		(149)
Net credit loss (provision) release (change in ACL recognized in earnings)	—		26
Impairment (losses)	(3)		(3)
Net credit loss (provision) release and impairment (losses)	(3)		23
Net investment gains (losses)	$	(112)	$	(126)

Equity Securities
Realized gains (losses) on sales and disposals	$	(8)	$	(22)
Unrealized net gains (losses) recognized in earnings	16		13
Net investment gains (losses)	$	8	$	(9)

Related Party Investment Transactions

The Company transfers invested assets primarily consisting of fixed maturity securities AFS, mortgage loans, real estate and REJVs, and FVO securities to and from affiliates. Invested assets transferred to and from affiliates were as follows:


	Three Months Ended March 31,
	2026		2025
	(In millions)
Estimated fair value of invested assets transferred to affiliates	$	285	$	—
Amortized cost of invested assets transferred to affiliates	$	311	$	1
Net investment gains (losses) recognized on transfers	$	(26)	$	—
Estimated fair value of invested assets transferred from affiliates	$	1,162	$	50

Recurring related party investments were as follows at:


		March 31, 2026		December 31, 2025

Investment Type/ Balance Sheet Category	Related Party	Carrying Value
		(In millions)
Affiliated investments (1)	MetLife, Inc.	$	1,001	$	1,016
Affiliated investments (2)	Metropolitan General Insurance Company	152		152
Affiliated funds withheld (3)	Metropolitan Tower Life Insurance Company (“MTL”)	2,401		2,476
Other invested assets		$	3,554	$	3,644

________________

(1)Represents an investment in affiliated senior unsecured notes which have maturity dates from July 2026 to December 2031 and bear interest, payable semi-annually, at rates per annum ranging from 1.61% to 2.16%. These affiliated investments earned investment income of $5 million for both the three months ended March 31, 2026 and 2025.

(2)Represents an investment in the affiliate’s unsecured note which matures December 2034 and bears interest, payable semi-annually, at a rate per annum of 6.47%.

(3)Represents affiliated funds withheld, reported in other invested assets, related to an agreement the Company, through its wholly-owned subsidiary, entered into to assume certain group annuity contracts issued in connection with a qualifying pension risk transfer on a modified coinsurance basis from MTL.

The Company paid asset management fees to an affiliate of $112 million and $108 million for the three months ended March 31, 2026 and 2025, respectively.

See “— Variable Interest Entities” for information on investments in affiliated REJVs, affiliated mortgage loans and affiliated investment funds.