v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Fixed Maturity Securities Available-for-Sale by Sector
The following table presents fixed maturity securities available-for-sale (“AFS”) by sector. 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, 2026December 31, 2025
Amortized
Cost		Gross UnrealizedEstimated
Fair
Value		Amortized
Cost		Gross UnrealizedEstimated
Fair
Value
Sector
Allowance for
Credit Loss (“ACL”)
GainsLosses
ACL
GainsLosses
(In millions)
U.S. corporate$53,975 $(121)$739 $3,377 $51,216 $52,552 $(125)$1,050 $2,875 $50,602 
RMBS28,334 (1)342 1,383 27,292 28,129 (1)476 1,365 27,239 
U.S. government and agency28,266 — 124 3,523 24,867 29,811 — 188 3,298 26,701 
Foreign corporate28,334 (16)460 2,583 26,195 27,934 (7)742 2,198 26,471 
ABS & CLO16,238 (5)91 258 16,066 14,610 (5)137 191 14,551 
Municipals5,830 — 98 526 5,402 5,947 — 138 496 5,589 
CMBS5,144 (16)36 203 4,961 5,286 (20)57 210 5,113 
Foreign government3,505 (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 
Available-for-sale fixed maturity securities by contractual maturity date
The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at March 31, 2026:
Due in One
Year or Less		Due After
 One Year
Through
Five Years		Due After
Five Years
Through Ten
Years		Due After
Ten Years		Structured
Products		Total Fixed
Maturity
Securities
AFS
(In millions)
Amortized cost, net of ACL$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 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position without an ACL by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position.
March 31, 2026December 31, 2025
Less than 12 MonthsEqual to or Greater
than 12 Months		Less than 12 MonthsEqual to or Greater
than 12 Months
Sector & Credit QualityEstimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses
(Dollars in millions)
U.S. corporate$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 agency5,965 106 10,083 3,417 6,209 57 10,238 3,241 
Foreign corporate5,937 184 10,629 2,396 1,211 69 11,682 2,126 
ABS & CLO7,641 73 2,452 184 3,570 22 2,534 169 
Municipals
663 14 2,037 512 588 14 1,961 482 
CMBS1,069 10 1,881 191 421 9 2,081 199 
Foreign government1,028 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
5,9735,5202,7785,880
Debt Securities, Available-for-Sale, Allowance for Credit Loss
The rollforward of ACL for fixed maturity securities AFS by sector was as follows:
U.S.
 Corporate		Foreign CorporateForeign
Government		RMBSABS & CLOCMBSTotal
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 ACL21 — — — — 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 ACL4 — — — 1 1 6 
Securities sold or exchanged(23)(10)— — (3)— (36)
Balance, end of period
$26 $5 $36 $2 $5 $12 $86 
Disclosure of Mortgage Loans Net of Valuation Allowance
Mortgage loans are summarized as follows at:
March 31, 2026December 31, 2025
Portfolio SegmentCarrying
Value		% of
Total		Carrying
Value		% of
Total
(Dollars in millions)
Commercial $28,884 52.1 %$29,546 52.9 %
Agricultural14,979 27.0 15,203 27.2 
Residential12,313 22.2 11,815 21.2 
Total amortized cost56,176 101.3 56,564 101.3 
ACL
(711)(1.3)(701)(1.3)
Total mortgage loans held-for-investment, net55,465 100.0 55,863 100.0 
Mortgage loans held-for-sale7 — 7 — 
Total mortgage loans$55,472 100.0 %$55,870 100.0 %
Allowance for Loan and Lease Losses, Provision for Loss, Net
The rollforward of ACL for mortgage loans, by portfolio segment, was as follows:
Three Months
Ended
March 31,
20262025
CommercialAgriculturalResidentialTotalCommercialAgriculturalResidentialTotal
(In millions)
Balance, beginning of period
$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 $629 
The gross charge-offs of mortgage loans by origination year and portfolio segment for the three months ended March 31, 2026 were as follows:
Portfolio Segment20262025202420232022PriorTotal
(In millions)
Commercial$— $— $— $— $— $44 $44 
Agricultural— — — — — 9 9 
Residential
— — — — 1 — 1 
Total$— $— $— $— $1 $53 $54 
Financing Receivable, Modified
These mortgage loan modifications are summarized as follows:
Three Months Ended March 31,
2025
Amortized Cost
Affected Loans
(in Years)
Portfolio SegmentMaturity
Extension		Payment
Delay		TotalWeighted Average
 Life Increase
Average Years Payment Deferral
% of Book
Value
(Dollars in millions)
Commercial$136 $— $136 5— <1%
Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories
The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2026:
Credit Quality Indicator20262025202420232022PriorRevolving
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 
<1.00x115 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 Indicator20262025202420232022PriorRevolving
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 Indicator20262025202420232022PriorRevolving
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 %
__________________
(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.
Schedule of Past Due and Non Accrual Mortgage Loans The past due and nonaccrual mortgage loans at amortized cost, prior to ACL, by portfolio segment, were as follows:
Past DuePast Due
and Still Accruing Interest		Nonaccrual
Portfolio SegmentMarch 31, 2026December 31, 2025March 31, 2026December 31, 2025March 31, 2026December 31, 2025
(In millions)
Commercial$457 $339 $— $— $948 $945 
Agricultural172 172 43 43 139 165 
Residential376 365 — — 376 365 
Total$1,005 $876 $43 $43 $1,463 $1,475 
Disclosure Real Estate and Real Estate Joint Ventures Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:
 March 31, 2026December 31, 2025Three Months 
 Ended 
 March 31,
 20262025
Income TypeCarrying ValueIncome
(In millions)
Wholly-owned real estate:
Leased real estate$1,577 $1,331 $37 $43 
Other real estate638 553 72 73 
REJVs
6,691 6,914 52 13 
Total real estate and REJVs
$8,906 $8,798 $161 $129 
Debt Securities, Trading, and Equity Securities, FV-NI
The following table presents FVO securities and equity securities by asset type.
March 31, 2026December 31, 2025
Net Unrealized Gains (Losses) (1)Estimated Fair ValueCostNet 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 stock53 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.
Securities Lending and Repurchase Agreements
Transactions and agreements accounted for as secured borrowings were as follows:
March 31, 2026December 31, 2025
Securities (1)Securities (1)
Agreement TypeEstimated Fair ValueCash Collateral Received from Counterparties (2)Reinvestment Portfolio at Estimated
Fair Value		Estimated Fair ValueCash 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 of these transactions and agreements accounted for as secured borrowings were as follows:
March 31, 2026December 31, 2025
Remaining MaturitiesRemaining Maturities
Cash collateral liability by security type:Open (1)1 Month
or Less		Over 1
 Month to 6
Months		Over 6 
Months
 to 1 Year		TotalOpen (1)1 Month
or Less		Over 1
Month to 6
Months		Over 6 Months to 1 YearTotal
(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.
Invested Assets on Deposit and Pledged as Collateral
Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value, and were as follows at:
March 31, 2026December 31, 2025
(In millions)
Invested assets on deposit (regulatory deposits)$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.
Schedule of Variable Interest Entities
 March 31, 2026December 31, 2025
Description
Consolidated VIEs
(In millions)
FVO securities primarily held by CFEs (1)
$816 $— 
Mortgage loans180180
Real estate and REJVs2,495 2,435 
Renewable energy partnership (1)
43 45 
Cash and cash equivalents64 8 
Other10 6 
Total assets of consolidated VIEs$3,608 $2,674 
Notes issued by CFEs (2)
$801 $— 
Other liabilities30 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).
Components of Net Investment Income
The composition of net investment income by asset type was as follows:
Three Months 
 Ended 
 March 31,
Asset Type20262025
(In millions)
Fixed maturity securities AFS$2,044 $1,868 
Mortgage loans717 763 
Policy loans73 70 
Real estate and REJVs
161 129 
OLPI183 113 
Cash, cash equivalents and short-term investments90 90 
FVO securities(40)(33)
Operating joint venture18 16 
Equity securities1 4 
Other173 154 
Subtotal investment income3,420 3,174 
Less: Investment expenses320 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 $132 
Components of Net Investment Gains (Losses)
The composition of net investment gains (losses) by asset type and transaction type was as follows:
Three Months 
 Ended 
 March 31,
Asset Type20262025
(In millions)
Fixed maturity securities AFS$(112)$(126)
Equity securities8 (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 earnings16 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.
Schedule of Realized Gain (Loss)
The composition of net investment gains (losses) for these securities was as follows:
Three Months 
 Ended 
 March 31,
Fixed Maturity Securities AFS20262025
(In millions)
Proceeds$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 earnings16 13 
Net investment gains (losses)$8 $(9)
Schedule of Related Party 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,
20262025
(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, 2026December 31, 2025
Investment Type/
Balance Sheet Category		Related PartyCarrying Value
(In millions)
Affiliated investments (1)
MetLife, Inc.
$1,001 $1,016 
Affiliated investments (2)
Metropolitan General Insurance Company152 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.