Investments (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Composition of Fair Value of Debt Securities Classified by Rating

At June 30, 2026 and December 31, 2025, the carrying value of investments rated by the Company’s consolidated investment advisor totaled $893 million and $606 million, respectively.


	Percent of Total Debt Securities Carrying Value
	June 30, 2026	December 31, 2025
Investment Rating
U.S. government securities	6.2%	5.9%
AAA	4.6%	5.0%
AA	9.4%	9.5%
A	32.6%	32.2%
BBB	41.3%	40.9%
Investment grade	94.1%	93.5%
BB	2.3%	2.5%
B and below	3.6%	4.0%
Below investment grade	5.9%	6.5%
Total debt securities	100.0%	100.0%

Schedule of Total Carrying Value Debt Securities in Unrealized Loss Position

At June 30, 2026 and December 31, 2025, the total carrying value of debt securities in an unrealized loss position consisted of:


	June 30, 2026	December 31, 2025
Investment grade securities	78%	78%
Below investment grade securities	1%	1%
Not rated securities	21%	21%

Schedule of Debt Securities - Amortized Cost, Gross Unrealized Gains and Losses, Fair Value and Allowance for Credit Loss and Maturities

At June 30, 2026 and December 31, 2025, the amortized cost, allowance for credit loss ("ACL"), gross unrealized gains and losses, and fair value of debt securities, including trading securities and securities carried at fair value under the fair value option, were as follows (in millions):


				Allowance		Gross		Gross
		Amortized		for		Unrealized		Unrealized		Fair
June 30, 2026		Cost (1)		Credit Loss		Gains		Losses		Value
	U.S. government securities	$	4,335	$	—	$	—	$	866	$	3,469
	Other government securities	1,288		—		8		184		1,112
	Public utilities	7,155		—		47		504		6,698
	Corporate securities	36,891		5		236		2,141		34,981
	Residential mortgage-backed	456		1		20		29		446
	Commercial mortgage-backed	2,087		—		4		62		2,029
	Other asset-backed securities	7,137		18		16		128		7,007
	Total debt securities	$	59,349	$	24	$	331	$	3,914	$	55,742

				Allowance		Gross		Gross
		Amortized		for		Unrealized		Unrealized		Fair
December 31, 2025		Cost (1)		Credit Loss		Gains		Losses		Value
	U.S. government securities	$	3,854	$	—	$	2	$	851	$	3,005
	Other government securities	1,254		—		4		193		1,065
	Public utilities	6,529		—		75		458		6,146
	Corporate securities	34,515		—		443		2,042		32,916
	Residential mortgage-backed	445		4		24		23		442
	Commercial mortgage-backed	1,873		—		10		54		1,829
	Other asset-backed securities	5,491		7		34		130		5,388
	Total debt securities	$	53,961	$	11	$	592	$	3,751	$	50,791

(1) Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option and trading securities.

The amortized cost, ACL, gross unrealized gains and losses, and fair value of debt securities at June 30, 2026, by contractual maturity, are shown below (in millions). Actual maturities may differ from contractual maturities where securities can be called or prepaid with or without early redemption penalties.


			Allowance		Gross		Gross
	Amortized		for		Unrealized		Unrealized		Fair
	Cost (1)		Credit Loss		Gains		Losses		Value
Due in 1 year or less	$	2,396	$	—	$	2	$	7	$	2,391
Due after 1 year through 5 years	14,867		—		84		390		14,561
Due after 5 years through 10 years	14,854		—		136		362		14,628
Due after 10 years through 20 years	9,869		5		50		1,388		8,526
Due after 20 years	7,683		—		19		1,548		6,154
Residential mortgage-backed	456		1		20		29		446
Commercial mortgage-backed	2,087		—		4		62		2,029
Other asset-backed securities	7,137		18		16		128		7,007
Total	$	59,349	$	24	$	331	$	3,914	$	55,742

(1) Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option and trading securities.

Schedule of Residential Mortgage-Backed Securities

The Company’s non-agency RMBS include investments in securities backed by prime, Alt-A, and subprime loans, as follows (in millions):


			Allowance		Gross		Gross
	Amortized		for		Unrealized		Unrealized		Fair
June 30, 2026	Cost (1)		Credit Loss		Gains		Losses		Value
Prime	$	250	$	1	$	2	$	16	$	235
Alt-A	18		—		13		4		27
Subprime	37		—		4		—		41
Total non-agency RMBS	$	305	$	1	$	19	$	20	$	303

			Allowance		Gross		Gross
	Amortized		for		Unrealized		Unrealized		Fair
December 31, 2025	Cost (1)		Credit Loss		Gains		Losses		Value
Prime	$	280	$	2	$	3	$	13	$	268
Alt-A	23		2		16		2		35
Subprime	7		—		4		—		11
Total non-agency RMBS	$	310	$	4	$	23	$	15	$	314


(1) Amortized cost, apart from carrying value for securities carried at fair value under the fair value option and trading securities.

Schedule of Debt Securities in Continuous Unrealized Loss Position

The following table summarizes the gross unrealized losses of debt securities, fair value, and number of securities, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position (dollars in millions):


	June 30, 2026					December 31, 2025
	Less than 12 months					Less than 12 months
	Gross		Fair Value			Gross		Fair Value
	Unrealized				# of	Unrealized				# of
	Losses				securities	Losses				securities
U.S. government securities	$	5	$	365	28	$	2	$	68	16
Other government securities	2		97		27	1		48		7
Public utilities	20		1,458		146	7		419		44
Corporate securities	127		9,619		966	44		2,300		240
Residential mortgage-backed	8		138		73	2		43		21
Commercial mortgage-backed	6		660		79	2		163		30
Other asset-backed securities	26		2,474		175	16		673		69
Total temporarily impaired securities	$	194	$	14,811	1,494	$	74	$	3,714	427

	12 months or longer					12 months or longer
	Gross		Fair Value			Gross		Fair Value
	Unrealized				# of	Unrealized				# of
	Losses				securities	Losses				securities
U.S. government securities	$	861	$	2,239	20	$	849	$	2,263	20
Other government securities	182		777		97	192		887		107
Public utilities	484		3,176		390	451		3,383		415
Corporate securities	2,014		10,601		1,361	1,998		12,130		1,502
Residential mortgage-backed	21		134		145	21		172		166
Commercial mortgage-backed	56		739		109	52		801		117
Other asset-backed securities	102		1,083		135	114		1,249		147
Total temporarily impaired securities	$	3,720	$	18,749	2,257	$	3,677	$	20,885	2,474

	Total					Total
	Gross					Gross
	Unrealized		Fair		# of	Unrealized		Fair		# of
	Losses		Value		securities (1)	Losses		Value		securities (1)
U.S. government securities	$	866	$	2,604	43	$	851	$	2,331	31
Other government securities	184		874		122	193		935		113
Public utilities	504		4,634		520	458		3,802		454
Corporate securities	2,141		20,220		2,224	2,042		14,430		1,706
Residential mortgage-backed	29		272		217	23		215		187
Commercial mortgage-backed	62		1,399		180	54		964		146
Other asset-backed securities	128		3,557		306	130		1,922		211
Total temporarily impaired securities	$	3,914	$	33,560	3,612	$	3,751	$	24,599	2,848

(1) Certain securities contain multiple lots and fit the criteria of both aging groups.

Schedule of Rollforward of Debt Securities Allowance for Credit Loss

The roll-forward of the allowance for credit loss for available-for-sale securities by sector is as follows (in millions):


Three Months Ended June 30, 2026	US government securities		Other government securities		Public utilities		Corporate securities		Residential mortgage-backed		Commercial mortgage-backed		Other asset-backed securities		Total
Balance at April 1, 2026	$	—	$	—	$	—	$	6	$	1	$	—	$	10	$	17
Additions for which credit loss was not previously recorded	—		—		—		—		—		—		—		—
Changes for securities with previously recorded credit loss	—		—		—		(1)		—		—		8		7
Additions for purchases of PCD debt securities (1)	—		—		—		—		—		—		—		—
Reductions from charge-offs	—		—		—		—		—		—		—		—
Reductions for securities disposed	—		—		—		—		—		—		—		—
Securities intended/required to be sold before recovery of amortized cost basis	—		—		—		—		—		—		—		—
Balance at June 30, 2026 (2)	$	—	$	—	$	—	$	5	$	1	$	—	$	18	$	24


Three Months Ended June 30, 2025	US government securities		Other government securities		Public utilities		Corporate securities		Residential mortgage-backed		Commercial mortgage-backed		Other asset-backed securities		Total
Balance at April 1, 2025	$	—	$	—	$	—	$	8	$	6	$	—	$	26	$	40
Additions for which credit loss was not previously recorded	—		—		—		—		—		—		—		—
Changes for securities with previously recorded credit loss	—		—		—		—		—		—		27		27
Additions for purchases of PCD debt securities (1)	—		—		—		—		—		—		—		—
Reductions from charge-offs	—		—		—		—		—		—		(53)		(53)
Reductions for securities disposed	—		—		—		—		(2)		—		—		(2)
Securities intended/required to be sold before recovery of amortized cost basis	—		—		—		—		—		—		—		—
Balance at June 30, 2025 (2)	$	—	$	—	$	—	$	8	$	4	$	—	$	—	$	12


Six Months Ended June 30, 2026	US government securities		Other government securities		Public utilities		Corporate securities		Residential mortgage-backed		Commercial mortgage-backed		Other asset-backed securities		Total
Balance at January 1, 2026	$	—	$	—	$	—	$	—	$	4	$	—	$	7	$	11
Additions for which credit loss was not previously recorded	—		—		—		6		—		—		—		6
Changes for securities with previously recorded credit loss	—		—		—		(1)		(1)		—		36		34
Additions for purchases of PCD debt securities (1)	—		—		—		—		—		—		—		—
Reductions from charge-offs	—		—		—		—		—		—		(18)		(18)
Reductions for securities disposed	—		—		—		—		(2)		—		(7)		(9)
Securities intended/required to be sold before recovery of amortized cost basis	—		—		—		—		—		—		—		—
Balance at June 30, 2026 (2)	$	—	$	—	$	—	$	5	$	1	$	—	$	18	$	24


Six Months Ended June 30, 2025	US government securities		Other government securities		Public utilities		Corporate securities		Residential mortgage-backed		Commercial mortgage-backed		Other asset-backed securities		Total
Balance at January 1, 2025	$	—	$	—	$	—	$	8	$	6	$	—	$	25	$	39
Additions for which credit loss was not previously recorded	—		—		—		—		—		1		—		1
Changes for securities with previously recorded credit loss	—		—		—		—		—		—		28		28
Additions for purchases of PCD debt securities (1)	—		—		—		—		—		—		—		—
Reductions from charge-offs	—		—		—		—		—		—		(53)		(53)
Reductions for securities disposed	—		—		—		—		(2)		—		—		(2)
Securities intended/required to be sold before recovery of amortized cost basis	—		—		—		—		—		(1)		—		(1)
Balance at June 30, 2025 (2)	$	—	$	—	$	—	$	8	$	4	$	—	$	—	$	12


(1) Represents purchased credit-deteriorated ("PCD") fixed maturity available-for-sale securities.
(2) Accrued interest receivable on debt securities totaled $564 million and $469 million as of June 30, 2026 and 2025, respectively, and was excluded from the determination of credit losses for the three and six months ended June 30, 2026 and 2025.

Schedule of Sources of Net Investment Income

The sources of net investment income were as follows (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Debt securities (1)	$	618	$	415	$	1,090	$	846
Equity securities (2)	8		5		(51)		6
Mortgage loans	104		88		203		171
Policy loans	14		16		30		33
Limited partnerships	28		22		47		60
Other investment income	58		54		115		106
Total investment income excluding funds withheld assets	830		600		1,434		1,222
Investment expenses (3)	(103)		(109)		(166)		(203)
Net investment income excluding funds withheld assets	727		491		1,268		1,019
Net investment income on funds withheld assets (see Note 8)	201		227		400		454
Net investment income	$	928	$	718	$	1,668	$	1,473

(1) Includes changes in fair value gains (losses) on trading securities and includes $26 million and $(46) million for the three and six months ended June 30, 2026, respectively, and $(64) million and $(74) million for the three and six months ended June 30, 2025, respectively, related to the change in fair value for securities carried under the fair value option.

(2) Includes changes in fair value of TPG common stock. See discussion above on our Long-term Strategic Partnership with TPG.

(3) Includes expenses from consolidated variable interest entities, which includes changes in fair value of notes issued by those entities, of $(56) million and $(72) million for the three and six months ended June 30, 2026, respectively, and $(42) million and $(74) million for the three and six months ended June 30, 2025, respectively.

The following assets and liabilities were held in support of reserves associated with the Company’s funds withheld reinsurance agreements and were reported in the respective financial statement line items on the Condensed Consolidated Balance Sheets (in millions):


	June 30,		December 31,
	2026		2025
Assets
Debt securities, available-for-sale	$	6,870	$	7,947
Debt securities, at fair value under the fair value option	182		6
Equity securities	53		88
Mortgage loans	1,986		2,102
Mortgage loans, at fair value under the fair value option	595		324
Policy loans	3,628		3,548
Freestanding derivative instruments, net	6		(4)
Other invested assets	687		712
Cash and cash equivalents	129		375
Accrued investment income	83		92
Other assets and liabilities, net	91		5
Total assets (1)	$	14,310	$	15,195

Liabilities
Funds held under reinsurance treaties (2)	$	14,090	$	14,960
Total liabilities	$	14,090	$	14,960

(1) Certain assets are reported at amortized cost while the fair value of those assets is reported in the embedded derivative in the funds withheld liability.

(2) Includes funds withheld embedded derivative asset (liability) of $1,651 million and $1,752 million at June 30, 2026 and December 31, 2025, respectively.

The sources of income related to funds withheld under reinsurance treaties reported in net investment income in the Condensed Consolidated Income Statements were as follows (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Debt securities (1)	$	82	$	94	$	169	$	194
Equity securities	—		1		(1)		1
Mortgage loans (2)	27		41		53		84
Policy loans	86		83		173		166
Limited partnerships	15		17		23		27
Other investment income	2		3		5		7
Total investment income on funds withheld assets	212		239		422		479
Other investment expenses on funds withheld assets (3)	(11)		(12)		(22)		(25)
Total net investment income on funds withheld reinsurance treaties	$	201	$	227	$	400	$	454

(1) Includes $— million and $— million for the three and six months ended June 30, 2026, respectively, and nil and $1 million for the three and six months ended June 30, 2025, respectively, related to the change in fair value for securities carried under the fair value option.

(2) Includes $(3) million and $(1) million for the three and six months ended June 30, 2026, respectively, and $3 million and $7 million for the three and six months ended June 30, 2025, respectively, related to the change in fair value for mortgage loans carried under the fair value option.

(3) Includes management fees.

Schedule of Net Gains (Losses) on Derivatives and Investments

The following table summarizes net gains (losses) on derivatives and investments (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Available-for-sale securities
Realized gains on sale	$	4	$	4	$	11	$	7
Realized losses on sale	(10)		(11)		(19)		(23)
Credit loss income (expense)	(8)		—		(16)		—
Credit loss income (expense) on mortgage loans	(20)		(10)		(46)		(21)
Other (1)	13		(92)		2		(138)
Net gains (losses) excluding derivatives and funds withheld assets	(21)		(109)		(68)		(175)
Net gains (losses) on derivative instruments (see Note 5)	(2,466)		(2,751)		(2,136)		(1,342)
Net gains (losses) on derivatives and investments	(2,487)		(2,860)		(2,204)		(1,517)

Net gains (losses) on funds withheld reinsurance treaties (see Note 8)	(297)		(327)		(456)		(715)
Total net gains (losses) on derivatives and investments	$	(2,784)	$	(3,187)	$	(2,660)	$	(2,232)

(1) Includes the foreign currency gain or loss related to foreign denominated trust instruments supporting funding agreements.

Schedule of Asset and Liability Information for Consolidated VIEs

Asset and liability information for the consolidated VIEs included on the Condensed Consolidated Balance Sheets is as follows (in millions):


	June 30, 2026		December 31, 2025
Assets
Debt securities, at fair value under fair value option	$	2,648	$	2,698

Equity securities	9		6
Other invested assets	1,255		979
Cash and cash equivalents	114		154
Other assets	43		51
Total assets	$	4,069	$	3,888

Liabilities
Notes issued by consolidated VIEs, at fair value under fair value option	$	2,474	$	2,578
Other liabilities	184		258
Total other liabilities	2,658		2,836

Total liabilities	$	2,658	$	2,836

Equity
Noncontrolling interests	$	512	$	389

Schedule of Commercial Mortgage Loans and Residential Mortgage Loans

The following table shows commercial mortgage loans, residential mortgage loans, and the respective accrued interest thereon (in millions):


	June 30, 2026		December 31, 2025
Commercial mortgage loans (1)	$	9,538	$	8,957
Accrued interest receivable on commercial mortgage loans	38		34
Residential mortgage loans (2)	1,471		1,254
Accrued interest receivable on residential mortgage loans	14		13

(1) Net of an allowance for credit losses of $157 million and $117 million at each date, respectively.

(2) Net of an allowance for credit losses of $19 million and $16 million at each date, respectively.

Schedule of Rollforward of Mortgagees Allowance for Credit Loss

The following table provides the change in the allowance for credit losses in the Company’s mortgage loan portfolios (in millions):


Three Months Ended June 30, 2026	Apartment		Hotel		Office		Retail		Warehouse		Other		Residential Mortgage		Total
Balance at April 1, 2026	$	23	$	4	$	56	$	30	$	23	$	1	$	22	$	159
Charge offs, net of recoveries	—		—		(5)		—		—		—		—		(5)
Reductions for mortgages disposed	—		—		—		—		—		—		—		—
Additions from purchase of PCD mortgage loans	—		—		—		—		—		—		—		—
Provision (release)	27		11		(20)		(4)		10		1		(3)		22
Balance at June 30, 2026 (1) (2)	$	50	$	15	$	31	$	26	$	33	$	2	$	19	$	176


Three Months Ended June 30, 2025	Apartment		Hotel		Office		Retail		Warehouse		Other		Residential Mortgage		Total
Balance at April 1, 2025	$	28	$	7	$	40	$	19	$	20	$	2	$	14	$	130
Charge offs, net of recoveries	—		—		—		—		—		—		—		—
Reductions for mortgages disposed	(1)		—		—		(1)		—		—		—		(2)
Additions from purchase of PCD mortgage loans	—		—		—		—		—		—		—		—
Provision (release)	(9)		3		2		6		6		—		1		9
Balance at June 30, 2025 (1) (2)	$	18	$	10	$	42	$	24	$	26	$	2	$	15	$	137


Six Months Ended June 30, 2026	Apartment		Hotel		Office		Retail		Warehouse		Other		Residential Mortgage		Total
Balance at January 1, 2026	$	32	$	11	$	28	$	17	$	27	$	2	$	16	$	133
Charge offs, net of recoveries	(1)		—		(9)		—		—		—		—		(10)
Reductions for mortgages disposed	—		—		—		—		—		—		—		—
Additions from purchase of PCD mortgage loans	—		—		—		—		—		—		—		—
Provision (release)	19		4		12		9		6		—		3		53
Balance at June 30, 2026 (1) (2)	$	50	$	15	$	31	$	26	$	33	$	2	$	19	$	176


Six Months Ended June 30, 2025	Apartment		Hotel		Office		Retail		Warehouse		Other		Residential Mortgage		Total
Balance at January 1, 2025	$	23	$	7	$	44	$	19	$	20	$	3	$	5	$	121
Charge offs, net of recoveries	—		—		(6)		—		—		—		—		(6)
Reductions for mortgages disposed	(1)		—		—		(1)		—		—		—		(2)
Additions from purchase of PCD mortgage loans	—		—		—		—		—		—		—		—
Provision (release)	(4)		3		4		6		6		(1)		10		24
Balance at June 30, 2026 (1) (2)	$	18	$	10	$	42	$	24	$	26	$	2	$	15	$	137

(1) Accrued interest receivable totaled $52 million and $43 million as of June 30, 2026 and 2025, respectively, and was excluded from the determination of credit losses.

(2) Accrued interest amounting to $1 million and $1 million was written off as of June 30, 2026 and 2025, respectively, relating to loans that were greater than 90 days delinquent or in the process of foreclosure.

Schedule of Impaired Financing Receivables

The following table provides information about our residential mortgage loans in process of foreclosure (in millions):


	June 30, 2026		December 31, 2025
Recorded investment (1)	$	23	$	38
Unpaid principal balance	25		45
Related loan allowance	—		1
Average recorded investment	24		29
Investment income recognized	—		1

(1) At June 30, 2026 and December 31, 2025, includes $3 million and $4 million, respectively, of loans in process of foreclosure, all of which are loans supported with insurance or other guarantees provided by various governmental programs.

Schedule of Information About Credit Quality and Vintage Year of Commercial Mortgage Loans

The following tables provide information about the credit quality with vintage year and category of mortgage loans (dollars in millions):


	June 30, 2026
	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total		% of Total
Commercial mortgage loans
Loan to value ratios (1):
Less than 70%	$	668	$	1,461	$	560	$	466	$	407	$	4,434	$	—	$	7,996	84	%
70% - 80%	84		232		128		44		128		609		—		1,225		13	%
80% - 100%	—		—		—		25		25		121		—		171		2	%
Greater than 100%	—		—		3		—		55		88		—		146		1	%
Total commercial mortgage loans	752		1,693		691		535		615		5,252		—		9,538		100	%

Debt service coverage ratios (2):
Greater than 1.20x	718		1,344		648		429		479		4,560		—		8,178		86	%
1.00x - 1.20x	21		147		—		82		38		382		—		670		7	%
Less than 1.00x	12		155		39		16		89		309		—		620		6	%
Non-income producing properties	1		47		4		8		9		1		—		70		1	%
Total commercial mortgage loans	752		1,693		691		535		615		5,252		—		9,538		100	%

Residential mortgage loans
Performing	247		571		184		6		11		406		—		1,425		97	%
Nonperforming	—		1		4		7		7		27		—		46		3	%
Total residential mortgage loans	247		572		188		13		18		433		—		1,471		100	%

Total mortgage loans	$	999	$	2,265	$	879	$	548	$	633	$	5,685	$	—	$	11,009	100	%

(1) The loan to value ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

(2) The debt service coverage ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.


	December 31, 2025
	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total		% of Total
Commercial mortgage loans
Loan to value ratios (1):
Less than 70%	$	1,140	$	508	$	521	$	466	$	345	$	4,296	$	—	$	7,276	81	%
70% - 80%	206		129		62		221		353		316		—		1,287		14	%
80% - 100%	—		—		25		46		24		151		—		246		3	%
Greater than 100%	—		2		—		56		—		90		—		148		2	%
Total commercial mortgage loans	1,346		639		608		789		722		4,853		—		8,957		100	%

Debt service coverage ratios (2):
Greater than 1.20x	1,313		615		538		594		434		4,591		—		8,085		90	%
1.00x - 1.20x	33		24		70		145		174		231		—		677		8	%
Less than 1.00x	—		—		—		50		114		31		—		195		2	%
Total commercial mortgage loans	1,346		639		608		789		722		4,853		—		8,957		100	%

Residential mortgage loans
Performing	487		223		17		17		71		375		—		1,190		95	%
Nonperforming	—		4		16		20		3		21		—		64		5	%
Total residential mortgage loans	487		227		33		37		74		396		—		1,254		100	%

Total mortgage loans	$	1,833	$	866	$	641	$	826	$	796	$	5,249	$	—	$	10,211	100	%

(2) The debt service coverage ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.


	Accruing Loans (1)
June 30, 2026	Current		30-89 Days Past Due (2)		90 Days or Greater Past Due (2)		Non-accrual Loans (1)		Total Loans (1)		Non-accrual Loans with No Allowance (1)		Interest Income on Non-accrual Loans
Apartment	$	3,315	$	3	$	—	$	14	$	3,332	$	—	$	—
Hotel	812		—		—		—		812		—		—
Office	1,118		10		—		84		1,212		—		—
Retail	1,650		—		—		—		1,650		—		—
Warehouse	2,266		—		—		—		2,266		—		—
Other	423		—		—		—		423		—		—
Total commercial	9,584		13		—		98		9,695		—		—
Residential (2)	1,394		47		—		49		1,490		—		—
Total	$	10,978	$	60	$	—	$	147	11,185		$	—	$	—
ACL									(176)
Total with ACL									$	11,009


	Accruing Loans (1)
December 31, 2025	Current		30-89 Days Past Due (2)		90 Days or Greater Past Due (2)		Non-accrual Loans (1)		Total Loans (1)		Non-accrual Loans with No Allowance (1)		Interest Income on Non-accrual Loans
Apartment	$	2,866	$	—	$	—	$	—	$	2,866	$	—	$	—
Hotel	789		—		—		—		789		—		—
Office	1,062		—		—		109		1,171		—		—
Retail	1,664		—		—		—		1,664		—		—
Warehouse	2,217		—		—		—		2,217		—		—
Other	367		—		—		—		367		—		—
Total commercial	8,965		—		—		109		9,074		—		—
Residential (2)	1,124		69		16		61		1,270		—		2
Total	$	10,089	$	69	$	16	$	170	$	10,344	$	—	$	2
ACL									(133)
Total with ACL									$	10,211

(1) Amortized cost or fair value for loans carried at fair value under the fair value option.

(2) At June 30, 2026 and December 31, 2025, includes $16 million and $19 million, respectively, of loans 30-89 days past due and $17 million and $16 million, respectively, of loans 90 days or greater past due and supported with insurance or other guarantees provided by various governmental programs.

Schedule of Mortgage Loans Identified to Borrowers Experiencing Financial Difficulty

The following table provides information about the mortgage loans modified during the periods indicated to borrowers experiencing financial difficulty (dollars in millions):

Term Extension

Amortized
Cost Basis

Percent of
Total Class

Three Months Ended June 30, 2026

Commercial mortgage loans

—

Three Months Ended June 30, 2025

Commercial mortgage loans

—


	Term Extension
	Amortized Cost Basis		Percent of Total Class
Six Months Ended June 30, 2026
Commercial mortgage loans	$	10	—	%

Six Months Ended June 30, 2025
Commercial mortgage loans	$	—	—	%

The following table describes the financial effect of the modifications made to the loans noted above:


						Term Extension
						Financial Effect
Six Months Ended June 30, 2026
Commercial mortgage loans						Granted extension of term for 42 months and rate converted from variable to fixed.

The following table depicts the performance of loans that have been modified in the last 12 months (in millions):


	Payment Status (Amortized Cost Basis)
	Current		30-89 Days Past Due		90+ Days Past Due
June 30, 2026
Commercial mortgage loans	$	—	$	10	$	—

June 30, 2025
Commercial mortgage loans	$	—	$	—	$	—