v3.26.1
Investments
 6 Months Ended
Jun. 30, 2026
Investments [Abstract]  
Investments INVESTMENTS
 
Fixed Maturity Securities
 
The following tables set forth the composition of fixed maturities, available-for-sale, as of the dates indicated:
 
June 30, 2026
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$26,516 $449 $4,752 $0 $22,213 
Obligations of U.S. states and their political subdivisions5,357 98 514 0 4,941 
Foreign government securities
58,818 242 13,914 0 45,146 
U.S. public corporate securities116,555 1,370 9,809 35 108,081 
U.S. private corporate securities(1)46,227 922 2,236 37 44,876 
Foreign public corporate securities25,729 251 1,308 21 24,651 
Foreign private corporate securities41,596 1,093 2,832 102 39,755 
Asset-backed securities(2)26,560 243 70 1 26,732 
Commercial mortgage-backed securities9,445 35 306 0 9,174 
Residential mortgage-backed securities(3)8,138 21 202 0 7,957 
Total fixed maturities, available-for-sale(1)
$364,941 $4,724 $35,943 $196 $333,526 
__________
(1)Excludes notes with amortized cost of $16,372 million (fair value, $16,372 million), which have been offset with the associated debt under a netting agreement.
(2)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans, education loans and other asset types.
(3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

December 31, 2025
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$26,334 $668 $4,823 $0 $22,179 
Obligations of U.S. states and their political subdivisions5,881 138 554 0 5,465 
Foreign government securities
62,469 497 12,352 0 50,614 
U.S. public corporate securities115,160 1,977 9,345 11 107,781 
U.S. private corporate securities(1)47,976 1,177 1,964 88 47,101 
Foreign public corporate securities24,496 413 1,178 28 23,703 
Foreign private corporate securities41,099 1,638 2,523 55 40,159 
Asset-backed securities(2)19,130 226 26 1 19,329 
Commercial mortgage-backed securities9,958 87 302 0 9,743 
Residential mortgage-backed securities(3)5,493 43 155 0 5,381 
Total fixed maturities, available-for-sale(1)
$357,996 $6,864 $33,222 $183 $331,455 
__________
(1)Excludes notes with amortized cost of $15,744 million (fair value, $15,744 million), which have been offset with the associated debt under a netting agreement.
(2)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans, education loans and other asset types.
(3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
The following tables set forth the fair value and gross unrealized losses on fixed maturities, available-for-sale without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:
 
June 30, 2026
Less Than
Twelve Months		Twelve Months
or More		Total
Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$7,060 $174 $10,859 $4,578 $17,919 $4,752 
Obligations of U.S. states and their political subdivisions563 11 3,248 503 3,811 514 
Foreign government securities
12,682 392 23,453 13,522 36,135 13,914 
U.S. public corporate securities27,605 494 47,707 9,315 75,312 9,809 
U.S. private corporate securities8,086 157 21,759 2,078 29,845 2,235 
Foreign public corporate securities6,066 93 8,038 1,212 14,104 1,305 
Foreign private corporate securities6,937 199 14,406 2,632 21,343 2,831 
Asset-backed securities6,809 35 687 34 7,496 69 
Commercial mortgage-backed securities1,669 13 4,264 293 5,933 306 
Residential mortgage-backed securities4,715 35 1,151 167 5,866 202 
Total fixed maturities, available-for-sale$82,192 $1,603 $135,572 $34,334 $217,764 $35,937 

December 31, 2025
Less Than
Twelve Months		Twelve Months
or More		Total
Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$3,644 $83 $12,075 $4,740 $15,719 $4,823 
Obligations of U.S. states and their political subdivisions399 9 3,631 545 4,030 554 
Foreign government securities
9,886 510 23,570 11,842 33,456 12,352 
U.S. public corporate securities9,789 218 52,459 9,114 62,248 9,332 
U.S. private corporate securities3,297 68 24,064 1,895 27,361 1,963 
Foreign public corporate securities2,253 35 8,586 1,142 10,839 1,177 
Foreign private corporate securities849 44 16,286 2,473 17,135 2,517 
Asset-backed securities2,979 6 626 20 3,605 26 
Commercial mortgage-backed securities249 1 5,435 301 5,684 302 
Residential mortgage-backed securities353 2 1,210 153 1,563 155 
Total fixed maturities, available-for-sale$33,698 $976 $147,942 $32,225 $181,640 $33,201 

As of June 30, 2026 and December 31, 2025, the gross unrealized losses on fixed maturities, available-for-sale securities without an allowance of $34,854 million and $32,392 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $1,083 million and $809 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of
June 30, 2026, the $34,334 million of gross unrealized losses of twelve months or more were concentrated in the consumer non-cyclical, finance and utility sectors within corporate securities, as well as in foreign government securities. As of December 31, 2025, the $32,225 million of gross unrealized losses of twelve months or more were concentrated in the consumer non-cyclical, finance and utility sectors within corporate securities, as well as in foreign government securities.

In accordance with its policy described in Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at June 30, 2026. This conclusion was based on detailed analysis of the underlying credit and cash flows for each security. Gross unrealized losses are primarily attributable to increases in interest rates, general credit spread widening and foreign currency exchange rate movements. As of June 30, 2026, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the amortized cost basis.

The following table sets forth the amortized cost and fair value of fixed maturities, available-for-sale by contractual maturities, as of the date indicated: 
June 30, 2026
Amortized CostFair Value
(in millions)
Fixed maturities, available-for-sale:
Due in one year or less$19,811 $19,897 
Due after one year through five years66,075 65,889 
Due after five years through ten years
58,431 57,654 
Due after ten years(1)176,481 146,223 
Asset-backed securities26,560 26,732 
Commercial mortgage-backed securities9,445 9,174 
Residential mortgage-backed securities8,138 7,957 
Total$364,941 $333,526 
__________
(1)Excludes notes with amortized cost of $16,372 million (fair value, $16,372 million), which have been offset with the associated debt under a netting agreement.

Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Asset-backed, commercial mortgage-backed and residential mortgage-backed securities are shown separately in the table above, as they do not have a single maturity date.
 
The following table sets forth the sources of fixed maturities, available-for-sale proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses, for the periods indicated:

Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(in millions)
Fixed maturities, available-for-sale:
Proceeds from sales(1)$8,091 $4,191 $16,572 $9,103 
Proceeds from maturities/prepayments7,767 5,252 14,561 11,013 
Gross investment gains from sales and maturities155 126 514 408 
Gross investment losses from sales and maturities(598)(233)(1,470)(540)
Write-downs recognized in earnings(2)(86)(57)(251)(176)
(Addition to) release of allowance for credit losses53 27 (13)107 
__________ 
(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $(52) million and $183 million for the six months ended June 30, 2026 and 2025, respectively.
(2)Amounts represent write-downs on credit adverse securities and securities actively marketed for sale.
The following tables set forth the balance of and changes in the allowance for credit losses for fixed maturities, available-for-sale, as of and for the periods indicated:

Three Months Ended June 30, 2026
U.S. Treasury Securities and Obligations of U.S. States
Foreign Government Securities
U.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $247 $2 $0 $0 $249 
Additions to allowance for credit losses not previously recorded0 0 20 0 0 0 20 
Reductions for securities sold during the period0 0 (13)0 0 0 (13)
Additions (reductions) on securities with previous allowance0 0 33 (1)0 0 32 
Write-downs charged against the allowance0 0 (92)0 0 0 (92)
Balance, end of period$0 $0 $195 $1 $0 $0 $196 

Three Months Ended June 30, 2025
U.S. Treasury Securities and Obligations of U.S. States
Foreign Government Securities
U.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $250 $1 $0 $0 $251 
Additions to allowance for credit losses not previously recorded0 0 1 0 0 0 1 
Reductions for securities sold during the period0 0 (6)0 0 0 (6)
Additions (reductions) on securities with previous allowance0 0 28 0 0 0 28 
Write-downs charged against the allowance0 0 (50)0 0 0 (50)
Balance, end of period$0 $0 $223 $1 $0 $0 $224 
Six Months Ended June 30, 2026
U.S. Treasury Securities and Obligations of U.S. States
Foreign Government Securities
U.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $182 $1 $0 $0 $183 
Additions to allowance for credit losses not previously recorded0 0 75 1 0 0 76 
Reductions for securities sold during the period0 0 (15)0 0 0 (15)
Additions (reductions) on securities with previous allowance0 0 68 (1)0 0 67 
Write-downs charged against the allowance0 0 (115)0 0 0 (115)
Balance, end of period$0 $0 $195 $1 $0 $0 $196 

Six Months Ended June 30, 2025
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government SecuritiesU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $331 $0 $0 $0 $331 
Additions to allowance for credit losses not previously recorded0 0 17 1 0 0 18 
Reductions for securities sold during the period0 0 (12)0 0 0 (12)
Additions (reductions) on securities with previous allowance0 0 31 0 0 0 31 
Write-downs charged against the allowance0 0 (144)0 0 0 (144)
Balance, end of period$0 $0 $223 $1 $0 $0 $224 

For additional information regarding the Company’s methodology for developing its allowance and expected losses, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

For the three months ended June 30, 2026, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to write-downs charged against the allowance of distressed securities within the transportation, technology and energy sectors, partially offset by net additions in the industrial other and utility sectors within corporate securities, due to adverse projected cash flows. For the three months ended June 30, 2025, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to write-downs charged against the allowance due to settlements and security restructures in the consumer cyclical and consumer non-cyclical sectors within corporate securities, partially offset by net additions within the technology sector within corporate securities due to adverse projected cash flows.

For the six months ended June 30, 2026, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions in the consumer cyclical, energy and industrial other sectors within corporate securities, due to adverse projected cash flows, partially offset by write-downs charged against the allowance of distressed securities within the transportation and technology sectors. For the six months ended June 30, 2025, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to write-downs charged against the allowance due to security
restructures and settlements in the communications, capital goods and consumer non-cyclical sectors within corporate securities, partially offset by net additions in the technology sector within corporate securities due to adverse projected cash flows.

The Company did not have any fixed maturity securities purchased with credit deterioration as of both June 30, 2026 and December 31, 2025.
Assets Supporting Experience-Rated Contractholder Liabilities
 
The following table sets forth the composition of “Assets supporting experience-rated contractholder liabilities,” as of the dates indicated:

June 30, 2026December 31, 2025
Amortized
Cost or Cost		Fair
Value		Amortized
Cost or Cost		Fair
Value
(in millions)
Fixed maturities:
Corporate securities$61 $58 $57 $55 
Foreign government securities
614 597 611 596 
Obligations of U.S. government authorities and agencies and obligations of U.S. states
233 251 227 245 
Total fixed maturities(1)908 906 895 896 
Equity securities2,372 4,499 2,234 3,946 
Total assets supporting experience-rated contractholder liabilities$3,280 $5,405 $3,129 $4,842 
__________ 
(1)As a percentage of amortized cost, 100% and 99% of the portfolio was considered high or highest quality based on NAIC or equivalent ratings, as of June 30, 2026 and December 31, 2025, respectively.

The net change in unrealized gains (losses) from assets supporting experience-rated contractholder liabilities still held at period end, recorded within “Other income (loss),” was $602 million and $253 million during the three months ended June 30, 2026 and 2025, respectively, and $452 million and $54 million during the six months ended June 30, 2026 and 2025, respectively.

Fixed Maturities, Trading
 
The net change in unrealized gains (losses) from fixed maturities, trading still held at period end, recorded within “Other income (loss),” was $92 million and $229 million during the three months ended June 30, 2026 and 2025, respectively, and $(216) million and $416 million during the six months ended June 30, 2026 and 2025, respectively.

Equity Securities
 
The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss),” was $883 million and $374 million during the three months ended June 30, 2026 and 2025, respectively, and $555 million and $145 million during the six months ended June 30, 2026 and 2025, respectively.

Concentrations of Financial Instruments
 
The Company monitors its concentrations of financial instruments and mitigates credit risk by maintaining a diversified investment portfolio which limits exposure to any single issuer.
 
As of the dates indicated, the Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the Company’s equity included securities of the U.S. government and certain U.S. government agencies and securities guaranteed by the U.S. government, as well as the securities disclosed below:
 
June 30, 2026December 31, 2025
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
(in millions)
Investments in Japanese government and government agency securities:
Fixed maturities, available-for-sale$50,988 $38,107 $54,863 $43,554 
Fixed maturities, trading18 17 19 18 
Assets supporting experience-rated contractholder liabilities537 509 536 510 
Total$51,543 $38,633 $55,418 $44,082 
June 30, 2026December 31, 2025
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
(in millions)
Investments in Brazilian government and government agency securities:
Fixed maturities, available-for-sale$4,329 $3,630 $3,651 $3,152 
Short-term investments0 0 1 1 
Cash equivalents291 291 260 260 
Total$4,620 $3,921 $3,912 $3,413 
Commercial Mortgage and Other Loans
 
The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated: 

June 30, 2026December 31, 2025
Amount
% of
Total
Amount
% of
Total
($ in millions)
Commercial mortgage and agricultural property loans by property type:
Office$6,584 10.5 %$6,517 10.4 %
Retail5,534 8.9 5,680 9.0 
Apartments/Multi-Family18,601 29.8 18,522 29.5 
Industrial17,575 28.0 17,280 27.5 
Hospitality1,615 2.6 1,738 2.8 
Self-Storage
2,228 3.6 2,245 3.6 
Health Care Senior Living
1,691 2.7 1,832 2.9 
Other
537 0.9 689 1.1 
Total commercial mortgage loans54,365 87.0 54,503 86.8 
Agricultural property loans8,130 13.0 8,275 13.2 
Total commercial mortgage and agricultural property loans62,495 100.0 %62,778 100.0 %
Allowance for credit losses(423)(414)
Total net commercial mortgage and agricultural property loans62,072 62,364 
Other loans:
Residential mortgage loans
3,106 1,632 
Other collateralized loans727 603 
Uncollateralized loans162 171 
Total other loans3,995 2,406 
Allowance for credit losses(82)(55)
Total net other loans3,913 2,351 
Total net commercial mortgage and other loans(1)
$65,985 $64,715 
__________ 
(1)Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of June 30, 2026 and December 31, 2025, the net carrying value of these loans was $959 million and $1,056 million, respectively.

As of June 30, 2026, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in California (27%), Florida (7%) and Texas (6%) and included loans secured by properties in Europe (6%), Mexico (2%), Australia (1%) and Japan (1%).

As of June 30, 2026, the residential mortgage loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in Florida (13%), California (12%) and New York (9%).
The following tables set forth the balance of and changes in the allowance for credit losses for commercial mortgage and other loans, as of and for the periods indicated:

Three Months Ended June 30, 2026
Commercial
Mortgage
Loans		Agricultural
Property
Loans
Residential
Mortgage
Loans
Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Allowance, beginning of period$350 $59 $22 $31 $25 $487 
Addition to (release of) allowance for expected losses30 (17)6 (2)0 17 
Write-downs charged against the allowance
0 0 0 0 0 0 
Other1 0 0 0 0 1 
Allowance, end of period$381 $42 $28 $29 $25 $505 

Three Months Ended June 30, 2025
Commercial
Mortgage
Loans		Agricultural
Property
Loans
Residential
Mortgage
Loans
Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Allowance, beginning of period$460 $123 $0 $34 $15 $632 
Addition to (release of) allowance for expected losses(11)85 0 (2)(1)71 
Write-downs charged against the allowance0 (150)0 0 0 (150)
Other1 0 0 0 0 1 
Allowance, end of period$450 $58 $0 $32 $14 $554 

Six Months Ended June 30, 2026
Commercial
Mortgage
Loans		Agricultural
Property
Loans
Residential
Mortgage
Loans
Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Allowance, beginning of period$366 $48 $15 $40 $0 $469 
Addition to (release of) allowance for expected losses13 (6)13 (11)25 34 
Write-downs charged against the allowance
0 0 0 0 0 0 
Other2 0 0 0 0 2 
Allowance, end of period$381 $42 $28 $29 $25 $505 
Six Months Ended June 30, 2025
Commercial
Mortgage
Loans		Agricultural
Property
Loans
Residential
Mortgage
Loans
Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Allowance, beginning of period$407 $121 $0 $32 $14 $574 
Addition to (release of) allowance for expected losses42 87 0 0 0 129 
Write-downs charged against the allowance
0 (150)0 0 0 (150)
Other1 0 0 0 0 1 
Allowance, end of period$450 $58 $0 $32 $14 $554 

For additional information regarding the Company’s methodology for developing its allowance and expected losses, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

For the three months ended June 30, 2026, the net addition to the allowance for credit losses on commercial mortgage and other loans was primarily due to increases in loan-specific reserves on commercial mortgage loans within the office and retail sectors, partially offset by a decrease in loan-specific reserves on an agricultural property loan and a decrease in the general reserve. For the three months ended June 30, 2025, the net decrease to the allowance for credit losses on commercial mortgage and other loans was primarily related to a write-down against a loan-specific reserve within agricultural property loans.

For the six months ended June 30, 2026, the net addition to the allowance for credit losses on commercial mortgage and other loans was primarily due to increases in loan-specific reserves on commercial mortgage loans within the office and retail sectors, agricultural property loans and an uncollateralized loan, partially offset by a decrease in the general reserve and a decrease in loan-specific reserves on an agricultural property loan. For the six months ended June 30, 2025, the net decrease to the allowance for credit losses on commercial mortgage and other loans was primarily related to a write-down against a loan-specific reserve within agricultural property loans, partially offset by increases in loan-specific reserves within the retail sector.

The following table sets forth the write-downs of agricultural property loans by origination year for both the three and six months ended June 30, 2025:

June 30, 2025
20252024202320222021PriorTotal
(in millions)
Agricultural property loans$0 $0 $13 $117 $1 $19 $150 
Total$0 $0 $13 $117 $1 $19 $150 
The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:

June 30, 2026
Amortized Cost by Origination Year
20262025202420232022PriorRevolving LoansTotal
(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$1,621 $2,456 $2,782 $2,221 $1,407 $17,585 $57 $28,129 
60%-69.99%1,196 3,211 3,847 1,682 990 4,112 0 15,038 
70%-79.99%804 615 507 963 476 2,953 0 6,318 
80% or greater55 48 35 89 197 4,456 0 4,880 
Total$3,676 $6,330 $7,171 $4,955 $3,070 $29,106 $57 $54,365 
Debt Service Coverage Ratio:
Greater than 1.2x
$2,605 $5,771 $6,686 $4,660 $2,777 $26,688 $45 $49,232 
1.0 - 1.2x921 461 458 161 236 681 12 2,930 
Less than 1.0x150 98 27 134 57 1,737 0 2,203 
Total$3,676 $6,330 $7,171 $4,955 $3,070 $29,106 $57 $54,365 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$115 $813 $605 $268 $906 $3,653 $137 $6,497 
60%-69.99%0 62 139 554 38 113 0 906 
70%-79.99%0 24 0 0 0 0 56 80 
80% or greater2 4 0 27 419 188 7 647 
Total$117 $903 $744 $849 $1,363 $3,954 $200 $8,130 
Debt Service Coverage Ratio:
Greater than 1.2x
$112 $903 $703 $794 $732 $3,455 $193 $6,892 
1.0 - 1.2x5 0 22 41 64 235 0 367 
Less than 1.0x0 0 19 14 567 264 7 871 
Total$117 $903 $744 $849 $1,363 $3,954 $200 $8,130 
December 31, 2025
Amortized Cost by Origination Year
2025
2024
2023
20222021PriorRevolving LoansTotal
(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$2,816 $2,088 $2,057 $1,270 $2,570 $16,546 $62 $27,409 
60%-69.99%3,670 4,506 1,873 1,250 1,581 3,048 0 15,928 
70%-79.99%677 711 1,242 506 901 1,948 0 5,985 
80% or greater0 36 0 258 454 4,433 0 5,181 
Total$7,163 $7,341 $5,172 $3,284 $5,506 $25,975 $62 $54,503 
Debt Service Coverage Ratio:
Greater than 1.2x
$6,602 $6,779 $4,673 $2,963 $5,333 $23,384 $45 $49,779 
1.0 - 1.2x463 534 499 238 82 885 17 2,718 
Less than 1.0x98 28 0 83 91 1,706 0 2,006 
Total$7,163 $7,341 $5,172 $3,284 $5,506 $25,975 $62 $54,503 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$813 $624 $296 $977 $1,944 $1,927 $143 $6,724 
60%-69.99%76 140 554 8 15 85 58 936 
70%-79.99%0 0 0 0 0 16 0 16 
80% or greater4 0 5 433 10 104 43 599 
Total$893 $764 $855 $1,418 $1,969 $2,132 $244 $8,275 
Debt Service Coverage Ratio:
Greater than 1.2x
$893 $741 $799 $741 $1,849 $1,756 $201 $6,980 
1.0 - 1.2x0 19 40 65 62 148 0 334 
Less than 1.0x0 4 16 612 58 228 43 961 
Total$893 $764 $855 $1,418 $1,969 $2,132 $244 $8,275 

Residential mortgage loans primarily include fixed-rate, amortizing mortgage loans on rental properties owned by borrowers with FICO scores typically considered prime or above. The primary credit quality indicator is whether a loan is performing or nonperforming. The Company defines nonperforming residential mortgage loans as those that are 90 days or more past due and/or in nonaccrual status.

June 30, 2026
Amortized Cost by Origination Year
2026
2025
2024
2023
2022
Prior
Total
(in millions)
Residential mortgage loans
Performing
$534 $2,487 $58 $0 $0 $12 $3,091 
Nonperforming
0 15 0 0 0 0 15 
Total
$534 $2,502 $58 $0 $0 $12 $3,106 
December 31, 2025
Amortized Cost by Origination Year
2025
2024
2023
2022
2021
Prior
Total
(in millions)
Residential mortgage loans
Performing
$1,561 $57 $0 $0 $0 $14 $1,632 
Nonperforming
0 0 0 0 0 0 0 
Total
$1,561 $57 $0 $0 $0 $14 $1,632 

For additional information regarding the Company’s commercial mortgage and other loans credit quality monitoring process, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

The Company may grant loan modifications in its commercial mortgage and other loan portfolios to borrowers experiencing financial difficulties. These loan modifications may be in the form of principal forgiveness, interest rate reduction, other-than-insignificant payment delay, term extension or some combination thereof. The amount, timing and extent of modifications granted and subsequent performance are considered in determining any allowance for credit losses.

The following table sets forth the amortized cost basis of loan modifications made to borrowers experiencing financial difficulties during the periods indicated:

Three Months Ended June 30,
20262025
Term
Extension
Other Than Insignificant Delay in Payment
% of
Amortized Cost
Term
Extension
Other Than Insignificant Delay in Payment
% of
Amortized Cost
($ in millions)
Commercial mortgage loans
$0 $0 0.0 %$0 $0 0.0 %
Agricultural property loans$0 $0 0.0 %$0 $0 0.0 %

Six Months Ended June 30,
20262025
Term
Extension
Other Than Insignificant Delay in Payment
% of
Amortized Cost
Term
Extension
Other Than Insignificant Delay in Payment
% of
Amortized Cost
($ in millions)
Commercial mortgage loans
$44 $0 0.0 %$0 $0 0.0 %
Agricultural property loans$0 $0 0.0 %$0 $0 0.0 %

For the six months ended June 30, 2026, the modifications added less than one year to the weighted average life in the commercial mortgage loan portfolio.

The Company did not have any commitments to lend additional funds to borrowers experiencing financial difficulties on modified loans as of both June 30, 2026 and December 31, 2025.

The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:
 
June 30, 2026
Current30-59 Days
Past Due		60-89 Days
Past Due		90 Days or More Past Due(1)(2)Total Past
Due		Total
Loans		Non-Accrual
Status(3)
(in millions)
Commercial mortgage loans$54,064 $0 $48 $253 $301 $54,365 $289 
Agricultural property loans7,446 0 0 684 684 8,130 718 
Residential mortgage loans
3,042 0 49 15 64 3,106 15 
Other collateralized loans727 0 0 0 0 727 0 
Uncollateralized loans162 0 0 0 0 162 25 
Total$65,441 $0 $97 $952 $1,049 $66,490 $1,047 
__________
(1)As of June 30, 2026, there were no loans in this category accruing interest.
(2)Includes loans for which no credit losses are expected due to U.S. agency guarantees.
(3)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

December 31, 2025
Current30-59 Days
Past Due		60-89 Days
Past Due
90 Days or More Past Due(1)(2)
Total Past
Due		Total
Loans
Non-Accrual
Status(3)
(in millions)
Commercial mortgage loans$54,349 $0 $0 $154 $154 $54,503 $190 
Agricultural property loans7,443 8 0 824 832 8,275 875 
Residential mortgage loans
1,630 2 0 0 2 1,632 0 
Other collateralized loans603 0 0 0 0 603 0 
Uncollateralized loans171 0 0 0 0 171 25 
Total$64,196 $10 $0 $978 $988 $65,184 $1,090 
__________
(1)As of December 31, 2025, there were no loans in this category accruing interest.
(2)Includes loans for which no credit losses are expected due to U.S. agency guarantees.
(3)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Loans on non-accrual status recognized interest of $0 million and $1 million for the three months ended June 30, 2026 and 2025, and $0 million and $6 million for the six months ended June 30, 2026 and 2025, respectively. Loans on non-accrual status that did not have a related allowance for credit losses were $757 million and $442 million as of June 30, 2026 and December 31, 2025, respectively.

For the three months ended June 30, 2026 and 2025, there were $1 million and $0 million, respectively, of commercial mortgage loans acquired, other than those through direct origination. For the six months ended June 30, 2026 and 2025, there were $31 million and $0 million, respectively, of commercial mortgage loans acquired, other than those through direct origination.

For both the three and six months ended June 30, 2026 and 2025, there were no commercial mortgage loans sold.

For the three months ended June 30, 2026 and 2025, there were $713 million and $0 million, respectively, of residential mortgage loans acquired. For the six months ended June 30, 2026 and 2025, there were $1,557 million and $0 million, respectively, of residential mortgage loans acquired.

For the three months ended June 30, 2026 and 2025, there were $7 million and $0 million, respectively, of residential mortgage loans sold. For the six months ended June 30, 2026 and 2025, there were $11 million and $0 million, respectively, of residential mortgage loans sold.

The Company did not have any commercial mortgage and other loans purchased with credit deterioration as of both June 30, 2026 and December 31, 2025.
Other Invested Assets
 
The following table sets forth the composition of “Other invested assets,” as of the dates indicated:

June 30, 2026December 31, 2025
(in millions)
LPs/LLCs:
Equity method:
Private equity$10,920 $10,832 
Hedge funds3,151 2,909 
Real estate-related(1)
2,988 2,761 
Subtotal equity method17,059 16,502 
Fair value:
Private equity713 848 
Hedge funds2,048 1,964 
Real estate-related765 810 
Subtotal fair value3,526 3,622 
Total LPs/LLCs20,585 20,124 
Real estate held through direct ownership(1)
1,965 1,888 
Total alternative assets22,550 22,012 
Credit-like instruments(2)
2,738 1,929 
Derivative instruments1,721 1,667 
Other(3)1,565 1,686 
Total other invested assets$28,574 $27,294 
_________ 
(1)As of June 30, 2026 and December 31, 2025, real estate held through direct ownership had mortgage debt of $226 million and $217 million, respectively.
(2)Includes structured debt investments in feeder funds that are consolidated, resulting in the Company reporting the consolidated feeder funds’ proportionate share of the net assets of the master fund within “Other invested assets.”
(3)Primarily includes equity investments accounted for under the measurement alternative, tax advantaged investments, strategic investments made by investment management operations, leveraged leases and member and activity stock held in the Federal Home Loan Bank of New York. For additional information regarding the Company’s holdings in the Federal Home Loan Bank of New York, see Note 18 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Accrued Investment Income

The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:

June 30, 2026December 31, 2025
(in millions)
Fixed maturities$3,188 $3,089 
Equity securities20 11 
Commercial mortgage and other loans267 250 
Policy loans236 230 
Other invested assets10 10 
Short-term investments and cash equivalents37 46 
Total accrued investment income$3,758 $3,636 

Write-downs on accrued investment income were less than $1 million for both the three months ended June 30, 2026 and 2025, and $1 million for both the six months ended June 30, 2026 and 2025.
Net Investment Income

The following table sets forth “Net investment income” by investment type, for the periods indicated: 

Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(in millions)
Fixed maturities, available-for-sale(1)$4,290 $3,885 $8,474 $7,658 
Fixed maturities, trading201 177 417 344 
Assets supporting experience-rated contractholder liabilities13 14 28 28 
Equity securities97 49 162 93 
Commercial mortgage and other loans771 691 1,511 1,383 
Policy loans121 123 243 247 
Other invested assets463 418 914 814 
Short-term investments and cash equivalents213 230 445 497 
Gross investment income6,169 5,587 12,194 11,064 
Less: investment expenses
(386)(361)(746)(708)
Net investment income$5,783 $5,226 $11,448 $10,356 
__________ 
(1)Includes income on credit-linked notes which are reported on the same financial statement line as related surplus notes, as conditions are met for right to offset.

Realized Investment Gains (Losses), Net

The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:
 
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(in millions)
Fixed maturities(1)$(476)$(137)$(1,220)$(201)
Commercial mortgage and other loans(8)(66)(14)(124)
Investment real estate0 (1)14 (11)
LPs/LLCs39 6 39 5 
Derivatives
(962)(1,345)(403)(1,794)
Ceded (income) loss on funds withheld assets(2)
(158)(156)(353)(319)
Other(1)0 7 15 
Realized investment gains (losses), net$(1,566)$(1,699)$(1,930)$(2,429)
__________ 
(1)Excludes fixed maturity securities classified as trading.
(2)Includes changes in the value of reinsurance and funds withheld payables, primarily reflecting the impact of net investment income on withheld assets that are ceded to certain reinsurance counterparties under modified coinsurance and funds withheld coinsurance arrangements.
Net Unrealized Gains (Losses) on Investments within AOCI

The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:

June 30, 2026December 31, 2025
(in millions)
Fixed maturity securities, available-for-sale with an allowance$14 $(4)
Fixed maturity securities, available-for-sale without an allowance
(31,233)(26,354)
Derivatives designated as cash flow hedges(1)
141 (231)
Derivatives designated as fair value hedges(1)
(136)(123)
Other investments(2)89 67 
Net unrealized gains (losses) on investments$(31,125)$(26,645)
__________ 
(1)For additional information regarding cash flow and fair value hedges, see Note 5.
(2)Includes net unrealized gains (losses) on certain joint ventures that are strategic in nature and are included in “Other assets.”
Repurchase Agreements and Securities Lending

In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. The following table sets forth the composition of “Securities sold under agreements to repurchase,” as of the dates indicated:

June 30, 2026December 31, 2025
Remaining Contractual Maturities of the AgreementsRemaining Contractual Maturities of the Agreements
 Overnight & ContinuousUp to 30 Days30 to 90 DaysTotal  Overnight & ContinuousUp to 30 Days30 to 90 DaysTotal
(in millions)
U.S. Treasury securities and obligations of U.S. government authorities and agencies$9,451 $0 $0 $9,451 $7,277 $1,701 $0 $8,978 
U.S. public corporate securities
0 539 0 539 0 527 0 527 
Foreign public corporate securities
0 18 0 18 0 18 0 18 
Commercial mortgage-backed securities61 0 0 61 75 0 0 75 
Total securities sold under agreements to repurchase$9,512 $557 $0 $10,069 $7,352 $2,246 $0 $9,598 

The following table sets forth the composition of “Cash collateral for loaned securities,” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:
June 30, 2026December 31, 2025
Remaining Contractual Maturities of the AgreementsRemaining Contractual Maturities of the Agreements
 Overnight & ContinuousUp to 30 DaysTotal  Overnight & ContinuousUp to 30 DaysTotal
(in millions)
Obligations of U.S. states and their political
subdivisions		$25 $0 $25 $45 $0 $45 
Foreign government securities
183 0 183 226 0 226 
U.S. public corporate securities6,820 108 6,928 7,068 152 7,220 
Foreign public corporate securities1,085 14 1,099 1,157 16 1,173 
Equity securities1,001 0 1,001 36 0 36 
Total cash collateral for loaned securities(1)$9,114 $122 $9,236 $8,532 $168 $8,700 
__________ 
(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.