v3.26.1
INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-Sale Fixed Maturities by Classification
The following tables provide information relating to the Company’s fixed maturities classified as AFS:
AFS Fixed Maturities by Classification
 
Amortized CostAllowance for Credit Losses Gross Unrealized GainsGross Unrealized LossesFair Value
 
 (in millions)
June 30, 2026
Fixed Maturities:
Corporate (1)$50,445 $7 $345 $4,279 $46,504 
U.S. Treasury, government and agency
5,308 — 1 1,373 3,936 
States and political subdivisions374 — 1 70 305 
Foreign governments
510 — 1 75 436 
Residential mortgage-backed (2)7,782 — 49 127 7,704 
Asset-backed (3)16,751 — 57 95 16,713 
Commercial mortgage-backed4,789 — 11 264 4,536 
Redeemable preferred stock54 — 3 — 57 
Total at June 30, 2026$86,013 $7 $468 $6,283 $80,191 
December 31, 2025:
Fixed Maturities:
Corporate (1)
$48,193 $— $658 $4,010 $44,841 
U.S. Treasury, government and agency
5,040 — 1 1,304 3,737 
States and political subdivisions
378 — 3 71 310 
Foreign governments
556 — 3 77 482 
Residential mortgage-backed (2)7,093 — 85 92 7,086 
Asset-backed (3)
15,978 — 126 46 16,058 
Commercial mortgage-backed4,814 — 26 250 4,590 
Redeemable preferred stock 54 — 4 — 58 
Total at December 31, 2025$82,106 $— $906 $5,850 $77,162 
______________
(1)Corporate fixed maturities include both public and private issues.
(2)Includes publicly traded agency pass-through securities and collateralized obligations.
(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.
Schedule of Contractual Maturities of Available-for-Sale Fixed Maturities
The contractual maturities of AFS fixed maturities as of June 30, 2026 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or pre-pay obligations with or without call or pre-payment penalties.
Contractual Maturities of AFS Fixed Maturities
Amortized Cost (Less Allowance for Credit Losses)Fair Value
(in millions)
June 30, 2026
Contractual maturities:
Due in one year or less$2,426 $2,408 
Due in years two through five17,823 17,507 
Due in years six through ten16,878 16,472 
Due after ten years19,503 14,794 
Subtotal56,630 51,181 
Residential mortgage-backed7,782 7,704 
Asset-backed16,751 16,713 
Commercial mortgage-backed4,789 4,536 
Redeemable preferred stock 54 57 
Total at June 30, 2026
$86,006 $80,191 
Schedule of Proceeds and Gains (Losses) on Sales for Available-for-Sale Fixed Maturities
The following table shows proceeds from sales, gross gains (losses) from sales and allowance for credit losses for AFS fixed maturities:
Proceeds from Sales, Gross Gains (Losses) from Sales and Allowance for Credit and Intent to Sell Losses for AFS Fixed Maturities

 
Three Months Ended June 30,Six Months Ended June 30,
 
2026202520262025
 
(in millions)
Proceeds from sales$1,222 $2,961 $1,377 $4,263 
Gross gains on sales$3 $7 $5 $9 
Gross losses on sales$(23)$(30)$(26)$(33)
Net (increase) decrease in Allowance for Credit and Intent to Sell losses $(4)$(13)$(16)$(19)
Schedule of Debt Securities, Available-for-Sale, Allowance for Credit Loss
The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts:
AFS Fixed Maturities - Credit and Intent to Sell Loss Impairments
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in millions)
Balance, beginning of period$71 $53 $54 $47 
Previously recognized impairments on securities that matured, paid, prepaid or sold(10)(5)(11)(5)
Recognized impairments on securities impaired to fair value this period (1)
— — 4 — 
Credit losses recognized this period on securities for which credit losses were not previously recognized11 12 23 17 
Additional credit losses this period on securities previously impaired(2)1 — 2 
Balance, end of period$70 $61 $70 $61 
______________
(1)Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.
Schedule of Net Unrealized Gains (Losses) on Available-for-Sale Fixed Maturities
The tables below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI:

Net Unrealized Gains (Losses) on AFS Fixed Maturities
Three Months Ended June 30, 2026
Net Unrealized Gains (Losses) on InvestmentsPolicyholders’ Liabilities
Deferred Income Tax Asset (Liability)
AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
(in millions)
Balance, beginning of period$(5,828)$19 $193 $(5,616)
Net investment gains (losses) arising during the period(5)— — (5)
Reclassification adjustment:
Included in net income (loss)23 — — 23 
Excluded from net income (loss)— — — — 
Other— — (5)(5)
Impact of net unrealized investment gains (losses)— 3 (5)(2)
Net unrealized investment gains (losses) excluding credit losses(5,810)22 183 (5,605)
Net unrealized investment gains (losses) with credit losses(5)— 1 (4)
Balance, end of period$(5,815)$22 $184 $(5,609)
Three Months Ended June 30, 2025
Balance, beginning of period$(7,226)$66 $279 $(6,881)
Net investment gains (losses) arising during the period466 — — 466 
Reclassification adjustment:
Included in net income (loss)36 — — 36 
Excluded from net income (loss)— — — — 
Other
— — (33)(33)
Impact of net unrealized investment gains (losses)— — (106)(106)
Net unrealized investment gains (losses) excluding credit losses(6,724)66 140 (6,518)
Net unrealized investment gains (losses) with credit losses2 — — 2 
Balance, end of period$(6,722)$66 $140 $(6,516)

Six Months Ended June 30, 2026
Net Unrealized Gains (Losses) on InvestmentsPolicyholders’ Liabilities
Deferred Income Tax Asset (Liability)
AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
(in millions)
Balance, beginning of period$(4,944)$24 $10 $(4,910)
Net investment gains (losses) arising during the period(903)— — (903)
Reclassification adjustment:
Included in net income (loss)43 — — 43 
Excluded from net income (loss)— — — — 
Other
— — (9)(9)
Impact of net unrealized investment gains (losses)— (2)181 179 
Net unrealized investment gains (losses) excluding credit losses(5,804)22 182 (5,600)
Net unrealized investment gains (losses) with credit losses(11)— 2 (9)
Balance, end of period$(5,815)$22 $184 $(5,609)
Six Months Ended June 30, 2025
Balance, beginning of period$(8,074)$71 $464 $(7,539)
Net investment gains (losses) arising during the period1,310 — — 1,310 
Reclassification adjustment:
Included in net income (loss)44 — — 44 
Other
— — (41)(41)
Impact of net unrealized investment gains (losses)— (5)(283)(288)
Net unrealized investment gains (losses) excluding credit losses(6,720)66 140 (6,514)
Net unrealized investment gains (losses) with credit losses(2)— — (2)
Balance, end of period$(6,722)$66 $140 $(6,516)
Schedule of Continuous Gross Unrealized Losses for Available-for-Sale Fixed Maturities
The following tables disclose the fair values and gross unrealized losses of the 4,478 issues as of June 30, 2026, and the 3,287 issues as of December 31, 2025, that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated:
AFS Fixed Maturities in an Unrealized Loss Position for Which No Allowance Is Recorded

Less Than 12 Months12 Months or LongerTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
(in millions)
June 30, 2026
Fixed Maturities:
Corporate$11,220 $179 $19,814 $4,074 $31,034 $4,253 
U.S. Treasury, government and agency104 2 3,586 1,371 3,690 1,373 
States and political subdivisions13 — 219 70 232 70 
Foreign governments14 — 345 75 359 75 
Residential mortgage-backed3,874 35 655 92 4,529 127 
Asset-backed5,517 64 498 31 6,015 95 
Commercial mortgage-backed837 7 2,320 254 3,157 261 
Total at June 30, 2026$21,579 $287 $27,437 $5,967 $49,016 $6,254 
December 31, 2025:
Fixed Maturities:
Corporate
$4,286 $68 $21,138 $3,942 $25,424 $4,010 
U.S. Treasury, government and agency29 — 3,621 1,304 3,650 1,304 
States and political subdivisions13 — 223 71 236 71 
Foreign governments19 — 364 77 383 77 
Residential mortgage-backed619 3 836 89 1,455 92 
Asset-backed
2,114 12 580 30 2,694 42 
Commercial mortgage-backed263 2 2,562 248 2,825 250 
Total at December 31, 2025$7,343 $85 $29,324 $5,761 $36,667 $5,846 
Schedule of Financing Receivable, Allowance for Credit Loss
The change in the allowance for credit losses for commercial, agricultural and residential mortgage loans were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in millions)
Allowance for credit losses on mortgage loans:
Commercial mortgages:
Balance, beginning of period$268 $254 $299 $259 
Current-period provision for expected credit losses31 39 34 34 
Write-offs charged against the allowance— — (34)— 
Recoveries of amounts previously written off— — — — 
Net change in allowance31 39 — 34 
Balance, end of period$299 $293 $299 $293 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in millions)
Agricultural mortgages:
Balance, beginning of period$8 $13 $6 $15 
Current-period provision for expected credit losses— — 2 (2)
Write-offs charged against the allowance— (8)— (8)
Recoveries of amounts previously written off— — — — 
Net change in allowance— (8)2 (10)
Balance, end of period$8 $5 $8 $5 
Residential mortgages:
Balance, beginning of period$10 $5 $8 $4 
Current-period provision for expected credit losses5 2 7 3 
Write-offs charged against the allowance— — — — 
Recoveries of amounts previously written off— — — — 
Net change in allowance5 2 7 3 
Balance, end of period$15 $7 $15 $7 
Total allowance for credit losses$322 $305 $322 $305 
Schedule of Financing Receivable Credit Quality Indicators
The Company’s commercial and agricultural mortgage loans segregated by risk rating exposure were as follows:
Loan to Value (“LTV”) Ratios (1) (3) (4)
June 30, 2026
Amortized Cost Basis by Origination Year
20262025202420232022Prior
Revolving Loans Amortized Cost Basis
Revolving Loans Converted to Term Loans Amortized Cost Basis
Total
(in millions)
Commercial and agricultural mortgage loans:
Commercial:
0% - 50%$14 $60 $185 $237 $612 $1,791 $— $— $2,899 
50% - 70%839 2,475 1,208 627 903 2,618 372 60 9,102 
70% - 90%230 559 251 238 794 2,284 160 — 4,516 
90% plus— 4 — — 550 1,603 — 38 2,195 
Total commercial$1,083 $3,098 $1,644 $1,102 $2,859 $8,296 $532 $98 $18,712 
June 30, 2026
Amortized Cost Basis by Origination Year
20262025202420232022Prior
Revolving Loans Amortized Cost Basis
Revolving Loans Converted to Term Loans Amortized Cost Basis
Total
(in millions)
Agricultural:
0% - 50%$64 $173 $36 $98 $138 $1,270 $— $— $1,779 
50% - 70%76 112 151 45 126 384 — — 894 
70% - 90%— — — — — — — — — 
90% plus— — — — — 9 — — 9 
Total agricultural$140 $285 $187 $143 $264 $1,663 $— $— $2,682 
Total commercial and agricultural mortgage loans:
0% - 50%$78 $233 $221 $335 $750 $3,061 $— $— $4,678 
50% - 70%915 2,587 1,359 672 1,029 3,002 372 60 9,996 
70% - 90%230 559 251 238 794 2,284 160 — 4,516 
90% plus— 4 — — 550 1,612 — 38 2,204 
Total commercial and agricultural mortgage loans
$1,223 $3,383 $1,831 $1,245 $3,123 $9,959 $532 $98 $21,394 


Debt Service Coverage (“DSC”) Ratios (2) (3) (4)
June 30, 2026
Amortized Cost Basis by Origination Year
20262025202420232022Prior
Revolving Loans Amortized Cost Basis
Revolving Loans Converted to Term Loans Amortized Cost Basis
Total
(in millions)
Commercial and agricultural mortgage loans:
Commercial:
Greater than 2.0x$— $126 $185 $175 $1,036 $3,591 $— $— $5,113 
1.8x to 2.0x77 — 103 — 73 1,424 — — 1,677 
1.5x to 1.8x— 241 424 272 746 1,425 72 — 3,180 
1.2x to 1.5x331 2,045 814 311 628 719 283 60 5,191 
1.0x to 1.2x518 686 118 333 201 979 177 38 3,050 
Less than 1.0x157 — — 11 175 158 — — 501 
Total commercial$1,083 $3,098 $1,644 $1,102 $2,859 $8,296 $532 $98 $18,712 
June 30, 2026
Amortized Cost Basis by Origination Year
20262025202420232022Prior
Revolving Loans Amortized Cost Basis
Revolving Loans Converted to Term Loans Amortized Cost Basis
Total
(in millions)
Agricultural:
Greater than 2.0x$41 $28 $8 $5 $35 $205 $— $— $322 
1.8x to 2.0x3 26 10 17 20 137 — — 213 
1.5x to 1.8x22 43 45 8 37 306 — — 461 
1.2x to 1.5x43 74 39 41 61 588 — — 846 
1.0x to 1.2x19 89 68 42 87 382 — — 687 
Less than 1.0x12 25 17 30 24 45 — — 153 
Total agricultural$140 $285 $187 $143 $264 $1,663 $— $— $2,682 
Total commercial and agricultural mortgage loans:
Greater than 2.0x$41 $154 $193 $180 $1,071 $3,796 $— $— $5,435 
1.8x to 2.0x80 26 113 17 93 1,561 — — 1,890 
1.5x to 1.8x22 284 469 280 783 1,731 72 — 3,641 
1.2x to 1.5x374 2,119 853 352 689 1,307 283 60 6,037 
1.0x to 1.2x537 775 186 375 288 1,361 177 38 3,737 
Less than 1.0x169 25 17 41 199 203 — — 654 
Total commercial and agricultural mortgage loans
$1,223 $3,383 $1,831 $1,245 $3,123 $9,959 $532 $98 $21,394 
______________
(1)The LTV 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 DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.
(3)Residential mortgage loans are excluded from the above tables.
(4)Mortgage loans carried at fair value using the fair value option of $71 million are excluded from the above tables.
LTV Ratios (1) (3)
December 31, 2025
Amortized Cost Basis by Origination Year
20252024202320222021Prior
Revolving Loans Amortized Cost Basis
Revolving Loans Converted to Term Loans Amortized Cost Basis
Total
(in millions)
Commercial and agricultural mortgage loans:
Commercial:
0% - 50%$60 $185 $237 $612 $204 $1,770 $— $— $3,068 
50% - 70%2,611 1,256 856 975 638 1,980 357 270 8,943 
70% - 90%424 249 228 803 640 1,310 160 333 4,147 
90% plus— — — 590 527 1,110 — — 2,227 
Total commercial$3,095 $1,690 $1,321 $2,980 $2,009 $6,170 $517 $603 $18,385 
December 31, 2025
Amortized Cost Basis by Origination Year
20252024202320222021Prior
Revolving Loans Amortized Cost Basis
Revolving Loans Converted to Term Loans Amortized Cost Basis
Total
(in millions)
Agricultural:
0% - 50%$188 $37 $99 $134 $218 $1,087 $— $— $1,763 
50% - 70%118 159 48 137 101 315 — — 878 
70% - 90%— — — — — — — — — 
90% plus— — — — — 9 — — 9 
Total agricultural$306 $196 $147 $271 $319 $1,411 $— $— $2,650 
Total commercial and agricultural mortgage loans:
0% - 50%$248 $222 $336 $746 $422 $2,857 $— $— $4,831 
50% - 70%2,729 1,415 904 1,112 739 2,295 357 270 9,821 
70% - 90%424 249 228 803 640 1,310 160 333 4,147 
90% plus— — — 590 527 1,119 — — 2,236 
Total commercial and agricultural mortgage loans
$3,401 $1,886 $1,468 $3,251 $2,328 $7,581 $517 $603 $21,035 

DSC Ratios (2) (3)
December 31, 2025
Amortized Cost Basis by Origination Year
20252024202320222021Prior
Revolving Loans Amortized Cost Basis
Revolving Loans Converted to Term Loans Amortized Cost Basis
Total
(in millions)
Commercial and agricultural mortgage loans:
Commercial:
Greater than 2.0x$127 $185 $175 $1,036 $1,069 $2,683 $— $— $5,275 
1.8x to 2.0x69 103 58 — 209 978 — 307 1,724 
1.5x to 1.8x169 472 311 818 48 1,190 72 165 3,245 
1.2x to 1.5x2,112 814 355 478 385 328 271 94 4,837 
1.0x to 1.2x618 116 412 390 190 910 174 37 2,847 
Less than 1.0x— — 10 258 108 81 — — 457 
Total commercial$3,095 $1,690 $1,321 $2,980 $2,009 $6,170 $517 $603 $18,385 
December 31, 2025
Amortized Cost Basis by Origination Year
20252024202320222021Prior
Revolving Loans Amortized Cost Basis
Revolving Loans Converted to Term Loans Amortized Cost Basis
Total
(in millions)
Agricultural:
Greater than 2.0x$28 $8 $5 $11 $31 $187 $— $— $270 
1.8x to 2.0x26 10 17 23 54 92 — — 222 
1.5x to 1.8x37 46 11 59 38 270 — — 461 
1.2x to 1.5x86 45 41 66 119 484 — — 841 
1.0x to 1.2x104 69 43 88 67 339 — — 710 
Less than 1.0x25 18 30 24 10 39 — — 146 
Total agricultural$306 $196 $147 $271 $319 $1,411 $— $— $2,650 
Total commercial and agricultural mortgage loans:
Greater than 2.0x$155 $193 $180 $1,047 $1,100 $2,870 $— $— $5,545 
1.8x to 2.0x95 113 75 23 263 1,070 — 307 1,946 
1.5x to 1.8x206 518 322 877 86 1,460 72 165 3,706 
1.2x to 1.5x2,198 859 396 544 504 812 271 94 5,678 
1.0x to 1.2x722 185 455 478 257 1,249 174 37 3,557 
Less than 1.0x25 18 40 282 118 120 — — 603 
Total commercial and agricultural mortgage loans
$3,401 $1,886 $1,468 $3,251 $2,328 $7,581 $517 $603 $21,035 
______________
(1)The LTV 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 DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.
(3)Residential mortgage loans are excluded from the above tables.
The amortized cost of residential mortgage loans by credit quality indicator and origination year was as follows:
June 30, 2026
Amortized Cost Basis by Origination Year
20262025202420232022PriorTotal
(in millions)
Performance indicators:
Performing
$1,404 $1,254 $497 $288 $159 $121 $3,723 
Nonperforming
— — — — — — — 
Total
$1,404 $1,254 $497 $288 $159 $121 $3,723 
December 31, 2025
Amortized Cost Basis by Origination Year
20252024202320222021PriorTotal
(in millions)
Performance indicators:
Performing
$711 $602 $340 $168 $121 $4 $1,946 
Nonperforming
— — — — — — — 
Total
$711 $602 $340 $168 $121 $4 $1,946 
Schedule of Age Analysis of Past Due Mortgage Loans
The aging analysis of past-due mortgage loans at amortized cost were as follows:
Age Analysis of Past Due Mortgage Loans at Amortized Cost
Accruing LoansNon-accruing LoansTotal LoansNon-accruing Loans with No AllowanceInterest Income on Non-accruing Loans
Past DueCurrentTotal
30-59 Days60-89 Days90 Days or MoreTotal
(in millions)
June 30, 2026:
Mortgage loans:
Commercial$— $— $— $— $18,619 $18,619 $93 $18,712 $— $— 
Agricultural11 7 41 59 2,613 2,672 10 2,682 — — 
Residential
— — 5 5 3,718 3,723 — 3,723 — — 
Total$11 $7 $46 $64 $24,950 $25,014 $103 $25,117 $— $— 
December 31, 2025:
Mortgage loans:
Commercial$— $— $— $— $18,348 $18,348 $37 $18,385 $— $— 
Agricultural13 — 24 37 2,602 2,639 11 2,650 9 — 
Residential
5 1 4 10 1,936 1,946 — 1,946 — — 
Total$18 $1 $28 $47 $22,886 $22,933 $48 $22,981 $9 $— 
Schedule of Unrealized and Realized Gains (Losses) from Equity Securities and Net Investment Income (Loss) from Trading Securities and Net Investment Income (Loss) from Fixed Maturities, at Fair Value using the Fair Value Option
The breakdown of unrealized and realized gains and (losses) on equity securities was as follows:
Unrealized and Realized Gains (Losses) from Equity Securities
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period$— $(2)$(6)$(2)
Net investment gains (losses) recognized on securities sold during the period3 2 4 2 
Unrealized and realized gains (losses) on equity securities $3 $— $(2)$— 
The breakdown of Net investment income (loss) from trading securities was as follows:
Net Investment Income (Loss) from Trading Securities
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period$44 $50 $13 $33 
Net investment gains (losses) recognized on securities sold during the period2 (10)2 6 
Unrealized and realized gains (losses) on trading securities46 40 15 39 
Interest and dividend income from trading securities23 25 42 34 
Net investment income (loss) from trading securities$69 $65 $57 $73 
The breakdown of Net investment income (loss) from fixed maturities, at fair value using the fair value option were as follows:
Net Investment Income (Loss) from Fixed Maturities, at Fair Value using the Fair Value Option
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period$27 $5 $5 $12 
Net investment gains (losses) recognized on securities sold during the period(18)(1)(15)1 
Unrealized and realized gains (losses) from fixed maturities9 4 (10)13 
Interest and dividend income from fixed maturities9 (4)18 (4)
Net investment income (loss) from fixed maturities$18 $— $8 $9 
Schedule of Net Investment Income
The following table provides the components of Net investment income by investment type:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in millions)
Fixed maturities$981 $938 $1,936 $1,874 
Mortgage loans on real estate320 256 619 516 
Other equity investments20 39 103 83 
Policy loans22 52 46 107 
Trading securities69 65 57 73 
Other investment income11 40 — 17 
Mortgage loans at fair value
— — (2)— 
Fixed maturities, at fair value using the fair value option18 — 8 9 
Gross investment income (loss)1,441 1,390 2,767 2,679 
Investment expenses(44)(35)(86)(76)
Net investment income (loss)$1,397 $1,355 $2,681 $2,603 
Schedule of Investment Gains (Losses), Net
Investment gains (losses), net, including changes in the valuation allowances and credit losses were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in millions)
Fixed maturities$(23)$(11)$(43)$(19)
Mortgage loans on real estate(45)(61)(50)(68)
Other3 1 (1)2 
Investment gains (losses), net$(65)$(71)$(94)$(85)