
	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Allowance for credit losses		Fair Value
Fixed maturities:
U.S. Treasuries	$	708	$	1	$	60	$	—	$	—	$	649
U.S. Government agencies and authorities	30		—		—		—		—		30
State, municipalities and political subdivisions	542		—		92		—		—		450
U.S. corporate public securities	8,840		128		950		—		—		8,018
U.S. corporate private securities	5,699		42		230		—		3		5,508
Foreign corporate public securities and foreign governments(1)	2,887		46		218		—		2		2,713
Foreign corporate private securities(1)	2,736		37		63		—		8		2,702
Residential mortgage-backed securities	4,354		37		211		(3)		—		4,177
Commercial mortgage-backed securities	2,724		3		393		—		—		2,334
Other asset-backed securities	2,774		28		38		—		12		2,752
Total fixed maturities, including securities pledged	31,294		322		2,255		(3)		25		29,333
Less: Securities pledged	1,482		—		131		—		—		1,351
Total fixed maturities	$	29,812	$	322	$	2,124	$	(3)	$	25	$	27,982

(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Condensed Consolidated Statements of Operations.


	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Allowance for credit losses		Fair Value
Fixed maturities:
U.S. Treasuries	$	663	$	2	$	51	$	—	$	—	$	614
U.S. Government agencies and authorities	30		1		—		—		—		31
State, municipalities and political subdivisions	606		—		96		—		—		510
U.S. corporate public securities	8,600		177		913		—		—		7,864
U.S. corporate private securities	5,748		86		203		—		9		5,622
Foreign corporate public securities and foreign governments(1)	2,926		69		215		—		2		2,778
Foreign corporate private securities(1)	2,805		61		49		—		8		2,809
Residential mortgage-backed securities	4,489		54		200		1		—		4,344
Commercial mortgage-backed securities	3,071		6		401		—		—		2,676
Other asset-backed securities	2,914		27		31		—		7		2,903
Total fixed maturities, including securities pledged	31,852		483		2,159		1		26		30,151
Less: Securities pledged	1,388		—		127		—		—		1,261
Total fixed maturities	$	30,464	$	483	$	2,032	$	1	$	26	$	28,890

The amortized cost and fair value of fixed maturities, including securities pledged, as of June 30, 2026, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date.


	Amortized Cost		Fair Value
Due to mature:
One year or less	$	826	$	825
After one year through five years	3,387		3,359
After five years through ten years	3,766		3,721
After ten years	13,463		12,165
Mortgage-backed securities	7,078		6,511
Other asset-backed securities	2,774		2,752
Fixed maturities, including securities pledged	$	31,294	$	29,333

As of June 30, 2026 and December 31, 2025, the Company did not have any investments in a single issuer, other than obligations of the U.S. Government and government agencies, with a carrying value in excess of 10% of the Company's Total shareholders' equity.

The following table presents collateral held by asset class that the Company pledged under securities lending as of the dates indicated:


	June 30, 2026		December 31, 2025
U.S. Treasuries	$	104	$	52

U.S. corporate public securities	466		495

Short-term investments and cash equivalents	—		16

Foreign corporate public securities and foreign governments	245		199
Total(1)	$	815	$	762

(1) As of June 30, 2026 and December 31, 2025, liabilities to return cash collateral were $740 and $726, respectively, and included in Payables under securities loan and repurchase agreements, including collateral held on the Condensed Consolidated Balance Sheets.

The Company's securities lending activities are conducted on an overnight basis, and all securities loaned can be recalled at any time. The Company does not offset assets and liabilities associated with its securities lending program.


	Six Months Ended June 30, 2026
	U.S. corporate private securities		Commercial mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Other asset-backed securities		Total
Balance as of January 1	$	9	$	—	$	2	$	8	$	7	$	26
Credit losses on securities for which credit losses were not previously recorded	—		—		—		—		3		3

Reductions for securities sold during the period	(7)		—		—		—		—		(7)


Increase (decrease) on securities with allowance recorded in previous period	1		—		—		—		2		3


Balance as of June 30	$	3	$	—	$	2	$	8	$	12	$	25


	Year Ended December 31, 2025
	U.S. corporate private securities		Commercial mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Other asset-backed securities		Total
Balance as of January 1	$	6	$	17	$	2	$	9	$	4	$	38
Credit losses on securities for which credit losses were not previously recorded	9		—		—		—		3		12

Reductions for securities sold during the period	(6)		(17)		—		—		—		(23)


Increase (decrease) on securities with allowance recorded in previous period	—		—		—		(1)		—		(1)


Balance as of December 31	$	9	$	—	$	2	$	8	$	7	$	26

For additional information about the Company’s methodology and significant inputs used in determining whether a credit loss exists, see Note 1, Business, Basis of Presentation and Significant Accounting Policies to the Consolidated Financial Statements in Part II, Item 8. of the Annual Report on Form 10-K.

The following tables present available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by investment category and duration as of the dates indicated:


	As of June 30, 2026
	Twelve Months or Less Below Amortized Cost				More Than Twelve Months Below Amortized Cost	Total
	Fair Value		Unrealized Capital Losses			Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses
U.S. Treasuries	$	310	$	8		$	291	$	52	$	601	$	60
U.S. Government agencies and authorities	15		—			—		—		15		—
State, municipalities and political subdivisions	4		—			438		92		442		92
U.S. corporate public securities	1,145		51			4,105		899		5,250		950
U.S. corporate private securities	1,300		20			1,959		210		3,259		230
Foreign corporate public securities and foreign governments	460		7			1,086		211		1,546		218
Foreign corporate private securities	679		9			894		54		1,573		63
Residential mortgage-backed	629		10			967		201		1,596		211
Commercial mortgage-backed	88		1			1,957		392		2,045		393
Other asset-backed	625		11			219		27		844		38
Total	$	5,255	$	117		$	11,916	$	2,138	$	17,171	$	2,255


	As of December 31, 2025
	Twelve Months or Less Below Amortized Cost				More Than Twelve Months Below Amortized Cost	Total
	Fair Value		Unrealized Capital Losses			Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses
U.S. Treasuries	$	257	$	4		$	291	$	47	$	548	$	51

State, municipalities and political subdivisions	4		—			493		96		497		96
U.S. corporate public securities	568		42			4,282		871		4,850		913
U.S. corporate private securities	348		4			2,334		199		2,682		203
Foreign corporate public securities and foreign governments	163		4			1,247		211		1,410		215
Foreign corporate private securities	70		1			1,118		48		1,188		49
Residential mortgage-backed	244		2			1,170		198		1,414		200
Commercial mortgage-backed	75		1			2,243		400		2,318		401
Other asset-backed	251		3			260		28		511		31
Total	$	1,980	$	61		$	13,438	$	2,098	$	15,418	$	2,159

As of June 30, 2026 and December 31, 2025, the Company concluded that an allowance for credit losses was not warranted for the securities above because the unrealized losses are interest rate related. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

The Company may sell securities during the period in which fair value has declined below amortized cost for fixed maturities. In certain situations, new factors, including changes in the business environment, can change the Company’s previous intent to continue holding a security. Accordingly, these factors may lead the Company to record additional intent related capital losses. Intent impairments were $14 and $18 for the three and six months ended June 30, 2026, respectively. Intent impairments were zero and $19 for the three and six months ended June 30, 2025, respectively.

The Company evaluates all debt modifications to determine whether a modification results in a new loan or a continuation of an existing loan. Disclosures are required for loan modifications with borrowers experiencing financial difficulty. For the three and six months ended June 30, 2026 and 2025, the Company had no material debt modifications that require such disclosure.

The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates mortgage loans based on relevant current information including a review of loan-specific performance, property characteristics and market trends. Loan performance is monitored on a loan specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk.

Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. These ratios are utilized as part of the review process described above.

The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of June 30, 2026 and December 31, 2025, respectively.


	As of June 30, 2026
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2026	$	139	$	165	$	127	$	37	$	—	$	468
2025	353		492		58		16		—		919
2024	188		130		18		—		—		336
2023	62		129		—		—		—		191
2022	247		219		63		3		—		532
Prior	2,702		284		33		17		2		3,038
Total	$	3,691	$	1,419	$	299	$	73	$	2	$	5,484


	As of December 31, 2025
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2025	$	387	$	489	$	92	$	—	$	—	$	968
2024	180		147		18		—		—		345
2023	90		203		—		—		—		293
2022	249		254		85		—		—		588
2021	227		185		37		17		—		466
Prior	2,783		163		—		—		2		2,948
Total	$	3,916	$	1,441	$	232	$	17	$	2	$	5,608

The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of June 30, 2026 and December 31, 2025, respectively.


	As of June 30, 2026
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total(1)
2026	$	188	$	150	$	111	$	19	$	468
2025	725		119		63		12		919
2024	162		76		67		31		336
2023	118		65		3		5		191
2022	354		86		32		60		532
Prior	2,233		388		245		172		3,038
Total	$	3,780	$	884	$	521	$	299	$	5,484


	As of December 31, 2025
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total(1)
2025	$	736	$	150	$	67	$	15	$	968
2024	161		129		49		6		345
2023	168		34		89		2		293
2022	337		116		48		87		588
2021	313		20		48		85		466
Prior	2,207		402		245		94		2,948
Total	$	3,922	$	851	$	546	$	289	$	5,608

The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of June 30, 2026 and December 31, 2025, respectively.


	As of June 30, 2026
	U.S. Region
Year of Origination	Pacific		South Atlantic		Middle Atlantic		West South Central		Mountain		East North Central		New England		West North Central		East South Central		Total
2026	$	40	$	92	$	175	$	33	$	14	$	35	$	43	$	22	$	14	$	468
2025	244		108		181		195		76		32		37		21		25		919
2024	68		109		49		47		20		16		8		2		17		336
2023	31		24		10		69		27		11		—		19		—		191
2022	139		68		54		79		93		72		1		7		19		532
Prior	777		714		573		227		250		268		60		89		80		3,038
Total	$	1,299	$	1,115	$	1,042	$	650	$	480	$	434	$	149	$	160	$	155	$	5,484


	As of December 31, 2025
	U.S. Region
Year of Origination	Pacific		South Atlantic		Middle Atlantic		West South Central		Mountain		East North Central		New England		West North Central		East South Central		Total
2025	$	244	$	109	$	238	$	189	$	75	$	33	$	36	$	19	$	25	$	968
2024	60		104		49		69		20		17		7		3		16		345
2023	33		42		16		96		38		36		3		26		3		293
2022	151		73		55		79		108		94		1		7		20		588
2021	102		55		97		60		89		51		2		10		—		466
Prior	764		719		598		190		217		228		60		91		81		2,948
Total	$	1,354	$	1,102	$	1,053	$	683	$	547	$	459	$	109	$	156	$	145	$	5,608

The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of June 30, 2026 and December 31, 2025, respectively.


	As of June 30, 2026
Year of Origination	Property Type
	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2026	$	73	$	233	$	100	$	—	$	62	$	—	$	—	$	468
2025	352		407		145		7		5		3		—		919
2024	60		199		61		16		—		—		—		336
2023	36		116		8		—		31		—		—		191
2022	106		233		151		23		9		10		—		532
Prior	685		771		848		505		45		133		51		3,038
Total	$	1,312	$	1,959	$	1,313	$	551	$	152	$	146	$	51	$	5,484


	As of December 31, 2025
Year of Origination	Property Type
	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2025	$	406	$	403	$	145	$	7	$	4	$	3	$	—	$	968
2024	73		197		59		16		—		—		—		345
2023	121		120		7		13		32		—		—		293
2022	107		247		178		37		9		10		—		588
2021	46		137		166		104		—		—		13		466
Prior	713		750		779		480		46		141		39		2,948
Total	$	1,466	$	1,854	$	1,334	$	657	$	91	$	154	$	52	$	5,608


	June 30, 2026		December 31, 2025
Allowance for credit losses, beginning of period	$	31	$	24
Credit losses on mortgage loans for which credit losses were not previously recorded	4		16

Increase (decrease) on mortgage loans with an allowance recorded in a previous period	(2)		2
Provision for expected credit losses	33		42
Write-offs	(8)		(11)

Allowance for credit losses, end of period	$	25	$	31

Commercial mortgage loans are placed on non-accrual status when 90 days in arrears, when the Company has concerns regarding the collectability of future payments or when a loan has matured without being paid off or extended. As of June 30, 2026 and December 31, 2025, the Company had $13 and $71, respectively, of commercial mortgage loans in non-accrual status. The amount of interest income recognized on loans in non-accrual status for the six months ended June 30, 2026 and the year ended December 31, 2025 was immaterial.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Fixed maturities	$	476	$	462	$	943	$	927
Equity securities	8		5		10		8
Mortgage loans on real estate	71		69		140		136
Policy loans	4		5		9		10
Short-term investments and cash equivalents	7		10		16		20
Limited partnerships and other	(5)		55		33		87


Gross investment income	561		606		1,151		1,188
Less: Investment expenses	24		22		45		44
Net investment income	$	537	$	584	$	1,106	$	1,144

As of June 30, 2026 and December 31, 2025, the Company had $57 and $1, respectively, of investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Fixed maturities, available-for-sale, including securities pledged	$	(14)	$	(25)	$	(30)	$	(24)
Fixed maturities, at fair value option	(79)		—		(143)		20

Equity securities, at fair value	5		1		2		2
Derivatives	58		(26)		75		(79)





Mortgage loans	(1)		2		(1)		(4)
Other	(9)		7		12		10
Net gains (losses)	$	(40)	$	(41)	$	(85)	$	(75)