v3.26.1
Investments (excluding Consolidated Investment Entities) (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Fixed Maturities
Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of June 30, 2026:
Amortized CostGross Unrealized Capital GainsGross Unrealized Capital Losses
Embedded Derivatives(2)
Allowance for credit lossesFair Value
Fixed maturities:
U.S. Treasuries
$708 $1 $60 $— $— $649 
U.S. Government agencies and authorities
30 — — — — 30 
State, municipalities and political subdivisions542 — 92 — — 450 
U.S. corporate public securities
8,840 128 950 — — 8,018 
U.S. corporate private securities5,699 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 securities4,354 37 211 (3)— 4,177 
Commercial mortgage-backed securities2,724 3 393 — — 2,334 
Other asset-backed securities2,774 28 38 — 12 2,752 
Total fixed maturities, including securities pledged31,294 322 2,255 (3)25 29,333 
Less: Securities pledged1,482 — 131 — — 1,351 
Total fixed maturities$29,812 $322 $2,124 $(3)$25 $27,982 
(1) Primarily U.S. dollar denominated.
(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.
Available-for-sale and FVO fixed maturities were as follows as of December 31, 2025:
Amortized CostGross Unrealized Capital GainsGross Unrealized Capital Losses
Embedded Derivatives(2)
Allowance for credit lossesFair Value
Fixed maturities:
U.S. Treasuries$663 $2 $51 $— $— $614 
U.S. Government agencies and authorities30 1 — — — 31 
State, municipalities and political subdivisions606 — 96 — — 510 
U.S. corporate public securities8,600 177 913 — — 7,864 
U.S. corporate private securities5,748 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 securities4,489 54 200 1 — 4,344 
Commercial mortgage-backed securities3,071 6 401 — — 2,676 
Other asset-backed securities2,914 27 31 — 7 2,903 
Total fixed maturities, including securities pledged31,852 483 2,159 1 26 30,151 
Less: Securities pledged1,388 — 127 — — 1,261 
Total fixed maturities
$30,464 $483 $2,032 $1 $26 $28,890 
(1) Primarily U.S. dollar denominated.
(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.
Investments Classified by Contractual Maturity Date
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 years3,387 3,359 
After five years through ten years3,766 3,721 
After ten years13,463 12,165 
Mortgage-backed securities7,078 6,511 
Other asset-backed securities2,774 2,752 
Fixed maturities, including securities pledged$31,294 $29,333 
Schedule of Securities Borrowed Under Securities Lending Transactions
The following table presents collateral held by asset class that the Company pledged under securities lending as of the dates indicated:
June 30, 2026December 31, 2025
U.S. Treasuries$104 $52 
U.S. corporate public securities466 495 
Short-term investments and cash equivalents
— 16 
Foreign corporate public securities and foreign governments245 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.
Fixed Maturities, Allowance for Credit Losses
The following tables presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the periods presented:
Six Months Ended June 30, 2026
U.S. corporate private securities
Commercial mortgage-backed securitiesForeign corporate public securities and foreign governmentsForeign corporate private securitiesOther asset-backed securitiesTotal
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 period1 — — — 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 securitiesOther asset-backed securitiesTotal
Balance as of January 1$6 $17 $2 $9 $4 $38 
Credit losses on securities for which credit losses were not previously recorded9 — — — 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 
Schedule of Unrealized Loss on Investments
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 ValueUnrealized Capital LossesFair ValueUnrealized Capital LossesFair ValueUnrealized Capital Losses
U.S. Treasuries$310 $8 $291 $52 $601 $60 
U.S. Government agencies and authorities15 — — — 15 — 
State, municipalities and political subdivisions4 — 438 92 442 92 
U.S. corporate public securities1,145 51 4,105 899 5,250 950 
U.S. corporate private securities1,300 20 1,959 210 3,259 230 
Foreign corporate public securities and foreign governments460 7 1,086 211 1,546 218 
Foreign corporate private securities679 9 894 54 1,573 63 
Residential mortgage-backed629 10 967 201 1,596 211 
Commercial mortgage-backed 88 1 1,957 392 2,045 393 
Other asset-backed625 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 ValueUnrealized Capital LossesFair ValueUnrealized Capital LossesFair ValueUnrealized Capital Losses
U.S. Treasuries$257 $4 $291 $47 $548 $51 
State, municipalities and political subdivisions4 — 493 96 497 96 
U.S. corporate public securities568 42 4,282 871 4,850 913 
U.S. corporate private securities348 4 2,334 199 2,682 203 
Foreign corporate public securities and foreign governments163 4 1,247 211 1,410 215 
Foreign corporate private securities70 1 1,118 48 1,188 49 
Residential mortgage-backed244 2 1,170 198 1,414 200 
Commercial mortgage-backed75 1 2,243 400 2,318 401 
Other asset-backed251 3 260 28 511 31 
Total$1,980 $61 $13,438 $2,098 $15,418 $2,159 
Mortgage Loans by Loan to Value Ratio
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 
2025353 492 58 16 — 919 
2024188 130 18 — — 336 
202362 129 — — — 191 
2022247 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 
2024180 147 18 — — 345 
202390 203 — — — 293 
2022249 254 85 — — 588 
2021227 185 37 17 — 466 
Prior
2,783 163 — — 2 2,948 
Total
$3,916 $1,441 $232 $17 $2 $5,608 
Mortgage Loans by Debt Service Coverage Ratio
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 
2025725 119 63 12 919 
2024162 76 67 31 336 
2023118 65 3 5 191 
2022354 86 32 60 532 
Prior
2,233 388 245 172 3,038 
Total$3,780 $884 $521 $299 $5,484 
(1) No commercial mortgage loans were secured by land or construction loans.
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 
2024161 129 49 6 345 
2023168 34 89 2 293 
2022337 116 48 87 588 
2021313 20 48 85 466 
Prior
2,207 402 245 94 2,948 
Total$3,922 $851 $546 $289 $5,608 
Mortgage Loans by Geographic Location of Collateral
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 OriginationPacificSouth AtlanticMiddle AtlanticWest South CentralMountainEast North CentralNew EnglandWest North CentralEast South CentralTotal
2026$40 $92 $175 $33 $14 $35 $43 $22 $14 $468 
2025244 108 181 195 76 32 37 21 25 919 
202468 109 49 47 20 16 8 2 17 336 
202331 24 10 69 27 11 — 19 — 191 
2022139 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 OriginationPacificSouth AtlanticMiddle AtlanticWest South CentralMountainEast North CentralNew EnglandWest North CentralEast South CentralTotal
2025$244 $109 $238 $189 $75 $33 $36 $19 $25 $968 
202460 104 49 69 20 17 7 3 16 345 
202333 42 16 96 38 36 3 26 3 293 
2022151 73 55 79 108 94 1 7 20 588 
2021102 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 
Mortgage Loans by Property Type of Collateral
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 OriginationProperty Type
RetailIndustrialApartmentsOfficeHotel/MotelOtherMixed UseTotal
2026$73 $233 $100 $— $62 $— $— $468 
2025352 407 145 7 5 3 — 919 
202460 199 61 16 — — — 336 
202336 116 8 — 31 — — 191 
2022106 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 OriginationProperty Type
RetailIndustrialApartmentsOfficeHotel/MotelOtherMixed UseTotal
2025$406 $403 $145 $7 $4 $3 $— $968 
202473 197 59 16 — — — 345 
2023121 120 7 13 32 — — 293 
2022107 247 178 37 9 10 — 588 
202146 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 
Commercial Mortgage Loans, Allowance for Credit Losses
The following table summarizes activity in the allowance for credit losses for commercial mortgage loans for the periods indicated:
June 30, 2026December 31, 2025
Allowance for credit losses, beginning of period
$31 $24 
Credit losses on mortgage loans for which credit losses were not previously recorded4 16 
Increase (decrease) on mortgage loans with an allowance recorded in a previous period(2)2 
Provision for expected credit losses33 42 
Write-offs(8)(11)
Allowance for credit losses, end of period$25 $31 
Mortgage Loans, Past Due
The following table presents the payment status of commercial mortgage loans as of the dates indicated:
June 30, 2026December 31, 2025
Current$5,471 $5,537 
30-59 days past due— — 
60-89 days past due— — 
Greater than 90 days past due13 71 
Total$5,484 $5,608 
Net Investment Income
The following table summarizes Net investment income by investment type for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Fixed maturities$476 $462 $943 $927 
Equity securities8 5 10 8 
Mortgage loans on real estate71 69 140 136 
Policy loans4 5 9 10 
Short-term investments and cash equivalents7 10 16 20 
Limited partnerships and other(5)55 33 87 
Gross investment income561 606 1,151 1,188 
Less: Investment expenses24 22 45 44 
Net investment income$537 $584 $1,106 $1,144 
Realized Gain (Loss) on Investments
Net gains (losses) were as follows for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Fixed maturities, available-for-sale, including securities pledged$(14)$(25)$(30)$(24)
Fixed maturities, at fair value option(79)— (143)20 
Equity securities, at fair value
5 1 2 2 
Derivatives58 (26)75 (79)
Mortgage loans
(1)2 (1)(4)
Other
(9)7 12 10 
Net gains (losses)
$(40)$(41)$(85)$(75)
Proceeds and Gross Gains and Gross Losses on Investments
Proceeds from the sale of fixed maturities, available-for-sale and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Proceeds on sales$1,247 $969 $2,500 $2,379 
Gross gains5 10 32 27 
Gross losses21 9 43 44