v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Consolidated Investments
The Company’s consolidated AFS investments as of June 30, 2026 and December 31, 2025 are summarized as follows:
June 30, 2026
 Amortized CostAllowance for Expected Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
Available-for-sale securities (In millions)
Asset-backed securities$18,138 $(14)$104 $(352)$17,876 
Commercial mortgage-backed securities4,847 (56)28 (154)4,665 
Corporates27,117 (7)169 (2,429)24,850 
Hybrids616 — 4 (23)597 
Municipals1,577 — 3 (217)1,363 
Residential mortgage-backed securities3,770 (1)54 (75)3,748 
U.S. Government770 — 1 (5)766 
Foreign Governments452 — 3 (47)408 
Total available-for-sale securities$57,287 $(78)$366 $(3,302)$54,273 
December 31, 2025
 Amortized CostAllowance for Expected Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
Available-for-sale securities (In millions)
Asset-backed securities$18,853 $(25)$166 $(256)$18,738 
Commercial mortgage-backed/asset-backed securities5,341 (61)58 (139)5,199 
Corporates26,538 (25)302 (2,368)24,447 
Hybrids625 — 6 (22)609 
Municipals1,604 — 4 (215)1,393 
Residential mortgage-backed securities2,846 (1)76 (70)2,851 
U.S. Government954 — 5 (3)956 
Foreign Governments400 — 5 (37)368 
Total available-for-sale securities$57,161 $(112)$622 $(3,110)$54,561 
Schedule of Investments Classified by Contractual Maturity Date
The amortized cost and fair value of fixed maturity securities AFS by contractual maturities as of June 30, 2026 and December 31, 2025 are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.
June 30, 2026December 31, 2025
(In millions)(In millions)
Amortized Cost Fair ValueAmortized Cost Fair Value
Corporates, Non-structured Hybrids, Municipal and Government securities:
Due in one year or less$932 $926 $623 $619 
Due after one year through five years4,886 4,856 5,597 5,626 
Due after five years through ten years4,878 4,806 5,811 5,812 
Due after ten years19,836 17,396 18,090 15,716 
Subtotal30,532 27,984 30,121 27,773 
Other securities, which provide for periodic payments:
Asset-backed securities18,138 17,876 18,853 18,738 
Commercial mortgage-backed securities4,847 4,665 5,341 5,199 
Residential mortgage-backed securities3,770 3,748 2,846 2,851 
Subtotal26,755 26,289 27,040 26,788 
Total fixed maturity available-for-sale securities$57,287 $54,273 $57,161 $54,561 
Schedule of Fair Value and Gross Unrealized Losses of Available-for-sale Securities
The fair value and gross unrealized losses of AFS securities, excluding securities in an unrealized loss position with an allowance for expected credit loss, aggregated by investment category and duration of fair value below amortized cost as of June 30, 2026 and December 31, 2025 were as follows:
June 30, 2026
Less than 12 months12 months or longerTotal
Fair ValueGross Unrealized
Losses		Fair ValueGross Unrealized
Losses		Fair ValueGross Unrealized
Losses
Available-for-sale securities(In millions)
Asset-backed securities$5,161 $(117)$1,950 $(223)$7,111 $(340)
Commercial mortgage-backed securities906 (10)917 (115)1,823 (125)
Corporates6,871 (143)8,990 (2,286)15,861 (2,429)
Hybrids133 (3)286 (20)419 (23)
Municipals221 (5)1,020 (212)1,241 (217)
Residential mortgage-backed securities1,510 (7)346 (63)1,856 (70)
U.S. Government428 (5)82 (1)510 (6)
Foreign Government170 (4)144 (41)314 (45)
Total available-for-sale securities$15,400 $(294)$13,735 $(2,961)$29,135 $(3,255)
Total number of available-for-sale securities in an unrealized loss position less than twelve months3,758 
Total number of available-for-sale securities in an unrealized loss position twelve months or longer2,050
Total number of available-for-sale securities in an unrealized loss position 5,808 
December 31, 2025
Less than 12 months12 months or longerTotal
Fair ValueGross Unrealized
Losses		Fair ValueGross Unrealized
Losses		Fair ValueGross Unrealized
Losses
Available-for-sale securities(In millions)
Asset-backed securities$4,756 $(30)$2,160 $(209)$6,916 $(239)
Commercial mortgage-backed securities542 (11)1,051 (106)1,593 (117)
Corporates3,419 (55)10,097 (2,312)13,516 (2,367)
Hybrids61 (1)372 (21)433 (22)
Municipals201 (3)1,050 (212)1,251 (215)
Residential mortgage-backed securities208 (2)390 (67)598 (69)
U.S. Government353 (1)84 (2)437 (3)
Foreign Government60 — 148 (37)208 (37)
Total available-for-sale securities$9,600 $(103)$15,352 $(2,966)$24,952 $(3,069)
Total number of available-for-sale securities in an unrealized loss position less than twelve months1,962
Total number of available-for-sale securities in an unrealized loss position twelve months or longer2,194
Total number of available-for-sale securities in an unrealized loss position 4,156 
Schedule of Distribution of CMLs, Gross Valuation by Property Type and Geographic Region The distribution of CMLs, gross of valuation allowances, by property type and geographic region is reflected in the following tables:
June 30, 2026December 31, 2025
Gross Carrying Value% of TotalGross Carrying Value% of Total
Property Type:(In millions)(In millions)
Hotel$9 — %$9 — %
Industrial700 19 671 21 
Mixed Use20 1 21 1 
Multifamily1,325 36 1,150 35 
Office383 10 345 11 
Retail285 8 327 10 
Student Housing 83 2 83 3 
Other905 24 654 19 
Total CMLs, gross of valuation allowance
$3,710 100 %$3,260 100 %
Allowance for expected credit loss(27)(18)
Total CMLs, net of valuation allowance
$3,683 $3,242 
U.S. Region:
East North Central$173 5 %$124 4 %
East South Central86 2 86 3 
Middle Atlantic380 10 356 11 
Mountain526 14 396 12 
New England183 5 183 6 
Pacific776 21 709 22 
South Atlantic1,207 32 1,157 34 
West North Central167 5 69 2 
West South Central212 6 180 6 
Total CMLs, gross of valuation allowance
$3,710 100 %$3,260 100 %
Allowance for expected credit loss(27)(18)
Total CMLs, net of valuation allowance
$3,683 $3,242 
Schedule of Loans Segregated by Risk Rating Exposure CMLs segregated by aging of the loans (by year of origination) as of June 30, 2026 and December 31, 2025 were as follows, gross of valuation allowances:
June 30, 2026
Amortized Cost by Origination Year
20262025202420232022PriorTotal
CMLs(In millions)
Current (less than 30 days past due)$532 $605 $290 $196 $292 $1,786 $3,701 
30-89 days past due— — — — — — — 
90 days or more past due— — — — — 9 9 
Total CMLs$532 $605 $290 $196 $292 $1,795 $3,710 
December 31, 2025
Amortized Cost by Origination Year
20252024202320222021PriorTotal
CMLs(In millions)
Current (less than 30 days past due)$646 $295 $194 $292 $1,252 $569 $3,248 
30-89 days past due— — — — — — — 
90 days or more past due— — — — — 12 12 
Total CMLs$646 $295 $194 $292 $1,252 $581 $3,260 
RMLs segregated by aging of the loans (by year of origination) as of June 30, 2026 and December 31, 2025, were as follows, gross of valuation allowances:
June 30, 2026
Amortized Cost by Origination Year
20262025202420232022PriorTotal
RMLs(In millions)
Current (less than 30 days past due)$960 $1,813 $603 $307 $749 $1,062 $5,494 
30-89 days past due4 10 5 1 6 14 40 
90 days or more past due— 9 18 21 37 44 129 
Total RMLs$964 $1,832 $626 $329 $792 $1,120 $5,663 
December 31, 2025
Amortized Cost by Origination Year
20252024202320222021PriorTotal
RMLs(In millions)
Current (less than 30 days past due)$1,568 $736 $327 $798 $731 $419 $4,579 
30-89 days past due15 2 17 29 4 3 70 
90 days or more past due2 4 4 12 21 25 68 
Total RMLs$1,585 $742 $348 $839 $756 $447 $4,717 
Schedule of Investment in Mortgage Loans by Loan to Value and Debt Service Coverage Ratios
The following tables present the recorded investment in CMLs by LTV and DSC ratio categories and estimated fair value by the indicated LTV ratios, gross of valuation allowances at June 30, 2026 and December 31, 2025:
Debt-Service Coverage RatiosTotal Amount% of TotalEstimated Fair Value% of Total
>1.251.00 - 1.25<1.00
June 30, 2026(In millions)
LTV Ratios:
Less than 50.00%$803 $40 $— $843 23 %$823 24 %
50.00% to 59.99%908 135 47 1,090 29 1,009 29 
60.00% to 74.99%1,355 279 113 1,747 47 1,582 46 
75.00% to 84.99%7 14 9 30 1 26 1 
Total CMLs$3,073 $468 $169 $3,710 100 %$3,440 100 %
December 31, 2025
LTV Ratios:
Less than 50.00%$594 $16 $— $610 19 %$596 19 %
50.00% to 59.99%850 36 37 923 28 852 28 
60.00% to 74.99%1,415 288 6 1,709 52 1,560 52 
75.00% to 84.99%— 9 9 18 1 17 1 
Total CMLs $2,859 $349 $52 $3,260 100 %$3,025 100 %
June 30, 2026
Amortized Cost by Origination Year
20262025202420232022PriorTotal
CMLs(In millions)
LTV Ratios:
Less than 50.00%$196 $147 $85 $67 $21 $327 $843 
50.00% to 59.99%158 156 50 53 149 524 1,090 
60.00% to 74.99%166 302 151 71 113 944 1,747 
75.00% to 84.99%12 — 4 5 9 — 30 
Total CMLs$532 $605 $290 $196 $292 $1,795 $3,710 
CMLs
DSC Ratios
Greater than 1.25x$290 $429 $140 $183 $284 $1,747 $3,073 
1.00x - 1.25x136 169 150 13 — — 468 
Less than 1.00x106 7 — — 8 48 169 
Total CMLs$532 $605 $290 $196 $292 $1,795 $3,710 
December 31, 2025
Amortized Cost by Origination Year
20252024202320222021PriorTotal
CMLs(In millions)
LTV Ratios:
Less than 50.00%$148 $49 $66 $21 $75 $251 $610 
50.00% to 59.99%157 36 53 149 320 208 923 
60.00% to 74.99%341 206 70 113 857 122 1,709 
75.00% to 84.99%— 4 5 9 — — 18 
Total CMLs$646 $295 $194 $292 $1,252 $581 $3,260 
CMLs
DSC Ratios
Greater than 1.25x$469 $140 $182 $283 $1,240 $545 $2,859 
1.00x - 1.25x169 155 12 — — 13 349 
Less than 1.00x8 — — 9 12 23 52 
Total CMLs $646 $295 $194 $292 $1,252 $581 $3,260 
Schedule of Residential Mortgage Loans by State The distribution of RMLs by state with highest-to-lowest concentration are reflected in the following tables, gross of valuation allowances:
June 30, 2026
Amortized Cost% of Total
U.S. States:(In millions)
California$587 11 %
New York361 6 
Florida349 6 
All other states (a)4,366 77 
      Total RMLs, gross of valuation allowance5,663 100 %
            Allowance for expected credit loss(81)
      Total RMLs, net of valuation allowance$5,582 
(a)     The individual concentration of each state is less than 5% as of June 30, 2026.
December 31, 2025
Amortized Cost% of Total
U.S. States:(In millions)
California $288 6 %
Florida246 5 
New York232 5 
All other states (a)3,951 84 
      Total RMLs, gross of valuation allowance4,717 100 %
            Allowance for expected credit loss
(68)
      Total RMLs, net of valuation allowance$4,649 
(a)     The individual concentration of each state is less than 5% as of December 31, 2025.
Schedule of Loans with Credit Quality Indicators, Performing or Nonperforming The credit quality of RMLs as of June 30, 2026 and December 31, 2025, was as follows:
June 30, 2026December 31, 2025
Amortized Cost% of TotalAmortized Cost% of Total
Performance indicators:(In millions)(In millions)
Performing$5,534 98 %$4,650 99 %
Non-performing129 2 67 1 
Total RMLs, gross of valuation allowance5,663 100 %4,717 100 %
Allowance for expected loan loss(81)(68)
Total RMLs, net of valuation allowance$5,582 $4,649 
Schedule of Nonaccrual Loans by Amortized Cost Non-accrual loans by amortized cost as of June 30, 2026 and December 31, 2025, were as follows:
June 30, 2026December 31, 2025
Amortized cost of loans on non-accrual(In millions)
Residential mortgage:$129 $67 
Commercial mortgage:9 12 
Total non-accrual mortgages$138 $79 
Schedule of Allowance for Expected Credit Losses on Loans
The allowances for our mortgage loan portfolio are summarized as follows:
Three months ended June 30, 2026
Six months ended June 30, 2026
(In millions)(In millions)
Residential MortgageCommercial MortgageTotalResidential MortgageCommercial MortgageTotal
Beginning Balance$(74)$(23)$(97)$(68)$(18)$(86)
Provision (expense) benefit for loan losses(7)(4)(11)(13)(9)(22)
Ending Balance$(81)$(27)$(108)$(81)$(27)$(108)
Three months ended June 30, 2025
Six months ended June 30, 2025
(In millions)(In millions)
Residential MortgageCommercial MortgageTotalResidential MortgageCommercial MortgageTotal
Beginning Balance
$(56)$(17)$(73)$(53)$(17)$(70)
Provision (expense) benefit for loan losses(2)— (2)(5)— (5)
Ending Balance
$(58)$(17)$(75)$(58)$(17)$(75)
Schedule of Sources of Net Investment Income Reported
The major sources of Interest and investment income reported on the accompanying unaudited Condensed Consolidated Statements of Earnings were as follows:
Three months ended June 30,Six months ended June 30,
2026202520262025
(In millions)(In millions)
Fixed maturity securities, available-for-sale$562 $572 $1,144 $1,141 
Equity securities6 7 13 15 
Preferred securities7 7 14 13 
Mortgage loans118 87 223 169 
Invested cash and short-term investments31 48 65 101 
Limited partnerships83 60 185 115 
Tax deferred property exchange income29 29 58 58 
Other investments45 33 75 56 
Gross investment income881 843 1,777 1,668 
Investment expense(70)(66)(144)(131)
Interest and investment income$811 $777 $1,633 $1,537 
Schedule of Recognized Gains and Losses, net
Details underlying Recognized gains and losses, net reported on the accompanying unaudited Condensed Consolidated Statements of Earnings were as follows:
Three months ended June 30,Six months ended June 30,
2026202520262025
(In millions)(In millions)
Net realized losses on fixed maturity securities$(132)$— $(164)$(1)
Net realized/unrealized gains (losses) on equity securities (1)37 (36)(13)(73)
Net realized/unrealized losses on preferred securities (2)— (1)(5)(3)
Net realized/unrealized gains on other invested assets6 73 1 73 
Change in allowance for expected credit losses10 (21)10 (44)
Net realized gain on sale of F&G Life Re— — 14— 
Derivatives and embedded derivatives:
Realized gains and losses on certain derivative instruments139 (52)164 (77)
Unrealized gains on certain derivative instruments352 192 67 34 
Change in fair value of reinsurance related embedded derivatives (3)(83)(61)178 (102)
Change in fair value of other derivatives and embedded derivatives4 4 3 4 
Net realized/unrealized gains (losses) on derivatives and embedded derivatives412 83 412 (141)
Recognized gains and losses, net$333 $98 $255 $(189)
(1) Includes net valuation gains (losses) of $47 million and $(35) million for the three months ended June 30, 2026 and 2025, respectively, and net valuation losses $9 million and $78 million for the six months ended June 30, 2026 and 2025, respectively.
(2) Includes net valuation gains (losses) of $4 million and $(1) million for the three months ended June 30, 2026 and 2025, respectively, and net valuation losses of $0 and $2 million for the six months ended June 30, 2026 and 2025, respectively.
(3) Change in fair value of reinsurance related embedded derivatives is due to activity related to the reinsurance treaties.
Schedule of Proceeds from Sale of Fixed Maturity Available-for-sale Securities
The proceeds from the sale of fixed-maturity securities and the gross gains and losses associated with those transactions were as follows:
Three months ended June 30,Six months ended June 30,
2026202520262025
(In millions)
Proceeds$5,112 $619 $6,125 $2,703 
Gross gains21 4 25 16 
Gross losses(149)(7)(157)(21)
Schedule of Variable Interest Entities Asset and liability information held by consolidated VIEs included on the unaudited Condensed Consolidated Balance Sheets are as follows:
June 30, 2026December 31, 2025
Assets:(In millions)
Investments in unconsolidated affiliates$277 $262 
Fixed maturity securities, at fair value under fair value option94 — 
Other long-term investments264 248 
Short-term investments34 116 
Cash and cash equivalents— 2 
Total assets$669 $628 
Total consolidated VIE investments$669 $628 
Schedule of Carrying Value and Maximum Loss Exposure, Unconsolidated VIEs
The following table summarizes the carrying value and the maximum loss exposure of our unconsolidated VIEs as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
(In millions)(In millions)
Carrying ValueMaximum Loss ExposureCarrying ValueMaximum Loss Exposure
Investment in unconsolidated affiliates$5,224 $6,431 $5,145 $6,389 
Fixed maturity securities25,927 28,050 26,419 28,803 
Total unconsolidated VIE investments$31,151 $34,481 $31,564 $35,192