v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Fixed Maturity Securities Available-for-Sale by Sector
The following table presents fixed maturity securities available-for-sale (“AFS”) by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, prime investor, nonqualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. ABS & CLO includes securities collateralized by consumer loans, corporate loans, broadly syndicated bank loans, and other assets. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS & CLO and CMBS are, collectively, “Structured Products.”
June 30, 2026December 31, 2025
Gross UnrealizedEstimated
Fair
Value		Gross UnrealizedEstimated
Fair
Value
Sector
Amortized
Cost
Allowance
for
 Credit Loss
(“ACL”)
GainsLossesAmortized
Cost
ACL
Gains
Losses
(In millions)
U.S. corporate$97,070 $(108)$1,424 $7,226 $91,160 $92,855 $(138)$1,899 $6,657 $87,959 
Foreign corporate
64,575 (35)1,900 4,768 61,672 62,606 (7)2,443 4,453 60,589 
RMBS47,495 (1)531 2,046 45,979 46,567 (1)822 1,970 45,418 
Foreign government
47,870 (56)886 8,476 40,224 47,037 (57)1,068 7,300 40,748 
U.S. government and agency
40,682 — 172 6,008 34,846 42,877 — 303 5,658 37,522 
ABS & CLO
27,939 — 199 451 27,687 23,028 (6)246 371 22,897 
Municipals11,997 — 198 1,378 10,817 12,195 — 225 1,356 11,064 
CMBS10,153 (24)85 416 9,798 10,036 (40)131 393 9,734 
Total fixed maturity securities AFS
$347,781 $(224)$5,395 $30,769 $322,183 $337,201 $(249)$7,137 $28,158 $315,931 
Available-for-sale fixed maturity securities by contractual maturity date
The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at June 30, 2026:
Due in One
Year or Less		Due After
One Year
Through
Five Years		Due After
Five Years
Through
Ten Years		Due After
Ten Years		Structured
Products
Total Fixed
Maturity
Securities
AFS
(In millions)
Amortized cost, net of ACL$11,145 $52,069 $59,819 $138,962 $85,562 $347,557 
Estimated fair value$11,256 $51,861 $58,802 $116,800 $83,464 $322,183 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position without an ACL by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position.
June 30, 2026December 31, 2025
Less than 12 MonthsEqual to or Greater
than 12 Months		Less than 12 MonthsEqual to or Greater
than 12 Months
Sector & Credit QualityEstimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses
(Dollars in millions)
U.S. corporate$22,437 $772 $35,107 $6,436 $8,564 $527 $37,884 $6,092 
Foreign corporate
12,826 329 20,840 4,427 5,314 199 22,687 4,251 
RMBS13,934 197 10,915 1,850 3,848 69 12,983 1,902 
Foreign government
11,093 950 15,860 7,525 9,716 652 16,214 6,646 
U.S. government and agency
9,475 208 16,738 5,800 8,544 181 16,341 5,477 
ABS & CLO
10,681 127 3,654 324 5,349 49 4,000 322 
Municipals1,170 86 5,089 1,292 1,000 79 5,147 1,277 
CMBS2,273 68 3,313 345 1,164 36 3,660 355 
Total fixed maturity securities AFS$83,889 $2,737 $111,516 $27,999 $43,499 $1,792 $118,916 $26,322 
Investment grade$80,782 $2,633 $108,904 $27,685 $41,743 $1,707 $116,021 $26,002 
Below investment grade3,107 104 2,612 314 1,756 85 2,895 320 
Total fixed maturity securities AFS$83,889 $2,737 $111,516 $27,999 $43,499 $1,792 $118,916 $26,322 
Total number of securities in an unrealized loss position8,452 9,256 5,489 9,850 
Debt Securities, Available-for-sale, Allowance for Credit Loss
The rollforward of ACL for fixed maturity securities AFS by sector was as follows:
U.S.
 Corporate		Foreign
Corporate		Foreign
Government		RMBSABS & CLOCMBSTotal
(In millions)
Three Months Ended June 30, 2026
Balance, beginning of period
$134 $52 $57 $1 $5 $24 $273 
ACL not previously recorded— — — — — — — 
Changes for securities with previously recorded ACL— (4)— — — — (4)
Securities sold or exchanged(26)(13)(1)— (5)— (45)
Balance, end of period
$108 $35 $56 $1 $— $24 $224 
Three Months Ended June 30, 2025
Balance, beginning of period
$40 $6 $57 $2 $7 $25 $137 
ACL not previously recorded16 — — — — — 16 
Changes for securities with previously recorded ACL6 (2)— — (2)— 2 
Securities sold or exchanged— (4)— — — — (4)
Balance, end of period
$62 $— $57 $2 $5 $25 $151 
U.S.
 Corporate		Foreign
Corporate		Foreign
Government		RMBSABS & CLOCMBSTotal
(In millions)
Six Months Ended June 30, 2026
Balance, at beginning of period$138 $7 $57 $1 $6 $40 $249 
ACL not previously recorded— 52 — — — 4 56 
Changes for securities with previously recorded ACL22 (4)— — (1)4 21 
Securities sold or exchanged(52)(20)(1)— (5)(24)(102)
Balance, at end of period$108 $35 $56 $1 $— $24 $224 
Six Months Ended June 30, 2025
Balance, at beginning of period$59 $18 $57 $1 $9 $16 $160 
ACL not previously recorded16 — — 1 — 7 24 
Changes for securities with previously recorded ACL13 (2)— — (1)2 12 
Securities sold or exchanged(26)(16)— — (3)— (45)
Balance, at end of period$62 $— $57 $2 $5 $25 $151 
Debt Securities, Trading, and Equity Securities, FV-NI
The following table presents equity securities by security type:
June 30, 2026December 31, 2025
Net Unrealized
Gains (Losses) (1)
Estimated
Fair Value
Net Unrealized
Gains (Losses) (1)		Estimated
Fair Value
Security TypeCostCost
(In millions)
Common stock (2)
$569 $253 $822 $498 $246 $744 
Non-redeemable preferred stock103 7 110 106 8 114 
Total
$672 $260 $932 $604 $254 $858 
________________
(1)    Represents cumulative changes in estimated fair value, recognized in earnings.
(2)    Includes common stock, exchange-traded funds, certain mutual funds and certain real estate investment trusts.
The following table presents these investments by asset type:
June 30, 2026December 31, 2025
Asset TypeCost or
Amortized
Cost		Net Unrealized
Gains (Losses) (1)		Estimated
Fair Value		Cost or
Amortized
Cost		Net Unrealized
Gains (Losses) (1)		Estimated
Fair Value
(In millions)
Contractholder-directed equity securities:
Equity securities$3,264 $785 $4,049 $3,164 $855 $4,019 
Series mutual funds and other securities5,359 1,847 7,206 5,089 1,640 6,729 
Total contractholder-directed equity securities
$8,623 $2,632 $11,255 $8,253 $2,495 $10,748 
FVO securities:
Securities held by CFEs
$1,546 $(29)$1,517 $1,283 $— $1,283 
General account and other securities1,101 936 2,037 1,149 779 1,928 
Total FVO securities:
$2,647 $907 $3,554 $2,432 $779 $3,211 
Total
$11,270 $3,539 $14,809 $10,685 $3,274 $13,959 
________________
(1)Represents cumulative changes in estimated fair value, recognized in earnings.
Disclosure of Mortgage Loans Net of Valuation Allowance
Mortgage loans are summarized as follows at:
June 30, 2026December 31, 2025
Portfolio SegmentCarrying
Value (1)		% of
Total		Carrying
Value (1)		% of
Total
(Dollars in millions)
Commercial$45,948 55.4 %$49,400 58.4 %
Agricultural19,777 23.9 19,551 23.1 
Residential18,489 22.3 16,800 19.9 
Total amortized cost84,214 101.6 85,751 101.4 
ACL
(1,358)(1.6)(1,193)(1.4)
Total mortgage loans held-for-investment82,856 100.0 84,558 100.0 
Mortgage loans held-for-sale— — 35 — 
Total mortgage loans$82,856 100.0 %$84,593 100.0 %
__________________
(1)Includes certain mortgage loans originated for third parties of $5.8 billion and $6.5 billion at amortized cost, with the corresponding mortgage loan secured financing liability of $5.8 billion and $6.5 billion included in other liabilities on the consolidated balance sheet at June 30, 2026 and December 31, 2025, respectively.
Allowance for Loan and Lease Losses, Provision for Loss, Net
The rollforward of ACL for mortgage loans, by portfolio segment, was as follows:
Six Months
Ended
June 30,
20262025
CommercialAgriculturalResidentialTotalCommercialAgriculturalResidentialTotal
(In millions)
Balance, beginning of period$807 $115 $271 $1,193 $537 $84 $179 $800 
Provision (release)
348 1 (33)316 410 10 27 447 
Charge-offs, net of recoveries
(139)(9)(3)(151)(51)— — (51)
Balance, end of period$1,016 $107 $235 $1,358 $896 $94 $206 $1,196 
The gross charge-offs of mortgage loans by origination year and portfolio segment for the six months ended June 30, 2026 were as follows:
Portfolio Segment20262025202420232022PriorTotal
(In millions)
Commercial
$— $— $— $— $24 $115 $139 
Agricultural— — — — — 9 9 
Residential
— — 1 — 1 1 3 
Total$— $— $1 $— $25 $125 $151 
Financing Receivable, Modified
These mortgage loan modifications are summarized as follows:
Three Months Ended June 30,
2026
Amortized CostAffected Loans
(in Years)
Portfolio SegmentMaturity
Extension
Payment
Delay
Total
Weighted-Average
 Life Increase		Average Years
Payment Deferral		% of Book
Value
(Dollars in millions)
Commercial$250 
$— $250 2 years— <1%
Three Months Ended June 30,
2025
Amortized CostAffected Loans
(in Years)
Portfolio SegmentMaturity
Extension		Payment
Delay		TotalWeighted-Average
 Life Increase		Average Years
Payment Deferral		% of Book
Value
(Dollars in millions)
Commercial$339 $— $339 5 years— <1%
Six Months Ended June 30,
2026
Amortized CostAffected Loans
(in Years)
Portfolio SegmentMaturity
Extension
Payment
Delay
Total
Weighted-Average
 Life Increase		Average Years
Payment Deferral		% of Book
Value
(Dollars in millions)
Commercial$250 
$— $250 2 years$— <1%
Six Months Ended June 30,
2025
Amortized CostAffected Loans
(in Years)
Portfolio SegmentMaturity
Extension		Payment
Delay		TotalWeighted-Average
 Life Increase		Average Years
Payment Deferral		% of Book
Value
(Dollars in millions)
Commercial$589 $— $589 5 years$— 1.1 %
Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories
The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2026:
Credit Quality Indicator20262025202420232022PriorRevolving LoansTotal% of Total
(Dollars in millions)
LTV ratios:
Less than 65%
$1,445 $2,596 $3,125 $1,890 $2,152 $12,180 $1,577 $24,965 54.3 %
65% to 75%
264 401 542 630 2,231 3,378 — 7,446 16.2 
76% to 80%
1 150 — 63 334 2,135 — 2,683 5.9 
Greater than 80%
3 135 190 — 705 9,821 — 10,854 23.6 
Total
$1,713 $3,282 $3,857 $2,583 $5,422 $27,514 $1,577 $45,948 100.0 %
DSCR:
> 1.20x
$1,394 $2,856 $3,352 $2,030 $4,488 $22,793 $1,577 $38,490 83.8 %
1.00x - 1.20x
45 374 6 428 392 2,502 — 3,747 8.1 
<1.00x
274 52 499 125 542 2,219 — 3,711 8.1 
Total
$1,713 $3,282 $3,857 $2,583 $5,422 $27,514 $1,577 $45,948 100.0 %
The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2026:
Credit Quality Indicator20262025202420232022PriorRevolving LoansTotal% of Total
(Dollars in millions)
LTV ratios:
Less than 65%
$1,120 $1,300 $679 $1,169 $2,118 $10,485 $1,316 $18,187 92.0 %
65% to 75%
— 119 47 77 284 761 57 1,345 6.8 
76% to 80%
— — — — 22 11 4 37 0.2 
Greater than 80%
18 — 12 — 146 22 10 208 1.0 
Total
$1,138 $1,419 $738 $1,246 $2,570 $11,279 $1,387 $19,777 100.0 %
The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2026:
Credit Quality Indicator20262025202420232022PriorRevolving LoansTotal% of Total
(Dollars in millions)
Performance indicators:
Performing
$1,487 $3,607 $1,940 $685 $2,055 $8,178 $— $17,952 97.1 %
Nonperforming (1)
1 38 73 52 92 281 — 537 2.9 
Total
$1,488 $3,645 $2,013 $737 $2,147 $8,459 $— $18,489 100.0 %
__________________
(1)Includes residential mortgage loans in process of foreclosure with an amortized cost of $197 million and $186 million at June 30, 2026 and December 31, 2025, respectively.
Schedule of Past Due and Non Accrual Mortgage Loans The past due and nonaccrual mortgage loans at amortized cost, prior to ACL, by portfolio segment, were as follows:
Past DuePast Due
 and Still Accruing Interest		Nonaccrual
Portfolio SegmentJune 30, 2026December 31, 2025June 30, 2026December 31, 2025June 30, 2026December 31, 2025
(In millions)
Commercial$821 $682 $— $3 $1,685 $1,915 
Agricultural237 252 6 66 242 225 
Residential537 523 24 23 513 500 
Total$1,595 $1,457 $30 $92 $2,440 $2,640 
Disclosure Real Estate and Real Estate Joint Ventures Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
June 30, 2026December 31, 20252026202520262025
Income TypeCarrying ValueIncome
(In millions)
Wholly-owned real estate:
Leased real estate$4,221 $4,174 $106 $89 $191 $178 
Other real estate712 710 93 96 168 171 
REJVs
8,132 8,556 49 54 115 97 
Total real estate and REJVs
$13,065 $13,440 $248 $239 $474 $446 
Fair Value, Concentration of Risk
Investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at estimated fair value, were in fixed income securities of the following foreign governments and their agencies:
June 30, 2026December 31, 2025
(In millions)
Japan$14,987 $16,265 
South Korea$4,632 $5,971 
Mexico$4,888 $4,190 
Securities Lending and Repurchase Agreements
Transactions and agreements accounted for as secured borrowings were as follows:
June 30, 2026December 31, 2025
Securities (1)Securities (1)
Agreement TypeEstimated
Fair Value		Cash Collateral
Received from
Counterparties (2)		Reinvestment
Portfolio at
Estimated Fair
Value		Estimated
Fair Value		Cash Collateral
Received from
Counterparties (2)		Reinvestment
Portfolio at
Estimated Fair
Value
(In millions)
Securities lending$12,628 $13,034 $12,987 $11,866 $12,198 $12,082 
Repurchase agreements$3,352 $3,275 $3,254 $3,002 $2,975 $2,948 
__________________
(1)These securities were included within fixed maturity securities AFS, short-term investments and cash equivalents at both June 30, 2026 and December 31, 2025. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge these securities.
(2)The liability for cash collateral is included within payables for collateral under securities loaned and other transactions.
Contractual maturities of transactions and agreements accounted for as secured borrowings were as follows:
June 30, 2026December 31, 2025
Remaining MaturitiesRemaining Maturities
Cash collateral liability by security type:Open (1)1 Month
or Less
Over 1
Month
to 6
Months
Over 6
Months
to 1 Year		TotalOpen (1)1 Month
or Less
Over 1
Month
to 6
Months
Over 6
Months
to 1 Year		Total
(In millions)
Securities lending:
U.S. government and agency
$2,224 $4,359 $5,186 $— $11,769 $1,986 $3,911 $4,880 $— $10,777 
Foreign government
— 984 — — 984 — 755 355 — 1,110 
Agency RMBS— 281 — — 281 — 311 — — 311 
Total
$2,224 $5,624 $5,186 $— $13,034 $1,986 $4,977 $5,235 $— $12,198 
Repurchase agreements:
U.S. government and agency
$— $3,275 $— $— $3,275 $— $2,975 $— $— $2,975 
__________________
(1)The related security could be returned to the Company on the next business day, which would require the Company to immediately return the cash collateral.
Invested Assets on Deposit, Held in Trust and Pledged as Collateral
Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value, and were as follows at:
June 30, 2026December 31, 2025
(In millions)
Invested assets on deposit (regulatory deposits)
$1,548 $1,396 
Invested assets held in trust (external reinsurance agreements) (1)5,380 1,775 
Invested assets pledged as collateral (2)29,877 27,663 
Total invested assets on deposit, held in trust and pledged as collateral
$36,805 $30,834 
__________________
(1)Represents assets held in trust related to assumed third-party reinsurance agreements. Excludes assets held in trust related to reinsurance agreements between wholly-owned subsidiaries of $1.8 billion at both June 30, 2026 and December 31, 2025.
(2)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements, repurchase agreements and a collateral financing arrangement (see Notes 5, 16 and 17 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report). For information regarding invested assets pledged in connection with derivative transactions, see Note 10.
Schedule of Variable Interest Entities
June 30, 2026December 31, 2025June 30, 2026December 31, 2025
Instrument Type
Consolidated VIEs
for which the Company is the
Asset Manager
Other Consolidated VIEs
(In millions)
FVO securities primarily held by CFEs
$1,531 $1,300 $— $— 
Contractholder-directed equity securities454 451 — — 
Real estate and REJVs
236 81 195 221 
Investment funds (1)583 490 — — 
Renewable energy partnership (1)— — 40 45 
Leases (1)
— 25 — — 
Cash and cash equivalents
350 90 7 6 
Other
40 21 29 34 
Total assets of consolidated VIEs
$3,194 $2,458 $271 $306 
Short-term debt
$— $— $114 $117 
Long-term debt
69 28 — — 
Notes issued by CFEs1,497 1,206 — — 
Other liabilities
367 158 7 9 
Total liabilities of consolidated VIEs
$1,933 $1,392 $121 $126 
__________________
(1)Included in other invested assets.
Components of Net Investment Income
The composition of net investment income by asset type was as follows:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
Asset Type2026202520262025
(In millions)
Fixed maturity securities AFS (1)
$4,094 $3,608 $7,994 $7,075 
Equity securities
4 3 10 12 
FVO securities
185 107 155 87 
Mortgage loans (1)
1,097 1,104 2,176 2,243 
Policy loans
108 113 217 220 
Real estate and REJVs
248 239 474 446 
OLPI (1)
138 124 596 344 
Cash, cash equivalents and short-term investments (1)
217 254 441 504 
Operating joint ventures
85 38 84 58 
Other
84 100 304 339 
Subtotal investment income6,260 5,690 12,451 11,328 
Less: Investment expenses
556 527 1,074 1,053 
Subtotal, net
5,704 5,163 11,377 10,275 
Unit-linked investments998 498 680 271 
Net investment income
$6,702 $5,661 $12,057 $10,546 
Net Investment Income Information
Net realized and unrealized gains (losses) recognized in net investment income:
Net realized gains (losses) from sales and disposals (primarily FVO securities and Unit-linked investments)
$270 $102 $441 $145 
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and Unit-linked investments)
814 452 265 163 
Net realized and unrealized gains (losses) recognized in net investment income
$1,084 $554 $706 $308 
Changes in estimated fair value subsequent to purchase of FVO securities and Unit-linked investments still held at the end of the respective periods and recognized in net investment income
$988 $532 $595 $248 
Equity method investments net investment income (primarily REJVs, OLPI, tax credit and renewable energy partnerships and operating joint ventures)
$282 $238 $815 $505 
________________
(1)Includes net investment income related to invested assets and cash and cash equivalents that are subject to ceded reinsurance with third parties.
Components of Net Investment Gains (Losses)
The composition of net investment gains (losses) by instrument type and transaction type was as follows:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
Instrument Type2026202520262025
(In millions)
Fixed maturity securities AFS
$(231)$(124)$(442)$(368)
Equity securities
20 45 4 33 
FVO securities
(32)— (32)— 
Mortgage loans
(200)(269)(326)(461)
Real estate and REJVs (excluding changes in estimated fair value)
7 3 (114)3 
OLPI (excluding changes in estimated fair value) (1)
3 21 (41)20 
Notes issued by CFEs
12 — 12 — 
Other gains (losses)24 (33)(8)(38)
Subtotal
(397)(357)(947)(811)
Change in estimated fair value of OLPI and REJVs
1 (3)4 — 
Non-investment portfolio gains (losses)
(32)87 (155)151 
Subtotal(31)84 (151)151 
Net investment gains (losses)
$(428)$(273)$(1,098)$(660)
Transaction Type
Realized gains (losses) on investments sold or disposed (1)$(238)$(145)$(480)$(446)
Impairment (losses)(57)(2)(196)(7)
Recognized gains (losses):
Change in ACL recognized in earnings(100)(272)(255)(431)
Unrealized net gains (losses) recognized in earnings(1)59 (12)73 
Total recognized gains (losses)(101)(213)(267)(358)
Non-investment portfolio gains (losses)(32)87 (155)151 
Net investment gains (losses)$(428)$(273)$(1,098)$(660)
Net Investment Gains (Losses) Information
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in net investment gains (losses)
$20 $46 $9 $38 
Changes in estimated fair value subsequent to purchase of FVO securities still held at the end of the respective periods and recognized in net investment gains (losses)$(28)$— $(28)$— 
Changes in estimated fair value subsequent to recognition of Notes issued by CFEs still outstanding at the end of the respective periods and recognized in net investment gains (losses)$12 $— $12 $— 
Other gains (losses) include:
Gains (losses) on disposed investments which were previously in a qualified cash flow hedging relationship
$(15)$10 $(15)$9 
Gains (losses) on leveraged leases and renewable energy partnerships$20 $— $20 $— 
Foreign currency gains (losses)$47 $70 $(85)$145 
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments
Recognized in net investment gains (losses)$(238)$(145)$(480)$(446)
Recognized in net investment income
270 102 441 145 
Net realized investment gains (losses) from sales and disposals of investments$32 $(43)$(39)$(301)
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(1)Includes a net loss of $51 million and $2 million for the six months ended June 30, 2026 and 2025, respectively, for private equity investments sold. For the six months ended June 30, 2026 and 2025, the Company sold $745 million and $43 million, respectively, in portfolios of investments to funds for proceeds of $694 million and $41 million, respectively, in cash and receivables secured by the value of the respective funds. The Company has entered into agreements to serve as the asset manager of the funds for which it receives management fees.
Schedule of Realized Gain (Loss)
The composition of net investment gains (losses) for these securities was as follows:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
Fixed Maturity Securities AFS2026202520262025
(In millions)
Proceeds$11,520 $6,143 $22,521 $13,384 
Gross investment gains$133 $63 $251 $149 
Gross investment (losses)(414)(171)(719)(522)
Realized gains (losses) on sales and disposals(281)(108)(468)(373)
Net credit loss (provision) release (change in ACL recognized in earnings)50 (14)29 10 
Impairment (losses)— (2)(3)(5)
Net credit loss (provision) release and impairment (losses)50 (16)26 5 
Net investment gains (losses)$(231)$(124)$(442)$(368)
Equity Securities
Realized gains (losses) on sales and disposals$4 $(18)$(3)$(40)
Unrealized net gains (losses) recognized in earnings16 63 7 73 
Net investment gains (losses)$20 $45 $4 $33