Investments (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Financing Receivable, Credit Quality Indicator [Line Items] |
|
| Schedule of Net Investment Income |
Net Investment Income Sources of net investment income were as follows for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended
June 30, | | Six months ended
June 30, | | (Amounts in millions) | 2026 | | 2025 | | 2026 | | 2025 | | | | Fixed maturity securities | $ | 592 | | | $ | 570 | | | $ | 1,148 | | | $ | 1,129 | | | | | | | | | | | | | | | Equity securities | 3 | | | 3 | | | 5 | | | 6 | | | | | Commercial mortgage loans | 75 | | | 72 | | | 151 | | | 145 | | | | | Policy loans | 36 | | | 32 | | | 74 | | | 68 | | | | | Limited partnerships | 74 | | | 69 | | | 112 | | | 77 | | | | Other invested assets (1) | 63 | | | 62 | | | 123 | | | 123 | | | | | Cash, cash equivalents, restricted cash and short-term investments | 19 | | | 19 | | | 38 | | | 41 | | | | | Gross investment income before expenses and fees | 862 | | | 827 | | | 1,651 | | | 1,589 | | | | | Expenses and fees | (26) | | | (25) | | | (49) | | | (48) | | | | | Net investment income | $ | 836 | | | $ | 802 | | | $ | 1,602 | | | $ | 1,541 | | | |
_____________ (1)Includes amounts related to derivative instruments. See note 5 for additional information.
|
| Schedule of Net Investment Gains (Losses) |
The following table sets forth net investment gains (losses) for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended
June 30, | | Six months ended
June 30, | | (Amounts in millions) | 2026 | | 2025 | | 2026 | | 2025 | | | | Realized investment gains (losses): | | | | | | | | | | | Available-for-sale fixed maturity securities: | | | | | | | | | | | Realized gains | $ | 29 | | | $ | 7 | | | $ | 35 | | | $ | 11 | | | | | Realized losses | (34) | | | (25) | | | (61) | | | (33) | | | | | Net realized gains (losses) on available-for-sale fixed maturity securities | (5) | | | (18) | | | (26) | | | (22) | | | | | Net realized gains (losses) on equity securities sold | — | | | 4 | | | — | | | 5 | | | | | Total net realized investment gains (losses) | (5) | | | (14) | | | (26) | | | (17) | | | | | Net change in allowance for credit losses on available-for-sale fixed maturity securities | 1 | | | (11) | | | 1 | | | (15) | | | | Write-down of available-for-sale fixed maturity securities (1) | — | | | (4) | | | — | | | (4) | | | | | Net unrealized gains (losses) on equity securities still held | 59 | | | 32 | | | 40 | | | 18 | | | | | Net unrealized gains (losses) on limited partnerships | (21) | | | 25 | | | (18) | | | 63 | | | | | Commercial mortgage loans | 1 | | | (20) | | | 2 | | | (17) | | | | Derivative instruments (2) | 3 | | | (36) | | | 14 | | | (30) | | | | | Other | (1) | | | — | | | (2) | | | 1 | | | | | Net investment gains (losses) | $ | 37 | | | $ | (28) | | | $ | 11 | | | $ | (1) | | | |
_____________________ (1)Represents write-down of securities deemed uncollectible or that we intend to sell or will be required to sell prior to recovery of the amortized cost basis. (2)See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses).
|
| Schedule of Allowance for Credit Losses Related to Fixed Maturity Securities |
The following table represents the allowance for credit losses aggregated by security type for available-for-sale fixed maturity securities as of and for the three months ended June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Amounts in millions) | Beginning
balance | | Increase from
securities
without
allowance in
previous
periods | | Increase
(decrease)
from securities
with allowance
in previous
periods | | Securities
sold | | Decrease
due to change
in intent or
requirement
to sell | | Write-offs | | Recoveries | | Ending
balance | | Fixed maturity securities: | | | | | | | | | | | | | | | | | Non-U.S. government | $ | 6 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 6 | | | U.S. corporate | 10 | | | — | | | 1 | | | — | | | — | | | — | | | — | | | 11 | | | Non-U.S. corporate | 4 | | | — | | | (2) | | | — | | | — | | | — | | | — | | | 2 | | | Commercial mortgage-backed | 3 | | | — | | | — | | | — | | | — | | | — | | | — | | | 3 | | | Total available-for-sale fixed maturity securities | $ | 23 | | | $ | — | | | $ | (1) | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 22 | |
The following table represents the allowance for credit losses aggregated by security type for available-for-sale fixed maturity securities as of and for the three months ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Amounts in millions) | Beginning
balance | | Increase from
securities
without
allowance in
previous
periods | | Increase
(decrease)
from securities
with allowance
in previous
periods | | Securities
sold | | Decrease
due to change
in intent or
requirement
to sell | | Write-offs | | Recoveries | | Ending
balance | | Fixed maturity securities: | | | | | | | | | | | | | | | | | U.S. corporate | $ | 6 | | | $ | 8 | | | $ | — | | | $ | (4) | | | $ | — | | | $ | — | | | $ | — | | | $ | 10 | | | Non-U.S. corporate | 4 | | | 7 | | | — | | | — | | | (1) | | | — | | | — | | | 10 | | | Commercial mortgage-backed | 4 | | | 1 | | | — | | | — | | | — | | | — | | | — | | | 5 | | | Total available-for-sale fixed maturity securities | $ | 14 | | | $ | 16 | | | $ | — | | | $ | (4) | | | $ | (1) | | | $ | — | | | $ | — | | | $ | 25 | |
The following table represents the allowance for credit losses aggregated by security type for available-for-sale fixed maturity securities as of and for the six months ended June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Amounts in millions) | Beginning
balance | | Increase from
securities
without
allowance in
previous
periods | | Increase
(decrease)
from securities
with allowance
in previous
periods | | Securities
sold | | Decrease
due to change
in intent or
requirement
to sell | | Write-offs | | Recoveries | | Ending
balance | | Fixed maturity securities: | | | | | | | | | | | | | | | | | Non-U.S. government | $ | 2 | | | $ | — | | | $ | 4 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 6 | | | U.S. corporate | 8 | | | — | | | 3 | | | — | | | — | | | — | | | — | | | 11 | | | Non-U.S. corporate | 9 | | | — | | | (4) | | | (3) | | | — | | | — | | | — | | | 2 | | | Commercial mortgage-backed | 4 | | | — | | | (1) | | | — | | | — | | | — | | | — | | | 3 | | | Total available-for-sale fixed maturity securities | $ | 23 | | | $ | — | | | $ | 2 | | | $ | (3) | | | $ | — | | | $ | — | | | $ | — | | | $ | 22 | |
The following table represents the allowance for credit losses aggregated by security type for available-for-sale fixed maturity securities as of and for the six months ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Amounts in millions) | Beginning
balance | | Increase from
securities
without
allowance in
previous
periods | | Increase
(decrease)
from securities
with allowance
in previous
periods | | Securities
sold | | Decrease
due to change
in intent or
requirement
to sell | | Write-offs | | Recoveries | | Ending
balance | | Fixed maturity securities: | | | | | | | | | | | | | | | | | U.S. corporate | $ | 4 | | | $ | 10 | | | $ | — | | | $ | (4) | | | $ | — | | | $ | — | | | $ | — | | | $ | 10 | | | Non-U.S. corporate | 3 | | | 8 | | | — | | | — | | | (1) | | | — | | | — | | | 10 | | | Commercial mortgage-backed | 3 | | | 1 | | | 1 | | | — | | | — | | | — | | | — | | | 5 | | | Total available-for-sale fixed maturity securities | $ | 10 | | | $ | 19 | | | $ | 1 | | | $ | (4) | | | $ | (1) | | | $ | — | | | $ | — | | | $ | 25 | |
|
| Schedule of Unrealized Investment Gains and Losses Reflected As a Separate Component of Accumulated Other Comprehensive Income (Loss) |
Net unrealized gains and losses on available-for-sale investment securities reflected as a separate component of accumulated other comprehensive income (loss) were as follows as of the dates indicated: | | | | | | | | | | | | | | | | | | | | | | | | | (Amounts in millions) | | June 30,
2026 | | December 31,
2025 | | | | Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses | | $ | (2,939) | | | $ | (2,356) | | | | | Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses | | (3) | | | (9) | | | | | Adjustments to policyholder contract balances | | 73 | | | 66 | | | | | Income taxes, net | | 428 | | | 307 | | | | | Net unrealized investment gains (losses) | | (2,441) | | | (1,992) | | | | | Less: net unrealized investment gains (losses) attributable to noncontrolling interests | | (15) | | | (5) | | | | | Net unrealized investment gains (losses) attributable to Genworth Financial, Inc. | | $ | (2,426) | | | $ | (1,987) | | | |
|
| Schedule of Change in Net Unrealized Gains (Losses) on Available-for-Sale Investment Securities Reported in Accumulated Other Comprehensive Income (Loss) |
The change in net unrealized gains (losses) on available-for-sale investment securities reported in accumulated other comprehensive income (loss) was as follows as of and for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended
June 30, | | Six months ended
June 30, | | (Amounts in millions) | 2026 | | 2025 | | 2026 | | 2025 | | | | Beginning balance | $ | (2,526) | | | $ | (2,660) | | | $ | (1,987) | | | $ | (3,156) | | | | | Unrealized gains (losses) arising during the period: | | | | | | | | | | | Unrealized gains (losses) on fixed maturity securities | 127 | | | 150 | | | (603) | | | 799 | | | | | Adjustments to policyholder contract balances | (4) | | | 1 | | | 7 | | | (9) | | | | | (Provision) benefit for income taxes | (27) | | | (31) | | | 126 | | | (167) | | | | | Change in unrealized gains (losses) on investment securities | 96 | | | 120 | | | (470) | | | 623 | | | | Reclassification adjustments to net investment (gains) losses (1) | 4 | | | 14 | | | 21 | | | 17 | | | | | Change in net unrealized investment gains (losses) | 100 | | | 134 | | | (449) | | | 640 | | | | | Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests | — | | | 10 | | | (10) | | | 20 | | | | | Ending balance | $ | (2,426) | | | $ | (2,536) | | | $ | (2,426) | | | $ | (2,536) | | | |
_____________ (1)Net of taxes of $(1) million and $(4) million during the three months ended June 30, 2026 and 2025, respectively, and $(5) million during both the six months ended June 30, 2026 and 2025.
|
| Schedule of Amortized Cost, Gross Unrealized Gains (Losses), Allowance for Credit Losses and Fair Value of Our Fixed Maturity Securities Classified as Available-For-Sale |
As of June 30, 2026, the amortized cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Amounts in millions) | Amortized
cost | | Gross
unrealized
gains | | Gross
unrealized
losses | | Allowance
for credit
losses | | Fair
value | | Fixed maturity securities: | | | | | | | | | | | U.S. government, agencies and government-sponsored enterprises | $ | 4,001 | | | $ | 39 | | | $ | (416) | | | $ | — | | | $ | 3,624 | | | State and political subdivisions | 2,261 | | | 7 | | | (269) | | | — | | | 1,999 | | | Non-U.S. government | 1,393 | | | 25 | | | (79) | | | (6) | | | 1,333 | | | U.S. corporate: | | | | | | | | | | | Utilities | 4,894 | | | 62 | | | (402) | | | (3) | | | 4,551 | | | Energy | 2,498 | | | 52 | | | (129) | | | — | | | 2,421 | | | Finance and insurance | 7,340 | | | 67 | | | (536) | | | — | | | 6,871 | | | Consumer—non-cyclical | 4,643 | | | 69 | | | (314) | | | (8) | | | 4,390 | | | Technology and communications | 2,721 | | | 38 | | | (279) | | | — | | | 2,480 | | | Industrial | 949 | | | 7 | | | (89) | | | — | | | 867 | | | Capital goods | 2,351 | | | 45 | | | (117) | | | — | | | 2,279 | | | Consumer—cyclical | 1,270 | | | 14 | | | (77) | | | — | | | 1,207 | | | Transportation | 1,100 | | | 31 | | | (79) | | | — | | | 1,052 | | | Other | 250 | | | 1 | | | (14) | | | — | | | 237 | | | Total U.S. corporate | 28,016 | | | 386 | | | (2,036) | | | (11) | | | 26,355 | | | Non-U.S. corporate: | | | | | | | | | | | Utilities | 618 | | | 2 | | | (35) | | | — | | | 585 | | | Energy | 937 | | | 18 | | | (35) | | | (2) | | | 918 | | | Finance and insurance | 1,748 | | | 24 | | | (83) | | | — | | | 1,689 | | | Consumer—non-cyclical | 593 | | | 3 | | | (65) | | | — | | | 531 | | | Technology and communications | 781 | | | 6 | | | (66) | | | — | | | 721 | | | Industrial | 749 | | | 12 | | | (26) | | | — | | | 735 | | | Capital goods | 725 | | | 7 | | | (32) | | | — | | | 700 | | | Consumer—cyclical | 226 | | | 1 | | | (10) | | | — | | | 217 | | | Transportation | 503 | | | 10 | | | (23) | | | — | | | 490 | | | Other | 442 | | | 8 | | | (18) | | | — | | | 432 | | | Total non-U.S. corporate | 7,322 | | | 91 | | | (393) | | | (2) | | | 7,018 | | | Residential mortgage-backed | 1,099 | | | 8 | | | (38) | | | — | | | 1,069 | | | Commercial mortgage-backed | 1,605 | | | 2 | | | (243) | | | (3) | | | 1,361 | | | Other asset-backed | 2,531 | | | 7 | | | (33) | | | — | | | 2,505 | | | Total available-for-sale fixed maturity securities | $ | 48,228 | | | $ | 565 | | | $ | (3,507) | | | $ | (22) | | | $ | 45,264 | |
As of December 31, 2025, the amortized cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Amounts in millions) | Amortized
cost | | Gross
unrealized
gains | | Gross
unrealized
losses | | Allowance
for credit
losses | | Fair
value | | Fixed maturity securities: | | | | | | | | | | | U.S. government, agencies and government-sponsored enterprises | $ | 3,999 | | | $ | 66 | | | $ | (364) | | | $ | — | | | $ | 3,701 | | | State and political subdivisions | 2,356 | | | 13 | | | (255) | | | — | | | 2,114 | | | Non-U.S. government | 1,257 | | | 36 | | | (76) | | | (2) | | | 1,215 | | | U.S. corporate: | | | | | | | | | | | Utilities | 4,798 | | | 95 | | | (375) | | | (3) | | | 4,515 | | | Energy | 2,506 | | | 69 | | | (123) | | | — | | | 2,452 | | | Finance and insurance | 7,435 | | | 109 | | | (487) | | | — | | | 7,057 | | | Consumer—non-cyclical | 4,591 | | | 98 | | | (279) | | | (4) | | | 4,406 | | | Technology and communications | 2,947 | | | 58 | | | (256) | | | — | | | 2,749 | | | Industrial | 1,030 | | | 14 | | | (89) | | | (1) | | | 954 | | | Capital goods | 2,359 | | | 65 | | | (105) | | | — | | | 2,319 | | | Consumer—cyclical | 1,295 | | | 23 | | | (69) | | | — | | | 1,249 | | | Transportation | 1,115 | | | 37 | | | (77) | | | — | | | 1,075 | | | Other | 280 | | | 4 | | | (14) | | | — | | | 270 | | | Total U.S. corporate | 28,356 | | | 572 | | | (1,874) | | | (8) | | | 27,046 | | | Non-U.S. corporate: | | | | | | | | | | | Utilities | 672 | | | 4 | | | (36) | | | (3) | | | 637 | | | Energy | 957 | | | 27 | | | (36) | | | (4) | | | 944 | | | Finance and insurance | 1,751 | | | 43 | | | (75) | | | — | | | 1,719 | | | Consumer—non-cyclical | 615 | | | 6 | | | (64) | | | — | | | 557 | | | Technology and communications | 743 | | | 9 | | | (63) | | | — | | | 689 | | | Industrial | 769 | | | 19 | | | (27) | | | — | | | 761 | | | Capital goods | 710 | | | 11 | | | (29) | | | — | | | 692 | | | Consumer—cyclical | 255 | | | 3 | | | (8) | | | — | | | 250 | | | Transportation | 491 | | | 15 | | | (21) | | | — | | | 485 | | | Other | 467 | | | 12 | | | (20) | | | (2) | | | 457 | | | Total non-U.S. corporate | 7,430 | | | 149 | | | (379) | | | (9) | | | 7,191 | | | Residential mortgage-backed | 1,115 | | | 19 | | | (34) | | | — | | | 1,100 | | | Commercial mortgage-backed | 1,536 | | | 3 | | | (226) | | | (4) | | | 1,309 | | | Other asset-backed | 2,101 | | | 13 | | | (28) | | | — | | | 2,086 | | | Total available-for-sale fixed maturity securities | $ | 48,150 | | | $ | 871 | | | $ | (3,236) | | | $ | (23) | | | $ | 45,762 | |
|
| Schedule of Gross Unrealized Losses and Fair Values of Securities in a Continuous Unrealized Loss Position |
The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or more | | Total | | (Dollar amounts in millions) | Fair
value | | Gross
unrealized
losses | | Number
of
securities | | Fair
value | | Gross
unrealized
losses | | Number
of
securities | | Fair
value | | Gross
unrealized
losses | | Number
of
securities | | Description of Securities | | | | | | | | | | | | | | | | | | | Fixed maturity securities: | | | | | | | | | | | | | | | | | | | U.S. government, agencies and government-sponsored enterprises | $ | 498 | | | $ | (12) | | | 57 | | $ | 1,679 | | | $ | (404) | | | 59 | | $ | 2,177 | | | $ | (416) | | | 116 | | State and political subdivisions | 209 | | | (9) | | | 32 | | 1,456 | | | (260) | | | 249 | | 1,665 | | | (269) | | | 281 | | Non-U.S. government | 383 | | | (6) | | | 113 | | 336 | | | (73) | | | 51 | | 719 | | | (79) | | | 164 | | U.S. corporate | 4,148 | | | (79) | | | 883 | | 13,224 | | | (1,954) | | | 1,757 | | 17,372 | | | (2,033) | | | 2,640 | | Non-U.S. corporate | 1,370 | | | (16) | | | 231 | | 3,160 | | | (377) | | | 393 | | 4,530 | | | (393) | | | 624 | | Residential mortgage-backed | 240 | | | (2) | | | 104 | | 341 | | | (36) | | | 122 | | 581 | | | (38) | | | 226 | | Commercial mortgage-backed | 162 | | | (4) | | | 35 | | 1,070 | | | (239) | | | 159 | | 1,232 | | | (243) | | | 194 | | Other asset-backed | 625 | | | (6) | | | 129 | | 483 | | | (27) | | | 93 | | 1,108 | | | (33) | | | 222 | | Total for fixed maturity securities in an unrealized loss position | $ | 7,635 | | | $ | (134) | | | 1,584 | | $ | 21,749 | | | $ | (3,370) | | | 2,883 | | $ | 29,384 | | | $ | (3,504) | | | 4,467 | | % Below cost: | | | | | | | | | | | | | | | | | | | <20% Below cost | $ | 7,615 | | | $ | (124) | | | 1,577 | | $ | 17,725 | | | $ | (1,927) | | | 2,343 | | $ | 25,340 | | | $ | (2,051) | | | 3,920 | | 20%-50% Below cost | 20 | | | (10) | | | 7 | | 4,023 | | | (1,442) | | | 539 | | 4,043 | | | (1,452) | | | 546 | | >50% Below cost | — | | | — | | | — | | | 1 | | | (1) | | | 1 | | | 1 | | | (1) | | | 1 | | | Total for fixed maturity securities in an unrealized loss position | $ | 7,635 | | | $ | (134) | | | 1,584 | | $ | 21,749 | | | $ | (3,370) | | | 2,883 | | $ | 29,384 | | | $ | (3,504) | | | 4,467 | | Investment grade | $ | 7,394 | | | $ | (124) | | | 1,526 | | $ | 21,243 | | | $ | (3,315) | | | 2,801 | | $ | 28,637 | | | $ | (3,439) | | | 4,327 | | Below investment grade | 241 | | | (10) | | | 58 | | 506 | | | (55) | | | 82 | | 747 | | | (65) | | | 140 | | Total for fixed maturity securities in an unrealized loss position | $ | 7,635 | | | $ | (134) | | | 1,584 | | $ | 21,749 | | | $ | (3,370) | | | 2,883 | | $ | 29,384 | | | $ | (3,504) | | | 4,467 |
The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual investment securities had been in a continuous unrealized loss position, based on industry, as of June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or more | | Total | | (Dollar amounts in millions) | Fair
value | | Gross
unrealized
losses | | Number
of
securities | | Fair
value | | Gross
unrealized
losses | | Number
of
securities | | Fair
value | | Gross
unrealized
losses | | Number
of
securities | | Description of Securities | | | | | | | | | | | | | | | | | | | U.S. corporate: | | | | | | | | | | | | | | | | | | | Utilities | $ | 813 | | | $ | (14) | | | 144 | | $ | 1,999 | | | $ | (388) | | | 304 | | $ | 2,812 | | | $ | (402) | | | 448 | | Energy | 392 | | | (7) | | | 88 | | 964 | | | (122) | | | 130 | | 1,356 | | | (129) | | | 218 | | Finance and insurance | 1,045 | | | (16) | | | 247 | | 3,882 | | | (520) | | | 496 | | 4,927 | | | (536) | | | 743 | | Consumer—non-cyclical | 545 | | | (8) | | | 124 | | 2,244 | | | (306) | | | 260 | | 2,789 | | | (314) | | | 384 | | Technology and communications | 386 | | | (15) | | | 93 | | 1,511 | | | (264) | | | 189 | | 1,897 | | | (279) | | | 282 | | Industrial | 113 | | | (3) | | | 25 | | 540 | | | (83) | | | 80 | | 653 | | | (86) | | | 105 | | Capital goods | 395 | | | (6) | | | 77 | | 900 | | | (111) | | | 117 | | 1,295 | | | (117) | | | 194 | | Consumer—cyclical | 206 | | | (2) | | | 43 | | 633 | | | (75) | | | 97 | | 839 | | | (77) | | | 140 | | Transportation | 208 | | | (7) | | | 36 | | 444 | | | (72) | | | 69 | | 652 | | | (79) | | | 105 | | Other | 45 | | | (1) | | | 6 | | 107 | | | (13) | | | 15 | | 152 | | | (14) | | | 21 | | Subtotal, U.S. corporate securities | 4,148 | | | (79) | | | 883 | | 13,224 | | | (1,954) | | | 1,757 | | 17,372 | | | (2,033) | | | 2,640 | | Non-U.S. corporate: | | | | | | | | | | | | | | | | | | | Utilities | 152 | | | (1) | | | 20 | | 349 | | | (34) | | | 40 | | 501 | | | (35) | | | 60 | | Energy | 171 | | | (2) | | | 26 | | 323 | | | (33) | | | 35 | | 494 | | | (35) | | | 61 | | Finance and insurance | 361 | | | (4) | | | 67 | | 704 | | | (79) | | | 93 | | 1,065 | | | (83) | | | 160 | | Consumer—non-cyclical | 55 | | | (1) | | | 19 | | 375 | | | (64) | | | 42 | | 430 | | | (65) | | | 61 | | Technology and communications | 122 | | | (2) | | | 23 | | 401 | | | (64) | | | 45 | | 523 | | | (66) | | | 68 | | Industrial | 144 | | | (1) | | | 22 | | 208 | | | (25) | | | 31 | | 352 | | | (26) | | | 53 | | Capital goods | 124 | | | (1) | | | 22 | | 328 | | | (31) | | | 45 | | 452 | | | (32) | | | 67 | | Consumer—cyclical | 88 | | | (1) | | | 9 | | 90 | | | (9) | | | 12 | | 178 | | | (10) | | | 21 | | Transportation | 96 | | | (2) | | | 11 | | 218 | | | (21) | | | 26 | | 314 | | | (23) | | | 37 | | Other | 57 | | | (1) | | | 12 | | 164 | | | (17) | | | 24 | | 221 | | | (18) | | | 36 | | Subtotal, non-U.S. corporate securities | 1,370 | | | (16) | | | 231 | | 3,160 | | | (377) | | | 393 | | 4,530 | | | (393) | | | 624 | | Total for corporate securities in an unrealized loss position | $ | 5,518 | | | $ | (95) | | | 1,114 | | $ | 16,384 | | | $ | (2,331) | | | 2,150 | | $ | 21,902 | | | $ | (2,426) | | | 3,264 |
The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or more | | Total | | (Dollar amounts in millions) | Fair
value | | Gross
unrealized
losses | | Number
of
securities | | Fair
value | | Gross
unrealized
losses | | Number
of
securities | | Fair
value | | Gross
unrealized
losses | | Number
of
securities | | Description of Securities | | | | | | | | | | | | | | | | | | | Fixed maturity securities: | | | | | | | | | | | | | | | | | | | U.S. government, agencies and government-sponsored enterprises | $ | 438 | | | $ | (9) | | | 28 | | $ | 1,626 | | | $ | (355) | | | 68 | | $ | 2,064 | | | $ | (364) | | | 96 | | State and political subdivisions | 79 | | | (2) | | | 18 | | 1,577 | | | (253) | | | 257 | | 1,656 | | | (255) | | | 275 | | Non-U.S. government | 115 | | | (1) | | | 36 | | 399 | | | (74) | | | 55 | | 514 | | | (75) | | | 91 | | U.S. corporate | 1,664 | | | (57) | | | 399 | | 14,057 | | | (1,811) | | | 1,814 | | 15,721 | | | (1,868) | | | 2,213 | | Non-U.S. corporate | 244 | | | (11) | | | 57 | | 3,495 | | | (366) | | | 438 | | 3,739 | | | (377) | | | 495 | | Residential mortgage-backed | — | | | — | | | — | | | 391 | | | (34) | | | 140 | | 391 | | | (34) | | | 140 | | Commercial mortgage-backed | 59 | | | (1) | | | 15 | | 1,118 | | | (225) | | | 169 | | 1,177 | | | (226) | | | 184 | | Other asset-backed | 187 | | | (1) | | | 57 | | 640 | | | (27) | | | 128 | | 827 | | | (28) | | | 185 | | Total for fixed maturity securities in an unrealized loss position | $ | 2,786 | | | $ | (82) | | | 610 | | $ | 23,303 | | | $ | (3,145) | | | 3,069 | | $ | 26,089 | | | $ | (3,227) | | | 3,679 | | % Below cost: | | | | | | | | | | | | | | | | | | | <20% Below cost | $ | 2,731 | | | $ | (61) | | | 593 | | $ | 19,932 | | | $ | (1,928) | | | 2,587 | | $ | 22,663 | | | $ | (1,989) | | | 3,180 | | 20%-50% Below cost | 55 | | | (21) | | | 17 | | 3,370 | | | (1,216) | | | 481 | | 3,425 | | | (1,237) | | | 498 | | >50% Below cost | — | | | — | | | — | | 1 | | | (1) | | | 1 | | 1 | | | (1) | | | 1 | | Total for fixed maturity securities in an unrealized loss position | $ | 2,786 | | | $ | (82) | | | 610 | | $ | 23,303 | | | $ | (3,145) | | | 3,069 | | $ | 26,089 | | | $ | (3,227) | | | 3,679 | | Investment grade | $ | 2,705 | | | $ | (71) | | | 582 | | $ | 22,737 | | | $ | (3,096) | | | 2,991 | | $ | 25,442 | | | $ | (3,167) | | | 3,573 | | Below investment grade | 81 | | | (11) | | | 28 | | 566 | | | (49) | | | 78 | | 647 | | | (60) | | | 106 | | Total for fixed maturity securities in an unrealized loss position | $ | 2,786 | | | $ | (82) | | | 610 | | $ | 23,303 | | | $ | (3,145) | | | 3,069 | | $ | 26,089 | | | $ | (3,227) | | | 3,679 |
The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual investment securities had been in a continuous unrealized loss position, based on industry, as of December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or more | | Total | | (Dollar amounts in millions) | Fair
value | | Gross
unrealized
losses | | Number
of
securities | | Fair
value | | Gross
unrealized
losses | | Number
of
securities | | Fair
value | | Gross
unrealized
losses | | Number
of
securities | | Description of Securities | | | | | | | | | | | | | | | | | | | U.S. corporate: | | | | | | | | | | | | | | | | | | | Utilities | $ | 319 | | | $ | (8) | | | 66 | | $ | 2,109 | | | $ | (367) | | | 320 | | $ | 2,428 | | | $ | (375) | | | 386 | | Energy | 147 | | | (5) | | | 30 | | 1,009 | | | (118) | | | 134 | | 1,156 | | | (123) | | | 164 | | Finance and insurance | 329 | | | (5) | | | 95 | | 4,198 | | | (482) | | | 514 | | 4,527 | | | (487) | | | 609 | | Consumer—non-cyclical | 239 | | | (3) | | | 60 | | 2,368 | | | (276) | | | 261 | | 2,607 | | | (279) | | | 321 | | Technology and communications | 259 | | | (16) | | | 63 | | 1,573 | | | (240) | | | 195 | | 1,832 | | | (256) | | | 258 | | Industrial | 56 | | | (1) | | | 18 | | 575 | | | (82) | | | 81 | | 631 | | | (83) | | | 99 | | Capital goods | 146 | | | (3) | | | 37 | | 983 | | | (102) | | | 128 | | 1,129 | | | (105) | | | 165 | | Consumer—cyclical | — | | | — | | | — | | 715 | | | (69) | | | 103 | | 715 | | | (69) | | | 103 | | Transportation | 130 | | | (10) | | | 24 | | 449 | | | (67) | | | 67 | | 579 | | | (77) | | | 91 | | Other | 39 | | | (6) | | | 6 | | 78 | | | (8) | | | 11 | | 117 | | | (14) | | | 17 | | Subtotal, U.S. corporate securities | 1,664 | | | (57) | | | 399 | | 14,057 | | | (1,811) | | | 1,814 | | 15,721 | | | (1,868) | | | 2,213 | | Non-U.S. corporate: | | | | | | | | | | | | | | | | | | | Utilities | — | | | — | | | — | | 386 | | | (36) | | | 43 | | 386 | | | (36) | | | 43 | | Energy | 78 | | | (6) | | | 16 | | 358 | | | (30) | | | 49 | | 436 | | | (36) | | | 65 | | Finance and insurance | 85 | | | (1) | | | 14 | | 800 | | | (74) | | | 109 | | 885 | | | (75) | | | 123 | | Consumer—non-cyclical | — | | | — | | | — | | 390 | | | (64) | | | 43 | | 390 | | | (64) | | | 43 | | Technology and communications | 29 | | | (2) | | | 13 | | 435 | | | (61) | | | 48 | | 464 | | | (63) | | | 61 | | Industrial | 18 | | | (1) | | | 10 | | 259 | | | (26) | | | 35 | | 277 | | | (27) | | | 45 | | Capital goods | — | | | — | | | — | | 332 | | | (29) | | | 42 | | 332 | | | (29) | | | 42 | | Consumer—cyclical | — | | | — | | | — | | 130 | | | (8) | | | 15 | | 130 | | | (8) | | | 15 | | Transportation | 34 | | | (1) | | | 4 | | 229 | | | (20) | | | 29 | | 263 | | | (21) | | | 33 | | Other | — | | | — | | | — | | 176 | | | (18) | | | 25 | | 176 | | | (18) | | | 25 | | Subtotal, non-U.S. corporate securities | 244 | | | (11) | | | 57 | | 3,495 | | | (366) | | | 438 | | 3,739 | | | (377) | | | 495 | | Total for corporate securities in an unrealized loss position | $ | 1,908 | | | $ | (68) | | | 456 | | $ | 17,552 | | | $ | (2,177) | | | 2,252 | | $ | 19,460 | | | $ | (2,245) | | | 2,708 |
|
| Schedule of Maturity Distribution of Fixed Maturity Securities |
The scheduled maturity distribution of fixed maturity securities as of June 30, 2026 is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties. | | | | | | | | | | | | | (Amounts in millions) | Amortized cost | | Fair value | | Due one year or less | $ | 1,622 | | | $ | 1,619 | | | Due after one year through five years | 8,673 | | | 8,454 | | | Due after five years through ten years | 10,693 | | | 10,598 | | | Due after ten years | 22,005 | | | 19,658 | | | Subtotal | 42,993 | | | 40,329 | | | Residential mortgage-backed | 1,099 | | | 1,069 | | | Commercial mortgage-backed | 1,605 | | | 1,361 | | | Other asset-backed | 2,531 | | | 2,505 | | | Total | $ | 48,228 | | | $ | 45,264 | |
|
| Schedule of Distribution Across Property Type and Geographic Region for Commercial Mortgage Loans |
The following tables set forth the distribution across property type and geographic region for commercial mortgage loans as of the dates indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | (Amounts in millions) | Carrying value | | % of total | | Carrying value | | % of total | | Property type: | | | | | | | | | Retail | $ | 2,587 | | | 40 | % | | $ | 2,642 | | | 42 | % | | Industrial | 1,502 | | | 24 | | | 1,454 | | | 23 | | | Office | 1,262 | | | 20 | | | 1,292 | | | 20 | | | Apartments | 573 | | | 9 | | | 514 | | | 8 | | | Mixed use | 341 | | | 5 | | | 323 | | | 5 | | | Other | 143 | | | 2 | | | 138 | | | 2 | | | Subtotal | 6,408 | | | 100 | % | | 6,363 | | | 100 | % | | Allowance for credit losses | (57) | | | | | (59) | | | | | Total | $ | 6,351 | | | | | $ | 6,304 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | (Amounts in millions) | Carrying value | | % of total | | Carrying value | | % of total | | Geographic region: | | | | | | | | | South Atlantic | $ | 1,724 | | | 27 | % | | $ | 1,733 | | | 27 | % | | Pacific | 1,136 | | | 18 | | | 1,167 | | | 19 | | | Mountain | 1,024 | | | 16 | | | 997 | | | 16 | | | Middle Atlantic | 848 | | | 13 | | | 845 | | | 13 | | | West South Central | 522 | | | 8 | | | 504 | | | 8 | | | East North Central | 486 | | | 8 | | | 424 | | | 7 | | | West North Central | 329 | | | 5 | | | 339 | | | 5 | | | East South Central | 198 | | | 3 | | | 202 | | | 3 | | | New England | 141 | | | 2 | | | 152 | | | 2 | | | Subtotal | 6,408 | | | 100 | % | | 6,363 | | | 100 | % | | Allowance for credit losses | (57) | | | | | (59) | | | | | Total | $ | 6,351 | | | | | $ | 6,304 | | | |
|
| Schedule of Allowance for Credit Losses Related to Commercial Mortgage Loans |
The following table sets forth the allowance for credit losses related to commercial mortgage loans as of and for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended
June 30, | | Six months ended
June 30, | | (Amounts in millions) | 2026 | | 2025 | | 2026 | | 2025 | | | | Allowance for credit losses: | | | | | | | | | | | Beginning balance | $ | 58 | | | $ | 36 | | | $ | 59 | | | $ | 39 | | | | | Provision | (1) | | | 20 | | | (2) | | | 17 | | | | | Write-offs | — | | | — | | | — | | | — | | | | | Recoveries | — | | | — | | | — | | | — | | | | | Ending balance | $ | 57 | | | $ | 56 | | | $ | 57 | | | $ | 56 | | | |
|
| Schedule of Commercial Mortgage Loans by Credit Quality Indicator |
The following tables set forth commercial mortgage loans by year of origination and credit quality indicator as of June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Amounts in millions) | 2026 | | 2025 | | 2024 | | 2023 | | 2022 | | 2021 and
prior | | Total | | Debt-to-value: | | | | | | | | | | | | | | | 0% - 50% | $ | 45 | | | $ | 102 | | | $ | 32 | | | $ | 82 | | | $ | 141 | | | $ | 1,925 | | | $ | 2,327 | | | 51% - 60% | 67 | | | 98 | | | 58 | | | 41 | | | 213 | | | 836 | | | 1,313 | | | 61% - 75% | 296 | | | 406 | | | 102 | | | 135 | | | 412 | | | 1,154 | | | 2,505 | | | 76% - 100% | — | | | — | | | — | | | — | | | 42 | | | 190 | | | 232 | | | Greater than 100% | — | | | — | | | — | | | — | | | — | | | 31 | | | 31 | | | Total amortized cost | $ | 408 | | | $ | 606 | | | $ | 192 | | | $ | 258 | | | $ | 808 | | | $ | 4,136 | | | $ | 6,408 | | | Debt service coverage ratio: | | | | | | | | | | | | | | | Less than 1.00 | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 34 | | | $ | 253 | | | $ | 287 | | | 1.00 - 1.25 | 7 | | | 43 | | | 15 | | | 12 | | | 40 | | | 270 | | | 387 | | | 1.26 - 1.50 | 159 | | | 266 | | | 76 | | | 96 | | | 115 | | | 543 | | | 1,255 | | | 1.51 - 2.00 | 148 | | | 169 | | | 68 | | | 74 | | | 369 | | | 1,408 | | | 2,236 | | | Greater than 2.00 | 94 | | | 128 | | | 33 | | | 76 | | | 250 | | | 1,662 | | | 2,243 | | | Total amortized cost | $ | 408 | | | $ | 606 | | | $ | 192 | | | $ | 258 | | | $ | 808 | | | $ | 4,136 | | | $ | 6,408 | |
|
| Loan to Value Ratio |
|
| Financing Receivable, Credit Quality Indicator [Line Items] |
|
| Schedule of Commercial Mortgage Loans by Credit Quality Indicator |
The following tables set forth the debt-to-value of commercial mortgage loans by property type as of the dates indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | (Amounts in millions) | 0% - 50% | | 51% - 60% | | 61% - 75% | | 76% - 100% | | Greater
than 100% | | Total | | Property type: | | | | | | | | | | | | | Retail | $ | 1,116 | | | $ | 584 | | | $ | 881 | | | $ | 6 | | | $ | — | | | $ | 2,587 | | | Industrial | 590 | | | 263 | | | 649 | | | — | | | — | | | 1,502 | | | Office | 260 | | | 236 | | | 552 | | | 208 | | | 6 | | | 1,262 | | | Apartments | 211 | | | 145 | | | 217 | | | — | | | — | | | 573 | | | Mixed use | 81 | | | 49 | | | 171 | | | 15 | | | 25 | | | 341 | | | Other | 69 | | | 36 | | | 35 | | | 3 | | | — | | | 143 | | | Total amortized cost | $ | 2,327 | | | $ | 1,313 | | | $ | 2,505 | | | $ | 232 | | | $ | 31 | | | $ | 6,408 | | | % of total | 36 | % | | 21 | % | | 39 | % | | 4 | % | | — | % | | 100 | % | | Weighted-average debt service coverage ratio | 2.49 | | | 1.87 | | | 1.53 | | | 1.24 | | | 0.75 | | | 1.93 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | (Amounts in millions) | 0% - 50% | | 51% - 60% | | 61% - 75% | | 76% - 100% | | Greater
than 100% | | Total | | Property type: | | | | | | | | | | | | | Retail | $ | 1,168 | | | $ | 576 | | | $ | 893 | | | $ | 5 | | | $ | — | | | $ | 2,642 | | | Industrial | 615 | | | 255 | | | 584 | | | — | | | — | | | 1,454 | | | Office | 261 | | | 224 | | | 586 | | | 215 | | | 6 | | | 1,292 | | | Apartments | 211 | | | 127 | | | 176 | | | — | | | — | | | 514 | | | Mixed use | 69 | | | 54 | | | 148 | | | 27 | | | 25 | | | 323 | | | Other | 72 | | | 25 | | | 37 | | | 4 | | | — | | | 138 | | | Total amortized cost | $ | 2,396 | | | $ | 1,261 | | | $ | 2,424 | | | $ | 251 | | | $ | 31 | | | $ | 6,363 | | | % of total | 38 | % | | 20 | % | | 38 | % | | 4 | % | | — | % | | 100 | % | | Weighted-average debt service coverage ratio | 2.50 | | | 1.87 | | | 1.54 | | | 1.05 | | | 0.90 | | | 1.94 | |
|
| Debt Service Coverage Ratio |
|
| Financing Receivable, Credit Quality Indicator [Line Items] |
|
| Schedule of Commercial Mortgage Loans by Credit Quality Indicator |
The following tables set forth the debt service coverage ratio of commercial mortgage loans by property type as of the dates indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | (Amounts in millions) | Less than 1.00 | | 1.00 - 1.25 | | 1.26 - 1.50 | | 1.51 - 2.00 | | Greater
than 2.00 | | Total | | Property type: | | | | | | | | | | | | | Retail | $ | 26 | | | $ | 97 | | | $ | 512 | | | $ | 1,092 | | | $ | 860 | | | $ | 2,587 | | | Industrial | 43 | | | 60 | | | 360 | | | 418 | | | 621 | | | 1,502 | | | Office | 166 | | | 147 | | | 213 | | | 372 | | | 364 | | | 1,262 | | | Apartments | 16 | | | 32 | | | 96 | | | 192 | | | 237 | | | 573 | | | Mixed use | 30 | | | 40 | | | 52 | | | 106 | | | 113 | | | 341 | | | Other | 6 | | | 11 | | | 22 | | | 56 | | | 48 | | | 143 | | | Total amortized cost | $ | 287 | | | $ | 387 | | | $ | 1,255 | | | $ | 2,236 | | | $ | 2,243 | | | $ | 6,408 | | | % of total | 4 | % | | 6 | % | | 20 | % | | 35 | % | | 35 | % | | 100 | % | | Weighted-average debt-to-value | 75 | % | | 68 | % | | 64 | % | | 58 | % | | 42 | % | | 55 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | (Amounts in millions) | Less than 1.00 | | 1.00 - 1.25 | | 1.26 - 1.50 | | 1.51 - 2.00 | | Greater
than 2.00 | | Total | | Property type: | | | | | | | | | | | | | Retail | $ | 27 | | | $ | 93 | | | $ | 515 | | | $ | 1,107 | | | $ | 900 | | | $ | 2,642 | | | Industrial | 46 | | | 61 | | | 276 | | | 419 | | | 652 | | | 1,454 | | | Office | 175 | | | 187 | | | 200 | | | 331 | | | 399 | | | 1,292 | | | Apartments | 16 | | | 32 | | | 87 | | | 170 | | | 209 | | | 514 | | | Mixed use | 42 | | | 41 | | | 27 | | | 108 | | | 105 | | | 323 | | | Other | 8 | | | 11 | | | 16 | | | 53 | | | 50 | | | 138 | | | Total amortized cost | $ | 314 | | | $ | 425 | | | $ | 1,121 | | | $ | 2,188 | | | $ | 2,315 | | | $ | 6,363 | | | % of total | 5 | % | | 7 | % | | 18 | % | | 34 | % | | 36 | % | | 100 | % | | Weighted-average debt-to-value | 74 | % | | 70 | % | | 65 | % | | 58 | % | | 43 | % | | 55 | % |
|