The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government (“Canadian government”), Japanese government and agencies (“Japanese government”), Korean government and agencies (“Korean government”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supranational and foreign government-sponsored enterprises (“Other foreign government”). ABS, CMBS and RMBS are collectively referred to as “structured securities.”


June 30, 2026:	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	80,654	$	224	$	904	$	4,507	$	76,827	70.3	%
Canadian government	4,711		—		301		85		4,927		4.5
Japanese government	9,045		—		—		2,238		6,807		6.2
Korean government	1,314		—		—		257		1,057		1.0
ABS	7,214		22		48		180		7,060		6.5
CMBS	2,515		—		22		59		2,478		2.3
RMBS	1,903		—		19		78		1,844		1.7
U.S. government	2,354		—		11		257		2,108		1.9
State and political subdivisions	756		—		2		84		674		0.6
Other foreign government	5,842		—		56		410		5,488		5.0
Total fixed maturity securities	$	116,308	$	246	$	1,363	$	8,155	$	109,270	100.0	%


December 31, 2025:	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	72,736	$	189	$	1,142	$	3,952	$	69,737	68.5	%
Canadian government	4,920		—		286		106		5,100		5.1
Japanese government	6,516		—		1		1,816		4,701		4.6
Korean government	1,407		—		1		96		1,312		1.3
ABS	7,478		21		69		157		7,369		7.2
CMBS	2,179		—		35		52		2,162		2.1
RMBS	1,615		—		26		72		1,569		1.5
U.S. government	3,508		—		27		248		3,287		3.3
State and political subdivisions	737		—		2		79		660		0.6
Other foreign government	6,168		—		83		379		5,872		5.8
Total fixed maturity securities	$	107,264	$	210	$	1,672	$	6,957	$	101,769	100.0	%

The Company monitors its concentrations of financial instruments on an ongoing basis and mitigates credit risk by maintaining a diversified investment portfolio that limits exposure to any one issuer. The Company’s exposure to concentrations of credit risk from single issuers, including certain agencies, greater than 10% of the Company’s equity is disclosed below, as of June 30, 2026 and December 31, 2025 (dollars in millions):


	June 30, 2026				December 31, 2025
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Fixed maturity securities guaranteed or issued by:
Japanese government	$	9,045	$	6,807	$	6,516	$	4,701
U.S. government	2,354		2,108		3,508		3,287
Canadian province of Quebec	1,531		1,671		1,642		1,764

The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of June 30, 2026, are shown by contractual maturity in the table below (dollars in millions). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Structured securities are shown separately in the table below as they are not due at a single maturity date.


	Amortized Cost		Estimated Fair Value
Available-for-sale:
Due in one year or less	$	2,154	$	2,088
Due after one year through five years	16,635		16,591
Due after five years through ten years	16,523		16,420
Due after ten years	69,364		62,789
Structured securities	11,632		11,382
Total	$	116,308	$	109,270


June 30, 2026:	Amortized Cost		Estimated Fair Value		% of Total
Finance	$	24,069	$	22,887	29.8	%
Industrial	43,075		41,145		53.6
Utility	13,510		12,795		16.6

Total	$	80,654	$	76,827	100.0	%

December 31, 2025:	Amortized Cost		Estimated Fair Value		% of Total
Finance	$	21,367	$	20,489	29.4	%
Industrial	39,381		37,839		54.3
Utility	11,988		11,409		16.3
Total	$	72,736	$	69,737	100.0	%

As discussed in Note 2 – “Significant Accounting Policies and Pronouncements” of the 2025 Annual Report, allowances for credit losses on fixed maturity securities are recognized in investment related gains (losses), net. The Company estimates the amount of the credit loss component of a fixed maturity security impairment as the difference between amortized cost and the present value of the expected cash flows of the security. Any remaining difference between the fair value and amortized cost is recognized in OCI.


	Corporate		ABS		CMBS		Total
For the three months ended June 30, 2026:
Balance, beginning of period	$	211	$	21	$	—	$	232
Credit losses with no previous allowance	33		—		—		33
Securities disposed	(17)		—		—		(17)
Change in credit losses with a previous allowance	(3)		1		—		(2)
Foreign currency translation	—		—		—		—
Balance, end of period	$	224	$	22	$	—	$	246
For the three months ended June 30, 2025:
Balance, beginning of period	$	88	$	15	$	—	$	103
Credit losses with no previous allowance	31		4		—		35
Securities disposed	—		—		—		—
Change in credit losses with a previous allowance	(7)		—		1		(6)
Foreign currency translation	—		—		—		—
Balance, end of period	$	112	$	19	$	1	$	132


	Corporate		ABS		CMBS		Total
For the six months ended June 30, 2026:
Balance, beginning of period	$	189	$	21	$	—	$	210
Credit losses with no previous allowance	97		—		—		97
Securities disposed	(73)		—		—		(73)

Change in credit losses with a previous allowance	11		1		—		12

Foreign currency translation	—		—		—		—
Balance, end of period	$	224	$	22	$	—	$	246
For the six months ended June 30, 2025:
Balance, beginning of period	$	82	$	15	$	1	$	98
Credit losses with no previous allowance	41		4		—		45
Securities disposed	(2)		—		—		(2)

Change in credit losses with a previous allowance	(8)		—		—		(8)

Foreign currency translation	(1)		—		—		(1)
Balance, end of period	$	112	$	19	$	1	$	132

The Company’s determination of whether a decline in value necessitates the recording of an allowance for credit losses includes analyzing whether the issuer is current on its contractual payments, evaluating whether it is probable that the Company will be able to collect all amounts due according to the contractual terms of the security, and analyzing the overall ability of the Company to recover the amortized cost of the investment.

The following tables present the estimated fair value and gross unrealized losses for the 7,084 and 5,968 fixed maturity securities for which both the estimated fair value had declined and remained below amortized cost and an allowance for credit loss has not been recorded as of June 30, 2026 and December 31, 2025, respectively (dollars in millions). These investments are presented by class and grade of security, as well as the length of time the related fair value has continuously remained below amortized cost.


	Less than 12 months				12 months or greater				Total
June 30, 2026:	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	23,623	$	453	$	21,809	$	3,953	$	45,432	$	4,406
Canadian government	548		9		584		76		1,132		85
Japanese government	2,700		126		3,976		2,112		6,676		2,238
Korean government	690		159		295		98		985		257
ABS	2,702		23		1,164		136		3,866		159
CMBS	870		9		643		48		1,513		57
RMBS	707		5		525		73		1,232		78
U.S. government	779		4		482		253		1,261		257
State and political subdivisions	170		5		391		79		561		84
Other foreign government	1,739		43		1,671		367		3,410		410
Total investment grade securities	34,528		836		31,540		7,195		66,068		8,031
Below investment grade securities:
Corporate	1,009		32		331		58		1,340		90

ABS	241		20		19		1		260		21

Other foreign government	—		—		—		—		—		—
Total below investment grade securities	1,250		52		350		59		1,600		111
Total fixed maturity securities	$	35,778	$	888	$	31,890	$	7,254	$	67,668	$	8,142


	Less than 12 months				12 months or greater				Total
December 31, 2025:	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	10,591	$	255	$	22,666	$	3,635	$	33,257	$	3,890
Canadian government	1,096		34		426		72		1,522		106
Japanese government	1,274		209		3,351		1,607		4,625		1,816
Korean government	1,145		92		78		4		1,223		96
ABS	2,324		15		1,149		141		3,473		156
CMBS	—		—		705		50		705		50
RMBS	—		—		562		72		562		72
U.S. government	406		1		542		247		948		248
State and political subdivisions	73		1		451		78		524		79
Other foreign government	1,382		26		1,901		350		3,283		376
Total investment grade securities	18,291		633		31,831		6,256		50,122		6,889
Below investment grade securities:
Corporate	652		25		258		31		910		56


ABS	19		1		—		—		19		1



Other foreign government	—		—		13		3		13		3
Total below investment grade securities	671		26		271		34		942		60
Total fixed maturity securities	$	18,962	$	659	$	32,102	$	6,290	$	51,064	$	6,949

The Company did not intend to sell, and more likely than not would not be required to sell, the securities outlined in the tables above, as of the dates presented. However, unforeseen facts and circumstances may cause the Company to sell fixed maturity securities in the ordinary course of managing its portfolio to meet certain diversification, credit quality and liquidity guidelines. Changes in unrealized losses are primarily due to changes in risk-free interest rates and credit spreads.


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Fixed maturity securities available-for-sale	$	1,442	$	1,109	$	2,811	$	2,172
Equity securities	4		1		8		3
Mortgage loans	164		128		321		247
Policy loans	44		12		87		30
Funds withheld at interest	86		68		194		134
Limited partnerships and real estate joint ventures	150		103		204		88
Short-term investments and cash and cash equivalents	34		45		67		81

Other invested assets	3		(1)		2		(6)
Investment income	1,927		1,465		3,694		2,749
Investment expense	(63)		(57)		(129)		(109)
Net investment income	$	1,864	$	1,408	$	3,565	$	2,640


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Fixed maturity securities available-for-sale:
Change in allowance for credit losses	$	(14)	$	(29)	$	(36)	$	(35)
Impairments on fixed maturity securities	—		(2)		(1)		(2)
Realized gains on investment activity	36		30		95		66
Realized losses on investment activity	(124)		(65)		(289)		(152)
Net gains (losses) on equity securities	(3)		3		(17)		2
Change in mortgage loan allowance for credit losses	(12)		(18)		(10)		(14)
Limited partnerships and real estate joint ventures impairment losses	(7)		(16)		(29)		(21)
Change in fair value of certain limited partnership investments	(42)		6		(36)		(1)
Net gains (losses) on freestanding derivatives	88		50		31		48
Net gains (losses) on embedded derivatives	(1)		3		43		(8)
Other change in allowance for credit losses and impairments	(3)		(3)		(3)		(4)
Other, net	6		(3)		6		(2)
Total investment related gains (losses), net	$	(76)	$	(44)	$	(246)	$	(123)

The Company enters into various collateral arrangements with counterparties that require both the pledging and acceptance of invested assets as collateral. Pledged invested assets are included in the condensed consolidated balance sheets. Invested assets received as collateral are held in separate custodial accounts and are not recorded on the Company’s condensed consolidated balance sheets. Subject to certain constraints, the Company is permitted by contract to sell or repledge collateral it receives; however, as of June 30, 2026 and December 31, 2025, none of the collateral received had been sold or repledged.

The following table includes invested assets on deposit, invested assets pledged and received as collateral, assets in trust held to satisfy collateral requirements and Federal Home Loan Bank (“FHLB”) common stock restricted as to sale as of June 30, 2026 and December 31, 2025 (dollars in millions):


	June 30, 2026				December 31, 2025
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Invested assets on deposit (regulatory deposits)	$	10	$	9	$	10	$	9
Invested assets pledged as collateral	1,926		1,620		1,739		1,527
Invested assets received as collateral	n/a		2,656		n/a		2,620
Assets in trust held to satisfy collateral requirements	76,840		72,697		68,241		65,154
FHLB common stock restricted as to sale	64		64		68		68


	June 30, 2026						December 31, 2025
	Securities Loaned (1)		Securities Borrowed (2)		Cash Collateral Received (3)		Securities Loaned (1)		Securities Borrowed (2)		Cash Collateral Received (3)
Securities lending transactions	$	699	$	965	$	—	$	831	$	1,058	$	—
Repurchase/reverse repurchase transactions	2,406		631		1,602		2,623		682		1,783

(1)Securities loaned or pledged through securities lending transactions or sold to counterparties through repurchase transactions are included within fixed maturity securities. Collateral associated with certain securities lending transactions is not included within this table as the collateral pledged to the counterparty is the right to reinsurance treaty cash flows. Certain securities lending transactions do not require collateral.


	June 30, 2026										December 31, 2025
	Remaining Contractual Maturity of the Agreements										Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30 – 90 Days		Greater than 90 Days		Total		Overnight and Continuous		Up to 30 Days		30 – 90 Days		Greater than 90 Days		Total
Securities lending transactions:
Corporate	$	—	$	—	$	225	$	135	$	360	$	—	$	—	$	357	$	71	$	428

Japanese government	—		—		—		295		295		—		—		—		310		310
ABS	—		—		4		3		7		—		—		25		—		25
CMBS	—		—		16		—		16		—		—		37		—		37
RMBS	—		—		6		—		6		—		—		10		—		10


Other foreign government	—		—		11		4		15		—		—		15		6		21
Total	—		—		262		437		699		—		—		444		387		831
Repurchase/reverse repurchase transactions:
Corporate	—		—		—		1,326		1,326		—		—		—		1,336		1,336
Canadian government	—		—		—		12		12		—		—		—		12		12
Japanese government	—		—		211		149		360		—		—		203		175		378
ABS	—		—		—		83		83		—		—		11		137		148
CMBS	—		—		—		222		222		—		—		49		227		276
RMBS	—		—		—		45		45		—		—		42		47		89
U.S. government	—		—		—		267		267		—		—		4		273		277

Other foreign government	—		—		—		91		91		—		—		—		107		107
Total	—		—		211		2,195		2,406		—		—		309		2,314		2,623
Total transactions	$	—	$	—	$	473	$	2,632	$	3,105	$	—	$	—	$	753	$	2,701	$	3,454

The Company invests in both commercial and residential mortgage loans in the U.S. (92.3%), Canada (5.9%) and U.K. (1.8%). As of June 30, 2026, mortgage loans were geographically dispersed throughout the U.S. with the largest concentrations in California (11.7%), Texas (9.4%) and Florida (6.5%). The recorded investment in mortgage loans presented below is gross of unamortized deferred loan origination fees and expenses and allowance for credit losses.


	June 30, 2026				December 31, 2025
	Carrying Value		% of Total		Carrying Value		% of Total
Commercial:
Office	$	1,731	14.3	%	$	1,800	16.0	%
Retail	3,450		28.5		3,455		30.7
Industrial	3,852		31.9		3,549		31.5
Apartment	1,674		13.8		1,356		12.0
Hotel	519		4.3		500		4.4
Other commercial	268		2.2		161		1.4
Total commercial	11,494		95.0		10,821		96.0
Residential	603		5.0		447		4.0
Recorded investment	12,097		100.0	%	11,268		100.0	%
Unamortized loan origination fees and discount	(43)				(47)
Allowance for credit losses	(127)				(117)
Total mortgage loans	$	11,927			$	11,104


	June 30, 2026				December 31, 2025
	Recorded Investment		% of Total		Recorded Investment		% of Total
Commercial:
Due within five years	$	4,955	43.1	%	$	4,563	42.2	%
Due after five years through ten years	5,609		48.8		5,225		48.3
Due after ten years	930		8.1		1,033		9.5
Total commercial	$	11,494	100.0	%	$	10,821	100.0	%

Residential:
Due within five years	$	249	41.3	%	$	184	41.2	%
Due after five years through ten years	—		—		—		—
Due after ten years	354		58.7		263		58.8
Total residential	$	603	100.0	%	$	447	100.0	%


	Recorded Investment
	Debt Service Ratios
	>1.20x		1.00x – 1.20x		<1.00x		Construction Loans		Total		% of Total
June 30, 2026:
Loan-to-Value Ratio
0% – 59.99%	$	4,923	$	240	$	115	$	25	$	5,303	46.2	%
60% – 69.99%	3,272		407		140		—		3,819		33.2
70% – 79.99%	1,133		289		85		—		1,507		13.1
80% or greater	604		164		97		—		865		7.5
Total commercial	$	9,932	$	1,100	$	437	$	25	$	11,494	100.0	%


	Recorded Investment
	Debt Service Ratios
	>1.20x		1.00x – 1.20x		<1.00x		Construction Loans		Total		% of Total
December 31, 2025:
Loan-to-Value Ratio
0% – 59.99%	$	4,799	$	162	$	79	$	—	$	5,040	46.5	%
60% – 69.99%	3,084		168		79		—		3,331		30.8
70% – 79.99%	1,126		232		99		—		1,457		13.5
80% or greater	643		236		114		—		993		9.2
Total commercial	$	9,652	$	798	$	371	$	—	$	10,821	100.0	%


	Recorded Investment
	Year of Origination
	2026		2025		2024		2023		2022		Prior		Total
June 30, 2026:
Internal credit quality grade:
High investment grade	$	90	$	623	$	584	$	349	$	527	$	1,863	$	4,036
Investment grade	1,155		1,898		1,245		713		593		1,329		6,933
Average	—		—		—		80		102		171		353
Watch list	—		—		—		—		4		168		172

Total commercial	$	1,245	$	2,521	$	1,829	$	1,142	$	1,226	$	3,531	$	11,494


	Recorded Investment
	Year of Origination
	2025		2024		2023		2022		2021		Prior		Total
December 31, 2025:
Internal credit quality grade:
High investment grade	$	636	$	587	$	352	$	539	$	458	$	1,679	$	4,251
Investment grade	1,908		1,257		788		617		481		973		6,024
Average	—		—		83		107		36		195		421
Watch list	—		—		—		—		—		125		125

Total commercial	$	2,544	$	1,844	$	1,223	$	1,263	$	975	$	2,972	$	10,821


	June 30, 2026		December 31, 2025
Commercial:
Current	$	11,467	$	10,805
31 – 60 days past due	27		—
61 – 90 days past due	—		—
Greater than 90 days past due	—		16
Total commercial	$	11,494	$	10,821

Residential:
Current	$	591	$	444
31 – 60 days past due	8		3
61 – 90 days past due	—		—
Greater than 90 days past due	4		—
Total residential	$	603	$	447


For the three months ended June 30, 2026:	Commercial		Residential		Total
Balance, beginning of period	$	109	$	6	$	115
Provision (release) of credit losses	10		2		12
Write-offs, net of recoveries	—		—		—
Balance, end of period	$	119	$	8	$	127
For the three months ended June 30, 2025:
Balance, beginning of period	$	87	$	2	$	89
Provision (release) of credit losses	16		2		18
Write-offs, net of recoveries	—		—		—
Balance, end of period	$	103	$	4	$	107


For the six months ended June 30, 2026:	Commercial		Residential		Total
Balance, beginning of period	$	112	$	5	$	117
Provision (release) of credit losses	14		3		17
Write-offs, net of recoveries	(7)		—		(7)
Balance, end of period	$	119	$	8	$	127
For the six months ended June 30, 2025:
Balance, beginning of period	$	93	$	—	$	93
Provision (release) of credit losses	10		4		14
Write-offs, net of recoveries	—		—		—
Balance, end of period	$	103	$	4	$	107

The Company modified five and four commercial mortgage loans for borrowers experiencing financial difficulty during the six months ended June 30, 2026 and 2025, respectively, providing interest only payments, maturity extensions or payment deferrals. The total recorded investment before allowance for credit losses for the modified loans was $45 million and $35 million as of June 30, 2026 and 2025, respectively.

The Company had eleven residential mortgage loans in the amount of $12 million that were on nonaccrual status as of June 30, 2026. This includes nine residential mortgage loans in process of foreclosure with an amortized cost of $11 million at June 30, 2026. The Company had no commercial mortgage loans on nonaccrual status as of June 30, 2026. The Company did not convert any mortgage loans to owned properties through a deed in lieu of foreclosure during the six months ended June 30, 2026 and 2025. The Company did not acquire any impaired mortgage loans during the six months ended June 30, 2026 and 2025.

The majority of policy loans are associated with one client. These policy loans present no credit risk as the amount of the loan cannot exceed the obligation due to the ceding company upon the death of the insured or surrender of the underlying policy. The provisions of the treaties in force and the underlying policies determine the policy loan interest rates. The Company earns a spread between the interest rate earned on policy loans and the interest rate credited to corresponding liabilities.

For reinsurance agreements written on a modified coinsurance basis and certain agreements written on a coinsurance funds withheld basis, assets equal to the net statutory reserves are withheld and legally owned and managed by the ceding company. The Company reflects these assets on its consolidated balance sheets as funds withheld at interest.


	June 30, 2026		December 31, 2025
Limited partnerships – equity method	$	1,988	$	1,543
Limited partnerships – fair value	875		925
Limited partnerships – cost method	71		72
Real estate joint ventures – equity method	1,132		1,207
Real estate joint ventures – fair value	43		—
Total limited partnerships and real estate joint ventures	$	4,109	$	3,747

Other invested assets include lifetime mortgages, derivative contracts and FHLB common stock. Other invested assets also include real estate held for investment, which is included in “Other” in the table below. As of June 30, 2026 and December 31, 2025, the allowance for credit losses for lifetime mortgages was not material. The carrying values of other invested assets as of June 30, 2026 and December 31, 2025 are as follows (dollars in millions):