v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments [Abstract]  
Debt Securities, Available-for-sale
The following tables present information relating to investments in fixed maturity securities by type as of June 30, 2026 and December 31, 2025 (dollars in millions):
June 30, 2026:Amortized CostAllowance for Credit LossesUnrealized GainsUnrealized LossesEstimated Fair Value% of Total
Available-for-sale:
Corporate$80,654 $224 $904 $4,507 $76,827 70.3 %
Canadian government4,711 — 301 85 4,927 4.5 
Japanese government9,045 — — 2,238 6,807 6.2 
Korean government1,314 — — 257 1,057 1.0 
ABS7,214 22 48 180 7,060 6.5 
CMBS2,515 — 22 59 2,478 2.3 
RMBS1,903 — 19 78 1,844 1.7 
U.S. government2,354 — 11 257 2,108 1.9 
State and political subdivisions756 — 2 84 674 0.6 
Other foreign government5,842 — 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 CostAllowance for Credit LossesUnrealized GainsUnrealized LossesEstimated Fair Value% of Total
Available-for-sale:
Corporate$72,736 $189 $1,142 $3,952 $69,737 68.5 %
Canadian government4,920 — 286 106 5,100 5.1 
Japanese government6,516 — 1 1,816 4,701 4.6 
Korean government1,407 — 1 96 1,312 1.3 
ABS7,478 21 69 157 7,369 7.2 
CMBS2,179 — 35 52 2,162 2.1 
RMBS1,615 — 26 72 1,569 1.5 
U.S. government3,508 — 27 248 3,287 3.3 
State and political subdivisions737 — 2 79 660 0.6 
Other foreign government6,168 — 83 379 5,872 5.8 
Total fixed maturity securities$107,264 $210 $1,672 $6,957 $101,769 100.0 %
Concentration Risk Disclosure [Text Block] 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, 2026December 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. government2,354 2,108 3,508 3,287 
Canadian province of Quebec1,531 1,671 1,642 1,764 
Investments Classified By Contractual Maturity Date
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 CostEstimated Fair Value
Available-for-sale:
Due in one year or less$2,154 $2,088 
Due after one year through five years16,635 16,591 
Due after five years through ten years16,523 16,420 
Due after ten years69,364 62,789 
Structured securities11,632 11,382 
Total$116,308 $109,270 
Fixed Maturity Holdings Industry Types Weighted Average Credit Ratings [Table Text Block]
The tables below show the major sectors of the Company’s corporate fixed maturity holdings as of June 30, 2026 and December 31, 2025 (dollars in millions):
June 30, 2026:Amortized CostEstimated Fair Value% of Total
Finance$24,069 $22,887 29.8 %
Industrial43,075 41,145 53.6 
Utility13,510 12,795 16.6 
Total$80,654 $76,827 100.0 %
December 31, 2025:Amortized CostEstimated Fair Value% of Total
Finance$21,367 $20,489 29.4 %
Industrial39,381 37,839 54.3 
Utility11,988 11,409 16.3 
Total$72,736 $69,737 100.0 %
Financing Receivable, Allowance for Credit Loss [Table Text Block]
The following tables present the rollforward of the allowance for credit losses in fixed maturity securities by type for the three and six months ended June 30, 2026 and 2025 (dollars in millions):
CorporateABSCMBSTotal
For the three months ended June 30, 2026:
Balance, beginning of period$211 $21 $— $232 
Credit losses with no previous allowance33 — — 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 allowance31 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 
CorporateABSCMBSTotal
For the six months ended June 30, 2026:
Balance, beginning of period$189 $21 $— $210 
Credit losses with no previous allowance97 — — 97 
Securities disposed(73)— — (73)
Change in credit losses with a previous allowance11 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 allowance41 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 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
Less than 12 months12 months or greaterTotal
June 30, 2026:Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
Corporate$23,623 $453 $21,809 $3,953 $45,432 $4,406 
Canadian government548 9 584 76 1,132 85 
Japanese government2,700 126 3,976 2,112 6,676 2,238 
Korean government 690 159 295 98 985 257 
ABS2,702 23 1,164 136 3,866 159 
CMBS870 9 643 48 1,513 57 
RMBS707 5 525 73 1,232 78 
U.S. government779 4 482 253 1,261 257 
State and political subdivisions170 5 391 79 561 84 
Other foreign government1,739 43 1,671 367 3,410 410 
Total investment grade securities34,528 836 31,540 7,195 66,068 8,031 
 
Below investment grade securities:
Corporate1,009 32 331 58 1,340 90 
ABS241 20 19 1 260 21 
Other foreign government— — — — — — 
Total below investment grade securities1,250 52 350 59 1,600 111 
Total fixed maturity securities$35,778 $888 $31,890 $7,254 $67,668 $8,142 
Less than 12 months12 months or greaterTotal
December 31, 2025:Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
Corporate$10,591 $255 $22,666 $3,635 $33,257 $3,890 
Canadian government1,096 34 426 72 1,522 106 
Japanese government1,274 209 3,351 1,607 4,625 1,816 
Korean government1,145 92 78 4 1,223 96 
ABS2,324 15 1,149 141 3,473 156 
CMBS— — 705 50 705 50 
RMBS— — 562 72 562 72 
U.S. government406 1 542 247 948 248 
State and political subdivisions73 1 451 78 524 79 
Other foreign government1,382 26 1,901 350 3,283 376 
Total investment grade securities18,291 633 31,831 6,256 50,122 6,889 
Below investment grade securities:
Corporate652 25 258 31 910 56 
ABS19 1 — — 19 1 
Other foreign government— — 13 3 13 3 
Total below investment grade securities671 26 271 34 942 60 
Total fixed maturity securities$18,962 $659 $32,102 $6,290 $51,064 $6,949 
Investment Income
Major categories of net investment income consist of the following (dollars in millions):
Three months ended June 30,Six months ended June 30,
2026202520262025
Fixed maturity securities available-for-sale$1,442 $1,109 $2,811 $2,172 
Equity securities418 3 
Mortgage loans164 128 321 247 
Policy loans44 12 87 30 
Funds withheld at interest86 68 194 134 
Limited partnerships and real estate joint ventures150 103 204 88 
Short-term investments and cash and cash equivalents34 45 67 81 
Other invested assets3 (1)2 (6)
Investment income1,927 1,465 3,694 2,749 
Investment expense(63)(57)(129)(109)
Net investment income$1,864 $1,408 $3,565 $2,640 
Gain Loss On Investments
Investment related gains (losses), net consist of the following (dollars in millions):
Three months ended June 30,Six months ended June 30,
2026202520262025
Fixed maturity securities available-for-sale:
Change in allowance for credit losses$(14)$(29)$(36)$(35)
Impairments on fixed maturity securities— (2)(1)(2)
Realized gains on investment activity36 30 95 66 
Realized losses on investment activity(124)(65)(289)(152)
Net gains (losses) on equity securities(3)3 (17)2 
Change in mortgage loan allowance for credit losses(12)(18)(10)(14)
Limited partnerships and real estate joint ventures impairment losses(7)(16)(29)(21)
Change in fair value of certain limited partnership investments(42)6 (36)(1)
Net gains (losses) on freestanding derivatives88 50 31 48 
Net gains (losses) on embedded derivatives(1)3 43 (8)
Other change in allowance for credit losses and impairments(3)(3)(3)(4)
Other, net6 (3)6 (2)
Total investment related gains (losses), net$(76)$(44)$(246)$(123)
Invested Assets On Deposit
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, 2026December 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 collateral1,926 1,620 1,739 1,527 
Invested assets received as collateraln/a2,656 n/a2,620 
Assets in trust held to satisfy collateral requirements76,840 72,697 68,241 65,154 
FHLB common stock restricted as to sale64 64 68 68 
Schedule of Repurchase Agreements [Table Text Block]
The following table presents the estimated fair value of securities relating to securities lending and repurchase/reverse repurchase agreements as of June 30, 2026 and December 31, 2025 (dollars in millions):
June 30, 2026December 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 $— 
Repurchase/reverse repurchase transactions2,406 6311,602 2,623 682 1,783 
(1)Securities loaned or pledged through securities lending transactions or sold to counterparties through repurchase transactions are included within fixed maturity securities. Collateral associated with certain securities lending transactions is not included within this table as the collateral pledged to the counterparty is the right to reinsurance treaty cash flows. Certain securities lending transactions do not require collateral.
(2)Securities borrowed or received as collateral through securities lending transactions or purchased from counterparties through reverse repurchase transactions are not reflected on the condensed consolidated balance sheets.
(3)A payable for the cash received by the Company is included within other liabilities.
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block]
The following table presents the estimated fair value of securities by the remaining contractual maturity of the Company’s securities lending and repurchase agreements as of June 30, 2026 and December 31, 2025 (dollars in millions):
June 30, 2026December 31, 2025
Remaining Contractual Maturity of the AgreementsRemaining Contractual Maturity of the Agreements
Overnight and ContinuousUp to 30 Days30 – 90 DaysGreater than 90 DaysTotalOvernight and ContinuousUp to 30 Days30 – 90 DaysGreater than 90 DaysTotal
Securities lending transactions:
Corporate$— $— $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 
Disclosure Of Real Estate Holdings By Property Type [Table Text Block]
The following table presents the distribution of the Company’s recorded investment in mortgage loans by property type as of June 30, 2026 and December 31, 2025 (dollars in millions):
June 30, 2026December 31, 2025
Carrying Value% of Total Carrying Value% of Total
Commercial:
Office$1,731 14.3 %$1,800 16.0 %
Retail3,450 28.5 3,455 30.7 
Industrial3,852 31.9 3,549 31.5 
Apartment1,674 13.8 1,356 12.0 
Hotel519 4.3 500 4.4 
Other commercial268 2.2 161 1.4 
Total commercial11,494 95.0 10,821 96.0 
Residential603 5.0 447 4.0 
Recorded investment12,097 100.0 %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 
Mortgage Loans Classified By Contractual Maturity Date [Table Text Block]
The following table presents the maturities of the Company’s recorded investment in mortgage loans as of June 30, 2026 and December 31, 2025 (dollars in millions):
June 30, 2026December 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 years5,609 48.8 5,225 48.3 
Due after ten years930 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 years354 58.7 263 58.8 
Total residential$603 100.0 %$447 100.0 %
Mortgage Loan Internal Credit Risk Grade [Table Text Block]
The following tables set forth certain key credit quality indicators of the Company’s recorded investment in commercial mortgage loans as of June 30, 2026 and December 31, 2025 (dollars in millions):
Recorded Investment
Debt Service Ratios
>1.20x1.00x – 1.20x<1.00xConstruction LoansTotal% 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 greater604 164 97 — 865 7.5 
Total commercial$9,932 $1,100 $437 $25 $11,494 100.0 %
Recorded Investment
Debt Service Ratios
>1.20x1.00x – 1.20x<1.00xConstruction LoansTotal% 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 greater643 236 114 — 993 9.2 
Total commercial$9,652 $798 $371 $— $10,821 100.0 %
The following tables set forth credit quality grades by year of origination of the Company’s recorded investment in commercial mortgage loans as of June 30, 2026 and December 31, 2025 (dollars in millions):
Recorded Investment
Year of Origination
20262025202420232022PriorTotal
June 30, 2026:
Internal credit quality grade:
High investment grade$90 $623 $584 $349 $527 $1,863 $4,036 
Investment grade1,155 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
20252024202320222021PriorTotal
December 31, 2025:
Internal credit quality grade:
High investment grade$636 $587 $352 $539 $458 $1,679 $4,251 
Investment grade1,908 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 
The following tables set forth credit quality by year of origination of the Company’s recorded investment in residential mortgage loans as of June 30, 2026 and December 31, 2025 (dollars in millions):
Recorded Investment
Year of Origination
20262025202420232022PriorTotal
June 30, 2026:
Performing$131 $339 $39 $8 $18 $57 $592 
Non-performing— 10 1 — — — 11 
Total residential$131 $349 $40 $8 $18 $57 $603 
Recorded Investment
Year of Origination
20252024202320222021PriorTotal
December 31, 2025:
Performing$310 $47 $9 $21 $54 $6 $447 
Non-performing— — — — — — — 
Total residential$310 $47 $9 $21 $54 $6 $447 
Financing Receivable, Past Due [Table Text Block]
The following table presents the current and past due composition of the Company’s recorded investment in mortgage loans as of June 30, 2026 and December 31, 2025 (dollars in millions):
June 30, 2026December 31, 2025
Commercial:
Current$11,467 $10,805 
31 – 60 days past due27 — 
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 due8 3 
61 – 90 days past due— — 
Greater than 90 days past due4 — 
Total residential$603 $447 
Allowance For Mortgage Loan And Lease Losses Provision For Loss Net
The following table presents information regarding the Company’s allowance for credit losses for mortgage loans for the three and six months ended June 30, 2026 and 2025 (dollars in millions):
For the three months ended June 30, 2026:
CommercialResidentialTotal
Balance, beginning of period$109 $6 $115 
Provision (release) of credit losses10 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 losses16 2 18 
Write-offs, net of recoveries— — — 
Balance, end of period$103 $4 $107 
For the six months ended June 30, 2026:
CommercialResidentialTotal
Balance, beginning of period$112 $5 $117 
Provision (release) of credit losses14 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 losses10 4 14 
Write-offs, net of recoveries— — — 
Balance, end of period$103 $4 $107 
Limited Partnership And Joint Ventures Table Text Block
Limited Partnerships and Real Estate Joint Ventures
The carrying values of limited partnerships and real estate joint ventures as of June 30, 2026 and December 31, 2025 are as follows (dollars in millions):
June 30, 2026December 31, 2025
Limited partnerships – equity method$1,988 $1,543 
Limited partnerships – fair value875 925 
Limited partnerships – cost method71 72 
Real estate joint ventures – equity method1,132 1,207 
Real estate joint ventures – fair value43 — 
Total limited partnerships and real estate joint ventures$4,109 $3,747 
Schedule Of Other Invested Assets [Table Text Block] The carrying values of other invested assets as of June 30, 2026 and December 31, 2025 are as follows (dollars in millions):
June 30, 2026December 31, 2025
Lifetime mortgages$1,251 $1,197 
Derivatives211 185 
FHLB common stock64 68 
Other59 64 
Total other invested assets$1,585 $1,514