Investments (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of June 30, 2026:


	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Allowance for credit losses		Fair Value
Fixed maturities:
U.S. Treasuries	$	581	$	—	$	54	$	—	$	—	$	527
U.S. Government agencies and authorities	29		—		1		—		—		28
State, municipalities and political subdivisions	382		—		64		—		—		318
U.S. corporate public securities	6,962		59		808		—		—		6,213
U.S. corporate private securities	4,576		33		186		—		1		4,422
Foreign corporate public securities and foreign governments(1)	2,314		29		181		—		1		2,161
Foreign corporate private securities(1)	2,210		27		51		—		8		2,178
Residential mortgage-backed securities	3,175		28		98		(3)		—		3,102
Commercial mortgage-backed securities	1,880		3		234		—		—		1,649
Other asset-backed securities	1,926		20		22		—		3		1,921
Total fixed maturities, including securities pledged	24,035		199		1,699		(3)		13		22,519
Less: Securities pledged	1,053		—		116		—		—		937
Total fixed maturities	$	22,982	$	199	$	1,583	$	(3)	$	13	$	21,582

(1) Primarily U.S. dollar denominated.

(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Condensed Consolidated Statements of Operations.

Investments Classified by Contractual Maturity Date

Available-for-sale and FVO fixed maturities were as follows as of December 31, 2025:


	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Allowance for credit losses		Fair Value
Fixed maturities:
U.S. Treasuries	$	517	$	—	$	47	$	—	$	—	$	470
U.S. Government agencies and authorities	29		—		1		—		—		28
State, municipalities and political subdivisions	427		—		68		—		—		359
U.S. corporate public securities	6,701		84		773		—		—		6,012
U.S. corporate private securities	4,578		66		165		—		6		4,473
Foreign corporate public securities and foreign governments(1)	2,292		43		177		—		1		2,157
Foreign corporate private securities(1)	2,250		45		39		—		8		2,248
Residential mortgage-backed securities	3,287		41		92		1		—		3,237
Commercial mortgage-backed securities	2,115		5		241		—		—		1,879
Other asset-backed securities	1,977		17		17		—		2		1,975
Total fixed maturities, including securities pledged	24,173		301		1,620		1		17		22,838
Less: Securities pledged	959		—		114		—		—		845
Total fixed maturities	$	23,214	$	301	$	1,506	$	1	$	17	$	21,993

(1) Primarily U.S. dollar denominated.

The amortized cost and fair value of fixed maturities, including securities pledged, as of June 30, 2026, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date.


	Amortized Cost		Fair Value
Due to mature:
One year or less	$	661	$	661
After one year through five years	2,709		2,680
After five years through ten years	2,921		2,854
After ten years	10,763		9,652
Mortgage-backed securities	5,055		4,751
Other asset-backed securities	1,926		1,921
Fixed maturities, including securities pledged	$	24,035	$	22,519

Schedule of Securities Borrowed Under Securities Lending Transactions


	June 30, 2026		December 31, 2025
U.S. Treasuries	$	89	$	29

U.S. corporate public securities	376		391

Short-term investments and cash equivalents	—		13
Foreign corporate public securities and foreign governments	198		156
Total(1)	$	663	$	589

Debt Securities, Available-for-Sale, Allowance for Credit Loss

The following tables present a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the period presented:


	Six Months Ended June 30, 2026
	U.S. corporate private securities		Commercial mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Other asset-backed securities		Total
Balance as of January 1	$	6	$	—	$	1	$	8	$	2	$	17
Credit losses on securities for which credit losses were not previously recorded	—		—		—		—		1		1

Reductions for securities sold during the period	(5)		—		—		—		—		(5)




Balance as of June 30	$	1	$	—	$	1	$	8	$	3	$	13


			Year Ended December 31, 2025
	U.S. Corporate private securities			Commercial mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Other asset-backed securities		Total
Balance as of January 1	$	3		$	17	$	1	$	8	$	1	$	30
Credit losses on securities for which credit losses were not previously recorded	6			—		—		—		1		7

Reductions for securities sold during the period	(3)			(17)		—		—		—		(20)




Balance as of December 31	$	6		$	—	$	1	$	8	$	2	$	17

For additional information about the Company’s methodology and significant inputs used in determining whether a credit loss exists, see Note 1, Business, Basis of Presentation and Significant Accounting Policies to the Consolidated Financial Statements in Part II, Item 8. of the Annual Report on Form 10-K.

Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

The following tables present available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by investment category and duration as of the dates indicated:


		As of June 30, 2026
	Twelve Months or Less Below Amortized Cost					More Than Twelve Months Below Amortized Cost			Total
		Fair Value		Unrealized Capital Losses			Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses
U.S. Treasuries		$	273	$	7		$	255	$	47	$	528	$	54
U.S. Government, agencies and authorities		14		—			14		1		28		1
State, municipalities and political subdivisions		4		—			312		64		316		64
U.S. corporate public securities		975		42			3,534		766		4,509		808
U.S. corporate private securities		1,062		16			1,561		170		2,623		186
Foreign corporate public securities and foreign governments		396		6			935		175		1,331		181
Foreign corporate private securities		575		8			721		43		1,296		51
Residential mortgage-backed		468		7			532		91		1,000		98
Commercial mortgage-backed		83		1			1,361		233		1,444		234
Other asset-backed		449		7			131		15		580		22
Total		$	4,299	$	94		$	9,356	$	1,605	$	13,655	$	1,699


	As of December 31, 2025
	Twelve Months or Less Below Amortized Cost				More Than Twelve Months Below Amortized Cost	Total
	Fair Value		Unrealized Capital Losses			Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses
U.S. Treasuries	$	212	$	4		$	252	$	43	$	464	$	47
U.S. Government, agencies and authorities	—		—			14		1		14		1
State, municipalities and political subdivisions	3		—			354		68		357		68
U.S. corporate public securities	516		32			3,655		741		4,171		773
U.S. corporate private securities	298		4			1,857		161		2,155		165
Foreign corporate public securities and foreign governments	136		3			1,040		174		1,176		177
Foreign corporate private securities	62		—			919		39		981		39
Residential mortgage-backed	206		2			686		90		892		92
Commercial mortgage-backed	61		—			1,546		241		1,607		241
Other asset-backed	188		1			158		16		346		17
Total	$	1,682	$	46		$	10,481	$	1,574	$	12,163	$	1,620

Mortgage Loans by Loan to Value Ratio

The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of June 30, 2026 and December 31, 2025, respectively.


	As of June 30, 2026
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2026	$	119	$	113	$	102	$	37	$	—	$	371
2025	300		408		55		16		—		779
2024	157		111		11		—		—		279
2023	53		83		—		—		—		136
2022	217		196		63		3		—		479
Prior	2,147		239		31		15		2		2,434
Total	$	2,993	$	1,150	$	262	$	71	$	2	$	4,478


	As of December 31, 2025
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2025	$	337	$	406	$	85	$	—	$	—	$	828
2024	150		126		11		—		—		287
2023	72		137		—		—		—		209
2022	218		221		83		—		—		522
2021	189		151		35		15		—		390
Prior	2,225		139		—		—		2		2,366
Total	$	3,191	$	1,180	$	214	$	15	$	2	$	4,602

Mortgage Loans by Debt Service Coverage Ratio

The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of June 30, 2026 and December 31, 2025, respectively.


	As of June 30, 2026
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total(1)
2026	$	129	$	118	$	104	$	20	$	371
2025	613		105		49		12		779
2024	143		55		57		24		279
2023	82		47		3		4		136
2022	311		79		30		59		479
Prior	1,757		327		213		137		2,434
Total	$	3,035	$	731	$	456	$	256	$	4,478

(1) No commercial mortgage loans were secured by land or construction loans


	As of December 31, 2025
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total(1)
2025	$	628	$	131	$	55	$	14	$	828
2024	138		107		37		5		287
2023	128		14		65		2		209
2022	299		97		42		84		522
2021	254		19		41		76		390
Prior	1,743		342		203		78		2,366
Total	$	3,190	$	710	$	443	$	259	$	4,602

(1) No commercial mortgage loans were secured by land or construction loans

Mortgage Loans by Geographic Location of Collateral

The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of June 30, 2026 and December 31, 2025, respectively.


	As of June 30, 2026
	U.S. Region
Year of Origination	Pacific		South Atlantic		Middle Atlantic		West South Central		Mountain		East North Central		New England		West North Central		East South Central		Total
2026	$	27	$	67	$	154	$	16	$	9	$	29	$	43	$	18	$	8	$	371
2025	205		91		152		162		68		26		36		19		20		779
2024	57		89		39		42		17		10		7		2		16		279
2023	24		21		9		51		8		8		—		15		—		136
2022	118		58		52		72		84		69		—		7		19		479
Prior	554		575		472		197		203		235		48		82		68		2,434
Total	$	985	$	901	$	878	$	540	$	389	$	377	$	134	$	143	$	131	$	4,478


	As of December 31, 2025
	U.S. Region
Year of Origination	Pacific		South Atlantic		Middle Atlantic		West South Central		Mountain		East North Central		New England		West North Central		East South Central		Total
2025	$	205	$	91	$	210	$	156	$	67	$	26	$	35	$	18	$	20	$	828
2024	52		84		39		61		17		11		7		2		14		287
2023	25		36		13		70		16		25		2		20		2		209
2022	125		63		54		72		97		85		—		7		19		522
2021	83		45		82		55		76		37		2		10		—		390
Prior	538		584		506		161		168		207		48		84		70		2,366
Total	$	1,028	$	903	$	904	$	575	$	441	$	391	$	94	$	141	$	125	$	4,602

Mortgage Loans by Property Type of Collateral

The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of June 30, 2026 and December 31, 2025, respectively.


	As of June 30, 2026
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2026	$	70	$	159	$	80	$	—	$	62	$	—	$	—	$	371
2025	296		344		125		7		4		3		—		779
2024	50		163		55		11		—		—		—		279
2023	18		88		6		—		24		—		—		136
2022	99		214		135		16		9		6		—		479
Prior	556		651		660		387		32		108		40		2,434
Total	$	1,089	$	1,619	$	1,061	$	421	$	131	$	117	$	40	$	4,478


	As of December 31, 2025
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2025	$	350	$	341	$	124	$	7	$	3	$	3	$	—	$	828
2024	60		160		56		11		—		—		—		287
2023	79		91		6		9		24		—		—		209
2022	99		224		156		28		9		6		—		522
2021	33		121		145		79		—		—		12		390
Prior	589		635		593		372		33		115		29		2,366
Total	$	1,210	$	1,572	$	1,080	$	506	$	69	$	124	$	41	$	4,602

Financing Receivable, Allowance for Credit Loss

The following table summarizes activity in the allowance for credit losses for commercial mortgage loans for the periods indicated:


	June 30, 2026		December 31, 2025
Allowance for credit losses, beginning of the period	$	27	$	19
Credit losses on mortgage loans for which credit losses were not previously recorded	4		15

Increase (decrease) on mortgage loans with an allowance recorded in a previous period	(1)		2
Provision for expected credit losses	30		36
Write-offs	(8)		(9)


Allowance for credit losses, end of period	$	22	$	27

Financing Receivable, Past Due

The following table presents the payment status of commercial mortgage loans as of the dates indicated:


	June 30, 2026		December 31, 2025
Current	$	4,465	$	4,531
30-59 days past due	—		—
60-89 days past due	—		—
Greater than 90 days past due	13		71
Total	$	4,478	$	4,602

Net Investment Income

The following table summarizes Net investment income by investment type for the periods indicated:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Fixed maturities	$	369	$	352	$	730	$	703

Equity securities	1		2		3		3
Mortgage loans on real estate	58		56		115		111
Policy loans	1		2		3		4
Short-term investments and cash equivalents	2		3		5		7
Limited partnerships and other	(1)		39		27		59


Gross investment income	$	430	$	454	$	883	$	887
Less: Investment expenses	23		20		43		40
Net investment income	$	407	$	434	$	840	$	847

Realized Gain (Loss) on Investments

Net gains (losses) were as follows for the periods indicated:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Fixed maturities, available-for-sale, including securities pledged	$	(8)	$	(22)	$	(24)	$	(18)
Fixed maturities, at fair value option	(67)		(3)		(116)		9

Equity securities, at fair value	1		—		(1)		1

Derivatives	29		(33)		48		(70)





Mortgage loans	(1)		1		(1)		(3)
Other	(10)		7		(13)		12
Net gains (losses)	$	(56)	$	(50)	$	(107)	$	(69)

Gain (Loss) on Securities

Proceeds from the sale of fixed maturities, available-for-sale and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Proceeds on sales	$	1,125	$	797	$	2,125	$	1,967
Gross gains	4		9		22		24
Gross losses	17		5		34		32