v3.26.1
Variable Interest Entities (Tables)
6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments:
June 30, 2026December 31, 2025
(In millions)Carrying ValueMaximum Loss ExposureCarrying ValueMaximum Loss Exposure
Investment funds$276 $596 $108 $458 
Investment in related parties – investment funds3,243 4,463 2,149 5,859 
Assets of consolidated VIEs – investment funds26,798 31,300 24,070 29,991 
Investment in fixed maturity securities78,757 80,860 84,397 87,995 
Investment in related parties – fixed maturity securities30,047 30,914 24,184 26,717 
Investment in related parties – equity securities— — 266 266 
Total non-consolidated investments$139,121 $148,133 $135,174 $151,286 
The following summarizes the income statement activity of the consolidated VIEs:
Three months ended June 30,Six months ended June 30,
(In millions)2026202520262025
Trading securities$26 $54 $80 $101 
Mortgage loans25 38 57 81 
Investment funds20 21 
Investment expenses and other(10)(32)(32)(46)
Net investment income$43 $80 $111 $157 
Net recognized investment gains (losses) on trading securities
$$$(41)$
Net recognized investment gains (losses) on mortgage loans
(13)
Net recognized investment gains on investment funds
656 461 1,099 988 
Net other gains (losses)
(5)16 17 
Investment related gains (losses)$659 $468 $1,066 $1,018