Investments (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity Securities Available-for-Sale by Sector

The following table presents fixed maturity securities available-for-sale (“AFS”) by sector. United States (“U.S.”) corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, prime investor, nonqualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. ABS & CLO includes securities collateralized by consumer loans, corporate loans, broadly syndicated bank loans and other assets. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS & CLO and CMBS are, collectively, “Structured Products.”


	June 30, 2026										December 31, 2025
	Amortized Cost				Gross Unrealized				Estimated Fair Value		Amortized Cost				Gross Unrealized				Estimated Fair Value
Sector			Allowance for Credit Loss (“ACL”)		Gains		Losses						ACL		Gains		Losses
	(In millions)

U.S. corporate	$	54,723	$	(93)	$	739	$	3,181	$	52,188	$	52,552	$	(125)	$	1,050	$	2,875	$	50,602
RMBS	29,485		(1)		319		1,386		28,417		28,129		(1)		476		1,365		27,239
U.S. government and agency	26,267		—		81		3,508		22,840		29,811		—		188		3,298		26,701
Foreign corporate	28,817		(12)		484		2,385		26,904		27,934		(7)		742		2,198		26,471
ABS & CLO	18,131		—		105		238		17,998		14,610		(5)		137		191		14,551
Municipals	5,748		—		116		509		5,355		5,947		—		138		496		5,589
CMBS	5,286		(16)		29		199		5,100		5,286		(20)		57		210		5,113
Foreign government	3,912		(36)		122		184		3,814		3,115		(36)		151		164		3,066
Total fixed maturity securities AFS	$	172,369	$	(158)	$	1,995	$	11,590	$	162,616	$	167,384	$	(194)	$	2,939	$	10,797	$	159,332

Available-for-sale fixed maturity securities by contractual maturity date

The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at June 30, 2026:


	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Products		Total Fixed Maturity Securities AFS
	(In millions)
Amortized cost, net of ACL	$	4,609	$	27,019	$	28,864	$	58,834	$	52,885	$	172,211
Estimated fair value	$	4,557	$	26,631	$	28,401	$	51,512	$	51,515	$	162,616

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

The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position without an ACL by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position.


	June 30, 2026								December 31, 2025
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
Sector & Credit Quality	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(Dollars in millions)

U.S. corporate	$	12,794	$	234	$	18,957	$	2,936	$	4,208	$	80	$	20,765	$	2,763
RMBS	8,287		83		7,596		1,302		1,728		17		9,165		1,348
U.S. government and agency	6,156		84		10,186		3,424		6,209		57		10,238		3,241
Foreign corporate	5,576		146		10,670		2,237		1,211		69		11,682		2,126
ABS & CLO	6,890		74		2,284		164		3,570		22		2,534		169
Municipals	536		18		1,976		491		588		14		1,961		482
CMBS	992		13		1,755		185		421		9		2,081		199
Foreign government	562		14		968		169		167		4		1,078		159
Total fixed maturity securities AFS	$	41,793	$	666	$	54,392	$	10,908	$	18,102	$	272	$	59,504	$	10,487
Investment grade	$	39,788	$	606	$	53,362	$	10,804	$	17,172	$	232	$	58,276	$	10,396
Below investment grade	2,005		60		1,030		104		930		40		1,228		91
Total fixed maturity securities AFS	$	41,793	$	666	$	54,392	$	10,908	$	18,102	$	272	$	59,504	$	10,487
Total number of securities in an unrealized loss position	5,321				5,325				2,778				5,880

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

The rollforward of ACL for fixed maturity securities AFS by sector was as follows:


	U.S. Corporate		Foreign Corporate		Foreign Government		RMBS		ABS & CLO		CMBS		Total
Three Months Ended June 30, 2026	(In millions)
Balance, beginning of period	$	121	$	16	$	36	$	1	$	5	$	16	$	195
ACL not previously recorded	—		—		—		—		—		—		—
Changes for securities with previously recorded ACL	—		(4)		—		—		—		—		(4)
Securities sold or exchanged	(28)		—		—		—		(5)		—		(33)

Balance, end of period	$	93	$	12	$	36	$	1	$	—	$	16	$	158
Three Months Ended June 30, 2025
Balance, beginning of period	$	26	$	5	$	36	$	2	$	5	$	12	$	86
ACL not previously recorded	16		—		—		—		—		—		16
Changes for securities with previously recorded ACL	7		(2)		—		—		(1)		—		4
Securities sold or exchanged	—		(3)		—		—		—		—		(3)

Balance, end of period	$	49	$	—	$	36	$	2	$	4	$	12	$	103


	U.S. Corporate		Foreign Corporate		Foreign Government		RMBS		ABS & CLO		CMBS		Total
Six Months Ended June 30, 2026	(In millions)
Balance, beginning of period	$	125	$	7	$	36	$	1	$	5	$	20	$	194
ACL not previously recorded	—		16		—		—		—		3		19
Changes for securities with previously recorded ACL	21		(4)		—		—		—		4		21
Securities sold or exchanged	(53)		(7)		—		—		(5)		(11)		(76)

Balance, end of period	$	93	$	12	$	36	$	1	$	—	$	16	$	158
Six Months Ended June 30, 2025
Balance, beginning of period	$	45	$	15	$	36	$	1	$	7	$	8	$	112
ACL not previously recorded	16		—		—		1		—		3		20
Changes for securities with previously recorded ACL	11		(2)		—		—		—		1		10
Securities sold or exchanged	(23)		(13)		—		—		(3)		—		(39)

Balance, end of period	$	49	$	—	$	36	$	2	$	4	$	12	$	103

Disclosure of Mortgage Loans Net of Valuation Allowance

Mortgage loans are summarized as follows at:


	June 30, 2026				December 31, 2025
Portfolio Segment	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	27,552	50.3	%	$	29,546	52.9	%
Agricultural	15,207		27.7		15,203		27.2
Residential	12,896		23.5		11,815		21.2
Total amortized cost	55,655		101.5		56,564		101.3
ACL	(822)		(1.5)		(701)		(1.3)




Total mortgage loans held-for-investment, net	54,833		100.0		55,863		100.0
Mortgage loans held-for-sale	—		—		7		—
Total mortgage loans	$	54,833	100.0	%	$	55,870	100.0	%

Allowance for Loan and Lease Losses, Provision for Loss, Net

The rollforward of ACL for mortgage loans, by portfolio segment, was as follows:


	Six Months Ended June 30,
	2026								2025
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance, beginning of period	$	436	$	81	$	184	$	701	$	312	$	63	$	128	$	503
Provision (release)	224		2		(30)		196		315		8		12		335

Charge-offs, net of recoveries	(64)		(9)		(2)		(75)		(46)		—		—		(46)
Balance, end of period	$	596	$	74	$	152	$	822	$	581	$	71	$	140	$	792

The gross charge-offs of mortgage loans by origination year and portfolio segment for the six months ended June 30, 2026 were as follows:


Portfolio Segment	2026		2025		2024		2023		2022		Prior		Total
	(In millions)
Commercial	$	—	$	—	$	—	$	—	$	8	$	56	$	64
Agricultural	—		—		—		—		—		9		9

Residential	—		—		—		—		1		1		2
Total	$	—	$	—	$	—	$	—	$	9	$	66	$	75

Financing Receivable, Modified

These mortgage loan modifications are summarized as follows:

Three Months Ended June 30,

2026

Amortized Cost

Affected Loans

(in Years)

Portfolio Segment

Maturity
Extension

Payment
Delay

Total

Weighted-Average
Life Increase

Average Years Payment Deferral

% of Book
Value

(Dollars in millions)

Commercial

230

—

230

2 years

—

<1%


	Three Months Ended June 30,
	2025
	Amortized Cost		Affected Loans (in Years)
Portfolio Segment	Maturity Extension			Payment Delay		Total		Weighted-Average Life Increase	Average Years Payment Deferral	% of Book Value
	(Dollars in millions)
Commercial	$	324		$	—	$	324	5 years			—	1.0	%

Six Months Ended June 30,

2026

Amortized Cost

Affected Loans

(in Years)

Portfolio Segment

Maturity
Extension

Payment
Delay

Total

Weighted-Average
Life Increase

Average Years Payment Deferral

% of Book
Value

(Dollars in millions)

Commercial

230

—

230

2 years

—

<1%


	Six Months Ended June 30,
	2025
	Amortized Cost		Affected Loans (in Years)
Portfolio Segment	Maturity Extension			Payment Delay		Total		Weighted-Average Life Increase	Average Years Payment Deferral	% of Book Value
	(Dollars in millions)
Commercial	$	460		$	—	$	460	5 years			—	1.4	%

Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories

The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2026:


Credit Quality Indicator	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	966	$	1,495	$	1,859	$	1,189	$	883	$	7,291	$	1,577	$	15,260	55.4	%
65% to 75%	209		243		306		430		1,393		1,924		—		4,505		16.4
76% to 80%	—		52		—		52		202		968		—		1,274		4.6
Greater than 80%	1		133		180		—		461		5,738		—		6,513		23.6
Total	$	1,176	$	1,923	$	2,345	$	1,671	$	2,939	$	15,921	$	1,577	$	27,552	100.0	%
DSCR:
> 1.20x	$	1,030	$	1,660	$	1,934	$	1,220	$	2,317	$	13,369	$	1,577	$	23,107	83.9	%
1.00x - 1.20x	42		244		—		337		163		1,374		—		2,160		7.8
<1.00x	104		19		411		114		459		1,178		—		2,285		8.3
Total	$	1,176	$	1,923	$	2,345	$	1,671	$	2,939	$	15,921	$	1,577	$	27,552	100.0	%

The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2026:


Credit Quality Indicator	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	821	$	908	$	500	$	745	$	1,520	$	8,249	$	1,198	$	13,941	91.7	%
65% to 75%	—		58		32		73		186		686		57		1,092		7.2
76% to 80%	—		—		—		—		22		11		4		37		0.2
Greater than 80%	18		—		—		—		87		22		10		137		0.9
Total	$	839	$	966	$	532	$	818	$	1,815	$	8,968	$	1,269	$	15,207	100.0	%

The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2026:


Credit Quality Indicator	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	912	$	2,128	$	1,184	$	217	$	1,487	$	6,601	$	—	$	12,529	97.2	%
Nonperforming (1)	1		27		48		20		68		203		—		367		2.8
Total	$	913	$	2,155	$	1,232	$	237	$	1,555	$	6,804	$	—	$	12,896	100.0	%

__________________

(1)Includes residential mortgage loans in process of foreclosure with an amortized cost of $151 million and $143 million at June 30, 2026 and December 31, 2025, respectively.

Schedule of Past Due and Non Accrual Mortgage Loans

The past due and nonaccrual mortgage loans at amortized cost, prior to ACL, by portfolio segment, were as follows:


	Past Due				Past Due and Still Accruing Interest				Nonaccrual
Portfolio Segment	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
	(In millions)
Commercial	$	484	$	339	$	—	$	—	$	844	$	945
Agricultural	156		172		6		43		160		165
Residential	367		365		—		—		367		365
Total	$	1,007	$	876	$	6	$	43	$	1,371	$	1,475

Disclosure Real Estate and Real Estate Joint Ventures

Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:


	June 30, 2026		December 31, 2025		Three Months Ended June 30,				Six Months Ended June 30,
					2026		2025		2026		2025
Income Type	Carrying Value				Income
	(In millions)
Wholly-owned real estate:
Leased real estate	$	1,550	$	1,331	$	56	$	39	$	93	$	82
Other real estate	585		553		91		91		163		164
REJVs	6,486		6,914		38		40		90		53
Total real estate and REJVs	$	8,621	$	8,798	$	185	$	170	$	346	$	299

Debt Securities, Trading, and Equity Securities, FV-NI

The following table presents FVO securities and equity securities by asset type.



	June 30, 2026						December 31, 2025
			Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
Asset Type	Cost
	(In millions)
FVO securities
Securities held by collateralized financing entities (“CFEs”)	$	815	$	(15)	$	800	$	—	$	—	$	—
General account and other securities	200		806		1,006		218		648		866
Total FVO securities	$	1,015	$	791	$	1,806	$	218	$	648	$	866
Equity securities
Common stock (2)	$	182	$	44	$	226	$	170	$	25	$	195
Non-redeemable preferred stock	38		9		47		37		7		44
Total equity securities	$	220	$	53	$	273	$	207	$	32	$	239

__________________

(1)Represents cumulative changes in estimated fair value, recognized in earnings.

(2)Includes common stock and certain mutual funds.

Securities Lending and Repurchase Agreements

Transactions and agreements accounted for as secured borrowings were as follows:


	June 30, 2026						December 31, 2025
	Securities (1)						Securities (1)
Agreement Type	Estimated Fair Value		Cash Collateral Received from Counterparties (2)		Reinvestment Portfolio at Estimated Fair Value		Estimated Fair Value		Cash Collateral Received from Counterparties (2)		Reinvestment Portfolio at Estimated Fair Value
	(In millions)
Securities lending	$	7,610	$	7,868	$	7,818	$	6,840	$	7,043	$	6,979
Repurchase agreements	$	3,352	$	3,275	$	3,254	$	3,002	$	2,975	$	2,948

__________________

(1)These securities were included within fixed maturity securities AFS and short-term investments at June 30, 2026 and within fixed maturity securities AFS, short-term investments and cash equivalents at December 31, 2025. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge these securities.

(2)The liability for cash collateral is included within payables for collateral under securities loaned and other transactions.

Contractual maturities of transactions and agreements accounted for as secured borrowings were as follows:


	June 30, 2026										December 31, 2025
	Remaining Maturities										Remaining Maturities
Cash collateral liability by security type:	Open (1)		1 Month or Less		Over 1 Month to 6 Months		Over 6 Months to 1 Year		Total		Open (1)		1 Month or Less		Over 1 Month to 6 Months		Over 6 Months to 1 Year		Total
	(In millions)
Securities lending:
U.S. government and agency	$	1,283	$	3,170	$	3,415	$	—	$	7,868	$	971	$	2,445	$	3,627	$	—	$	7,043


Repurchase agreements:
U.S. government and agency	$	—	$	3,275	$	—	$	—	$	3,275	$	—	$	2,975	$	—	$	—	$	2,975

__________________

(1)The related security could be returned to the Company on the next business day, which would require the Company to immediately return the cash collateral.

Invested Assets on Deposit and Pledged as Collateral

Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value, and were as follows at:


	June 30, 2026		December 31, 2025
	(In millions)
Invested assets on deposit (regulatory deposits)	$	104	$	106
Invested assets held in trust (external reinsurance agreements)	1,223		285
Invested assets pledged as collateral (1)	23,316		21,380
Total invested assets on deposit, held in trust and pledged as collateral	$	24,643	$	21,771

__________________

(1)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements and secured debt (see Notes 4 and 14 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report). For information regarding invested assets pledged in connection with derivative transactions, see Note 9.

Schedule of Variable Interest Entities


	June 30, 2026		December 31, 2025
Instrument Type	Consolidated VIEs
	(In millions)
FVO securities primarily held by CFEs (1)	$	800	$	—
Mortgage loans	183		180
Real estate and REJVs	2,490		2,435
Renewable energy partnership (1)	40		45

Cash and cash equivalents	83		8
Other	25		6
Total assets of consolidated VIEs	$	3,621	$	2,674
Notes issued by CFEs (2)	$	791	$	—
Other liabilities	45		9
Total liabilities of consolidated VIEs	$	836	$	9

__________________

(1)Included in other invested assets.

(2)In the first quarter of 2026, beneficial interests in CFEs were transferred to the Company from an affiliate, which resulted in the Company, as the primary beneficiary, consolidating the CFEs as VIEs. Notes issued by CFEs represent notes issued by CLOs. The creditors of these consolidated VIEs do not have recourse to the Company in excess of the assets contained within the VIEs. For these notes, the Company has elected the FVO and has based the estimated fair value on the more observable of the notes or the corresponding assets. Changes in estimated fair value are reported in net investment gains (losses).

Components of Net Investment Income

The composition of net investment income by asset type was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
Asset Type	2026		2025		2026		2025
	(In millions)
Fixed maturity securities AFS	$	2,116	$	1,897	$	4,160	$	3,765
Mortgage loans	712		743		1,429		1,506
Policy loans	72		71		145		141
Real estate and REJVs	185		170		346		299
OLPI	(4)		27		179		140
Cash, cash equivalents and short-term investments	83		79		173		169
FVO securities	141		81		101		48
Operating joint venture	50		32		68		48
Equity securities	1		—		2		4
Other	16		19		189		173
Subtotal investment income	3,372		3,119		6,792		6,293
Less: Investment expenses	358		313		678		611
Net investment income	$	3,014	$	2,806	$	6,114	$	5,682

Net Investment Income Information
Net realized and unrealized gains (losses) recognized in net investment income:
Net realized gains (losses) from sales and disposals	$	—	$	—	$	—	$	—
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and REJVs)	132		84		99		70
Net realized and unrealized gains (losses) recognized in net investment income	$	132	$	84	$	99	$	70

Changes in estimated fair value subsequent to purchase of FVO securities still held at the end of the respective periods and recognized in net investment income	$	125	$	81	$	85	$	46

Equity method investments net investment income (primarily REJVs, OLPI, tax credit and renewable energy partnerships and an operating joint venture)	$	89	$	119	$	356	$	251

Components of Net Investment Gains (Losses)

The composition of net investment gains (losses) by instrument type and transaction type was as follows:


		Three Months Ended June 30,				Six Months Ended June 30,
Instrument Type		2026		2025		2026		2025
	(In millions)
Fixed maturity securities AFS		$	(120)	$	(100)	$	(232)	$	(226)
Mortgage loans		(135)		(211)		(206)		(340)
Real estate and REJVs (excluding changes in estimated fair value)		(147)		2		(169)		2
OLPI (excluding changes in estimated fair value) (1)		(4)		21		(37)		20
Equity securities		—		16		8		7
FVO securities		(18)		—		(18)		—
Notes issued by CFEs		(2)		—		(2)		—
Other gains (losses)		12		1		5		—
Subtotal		(414)		(271)		(651)		(537)
Change in estimated fair value of OLPI and REJVs		2		(3)		4		—
Non-investment portfolio gains (losses)		5		(48)		15		(70)
Subtotal		7		(51)		19		(70)
Net investment gains (losses)		$	(407)	$	(322)	$	(632)	$	(607)

Transaction Type
Realized gains (losses) on investments sold or disposed (1)		$	(261)	$	(75)	$	(326)	$	(251)
Impairment (losses)		(50)		(2)		(169)		(5)
Recognized gains (losses):
Change in ACL recognized in earnings		(82)		(223)		(149)		(323)
Unrealized net gains (losses) recognized in earnings		(19)		26		(3)		42
Total recognized gains (losses)		(101)		(197)		(152)		(281)
Non-investment portfolio gains (losses)		5		(48)		15		(70)
Net investment gains (losses)		$	(407)	$	(322)	$	(632)	$	(607)

Net Investment Gains (Losses) Information
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in net investment gains (losses)		$	2	$	16	$	11	$	9
Changes in estimated fair value subsequent to purchase of FVO securities still held at the end of the respective periods and recognized in net investment gains (losses)		$	(17)	$	—	$	(17)	$	—
Changes in estimated fair value subsequent to recognition of Notes issued by CFEs still outstanding at the end of the respective periods and recognized in net investment gains (losses)		$	(2)	$	—	$	(2)	$	—

Other gains (losses) include:
Gains (losses) on disposed investments which were previously in a qualified cash flow hedging relationship		$	(10)	$	10	$	(10)	$	9
Gains (losses) on leveraged leases and renewable energy partnerships		$	20	$	—	$	20	$	—

Foreign currency gains (losses)		$	13	$	(49)	$	18	$	(76)

Net Realized Investment Gains (Losses) From Sales and Disposals of Investments:
Recognized in net investment gains (losses)		$	(261)	$	(75)	$	(326)	$	(251)
Recognized in net investment income		—		—		—		—
Net realized investment gains (losses) from sales and disposals of investments		$	(261)	$	(75)	$	(326)	$	(251)

__________________

(1) Includes a net loss of $40 million and $1 million for the six months ended June 30, 2026 and 2025, respectively, for private equity investments sold. For the six months ended June 30, 2026 and 2025, the Company sold $577 million and $36 million, respectively, in portfolios of investments to funds for proceeds of $537 million and $35 million, respectively, in cash and receivables secured by the value of the respective funds. An affiliate has entered into agreements to serve as the asset manager of the funds for which it receives management fees.

Schedule of Realized Gain (Loss)

The composition of net investment gains (losses) for these securities was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
Fixed Maturity Securities AFS	2026		2025		2026		2025
	(In millions)
Proceeds	$	6,341	$	2,802	$	13,784	$	6,082
Gross investment gains	$	37	$	18	$	123	$	41
Gross investment (losses)	(193)		(99)		(388)		(271)
Realized gains (losses) on sales and disposals	(156)		(81)		(265)		(230)
Net credit loss (provision) release (change in ACL recognized in earnings)	36		(17)		36		9
Impairment (losses)	—		(2)		(3)		(5)
Net credit loss (provision) release and impairment (losses)	36		(19)		$	33	$	4
Net investment gains (losses)	$	(120)	$	(100)	$	(232)	$	(226)

Equity Securities
Realized gains (losses) on sales and disposals	$	(1)	$	(12)	$	(9)	$	(34)
Unrealized net gains (losses) recognized in earnings	1		28		17		41
Net investment gains (losses)	$	—	$	16	$	8	$	7

Schedule of Related Party Transactions

The Company transfers invested assets primarily consisting of fixed maturity securities AFS, mortgage loans, real estate and REJVs, and FVO securities to and from affiliates. Invested assets transferred to and from affiliates were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In millions)
Estimated fair value of invested assets transferred to affiliates	$	212	$	20	$	498	$	21
Amortized cost of invested assets transferred to affiliates	$	214	$	19	$	525	$	20
Net investment gains (losses) recognized on transfers	$	(2)	$	1	$	(27)	$	1
Estimated fair value of invested assets transferred from affiliates	$	27	$	20	$	364	$	70

Recurring related party investments were as follows at:


		June 30, 2026		December 31, 2025

Investment Type/ Balance Sheet Category	Related Party	Carrying Value
		(In millions)
Affiliated investments (1)	MetLife, Inc.	$	980	$	1,016
Affiliated investments (2)	Metropolitan General Insurance Company	152		152
Affiliated funds withheld (3)	Metropolitan Tower Life Insurance Company (“MTL”)	2,364		2,476
Other invested assets		$	3,496	$	3,644

________________

(1)Represents an investment in affiliated senior unsecured notes which have maturity dates from July 2026 to December 2031 and bear interest, payable semi-annually, at rates per annum ranging from 1.61% to 2.16%. In July 2026, ¥23.8 billion (the equivalent of $147 million) of 1.61% and 1.64% affiliated senior unsecured notes matured and were refinanced with ¥23.8 billion in affiliated senior unsecured notes which mature in July 2033 and bear interest, payable semi-annually, at rates per annum ranging from 4.29% to 4.30%. These affiliated investments earned investment income of $6 million and $13 million for the three months and six months ended June 30, 2026, respectively, and $5 million and $10 million for the three months and six months ended June 30, 2025, respectively.

(2)Represents an investment in the affiliate’s unsecured note which matures December 2034 and bears interest, payable semi-annually, at a rate per annum of 6.47%.

(3)Represents affiliated funds withheld, reported in other invested assets, related to an agreement the Company, through its wholly-owned subsidiary, entered into to assume certain group annuity contracts issued in connection with a qualifying pension risk transfer on a modified coinsurance basis from MTL.