10. Net Investment Income and Investment Related Gains (Losses) Net investment income is shown below: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | (Dollars in millions) | | Available-for-sale fixed maturity securities | $ | 824 | | | $ | 567 | | | $ | 1,627 | | | $ | 1,203 | | | Equity securities | 2 | | | (1) | | | 10 | | | 5 | | | Mortgage loans | 172 | | | 186 | | | 350 | | | 386 | | | Private loans | 182 | | | 111 | | | 358 | | | 202 | | | Investment real estate | 23 | | | 19 | | | 34 | | | 20 | | | Real estate partnerships | 14 | | | (10) | | | 48 | | | 15 | | | Investment funds | 40 | | | 69 | | | 77 | | | 129 | | | Policy loans | 5 | | | 6 | | | 11 | | | 12 | | | Short-term investments, cash and cash equivalents | 65 | | | 168 | | | 149 | | | 310 | | | Other invested assets and investment expenses | (38) | | | 24 | | | (86) | | | 108 | | | Total net investment income | $ | 1,289 | | | $ | 1,139 | | | $ | 2,578 | | | $ | 2,390 | |
Net unrealized and realized investment gains (losses) are shown below: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | (Dollars in millions) | | Available-for-sale fixed maturity securities | $ | (4) | | | $ | 49 | | | $ | (20) | | | $ | 110 | | | Equity securities | 84 | | | 27 | | | 32 | | | 33 | | | Mortgage loans | (29) | | | (6) | | | (18) | | | (2) | | | Private loans | (6) | | | 30 | | | (18) | | | 33 | | | Investment real estate | (3) | | | 7 | | | 39 | | | (1) | | | Real estate partnerships | — | | | (8) | | | — | | | (8) | | | Investment funds | (3) | | | (2) | | | (5) | | | (1) | | Short-term and other investments (1) | 20 | | | (108) | | | 19 | | | (172) | | | Total investment related gains (losses), net | $ | 59 | | | $ | (11) | | | $ | 29 | | | $ | (8) | |
(1)Includes derivatives gains (losses). See Note 9 - Derivative Instruments for details.
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