v3.26.1
Variable Interest Entities and Equity Method Investments (Tables)
6 Months Ended
Jun. 30, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Variable Interest Entities
The assets and liabilities relating to the consolidated VIEs from our investment activities included in the financial statements are as follows:
June 30, 2026December 31, 2025
(Dollars in millions)
Available-for-sale fixed maturity securities$226 $74 
Equity securities187 693 
Mortgage loans on real estate, net of allowance458 248 
Private loans, net of allowance1,953 2,007 
Investment real estate2,875 2,660 
Real estate partnerships1,668 1,479 
Investment funds3,052 2,604 
Short-term investments— 
Other invested assets
831 326 
Cash and cash equivalents350 293 
Other assets143 166 
Total assets of consolidated VIEs$11,743 $10,552 
Notes payable$206 $205 
Other liabilities751 733 
Total liabilities of consolidated VIEs$957 $938 
The carrying amount and maximum exposure to loss relating to these unconsolidated VIEs are as follows:
June 30, 2026December 31, 2025
Carrying
Amount
Maximum
Exposure to Loss
Carrying
Amount
Maximum
Exposure to Loss
(Dollars in millions)
Available-for-sale fixed maturity securities$4,612 $5,149 $2,829 $3,137 
Mortgage loans on real estate, net of allowance494 494 562 562 
Private loans, net of allowance2,157 2,184 1,809 1,809 
Real estate partnerships2,691 2,695 2,681 2,685 
Investment funds3,532 5,602 2,182 3,470 
Other invested assets1,017 1,164 524 524 
Total$14,503 $17,288 $10,587 $12,187