
AS OF JUN. 30, 2026 US$ MILLIONS	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
U.S. treasury and government	$	368	$	1	$	(42)	$	—	$	327
U.S. state and municipal	3,013		80		(23)		—		3,070
Foreign governments	14,047		185		(78)		—		14,154
Corporate debt securities	67,915		915		(594)		(1)		68,235
Residential mortgage-backed securities	1,052		39		(3)		—		1,088
Commercial mortgage-backed securities	3,782		91		(46)		—		3,827
Collateralized debt securities	5,995		76		(115)		—		5,956
Total fixed maturity securities	$	96,172	$	1,387	$	(901)	$	(1)	$	96,657


AS OF DEC. 31, 2025 US$ MILLIONS	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
U.S. treasury and government	$	398	$	3	$	(41)	$	—	$	360
U.S. state and municipal	3,075		107		(21)		(3)		3,158
Foreign governments	1,827		53		(29)		—		1,851
Corporate debt securities	47,834		1,077		(311)		(1)		48,599
Residential mortgage-backed securities	1,154		52		(2)		—		1,204
Commercial mortgage-backed securities	3,649		121		(32)		—		3,738
Collateralized debt securities	5,220		128		(49)		—		5,299
Total fixed maturity securities	$	63,157	$	1,541	$	(485)	$	(4)	$	64,209

The amortized cost and fair value, by contractual maturity, of available-for-sale fixed maturity securities are shown below. Actual maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Residential and commercial mortgage-backed securities and collateralized debt securities, which are not due at a single maturity, have been separately presented below.



AS OF JUN. 30, 2026 US$ MILLIONS	Amortized Cost		Fair Value
Due in one year or less	$	2,501	$	2,510
Due after one year through five years	25,035		25,148
Due after five years through ten years	17,927		17,933
Due after ten years	39,880		40,195
	85,343		85,786
Residential mortgage-backed securities	1,052		1,088
Commercial mortgage-backed securities	3,782		3,827
Collateralized debt securities	5,995		5,956
Total	$	96,172	$	96,657


FOR THE PERIODS ENDED JUN. 30 US$ MILLIONS	Three Months Ended				Six Months Ended
	2026		2025		2026		2025
Proceeds from sales of available-for-sale fixed maturity securities	$	5,364	$	3,853	$	6,728	$	5,903
Gross realized gains	42		13		65		19
Gross realized losses	(31)		(65)		(37)		(68)

The Company has pledged bonds in connection with certain agreements and transactions, such as financing and reinsurance agreements. The carrying value of bonds pledged was $9.6 billion and $10.4 billion as of June 30, 2026 and December 31, 2025, respectively.

In accordance with various regulations, the Company has securities on deposit with regulatory authorities with a carrying value of $166 million and $181 million as of June 30, 2026 and December 31, 2025, respectively. There are no restrictions on these assets.

The gross unrealized losses and fair value of available-for-sale fixed maturity securities, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position due to market factors are shown below:


AS OF JUN. 30, 2026 US$ MILLIONS, EXCEPT NUMBER OF ISSUES	Less than 12 months					12 months or more					Total
	Number of Issues	Gross Unrealized Losses		Fair Value		Number of Issues	Gross Unrealized Losses		Fair Value		Number of Issues	Gross Unrealized Losses		Fair Value
U.S. treasury and government	26	$	(14)	$	62	22	$	(28)	$	78	48	$	(42)	$	140
U.S. state and municipal	103	(7)		569		55	(16)		206		158	(23)		775
Foreign governments	133	(57)		4,664		37	(21)		109		170	(78)		4,773
Corporate debt securities	3,183	(368)		23,596		511	(226)		2,868		3,694	(594)		26,464
Residential mortgage-backed securities	85	(2)		180		19	(1)		50		104	(3)		230
Commercial mortgage-backed securities	67	(21)		572		27	(25)		203		94	(46)		775
Collateralized debt securities	139	(64)		1,940		28	(51)		333		167	(115)		2,273
Total	3,736	$	(533)	$	31,583	699	$	(368)	$	3,847	4,435	$	(901)	$	35,430


AS OF DEC. 31, 2025 US$ MILLIONS, EXCEPT NUMBER OF ISSUES	Less than 12 months					12 months or more					Total
	Number of Issues	Gross Unrealized Losses		Fair Value		Number of Issues	Gross Unrealized Losses		Fair Value		Number of Issues	Gross Unrealized Losses		Fair Value
U.S. treasury and government	10	$	(12)	$	17	28	$	(29)	$	107	38	$	(41)	$	124
U.S. state and municipal	52	(5)		357		83	(16)		255		135	(21)		612
Foreign governments	37	(7)		431		28	(22)		76		65	(29)		507
Corporate debt securities	1,156	(95)		6,569		575	(216)		3,287		1,731	(311)		9,856
Residential mortgage-backed securities	24	—		64		20	(2)		100		44	(2)		164
Commercial mortgage-backed securities	40	(9)		210		29	(23)		290		69	(32)		500
Collateralized debt securities	69	(17)		591		25	(32)		245		94	(49)		836
Total	1,388	$	(145)	$	8,239	788	$	(340)	$	4,360	2,176	$	(485)	$	12,599

The unrealized losses as of June 30, 2026 and December 31, 2025 are principally related to the timing of the purchases of certain securities, which carry less yield than those available as of those dates. Approximately 96% and 93% of the fair value of fixed maturity securities shown above as of June 30, 2026 and December 31, 2025, respectively, are rated investment grade.

The Company expects to recover the amortized cost on all securities except for those securities on which it recognized an allowance for credit loss. In addition, as the Company did not have the intent to sell fixed maturity securities with unrealized losses and it was not more likely than not that the Company would be required to sell these securities prior to recovery of the amortized cost, which may occur at maturity, the Company did not write down these investments to fair value through the statements of operations.

Several assumptions and underlying estimates are made in the evaluation of the allowance for credit losses. Examples include financial condition, near-term and long-term prospects of the issue or issuer, including relevant industry conditions and trends and implications of rating agency actions and offering prices. Based on this evaluation, unrealized losses on available-for-sale securities for which an allowance for credit loss was not recorded were concentrated within the financials sector as of June 30, 2026 and December 31, 2025.

The rollforward of the allowance for credit losses for available-for-sale fixed maturity securities is shown below for the three and six months ended June 30, 2026 and 2025:


FOR THE PERIODS ENDED JUN. 30, 2026 US$ MILLIONS	U.S. State and Municipal		Corporate Debt Securities		Residential Mortgage Backed Securities		Collateralized Debt Securities		Total
Balance as of January 1, 2026	$	(3)	$	(1)	$	—	$	—	$	(4)




Changes in previously recorded allowance	(1)		—		—		—		(1)


Balance as of March 31, 2026	$	(4)	$	(1)	$	—	$	—	$	(5)




Changes in previously recorded allowance	4		—		—		—		4


Balance as of June 30, 2026	$	—	$	(1)	$	—	$	—	$	(1)


FOR THE PERIODS ENDED JUN. 30, 2025 US$ MILLIONS	U.S. State and Municipal		Corporate Debt Securities		Residential Mortgage Backed Securities		Collateralized Debt Securities		Total
Balance as of January 1, 2025	$	—	$	(26)	$	(1)	$	—	$	(27)

Credit losses recognized on securities for which credit losses were not previously recorded	—		(7)		—		(1)		(8)
Reductions for securities sold during the period	—		15		—		—		15

Changes in previously recorded allowance	—		8		—		—		8


Balance as of March 31, 2025	$	—	$	(10)	$	(1)	$	(1)	$	(12)

Credit losses recognized on securities for which credit losses were not previously recorded	—		(3)		—		(1)		(4)


Changes in previously recorded allowance	—		11		1		1		13


Balance as of June 30, 2025	$	—	$	(2)	$	—	$	(1)	$	(3)


FOR THE PERIODS ENDED JUN. 30 US$ MILLIONS	Three Months Ended				Six Months Ended
	2026		2025		2026		2025
Unrealized gains (losses) on equity securities	$	122	$	477	$	(634)	$	217
Net gains (losses) on equity securities sold	(1)		(7)		—		71
Net gains (losses) on equity securities	$	121	$	470	$	(634)	$	288


AS OF	June 30, 2026		December 31, 2025
Consumer goods	5	%	2	%
Education	5	%	4	%
Energy and utilities	9	%	8	%
Finance	72	%	74	%
Healthcare	1	%	1	%
Industrials	2	%	6	%
Information technology	5	%	4	%
Other	1	%	1	%
Total	100	%	100	%