v3.26.1
AVAILABLE-FOR-SALE FIXED MATURITY SECURITIES (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Available-for-Sale Fixed Maturity Securities
The amortized cost and fair value of available-for-sale fixed maturity securities are shown below:
AS OF JUN. 30, 2026
US$ MILLIONS
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
U.S. treasury and government$368 $1 $(42)$— $327 
U.S. state and municipal3,013 80 (23)— 3,070 
Foreign governments14,047 185 (78)— 14,154 
Corporate debt securities67,915 915 (594)(1)68,235 
Residential mortgage-backed securities1,052 39 (3)— 1,088 
Commercial mortgage-backed securities3,782 91 (46)— 3,827 
Collateralized debt securities5,995 76 (115)— 5,956 
Total fixed maturity securities$96,172 $1,387 $(901)$(1)$96,657 
AS OF DEC. 31, 2025
US$ MILLIONS
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
U.S. treasury and government$398 $3 $(41)$— $360 
U.S. state and municipal3,075 107 (21)(3)3,158 
Foreign governments1,827 53 (29)— 1,851 
Corporate debt securities47,834 1,077 (311)(1)48,599 
Residential mortgage-backed securities1,154 52 (2)— 1,204 
Commercial mortgage-backed securities3,649 121 (32)— 3,738 
Collateralized debt securities5,220 128 (49)— 5,299 
Total fixed maturity securities$63,157 $1,541 $(485)$(4)$64,209 
Schedule of Amortized Cost and Fair Value, by Contractual Maturity, of Available-for-Sale Fixed Maturity Securities
The amortized cost and fair value, by contractual maturity, of available-for-sale fixed maturity securities are shown below. Actual maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Residential and commercial mortgage-backed securities and collateralized debt securities, which are not due at a single maturity, have been separately presented below.
AS OF JUN. 30, 2026
US$ MILLIONS		Amortized CostFair Value
Due in one year or less$2,501 $2,510 
Due after one year through five years25,035 25,148 
Due after five years through ten years17,927 17,933 
Due after ten years39,880 40,195 
85,343 85,786 
Residential mortgage-backed securities1,052 1,088 
Commercial mortgage-backed securities3,782 3,827 
Collateralized debt securities5,995 5,956 
Total$96,172 $96,657 
Schedule of Proceeds from Sales of Available-for-Sale Fixed Maturity Securities with Related Gross Realized Gains and Losses
Proceeds from sales of available-for-sale fixed maturity securities, with the related gross realized gains and losses, are shown below:
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS
Three Months EndedSix Months Ended
2026202520262025
Proceeds from sales of available-for-sale fixed maturity securities$5,364 $3,853 $6,728 $5,903 
Gross realized gains42 13 65 19 
Gross realized losses(31)(65)(37)(68)
Schedule of Gross Unrealized Losses and Fair Value of Available-for-Sale Fixed Maturity Securities
The gross unrealized losses and fair value of available-for-sale fixed maturity securities, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position due to market factors are shown below:
AS OF JUN. 30, 2026
US$ MILLIONS, EXCEPT NUMBER OF ISSUES
Less than 12 months12 months or moreTotal
Number of IssuesGross Unrealized LossesFair ValueNumber of IssuesGross Unrealized LossesFair ValueNumber of IssuesGross Unrealized LossesFair Value
U.S. treasury and government26 $(14)$62 22 $(28)$78 48 $(42)$140 
U.S. state and municipal103 (7)569 55 (16)206 158 (23)775 
Foreign governments133 (57)4,664 37 (21)109 170 (78)4,773 
Corporate debt securities3,183 (368)23,596 511 (226)2,868 3,694 (594)26,464 
Residential mortgage-backed securities85 (2)180 19 (1)50 104 (3)230 
Commercial mortgage-backed securities67 (21)572 27 (25)203 94 (46)775 
Collateralized debt securities139 (64)1,940 28 (51)333 167 (115)2,273 
Total3,736 $(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 months12 months or moreTotal
Number of IssuesGross Unrealized LossesFair ValueNumber of IssuesGross Unrealized LossesFair ValueNumber of IssuesGross Unrealized LossesFair Value
U.S. treasury and government10 $(12)$17 28 $(29)$107 38 $(41)$124 
U.S. state and municipal52 (5)357 83 (16)255 135 (21)612 
Foreign governments37 (7)431 28 (22)76 65 (29)507 
Corporate debt securities1,156 (95)6,569 575 (216)3,287 1,731 (311)9,856 
Residential mortgage-backed securities24 — 64 20 (2)100 44 (2)164 
Commercial mortgage-backed securities40 (9)210 29 (23)290 69 (32)500 
Collateralized debt securities69 (17)591 25 (32)245 94 (49)836 
Total1,388 $(145)$8,239 788 $(340)$4,360 2,176 $(485)$12,599 
Schedule of Allowance for Credit Loss for Available-for-Sale Fixed Maturity Securities
The rollforward of the allowance for credit losses for available-for-sale fixed maturity securities is shown below for the three and six months ended June 30, 2026 and 2025:
FOR THE PERIODS ENDED JUN. 30, 2026
US$ MILLIONS		U.S. State and MunicipalCorporate Debt SecuritiesResidential Mortgage Backed SecuritiesCollateralized Debt SecuritiesTotal
Balance as of January 1, 2026$(3)$(1)$— $— $(4)
Changes in previously recorded allowance(1)— — — (1)
Balance as of March 31, 2026$(4)$(1)$— $— $(5)
Changes in previously recorded allowance4 — — — 4 
Balance as of June 30, 2026$— $(1)$— $— $(1)
FOR THE PERIODS ENDED JUN. 30, 2025
US$ MILLIONS		U.S. State and MunicipalCorporate Debt SecuritiesResidential Mortgage Backed SecuritiesCollateralized Debt SecuritiesTotal
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)