| Schedule of Variable Interest Entities |
The assets and liabilities relating to the consolidated VIEs from the Company’s investment activities included in the financial statements are as follows: | | | | | | | | | | | | | | | AS OF US$ MILLIONS | | June 30, 2026 | | December 31, 2025 | | Available-for-sale fixed maturity securities | | $ | 226 | | | $ | 74 | | | Equity securities | | 5,338 | | | 5,728 | | | Mortgage loans on real estate, net of allowance | | 467 | | | 248 | | | Private loans, net of allowance | | 1,948 | | | 1,980 | | | Investment real estate | | 2,875 | | | 2,660 | | | Real estate partnerships | | 4,405 | | | 3,780 | | | Investment funds | | 10,604 | | | 7,997 | | | | | | | | | | | | | Other invested assets | | 400 | | | 326 | | | Cash and cash equivalents | | 412 | | | 320 | | | | | | | | Other assets | | 183 | | | 462 | | | Total assets of consolidated VIEs | | $ | 26,858 | | | $ | 23,575 | | | Notes payable | | 206 | | | 205 | | | Other liabilities | | 547 | | | 768 | | | Total liabilities of consolidated VIEs | | $ | 753 | | | $ | 973 | |
The carrying amount and maximum exposure to loss relating to these unconsolidated VIEs are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | AS OF US$ MILLIONS | | June 30, 2026 | | December 31, 2025 | | Carrying Amount | | Maximum Exposure to Loss | | Carrying Amount | | Maximum Exposure to Loss | | Available-for-sale fixed maturity securities | | $ | 2,554 | | | $ | 3,091 | | | $ | 1,296 | | | $ | 1,604 | | | Equity securities | | 299 | | | 299 | | | 253 | | | 253 | | | Mortgage loans on real estate, net of allowance | | 344 | | | 344 | | | 414 | | | 414 | | | Private loans, net of allowance | | 447 | | | 474 | | | 368 | | | 368 | | | | | | | | | | | | Real estate partnerships | | 4,248 | | | 4,265 | | | 3,570 | | | 3,642 | | | Investment funds | | 7,932 | | | 13,634 | | | 6,489 | | | 8,994 | | | | | | | | | | | | Other invested assets | | 787 | | | 934 | | | 316 | | | 316 | | | Total | | $ | 16,611 | | | $ | 23,041 | | | $ | 12,706 | | | $ | 15,591 | |
|