Lending Activities (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Composition of Mortgages and Other Loans Receivable

The following table presents the composition of Mortgage and other loans receivable, net:


(in millions)	September 30, 2026	December 31, 2025
Commercial mortgages(a)	$37,768	$37,009
Residential mortgages	13,259	13,839
Life insurance policy loans	1,677	1,694
Commercial loans, other loans and notes receivable(b)	2,495	2,666
Total mortgage and other loans receivable	55,199	55,208
Allowance for credit losses(c)	(816)	(727)
Mortgage and other loans receivable, net	$54,383	$54,481

(a)Commercial mortgages primarily represent loans for apartments, offices and industrial properties, with exposures in New York and California representing the largest

geographic concentrations (aggregating approximately 18% and 9%, respectively, at September 30, 2026, and 17% and 10%, respectively, at December 31, 2025).

The weighted average loan-to-value ratio for NY and CA was 66% and 58% at September 30, 2026, respectively, and 66% and 57% at December 31, 2025,

respectively. The debt service coverage ratio for NY and CA was 1.9X and 2.0X at September 30, 2026, respectively, and 1.9X and 2.1X at December 31, 2025,

respectively.

(b)There were no loans that were held for sale which are carried at lower of cost or market as of September 30, 2026 and December 31, 2025.

(c)Does not include allowance for credit losses of $8 million and $7 million at September 30, 2026 and December 31, 2025, respectively, in relation to off-balance-sheet

commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

Schedule of Credit Quality

The following table presents debt service coverage ratios for commercial mortgages by year of vintage*:


September 30, 2026
(in millions)	2026	2025	2024	2023	2022	Prior	Total
>1.2X	$3,607	$4,674	$3,546	$1,537	$5,436	$15,012	$33,812
1.00 - 1.20X	132	199	376	106	157	1,696	2,666
<1.00X	—	—	58	58	283	891	1,290
Total commercial mortgages	$3,739	$4,873	$3,980	$1,701	$5,876	$17,599	$37,768
December 31, 2025
(in millions)	2025	2024	2023	2022	2021	Prior	Total
>1.2X	$4,633	$4,154	$1,695	$5,876	$2,333	$14,172	$32,863
1.00 - 1.20X	185	217	275	464	73	1,932	3,146
<1.00X	—	—	23	42	92	843	1,000
Total commercial mortgages	$4,818	$4,371	$1,993	$6,382	$2,498	$16,947	$37,009

*The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt

service coverage ratio was 1.8X at both periods ended September 30, 2026 and December 31, 2025. The debt service coverage ratios are updated when additional

relevant information becomes available.

The following table presents loan-to-value ratios for commercial mortgages by year of vintage*:


September 30, 2026
(in millions)	2026	2025	2024	2023	2022	Prior	Total
Less than 65%	$3,221	$4,067	$3,550	$1,495	$2,962	$10,796	$26,091
65% to 75%	518	806	430	147	2,415	4,738	9,054
76% to 80%	—	—	—	—	—	358	358
Greater than 80%	—	—	—	59	499	1,707	2,265
Total commercial mortgages	$3,739	$4,873	$3,980	$1,701	$5,876	$17,599	$37,768
December 31, 2025
(in millions)	2025	2024	2023	2022	2021	Prior	Total
Less than 65%	$4,007	$3,806	$1,824	$3,731	$1,815	$10,145	$25,328
65% to 75%	811	565	146	2,275	421	4,776	8,994
76% to 80%	—	—	—	1	42	549	592
Greater than 80%	—	—	23	375	220	1,477	2,095
Total commercial mortgages	$4,818	$4,371	$1,993	$6,382	$2,498	$16,947	$37,009

*The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our

weighted average loan-to-value ratio was 61% at September 30, 2026 and 60% at December 31, 2025. The loan-to-value ratios have been updated within the last

three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at

least once per year.

The following table presents the credit quality performance indicators for commercial mortgages:


(dollars in millions)	Number of Loans	Class							Percent of Total
(dollars in millions)	Number of Loans	Apartments	Offices	Retail	Industrial	Hotel	Others	Total	Percent of Total
September 30, 2026
Credit Quality Performance Indicator:
In good standing	563	$13,291	$7,858	$3,911	$9,495	$1,730	$808	$37,093	98%
90 days or less delinquent	1	—	—	—	—	29	—	29	—%
>90 days delinquent or in process of foreclosure(a)	4	—	460	186	—	—	—	646	2%
Total(b)	568	$13,291	$8,318	$4,097	$9,495	$1,759	$808	$37,768	100%
Allowance for credit losses		$31	$387	$180	$9	$29	$2	$638	2%

December 31, 2025
Credit Quality Performance Indicator:
In good standing	576	$13,688	$7,675	$4,114	$8,163	$2,037	$778	$36,455	99%
90 days or less delinquent	1	—	15	—	—	—	—	15	—%
>90 days delinquent or in process of foreclosure	4	1	352	186	—	—	—	539	1%
Total(b)	581	$13,689	$8,042	$4,300	$8,163	$2,037	$778	$37,009	100%
Allowance for credit losses		$28	$360	$164	$14	$27	$1	$594	2%

(a)Includes $21 million of Retail loans and $13 million of Office loans supporting the Fortitude Re Funds Withheld arrangements, greater than 90 days delinquent or in

process of foreclosure, at September 30, 2026.

(b)Does not reflect allowance for credit losses.

The following table presents credit quality performance indicators for residential mortgages by year of vintage:


September 30, 2026
(in millions)	2026	2025	2024	2023	2022	Prior	Total
FICO*:
780 and greater	$75	$615	$888	$492	$585	$3,288	$5,943
720 - 779	116	1,226	1,636	828	487	1,001	5,294
660 - 719	29	299	537	248	148	467	1,728
600 - 659	—	—	—	9	23	162	194
Less than 600	—	—	—	8	19	73	100
Total residential mortgages	$220	$2,140	$3,061	$1,585	$1,262	$4,991	$13,259

December 31, 2025
(in millions)	2025	2024	2023	2022	2021	Prior	Total
FICO*:
780 and greater	$595	$974	$570	$616	$2,129	$1,384	$6,268
720 - 779	1,044	1,740	926	529	509	543	5,291
660 - 719	287	578	292	180	125	349	1,811
600 - 659	107	54	17	28	15	158	379
Less than 600	—	—	5	12	7	66	90
Total residential mortgages	$2,033	$3,346	$1,810	$1,365	$2,785	$2,500	$13,839

*Fair Isaac Corporation (“FICO”) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated

within the last twelve months. FICO scores for residential mortgage investor loans to corporate entities are those of the guarantor at time of purchase. On September

30, 2026 and December 31, 2025 residential loans direct to consumers totaled $7.2 billion and $7.8 billion, respectively.

Schedule of Allowance for Credit Losses

The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans

receivable*:


	2026			2025
(in millions)	Commercial Mortgages	Other Loans	Total	Commercial Mortgages	Other Loans	Total
Three Months Ended September 30,
Allowance, beginning of period	$629	$154	$783	$586	$133	$719
Loans charged off	—	(1)	(1)	(14)	—	(14)
Net charge-offs	—	(1)	(1)	(14)	—	(14)
Addition to (release of) allowance for loan losses	9	25	34	(11)	24	13
Allowance, end of period	$638	$178	$816	$561	$157	$718

Nine Months Ended September 30,
Allowance, beginning of period	$594	$133	$727	$626	$145	$771
Loans charged off	(8)	(4)	(12)	(76)	(1)	(77)
Net charge-offs	(8)	(4)	(12)	(76)	(1)	(77)
Addition to (release of) allowance for loan losses	52	49	101	11	13	24
Allowance, end of period	$638	$178	$816	$561	$157	$718

*Does not include allowance for credit losses of $8 million and $17 million, respectively at September 30, 2026 and, 2025, in relation to the off-balance-sheet

commitments to fund commercial mortgage loans, which is recorded in Other liabilities in the Condensed Consolidated Balance Sheets.