Reinsurance (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Assets Supporting Funds Withheld Arrangements

There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes

the composition of the pool of assets:


	September 30, 2026		December 31, 2025
(in millions)	Carrying Value	Fair Value	Carrying Value	Fair Value	Corresponding Accounting Policy
Fixed maturity securities - available-for-sale	$11,307	$11,307	$12,739	$12,739	Fair value through other comprehensive income
Fixed maturity securities - fair value option	4,815	4,815	4,982	4,982	Fair value through net investment income
Commercial mortgage loans	2,473	2,221	2,745	2,594	Amortized cost
Real estate investments	89	125	118	165	Amortized cost
Private equity funds/hedge funds	2,006	2,006	1,800	1,800	Fair value through net investment income
Policy loans	291	291	302	302	Amortized cost
Short-term Investments	281	281	399	399	Fair value through net investment income
Funds withheld investment assets	21,262	21,046	23,085	22,981
Derivative assets, net(a)	—	—	—	—	Fair value through realized gains (losses)
Other(b)	543	543	667	667	Amortized cost
Total	$21,805	$21,589	$23,752	$23,648

(a)The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld

arrangements had a fair market value of $0 million and $912 million, respectively, as of September 30, 2026. The derivative assets and liabilities supporting the

Fortitude Re funds withheld arrangements had a fair market value of $0 million and $615 million, respectively, as of December 31, 2025. These derivative assets and

liabilities are fully collateralized either by cash or securities.

(b)Primarily comprised of Cash and Accrued investment income.

The impact of the funds withheld arrangements with Fortitude Re was as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
(in millions)	2026	2025	2026	2025
Net investment income - Fortitude Re funds withheld assets	$120	$368	$613	$1,042
Net realized gains (losses) on Fortitude Re funds withheld assets:
Net realized losses Fortitude Re funds withheld assets	(208)	(10)	(254)	(36)
Net realized gains (losses) Fortitude Re funds withheld embedded derivatives	1,032	(670)	730	(1,517)
Net realized gains (losses) - Fortitude Re funds withheld assets	824	(680)	476	(1,553)
Income (loss) before income tax expense (benefit)	944	(312)	1,089	(511)
Income tax expense (benefit)*	199	(65)	229	(107)
Net income (loss)	745	(247)	860	(404)
Change in unrealized appreciation (depreciation) of the invested assets supporting the Fortitude Re modco arrangement classified as available-for-sale*	(692)	235	(767)	380
Comprehensive income (loss)	$53	$(12)	$93	$(24)

*The income tax expense (benefit) and the tax impact in OCI was computed using the U.S. statutory tax rate of 21%.

Schedule of Reinsurance Recoverable Allowance

The following table presents a rollforward of the reinsurance recoverable allowance:


	Three Months Ended September 30,		Nine Months Ended September 30,
(in millions)	2026	2025	2026	2025
Balance, beginning of period	$5	$10	$6	$12
Current period provision for expected credit losses	—	—	(1)	(2)
Balance, end of period	$5	$10	$5	$10