v3.26.3
Variable Interest Entities (Tables)
9 Months Ended
Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments:
September 30, 2026December 31, 2025
(In millions)Carrying ValueMaximum Loss ExposureCarrying ValueMaximum Loss Exposure
Investment funds$350 $653 $108 $458 
Investment in related parties – investment funds3,291 4,484 2,149 5,859 
Assets of consolidated VIEs – investment funds29,034 34,702 24,070 29,991 
Investment in fixed maturity securities81,144 86,600 84,397 87,995 
Investment in related parties – fixed maturity securities35,632 42,781 24,184 26,717 
Investment in related parties – equity securities— — 266 266 
Total non-consolidated investments$149,451 $169,220 $135,174 $151,286 
The following summarizes the income statement activity of the consolidated VIEs:
Three months ended September 30,Nine months ended September 30,
(In millions)2026202520262025
Trading securities$16 $54 $96 $155 
Mortgage loans22 41 79 122 
Investment funds— 7 6 28 
Investment expenses and other(15)(10)(47)(56)
Net investment income$23 $92 $134 $249 
Net recognized investment gains (losses) on trading securities
$(12)$6 $(53)$12 
Net recognized investment gains on mortgage loans
2 8 8 15 
Net recognized investment gains on investment funds
615 521 1,714 1,509 
Net other gains
40 30 42 47 
Investment related gains (losses)$645 $565 $1,711 $1,583