Investments (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Consolidated Investments |
The Company’s consolidated AFS investments are summarized as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | Amortized Cost | | Allowance for Expected Credit Losses | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | | | AFS securities | | | | | | | | | | | | | Asset-backed securities | $ | 18,128 | | | $ | (12) | | | $ | 123 | | | $ | (390) | | | $ | 17,849 | | | | | Commercial mortgage-backed securities | 4,340 | | | (57) | | | 9 | | | (186) | | | 4,106 | | | | | Corporates | 26,649 | | | — | | | 27 | | | (3,729) | | | 22,947 | | | | | Hybrids | 636 | | | — | | | 3 | | | (40) | | | 599 | | | | | Municipals | 1,532 | | | — | | | 1 | | | (309) | | | 1,224 | | | | | Residential mortgage-backed securities | 3,513 | | | (2) | | | 17 | | | (168) | | | 3,360 | | | | | U.S. Government | 392 | | | — | | | — | | | (11) | | | 381 | | | | | Foreign Governments | 305 | | | — | | | — | | | (59) | | | 246 | | | | | Total AFS securities | $ | 55,495 | | | $ | (71) | | | $ | 180 | | | $ | (4,892) | | | $ | 50,712 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Amortized Cost | | Allowance for Expected Credit Losses | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | | | AFS securities | | | | | | | | | | | | | Asset-backed securities | $ | 18,847 | | | $ | (25) | | | $ | 166 | | | $ | (256) | | | $ | 18,732 | | | | | Commercial mortgage-backed securities | 5,298 | | | (61) | | | 57 | | | (139) | | | 5,155 | | | | | Corporates | 25,333 | | | (17) | | | 290 | | | (2,356) | | | 23,250 | | | | | Hybrids | 625 | | | — | | | 6 | | | (22) | | | 609 | | | | | Municipals | 1,562 | | | — | | | 4 | | | (211) | | | 1,355 | | | | | Residential mortgage-backed securities | 2,840 | | | (1) | | | 76 | | | (70) | | | 2,845 | | | | | U.S. Government | 495 | | | — | | | — | | | (2) | | | 493 | | | | | Foreign Governments | 292 | | | — | | | 4 | | | (35) | | | 261 | | | | | Total AFS securities | $ | 55,292 | | | $ | (104) | | | $ | 603 | | | $ | (3,091) | | | $ | 52,700 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Schedule of Investments Classified by Contractual Maturity Date |
The amortized cost and fair value of fixed maturity securities AFS by contractual maturities, as applicable, are shown below (in millions). Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. | | | | | | | | | | | | | | | | | September 30, 2026 | | | | Amortized Cost | | Fair Value | | | | | | Corporates, Non-structured Hybrids, Municipal, Foreign and U.S. Government Securities: | | | | | | | | | Due in one year or less | $ | 533 | | | $ | 530 | | | | | | | Due after one year through five years | 4,589 | | | 4,513 | | | | | | | Due after five years through ten years | 4,057 | | | 3,821 | | | | | | | Due after ten years | 20,335 | | | 16,533 | | | | | | | Subtotal | 29,514 | | | 25,397 | | | | | | | Other securities, which provide for periodic payments: | | | | | | | | | Asset-backed securities | 18,128 | | | 17,849 | | | | | | | Commercial mortgage-backed securities | 4,340 | | | 4,106 | | | | | | | | | | | | | | | Residential mortgage-backed securities | 3,513 | | | 3,360 | | | | | | | Subtotal | 25,981 | | | 25,315 | | | | | | | Total fixed maturity AFS securities | $ | 55,495 | | | $ | 50,712 | | | | | |
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| Schedule of Activity in Allowance for Credit Loses of Available-for-sale Securities Aggregated by Investment Category |
The activity in the allowance for current expected credit losses of AFS securities aggregated by investment category was as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, 2026 | | | | Additions | | | | | | | Reductions | | | | | | | | | | | | Balance at Beginning of Period | | For credit losses on securities for which losses were not previously recorded | | | | (Additions) reductions in allowance recorded on previously impaired securities | | | For securities sold during the period | | For securities intended/required to be sold prior to recovery of amortized cost basis | | Write offs charged against the allowance | | Recoveries of amounts previously written off | | | | | | Balance at End of Period | | AFS securities | | | | | | | | | | | | | | | | | | | | | | | | Asset-backed securities | $ | (14) | | | $ | — | | | | | $ | 2 | | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | | | $ | (12) | | | Commercial mortgage-backed securities | (56) | | | — | | | | | (1) | | | | — | | | — | | | — | | | — | | | | | | | (57) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Residential mortgage-backed securities | (1) | | | — | | | | | (1) | | | | — | | | — | | | — | | | — | | | | | | | (2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total AFS securities | $ | (71) | | | $ | — | | | | | $ | — | | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | | | $ | (71) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, 2025 | | | | Additions | | | | | | | Reductions | | | | | | | | | | | | Balance at Beginning of Period | | For credit losses on securities for which losses were not previously recorded | | | | (Additions) reductions in allowance recorded on previously impaired securities | | | For securities sold during the period | | For securities intended/required to be sold prior to recovery of amortized cost basis | | Write offs charged against the allowance | | Recoveries of amounts previously written off | | | | | | Balance at End of Period | | AFS securities | | | | | | | | | | | | | | | | | | | | | | | | Asset-backed securities | $ | (24) | | | $ | — | | | | | $ | 3 | | | | $ | — | | | $ | — | | | $ | — | | | — | | | | | | | $ | (21) | | | Commercial mortgage-backed securities | (53) | | | — | | | | | (2) | | | | — | | | — | | | — | | | — | | | | | | | (55) | | | Corporates | (20) | | | — | | | | | 1 | | | | — | | | — | | | — | | | — | | | | | | | (19) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Residential mortgage-backed securities | — | | | — | | | | | (1) | | | | — | | | — | | | — | | | — | | | | | | | (1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total AFS securities | $ | (97) | | | $ | — | | | | | $ | 1 | | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | | | $ | (96) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine months ended September 30, 2026 | | | | Additions | | | | | Reductions | | | | | | | | | | | | Balance at Beginning of Period | | For credit losses on securities for which losses were not previously recorded | | | | (Additions) reductions in allowance recorded on previously impaired securities | | | For securities sold during the period | | For securities intended/required to be sold prior to recovery of amortized cost basis | | Write offs charged against the allowance | | Recoveries of amounts previously written off | | | | | | Balance at End of Period | | AFS securities | | | | | | | | | | | | | | | | | | | | | | | | Asset-backed securities | $ | (25) | | | $ | (4) | | | | | $ | 4 | | | | $ | 2 | | | $ | — | | | $ | 11 | | | — | | | | | | | $ | (12) | | | Commercial mortgage-backed securities | (61) | | | (7) | | | | | 11 | | | | — | | | — | | | — | | | — | | | | | | | (57) | | | Corporates | (17) | | | — | | | | | (1) | | | | 18 | | | — | | | — | | | — | | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Residential mortgage-backed securities | (1) | | | — | | | | | (1) | | | | — | | | — | | | — | | | — | | | | | | | (2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total AFS securities | $ | (104) | | | $ | (11) | | | | | $ | 13 | | | | $ | 20 | | | $ | — | | | $ | 11 | | | $ | — | | | | | | | $ | (71) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine months ended September 30, 2025 | | | | Additions | | | | | Reductions | | | | | | | | | | | | Balance at Beginning of Period | | For credit losses on securities for which losses were not previously recorded | | | | (Additions) reductions in allowance recorded on previously impaired securities | | | For securities sold during the period | | For securities intended/required to be sold prior to recovery of amortized cost basis | | Write offs charged against the allowance | | Recoveries of amounts previously written off | | | | | | Balance at End of Period | | AFS securities | | | | | | | | | | | | | | | | | | | | | | | | Asset-backed securities | $ | (13) | | | $ | (4) | | | | | $ | (5) | | | | $ | 1 | | | $ | — | | | $ | — | | | — | | | | | | | $ | (21) | | | Commercial mortgage-backed securities | (49) | | | (1) | | | | | (5) | | | | — | | | — | | | — | | | — | | | | | | | (55) | | | Corporates | — | | | (14) | | | | | (5) | | | | — | | | — | | | — | | | — | | | | | | | (19) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Residential mortgage-backed securities | — | | | — | | | | | (1) | | | | — | | | — | | | — | | | — | | | | | | | (1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total AFS securities | $ | (62) | | | $ | (19) | | | | | $ | (16) | | | | $ | 1 | | | $ | — | | | $ | — | | | $ | — | | | | | | | $ | (96) | |
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| Schedule of Fair Value and Gross Unrealized Losses of Available-for-sale Securities |
The fair value and gross unrealized losses of AFS securities, excluding securities in an unrealized loss position with an allowance for expected credit loss, aggregated by investment category and duration of fair value below amortized cost as of September 30, 2026 and December 31, 2025 were as follows (dollars in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | Less than 12 months | | 12 months or longer | | Total | | Fair Value | | Gross Unrealized
Losses | | Fair Value | | Gross Unrealized
Losses | | Fair Value | | Gross Unrealized
Losses | | AFS securities | | | | | | | | | | | | | Asset-backed securities | $ | 5,179 | | | $ | (116) | | | $ | 1,949 | | | $ | (259) | | | $ | 7,128 | | | $ | (375) | | | Commercial mortgage-backed securities | 1,615 | | | (43) | | | 777 | | | (122) | | | 2,392 | | | (165) | | | Corporates | 13,095 | | | (871) | | | 7,789 | | | (2,858) | | | 20,884 | | | (3,729) | | | Hybrids | 262 | | | (11) | | | 263 | | | (29) | | | 525 | | | (40) | | | Municipals | 298 | | | (31) | | | 895 | | | (278) | | | 1,193 | | | (309) | | | Residential mortgage-backed securities | 2,267 | | | (82) | | | 323 | | | (80) | | | 2,590 | | | (162) | | | U.S. Government | 371 | | | (10) | | | 10 | | | (1) | | | 381 | | | (11) | | | Foreign Government | 131 | | | (10) | | | 111 | | | (49) | | | 242 | | | (59) | | Total AFS securities | $ | 23,218 | | | $ | (1,174) | | | $ | 12,117 | | | $ | (3,676) | | | $ | 35,335 | | | $ | (4,850) | | | Total number of AFS securities in an unrealized loss position less than twelve months | | | | | | | | | | | 5,372 | | | Total number of AFS securities in an unrealized loss position twelve months or longer | | | | | | | | | | | 1,927 | | | Total number of AFS securities in an unrealized loss position | | | | | | | | | | | 7,299 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Less than 12 months | | 12 months or longer | | Total | | Fair Value | | Gross Unrealized
Losses | | Fair Value | | Gross Unrealized
Losses | | Fair Value | | Gross Unrealized
Losses | | AFS securities | | | | | | | | | | | | | Asset-backed securities | $ | 4,756 | | | $ | (30) | | | $ | 2,160 | | | $ | (209) | | | $ | 6,916 | | | $ | (239) | | | Commercial mortgage-backed securities | 541 | | | (11) | | | 1,048 | | | (106) | | | 1,589 | | | (117) | | | Corporates | 3,291 | | | (52) | | | 9,793 | | | (2,304) | | | 13,084 | | | (2,356) | | | Hybrids | 61 | | | (1) | | | 372 | | | (21) | | | 433 | | | (22) | | | Municipals | 201 | | | (3) | | | 1,012 | | | (208) | | | 1,213 | | | (211) | | | Residential mortgage-backed securities | 208 | | | (2) | | | 389 | | | (67) | | | 597 | | | (69) | | | U.S. Government | 334 | | | (1) | | | 11 | | | (1) | | | 345 | | | (2) | | | Foreign Government | 29 | | | — | | | 124 | | | (35) | | | 153 | | | (35) | | Total AFS securities | $ | 9,421 | | | $ | (100) | | | $ | 14,909 | | | $ | (2,951) | | | $ | 24,330 | | | $ | (3,051) | | | Total number of AFS securities in an unrealized loss position less than twelve months | | | | | | | | | | | 1,904 | | | Total number of AFS securities in an unrealized loss position twelve months or longer | | | | | | | | | | | 2,090 | | | Total number of AFS securities in an unrealized loss position | | | | | | | | | | | 3,994 | |
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| Schedule of Distribution of CMLs, Gross Valuation by Property Type and Geographic Region |
The distribution of CMLs, gross of valuation allowances, by property type and geographic region is reflected in the following tables (dollars in millions): | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | Gross Carrying Value | | % of Total | | Gross Carrying Value | | % of Total | | Property Type: | | | | | | | | | | | | | | | | | | | | | | | | | Hotel | $ | 8 | | | — | % | | $ | 9 | | | — | % | | Industrial | 825 | | | 22 | | | 671 | | | 21 | | | Mixed Use | 9 | | | — | | | 21 | | | 1 | | | Multifamily | 1,320 | | | 35 | | | 1,150 | | | 35 | | | Office | 524 | | | 14 | | | 345 | | | 11 | | | Retail | 281 | | | 7 | | | 327 | | | 10 | | | Student Housing | 83 | | | 2 | | | 83 | | | 3 | | | Other | 779 | | | 20 | | | 654 | | | 19 | | Total CMLs, gross of valuation allowance | 3,829 | | | 100 | % | | 3,260 | | | 100 | % | | Allowance for expected credit loss | (30) | | | | | (18) | | | | Total CMLs, net of valuation allowance | $ | 3,799 | | | | | $ | 3,242 | | | | | | | | | | | | | U.S. Region: | | | | | | | | | East North Central | $ | 175 | | | 5 | % | | $ | 124 | | | 4 | % | | East South Central | 85 | | | 2 | | | 86 | | | 3 | | | Middle Atlantic | 379 | | | 10 | | | 356 | | | 11 | | | Mountain | 585 | | | 15 | | | 396 | | | 12 | | | New England | 212 | | | 6 | | | 183 | | | 6 | | | Pacific | 816 | | | 21 | | | 709 | | | 22 | | | South Atlantic | 1,320 | | | 34 | | | 1,157 | | | 34 | | | West North Central | 72 | | | 2 | | | 69 | | | 2 | | | West South Central | 185 | | | 5 | | | 180 | | | 6 | | | | | | | | | | Total CMLs, gross of valuation allowance | 3,829 | | | 100 | % | | 3,260 | | | 100 | % | | Allowance for expected credit loss | (30) | | | | | (18) | | | | Total CMLs, net of valuation allowance | $ | 3,799 | | | | | $ | 3,242 | | | |
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| Schedule of Loans Segregated by Risk Rating Exposure |
CMLs segregated by aging of the loans (by year of origination) as of September 30, 2026 and December 31, 2025, were as follows, gross of valuation allowances (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | | | Amortized Cost by Origination Year | | 2026 | | 2025 | | 2024 | | 2023 | | 2022 | | Prior | | Total | | Current (less than 30 days past due) | $ | 683 | | | $ | 591 | | | $ | 274 | | | $ | 195 | | | $ | 292 | | | $ | 1,785 | | | $ | 3,820 | | | 30-89 days past due | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 90 days or more past due | — | | | — | | | — | | | — | | | — | | | 9 | | | 9 | | | Total CMLs | $ | 683 | | | $ | 591 | | | $ | 274 | | | $ | 195 | | | $ | 292 | | | $ | 1,794 | | | $ | 3,829 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | | Amortized Cost by Origination Year | | 2025 | | 2024 | | 2023 | | 2022 | | 2021 | | Prior | | Total | | Current (less than 30 days past due) | $ | 646 | | | $ | 295 | | | $ | 194 | | | $ | 292 | | | $ | 1,252 | | | $ | 569 | | | $ | 3,248 | | | 30-89 days past due | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 90 days or more past due | — | | | — | | | — | | | — | | | — | | | 12 | | | 12 | | | Total CMLs | $ | 646 | | | $ | 295 | | | $ | 194 | | | $ | 292 | | | $ | 1,252 | | | $ | 581 | | | $ | 3,260 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | Amortized Cost by Origination Year | | 2026 | | 2025 | | 2024 | | 2023 | | 2022 | | Prior | | Total | | Current (less than 30 days past due) | $ | 1,792 | | | $ | 1,885 | | | $ | 589 | | | $ | 301 | | | $ | 723 | | | $ | 1,013 | | | $ | 6,303 | | | 30-89 days past due | 42 | | | 24 | | | 7 | | | 4 | | | 6 | | | 24 | | | 107 | | | 90 days or more past due | — | | | 7 | | | 21 | | | 19 | | | 36 | | | 44 | | | 127 | | | Total RMLs | $ | 1,834 | | | $ | 1,916 | | | $ | 617 | | | $ | 324 | | | $ | 765 | | | $ | 1,081 | | | $ | 6,537 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Amortized Cost by Origination Year | | 2025 | | 2024 | | 2023 | | 2022 | | 2021 | | Prior | | Total | | Current (less than 30 days past due) | $ | 1,568 | | | $ | 736 | | | $ | 327 | | | $ | 798 | | | $ | 731 | | | $ | 419 | | | $ | 4,579 | | | 30-89 days past due | 15 | | | 2 | | | 17 | | | 29 | | | 4 | | | 3 | | | 70 | | | 90 days or more past due | 2 | | | 4 | | | 4 | | | 12 | | | 21 | | | 25 | | | 68 | | | Total RMLs | $ | 1,585 | | | $ | 742 | | | $ | 348 | | | $ | 839 | | | $ | 756 | | | $ | 447 | | | $ | 4,717 | |
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| Schedule of Investment in Mortgage Loans by Loan to Value and Debt Service Coverage Ratios |
The following tables present the recorded investment in CMLs by LTV and DSC ratio categories and estimated fair value by the indicated LTV ratios, gross of valuation allowances at September 30, 2026 and December 31, 2025 (dollars in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | Debt-Service Coverage Ratios | | Total Amount | | % of Total | | Estimated Fair Value | | % of Total | | LTV Ratios: | >1.25 | | 1.00 - 1.25 | | <1.00 | | | | | | | | Less than 50.00% | $ | 742 | | | $ | 30 | | | $ | — | | | | | $ | 772 | | | 20 | % | | $ | 740 | | | 21 | % | | 50.00% to 59.99% | 990 | | | 98 | | | 47 | | | | | 1,135 | | | 30 | | | 1,029 | | | 30 | | | 60.00% to 74.99% | 1,274 | | | 461 | | | 164 | | | | | 1,899 | | | 49 | | | 1,683 | | | 48 | | | 75.00% to 84.99% | — | | | 14 | | | 9 | | | | | 23 | | | 1 | | | 21 | | | 1 | | | | | | | | | | | | | | | | | | | Total CMLs | $ | 3,006 | | | $ | 603 | | | $ | 220 | | | | | $ | 3,829 | | | 100 | % | | $ | 3,473 | | | 100 | % | | | | | | | | | | | | | | | | | | December 31, 2025 | | | | | | | | | | | | | | | | | LTV Ratios: | | | | | | | | | | | | | | | | | Less than 50.00% | $ | 594 | | | $ | 16 | | | $ | — | | | | | $ | 610 | | | 19 | % | | $ | 596 | | | 19 | % | | 50.00% to 59.99% | 850 | | | 36 | | | 37 | | | | | 923 | | | 28 | | | 852 | | | 28 | | | 60.00% to 74.99% | 1,415 | | | 288 | | | 6 | | | | | 1,709 | | | 52 | | | 1,560 | | | 52 | | | 75.00% to 84.99% | — | | | 9 | | | 9 | | | | | 18 | | | 1 | | | 17 | | | 1 | | | Total CMLs | $ | 2,859 | | | $ | 349 | | | $ | 52 | | | | | $ | 3,260 | | | 100 | % | | $ | 3,025 | | | 100 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | | | Amortized Cost by Origination Year | | 2026 | | 2025 | | 2024 | | 2023 | | 2022 | | Prior | | Total | | LTV Ratios: | | | | | | | | | | | | | | | Less than 50.00% | $ | 158 | | | $ | 135 | | | $ | 62 | | | $ | 67 | | | $ | 21 | | | $ | 329 | | | $ | 772 | | | 50.00% to 59.99% | 209 | | | 181 | | | — | | | 40 | | | 149 | | | 556 | | | 1,135 | | | 60.00% to 74.99% | 310 | | | 275 | | | 208 | | | 84 | | | 113 | | | 909 | | | 1,899 | | | 75.00% to 84.99% | 6 | | | — | | | 4 | | | 4 | | | 9 | | | — | | | 23 | | | | | | | | | | | | | | | | | Total CMLs | $ | 683 | | | $ | 591 | | | $ | 274 | | | $ | 195 | | | $ | 292 | | | $ | 1,794 | | | $ | 3,829 | | | | | | | | | | | | | | | | | DSC Ratios | | | | | | | | | | | | | | | Greater than 1.25x | $ | 289 | | | $ | 416 | | | $ | 118 | | | $ | 153 | | | $ | 283 | | | $ | 1,747 | | | $ | 3,006 | | | 1.00x - 1.25x | 236 | | | 169 | | | 156 | | | 42 | | | — | | | — | | | 603 | | | Less than 1.00x | 158 | | | 6 | | | — | | | — | | | 9 | | | 47 | | | 220 | | | Total CMLs | $ | 683 | | | $ | 591 | | | $ | 274 | | | $ | 195 | | | $ | 292 | | | $ | 1,794 | | | $ | 3,829 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | | Amortized Cost by Origination Year | | 2025 | | 2024 | | 2023 | | 2022 | | 2021 | | Prior | | Total | | LTV Ratios: | | | | | | | | | | | | | | | Less than 50.00% | $ | 148 | | | $ | 49 | | | $ | 66 | | | $ | 21 | | | $ | 75 | | | $ | 251 | | | $ | 610 | | | 50.00% to 59.99% | 157 | | | 36 | | | 53 | | | 149 | | | 320 | | | 208 | | | 923 | | | 60.00% to 74.99% | 341 | | | 206 | | | 70 | | | 113 | | | 857 | | | 122 | | | 1,709 | | | 75.00% to 84.99% | — | | | 4 | | | 5 | | | 9 | | | — | | | — | | | 18 | | | Total CMLs | $ | 646 | | | $ | 295 | | | $ | 194 | | | $ | 292 | | | $ | 1,252 | | | $ | 581 | | | $ | 3,260 | | | | | | | | | | | | | | | | | DSC Ratios | | | | | | | | | | | | | | | Greater than 1.25x | $ | 469 | | | $ | 140 | | | $ | 182 | | | $ | 283 | | | $ | 1,240 | | | $ | 545 | | | $ | 2,859 | | | 1.00x - 1.25x | 169 | | | 155 | | | 12 | | | — | | | — | | | 13 | | | 349 | | | Less than 1.00x | 8 | | | — | | | — | | | 9 | | | 12 | | | 23 | | | 52 | | | Total CMLs | $ | 646 | | | $ | 295 | | | $ | 194 | | | $ | 292 | | | $ | 1,252 | | | $ | 581 | | | $ | 3,260 | |
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| Schedule of Distribution of Residential Mortgage Loans by State |
The distribution of RMLs by state with highest-to-lowest concentration are reflected in the following tables, gross of valuation allowances (dollars in millions): | | | | | | | | | | | | | September 30, 2026 | | Amortized Cost | | % of Total | | U.S. States: | | | | | California | $ | 830 | | | 13 | % | | New York | 459 | | | 7 | | | Florida | 445 | | | 7 | | | All other states (a) | 4,803 | | | 73 | | | Total RMLs, gross of valuation allowance | 6,537 | | | 100 | % | | Allowance for expected credit loss | (90) | | | | Total RMLs, net of valuation allowance | $ | 6,447 | | | |
(a)The individual concentration of each state is less than 5% as of September 30, 2026.
| | | | | | | | | | | | | December 31, 2025 | | Amortized Cost | | % of Total | | U.S. States: | | | | | California | $ | 288 | | | 6 | % | | Florida | 246 | | | 5 | | | New York | 232 | | | 5 | | | | | | | | | | | | | | | | | | | All other states (a) | 3,951 | | | 84 | | | Total RMLs, gross of valuation allowance | 4,717 | | | 100 | % | | Allowance for expected credit loss | (68) | | | | Total RMLs, net of valuation allowance | $ | 4,649 | | | |
(a)The individual concentration of each state is less than 5% as of December 31, 2025.
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| Schedule of Loans with Credit Quality Indicators, Performing or Nonperforming |
The credit quality of RMLs as of September 30, 2026 and December 31, 2025, was as follows (dollars in millions): | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | Performance indicators: | Amortized Cost | | % of Total | | Amortized Cost | | % of Total | | Performing | $ | 6,410 | | | 98 | % | | $ | 4,650 | | | 99 | % | | Non-performing | 127 | | | 2 | | | 67 | | | 1 | | | Total RMLs, gross of valuation allowance | 6,537 | | | 100 | % | | 4,717 | | | 100 | % | | Allowance for expected loan loss | (90) | | | | | (68) | | | | | Total RMLs, net of valuation allowance | $ | 6,447 | | | | | $ | 4,649 | | | |
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| Schedule of Nonaccrual Loans by Amortized Cost |
Non-accrual loans by amortized cost as of September 30, 2026 and December 31, 2025, were as follows (in millions): | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | Residential mortgage: | $ | 127 | | | $ | 67 | | | Commercial mortgage: | 9 | | | 12 | | | Total non-accrual mortgages | $ | 136 | | | $ | 79 | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Schedule of Allowance for Expected Credit Losses on Loans |
The allowances for our mortgage loan portfolio are summarized as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, 2026 | | Nine months ended September 30, 2026 | | | | | | Residential Mortgages | | Commercial Mortgages | | Total | | Residential Mortgages | | Commercial Mortgages | | Total | | Beginning Balance | $ | (81) | | | $ | (27) | | | $ | (108) | | | $ | (68) | | | $ | (18) | | | $ | (86) | | | Provision (expense) benefit for loan losses | (9) | | | (3) | | | (12) | | | (22) | | | (12) | | | (34) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Ending Balance | $ | (90) | | | $ | (30) | | | $ | (120) | | | $ | (90) | | | $ | (30) | | | $ | (120) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, 2025 | | Nine months ended September 30, 2025 | | | | | | Residential Mortgages | | Commercial Mortgages | | Total | | Residential Mortgages | | Commercial Mortgages | | Total | Beginning Balance | $ | (58) | | | $ | (17) | | | $ | (75) | | | $ | (53) | | | $ | (17) | | | $ | (70) | | | Provision (expense) benefit for loan losses | — | | | (2) | | | (2) | | | (5) | | | (2) | | | (7) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Ending Balance | $ | (58) | | | $ | (19) | | | $ | (77) | | | $ | (58) | | | $ | (19) | | | $ | (77) | |
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| Schedule of Sources of Net Investment Income Reported |
The major sources of Interest and investment income reported on the unaudited Condensed Consolidated Statements of Operations were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Fixed maturity securities | $ | 537 | | | $ | 586 | | | $ | 1,638 | | | $ | 1,686 | | | | | | | | | | | Preferred equity securities | 3 | | | 3 | | | 10 | | | 10 | | | Common equity securities | 4 | | | 5 | | | 12 | | | 14 | | | Mortgage loans | 129 | | | 97 | | | 352 | | | 266 | | | Invested cash and short-term investments | 15 | | | 18 | | | 47 | | | 83 | | | Limited partnerships | 71 | | | 91 | | | 255 | | | 205 | | | | | | | | | | | Other investments | 9 | | | 15 | | | 39 | | | 27 | | | Gross investment income | 768 | | | 815 | | | 2,353 | | | 2,291 | | | Investment expense | (70) | | | (67) | | | (214) | | | (195) | | | Interest and investment income | $ | 698 | | | $ | 748 | | | $ | 2,139 | | | $ | 2,096 | |
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| Schedule of Recognized Gains (Losses) Net |
Details underlying Recognized gains and (losses), net reported on the unaudited Condensed Consolidated Statements of Operations were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Net realized/unrealized (losses) gains on fixed maturity securities (a) | $ | (56) | | | $ | (13) | | | $ | (218) | | | $ | (14) | | | | | | | | | | | Net realized/unrealized (losses) gains on preferred equity securities (b) | (9) | | | 5 | | | (11) | | | 2 | | | Net realized/unrealized (losses) gains on common equity securities (c) | (8) | | | 1 | | | (21) | | | (28) | | | Net realized/unrealized (losses) gains on other invested assets (d) | (13) | | | (3) | | | (14) | | | 3 | | | Net realized (loss) gain on sale of F&G Life Re | (7) | | | — | | | 7 | | | — | | | Change in allowance for expected credit losses | (10) | | | 1 | | | — | | | (41) | | | Derivatives and embedded derivatives: | | | | | | | | | Realized gains (losses) on certain derivative instruments | 85 | | | (49) | | | 249 | | | (126) | | | Unrealized (losses) gains on certain derivative instruments | (432) | | | 326 | | | (365) | | | 358 | | | Change in fair value of reinsurance related embedded derivatives (e) | 533 | | | (60) | | | 711 | | | (162) | | | Change in fair value of other derivatives and embedded derivatives | — | | | 3 | | | 3 | | | 7 | | | Net realized/unrealized gains (losses) on derivatives and embedded derivatives | 186 | | | 220 | | | 598 | | | 77 | | | Recognized gains and (losses), net | $ | 83 | | | $ | 211 | | | $ | 341 | | | $ | (1) | |
(a)Includes net valuation losses of $16 million and $14 million for the three and nine months ended September 30, 2026, respectively, related to fixed maturity securities carried at fair value under the fair value option. No fixed maturity securities were carried under the fair value option for the three and nine months ended September 30, 2025. (b)Includes net valuation (losses) gains of $(10) million and $5 million for the three months ended September 30, 2026 and September 30, 2025, respectively, and net valuation (losses) gains of $(8) million and $3 million for the nine months ended September 30, 2026 and September 30, 2025, respectively. (c)Includes net valuation losses of $6 million and $0 for the three months ended September 30, 2026 and September 30, 2025, respectively, and net valuation losses of $20 million and $19 million for the nine months ended September 30, 2026 and September 30, 2025, respectively. (d)Includes net valuation losses of $0 million and $2 million for the three and nine months ended September 30, 2026, respectively, related to other invested assets carried at fair value under the fair value option. No other invested assets were carried under the fair value option for the three and nine months ended September 30, 2025. (e)Change in fair value of reinsurance related embedded derivatives is due to activity related to the reinsurance treaties.
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| Schedule of Proceeds from Sale of Fixed Maturity Available-for-sale Securities |
The proceeds from the sale of fixed maturity AFS securities and the gross gains and losses associated with those transactions were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Proceeds | $ | 2,165 | | | $ | 900 | | | $ | 8,274 | | | $ | 3,567 | | | Gross gains | 4 | | | 7 | | | 29 | | | 23 | | | Gross losses | (47) | | | (3) | | | (202) | | | (23) | |
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| Schedule of Variable Interest Entities |
Asset and liability information held by consolidated VIEs included on the unaudited Condensed Consolidated Balance Sheets are as follows (in millions): | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | | | | | Assets: | | | | | | | | | Investments in unconsolidated affiliates | $ | 284 | | | $ | 262 | | | Fixed maturity securities, at fair value under fair value option | 78 | | | — | | | Other long-term investments | 296 | | | 248 | | | Short-term investments | 43 | | | 116 | | | Cash and cash equivalents | 1 | | | 2 | | | Total assets | $ | 702 | | | $ | 628 | | | | | | | | | | | | | | | | | | | Total consolidated VIE investments | $ | 702 | | | $ | 628 | |
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| Schedule of Carrying Value and Maximum Loss Exposure, Unconsolidated VIEs |
The following table summarizes the carrying value and the maximum loss exposure of our unconsolidated VIEs as of September 30, 2026 and December 31, 2025 (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | Carrying Value | | Maximum Loss Exposure | | Carrying Value | | Maximum Loss Exposure | | Investment in unconsolidated affiliates | $ | 5,150 | | | $ | 6,529 | | | $ | 4,878 | | | $ | 6,102 | | | Fixed maturity securities | 25,012 | | | 27,482 | | | 26,419 | | | 28,803 | | | Total unconsolidated VIE investments | $ | 30,162 | | | $ | 34,011 | | | $ | 31,297 | | | $ | 34,905 | |
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| Schedules of Investment Concentrations |
Our underlying investment concentrations that exceed 10% of shareholders equity are as follows (in millions): | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | | | Blackstone Wave Asset Holdco (a) | $ | 605 | | | $ | 655 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a)Represents a special purpose vehicle that holds investments in numerous limited partnership investments whose underlying investments are further diversified by holding interest in multiple individual investments and industries.
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