The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government (“Canadian government”), Japanese government and agencies (“Japanese government”), Korean government and agencies (“Korean government”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supranational and foreign government-sponsored enterprises (“Other foreign government”). ABS, CMBS and RMBS are collectively referred to as “structured securities.”


September 30, 2026:	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	83,446	$	195	$	240	$	8,764	$	74,727	69.4	%
Canadian government	4,794		—		155		281		4,668		4.3
Japanese government	9,230		—		—		2,588		6,642		6.2
Korean government	1,521		—		—		324		1,197		1.1
ABS	8,193		21		37		294		7,915		7.4
CMBS	2,609		—		9		100		2,518		2.3
RMBS	2,030		—		6		154		1,882		1.7
U.S. government	2,545		—		1		342		2,204		2.0
State and political subdivisions	753		—		—		128		625		0.6
Other foreign government	6,005		—		16		642		5,379		5.0
Total fixed maturity securities	$	121,126	$	216	$	464	$	13,617	$	107,757	100.0	%


December 31, 2025:	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	72,736	$	189	$	1,142	$	3,952	$	69,737	68.5	%
Canadian government	4,920		—		286		106		5,100		5.1
Japanese government	6,516		—		1		1,816		4,701		4.6
Korean government	1,407		—		1		96		1,312		1.3
ABS	7,478		21		69		157		7,369		7.2
CMBS	2,179		—		35		52		2,162		2.1
RMBS	1,615		—		26		72		1,569		1.5
U.S. government	3,508		—		27		248		3,287		3.3
State and political subdivisions	737		—		2		79		660		0.6
Other foreign government	6,168		—		83		379		5,872		5.8
Total fixed maturity securities	$	107,264	$	210	$	1,672	$	6,957	$	101,769	100.0	%

The Company monitors its concentrations of financial instruments on an ongoing basis and mitigates credit risk by maintaining a diversified investment portfolio that limits exposure to any one issuer. The Company’s exposure to concentrations of credit risk from single issuers, including certain agencies, greater than 10% of the Company’s equity is disclosed below, as of September 30, 2026 and December 31, 2025 (dollars in millions):


	September 30, 2026				December 31, 2025
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Fixed maturity securities guaranteed or issued by:
Japanese government	$	9,230	$	6,642	$	6,516	$	4,701
U.S. government	2,545		2,204		3,508		3,287
Canadian province of Quebec	1,538		1,555		1,642		1,764
Korean government	1,521		1,197		1,407		1,312

The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of September 30, 2026, are shown by contractual maturity in the table below (dollars in millions). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Structured securities are shown separately in the table below as they are not due at a single maturity date.


	Amortized Cost		Estimated Fair Value
Available-for-sale:
Due in one year or less	$	2,110	$	2,015
Due after one year through five years	16,706		16,396
Due after five years through ten years	16,823		16,008
Due after ten years	72,655		61,023
Structured securities	12,832		12,315
Total	$	121,126	$	107,757


September 30, 2026:	Amortized Cost		Estimated Fair Value		% of Total
Finance	$	25,013	$	22,550	30.1	%
Industrial	44,223		39,647		53.1
Utility	14,210		12,530		16.8

Total	$	83,446	$	74,727	100.0	%

December 31, 2025:	Amortized Cost		Estimated Fair Value		% of Total
Finance	$	21,367	$	20,489	29.4	%
Industrial	39,381		37,839		54.3
Utility	11,988		11,409		16.3
Total	$	72,736	$	69,737	100.0	%

As discussed in Note 2 – “Significant Accounting Policies and Pronouncements” of the 2025 Annual Report, allowances for credit losses on fixed maturity securities are recognized in investment related gains (losses), net. The Company estimates the amount of the credit loss component of a fixed maturity security impairment as the difference between amortized cost and the present value of the expected cash flows of the security. Any remaining difference between the fair value and amortized cost is recognized in OCI.


	Corporate		ABS		CMBS		Total
For the three months ended September 30, 2026:
Balance, beginning of period	$	224	$	22	$	—	$	246
Credit losses with no previous allowance	30		—		—		30
Securities disposed	(41)		—		—		(41)
Change in credit losses with a previous allowance	(12)		(1)		—		(13)
Write-offs charged against the allowance	(6)		—		—		(6)
Foreign currency translation	—		—		—		—
Balance, end of period	$	195	$	21	$	—	$	216
For the three months ended September 30, 2025:
Balance, beginning of period	$	112	$	19	$	1	$	132
Credit losses with no previous allowance	25		—		—		25
Securities disposed	(2)		—		—		(2)
Change in credit losses with a previous allowance	5		—		—		5
Write-offs charged against the allowance	—		—		—		—
Foreign currency translation	1		—		—		1
Balance, end of period	$	141	$	19	$	1	$	161


	Corporate		ABS		CMBS		Total
For the nine months ended September 30, 2026:
Balance, beginning of period	$	189	$	21	$	—	$	210
Credit losses with no previous allowance	127		—		—		127
Securities disposed	(114)		—		—		(114)

Change in credit losses with a previous allowance	(1)		—		—		(1)

Write-offs charged against the allowance	(6)		—		—		(6)
Foreign currency translation	—		—		—		—
Balance, end of period	$	195	$	21	$	—	$	216
For the nine months ended September 30, 2025:
Balance, beginning of period	$	82	$	15	$	1	$	98
Credit losses with no previous allowance	66		4		—		70
Securities disposed	(4)		—		—		(4)

Change in credit losses with a previous allowance	(3)		—		—		(3)

Write-offs charged against the allowance	—		—		—		—
Foreign currency translation	—		—		—		—
Balance, end of period	$	141	$	19	$	1	$	161

The Company’s determination of whether a decline in value necessitates the recording of an allowance for credit losses includes analyzing whether the issuer is current on its contractual payments, evaluating whether it is probable that the Company will be able to collect all amounts due according to the contractual terms of the security, and analyzing the overall ability of the Company to recover the amortized cost of the investment.

The following tables present the estimated fair value and gross unrealized losses for the 9,044 and 5,968 fixed maturity securities for which both the estimated fair value had declined and remained below amortized cost and an allowance for credit loss has not been recorded as of September 30, 2026 and December 31, 2025, respectively (dollars in millions). These investments are presented by class and grade of security, as well as the length of time the related fair value has continuously remained below amortized cost.


	Less than 12 months				12 months or greater				Total
September 30, 2026:	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	43,408	$	3,046	$	21,002	$	5,590	$	64,410	$	8,636
Canadian government	2,310		154		533		127		2,843		281
Japanese government	2,680		229		3,897		2,359		6,577		2,588
Korean government	306		31		866		293		1,172		324
ABS	3,811		88		1,129		159		4,940		247
CMBS	1,600		52		533		46		2,133		98
RMBS	1,304		56		480		98		1,784		154
U.S. government	1,655		47		436		295		2,091		342
State and political subdivisions	242		22		359		106		601		128
Other foreign government	2,916		170		1,781		472		4,697		642
Total investment grade securities	60,232		3,895		31,016		9,545		91,248		13,440
Below investment grade securities:
Corporate	1,148		44		351		77		1,499		121

ABS	333		44		21		1		354		45

Other foreign government	—		—		—		—		—		—
Total below investment grade securities	1,481		88		372		78		1,853		166
Total fixed maturity securities	$	61,713	$	3,983	$	31,388	$	9,623	$	93,101	$	13,606


	Less than 12 months				12 months or greater				Total
December 31, 2025:	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	10,591	$	255	$	22,666	$	3,635	$	33,257	$	3,890
Canadian government	1,096		34		426		72		1,522		106
Japanese government	1,274		209		3,351		1,607		4,625		1,816
Korean government	1,145		92		78		4		1,223		96
ABS	2,324		15		1,149		141		3,473		156
CMBS	—		—		705		50		705		50
RMBS	—		—		562		72		562		72
U.S. government	406		1		542		247		948		248
State and political subdivisions	73		1		451		78		524		79
Other foreign government	1,382		26		1,901		350		3,283		376
Total investment grade securities	18,291		633		31,831		6,256		50,122		6,889
Below investment grade securities:
Corporate	652		25		258		31		910		56


ABS	19		1		—		—		19		1



Other foreign government	—		—		13		3		13		3
Total below investment grade securities	671		26		271		34		942		60
Total fixed maturity securities	$	18,962	$	659	$	32,102	$	6,290	$	51,064	$	6,949

The Company did not intend to sell, and more likely than not would not be required to sell, the securities outlined in the tables above, as of the dates presented. However, unforeseen facts and circumstances may cause the Company to sell fixed maturity securities in the ordinary course of managing its portfolio to meet certain diversification, credit quality and liquidity guidelines. Changes in unrealized losses are primarily due to changes in risk-free interest rates and credit spreads.


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Fixed maturity securities available-for-sale	$	1,498	$	1,221	$	4,309	$	3,393
Equity securities	7		2		15		5
Mortgage loans	175		144		496		391
Policy loans	42		44		129		74
Funds withheld at interest	99		81		293		215
Limited partnerships and real estate joint ventures	146		—		350		88
Short-term investments and cash and cash equivalents	33		42		100		123

Other invested assets	2		(3)		4		(9)
Investment income	2,002		1,531		5,696		4,280
Investment expense	(68)		(56)		(197)		(165)
Net investment income	$	1,934	$	1,475	$	5,499	$	4,115


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Fixed maturity securities available-for-sale:
Change in allowance for credit losses	$	30	$	(28)	$	(6)	$	(63)
Impairments on fixed maturity securities	(45)		(1)		(46)		(3)
Realized gains on investment activity	30		96		125		162
Realized losses on investment activity	(132)		(65)		(421)		(217)
Net gains (losses) on equity securities	(8)		5		(25)		7
Change in mortgage loan allowance for credit losses	(15)		(6)		(25)		(20)
Limited partnerships and real estate joint ventures impairment losses	(42)		(1)		(71)		(22)
Change in fair value of certain limited partnership investments	15		9		(21)		8
Net gains (losses) on freestanding derivatives	(29)		32		2		80
Net gains (losses) on embedded derivatives	104		(33)		147		(41)
Other change in allowance for credit losses and impairments	1		1		(2)		(3)
Other, net	6		4		12		2
Total investment related gains (losses), net	$	(85)	$	13	$	(331)	$	(110)

The Company enters into various collateral arrangements with counterparties that require both the pledging and acceptance of invested assets as collateral. Pledged invested assets are included in the condensed consolidated balance sheets. Invested assets received as collateral are held in separate custodial accounts and are not recorded on the Company’s condensed consolidated balance sheets. Subject to certain constraints, the Company is permitted by contract to sell or repledge collateral it receives; however, as of September 30, 2026 and December 31, 2025, none of the collateral received had been sold or repledged.

The following table includes invested assets on deposit, invested assets pledged and received as collateral, assets in trust held to satisfy collateral requirements and Federal Home Loan Bank (“FHLB”) common stock restricted as to sale as of September 30, 2026 and December 31, 2025 (dollars in millions):


	September 30, 2026				December 31, 2025
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Invested assets on deposit (regulatory deposits)	$	25	$	23	$	10	$	9
Invested assets pledged as collateral	2,259		1,808		1,739		1,527
Invested assets received as collateral	n/a		2,501		n/a		2,620
Assets in trust held to satisfy collateral requirements	79,039		70,654		68,241		65,154
FHLB common stock restricted as to sale	64		64		68		68


	September 30, 2026						December 31, 2025
	Securities Loaned (1)		Securities Borrowed (2)		Cash Collateral Received (3)		Securities Loaned (1)		Securities Borrowed (2)		Cash Collateral Received (3)
Securities lending transactions	$	702	$	933	$	—	$	831	$	1,058	$	—
Repurchase/reverse repurchase transactions	2,319		626		1,582		2,623		682		1,783

(1)Securities loaned or pledged through securities lending transactions or sold to counterparties through repurchase transactions are included within fixed maturity securities. Collateral associated with certain securities lending transactions is not included within this table as the collateral pledged to the counterparty is the right to reinsurance treaty cash flows. Certain securities lending transactions do not require collateral.


	September 30, 2026										December 31, 2025
	Remaining Contractual Maturity of the Agreements										Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30 – 90 Days		Greater than 90 Days		Total		Overnight and Continuous		Up to 30 Days		30 – 90 Days		Greater than 90 Days		Total
Securities lending transactions:
Corporate	$	—	$	—	$	227	$	128	$	355	$	—	$	—	$	357	$	71	$	428

Japanese government	—		82		—		206		288		—		—		—		310		310
ABS	—		—		6		2		8		—		—		25		—		25
CMBS	—		—		29		—		29		—		—		37		—		37
RMBS	—		—		8		—		8		—		—		10		—		10


Other foreign government	—		—		10		4		14		—		—		15		6		21
Total	—		82		280		340		702		—		—		444		387		831
Repurchase/reverse repurchase transactions:
Corporate	—		—		340		941		1,281		—		—		—		1,336		1,336
Canadian government	—		—		—		12		12		—		—		—		12		12
Japanese government	—		—		—		377		377		—		—		203		175		378
ABS	—		—		—		73		73		—		—		11		137		148
CMBS	—		—		—		214		214		—		—		49		227		276
RMBS	—		—		—		38		38		—		—		42		47		89
U.S. government	—		—		—		259		259		—		—		4		273		277

Other foreign government	—		—		26		39		65		—		—		—		107		107
Total	—		—		366		1,953		2,319		—		—		309		2,314		2,623
Total transactions	$	—	$	82	$	646	$	2,293	$	3,021	$	—	$	—	$	753	$	2,701	$	3,454

The Company invests in both commercial and residential mortgage loans in the U.S. (92.6%), Canada (5.9%) and U.K. (1.5%). As of September 30, 2026, mortgage loans were geographically dispersed throughout the U.S. with the largest concentrations in California (12.2%), Texas (8.8%) and Florida (6.7%). The recorded investment in mortgage loans presented below is gross of unamortized deferred loan origination fees and expenses and allowance for credit losses.


	September 30, 2026				December 31, 2025
	Carrying Value		% of Total		Carrying Value		% of Total
Commercial:
Office	$	1,717	13.9	%	$	1,800	16.0	%
Retail	3,477		28.2		3,455		30.7
Industrial	4,008		32.5		3,549		31.5
Apartment	1,695		13.7		1,356		12.0
Hotel	496		4.0		500		4.4
Other commercial	343		2.8		161		1.4
Total commercial	11,736		95.1		10,821		96.0
Residential	608		4.9		447		4.0
Recorded investment	12,344		100.0	%	11,268		100.0	%
Unamortized loan origination fees and discount	(40)				(47)
Allowance for credit losses	(142)				(117)
Total mortgage loans	$	12,162			$	11,104


	September 30, 2026				December 31, 2025
	Recorded Investment		% of Total		Recorded Investment		% of Total
Commercial:
Due within five years	$	5,110	43.5	%	$	4,563	42.2	%
Due after five years through ten years	5,801		49.5		5,225		48.3
Due after ten years	825		7.0		1,033		9.5
Total commercial	$	11,736	100.0	%	$	10,821	100.0	%

Residential:
Due within five years	$	234	38.5	%	$	184	41.2	%
Due after five years through ten years	1		0.2		—		—
Due after ten years	373		61.3		263		58.8
Total residential	$	608	100.0	%	$	447	100.0	%


	Recorded Investment
	Debt Service Ratios
	>1.20x		1.00x – 1.20x		<1.00x		Construction loans		Total		% of Total
September 30, 2026:
Loan-to-Value Ratio
0% – 59.99%	$	5,076	$	230	$	99	$	30	$	5,435	46.3	%
60% – 69.99%	3,494		410		98		—		4,002		34.1
70% – 79.99%	1,034		327		54		—		1,415		12.1
80% or greater	598		177		109		—		884		7.5
Total commercial	$	10,202	$	1,144	$	360	$	30	$	11,736	100.0	%


	Recorded Investment
	Debt Service Ratios
	>1.20x		1.00x – 1.20x		<1.00x		Construction loans		Total		% of Total
December 31, 2025:
Loan-to-Value Ratio
0% – 59.99%	$	4,799	$	162	$	79	$	—	$	5,040	46.5	%
60% – 69.99%	3,084		168		79		—		3,331		30.8
70% – 79.99%	1,126		232		99		—		1,457		13.5
80% or greater	643		236		114		—		993		9.2
Total commercial	$	9,652	$	798	$	371	$	—	$	10,821	100.0	%


	Recorded Investment
	Year of Origination
	2026		2025		2024		2023		2022		Prior		Total
September 30, 2026:
Internal credit quality grade:
High investment grade	$	274	$	621	$	582	$	330	$	533	$	1,683	$	4,023
Investment grade	1,547		1,896		1,245		708		611		1,233		7,240
Average	—		—		—		54		74		136		264
Watch list	—		—		—		25		4		168		197
In or near default	—		—		—		—		—		12		12
Total commercial	$	1,821	$	2,517	$	1,827	$	1,117	$	1,222	$	3,232	$	11,736


	Recorded Investment
	Year of Origination
	2025		2024		2023		2022		2021		Prior		Total
December 31, 2025:
Internal credit quality grade:
High investment grade	$	636	$	587	$	352	$	539	$	458	$	1,679	$	4,251
Investment grade	1,908		1,257		788		617		481		973		6,024
Average	—		—		83		107		36		195		421
Watch list	—		—		—		—		—		125		125
In or near default	—		—		—		—		—		—		—
Total commercial	$	2,544	$	1,844	$	1,223	$	1,263	$	975	$	2,972	$	10,821


	September 30, 2026		December 31, 2025
Commercial:
Current	$	11,674	$	10,805
31 – 60 days past due	47		—
61 – 90 days past due	3		—
Greater than 90 days past due	12		16
Total commercial	$	11,736	$	10,821

Residential:
Current	$	578	$	444
31 – 60 days past due	14		3
61 – 90 days past due	—		—
Greater than 90 days past due	16		—
Total residential	$	608	$	447


For the three months ended September 30, 2026:	Commercial		Residential		Total
Balance, beginning of period	$	119	$	8	$	127
Provision (release) of credit losses	14		1		15
Write-offs, net of recoveries	—		—		—
Balance, end of period	$	133	$	9	$	142
For the three months ended September 30, 2025:
Balance, beginning of period	$	103	$	4	$	107
Provision (release) of credit losses	5		1		6
Write-offs, net of recoveries	—		—		—
Balance, end of period	$	108	$	5	$	113


For the nine months ended September 30, 2026:	Commercial		Residential		Total
Balance, beginning of period	$	112	$	5	$	117
Provision (release) of credit losses	28		4		32
Write-offs, net of recoveries	(7)		—		(7)
Balance, end of period	$	133	$	9	$	142
For the nine months ended September 30, 2025:
Balance, beginning of period	$	93	$	—	$	93
Provision (release) of credit losses	15		5		20
Write-offs, net of recoveries	—		—		—
Balance, end of period	$	108	$	5	$	113

The Company modified eight and six commercial mortgage loans for borrowers experiencing financial difficulty during the nine months ended September 30, 2026 and 2025, respectively, providing interest only payments, maturity extensions or payment deferrals. The total recorded investment before allowance for credit losses for the modified loans was $71 million and $61 million as of September 30, 2026 and 2025, respectively. The Company had one commercial mortgage loan in the amount of $12 million on nonaccrual status as of September 30, 2026.

The Company had residential mortgage loans in the amount of $31 million that were on nonaccrual status as of September 30, 2026. This includes residential mortgage loans in process of foreclosure with an amortized cost of $21 million at September 30, 2026.

The Company did not convert any mortgage loans to owned properties through a deed in lieu of foreclosure during the nine months ended September 30, 2026 and 2025. The Company did not acquire any impaired mortgage loans during the nine months ended September 30, 2026 and 2025.

The majority of policy loans are associated with one client. These policy loans present no credit risk as the amount of the loan cannot exceed the obligation due to the ceding company upon the death of the insured or surrender of the underlying policy. The provisions of the treaties in force and the underlying policies determine the policy loan interest rates. The Company earns a spread between the interest rate earned on policy loans and the interest rate credited to corresponding liabilities.

For reinsurance agreements written on a modified coinsurance basis and certain agreements written on a coinsurance funds withheld basis, assets equal to the net statutory reserves are withheld and legally owned and managed by the ceding company. The Company reflects these assets on its consolidated balance sheets as funds withheld at interest.


	September 30, 2026		December 31, 2025
Limited partnerships – equity method	$	2,249	$	1,543
Limited partnerships – fair value	926		925
Limited partnerships – cost method	68		72
Real estate joint ventures – equity method	1,121		1,207
Real estate joint ventures – fair value	63		—
Total limited partnerships and real estate joint ventures	$	4,427	$	3,747

Other invested assets include lifetime mortgages, derivative contracts and FHLB common stock. Other invested assets also include real estate held for investment, which is included in “Other” in the table below. As of September 30, 2026 and December 31, 2025, the allowance for credit losses for lifetime mortgages was not material. The carrying values of other invested assets as of September 30, 2026 and December 31, 2025 are as follows (dollars in millions):