Investments

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Investments

(4) InvestmentsNet Investment Income

Sources of net investment income were as follows for the periods indicated:

	Three months ended March 31,
(Amounts in millions)	2026		2025
Fixed maturity securities—taxable	$	556	$	559
Equity securities	2		3
Commercial mortgage loans	76		73
Policy loans	38		36
Limited partnerships	38		8
Other invested assets (1)	60		61
Cash, cash equivalents, restricted cash and short-term investments	19		22
Gross investment income before expenses and fees	789		762
Expenses and fees	(23)		(23)
Net investment income	$	766	$	739

_____________

(1)Includes amounts related to derivative instruments. See note 5 for additional information.

Net Investment Gains (Losses)

The following table sets forth net investment gains (losses) for the periods indicated:

	Three months ended March 31,
(Amounts in millions)	2026		2025
Realized investment gains (losses):
Available-for-sale fixed maturity securities:
Realized gains	$	6	$	4
Realized losses	(27)		(8)
Net realized gains (losses) on available-for-sale fixed maturity securities	(21)		(4)
Net realized gains (losses) on equity securities sold	—		1
Total net realized investment gains (losses)	(21)		(3)
Net change in allowance for credit losses on available-for-sale fixed maturity securities	—		(4)
Net unrealized gains (losses) on equity securities still held	(19)		(14)
Net unrealized gains (losses) on limited partnerships	3		38
Commercial mortgage loans	1		3
Derivative instruments (1)	11		6
Other	(1)		1
Net investment gains (losses)	$	(26)	$	27

_____________________

(1)See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses).

See Note 2—Summary of Significant Accounting Policies included in the Notes to Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for a discussion of our policy for evaluating and measuring the allowance for credit losses related to our available-for-sale fixed maturity securities. The following table represents the allowance for credit losses aggregated by security type for available-for-sale fixed maturity securities as of and for the three months ended March 31, 2026:

(Amounts in millions)	Beginning balance		Increase from securities without allowance in previous periods		Increase (decrease) from securities with allowance in previous periods		Securities sold		Decrease due to change in intent or requirement to sell		Write-offs		Recoveries		Ending balance
Fixed maturity securities:
Non-U.S. government	$	2	$	—	$	4	$	—	$	—	$	—	$	—	$	6
U.S. corporate	8		—		2		—		—		—		—		10
Non-U.S. corporate	9		—		(2)		(3)		—		—		—		4
Commercial mortgage-backed	4		—		(1)		—		—		—		—		3
Total available-for-sale fixed maturity securities	$	23	$	—	$	3	$	(3)	$	—	$	—	$	—	$	23

The following table represents the allowance for credit losses aggregated by security type for available-for-sale fixed maturity securities as of and for the three months ended March 31, 2025:

(Amounts in millions)	Beginning balance		Increase from securities without allowance in previous periods		Increase (decrease) from securities with allowance in previous  periods		Securities sold		Decrease due to change in intent or requirement to sell		Write-offs		Recoveries		Ending balance
Fixed maturity securities:
U.S. corporate	$	4	$	2	$	—	$	—	$	—	$	—	$	—	$	6
Non-U.S. corporate	3		1		—		—		—		—		—		4
Commercial mortgage-backed	3		—		1		—		—		—		—		4
Total available-for-sale fixed maturity securities	$	10	$	3	$	1	$	—	$	—	$	—	$	—	$	14

(c)Unrealized Investment Gains and Losses

Net unrealized gains and losses on available-for-sale investment securities reflected as a separate component of accumulated other comprehensive income (loss) were as follows as of the dates indicated:

(Amounts in millions)	March 31, 2026		December 31, 2025
Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses	$	(3,068)	$	(2,356)
Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses	(6)		(9)
Adjustments to policyholder contract balances	77		66
Income taxes, net	456		307
Net unrealized investment gains (losses)	(2,541)		(1,992)
Less: net unrealized investment gains (losses) attributable to noncontrolling interests	(15)		(5)
Net unrealized investment gains (losses) attributable to Genworth Financial, Inc.	$	(2,526)	$	(1,987)

The change in net unrealized gains (losses) on available-for-sale investment securities reported in accumulated other comprehensive income (loss) was as follows as of and for the three months ended March 31:

(Amounts in millions)	2026		2025
Beginning balance	$	(1,987)	$	(3,156)
Unrealized gains (losses) arising during the period:
Unrealized gains (losses) on fixed maturity securities	(730)		649
Adjustments to policyholder contract balances	11		(10)
(Provision) benefit for income taxes	153		(136)
Change in unrealized gains (losses) on investment securities	(566)		503
Reclassification adjustments to net investment (gains) losses (1)	17		3
Change in net unrealized investment gains (losses)	(549)		506
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests	(10)		10
Ending balance	$	(2,526)	$	(2,660)

_____________

(1)Net of taxes of $(4) million and $(1) million during the three months ended March 31, 2026 and 2025, respectively.

Amounts reclassified out of accumulated other comprehensive income (loss) to net investment gains (losses) include realized gains (losses) on sales of securities, which are determined on a specific identification basis.

Fixed Maturity Securities

As of March 31, 2026, the amortized cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows:

(Amounts in millions)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Allowance for credit  losses		Fair value
Fixed maturity securities:
U.S. government, agencies and government-sponsored enterprises	$	3,967	$	50	$	(401)	$	—	$	3,616
State and political subdivisions	2,336		15		(265)		—		2,086
Non-U.S. government	1,276		19		(98)		(6)		1,191
U.S. corporate:
Utilities	4,848		64		(426)		(3)		4,483
Energy	2,506		57		(138)		—		2,425
Finance and insurance	7,434		68		(580)		—		6,922
Consumer—non-cyclical	4,630		72		(342)		(6)		4,354
Technology and communications	2,871		43		(294)		—		2,620
Industrial	986		9		(99)		(1)		895
Capital goods	2,353		46		(126)		—		2,273
Consumer—cyclical	1,286		14		(81)		—		1,219
Transportation	1,113		31		(87)		—		1,057
Other	274		2		(15)		—		261
Total U.S. corporate	28,301		406		(2,188)		(10)		26,509
Non-U.S. corporate:
Utilities	635		2		(38)		—		599
Energy	935		21		(37)		(4)		915
Finance and insurance	1,760		30		(90)		—		1,700
Consumer—non-cyclical	619		4		(73)		—		550
Technology and communications	772		6		(72)		—		706
Industrial	761		12		(32)		—		741
Capital goods	713		6		(33)		—		686
Consumer—cyclical	231		1		(11)		—		221
Transportation	504		11		(24)		—		491
Other	447		9		(20)		—		436
Total non-U.S. corporate	7,377		102		(430)		(4)		7,045
Residential mortgage-backed	1,089		12		(37)		—		1,064
Commercial mortgage-backed	1,596		2		(237)		(3)		1,358
Other asset-backed	2,250		9		(33)		—		2,226
Total available-for-sale fixed maturity securities	$	48,192	$	615	$	(3,689)	$	(23)	$	45,095

As of December 31, 2025, the amortized cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows:

(Amounts in millions)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Allowance for credit losses		Fair value
Fixed maturity securities:
U.S. government, agencies and government-sponsored enterprises	$	3,999	$	66	$	(364)	$	—	$	3,701
State and political subdivisions	2,356		13		(255)		—		2,114
Non-U.S. government	1,257		36		(76)		(2)		1,215
U.S. corporate:
Utilities	4,798		95		(375)		(3)		4,515
Energy	2,506		69		(123)		—		2,452
Finance and insurance	7,435		109		(487)		—		7,057
Consumer—non-cyclical	4,591		98		(279)		(4)		4,406
Technology and communications	2,947		58		(256)		—		2,749
Industrial	1,030		14		(89)		(1)		954
Capital goods	2,359		65		(105)		—		2,319
Consumer—cyclical	1,295		23		(69)		—		1,249
Transportation	1,115		37		(77)		—		1,075
Other	280		4		(14)		—		270
Total U.S. corporate	28,356		572		(1,874)		(8)		27,046
Non-U.S. corporate:
Utilities	672		4		(36)		(3)		637
Energy	957		27		(36)		(4)		944
Finance and insurance	1,751		43		(75)		—		1,719
Consumer—non-cyclical	615		6		(64)		—		557
Technology and communications	743		9		(63)		—		689
Industrial	769		19		(27)		—		761
Capital goods	710		11		(29)		—		692
Consumer—cyclical	255		3		(8)		—		250
Transportation	491		15		(21)		—		485
Other	467		12		(20)		(2)		457
Total non-U.S. corporate	7,430		149		(379)		(9)		7,191
Residential mortgage-backed	1,115		19		(34)		—		1,100
Commercial mortgage-backed	1,536		3		(226)		(4)		1,309
Other asset-backed	2,101		13		(28)		—		2,086
Total available-for-sale fixed maturity securities	$	48,150	$	871	$	(3,236)	$	(23)	$	45,762

The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of March 31, 2026:

	Less than 12 months					12 months or more					Total
(Dollar amounts in millions)	Fair value		Gross unrealized losses		Number of securities	Fair value		Gross unrealized losses		Number of securities	Fair value		Gross unrealized losses		Number of securities
Description of Securities
Fixed maturity securities:
U.S. government, agencies and government-sponsored enterprises	$	495	$	(12)	37	$	1,662	$	(389)	60	$	2,157	$	(401)	97
State and political subdivisions	136		(4)		34	1,458		(261)		248	1,594		(265)		282
Non-U.S. government	348		(11)		109	365		(86)		52	713		(97)		161
U.S. corporate	4,053		(98)		905	13,471		(2,085)		1,858	17,524		(2,183)		2,763
Non-U.S. corporate	1,301		(22)		245	3,270		(408)		409	4,571		(430)		654
Residential mortgage-backed	149		(2)		64	350		(35)		123	499		(37)		187
Commercial mortgage-backed	136		(2)		38	1,098		(235)		163	1,234		(237)		201
Other asset-backed	726		(4)		158	539		(29)		110	1,265		(33)		268
Total for fixed maturity securities in an unrealized loss position	$	7,344	$	(155)	1,590	$	22,213	$	(3,528)	3,023	$	29,557	$	(3,683)	4,613
% Below cost:
<20% Below cost	$	7,317	$	(142)	1,581	$	17,770	$	(1,928)	2,395	$	25,087	$	(2,070)	3,976
20%-50% Below cost	27		(13)		9	4,443		(1,600)		628	4,470		(1,613)		637
Total for fixed maturity securities in an unrealized loss position	$	7,344	$	(155)	1,590	$	22,213	$	(3,528)	3,023	$	29,557	$	(3,683)	4,613
Investment grade	$	7,127	$	(142)	1,534	$	21,688	$	(3,462)	2,947	$	28,815	$	(3,604)	4,481
Below investment grade	217		(13)		56	525		(66)		76	742		(79)		132
Total for fixed maturity securities in an unrealized loss position	$	7,344	$	(155)	1,590	$	22,213	$	(3,528)	3,023	$	29,557	$	(3,683)	4,613

The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual investment securities had been in a continuous unrealized loss position, based on industry, as of March 31, 2026:

	Less than 12 months					12 months or more					Total
(Dollar amounts in millions)	Fair value		Gross unrealized losses		Number of securities	Fair value		Gross unrealized losses		Number of securities	Fair value		Gross unrealized losses		Number of securities
Description of Securities
U.S. corporate:
Utilities	$	771	$	(15)	146	$	2,025	$	(411)	313	$	2,796	$	(426)	459
Energy	281		(6)		77	991		(132)		132	1,272		(138)		209
Finance and insurance	1,118		(21)		253	3,971		(559)		525	5,089		(580)		778
Consumer—non-cyclical	561		(12)		132	2,259		(330)		285	2,820		(342)		417
Technology and communications	410		(18)		98	1,564		(276)		206	1,974		(294)		304
Industrial	110		(3)		30	545		(91)		83	655		(94)		113
Capital goods	397		(8)		87	916		(118)		128	1,313		(126)		215
Consumer—cyclical	210		(3)		46	645		(78)		99	855		(81)		145
Transportation	195		(12)		36	441		(75)		71	636		(87)		107
Other	—		—		—	114		(15)		16	114		(15)		16
Subtotal, U.S. corporate securities	4,053		(98)		905	13,471		(2,085)		1,858	17,524		(2,183)		2,763
Non-U.S. corporate:
Utilities	143		(1)		24	359		(37)		41	502		(38)		65
Energy	173		(2)		31	328		(35)		37	501		(37)		68
Finance and insurance	344		(6)		62	726		(84)		95	1,070		(90)		157
Consumer—non-cyclical	77		(2)		25	376		(71)		43	453		(73)		68
Technology and communications	97		(3)		25	428		(69)		51	525		(72)		76
Industrial	129		(2)		25	237		(30)		34	366		(32)		59
Capital goods	117		(1)		20	326		(32)		43	443		(33)		63
Consumer—cyclical	64		(2)		9	98		(9)		13	162		(11)		22
Transportation	95		(2)		11	225		(22)		28	320		(24)		39
Other	62		(1)		13	167		(19)		24	229		(20)		37
Subtotal, non-U.S. corporate securities	1,301		(22)		245	3,270		(408)		409	4,571		(430)		654
Total for corporate securities in an unrealized loss position	$	5,354	$	(120)	1,150	$	16,741	$	(2,493)	2,267	$	22,095	$	(2,613)	3,417

We did not recognize an allowance for credit losses on securities in an unrealized loss position included in the tables above. Based on a qualitative and quantitative review of the issuers of the securities, we believe the decline in fair value was largely due to increased interest rates since purchase and was not indicative of credit losses. The issuers continue to make timely principal and interest payments. For all securities in an unrealized loss position without an allowance for credit losses, we expect to recover the amortized cost based on our estimate of the amount and timing of cash flows to be collected. We do not intend to sell nor do we expect that we will be required to sell these securities prior to recovering our amortized cost.

The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of December 31, 2025:

	Less than 12 months					12 months or more					Total
(Dollar amounts in millions)	Fair value		Gross unrealized losses		Number of securities	Fair value		Gross unrealized losses		Number of securities	Fair value		Gross unrealized losses		Number of securities
Description of Securities
Fixed maturity securities:
U.S. government, agencies and government-sponsored enterprises	$	438	$	(9)	28	$	1,626	$	(355)	68	$	2,064	$	(364)	96
State and political subdivisions	79		(2)		18	1,577		(253)		257	1,656		(255)		275
Non-U.S. government	115		(1)		36	399		(74)		55	514		(75)		91
U.S. corporate	1,664		(57)		399	14,057		(1,811)		1,814	15,721		(1,868)		2,213
Non-U.S. corporate	244		(11)		57	3,495		(366)		438	3,739		(377)		495
Residential mortgage-backed	—		—		—	391		(34)		140	391		(34)		140
Commercial mortgage-backed	59		(1)		15	1,118		(225)		169	1,177		(226)		184
Other asset-backed	187		(1)		57	640		(27)		128	827		(28)		185
Total for fixed maturity securities in an unrealized loss position	$	2,786	$	(82)	610	$	23,303	$	(3,145)	3,069	$	26,089	$	(3,227)	3,679
% Below cost:
<20% Below cost	$	2,731	$	(61)	593	$	19,932	$	(1,928)	2,587	$	22,663	$	(1,989)	3,180
20%-50% Below cost	55		(21)		17	3,370		(1,216)		481	3,425		(1,237)		498
>50% Below cost	—		—		—	1		(1)		1	1		(1)		1
Total for fixed maturity securities in an unrealized loss position	$	2,786	$	(82)	610	$	23,303	$	(3,145)	3,069	$	26,089	$	(3,227)	3,679
Investment grade	$	2,705	$	(71)	582	$	22,737	$	(3,096)	2,991	$	25,442	$	(3,167)	3,573
Below investment grade	81		(11)		28	566		(49)		78	647		(60)		106
Total for fixed maturity securities in an unrealized loss position	$	2,786	$	(82)	610	$	23,303	$	(3,145)	3,069	$	26,089	$	(3,227)	3,679

The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual investment securities had been in a continuous unrealized loss position, based on industry, as of December 31, 2025:

	Less than 12 months					12 months or more					Total
(Dollar amounts in millions)	Fair value		Gross unrealized losses		Number of securities	Fair value		Gross unrealized losses		Number of securities	Fair value		Gross unrealized losses		Number of securities
Description of Securities
U.S. corporate:
Utilities	$	319	$	(8)	66	$	2,109	$	(367)	320	$	2,428	$	(375)	386
Energy	147		(5)		30	1,009		(118)		134	1,156		(123)		164
Finance and insurance	329		(5)		95	4,198		(482)		514	4,527		(487)		609
Consumer—non-cyclical	239		(3)		60	2,368		(276)		261	2,607		(279)		321
Technology and communications	259		(16)		63	1,573		(240)		195	1,832		(256)		258
Industrial	56		(1)		18	575		(82)		81	631		(83)		99
Capital goods	146		(3)		37	983		(102)		128	1,129		(105)		165
Consumer—cyclical	—		—		—	715		(69)		103	715		(69)		103
Transportation	130		(10)		24	449		(67)		67	579		(77)		91
Other	39		(6)		6	78		(8)		11	117		(14)		17
Subtotal, U.S. corporate securities	1,664		(57)		399	14,057		(1,811)		1,814	15,721		(1,868)		2,213
Non-U.S. corporate:
Utilities	—		—		—	386		(36)		43	386		(36)		43
Energy	78		(6)		16	358		(30)		49	436		(36)		65
Finance and insurance	85		(1)		14	800		(74)		109	885		(75)		123
Consumer—non-cyclical	—		—		—	390		(64)		43	390		(64)		43
Technology and communications	29		(2)		13	435		(61)		48	464		(63)		61
Industrial	18		(1)		10	259		(26)		35	277		(27)		45
Capital goods	—		—		—	332		(29)		42	332		(29)		42
Consumer—cyclical	—		—		—	130		(8)		15	130		(8)		15
Transportation	34		(1)		4	229		(20)		29	263		(21)		33
Other	—		—		—	176		(18)		25	176		(18)		25
Subtotal, non-U.S. corporate securities	244		(11)		57	3,495		(366)		438	3,739		(377)		495
Total for corporate securities in an unrealized loss position	$	1,908	$	(68)	456	$	17,552	$	(2,177)	2,252	$	19,460	$	(2,245)	2,708

The scheduled maturity distribution of fixed maturity securities as of March 31, 2026 is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.

(Amounts in millions)	Amortized cost		Fair value
Due one year or less	$	1,714	$	1,711
Due after one year through five years	8,621		8,429
Due after five years through ten years	10,793		10,675
Due after ten years	22,129		19,632
Subtotal	43,257		40,447
Residential mortgage-backed	1,089		1,064
Commercial mortgage-backed	1,596		1,358
Other asset-backed	2,250		2,226
Total	$	48,192	$	45,095

As of March 31, 2026, securities issued by finance and insurance, utilities and consumer—non-cyclical industry groups represented approximately 26%, 15% and 14%, respectively, of our domestic and foreign corporate fixed maturity securities portfolio. No other industry group comprised more than 10% of our investment portfolio.

As of March 31, 2026, we did not hold any fixed maturity securities in any single issuer, other than securities issued or guaranteed by the U.S. government, which exceeded 10% of stockholders’ equity.

(e)Commercial Mortgage Loans

Our mortgage loans are collateralized by commercial properties, including multi-family residential buildings. The carrying value of commercial mortgage loans is stated at original cost net of principal payments, amortization and allowance for credit losses.

We diversify our commercial mortgage loans by both property type and geographic region. The following tables set forth the distribution across property type and geographic region for commercial mortgage loans as of the dates indicated:

	March 31, 2026				December 31, 2025
(Amounts in millions)	Carrying value		% of total		Carrying value		% of total
Property type:
Retail	$	2,629	42	%	$	2,642	42	%
Industrial	1,464		23		1,454		23
Office	1,266		20		1,292		20
Apartments	516		8		514		8
Mixed use	338		5		323		5
Other	138		2		138		2
Subtotal	6,351		100	%	6,363		100	%
Allowance for credit losses	(58)				(59)
Total	$	6,293			$	6,304

	March 31, 2026				December 31, 2025
(Amounts in millions)	Carrying value		% of total		Carrying value		% of total
Geographic region:
South Atlantic	$	1,742	28	%	$	1,733	27	%
Pacific	1,135		18		1,167		19
Mountain	1,012		16		997		16
Middle Atlantic	843		13		845		13
West South Central	496		8		504		8
East North Central	443		7		424		7
West North Central	332		5		339		5
East South Central	200		3		202		3
New England	148		2		152		2
Subtotal	6,351		100	%	6,363		100	%
Allowance for credit losses	(58)				(59)
Total	$	6,293			$	6,304

As of March 31, 2026 and December 31, 2025, we had one commercial mortgage loan in the office property type with an amortized cost of $6 million that was more than 90 days past due and on non-accrual status. This loan did not have an allowance for credit losses as of December 31, 2025. As of March 31, 2026, we had two commercial mortgage loans in the industrial property type with an aggregate amortized cost of $1 million that were more than 90 days past due. The collection of principal and interest on these loans is probable; therefore, they were not placed on non-accrual status as of March 31, 2026. As of December 31, 2025, these loans had an aggregate amortized cost of $3 million and were 31 to 60 days past due. For a discussion of our policy related to placing commercial mortgage loans on non-accrual status, see Note 2—Summary of Significant Accounting Policies included in the Notes to Consolidated Financial Statements in our 2025 Annual Report on Form 10-K.

Occasionally, we may make modifications of interest rate reductions, term extensions and/or principal forgiveness related to commercial mortgage loans. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. As the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses as a result of the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification.

We did not have any loan modifications or extensions associated with borrowers experiencing financial difficulty that resulted in the consideration of whether to establish a new loan or to continue accounting for the modification or extension under the existing loan during the three months ended March 31, 2026 and 2025. As of March 31, 2026, all loans modified during the 12 months prior remained current.

The following table sets forth the allowance for credit losses related to commercial mortgage loans as of and for the periods indicated:

	Three months ended March 31,
(Amounts in millions)	2026		2025
Allowance for credit losses:
Beginning balance	$	59	$	39
Provision	(1)		(3)
Write-offs	—		—
Recoveries	—		—
Ending balance	$	58	$	36

In evaluating the credit quality of commercial mortgage loans, we assess the performance of the underlying loans using both quantitative and qualitative criteria. Certain risks associated with commercial mortgage loans can be evaluated by reviewing both the debt-to-value and debt service coverage ratio to understand both the probability of the borrower not being able to make the necessary loan payments as well as the ability to sell the underlying property for an amount that would enable us to recover our unpaid principal balance in the event of default by the borrower. The average debt-to-value ratio is based on our most recent estimate of the fair value for the underlying property which is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A lower debt-to-value indicates that our loan value is more likely to be recovered in the event of default by the borrower if the property were sold. The debt service coverage ratio is based on “normalized” annual income of the property compared to the payments required under the terms of the loan. Normalization allows for the removal of annual one-time events such as capital expenditures, prepaid or late real estate tax payments or non-recurring third-party fees (such as legal, consulting or contract fees). This ratio is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A higher debt service coverage ratio indicates the borrower is less likely to default on the loan. The debt service coverage ratio is not used without considering other factors associated with the borrower, such as the borrower’s liquidity or access to other resources that may result in our expectation that the borrower will continue to make the future scheduled payments.

The following tables set forth commercial mortgage loans by year of origination and credit quality indicator as of March 31, 2026:

(Amounts in millions)	2026		2025		2024		2023		2022		2021 and prior		Total
Debt-to-value:
0% - 50%	$	14	$	102	$	32	$	83	$	128	$	1,979	$	2,338
51% - 60%	16		99		55		38		208		844		1,260
61% - 75%	104		407		106		138		464		1,270		2,489
76% - 100%	—		—		—		—		42		191		233
Greater than 100%	—		—		—		—		—		31		31
Total amortized cost	$	134	$	608	$	193	$	259	$	842	$	4,315	$	6,351
Debt service coverage ratio:
Less than 1.00	$	—	$	—	$	—	$	—	$	34	$	267	$	301
1.00 - 1.25	5		43		16		11		41		309		425
1.26 - 1.50	73		258		76		96		118		550		1,171
1.51 - 2.00	34		178		68		76		390		1,432		2,178
Greater than 2.00	22		129		33		76		259		1,757		2,276
Total amortized cost	$	134	$	608	$	193	$	259	$	842	$	4,315	$	6,351

The following tables set forth the debt-to-value of commercial mortgage loans by property type as of the dates indicated:

	March 31, 2026
(Amounts in millions)	0% - 50%			51% - 60%			61% - 75%			76% - 100%			Greater than 100%			Total
Property type:
Retail	$	1,134		$	584		$	906		$	5		$	—		$	2,629
Industrial	598			260			606			—			—			1,464
Office	260			225			565			210			6			1,266
Apartments	208			126			182			—			—			516
Mixed use	68			53			177			15			25			338
Other	70			12			53			3			—			138
Total amortized cost	$	2,338		$	1,260		$	2,489		$	233		$	31		$	6,351
% of total	37		%	20		%	39		%	4		%	—		%	100		%
Weighted-average debt service coverage ratio	2.50			1.88			1.52			1.16			0.75			1.94

	December 31, 2025
(Amounts in millions)	0% - 50%			51% - 60%			61% - 75%			76% - 100%			Greater  than 100%			Total
Property type:
Retail	$	1,168		$	576		$	893		$	5		$	—		$	2,642
Industrial	615			255			584			—			—			1,454
Office	261			224			586			215			6			1,292
Apartments	211			127			176			—			—			514
Mixed use	69			54			148			27			25			323
Other	72			25			37			4			—			138
Total amortized cost	$	2,396		$	1,261		$	2,424		$	251		$	31		$	6,363
% of total	38		%	20		%	38		%	4		%	—		%	100		%
Weighted-average debt service coverage ratio	2.50			1.87			1.54			1.05			0.90			1.94

The following tables set forth the debt service coverage ratio for fixed rate commercial mortgage loans by property type as of the dates indicated:

	March 31, 2026
(Amounts in millions)	Less than 1.00			1.00 - 1.25			1.26 - 1.50			1.51 - 2.00			Greater  than 2.00			Total
Property type:
Retail	$	27		$	97		$	510		$	1,105		$	890		$	2,629
Industrial	43			61			303			424			633			1,464
Office	167			184			199			323			393			1,266
Apartments	16			32			92			169			207			516
Mixed use	41			40			46			107			104			338
Other	7			11			21			50			49			138
Total amortized cost	$	301		$	425		$	1,171		$	2,178		$	2,276		$	6,351
% of total	5		%	7		%	18		%	34		%	36		%	100		%
Weighted-average debt-to-value	75		%	69		%	65		%	57		%	43		%	55		%

	December 31, 2025
(Amounts in millions)	Less than 1.00			1.00 - 1.25			1.26 - 1.50			1.51 - 2.00			Greater than 2.00			Total
Property type:
Retail	$	27		$	93		$	515		$	1,107		$	900		$	2,642
Industrial	46			61			276			419			652			1,454
Office	175			187			200			331			399			1,292
Apartments	16			32			87			170			209			514
Mixed use	42			41			27			108			105			323
Other	8			11			16			53			50			138
Total amortized cost	$	314		$	425		$	1,121		$	2,188		$	2,315		$	6,363
% of total	5		%	7		%	18		%	34		%	36		%	100		%
Weighted-average debt-to-value	74		%	70		%	65		%	58		%	43		%	55		%