INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Available-for-Sale Debt Securities

The amortized cost and allowance for credit losses for the Company's investments in fixed maturity securities and the fair values of these investments as well as the fair value of the Company's investments in equity securities are shown in the following tables.

	September 30, 2025
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities available-for-sale, carried at fair   value through other comprehensive income:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	19,541	$	0	$	83	$	3,260	$	16,364
Municipalities	900		0		13		130		783
Mortgage- and asset-backed securities	322		0		2		34		290
Public utilities	2,783		0		138		199		2,722
Sovereign and supranational	349		0		9		12		346
Banks/financial institutions	5,715		0		201		441		5,475
Other corporate	5,733		0		383		486		5,630
Total yen-denominated	35,343		0		829		4,562		31,610
U.S. dollar-denominated:
U.S. government and agencies	230		0		1		12		219
Municipalities	1,187		0		76		60		1,203
Mortgage- and asset-backed securities	3,903		0		166		45		4,024
Public utilities	4,333		0		428		111		4,650
Sovereign and supranational	58		0		21		0		79
Banks/financial institutions	3,814		0		450		20		4,244
Other corporate	19,275		0		2,415		575		21,115
Total U.S. dollar-denominated	32,800		0		3,557		823		35,534
Other currencies:
Mortgage- and asset-backed securities	46		0		2		0		48
Public utilities	56		0		2		0		58
Other corporate	26		0		0		0		26
Total other currencies	128		0		4		0		132
Total securities available-for-sale	$	68,271	$	0	$	4,390	$	5,385	$	67,276

	December 31, 2024
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities available-for-sale, carried at fair   value through other comprehensive income:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	19,409	$	0	$	465	$	2,234	$	17,640
Municipalities	869		0		65		79		855
Mortgage- and asset-backed securities	327		0		4		23		308
Public utilities	2,746		0		202		108		2,840
Sovereign and supranational	330		0		16		8		338
Banks/financial institutions	5,376		0		267		342		5,301
Other corporate	5,329		0		568		305		5,592
Total yen-denominated	34,386		0		1,587		3,099		32,874
U.S. dollar-denominated:
U.S. government and agencies	208		0		1		3		206
Municipalities	1,167		0		65		53		1,179
Mortgage- and asset-backed securities	2,987		0		302		34		3,255
Public utilities	3,938		0		418		151		4,205
Sovereign and supranational	57		0		21		0		78
Banks/financial institutions	3,271		0		420		36		3,655
Other corporate	18,050		0		2,493		752		19,791
Total U.S. dollar-denominated	29,678		0		3,720		1,029		32,369
Other currencies:
Other corporate	25		0		1		0		26
Total other currencies	25		0		1		0		26
Total securities available-for-sale	$	64,089	$	0	$	5,308	$	4,128	$	65,269

Held-to-maturity Securities

	September 30, 2025
(In millions)	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities held-to-maturity, carried at   amortized cost:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	16,260	$	2	$	16,258	$	248	$	438	$	16,068
Municipalities	248		0		248		5		1		252
Public utilities	34		0		34		0		2		32
Sovereign and supranational	401		3		398		6		4		400
Other corporate	17		0		17		1		0		18
Total yen-denominated	16,960		5		16,955		260		445		16,770
Total securities held-to-maturity	$	16,960	$	5	$	16,955	$	260	$	445	$	16,770

	December 31, 2024
(In millions)	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities held-to-maturity, carried at   amortized cost:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	15,311	$	2	$	15,309	$	759	$	9	$	16,059
Municipalities	235		0		235		22		0		257
Public utilities	32		0		32		1		0		33
Sovereign and supranational	377		3		374		31		0		405
Other corporate	16		0		16		2		0		18
Total yen-denominated	15,971		5		15,966		815		9		16,772
Total securities held-to-maturity	$	15,971	$	5	$	15,966	$	815	$	9	$	16,772

Equity securities, FV-NI

	September 30, 2025			December 31, 2024
(In millions)	Fair Value			Fair Value
Equity securities, carried at fair value through net earnings:
Equity securities:
Yen-denominated		$	584		$	484
U.S. dollar-denominated		301			312
Total equity securities		$	885		$	796

Investments Classified by Contractual Maturity Date

The contractual and economic maturities of the Company's investments in fixed maturity securities at September 30, 2025, were as follows:

(In millions)	Amortized Cost (1)			Fair Value
Available-for-sale:
Due in one year or less		$	1,596		$	1,702
Due after one year through five years		8,083			8,902
Due after five years through 10 years		16,873			17,769
Due after 10 years		37,448			34,541
Mortgage- and asset-backed securities		4,271			4,362
Total fixed maturity securities available-for-sale		$	68,271		$	67,276
Held-to-maturity:
Due in one year or less		$	34		$	34
Due after one year through five years		144			148
Due after five years through 10 years		8,901			9,133
Due after 10 years		7,876			7,455
Total fixed maturity securities held-to-maturity		$	16,955		$	16,770

(1) Net of allowance for credit losses

Investment Exposures Exceeding Ten Percent Shareholders Equity

Investment exposures that individually exceeded 10% of shareholders' equity were as follows:

	September 30, 2025			December 31, 2024
(In millions)	Credit Rating	Amortized Cost	Fair Value	Credit Rating	Amortized Cost	Fair Value
Japan National Government(1)	A+	$34,849	$31,596	A+	$33,822	$32,844

(1) Japan Government Bonds (JGBs) or JGB-backed securities

Gain (Loss) on Investments

Information regarding pretax net gains and losses from investments is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
Net investment gains (losses):
Sales and redemptions:
Fixed maturity securities available-for-sale:
Gross gains from sales	$	29	$	1	$	148	$	41
Gross losses from sales	(96)		(66)		(429)		(375)
Foreign currency gains (losses)	99		173		339		660
Other investments:
Gross gains (losses) from sales and redemptions	1		(3)		13		7
Total sales and redemptions	33		105		71		333
Equity securities	10		13		47		100
Real estate owned impairments	0		0		(6)		0
Credit losses:
Commercial mortgage and other loans	(51)		(85)		(165)		(113)
Impairment losses	0		(55)		0		(55)
Loan commitments	(2)		(1)		(2)		2
Reinsurance recoverables and other	0		0		1		5
Total credit losses	(53)		(141)		(166)		(161)
Derivatives and other:
Derivative gains (losses)	(123)		436		(145)		(54)
Foreign currency gains (losses)	408		(1,821)		(910)		21
Total derivatives and other	285		(1,385)		(1,055)		(33)
Total net investment gains (losses)	$	275	$	(1,408)	$	(1,109)	$	239

Net Effect on Shareholders' Equity of Unrealized Gains and Losses from Investment Securities

The net effect on shareholders’ equity of unrealized gains and losses from fixed maturity securities was as follows:

(In millions)	September 30, 2025			December 31, 2024
Unrealized gains (losses) on securities available-for-sale		$	(995)		$	1,180
Deferred income taxes		(706)			(1,156)
Shareholders’ equity, unrealized gains (losses) on fixed maturity securities		$	(1,701)		$	24

Investments Gross Unrealized Loss Aging

The following tables show the fair values and gross unrealized losses of the Company's available-for-sale investments for the periods ended September 30, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

	September 30, 2025
	Total						Less than 12 months						12 months or longer
(In millions)	Fair Value			Unrealized Losses			Fair Value			Unrealized Losses			Fair Value			Unrealized Losses
Fixed maturity securities available-    for-sale:
U.S. government and     agencies:
U.S. dollar-denominated		$	65		$	12		$	20		$	6		$	45		$	6
Japan government and     agencies:
Yen-denominated		12,544			3,260			7,003			447			5,541			2,813
Municipalities:
U.S. dollar-denominated		632			60			22			2			610			58
Yen-denominated		418			130			118			3			300			127
Mortgage- and asset-     backed securities:
U.S. dollar-denominated		1,028			45			659			19			369			26
Yen-denominated		199			34			22			1			177			33
Public utilities:
U.S. dollar-denominated		1,195			111			231			4			964			107
Yen-denominated		999			199			76			4			923			195
Sovereign and supranational:
Yen-denominated		45			12			0			0			45			12
Banks/financial institutions:
U.S. dollar-denominated		229			20			27			0			202			20
Yen-denominated		3,419			441			585			18			2,834			423
Other corporate:
U.S. dollar-denominated		4,843			575			614			12			4,229			563
Yen-denominated		2,455			486			778			41			1,677			445
Total		$	28,071		$	5,385		$	10,155		$	557		$	17,916		$	4,828

	December 31, 2024
	Total						Less than 12 months						12 months or longer
(In millions)	Fair Value			Unrealized Losses			Fair Value			Unrealized Losses			Fair Value			Unrealized Losses
Fixed maturity securities available-    for-sale:
U.S. government and     agencies:
U.S. dollar-denominated		$	106		$	3		$	59		$	1		$	47		$	2
Japan government and     agencies:
Yen-denominated		8,136			2,234			2,070			57			6,066			2,177
Municipalities:
U.S. dollar-denominated		666			53			67			3			599			50
Yen-denominated		341			79			96			2			245			77
Mortgage- and asset-     backed securities:
U.S. dollar-denominated		567			34			173			2			394			32
Yen-denominated		196			23			12			0			184			23
Public utilities:
U.S. dollar-denominated		1,570			151			699			19			871			132
Yen-denominated		1,020			108			368			11			652			97
Sovereign and supranational:
Yen-denominated		47			8			0			0			47			8
Banks/financial institutions:
U.S. dollar-denominated		625			36			376			7			249			29
Yen-denominated		3,197			342			471			22			2,726			320
Other corporate:
U.S. dollar-denominated		6,097			752			2,036			59			4,061			693
Yen-denominated		1,733			305			289			14			1,444			291
Total		$	24,301		$	4,128		$	6,716		$	197		$	17,585		$	3,931

Composition of the Carrying Value for Commercial Mortgage and Other Loans by Property Type

The following table reflects the composition of the carrying value for commercial mortgage and other loans by property type as of the periods presented.

	September 30, 2025				December 31, 2024
(In millions)	Amortized Cost		% of Total		Amortized Cost		% of Total
Commercial Mortgage and other loans:
Transitional real estate loans:
Office	$	1,226	11.6	%	$	1,361	12.1	%
Retail	314		3.0		349		3.1
Apartments/Multi-Family	1,861		17.6		2,201		19.6
Industrial	101		1.0		117		1.1
Hospitality	523		5.0		556		5.0
Other	292		2.8		318		2.8
Total transitional real estate loans	4,317		41.0		4,902		43.7
Commercial mortgage loans:
Office	266		2.5		300		2.7
Retail	208		2.0		214		1.9
Apartments/Multi-Family	544		5.1		572		5.1
Industrial	410		3.9		436		3.9
Other	14		.1		15		.1
Total commercial mortgage loans	1,442		13.6		1,537		13.7
Middle market loans	4,387		41.5		4,423		39.4
Other loans	413		3.9		362		3.2
Total commercial mortgage and other loans	$	10,559	100.0	%	$	11,224	100.0	%
Allowance for credit losses	(422)				(355)
Total net commercial mortgage and other loans	$	10,137			$	10,869

Financing Receivable Nonaccrual

The following tables present an aging of past due and nonaccrual loans at amortized cost, before allowance for credit losses, as of the periods presented.

	September 30, 2025
(In millions)	Current		Less Than 90 Days Past Due		90 Days or More  Past Due(1)		Total Past Due		Total Loans		Nonaccrual Status
Transitional real estate loans	$	3,883	$	49	$	385	$	434	$	4,317	$	385
Commercial mortgage loans	1,442		0		0		0		1,442		0
Middle market loans	4,277		48		62		110		4,387		82
Other loans	413		0		0		0		413		0
Total	$	10,015	$	97	$	447	$	544	$	10,559	$	467

(1) As of September 30, 2025, there were no loans that were 90 days or more past due that continued to accrue interest.

	December 31, 2024
(In millions)	Current		Less Than 90 Days Past Due		90 Days or More  Past Due(1)		Total Past Due		Total Loans		Nonaccrual Status
Transitional real estate loans	$	4,364	$	195	$	343	$	538	$	4,902	$	378
Commercial mortgage loans	1,537		0		0		0		1,537		0
Middle market loans	4,295		63		65		128		4,423		108
Other loans	362		0		0		0		362		0
Total	$	10,558	$	258	$	408	$	666	$	11,224	$	486

(1) As of December 31, 2024, there were no loans that were 90 days or more past due that continued to accrue interest.

Effect of Loan Modifications

The following tables present the amortized cost basis of modified loans to borrowers experiencing financial difficulty and the financial effect of the modifications, disaggregated by loan classification and type of modification.

Three Months Ended September 30, 2025
(In millions)	Amortized Cost (1)		% of Total		Financial Effect
Middle Market Loans:
Term extension	$	13	.3	%	Term extension of 17 months on average
Principal forgiveness and term extension	9		.2		Reduction in the amortized cost basis of $6 million and term extension of 43 months on average
Principal forgiveness, term extension and interest rate reduction	13		.3		Reduction in the amortized cost basis of $5 million, term extension of 45 months on average and reduction in the weighted-average contractual interest rate from 10.5% to 9.5%.

(1) Net of allowance for credit losses

Three Months Ended September 30, 2024
(In millions)	Amortized Cost (1)		% of Total		Financial Effect
Transitional Real Estate Loans:
Other-than-insignificant payment   delays	$	123	2.3	%	Delay in payments of 24 months on average

(1) Net of allowance for credit losses

Nine Months Ended September 30, 2025
(In millions)	Amortized Cost (1)		% of Total		Financial Effect
Transitional Real Estate Loans:
Term extension	$	158	3.9	%	Term extension of 20 months on average
Term extension and interest rate reduction	155		3.8		Term extension of 26 months on average and reduction in the weighted-average contractual interest rate from 4.8% to 4.3%
Middle Market Loans:
Principal forgiveness	$	6	.1	%	Reduction in the amortized cost basis of $4 million
Term extension	46		1.1		Term extension of 9 months on average
Other-than-insignificant   payment delays	28		.7		Delay in principal and interest payments of 36 months on average
Principal forgiveness and term   extension	35		.8		Reduction in the amortized cost basis of $40 million and term extension of 33 months on average
Principal forgiveness, term extension and interest rate reduction	13		.3		Reduction in the amortized cost basis of $5 million, term extension of 45 months on average and reduction in the weighted-average contractual interest rate from 10.5% to 9.5%.

(1) Net of allowance for credit losses

Nine Months Ended September 30, 2024
(In millions)	Amortized Cost (1)		% of Total		Financial Effect
Transitional Real Estate Loans:
Other-than-insignificant payment   delays	$	198	3.8	%	Delay in payments of 29 months on average
Other-than-insignificant payment   delays and interest rate   reduction	216		4.1		Delay in payments of 47 months on average and reduction in the weighted-average contractual interest rate from 7.9% to 6.6%

(1) Net of allowance for credit losses

Loan Performance After Modifications

The following tables present an aging of loans that received modifications in the 12 months preceding the period presented, at amortized cost.

	September 30, 2025
(In millions)	Current		Less Than 90 Days Past Due		90 Days or More Past Due		Nonaccrual Status
Transitional real estate loans	$	501	$	0	$	61	$	61
Middle market loans	131		11		0		0
Total	$	632	$	11	$	61	$	61

	September 30, 2024
(In millions)	Current		Less Than 90 Days Past Due		90 Days or More Past Due		Nonaccrual Status
Transitional real estate loans	$	414	$	0	$	0	$	0
Total	$	414	$	0	$	0	$	0

Allowance for Loan Losses by Portfolio Segment

The following table presents the roll forward of the allowance for credit losses by portfolio segment for loans and by accounting classification for securities.

(In millions)	Transitional Real Estate Loans		Commercial Mortgage Loans		Middle Market Loans		Other Loans and Loan Commitments		Held-to- Maturity Securities		Available- for-Sale Securities		Total
Three Months Ended   September 30, 2025:
Balance at June 30, 2025	$	(243)	$	(12)	$	(127)	$	(17)	$	(5)	$	0	$	(404)
(Addition to) release of allowance for   credit losses	(28)		2		(25)		(2)		0		0		(53)
Writeoffs, net of recoveries	0		0		13		0		0		0		13
Change in foreign exchange	0		0		0		0		0		0		0
Balance at September 30, 2025	$	(271)	$	(10)	$	(139)	$	(19)	$	(5)	$	0	$	(444)
Three Months Ended   September 30, 2024:
Balance at June 30, 2024	$	(123)	$	(17)	$	(98)	$	(13)	$	(5)	$	0	$	(256)
(Addition to) release of allowance for   credit losses	(67)		(16)		(5)		(1)		0		0		(89)
Writeoffs, net of recoveries	39		3		0		0		0		0		42
Change in foreign exchange	0		0		0		0		0		0		0
Balance at September 30, 2024	$	(151)	$	(30)	$	(103)	$	(14)	$	(5)	$	0	$	(303)
Nine Months Ended   September 30, 2025:
Balance at December 31, 2024	$	(199)	$	(14)	$	(140)	$	(17)	$	(5)	$	0	$	(375)
(Addition to) release of allowance for   credit losses	(101)		4		(68)		(2)		0		0		(167)
Writeoffs, net of recoveries	29		0		69		0		0		0		98
Change in foreign exchange	0		0		0		0		0		0		0
Balance at September 30, 2025	$	(271)	$	(10)	$	(139)	$	(19)	$	(5)	$	0	$	(444)
Nine Months Ended   September 30, 2024:
Balance at December 31, 2023	$	(112)	$	(16)	$	(146)	$	(16)	$	(5)	$	0	$	(295)
(Addition to) release of allowance for   credit losses	(93)		(17)		(7)		2		0		0		(115)
Writeoffs, net of recoveries	54		3		50		0		0		0		107
Change in foreign exchange	0		0		0		0		0		0		0
Balance at September 30, 2024	$	(151)	$	(30)	$	(103)	$	(14)	$	(5)	$	0	$	(303)

Other Investments

The table below reflects the composition of the carrying value for other investments as of the periods presented.

(In millions)	September 30, 2025			December 31, 2024
Other investments:
Policy loans		$	217		$	203
Short-term investments (1)		2,346			1,599
Limited partnerships (2)		3,961			3,435
Real estate owned		940			682
Other		31			39
Total other investments		$	7,495		$	5,958

(1) Includes securities lending collateral

(2) Includes tax credit investments and asset classes such as private equity and real estate funds

Securities Lending Transactions Accounted for as Secured Borrowings

Details of collateral by loaned security type and remaining maturity of the agreements were as follows:

Securities Lending Transactions Accounted for as Secured Borrowings
Remaining Contractual Maturity of the Agreements
	September 30, 2025								December 31, 2024
(In millions)	Overnight and Continuous(1)		Up to 30 days		30-90 days		Total		Overnight and Continuous(1)		Up to 30 days		Total
Securities lending   transactions:
Fixed maturity securities:
Japan government and agencies	$	0	$	1,946	$	2,361	$	4,307	$	0	$	1,027	$	1,027
Public utilities	39		0		0		39		34		0		34
Banks/financial institutions	186		0		0		186		193		0		193
Other corporate	897		0		0		897		783		0		783
Total borrowings	$	1,122	$	1,946	$	2,361	$	5,429	$	1,010	$	1,027	$	2,037
Gross amount of recognized liabilities for securities    lending transactions							$	5,429					$	2,037

(1) The related loaned security, under the Company's U.S. securities lending program, can be returned to the Company at the transferee's discretion; therefore, they are classified as Overnight and Continuous.

Variable Interest Entity, Consolidated

Investments in Variable Interest Entities

The following table presents the carrying value and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported.

Investments in Consolidated Variable Interest Entities

(In millions)	September 30, 2025			December 31, 2024
Assets:
Fixed maturity securities, available-for-sale		$	3,692		$	3,428
Commercial mortgage and other loans		8,183			8,693
Other investments (1)		2,305			2,176
Other assets (2)		44			53
Total assets of consolidated VIEs		$	14,224		$	14,350
Liabilities:
Other liabilities (2)		$	685		$	604
Total liabilities of consolidated VIEs		$	685		$	604

(1) Consists entirely of alternative investments in limited partnerships, which represent VIEs where the Company is not the primary beneficiary and, therefore, are not consolidated

(2) Consists entirely of derivatives

Variable Interest Entity, Not Consolidated

Investments in Variable Interest Entities

VIEs - Not Consolidated

The table below reflects the carrying value and balance sheet caption in which the Company's investments in VIEs that are not consolidated are reported.

Investments in Variable Interest Entities Not Consolidated

(In millions)	September 30, 2025			December 31, 2024
Assets:
Fixed maturity securities, available-for-sale		$	6,891		$	6,243
Other investments (1)		1,473			1,124
Total investments in VIEs not consolidated		$	8,364		$	7,367

(1) Consists entirely of alternative investments in limited partnerships

Transitional real estate loans

Financing Receivable Credit Quality Indicators

The following tables present as of September 30, 2025 the amortized cost basis of TREs, CMLs, MMLs, and other loans by year of origination and credit quality indicator.

Transitional Real Estate Loans
(In millions)	2025		2024		2023		2022		2021		Prior		Total
Loan-to-Value Ratio:
0%-59.99%	$	0	$	0	$	0	$	371	$	391	$	10	$	772
60%-69.99%	0		0		77		400		418		402		1,297
70%-79.99%	0		0		14		776		621		43		1,454
80% or greater	0		0		0		187		297		310		794
Total	$	0	$	0	$	91	$	1,734	$	1,727	$	765	$	4,317
Current-period gross   writeoffs:	$	0	$	0	$	0	$	5	$	0	$	24	$	29

Commercial mortgage loans

Financing Receivable Credit Quality Indicators

Commercial Mortgage Loans
(In millions)	2025		2024		2023		2022		2021		Prior		Total		Weighted-Average DSCR
Loan-to-Value Ratio:
0%-59.99%	$	0	$	0	$	32	$	0	$	245	$	949	$	1,226	2.75
60%-69.99%	0		0		0		0		25		69		94		2.13
70%-79.99%	0		0		0		0		0		8		8		1.50
80% or greater	0		12		0		0		0		102		114		0.85
Total	$	0	$	12	$	32	$	0	$	270	$	1,128	$	1,442	2.55
Weighted Average DSCR	0.00		1.10		2.55		0.00		3.05		2.45
Current-period gross   writeoffs:	$	0	$	0	$	0	$	0	$	0	$	0	$	0

Middle market loans

Financing Receivable Credit Quality Indicators

Middle Market Loans
(In millions)	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total
Credit Ratings:
BBB	$	39	$	47	$	32	$	0	$	58	$	107	$	9	$	292
BB	322		428		37		349		326		619		61		2,142
B	112		204		47		286		405		412		26		1,492
CCC	26		2		0		9		75		195		14		321
CC	0		0		0		14		0		16		5		35
C and lower	0		0		0		0		17		83		5		105
Total	$	499	$	681	$	116	$	658	$	881	$	1,432	$	120	$	4,387
Current-period gross   writeoffs:	$	0	$	0	$	0	$	2	$	23	$	44	$	0	$	69

Other loans

Financing Receivable Credit Quality Indicators

Other Loans
(In millions)	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total
Credit Ratings:
A	$	0	$	0	$	0	$	70	$	0	$	0	$	0	$	70
AA	0		0		0		8		3		0		0		11
BBB	6		232		69		25		0		0		0		332
Total	$	6	$	232	$	69	$	103	$	3	$	0	$	0	$	413
Current-period gross   writeoffs:	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0