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INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Schedule of Investments [Line Items]  
Schedule Of Net Investment Income
The components of net investment income for the years ended December 31 were as follows:
(In millions)202520242023
Fixed maturity securities$3,017 $2,894 $2,873 
Equity securities20 24 28 
Commercial mortgage and other loans821 1,046 1,002 
Other investments (1)
231 130 (70)
Short-term investments and cash equivalents230 258 213 
Gross investment income4,319 4,352 4,046 
Less investment expenses243 236 235 
Net investment income$4,076 $4,116 $3,811 
(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $65, $165 and $343 in 2025, 2024, and 2023, respectively, is included as a reduction to net investment income. Tax credits on these investments of $69, $164, and $334 in 2025, 2024, and 2023, respectively, have been reported as an income tax benefit in the consolidated statements of earnings. See Note 1 for additional information on these investments.
Available-for-Sale 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 presented in the following tables.
  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$18,063 $0 $41 $3,727 $14,377 
Municipalities856 0 5 145 716 
Mortgage- and asset-backed securities297 0 1 38 260 
Public utilities2,519 0 123 174 2,468 
Sovereign and supranational330 0 7 13 324 
Banks/financial institutions5,382 0 170 477 5,075 
Other corporate5,438 0 357 534 5,261 
Total yen-denominated32,885 0 704 5,108 28,481 
  U.S. dollar-denominated:
U.S. government and agencies230 0 2 2 230 
Municipalities1,185 0 83 54 1,214 
Mortgage- and asset-backed securities3,854 0 239 35 4,058 
Public utilities4,292 0 465 107 4,650 
Sovereign and supranational57 0 21 0 78 
Banks/financial institutions3,672 0 518 21 4,169 
Other corporate18,967 0 2,740 597 21,110 
Total U.S. dollar-denominated32,257 0 4,068 816 35,509 
  Other currencies:
Mortgage- and asset-backed securities44 0 4 0 48 
Public utilities52 0 4 0 56 
Other corporate
25 0 2 0 27 
Total other currencies
121 0 10 0 131 
Total securities available-for-sale$65,263 $0 $4,782 $5,924 $64,121 

 
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 
Municipalities869 0 65 79 855 
Mortgage- and asset-backed securities327 0 4 23 308 
Public utilities2,746 0 202 108 2,840 
Sovereign and supranational330 0 16 8 338 
Banks/financial institutions5,376 0 267 342 5,301 
Other corporate5,329 0 568 305 5,592 
Total yen-denominated34,386 0 1,587 3,099 32,874 
  U.S. dollar-denominated:
U.S. government and agencies208 0 1 3 206 
Municipalities1,167 0 65 53 1,179 
Mortgage- and asset-backed securities2,987 0 302 34 3,255 
Public utilities3,938 0 418 151 4,205 
Sovereign and supranational57 0 21 0 78 
Banks/financial institutions3,271 0 420 36 3,655 
Other corporate18,050 0 2,493 752 19,791 
Total U.S. dollar-denominated29,678 0 3,720 1,029 32,369 
Other currencies:
Other corporate25 0 1 0 26 
Total other currencies25 0 1 0 26 
Total securities available-for-sale$64,089 $0 $5,308 $4,128 $65,269 
Held-to-Maturity Securities
  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$15,461 $2 $15,459 $81 $713 $14,827 
Municipalities235 0 235 0 6 229 
Public utilities32 0 32 0 3 29 
Sovereign and supranational381 3 378 6 9 375 
Other corporate16 0 16 0 0 16 
Total yen-denominated16,125 5 16,120 87 731 15,476 
Total securities held-to-maturity$16,125 $5 $16,120 $87 $731 $15,476 
  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 
Municipalities235 0 235 22 0 257 
Public utilities32 0 32 1 0 33 
Sovereign and supranational377 3 374 31 0 405 
Other corporate16 0 16 2 0 18 
Total yen-denominated15,971 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
  
20252024
(In millions)Fair ValueFair Value
Equity securities, carried at fair value through net earnings:
Equity securities:
Yen-denominated
$609 $484 
U.S. dollar-denominated278 312 
Total equity securities$887 $796 
Investments Classified by Contractual Maturity Date
The contractual and economic maturities of the Company's investments in fixed maturity securities at December 31, 2025, were as follows:
(In millions)
Amortized
Cost (1)
Fair
Value
Available-for-sale:
Due in one year or less$1,676 $1,743 
Due after one year through five years7,704 8,618 
Due after five years through 10 years16,143 17,021 
Due after 10 years35,545 32,373 
Mortgage- and asset-backed securities4,195 4,366 
Total fixed maturity securities available-for-sale$65,263 $64,121 
Held-to-maturity:
Due in one year or less$32 $32 
Due after one year through five years1,418 1,435 
Due after five years through 10 years7,182 7,240 
Due after 10 years7,488 6,769 
Total fixed maturity securities held-to-maturity$16,120 $15,476 
(1) Net of allowance for credit losses
Investment Exposures Exceeding Ten Percent Shareholders' Equity
Investment exposures that individually exceeded 10% of shareholders' equity as of December 31 were as follows:
20252024
(In millions)Credit
Rating		Amortized
Cost		Fair
Value		Credit
Rating		Amortized
Cost		Fair
Value
Japan National Government(1)
A+$32,618$28,434A+$33,822$32,844
(1) Japan Government Bonds (JGBs) or JGB-backed securities
Gain (Loss) on Investments
Information regarding pretax net investment gains and losses for the years ended December 31 follows:
(In millions)202520242023
Net investment gains (losses):
Sales and redemptions:
Fixed maturity securities available-for-sale:
Gross gains from sales$149 $80 $24 
Gross losses from sales(579)(634)(61)
Foreign currency gains (losses)436 806 204 
Other investments:
Gross gains (losses) from sales and redemptions14 7 33 
Total sales and redemptions20 259 200 
Equity securities72 140 

88 
Real estate owned impairments(6)0 0 
Credit losses:
Fixed maturity securities held-to-maturity0 0 1 
Commercial mortgage and other loans(192)(207)(146)
Impairment losses0 (55)0 
Loan commitments0 1 9 
Reinsurance recoverables and other1 5 (3)
Total credit losses(191)(256)(139)
Derivatives and other:
Derivative gains (losses)(295)(363)(531)
Foreign currency gains (losses)(172)1,491 972 
Total derivatives and other(467)1,128 441 
Total net investment gains (losses)$(572)$1,271 $590 
Unrealized Gain (Loss) on Investments
Information regarding changes in unrealized investment gains and losses included in other comprehensive income (loss) for the years ended December 31 follows:
(In millions)202520242023
Changes in unrealized gains (losses):
Fixed maturity securities available-for-sale$(2,322)$(1,421)$2,327 
Total change in unrealized gains (losses)$(2,322)$(1,421)$2,327 
Net Effect on Shareholders' Equity of Unrealized Gains and Losses from Investment Securities
The net effect on shareholders' equity of unrealized gains and losses from fixed maturity securities at December 31 follows:
(In millions)20252024
Unrealized gains (losses) on securities available-for-sale$(1,142)$1,180 
Deferred income taxes(667)(1,156)
Shareholders’ equity, unrealized gains (losses) on fixed maturity securities$(1,809)$24 
Investments Gross Unrealized Loss Aging
The following tables present the fair values and gross unrealized losses of the Company's available-for-sale securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31.
  2025
  TotalLess than 12 months12 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$37 $2 $0 $0 $37 $2 
Japan government and
    agencies:
Yen-denominated13,521 3,727 7,966 692 5,555 3,035 
Municipalities:
U.S. dollar-denominated630 54 8 0 622 54 
Yen-denominated520 145 234 6 286 139 
Mortgage- and asset-
    backed securities:
U.S. dollar-denominated547 35 217 5 330 30 
Yen-denominated183 38 9 1 174 37 
Public utilities:
U.S. dollar-denominated1,055 107 169 2 886 105 
Yen-denominated838 174 0 0 838 174 
Sovereign and supranational:
Yen-denominated276 13 236 0 40 13 
Banks/financial institutions:
U.S. dollar-denominated252 21 62 0 190 21 
Yen-denominated3,467 477 495 26 2,972 451 
Other corporate:
U.S. dollar-denominated4,535 597 620 5 3,915 592 
Yen-denominated 2,395 534 640 33 1,755 501 
Total$28,256 $5,924 $10,656 $770 $17,600 $5,154 
  2024
  TotalLess than 12 months12 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-denominated8,136 2,234 2,070 57 6,066 2,177 
Municipalities:
U.S. dollar-denominated666 53 67 3 599 50 
Yen-denominated341 79 96 2 245 77 
Mortgage- and asset-
    backed securities:
U.S. dollar-denominated567 34 173 2 394 32 
Yen-denominated196 23 12 0 184 23 
Public utilities:
U.S. dollar-denominated1,570 151 699 19 871 132 
Yen-denominated1,020 108 368 11 652 97 
Sovereign and supranational:
Yen-denominated47 8 0 0 47 8 
Banks/financial institutions:
U.S. dollar-denominated625 36 376 7 249 29 
Yen-denominated3,197 342 471 22 2,726 320 
Other corporate:
U.S. dollar-denominated6,097 752 2,036 59 4,061 693 
Yen-denominated1,733 305 289 14 1,444 291 
Total$24,301 $4,128 $6,716 $197 $17,585 $3,931 
Commercial Mortgage and Other Loans by Property Type
The following table presents the composition of the carrying value for commercial mortgage and other loans by property type as of December 31.
20252024
(In millions)Amortized
Cost		% of
Total		Amortized
Cost		% of
Total
Commercial mortgage and other loans:
Transitional real estate loans:
Office$1,229 12.1 %$1,361 12.1 %
Retail267 2.6 349 3.1 
Apartments/Multi-Family1,555 15.3 2,201 19.6 
Industrial75 .7 117 1.1 
Hospitality522 5.1 556 5.0 
Other240 2.4 318 2.8 
Total transitional real estate loans3,888 38.2 4,902 43.7 
Commercial mortgage loans:
Office255 2.5 300 2.7 
Retail217 2.1 214 1.9 
Apartments/Multi-Family539 5.3 572 5.1 
Industrial427 4.2 436 3.9 
Other14 .1 15 .1 
Total commercial mortgage loans1,452 14.2 1,537 13.7 
Middle market loans4,404 43.2 4,423 39.4 
Other loans447 4.4 362 3.2 
Total commercial mortgage and other loans$10,191 100.0 %$11,224 100.0 %
Allowance for credit losses(426)(355)
Total net commercial mortgage and other loans$9,765 $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 December 31.
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$3,418 $0 $470 $470 $3,888 $545 
Commercial mortgage loans1,452 0 0 0 1,452 0 
Middle market loans4,263 58 83 141 4,404 98 
Other loans447 0 0 0 447 0 
Total$9,580 $58 $553 $611 $10,191 $643 
(1) As of December 31, 2025, there were no loans that were 90 days or more past due that continued to accrue interest.
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 loans1,537 0 0 0 1,537 0 
Middle market loans4,295 63 65 128 4,423 108 
Other loans362 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, for the years ended December 31.
2025
(In millions)
Amortized
Cost (1)
% of
Total		Financial Effect
Transitional real estate loans:
Term extension$159 4.4 %
Term extension of 20 months on average
Term extension and interest rate reduction178 4.9 
Term extension of 26 months on average and reduction in the weighted-average contractual interest rate from 5.2% to 4.1%
Middle market loans:
Principal forgiveness$15 .3 %
Reduction in the amortized cost basis of $9 million
Term extension45 1.1 
Term extension of 9 months on average
Other-than-insignificant
  payment delays
33 .8 
Delay in principal and interest payments of 36 months on average
Principal forgiveness and term extension35 .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 reduction13 .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

2024
(In millions)
Amortized
Cost (1)
% of
Total		Financial Effect
Transitional real estate loans:
Other-than-insignificant payment
  delays
$125 2.7 %
Delay in payments of 24 months on average
Other-than-insignificant payment
  delays and interest rate
  reduction
278 5.9 
Delay in payments of 44 months on average and reduction in the weighted-average contractual interest rate from 8.0% to 6.6%
Other-than-insignificant payment
  delays, principal forgiveness and
  interest rate reduction
81 1.7 
Delay in payments of 33 months on average, $1 million of principal forgiven, and reduction in the weighted-average contractual interest rate from 8.2% to 7.3%
(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 December 31, at amortized cost.
2025
(In millions)Current Less Than
90 Days
Past Due		90 Days
or More
 Past Due		Nonaccrual Status
Transitional real estate loans$337 $0 $0 $43 
Middle market loans135 6 0 0 
Total$472 $6 $0 $43 
2024
(In millions)Current Less Than
90 Days
Past Due		90 Days
or More
 Past Due		Nonaccrual Status
Transitional real estate loans$403 $81 $0 $0 
Middle market loans15 0 0 0 
Total$418 $81 $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
Balance at December 31, 2022
$(54)$(9)$(129)$(24)$(7)$0 $(223)
(Addition to) release of allowance for credit losses(1)
(124)(7)(17)8 1 0 (139)
Writeoffs, net of recoveries66 0 0 0 0 0 66 
Change in foreign exchange0 0 0 0 1 0 1 
Balance at December 31, 2023
(112)(16)(146)(16)(5)0 (295)
(Addition to) release of allowance for credit losses(148)(17)(44)(1)0 0 (210)
Writeoffs, net of recoveries61 19 50 0 0 0 130 
Change in foreign exchange0 0 0 0 0 0 0 
Balance at December 31, 2024
(199)(14)(140)(17)(5)0 (375)
(Addition to) release of allowance for credit losses(107)5 (89)0 0 0 (191)
Writeoffs, net of recoveries29 0 91 0 0 0 120 
Change in foreign exchange0 0 0 0 0 0 0 
Balance at December 31, 2025
$(277)$(9)$(138)$(17)$(5)$0 $(446)
(1) Includes an allowance for credit losses of $4 recognized on financial assets accounted for as purchased financial assets with credit deterioration that is not recorded in earnings upon recognition.
Other Investments
The table below presents the composition of the carrying value for other investments as of December 31.
(In millions)20252024
Other investments:
Policy loans$210 $203 
Short-term investments (1)
1,373 1,599 
Limited partnerships (2)
4,109 3,435 
Real estate owned902 682 
Other28 39 
Total other investments$6,622 $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 the collateral by loaned security type and remaining maturity of the agreements as of December 31 were as follows:
Securities Lending Transactions Accounted for as Secured Borrowings
Remaining Contractual Maturity of the Agreements
20252024
(In millions)
Overnight
and
Continuous(1)
Up to 30
days		30-90 daysTotal
Overnight
and
Continuous(1)
Up to 30
days		Total
Securities lending
  transactions:
Fixed maturity securities:
Japan government and agencies$0 $1,591 $1,329 $2,920 $0 $1,027 $1,027 
Public utilities54 0 0 54 34 0 34 
Banks/financial institutions150 0 0 150 193 0 193 
Other corporate865 0 0 865 783 0 783 
          Total borrowings$1,069 $1,591 $1,329 $3,989 $1,010 $1,027 $2,037 
Gross amount of recognized liabilities for securities
   lending transactions		$3,989 $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  
Schedule of Investments [Line Items]  
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 as of December 31.

Investments in Consolidated Variable Interest Entities
(In millions)20252024
Assets:
Fixed maturity securities available-for-sale$3,636 $3,428 
Commercial mortgage and other loans7,896 8,693 
Other investments (1)
2,320 2,176 
Other assets (2)
45 53 
Total assets of consolidated VIEs$13,897 $14,350 
Liabilities:
Other liabilities (2)
$765 $604 
Total liabilities of consolidated VIEs$765 $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  
Schedule of Investments [Line Items]  
Investments in Variable Interest Entities
The table below presents the carrying value and balance sheet caption in which the Company's investments in VIEs that are not consolidated are reported as of December 31.

Investments in Variable Interest Entities Not Consolidated
(In millions)20252024
Assets:
Fixed maturity securities available-for-sale$6,750 $6,243 
Other investments (1)
1,603 1,124 
Total investments in VIEs not consolidated$8,353 $7,367 
(1) Consists entirely of alternative investments in limited partnerships
Transitional real estate loans  
Schedule of Investments [Line Items]  
Financing Receivable Credit Quality Indicators
The following tables present as of December 31, 2025 the amortized cost basis of TREs, CMLs, MMLs, and other loans by year of origination and key credit quality indicator.
Transitional Real Estate Loans
(In millions)20252024202320222021PriorTotal
Loan-to-Value Ratio:
0%-59.99%$0 $0 $0 $319 $344 $10 $673 
60%-69.99%0 0 27 397 423 403 1,250 
70%-79.99%0 0 14 678 512 24 1,228 
80% or greater0 0 0 155 252 330 737 
Total$0 $0 $41 $1,549 $1,531 $767 $3,888 
Current-period gross writeoffs:$0 $0 $0 $5 $0 $24 $29 
Commercial mortgage loans  
Schedule of Investments [Line Items]  
Financing Receivable Credit Quality Indicators
Commercial Mortgage Loans
(In millions)20252024202320222021PriorTotalWeighted-Average DSCR
Loan-to-Value Ratio:
0%-59.99%$11 $0 $32 $0 $244 $944 $1,231 2.74
60%-69.99%20 0 0 0 25 55 100 2.11
70%-79.99%0 0 0 0 0 8 8 1.50
80% or greater0 12 0 0 0 101 113 1.16
Total$31 $12 $32 $0 $269 $1,108 $1,452 2.56
Weighted Average DSCR1.801.102.550.003.012.49
Current-period gross writeoffs:$0 $0 $0 $0 $0 $0 $0 
Middle market loans  
Schedule of Investments [Line Items]  
Financing Receivable Credit Quality Indicators
Middle Market Loans
(In millions)20252024202320222021PriorRevolving LoansTotal
Credit Ratings:
BBB$31 $52 $36 $0 $57 $106 $15 $297 
BB452 473 40 331 285 552 72 2,205 
B194 149 46 284 388 360 39 1,460 
CCC22 3 0 9 59 196 16 305 
CC5 2 0 9 16 17 5 54 
C and lower0 0 0 0 16 62 5 83 
Total$704 $679 $122 $633 $821 $1,293 $152 $4,404 
Current-period gross writeoffs:$0 $0 $0 $7 $29 $55 $0 $91 
Other loans  
Schedule of Investments [Line Items]  
Financing Receivable Credit Quality Indicators
Other Loans
(In millions)20252024202320222021PriorRevolving LoansTotal
Credit Ratings:
A$0 $0 $0 $67 $0 $0 $0 $67 
AA0 0 0 8 3 0 0 11 
BBB33 244 66 26 0 0 0 369 
Total$33 $244 $66 $101 $3 $0 $0 $447 
Current-period gross writeoffs:$0 $0 $0 $0 $0 $0 $0 $0