Realized Gain (Loss)

9 Months Ended

Sep. 30, 2025

Realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss) includes realized gains and losses from the sale of investments, write-downs for impairments of investments and changes in the allowance for credit losses for financial assets, changes in fair value for mortgage loans on real estate accounted for under the fair value option, changes in fair value of equity securities, VUL derivative and embedded derivative gains and losses, gains and losses on the sale of subsidiaries and businesses and net gains and losses on reinsurance-related embedded derivatives and trading securities. Realized gains and losses on the sale of investments are determined using the specific identification method. Realized gain (loss) is also net of allocations of investment gains and losses to certain policyholders, certain funds withheld on reinsurance arrangements and certain modified coinsurance arrangements for which we have a contractual obligation. Details underlying realized gain (loss) (in millions) were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Fixed maturity AFS securities:
Gross gains	$	11	$	3	$	17	$	11
Gross losses	(41)		(38)		(190)		(204)
Credit loss benefit (expense) (1)	(18)		(14)		(65)		(40)

Realized gain (loss) on equity securities (2)	(1)		6		(2)		18
Credit loss benefit (expense) on mortgage loans on real estate (1)	(7)		(47)		(16)		(65)
Credit loss benefit (expense) on reinsurance-related assets (3)	(14)		(27)		(9)		(19)
Realized gain (loss) on the mark-to-market on certain
instruments (4)(5)	(253)		(623)		(406)		(523)
Indexed product derivative results (6)	30		120		28		342
Derivative results (7)	68		209		(216)		(258)
Realized gain (loss) on subsidiaries/businesses (8)	–		(2)		–		582
Other realized gain (loss)	9		(18)		12		(45)
Total realized gain (loss)	$	(216)	$	(431)	$	(847)	$	(201)

(1) Includes changes in the allowance for credit losses as well as direct write-downs to amortized cost as a result of negative credit events.

(2) Includes mark-to-market adjustments on equity securities still held of $1 million and $6 million for the three months ended September 30, 2025 and 2024, respectively, and $8 million and $21 million for the nine months ended September 30, 2025 and 2024, respectively.

(3) Includes changes in the allowance for credit losses pertaining to reinsurance recoverables and deposit assets.

(4) Represents changes in the fair values of derivatives we hold as part of VUL hedging, reinsurance-related embedded derivatives and trading securities.

(5) Includes gains and losses from fair value changes on mortgage loans on real estate accounted for under the fair value option of $(1) million and $1 million for the three months ended September 30, 2025 and 2024, respectively, and $(3) million and $4 million for the nine months ended September 30, 2025 and 2024, respectively.

(6) Represents the change in fair value of the index options that we hold and the change in the fair value of the embedded derivative liabilities of our indexed annuity and IUL contracts, and the associated index options to hedge policyholder index allocations applicable to future reset periods for our indexed annuity products.

(7) Includes the change in the fair value of the derivative instruments we own to support capital needs associated with our GLB and GDB riders net of fee income allocated to support the cost of purchasing the hedging instruments.

(8) Relates to the sale of our wealth management business.