Reinsurance (Tables)

12 Months Ended

Dec. 31, 2025

Reinsurance Disclosures [Abstract]

Reinsurance Amounts Recorded on Consolidated Statements of Income (Loss)

The following summarizes reinsurance amounts (in millions) recorded on the Consolidated Statements of Comprehensive Income (Loss), excluding amounts attributable to the indemnity reinsurance agreements with Protective and Swiss Re:

	For the Years Ended December 31,
	2025		2024		2023
Direct insurance premiums and fee income	$	14,485	$	14,160	$	13,782
Reinsurance assumed	29		86		90
Reinsurance ceded (1)	(2,352)		(2,419)		(4,733)
Total insurance premiums and fee income	$	12,162	$	11,827	$	9,139
Direct insurance benefits	$	10,818	$	10,857	$	10,829
Reinsurance ceded (1)	(2,858)		(2,939)		(4,691)
Total benefits	$	7,960	$	7,918	$	6,138
Direct market risk benefit (gain) loss	$	(350)	$	(2,818)	$	(2,309)
Reinsurance ceded	(22)		141		45
Total market risk benefit (gain) loss	$	(372)	$	(2,677)	$	(2,264)
Direct policyholder liability remeasurement (gain) loss	$	(173)	$	86	$	(224)
Reinsurance ceded	(18)		(276)		72
Total policyholder liability remeasurement (gain) loss	$	(191)	$	(190)	$	(152)

(1) Includes impacts related to the fourth quarter 2023 reinsurance transaction.

Schedule of Assets in Support of Reserves

We held investments with a carrying value of $8.9 billion and $9.3 billion in support of reserves associated with the Fortitude Re transaction in a funds withheld arrangement as of December 31, 2025 and 2024, respectively,

which consisted of the following (in millions):

	As of December 31,
	2025		2024
Fixed maturity AFS securities	$	7,325	$	7,764
Derivative investments	21		30
Other investments	1,388		1,419
Cash and invested cash	88		28
Accrued investment income	88		96
Total	$	8,910	$	9,337

We held assets in support of reserves associated with the Athene transaction in a modified coinsurance investment portfolio, which consisted of the following (in millions):

	As of December 31,
	2025		2024
Fixed maturity AFS securities	$	124	$	142
Trading securities	1,121		1,385
Equity securities	43		42
Mortgage loans on real estate	199		232
Derivative investments	24		46
Other investments	56		54
Cash and invested cash	100		147
Accrued investment income	14		18
Other assets	2		1
Total	$	1,683	$	2,067