
	As of September 30, 2025
	Amortized Cost		Gross Unrealized				Allowance for Credit Losses		Fair Value
			Gains		Losses
Fixed maturity AFS securities:
Corporate bonds	$	68,127	$	867	$	5,479	$	49	$	63,466
U.S. government bonds	641		8		31		–		618
State and municipal bonds	2,190		39		230		–		1,999
Foreign government bonds	276		14		50		–		240
RMBS	2,040		40		114		6		1,960
CMBS	2,141		16		93		–		2,064
ABS	14,728		135		227		41		14,595
Hybrid and redeemable preferred securities	228		24		7		1		244
Total fixed maturity AFS securities	$	90,371	$	1,143	$	6,231	$	97	$	85,186


	As of December 31, 2024
	Amortized Cost		Gross Unrealized				Allowance for Credit Losses			Fair Value
			Gains		Losses
Fixed maturity AFS securities:
Corporate bonds	$	67,991	$	560	$	6,704		$	14		$	61,833
U.S. government bonds	427		3		40			–			390
State and municipal bonds	2,391		27		270			–			2,148
Foreign government bonds	277		12		56			–			233
RMBS	1,849		23		162			7			1,703
CMBS	1,713		5		135			–			1,583
ABS	14,103		99		409			24			13,769
Hybrid and redeemable preferred securities	227		25		10			1			241
Total fixed maturity AFS securities	$	88,978	$	754	$	7,786		$	46		$	81,900


	Amortized Cost		Fair Value
Due in one year or less	$	4,246	$	4,212
Due after one year through five years	19,361		19,141
Due after five years through ten years	13,282		12,930
Due after ten years	34,573		30,284
Subtotal	71,462		66,567
Structured securities (RMBS, CMBS, ABS)	18,909		18,619
Total fixed maturity AFS securities	$	90,371	$	85,186

The fair value and gross unrealized losses of fixed maturity AFS securities (dollars in millions) for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:


	As of September 30, 2025
	Less Than or Equal to Twelve Months				Greater Than Twelve Months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses (1)
Fixed maturity AFS securities:
Corporate bonds	$	7,540	$	979	$	31,661	$	4,500	$	39,201	$	5,479
U.S. government bonds	69		6		200		25		269		31
State and municipal bonds	172		25		927		205		1,099		230
Foreign government bonds	–		–		141		50		141		50
RMBS	227		7		817		107		1,044		114
CMBS	142		2		1,024		91		1,166		93
ABS	1,726		28		3,622		199		5,348		227
Hybrid and redeemable
preferred securities	11		1		63		6		74		7
Total fixed maturity AFS securities	$	9,887	$	1,048	$	38,455	$	5,183	$	48,342	$	6,231

Total number of fixed maturity AFS securities in an unrealized loss position											5,628


	As of December 31, 2024
	Less Than or Equal to Twelve Months				Greater Than Twelve Months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses (1)
Fixed maturity AFS securities:
Corporate bonds	$	16,388	$	1,290	$	29,045	$	5,414	$	45,433	$	6,704
U.S. government bonds	85		3		224		37		309		40
State and municipal bonds	652		61		721		209		1,373		270
Foreign government bonds	29		5		118		51		147		56
RMBS	658		29		724		133		1,382		162
CMBS	475		29		777		106		1,252		135
ABS	2,801		106		3,826		303		6,627		409
Hybrid and redeemable
preferred securities	18		1		93		9		111		10
Total fixed maturity AFS securities	$	21,106	$	1,524	$	35,528	$	6,262	$	56,634	$	7,786

Total number of fixed maturity AFS securities in an unrealized loss position											6,645

(1) As of September 30, 2025, and December 31, 2024, we recognized $20 million and $23 million of gross unrealized losses, respectively, in other comprehensive income (loss) (“OCI”) for fixed maturity AFS securities for which an allowance for credit losses has been recorded.

The fair value, gross unrealized losses (in millions) and number of fixed maturity AFS securities where the fair value had declined and remained below amortized cost by greater than 20% were as follows:


	As of September 30, 2025
	Fair Value		Gross Unrealized Losses		Number of Securities (1)
Less than six months	$	1,155	$	514	179
Six months or greater, but less than nine months	458		158		133
Nine months or greater, but less than twelve months	709		205		176
Twelve months or greater	5,083		2,125		898
Total	$	7,405	$	3,002	1,386


	As of December 31, 2024
	Fair Value		Gross Unrealized Losses		Number of Securities (1)
Less than six months	$	5,209	$	1,556	780
Six months or greater, but less than nine months	365		195		209
Nine months or greater, but less than twelve months	71		28		36
Twelve months or greater	4,305		2,142		734
Total	$	9,950	$	3,921	1,759

Our gross unrealized losses on fixed maturity AFS securities decreased by $1.6 billion for the nine months ended September 30, 2025. As discussed further below, we do not believe the unrealized loss position as of September 30, 2025, required an impairment recognized in earnings as: (i) we did not intend to sell these fixed maturity AFS securities; (ii) it is not more likely than not that we will be required to sell the fixed maturity AFS securities before recovery of their amortized cost basis; and (iii) the difference in the fair value compared to the amortized cost was due to factors other than credit loss. Based upon this evaluation as of September 30, 2025, management believes we have the ability to generate adequate amounts of cash from our normal operations (e.g., insurance premiums, fee income and investment income) to meet cash requirements with a prudent margin of safety without requiring the sale of our impaired securities.

As of September 30, 2025, the unrealized losses associated with our corporate bond, U.S. government bond, state and municipal bond and foreign government bond securities were attributable primarily to rising interest rates and widening credit spreads since purchase. We performed a detailed analysis of the financial performance of the underlying issuers and determined that we expected to recover the entire amortized cost of each impaired security.

Credit ratings express opinions about the credit quality of a security. Securities rated investment grade (those rated BBB- or higher by S&P Global Ratings (“S&P”) or Baa3 or higher by Moody’s Investors Service (“Moody’s”)) are generally considered by the rating agencies and market participants to be low credit risk. As of September 30, 2025, and December 31, 2024, 96% of the fair value of our corporate bond portfolio was rated investment grade. As of September 30, 2025, and December 31, 2024, the portion of our corporate bond portfolio rated below investment grade had an amortized cost of $2.8 billion and $2.7 billion, respectively, and a fair value of $2.7 billion. Based upon the analysis discussed above, we believe that as of September 30, 2025, and December 31, 2024, we would have recovered the amortized cost of each corporate bond.

As of September 30, 2025, the unrealized losses associated with our mortgage-backed securities (“MBS”) and asset-backed securities (“ABS”) were attributable primarily to rising interest rates and widening credit spreads since purchase. We assessed for credit impairment using a cash flow model that incorporates key assumptions including default rates, severities and prepayment rates. We estimated losses for a security by forecasting the underlying loans in each transaction. The forecasted loan performance was used to project cash flows to the various tranches in the structure, as applicable. Our forecasted cash flows also considered, as applicable, independent industry analyst reports and forecasts and other independent market data. Based upon our assessment of the expected credit losses of the security given the performance of the underlying collateral compared to our subordination or other credit enhancement, we expected to recover the entire amortized cost of each impaired security.

As of September 30, 2025, the unrealized losses associated with our hybrid and redeemable preferred securities were attributable primarily to wider credit spreads caused by illiquidity in the market and subordination within the capital structure, as well as credit risk of underlying issuers. For our hybrid and redeemable preferred securities, we evaluated the financial performance of the underlying issuers based upon credit performance and investment ratings and determined that we expected to recover the entire amortized cost of each impaired security.

We regularly review our fixed maturity AFS securities for declines in fair value that we determine to be impairment-related, including those attributable to credit risk factors that may require an allowance for credit losses. Changes in the allowance for credit losses on fixed maturity AFS securities (in millions), aggregated by investment category, were as follows:


	As of or For the Three Months Ended September 30, 2025
	Corporate Bonds		RMBS		ABS		Hybrids		Total
Balance as of beginning-of-period	$	36	$	5	$	43	$	1	$	85
Additions from purchases of PCD debt securities (1)	–		–		–		–		–
Additions for securities for which credit losses were
not previously recognized	14		–		–		–		14
Additions (reductions) for securities for which
credit losses were previously recognized	5		1		(1)		–		5
Reductions for disposed securities	–		–		(1)		–		(1)
Reductions for securities charged off	(6)		–		–		–		(6)
Balance as of end-of-period (2)	$	49	$	6	$	41	$	1	$	97


	As of or For the Nine Months Ended September 30, 2025
	Corporate Bonds		RMBS		ABS		Hybrids		Total
Balance as of beginning-of-year	$	14	$	7	$	24	$	1	$	46
Additions from purchases of PCD debt securities (1)	–		–		–		–		–
Additions for securities for which credit losses were
not previously recognized	31		–		12		–		43
Additions (reductions) for securities for which
credit losses were previously recognized	17		(1)		7		–		23
Reductions for disposed securities	–		–		(1)		–		(1)
Reductions for securities charged off	(13)		–		(1)		–		(14)
Balance as of end-of-period (2)	$	49	$	6	$	41	$	1	$	97


	As of or For the Three Months Ended September 30, 2024
	Corporate Bonds		RMBS		ABS		Hybrids		Total
Balance as of beginning-of-period	$	13	$	6	$	19	$	1	$	39
Additions from purchases of PCD debt securities (1)	–		–		–		–		–
Additions for securities for which credit losses were
not previously recognized	6		–		1		–		7
Additions (reductions) for securities for which
credit losses were previously recognized	4		–		3		–		7
Reductions for disposed securities	–		–		–		–		–
Reductions for securities charged off	(6)		–		–		–		(6)
Balance as of end-of-period (2)	$	17	$	6	$	23	$	1	$	47


	As of or For the Nine Months Ended September 30, 2024
	Corporate Bonds		RMBS		ABS		Hybrids		Total
Balance as of beginning-of-year	$	8	$	6	$	4	$	1	$	19
Additions from purchases of PCD debt securities (1)	–		–		–		–		–
Additions for securities for which credit losses were
not previously recognized	8		–		15		–		23
Additions (reductions) for securities for which
credit losses were previously recognized	12		–		4		–		16
Reductions for disposed securities	–		–		–		–		–
Reductions for securities charged off	(11)		–		–		–		(11)
Balance as of end-of-period (2)	$	17	$	6	$	23	$	1	$	47

(2) As of September 30, 2025 and 2024, accrued investment income on fixed maturity AFS securities totaled $808 million and $812 million, respectively, and was excluded from the estimate of credit losses.

Losses from loan modifications were $3 million and less than $1 million for the three months ended September 30, 2025 and 2024, respectively, and $21 million and $3 million for the nine months ended September 30, 2025 and 2024, respectively, reported in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).


	As of September 30, 2025						As of December 31, 2024
	Commercial		Residential		Total		Commercial		Residential		Total
Current	$	17,532	$	4,387	$	21,919	$	17,424	$	3,387	$	20,811
30 to 59 days past due	–		69		69		6		71		77
60 to 89 days past due	–		44		44		–		33		33
90 or more days past due	36		125		161		35		90		125
Allowance for credit losses	(97)		(68)		(165)		(99)		(53)		(152)
Unamortized premium (discount)	(5)		103		98		(6)		83		77
Mark-to-market gains (losses) (1)	(34)		–		(34)		(31)		–		(31)
Total carrying value	$	17,432	$	4,660	$	22,092	$	17,329	$	3,611	$	20,940

(1) Represents the mark-to-market on certain mortgage loans on real estate that support our modified coinsurance agreements, where the investment results are passed directly to the reinsurers, and for which we have elected the fair value option. As of September 30, 2025, the amortized cost and fair value of such mortgage loans on real estate that were in nonaccrual status was $30 million and $20 million, respectively. As of December 31, 2024, the amortized cost and fair value of such mortgage loans on real estate that were in nonaccrual status was $30 million and $21 million, respectively. As of September 30, 2025 and December 31, 2024, there were no such mortgage loans on real estate that were more than 90 days past due and still accruing interest. For additional information, see “Fair Value Option” in Note 12.

The amortized cost of mortgage loans on real estate on nonaccrual status (in millions) was as follows, excluding certain mortgage loans on real estate that support our modified coinsurance agreements, where the investment results are passed directly to the reinsurers:

We use loan-to-value (“LTV”) and debt-service coverage ratios as credit quality indicators for our commercial mortgage loans on real estate. The amortized cost of commercial mortgage loans on real estate (dollars in millions) by year of origination and credit quality indicator was as follows:


	As of September 30, 2025
	LTV Less Than 65%		Debt-Service Coverage Ratio	LTV 65% to 75%		Debt-Service Coverage Ratio	LTV Greater Than 75%		Debt-Service Coverage Ratio	Total
Origination Year
2025	$	916	1.59	$	133	1.32	$	11	1.20	$	1,060
2024	1,544		1.68	71		1.43	1		2.01	1,616
2023	1,310		1.87	38		1.37	1		1.17	1,349
2022	1,710		2.20	80		1.59	5		1.81	1,795
2021	2,214		3.66	39		1.70	9		2.20	2,262
2020 and prior	9,415		2.55	48		1.54	18		1.88	9,481
Total	$	17,109		$	409		$	45		$	17,563


	As of December 31, 2024
	LTV Less Than 65%		Debt-Service Coverage Ratio	LTV 65% to 75%		Debt-Service Coverage Ratio	LTV Greater Than 75%		Debt-Service Coverage Ratio	Total
Origination Year
2024	$	1,548	1.73	$	83	1.41	$	–	–	$	1,631
2023	1,317		1.77	44		1.36	–		–	1,361
2022	1,721		2.11	94		1.55	4		1.30	1,819
2021	2,249		3.49	47		1.52	–		–	2,296
2020	1,158		3.33	4		1.53	–		–	1,162
2019 and prior	9,056		2.38	126		1.58	8		1.30	9,190
Total	$	17,049		$	398		$	12		$	17,459

We use loan performance status as the primary credit quality indicator for our residential mortgage loans on real estate. The amortized cost of residential mortgage loans on real estate (in millions) by year of origination and credit quality indicator was as follows:


	As of September 30, 2025
	Performing		Nonperforming		Total
Origination Year
2025	$	1,156	$	–	$	1,156
2024	1,951		51		2,002
2023	455		20		475
2022	443		32		475
2021	392		14		406
2020 and prior	203		11		214
Total	$	4,600	$	128	$	4,728


	As of December 31, 2024
	Performing		Nonperforming		Total
Origination Year
2024	$	1,895	$	14	$	1,909
2023	557		16		573
2022	492		33		525
2021	427		11		438
2020	65		4		69
2019 and prior	136		14		150
Total	$	3,572	$	92	$	3,664

In connection with our recognition of an allowance for credit losses for mortgage loans on real estate, we perform a quantitative analysis using a probability of default/loss given default/exposure at default approach to estimate expected credit losses in our mortgage loan portfolio as well as unfunded commitments related to commercial mortgage loans, exclusive of certain mortgage loans held at fair value.


	As of or For the Three Months Ended September 30, 2025
	Commercial		Residential		Total
Balance as of beginning-of-period	$	97	$	65	$	162
Additions (reductions) from provision for credit loss
expense (1)	3		3		6
Additions from purchases of PCD mortgage loans on
real estate	–		–		–
Reductions for mortgage loans on real estate charged off	(3)		–		(3)
Balance as of end-of-period (2)	$	97	$	68	$	165


	As of or For the Nine Months Ended September 30, 2025
	Commercial		Residential		Total
Balance as of beginning-of-year	$	99	$	53	$	152
Additions (reductions) from provision for credit loss
expense (1)	1		15		16
Additions from purchases of PCD mortgage loans on
real estate	–		–		–
Reductions for mortgage loans on real estate charged off	(3)		–		(3)
Balance as of end-of-period (2)	$	97	$	68	$	165


	As of or For the Three Months Ended September 30, 2024
	Commercial		Residential		Total
Balance as of beginning-of-period	$	92	$	40	$	132
Additions (reductions) from provision for credit loss
expense (1)	40		7		47
Additions from purchases of PCD mortgage loans on
real estate	–		–		–
Reductions for mortgage loans on real estate charged off	(10)		–		(10)
Balance as of end-of-period (2)	$	122	$	47	$	169


	As of or For the Nine Months Ended September 30, 2024
	Commercial		Residential		Total
Balance as of beginning-of-year	$	86	$	28	$	114
Additions (reductions) from provision for credit loss
expense (1)	46		19		65
Additions from purchases of PCD mortgage loans on
real estate	–		–		–
Reductions for mortgage loans on real estate charged off	(10)		–		(10)
Balance as of end-of-period (2)	$	122	$	47	$	169

(1) We recognized $(1) million and less than $1 million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the three months ended September 30, 2025 and 2024, respectively, and less than $1 million for the nine months ended September 30, 2025 and 2024.

(2) Accrued investment income on mortgage loans on real estate totaled $109 million and $88 million as of September 30, 2025 and 2024, respectively, and was excluded from the estimate of credit losses.

As of September 30, 2025, and December 31, 2024, alternative investments included investments in 362 and 351 different partnerships, respectively, and represented approximately 3% of total investments. These amounts do not include alternative investments that support funds withheld and modified coinsurance reinsurance agreements where the investment results are passed directly to the reinsurers.

Details underlying credit loss benefit (expense) incurred as a result of impairments that were recognized in net income (loss) and included in realized gain (loss) on fixed maturity AFS securities (in millions) were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024




















Credit Loss Benefit (Expense)
Fixed maturity AFS securities:
Corporate bonds	$	(19)	$	(10)	$	(48)	$	(20)
RMBS	(1)		–		1		–
ABS	2		(4)		(18)		(19)
Total credit loss benefit (expense)	$	(18)	$	(14)	$	(65)	$	(39)

The carrying value of the payables for collateral on investments included on the Consolidated Balance Sheets and the fair value of the related investments or collateral (in millions) consisted of the following:


	As of September 30, 2025				As of December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
Collateral payable for derivative investments (1)	$	8,743	$	8,743	$	7,069	$	7,069
Securities pledged under securities lending agreements (2)	172		165		157		151
Securities pledged under repurchase agreements (3)	210		224		–		–
Investments pledged for FHLB (4)	2,015		2,758		2,650		3,657
Total payables for collateral on investments	$	11,140	$	11,890	$	9,876	$	10,877

(1) We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties’ credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash or fixed maturity AFS securities. This also includes interest payable on collateral. See Note 5 for additional information.

(2) Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on the Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities.

(3) Our pledged securities under repurchase agreements are included in fixed maturity AFS securities on the Consolidated Balance Sheets. The collateral requirements are generally 80% to 95% of the fair value of the securities, and our agreements with third parties contain contractual provisions to allow for additional collateral to be obtained when necessary. This also includes payable from cash collateral received as a result of market value fluctuations on our pledged securities. The cash received in our repurchase program is typically invested in cash and invested cash or fixed maturity AFS securities.

(4) Our pledged investments for Federal Home Loan Bank (“FHLB”) are included in fixed maturity AFS securities and mortgage loans on real estate on the Consolidated Balance Sheets. The collateral requirements are generally 105% to 115% of the fair value for fixed maturity AFS securities and 155% to 175% of the fair value for mortgage loans on real estate. The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities.


	For the Nine Months Ended September 30,
	2025		2024
Collateral payable for derivative investments	$	1,674	$	2,018
Securities pledged under securities
lending agreements	15		(20)
Securities pledged under repurchase agreements	210		–
Investments pledged for FHLB	(635)		550
Total increase (decrease) in payables for
collateral on investments	$	1,264	$	2,548

We have elected not to offset our repurchase agreements and securities lending transactions in the consolidated financial statements. The remaining contractual maturities of repurchase agreements and securities lending transactions accounted for as secured borrowings (in millions) were as follows:


	As of September 30, 2025
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
Repurchase Agreements
Corporate bonds	$	–	$	–	$	207	$	–	$	207
Securities Lending
Corporate bonds	$	161	$	–	$	–	$	–	$	161

Foreign government bonds	8		–		–		–		8
Equity securities	3		–		–		–		3
Total gross secured borrowings	$	172	$	–	$	207	$	–	$	379


	As of December 31, 2024
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
Securities Lending
Corporate bonds	$	144	$	–	$	–	$	–	$	144
U.S. government bonds	1		–		–		–		1
Equity securities	12		–		–		–		12
Total gross secured borrowings	$	157	$	–	$	–	$	–	$	157

We accept collateral in the form of securities in connection with repurchase agreements. In instances where we are permitted to sell or re-pledge the securities received, we report the fair value of the collateral received and a related obligation to return the collateral in the consolidated financial statements. In addition, we receive securities in connection with securities borrowing agreements that we are permitted to sell or re-pledge. As of September 30, 2025, we had not received any collateral and, therefore, had not sold or repledged any

We also accept collateral from derivative counterparties in the form of securities that we are permitted to sell or re-pledge. As of September 30, 2025, the fair value of this collateral received that we are permitted to sell or re-pledge was $1.6 billion, and we had re-pledged $593 million of this collateral to cover our collateral requirements.

We pledge assets as collateral in connection with derivative, securities lending and repurchase agreements, our funding agreement-backed repurchase agreement (“FABR”) program, membership obligations with the FHLB and regulatory deposits. See “Payables for Collateral

on Investments” above and “Funding Agreements — FABR Program” in Note 10 for additional information. Assets pledged as collateral at carrying value as reported on the Consolidated Balance Sheets were as follows:


	As of September 30, 2025		As of December 31, 2024
Fixed maturity AFS securities	$	2,297	$	1,736
Trading securities	24		23
Equity securities	3		12
Mortgage loans on real estate	2,486		3,530
Other investments	20		21
Cash and invested cash	53		110
Total assets pledged as collateral	$	4,883	$	5,432

As of September 30, 2025, our investment commitments were $5.9 billion, which included $3.6 billion of limited partnerships (“LPs”), $1.4 billion of mortgage loans on real estate, $600 million of asset-backed variable interest entities and $351 million of private placement securities.

As of September 30, 2025, our most significant investments in one issuer were our investments in securities issued by White Chapel V LLC and White Chapel LLC with a fair value of $1.4 billion and $1.1 billion, respectively, or 1% of total investments. As of December 31, 2024, our most significant investments in one issuer were our investments in securities issued by White Chapel V LLC and White Chapel LLC with a fair value of $1.5 billion and $1.1 billion, respectively, or 1% of total investments. These concentrations include fixed maturity AFS, trading and equity securities.