Reinsurance (Tables)

3 Months Ended

Mar. 31, 2026

Reinsurance Disclosures [Abstract]

Schedule of Assets in Support of Reserves

We held investments with a carrying value of $13.7 billion in support of reserves associated with the Initial LPINE Treaty, as amended, in a funds withheld arrangement as of March 31, 2026, and December 31, 2025, which consisted of the following (in millions):

	As of March 31, 2026		As of December 31, 2025
Fixed maturity AFS securities	$	11,328	$	11,272
Mortgage loans on real estate	2,110		2,115
Derivative investments	171		218
Accrued investment income	128		118
Total	$	13,737	$	13,723

Effective January 1, 2025, we entered into a second treaty with LPINE to cede the flow of new level term life insurance policies. Additionally, effective January 1, 2026, we entered into a third treaty with LPINE to cede the flow of executive benefits policies.