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Investments

9 Months Ended

Sep. 30, 2025

INVESTMENTS

Fixed Maturity Securities

The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:


	September 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	1,171,068	$	24,458	$	95,847	$	0	$	1,099,679
Obligations of U.S. states and their political subdivisions	480,059		1,051		30,649		0		450,461
Foreign government securities	438,696		7,788		40,138		0		406,346
U.S. public corporate securities	19,010,171		307,435		755,060		0		18,562,546
U.S. private corporate securities	6,767,307		101,904		180,856		17,017		6,671,338
Foreign public corporate securities	5,034,385		100,705		84,419		405		5,050,266
Foreign private corporate securities	6,825,055		321,469		257,148		17,822		6,871,554
Asset-backed securities(1)	4,706,213		35,237		4,942		3,500		4,733,008
Commercial mortgage-backed securities	1,304,368		17,357		34,342		0		1,287,383
Residential mortgage-backed securities(2)	552,893		6,614		5,549		0		553,958
Total fixed maturities, available-for-sale	$	46,290,215	$	924,018	$	1,488,950	$	38,744	$	45,686,539

(1)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans and education loans.

(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	1,199,628	$	8,357	$	108,744	$	0	$	1,099,241
Obligations of U.S. states and their political subdivisions	570,253		1,156		30,343		0		541,066
Foreign government securities	362,154		646		52,466		0		310,334
U.S. public corporate securities	14,134,828		60,917		957,316		1		13,238,428
U.S. private corporate securities	6,030,898		35,828		301,451		11,178		5,754,097
Foreign public corporate securities	3,804,503		21,136		126,767		21		3,698,851
Foreign private corporate securities	5,838,939		43,334		511,426		29,214		5,341,633
Asset-backed securities(1)	3,728,073		31,431		8,841		0		3,750,663
Commercial mortgage-backed securities	944,652		4,567		53,444		0		895,775
Residential mortgage-backed securities(2)	367,005		861		11,794		0		356,072
Total fixed maturities, available-for-sale	$	36,980,933	$	208,233	$	2,162,592	$	40,414	$	34,986,160

(1)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans and education loans.

(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

The following tables set forth the fair value and gross unrealized losses on available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:


	September 30, 2025
	Less Than Twelve Months				Twelve Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	290,005	$	8,814	$	246,689	$	87,033	$	536,694	$	95,847
Obligations of U.S. states and their political subdivisions	85,588		3,913		234,274		26,736		319,862		30,649
Foreign government securities	474		3		186,119		40,135		186,593		40,138
U.S. public corporate securities	946,829		18,369		5,130,020		736,691		6,076,849		755,060
U.S. private corporate securities	624,699		9,738		2,636,271		171,110		3,260,970		180,848
Foreign public corporate securities	216,460		1,052		782,054		83,367		998,514		84,419
Foreign private corporate securities	144,817		1,978		2,159,311		255,167		2,304,128		257,145
Asset-backed securities	180,417		261		95,008		3,774		275,425		4,035
Commercial mortgage-backed securities	28,819		3		410,363		34,339		439,182		34,342
Residential mortgage-backed securities	32		0		135,704		5,549		135,736		5,549
Total fixed maturities, available-for-sale	$	2,518,140	$	44,131	$	12,015,813	$	1,443,901	$	14,533,953	$	1,488,032


	December 31, 2024
	Less Than Twelve Months				Twelve Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	377,531	$	13,829	$	238,723	$	94,915	$	616,254	$	108,744
Obligations of U.S. states and their political subdivisions	226,731		5,019		212,060		25,324		438,791		30,343
Foreign government securities	118,168		2,615		171,166		49,851		289,334		52,466
U.S. public corporate securities	4,320,552		105,145		4,677,336		852,171		8,997,888		957,316
U.S. private corporate securities	1,999,008		41,931		2,379,755		259,489		4,378,763		301,420
Foreign public corporate securities	1,088,644		20,465		716,172		106,294		1,804,816		126,759
Foreign private corporate securities	1,977,169		69,399		2,107,705		440,330		4,084,874		509,729
Asset-backed securities	363,744		5,510		140,090		3,331		503,834		8,841
Commercial mortgage-backed securities	101,821		1,356		489,490		52,088		591,311		53,444
Residential mortgage-backed securities	142,961		1,946		123,853		9,848		266,814		11,794
Total fixed maturities, available-for-sale	$	10,716,329	$	267,215	$	11,256,350	$	1,893,641	$	21,972,679	$	2,160,856

As of September 30, 2025 and December 31, 2024, the gross unrealized losses on fixed maturity, available-for-sale securities without an allowance of $1,440 million and $2,059 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $48 million and $102 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of September 30, 2025, the $1,444 million of gross unrealized losses of twelve months or more were concentrated in the Company’s corporate securities within the finance, consumer non-cyclical and utility sectors. As of December 31, 2024, the $1,894 million of gross unrealized losses of twelve months or more were concentrated in the Company's corporate securities within the finance, consumer non-cyclical and utility sectors.

In accordance with its policy described in Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at September 30, 2025. This conclusion was based on a detailed analysis of the underlying credit and cash flows for each security. Gross unrealized losses are primarily attributable to increases in interest rates, general credit spread widening and foreign currency exchange rate movements. As of September 30, 2025, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis.

The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated:


	September 30, 2025
	Amortized Cost		Fair Value
	(in thousands)
Fixed maturities, available-for-sale:
Due in one year or less	$	2,160,794	$	2,138,289
Due after one year through five years	15,709,371		15,871,043
Due after five years through ten years	11,729,956		11,929,860
Due after ten years	10,126,620		9,172,998
Asset-backed securities	4,706,213		4,733,008
Commercial mortgage-backed securities	1,304,368		1,287,383
Residential mortgage-backed securities	552,893		553,958
Total fixed maturities, available-for-sale	$	46,290,215	$	45,686,539

Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Asset-backed, commercial mortgage-backed and residential mortgage-backed securities are shown separately in the table above, as they do not have a single maturity date.

The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Fixed maturities, available-for-sale:
Proceeds from sales(1)	$	349,432	$	248,635	$	2,007,192	$	676,660
Proceeds from maturities/prepayments	679,149		483,079		2,420,850		1,618,992
Gross investment gains from sales and maturities	7,384		2,921		21,066		13,265
Gross investment losses from sales and maturities	(14,016)		(9,153)		(34,723)		(33,625)
Write-downs recognized in earnings(2)	(720)		(9,534)		(33,266)		(9,534)
(Addition to) release of allowance for credit losses(3)	(21,731)		(22,104)		1,718		(23,444)

(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $68.7 million and $(5.6) million for the nine months ended September 30, 2025 and 2024, respectively.

(2)Amounts represent write-downs on credit adverse securities.

(3)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.

The following tables set forth the balance of and changes in the allowance for credit losses for fixed maturity securities, as of and for the periods indicated:


	Three Months Ended September 30, 2025
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Securities		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period	$	0	$	0	$	16,969	$	0	$	0	$	0	$	16,969
Additions to allowance for credit losses not previously recorded	0		0		19,106		3,500		0		0		22,606
Reductions for securities sold during the period	0		0		(26)		0		0		0		(26)
Additions (reductions) on securities with previous allowance	0		0		589		0		0		0		589
Write-downs charged against the allowance	0		0		(1,394)		0		0		0		(1,394)
Balance, end of period	$	0	$	0	$	35,244	$	3,500	$	0	$	0	$	38,744


	Three Months Ended September 30, 2024
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Securities		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period	$	0	$	0	$	3,343	$	0	$	0	$	5	$	3,348
Additions to allowance for credit losses not previously recorded(1)	0		0		22,903		0		0		0		22,903
Reductions for securities sold during the period	0		0		0		0		0		0		0
Additions (reductions) on securities with previous allowance	0		0		(794)		0		0		(5)		(799)
Balance, end of period	$	0	$	0	$	25,452	$	0	$	0	$	0	$	25,452


	Nine Months Ended September 30, 2025
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Securities		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period	$	0	$	0	$	40,414	$	0	$	0	$	0	$	40,414
Additions to allowance for credit losses not previously recorded	0		0		24,618		3,500		0		0		28,118
Reductions for securities sold during the period	0		0		(104)		0		0		0		(104)
Additions (reductions) on securities with previous allowance	0		0		3,400		0		0		0		3,400
Write-downs charged against the allowance	0		0		(33,084)		0		0		0		(33,084)
Balance, end of period	$	0	$	0	$	35,244	$	3,500	$	0	$	0	$	38,744


	Nine Months Ended September 30, 2024
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Securities		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period	$	0	$	0	$	2,000	$	1	$	0	$	7	$	2,008
Additions to allowance for credit losses not previously recorded(1)	0		0		23,299		0		0		5		23,304
Reductions for securities sold during the period	0		0		(42)		0		0		0		(42)
Additions (reductions) on securities with previous allowance	0		0		(284)		(1)		0		(12)		(297)
Assets transferred (to) from parent and affiliates	0		0		479		0		0		0		479
Balance, end of period	$	0	$	0	$	25,452	$	0	$	0	$	0	$	25,452

(1)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.

For additional information regarding the Company’s methodology for developing its allowance and expected losses, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

For the three months ended September 30, 2025, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions within the consumer cyclical and communications sectors within corporate securities primarily due to adverse projected cash flows. For the three months ended September 30, 2024, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions within the consumer cyclical, consumer non-cyclical and capital goods sectors within corporate securities due to adverse projected cashflows.

For the nine months ended September 30, 2025, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to write-downs charged against the allowance due to security restructures and settlements within the consumer cyclical, consumer non-cyclical and capital goods sectors within corporate securities, partially offset by net additions within the communications and consumer cyclical sectors within corporate securities primarily due to adverse projected cash flows. For the nine months ended September 30, 2024, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions within the consumer cyclical, consumer non-cyclical and capital goods sectors within corporate securities due to adverse projected cashflows.

The Company did not have any fixed maturity securities purchased with credit deterioration as of both September 30, 2025 and December 31, 2024.

Fixed Maturities, Trading

The net change in unrealized gains (losses) from fixed maturities, trading still held at period end, recorded within “Other income (loss),” was $51.7 million and $149.0 million during the three months ended September 30, 2025 and 2024, respectively, and $247.0 million and $16.8 million during the nine months ended September 30, 2025 and 2024, respectively.

Equity Securities

The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss),” was $22.2 million and $37.6 million during the three months ended September 30, 2025 and 2024, respectively, and $(117.3) million and $16.2 million during the nine months ended September 30, 2025 and 2024, respectively.

Commercial Mortgage and Other Loans

The following table sets forth the composition of “Commercial mortgage and other loans”, as of the dates indicated:


	September 30, 2025				December 31, 2024
	Amount		% of Total		Amount		% of Total
	($ in thousands)
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family	$	2,662,057	28.0	%	$	1,949,926	25.0	%
Health Care Senior Living(1)	135,169		1.4		134,195		1.7
Hospitality	97,918		1.0		97,603		1.3
Industrial	3,432,614		36.1		2,906,413		37.3
Office	531,812		5.6		556,586		7.1
Retail	879,313		9.3		693,949		9.0
Self-Storage(1)	669,072		7.0		543,701		7.0
Other(1)	80,545		0.9		72,645		0.9
Total commercial mortgage loans	8,488,500		89.3		6,955,018		89.3
Agricultural property loans	1,020,539		10.7		830,041		10.7
Total commercial mortgage and agricultural property loans	9,509,039		100.0	%	7,785,059		100.0	%
Allowance for credit losses	(46,874)				(37,715)
Total net commercial mortgage and agricultural property loans	9,462,165				7,747,344
Other loans:
Residential mortgage loans	231,649				0
Other collateralized loans	10,840				11,979
Total other loans	242,489				11,979
Allowance for credit losses	(1,959)				0
Total net other loans	240,530				11,979
Total net commercial mortgage and other loans	$	9,702,695			$	7,759,323

(1) Prior period amounts have been updated to conform to current period presentation.

As of September 30, 2025, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in California (23%), Florida (9%) and Texas (8%) and included loans secured by properties in Europe (8%), Australia (1%) and Mexico (1%).

As of September 30, 2025, the residential mortgage loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in Florida (12%), California (9%) and New York (7%).

The following tables set forth the balance of and changes in the allowance for credit losses for commercial mortgage and other loans, as of and for the periods indicated:


	Three Months Ended September 30, 2025
	Commercial Mortgage Loans		Agricultural Property Loans		Residential Mortgage Loans		Total
	(in thousands)
Allowance, beginning of period	$	35,816	$	2,700	$	0	$	38,516
Addition to (release of) allowance for expected losses	9,894		379		1,959		12,232
Write-downs charged against allowance	(1,915)		0		0		(1,915)
Allowance, end of period	$	43,795	$	3,079	$	1,959	$	48,833


	Three Months Ended September 30, 2024
	Commercial Mortgage Loans		Agricultural Property Loans		Residential Mortgage Loans		Total
	(in thousands)
Allowance, beginning of period	$	40,692	$	880	$	0	$	41,572
Addition to (release of) allowance for expected losses	1,389		1,348		0		2,737
Allowance, end of period	$	42,081	$	2,228	$	0	$	44,309


	Nine Months Ended September 30, 2025
	Commercial Mortgage Loans		Agricultural Property Loans		Residential Mortgage Loans		Total
	(in thousands)
Allowance, beginning of period	$	33,004	$	4,711	$	0	$	37,715
Addition to (release of) allowance for expected losses	12,706		3,464		1,959		18,129
Write-downs charged against allowance	(1,915)		(5,096)		0		(7,011)
Allowance, end of period	$	43,795	$	3,079	$	1,959	$	48,833


	Nine Months Ended September 30, 2024
	Commercial Mortgage Loans		Agricultural Property Loans		Residential Mortgage Loans		Total
	(in thousands)
Allowance, beginning of period	$	36,758	$	931	$	0	$	37,689
Addition to (release of) allowance for expected losses	5,323		1,297		0		6,620
Allowance, end of period	$	42,081	$	2,228	$	0	$	44,309

The CECL allowance for residential mortgage loans carried at amortized cost is determined based on the Company’s best estimate of expected credit losses over the remaining life of the assets. The determination of the allowance considers industry historical credit loss experience, current conditions, and reasonable and supportable forecasts. The calculation pools together loans that share similar risk characteristics. The estimated lifetime loss of the pool is calculated from the risk profiles of the loans, including borrower credit score, loan-to-value ratio, property type, and several key attributes of the loan and property including: loan type, loan age, loan performance history, and current performing or nonperforming status. Estimated lifetime loss rates are calculated by weighting projected losses in multiple economic scenarios based on the Company’s view of the current stage of the economic cycle and future economic conditions. The scenario losses are calibrated to industry historical experience of defaults, loss severities, and prepayment rates in multiple economic cycles, reflective of similar loan characteristics.

For the three months ended September 30, 2025, the net increase to the allowance for credit losses on commercial mortgage and other loans was primarily related to increases in loan specific allowances within the retail sector of commercial mortgage loans, partially offset by a net write-down against a loan-specific reserve within the retail sector of commercial mortgage loans. For the three months ended September 30, 2024, the net increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to increases in loan specific allowances within agricultural property loans and in the general allowance due to loan originations.

For the nine months ended September 30, 2025, the net increase to the allowance for credit losses on commercial mortgage and other loans was primarily related to increases in loan specific allowances within the retail sector of commercial mortgage loans and agricultural property loans, partially offset by net write-downs against loan-specific reserves within agricultural property loans and the retail sector of commercial mortgage loans. For the nine months ended September 30, 2024, the net increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to increases in loan specific allowances within the office sector of commercial mortgage loans and within agricultural property loans and in the general allowance due to loan originations partially offset by loan payoffs.

The following table sets forth the write-downs of commercial mortgage and other loans by origination year for the nine months ended September 30, 2025:


	September 30, 2025
	Amortized Cost by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
	(in thousands)
Commercial mortgage loans	$	0	$	0	$	0	$	0	$	0	$	1,915	$	1,915
Agricultural property loans	0		0		3,461		1,635		0		0		5,096


Total	$	0	$	0	$	3,461	$	1,635	$	0	$	1,915	$	7,011

The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:


	September 30, 2025
	Amortized Cost by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total
	(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%	$	469,939	$	368,351	$	394,654	$	320,615	$	517,812	$	1,283,292	$	10,846	$	3,365,509
60%-69.99%	1,067,364		1,001,432		397,386		298,383		346,200		366,440		0		3,477,205
70%-79.99%	93,346		385,078		352,882		73,066		281,626		29,027		0		1,215,025
80% or greater	0		41,549		0		36,626		129,054		223,532		0		430,761
Total	$	1,630,649	$	1,796,410	$	1,144,922	$	728,690	$	1,274,692	$	1,902,291	$	10,846	$	8,488,500
Debt Service Coverage Ratio:
Greater than 1.2x	$	1,576,432	$	1,728,076	$	852,057	$	699,115	$	1,273,236	$	1,773,232	$	0	$	7,902,148
1.0 - 1.2x	34,180		60,019		292,865		11,296		0		68,611		10,846		477,817
Less than 1.0x	20,037		8,315		0		18,279		1,456		60,448		0		108,535
Total	$	1,630,649	$	1,796,410	$	1,144,922	$	728,690	$	1,274,692	$	1,902,291	$	10,846	$	8,488,500
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%	$	179,447	$	242,661	$	74,748	$	209,014	$	126,278	$	61,640	$	23,085	$	916,873
60%-69.99%	11,801		29,560		19,282		2,000		0		0		17,329		79,972
70%-79.99%	0		0		0		0		5,103		0		0		5,103
80% or greater	0		0		0		5,966		0		0		12,625		18,591
Total	$	191,248	$	272,221	$	94,030	$	216,980	$	131,381	$	61,640	$	53,039	$	1,020,539
Debt Service Coverage Ratio:
Greater than 1.2x	$	191,248	$	260,619	$	91,672	$	159,049	$	124,621	$	47,965	$	40,414	$	915,588
1.0 - 1.2x	0		10,640		2,358		4,755		0		10,261		0		28,014
Less than 1.0x	0		962		0		53,176		6,760		3,414		12,625		76,937
Total	$	191,248	$	272,221	$	94,030	$	216,980	$	131,381	$	61,640	$	53,039	$	1,020,539


	December 31, 2024
	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total
	(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%	$	452,940	$	232,276	$	306,684	$	482,596	$	134,403	$	1,138,394	$	6,479	$	2,753,772
60%-69.99%	972,161		541,849		273,258		360,457		110,515		303,107		0		2,561,347
70%-79.99%	362,701		365,111		134,208		330,355		6,774		77,399		0		1,276,548
80% or greater	1,196		0		56,204		84,761		3,870		217,320		0		363,351
Total	$	1,788,998	$	1,139,236	$	770,354	$	1,258,169	$	255,562	$	1,736,220	$	6,479	$	6,955,018
Debt Service Coverage Ratio:
Greater than 1.2x	$	1,728,895	$	962,290	$	755,350	$	1,256,699	$	255,562	$	1,616,904	$	0	$	6,575,700
1.0 - 1.2x	60,103		176,946		15,004		0		0		59,871		6,479		318,403
Less than 1.0x	0		0		0		1,470		0		59,445		0		60,915
Total	$	1,788,998	$	1,139,236	$	770,354	$	1,258,169	$	255,562	$	1,736,220	$	6,479	$	6,955,018
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%	$	241,715	$	89,569	$	163,820	$	126,368	$	23,488	$	38,478	$	18,834	$	702,272
60%-69.99%	29,560		19,396		49,210		0		0		0		0		98,166
70%-79.99%	0		0		0		5,213		0		0		0		5,213
80% or greater	0		0		7,295		0		1,657		0		15,438		24,390
Total	$	271,275	$	108,965	$	220,325	$	131,581	$	25,145	$	38,478	$	34,272	$	830,041
Debt Service Coverage Ratio:
Greater than 1.2x	$	259,647	$	95,087	$	211,030	$	129,865	$	23,488	$	38,478	$	18,834	$	776,429
1.0 - 1.2x	11,628		13,878		9,295		0		0		0		15,438		50,239
Less than 1.0x	0		0		0		1,716		1,657		0		0		3,373
Total	$	271,275	$	108,965	$	220,325	$	131,581	$	25,145	$	38,478	$	34,272	$	830,041

Residential mortgage loans primarily include fixed-rate, amortizing mortgage loans on rental properties owned by borrowers with Fair Isaac Corporation ("FICO") scores typically considered prime or above. The primary credit quality indicator is whether a loan is performing or nonperforming. The Company defines nonperforming residential mortgage loans as those that are 90 days or more past due and/or in nonaccrual status.


	September 30, 2025
	Amortized Cost by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
	(in thousands)
Residential mortgage loans
Performance indicators:
Performing	$	220,051	$	11,457	$	141	$	0	$	0	$	0	$	231,649
Nonperforming	0		0		0		0		0		0		0
Total	$	220,051	$	11,457	$	141	$	0	$	0	$	0	$	231,649

For additional information regarding the Company’s commercial mortgage and other loans credit quality monitoring process, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

The Company may grant loan modifications in its commercial mortgage and other loan portfolios to borrowers experiencing financial difficulties. These loan modifications may be in the form of principal forgiveness, interest rate reduction, other-than-insignificant payment delay, term extension or some combination thereof. The amount, timing and extent of modifications granted and subsequent performance are considered in determining any allowance for credit losses.

The following tables set forth the amortized cost basis of loan modifications made to borrowers experiencing financial difficulties during the periods indicated:


	Three Months Ended September 30,
	2025						2024
	Term Extension		Other Than Insignificant Delay in Payment		% of Amortized Cost		Term Extension		Other Than Insignificant Delay in Payment		% of Amortized Cost
	($ in thousands)
Commercial mortgage loans(1)	$	0	$	0	0.0	%	$	0	$	4,570	0.1	%


	Nine Months Ended September 30,
	2025						2024
	Term Extension		Other Than Insignificant Delay in Payment		% of Amortized Cost		Term Extension		Other Than Insignificant Delay in Payment		% of Amortized Cost
	($ in thousands)
Commercial mortgage loans(1)	$	0	$	0	0.0	%	$	14,546	$	4,570	0.3	%

(1) Prior period amounts have been updated to conform to current period presentation.

For both the three and nine months ended September 30, 2024, the modifications added less than one year to the weighted average life in the commercial mortgage loan portfolio.

The Company did not have any commitments to lend additional funds to borrowers experiencing financial difficulties on modified loans as of both September 30, 2025 and December 31, 2024.

The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:


	September 30, 2025
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due(1)		Total Loans		Non-Accrual Status(2)
	(in thousands)
Commercial mortgage loans	$	8,488,500	$	0	$	0	$	0	$	8,488,500	$	1,196
Agricultural property loans	986,574		0		0		33,965		1,020,539		38,320
Residential mortgage loans	231,649		0		0		0		231,649		0
Other collateralized loans	10,840		0		0		0		10,840		0
Total	$	9,717,563	$	0	$	0	$	33,965	$	9,751,528	$	39,516

(1)As of September 30, 2025, there were no loans in this category accruing interest.

(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.


	December 31, 2024
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due(1)		Total Loans		Non-Accrual Status(2)
	(in thousands)
Commercial mortgage loans	$	6,951,093	$	0	$	0	$	3,925	$	6,955,018	$	5,120
Agricultural property loans	804,804		0		2,505		22,732		830,041		24,765
Residential mortgage loans	0		0		0		0		0		0
Other collateralized loans	11,979		0		0		0		11,979		0
Total	$	7,767,876	$	0	$	2,505	$	26,657	$	7,797,038	$	29,885

(1)As of December 31, 2024, there were no loans in this category accruing interest.

Loans on non-accrual status recognized interest of less than $1 million and $1 million for both the three and nine months ended September 30, 2025 and 2024, respectively. Loans on non-accrual status that did not have a related allowance for credit losses were $20 million and $2 million as of September 30, 2025 and December 31, 2024, respectively.

For both the three and nine months ended September 30, 2025, there were $232 million commercial mortgage and other loans acquired, other than those through direct origination, and there were no commercial mortgage and other loans sold.

For the three and nine months ended September 30, 2024, there were $0 million and $13 million commercial mortgage and other loans acquired, respectively, other than those through direct origination, and there were no commercial mortgage and other loans sold.

The Company did not have any commercial mortgage and other loans purchased with credit deterioration as of both September 30, 2025 and December 31, 2024.

Other Invested Assets

The following table sets forth the composition of “Other invested assets,” as of the dates indicated:


	September 30, 2025		December 31, 2024
	(in thousands)
LPs/LLCs:
Equity method:
Private equity	$	394,339	$	388,822
Hedge funds	1,615,969		1,024,534
Real estate-related	70,639		75,730
Subtotal equity method	2,080,947		1,489,086
Fair value:
Private equity	21,316		28,094
Hedge funds	49,614		14
Real estate-related	15,365		16,016
Subtotal fair value	86,295		44,124
Total LPs/LLCs	2,167,242		1,533,210
Derivative instruments	99,305		24,499
Other(1)	45,459		24,385
Total other invested assets	$	2,312,006	$	1,582,094

(1)Includes tax advantaged investments and investments in separate account funds.

Accrued Investment Income

The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:


	September 30, 2025		December 31, 2024
	(in thousands)
Fixed maturities	$	492,362	$	396,173
Equity securities	512		436
Commercial mortgage and other loans	40,508		29,437
Policy loans	22,388		30,820

Short-term investments and cash equivalents	7,414		9,528
Total accrued investment income	$	563,184	$	466,394

There were no significant write-downs on accrued investment income for both the three and nine months ended September 30, 2025 and 2024.

Net Investment Income

The following table sets forth “Net investment income” by investment type, for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Fixed maturities, available-for-sale	$	556,029	$	439,805	$	1,577,074	$	1,172,544
Fixed maturities, trading	59,370		40,719		156,555		111,345
Equity securities	13,003		6,190		43,771		16,395
Commercial mortgage and other loans	118,932		84,328		318,736		236,006
Policy loans	16,858		16,995		49,887		48,028
Other invested assets	74,702		35,066		192,887		87,133
Short-term investments and cash equivalents	32,756		41,976		92,678		129,298
Gross investment income	871,650		665,079		2,431,588		1,800,749
Less: investment expenses	(32,256)		(26,387)		(94,145)		(76,744)
Net investment income	$	839,394	$	638,692	$	2,337,443	$	1,724,005

Realized Investment Gains (Losses), Net

The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Fixed maturities(1)(3)	$	(29,083)	$	(37,870)	$	(45,205)	$	(53,338)
Commercial mortgage and other loans	(12,795)		(3,533)		(19,220)		(8,152)
LPs/LLCs(2)	0		1		(6)		(35)
Derivatives(3)	(258,934)		(573,164)		(1,083,536)		215,801
Short-term investments and cash equivalents	138		(11)		171		(91)
Ceded income on modified coinsurance investments(2)(4)	(47,014)		(36,929)		(125,816)		(3,912)
Other(2)	(181)		(12)		5		152
Realized investment gains (losses), net	$	(347,869)	$	(651,518)	$	(1,273,607)	$	150,425

(1)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading.

(2)Prior period amounts have been updated to conform to current period presentation.

(3)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.

(4)Includes changes in the value of reinsurance and funds withheld payables, primarily reflecting the impact of net investment income on withheld assets that are ceded to certain reinsurance counterparties.

Net Unrealized Gains (Losses) on Investments within AOCI

The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:


	September 30, 2025		December 31, 2024
	(in thousands)
Fixed maturity securities, available-for-sale with an allowance	$	(1,562)	$	893
Fixed maturity securities, available-for-sale without an allowance	(563,370)		(1,955,252)
Derivatives designated as cash flow hedges(1)	(131,326)		110,565
Affiliated notes	(797)		(3,276)
Other investments(2)	12,850		785
Net unrealized gains (losses) on investments	$	(684,205)	$	(1,846,285)

(1)For additional information regarding cash flow hedges, see Note 5.

(2)Primarily includes net unrealized gains (losses) on certain joint ventures that are strategic in nature and are included in "Other assets."

Repurchase Agreements and Securities Lending

In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. As of both September 30, 2025 and December 31, 2024, the Company had no repurchase agreements.

The following table sets forth the composition of “Cash collateral for loaned securities,” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:


	September 30, 2025						December 31, 2024
	Remaining Contractual Maturities of the Agreements						Remaining Contractual Maturities of the Agreements
	Overnight & Continuous		Up to 30 Days		Total		Overnight & Continuous		Up to 30 Days		Total
	(in thousands)
Obligations of U.S. states and their political subdivisions	$	2,496	$	0	$	2,496	$	1,139	$	0	$	1,139
U.S. public corporate securities	9,961		0		9,961		6,949		0		6,949
U.S. private corporate securities	0		0		0		18		0		18
Foreign public corporate securities	14,705		0		14,705		10,100		0		10,100
Equity securities	96,683		0		96,683		103,166		0		103,166
Total cash collateral for loaned securities(1)	$	123,845	$	0	$	123,845	$	121,372	$	0	$	121,372

(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.