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Investments (Tables)

6 Months Ended

Jun. 30, 2025

The following tables provide information relating to investments in fixed maturity securities by type as of June 30, 2025 and December 31, 2024 (dollars in millions):


June 30, 2025:	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	61,006	$	112	$	706	$	4,274	$	57,326	66.5	%
Canadian government	4,871		—		344		81		5,134		6.0
Japanese government	7,204		—		—		1,466		5,738		6.7
ABS	6,160		19		40		165		6,016		7.0
CMBS	2,129		1		24		76		2,076		2.4
RMBS	1,593		—		15		86		1,522		1.8
U.S. government	1,618		—		9		257		1,370		1.6
State and political subdivisions	786		—		2		89		699		0.8
Other foreign government	6,521		—		87		446		6,162		7.2
Total fixed maturity securities	$	91,888	$	132	$	1,227	$	6,940	$	86,043	100.0	%


December 31, 2024:	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	54,705	$	82	$	642	$	4,274	$	50,991	65.7	%
Canadian government	4,655		—		412		51		5,016		6.5
Japanese government	5,319		—		1		875		4,445		5.7
ABS	5,197		15		42		184		5,040		6.5
CMBS	2,344		1		22		98		2,267		2.9
RMBS	1,412		—		12		107		1,317		1.7
U.S. government	2,734		—		11		281		2,464		3.2
State and political subdivisions	789		—		3		99		693		0.9
Other foreign government	5,752		—		56		424		5,384		6.9
Total fixed maturity securities	$	82,907	$	98	$	1,201	$	6,393	$	77,617	100.0	%

Concentration Risk Disclosure [Text Block]

The Company’s exposure to concentrations of credit risk from single issuers, including certain agencies, greater than 10% of the Company’s equity are disclosed below, as of June 30, 2025 and December 31, 2024 (dollars in millions):


	June 30, 2025				December 31, 2024
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Fixed maturity securities guaranteed or issued by:
Japanese government	$	7,204	$	5,738	$	5,319	$	4,445
U.S. government	1,618		1,370		2,734		2,464
Canadian province of Quebec	1,680		1,841		1,537		1,741
Canadian province of Ontario	1,034		1,107		1,117		1,207

Investments Classified By Contractual Maturity Date

The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of June 30, 2025, are shown by contractual maturity in the table below (dollars in millions). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Structured securities are shown separately in the table below, as they are not due at a single maturity date.


	Amortized Cost		Estimated Fair Value
Available-for-sale:
Due in one year or less	$	1,947	$	1,955
Due after one year through five years	12,853		12,799
Due after five years through ten years	14,919		14,828
Due after ten years	52,287		46,847
Structured securities	9,882		9,614
Total	$	91,888	$	86,043

Fixed Maturity Holdings Industry Types Weighted Average Credit Ratings [Table Text Block]

The tables below show the major sectors of the Company’s corporate fixed maturity holdings as of June 30, 2025 and December 31, 2024 (dollars in millions):


June 30, 2025:	Amortized Cost		Estimated Fair Value		% of Total
Finance	$	18,947	$	17,800	31.1	%
Industrial	31,866		30,046		52.4
Utility	10,193		9,480		16.5

Total	$	61,006	$	57,326	100.0	%

December 31, 2024:	Amortized Cost		Estimated Fair Value		% of Total
Finance	$	17,905	$	16,673	32.7	%
Industrial	28,267		26,476		51.9
Utility	8,533		7,842		15.4
Total	$	54,705	$	50,991	100.0	%

Financing Receivable, Allowance for Credit Loss [Table Text Block]

The following tables present the rollforward of the allowance for credit losses in fixed maturity securities by type for the three and six months ended June 30, 2025 and 2024 (dollars in millions):


	Corporate		ABS		CMBS		Total
For the three months ended June 30, 2025:
Balance, beginning of period	$	88	$	15	$	—	$	103
Credit losses recognized on securities for which credit losses were not previously recorded	31		4		—		35
Reductions for securities sold during the period	—		—		—		—

Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period	(7)		—		1		(6)

Write-offs charged against the allowance	—		—		—		—
Foreign currency translation	—		—		—		—
Balance, end of period	$	112	$	19	$	1	$	132
For the three months ended June 30, 2024:
Balance, beginning of period	$	79	$	15	$	1	$	95
Credit losses recognized on securities for which credit losses were not previously recorded	2		—		—		2

Reductions for securities sold during the period	(1)		—		—		(1)

Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period	14		—		—		14
Write-offs charged against the allowance	1		—		—		1
Foreign currency translation	—		—		—		—

Balance, end of period	$	95	$	15	$	1	$	111


	Corporate		ABS		CMBS		Total
For the six months ended June 30, 2025:
Balance, beginning of period	$	82	$	15	$	1	$	98
Credit losses recognized on securities for which credit losses were not previously recorded	41		4		—		45
Reductions for securities sold during the period	(2)		—		—		(2)

Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period	(8)		—		—		(8)
Write-offs charged against the allowance	—		—		—		—
Foreign currency translation	(1)		—		—		(1)
Balance, end of period	$	112	$	19	$	1	$	132
For the six months ended June 30, 2024:
Balance, beginning of period	$	62	$	12	$	1	$	75
Credit losses recognized on securities for which credit losses were not previously recorded	32		—		—		32
Reductions for securities sold during the period	(9)		—		—		(9)

Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period	9		3		—		12
Write-offs charged against the allowance	1		—		—		1
Foreign currency translation	—		—		—		—
Balance, end of period	$	95	$	15	$	1	$	111

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value


	Less than 12 months				12 months or greater				Total
June 30, 2025:	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	14,571	$	601	$	18,829	$	3,587	$	33,400	$	4,188
Canadian government	645		18		411		63		1,056		81
Japanese government	1,630		95		4,089		1,371		5,719		1,466
ABS	1,612		20		1,373		139		2,985		159
CMBS	207		6		843		68		1,050		74
RMBS	218		3		587		83		805		86
U.S. government	89		3		649		254		738		257
State and political subdivisions	104		3		417		86		521		89
Other foreign government	1,341		58		1,736		350		3,077		408
Total investment grade securities	20,417		807		28,934		6,001		49,351		6,808
Below investment grade securities:
Corporate	962		33		322		50		1,284		83

ABS	51		4		17		1		68		5

Other foreign government	—		—		131		38		131		38
Total below investment grade securities	1,013		37		470		89		1,483		126
Total fixed maturity securities	$	21,430	$	844	$	29,404	$	6,090	$	50,834	$	6,934


	Less than 12 months				12 months or greater				Total
December 31, 2024:	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	14,741	$	529	$	18,851	$	3,682	$	33,592	$	4,211
Canadian government	286		5		469		46		755		51
Japanese government	2,037		192		2,365		683		4,402		875
ABS	940		19		1,730		159		2,670		178
CMBS	333		4		980		91		1,313		95
RMBS	354		7		593		100		947		107
U.S. government	792		15		656		266		1,448		281
State and political subdivisions	155		7		417		92		572		99
Other foreign government	1,408		42		1,816		344		3,224		386
Total investment grade securities	21,046		820		27,877		5,463		48,923		6,283
Below investment grade securities:
Corporate	347		7		347		50		694		57


ABS	101		1		40		5		141		6



Other foreign government	—		—		130		38		130		38
Total below investment grade securities	448		8		517		93		965		101
Total fixed maturity securities	$	21,494	$	828	$	28,394	$	5,556	$	49,888	$	6,384

Investment Income

Major categories of net investment income consist of the following (dollars in millions):


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Fixed maturity securities available-for-sale	$	1,109	$	881	$	2,172	$	1,641
Equity securities	1		1		3		3
Mortgage loans	128		97		247		187
Policy loans	12		14		30		28
Funds withheld at interest	68		76		134		165
Limited partnerships and real estate joint ventures	103		21		88		28
Short-term investments and cash and cash equivalents	45		44		81		78

Other invested assets	(1)		(3)		(6)		1
Investment income	1,465		1,131		2,749		2,131
Investment expense	(57)		(49)		(109)		(88)
Net investment income	$	1,408	$	1,082	$	2,640	$	2,043

Gain Loss On Investments

Investment related gains (losses), net consist of the following (dollars in millions):


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Fixed maturity securities available-for-sale:
Change in allowance for credit losses	$	(29)	$	(16)	$	(35)	$	(36)
Impairments on fixed maturity securities	(2)		(1)		(2)		(1)
Realized gains on investment activity	30		68		66		100
Realized losses on investment activity	(65)		(230)		(152)		(364)
Net gains (losses) on equity securities	3		(5)		2		(1)
Change in mortgage loan allowance for credit losses	(18)		2		(14)		(8)
Limited partnerships and real estate joint ventures impairment losses	(16)		—		(21)		(8)
Change in fair value of certain limited partnership investments	6		—		(1)		1
Net gains (losses) on freestanding derivatives	50		(119)		48		(218)
Net gains (losses) on embedded derivatives	3		26		(8)		103
Other change in allowance for credit losses and impairments	(3)		(3)		(4)		(4)
Other, net	(3)		7		(2)		16
Total investment related gains (losses), net	$	(44)	$	(271)	$	(123)	$	(420)

Invested Assets On Deposit

The following table includes invested assets on deposit, invested assets pledged and received as collateral, assets in trust held to satisfy collateral requirements and FHLB common stock restricted as to sale as of June 30, 2025 and December 31, 2024 (dollars in millions):


	June 30, 2025				December 31, 2024
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Invested assets on deposit (regulatory deposits)	$	10	$	9	$	10	$	8
Invested assets pledged as collateral	1,301		1,098		1,200		1,046
Invested assets received as collateral	n/a		2,588		n/a		2,233
Assets in trust held to satisfy collateral requirements	56,100		52,824		47,162		44,473
FHLB common stock restricted as to sale	71		71		71		71

Schedule of Repurchase Agreements [Table Text Block]

The following table provides the estimated fair value of securities relating to securities lending and repurchase/reverse repurchase agreements as of June 30, 2025 and December 31, 2024 (dollars in millions):


	June 30, 2025						December 31, 2024
	Securities Loaned, Pledged, or Sold (1)		Securities Borrowed or Collateral Received from Counterparties (2)		Cash Collateral Received from Counterparties (3)		Securities Loaned, Pledged, or Sold (1)		Securities Borrowed or Collateral Received from Counterparties (2)		Cash Collateral Received from Counterparties (3)
Securities lending transactions	$	803	$	1,115	$	—	$	836	$	1,093	$	—
Repurchase/reverse repurchase transactions	2,042		703		1,205		1,781		688		982

(1)Securities loaned or pledged through securities lending transactions or sold to counterparties through repurchase transactions are included within fixed maturity securities. Collateral associated with certain securities lending transactions is not included within this table as the collateral pledged to the counterparty is the right to reinsurance treaty cash flows. Certain securities lending transactions do not require collateral.

(2)Securities borrowed or received as collateral through securities lending transactions or purchased from counterparties through reverse repurchase transactions are not reflected on the condensed consolidated balance sheets.

(3)A payable for the cash received by the Company is included within other liabilities.

Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block]

The following table presents the estimated fair value of securities by the remaining contractual maturity of the Company’s securities lending and repurchase agreements as of June 30, 2025 and December 31, 2024 (dollars in millions):


	June 30, 2025										December 31, 2024
	Remaining Contractual Maturity of the Agreements										Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30 – 90 Days		Greater than 90 Days		Total		Overnight and Continuous		Up to 30 Days		30 – 90 Days		Greater than 90 Days		Total
Securities lending transactions:
Corporate	$	—	$	—	$	210	$	181	$	391	$	—	$	75	$	7	$	333	$	415

Japanese government	—		74		—		241		315		—		227		—		75		302
ABS	—		—		17		3		20		—		—		17		3		20
CMBS	—		—		44		—		44		—		—		46		—		46
RMBS	—		—		12		—		12		—		—		13		6		19
U.S. government	—		—		—		—		—		—		—		—		8		8
State and political subdivisions	—		—		—		—		—		—		—		—		6		6
Other foreign government	—		—		11		10		21		—		—		—		20		20
Total	—		74		294		435		803		—		302		83		451		836
Repurchase/reverse repurchase transactions:
Corporate	—		—		—		736		736		—		—		—		527		527

Japanese government	—		—		167		222		389		—		—		214		144		358
ABS	—		186		—		28		214		—		—		27		251		278
CMBS	—		181		—		78		259		—		—		49		184		233
RMBS	—		41		—		55		96		—		—		7		42		49
U.S. government	—		—		—		269		269		—		—		—		257		257

Other foreign government	—		—		—		79		79		—		—		—		79		79
Total	—		408		167		1,467		2,042		—		—		297		1,484		1,781
Total transactions	$	—	$	482	$	461	$	1,902	$	2,845	$	—	$	302	$	380	$	1,935	$	2,617

Disclosure Of Real Estate Holdings By Property Type [Table Text Block]

The following table presents the distribution of the Company’s recorded investment in mortgage loans by property type as of June 30, 2025 and December 31, 2024 (dollars in millions):


	June 30, 2025				December 31, 2024
	Carrying Value		% of Total		Carrying Value		% of Total
Commercial:
Office	$	1,774	17.4	%	$	1,717	19.2	%
Retail	3,144		30.8		2,925		32.7
Industrial	3,251		31.9		2,714		30.3
Apartment	1,296		12.7		1,121		12.5
Hotel	435		4.3		443		4.9
Other commercial	120		1.2		32		0.4
Total commercial	10,020		98.3		8,952		100.0
Residential	175		1.7		—		—
Recorded investment	10,195		100.0	%	8,952		100.0	%
Unamortized loan origination fees and discount	(31)				(20)
Allowance for credit losses	(107)				(93)
Total mortgage loans	$	10,057			$	8,839

Mortgage Loans Classified By Contractual Maturity Date [Table Text Block]

The following table presents the maturities of the Company’s recorded investment in mortgage loans as of June 30, 2025 and December 31, 2024 (dollars in millions):


	June 30, 2025				December 31, 2024
	Recorded Investment		% of Total		Recorded Investment		% of Total
Commercial:
Due within five years	$	4,482	44.7	%	$	3,984	44.5	%
Due after five years through ten years	4,679		46.7		3,959		44.2
Due after ten years	859		8.6		1,009		11.3
Total commercial	$	10,020	100.0	%	$	8,952	100.0	%

Residential:
Due within five years	$	135	77.1	%	$	—	—	%
Due after five years through ten years	—		—		—		—
Due after ten years	40		22.9		—		—
Total residential	$	175	100.0	%	$	—	—	%

Mortgage Loan Internal Credit Risk Grade [Table Text Block]

The following tables set forth certain key credit quality indicators of the Company’s recorded investment in commercial mortgage loans as of June 30, 2025 and December 31, 2024 (dollars in millions):


	Recorded Investment
	Debt Service Ratios						Construction loans
	>1.20x		1.00x – 1.20x		<1.00x				Total		% of Total
June 30, 2025:
Loan-to-Value Ratio
0% – 59.99%	$	4,540	$	186	$	173	$	2	$	4,901	49.0	%
60% – 69.99%	2,651		172		116		—		2,939		29.3
70% – 79.99%	1,288		246		41		—		1,575		15.7
80% or greater	270		167		168		—		605		6.0
Total commercial	$	8,749	$	771	$	498	$	2	$	10,020	100.0	%


	Recorded Investment
	Debt Service Ratios						Construction loans
	>1.20x		1.00x – 1.20x		<1.00x				Total		% of Total
December 31, 2024:
Loan-to-Value Ratio
0% – 59.99%	$	4,017	$	189	$	42	$	7	$	4,255	47.5	%
60% – 69.99%	2,298		184		51		46		2,579		28.8
70% – 79.99%	1,205		178		47		—		1,430		16.0
80% or greater	523		45		120		—		688		7.7
Total commercial	$	8,043	$	596	$	260	$	53	$	8,952	100.0	%

The following tables set forth credit quality grades by year of origination of the Company’s recorded investment in commercial mortgage loans as of June 30, 2025 and December 31, 2024 (dollars in millions):


	Recorded Investment
	Year of Origination
	2025		2024		2023		2022		2021		Prior		Total
June 30, 2025:
Internal credit quality grade:
High investment grade	$	198	$	592	$	434	$	543	$	582	$	1,892	$	4,241
Investment grade	1,033		1,267		839		793		431		1,003		5,366
Average	—		—		19		—		36		208		263
Watch list	—		—		—		—		—		126		126
In or near default	—		—		—		—		—		24		24
Total commercial	$	1,231	$	1,859	$	1,292	$	1,336	$	1,049	$	3,253	$	10,020


	Recorded Investment
	Year of Origination
	2024		2023		2022		2021		2020		Prior		Total
December 31, 2024:
Internal credit quality grade:
High investment grade	$	593	$	436	$	543	$	600	$	246	$	1,828	$	4,246
Investment grade	1,270		750		806		404		219		850		4,299
Average	—		19		—		36		18		203		276
Watch list	—		—		—		—		—		125		125
In or near default	—		—		—		—		—		6		6
Total commercial	$	1,863	$	1,205	$	1,349	$	1,040	$	483	$	3,012	$	8,952

The following table sets forth credit quality by year of origination of the Company’s recorded investment in residential mortgage loans as of June 30, 2025 and December 31, 2024 (dollars in millions):


	Recorded Investment
	Year of Origination
	2025		2024		2023		2022		2021		Prior		Total
June 30, 2025:
Performing	$	94	$	41	$	—	$	5	$	34	$	1	$	175
December 31, 2024:
Performing	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Financing Receivable, Past Due [Table Text Block]

The following table presents the current and past due composition of the Company’s recorded investment in mortgage loans as of June 30, 2025 and December 31, 2024 (dollars in millions):


	June 30, 2025		December 31, 2024
Commercial:
Current	$	9,961	$	8,934
31 – 60 days past due	4		12
61 – 90 days past due	26		—
Greater than 90 days past due	29		6
Total commercial	$	10,020	$	8,952

Residential:
Current	$	175	$	—

Allowance For Mortgage Loan And Lease Losses Provision For Loss Net

The following tables present information regarding the Company’s allowance for credit losses for mortgage loans for the three and six months ended June 30, 2025 and 2024 (dollars in millions):


For the three months ended June 30, 2025:	Commercial		Residential		Total
Balance, beginning of period	$	87	$	2	$	89
Provision (release) of credit losses	16		2		18
Write-offs, net of recoveries	—		—		—
Balance, end of period	$	103	$	4	$	107
For the three months ended June 30, 2024:
Balance, beginning of period	$	77	$	—	$	77
Provision (release) of credit losses	6		—		6
Write-offs, net of recoveries	(8)		—		(8)
Balance, end of period	$	75	$	—	$	75


For the six months ended June 30, 2025:	Commercial		Residential		Total
Balance, beginning of period	$	93	$	—	$	93
Provision (release) of credit losses	10		4		14
Write-offs, net of recoveries	—		—		—
Balance, end of period	$	103	$	4	$	107
For the six months ended June 30, 2024:
Balance, beginning of period	$	67	$	—	$	67
Provision (release) of credit losses	16		—		16
Write-offs, net of recoveries	(8)		—		(8)
Balance, end of period	$	75	$	—	$	75

Limited Partnership And Joint Ventures Table Text Block

Limited Partnerships and Real Estate Joint Ventures

The carrying values of limited partnerships and real estate joint ventures as of June 30, 2025 and December 31, 2024 are as follows (dollars in millions):


	June 30, 2025		December 31, 2024
Limited partnerships – equity method	$	1,195	$	1,067
Limited partnerships – fair value	954		966
Limited partnerships – cost method	69		64
Real estate joint ventures	$	1,120	970
Total limited partnerships and real estate joint ventures	$	3,338	$	3,067

Schedule Of Other Invested Assets [Table Text Block]

The carrying values of other invested assets as of June 30, 2025 and December 31, 2024 are as follows (dollars in millions):


	June 30, 2025		December 31, 2024

Lifetime mortgages	$	1,145	$	984
Derivatives	119		121
FHLB common stock	71		71
Other	62		66
Total other invested assets	$	1,397	$	1,242