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Investments (Tables)
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Fixed Maturity Securities Available-for-Sale by Sector
The following table presents fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, prime investor, non-qualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. ABS & CLO includes securities collateralized by consumer loans, corporate loans, broadly syndicated bank loans, and other assets. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS & CLO and CMBS are, collectively, “Structured Products.”
September 30, 2025December 31, 2024
Amortized
Cost		Gross UnrealizedEstimated
Fair
Value		Amortized
Cost		Gross UnrealizedEstimated
Fair
Value
Sector
Allowance
for
 Credit Loss
(“ACL”)
GainsLosses
ACL
Gains
Losses
(In millions)
U.S. corporate$88,912 $(153)$1,895 $6,436 $84,218 $86,315 $(59)$1,331 $8,213 $79,374 
Foreign corporate
61,522 — 2,448 4,547 59,423 58,646 (18)1,478 6,347 53,759 
Foreign government
47,687 (57)1,275 6,681 42,224 44,377 (57)1,256 5,326 40,250 
RMBS45,113 (2)758 2,144 43,725 37,085 (1)314 2,977 34,421 
U.S. government and agency
37,681 — 327 5,296 32,712 38,963 — 179 5,714 33,428 
ABS & CLO
21,810 (6)259 363 21,700 20,973 (9)153 526 20,591 
Municipals12,032 — 216 1,359 10,889 11,205 — 166 1,498 9,873 
CMBS10,076 (30)127 419 9,754 9,857 (16)104 598 9,347 
Total fixed maturity securities AFS
$324,833 $(248)$7,305 $27,245 $304,645 $307,421 $(160)$4,981 $31,199 $281,043 
Available-for-sale fixed maturity securities by contractual maturity date
The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at September 30, 2025:
Due in One
Year or Less		Due After
One Year
Through
Five Years		Due After
Five Years
Through
Ten Years		Due After
Ten Years		Structured
Products
Total Fixed
Maturity
Securities
AFS
(In millions)
Amortized cost, net of ACL$13,340 $48,408 $53,523 $132,353 $76,961 $324,585 
Estimated fair value$13,395 $48,936 $53,548 $113,587 $75,179 $304,645 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position without an ACL by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position.
September 30, 2025December 31, 2024
Less than 12 MonthsEqual to or Greater
than 12 Months		Less than 12 MonthsEqual to or Greater
than 12 Months
Sector & Credit QualityEstimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses
(Dollars in millions)
U.S. corporate$8,033 $946 $35,528 $5,461 $17,222 $1,586 $35,940 $6,599 
Foreign corporate4,974 361 22,072 4,186 10,516 709 24,454 5,625 
Foreign government7,582 533 15,953 6,145 6,462 581 16,338 4,740 
RMBS5,565 179 12,759 1,965 10,152 358 13,922 2,619 
U.S. government and agency5,641 395 14,136 4,901 9,337 687 14,082 5,027 
ABS & CLO3,770 59 3,743 304 2,840 88 5,831 436 
Municipals1,527 184 4,602 1,175 2,012 226 4,621 1,272 
CMBS1,064 48 3,763 366 1,272 39 4,788 559 
Total fixed maturity securities AFS$38,156 $2,705 $112,556 $24,503 $59,813 $4,274 $119,976 $26,877 
Investment grade$36,490 $2,639 $109,448 $24,182 $56,946 $4,132 $116,072 $26,325 
Below investment grade1,666 66 3,108 321 2,867 142 3,904 552 
Total fixed maturity securities AFS$38,156 $2,705 $112,556 $24,503 $59,813 $4,274 $119,976 $26,877 
Total number of securities in an unrealized loss position4,605 9,486 7,220 10,468 
Debt Securities, Available-for-sale, Allowance for Credit Loss
The rollforward of ACL for fixed maturity securities AFS by sector was as follows:
U.S.
 Corporate		Foreign
Corporate		Foreign
Government		RMBSABS & CLOCMBSTotal
(In millions)
Three Months Ended September 30, 2025
Balance, at beginning of period$62 $— $57 $2 $5 $25 $151 
ACL not previously recorded66 — — — — — 66 
Changes for securities with previously recorded ACL25 — — — 1 5 31 
Securities sold or exchanged— — — — — — — 
Balance, at end of period$153 $— $57 $2 $6 $30 $248 
Three Months Ended September 30, 2024
Balance, at beginning of period$37 $2 $58 $1 $9 $14 $121 
ACL not previously recorded27 13 — — — — 40 
Changes for securities with previously recorded ACL(1)— 4 — 1 — 4 
Securities sold or exchanged(3)— — — — — (3)
Balance, at end of period$60 $15 $62 $1 $10 $14 $162 
U.S.
 Corporate		Foreign
Corporate		Foreign
Government		RMBSABS & CLOCMBSTotal
(In millions)
Nine Months Ended September 30, 2025
Balance, at beginning of period$59 $18 $57 $1 $9 $16 $160 
ACL not previously recorded82 — — 1 — 7 90 
Changes for securities with previously recorded ACL38 (2)— — — 7 43 
Securities sold or exchanged(26)(16)— — (3)— (45)
Balance, at end of period$153 $— $57 $2 $6 $30 $248 
Nine Months Ended September 30, 2024
Balance, at beginning of period$68 $2 $88 $1 $7 $18 $184 
ACL not previously recorded41 13 — — — — 54 
Changes for securities with previously recorded ACL10 — (1)— 3 2 14 
Securities sold or exchanged(59)— (25)— — (6)(90)
Balance, at end of period$60 $15 $62 $1 $10 $14 $162 
Debt Securities, Trading, and Equity Securities, FV-NI
The following table presents equity securities by security type:
September 30, 2025December 31, 2024
CostNet Unrealized
Gains (Losses) (1)
Estimated
Fair Value
CostNet Unrealized
Gains (Losses) (1)		Estimated
Fair Value
Security Type
(In millions)
Common stock (2)
$405 $250 $655 $451 $167 $618 
Non-redeemable preferred stock128 5 133 93 1 94 
Total
$533 $255 $788 $544 $168 $712 
________________
(1)    Represents cumulative changes in estimated fair value, recognized in earnings.
(2)    Includes common stock, exchange-traded funds, certain mutual funds and certain real estate investment trusts.
The following table presents these investments by asset type. Unit-linked investments are primarily equity securities (including mutual funds). FVO securities include fixed maturity and equity securities to support asset and liability management strategies for certain insurance products and investments in certain separate accounts.
September 30, 2025December 31, 2024
Cost or
Amortized
Cost		Net Unrealized
Gains (Losses) (1)
Estimated
Fair Value
Cost or
Amortized
Cost		Net Unrealized
Gains (Losses) (1)		Estimated
Fair Value
Asset Type
(In millions)
Unit-linked investments
$8,034 $2,352 $10,386 $7,398 $1,699 $9,097 
FVO securities
1,045 839 1,884 886 689 1,575 
Total
$9,079 $3,191 $12,270 $8,284 $2,388 $10,672 
________________
(1)Represents cumulative changes in estimated fair value, recognized in earnings.
Disclosure of Mortgage Loans Net of Valuation Allowance
Mortgage loans are summarized as follows at:
 September 30, 2025December 31, 2024
Portfolio SegmentCarrying
Value (1)		% of
Total		Carrying
Value (1)		% of
Total
(Dollars in millions)
Commercial$52,191 60.8 %$56,310 63.3 %
Agricultural19,212 22.4 19,313 21.7 
Residential15,701 18.3 14,189 15.9 
Total amortized cost87,104 101.5 89,812 100.9 
ACL
(1,261)(1.5)(800)(0.9)
Total mortgage loans$85,843 100.0 %$89,012 100.0 %
__________________
(1)Includes certain mortgage loans originated for third parties of $6.8 billion at amortized cost ($6.5 billion commercial and $340 million agricultural) and the related ACL of $166 million, with the corresponding mortgage loan secured financing liability of $6.8 billion included in other liabilities on the consolidated balance sheet at September 30, 2025. The consolidated balance sheet at December 31, 2024 includes certain mortgage loans originated for third parties of
$7.5 billion at amortized cost ($7.2 billion commercial and $283 million agricultural) and the related ACL of $77 million, with the corresponding mortgage loan secured financing liability of $7.5 billion included in other liabilities. The investment income on the mortgage loans originated for third parties and the interest expense on the mortgage loan secured financing liability was $77 million and $235 million for the three months and nine months ended September 30, 2025, respectively, and recorded in investment income and investment expenses, within net investment income.
Allowance for Loan and Lease Losses, Provision for Loss, Net
The rollforward of ACL for mortgage loans, by portfolio segment, was as follows:
Nine Months
Ended
September 30,
20252024
CommercialAgriculturalResidentialTotalCommercialAgriculturalResidentialTotal
(In millions)
Balance, beginning of period
$537 $84 $179 $800 $367 $172 $182 $721 
Provision (release)
527 16 46 589 212 40 (21)231 
Charge-offs, net of recoveries
(120)(8)— (128)(28)(77)— (105)
Balance, end of period
$944 $92 $225 $1,261 $551 $135 $161 $847 
The gross charge-offs of mortgage loans by origination year and portfolio segment for the nine months ended September 30, 2025 was as follows:
Portfolio Segment20252024202320222021PriorTotal
(In millions)
Commercial
$— $— $— $— $— $120 $120 
Agricultural— — — — — 8 8 
Total$— $— $— $— $— $128 $128 
Financing Receivable, Modified
These mortgage loan modifications are summarized as follows:
Three Months Ended September 30,
2025
Amortized Cost
Affected Loans
(in Years)
Portfolio SegmentMaturity
Extension		Payment
Delay		TotalWeighted Average
 Life Increase
Average Years
Payment Deferral
% of Book
Value
(Dollars in millions)
Commercial$261 $— $261 Less than one year— <1%
Agricultural— 186 186 — 
2 years
<1%
Total$261 $186 $447 
Three Months Ended September 30,
2024
Amortized Cost
Affected Loans
(in Years)
Portfolio SegmentMaturity
Extension		Payment
Delay		TotalWeighted Average
 Life Increase		% of Book
Value
(Dollars in millions)
Commercial$39 $— $39 Less than one year<1%
Nine Months Ended September 30,
2025
Amortized CostAffected Loans
 (in Years)
Portfolio SegmentMaturity
Extension		Payment
Delay		TotalWeighted Average
 Life Increase
Average Years
Payment Deferral
% of Book
Value
(Dollars in millions)
Commercial$850 $— $850 4 years— 1.7 %
Agricultural— 186 186 — 2 years<1%
Total$850 $186 $1,036 
Nine Months Ended September 30,
2024
Amortized CostAffected Loans
 (in Years)
Portfolio SegmentMaturity
Extension		Payment
Delay		TotalWeighted Average
 Life Increase		% of Book
Value
(Dollars in millions)
Commercial$236 $— $236 Less than one year<1%
Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories
The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at September 30, 2025:
Credit Quality Indicator20252024202320222021PriorRevolving LoansTotal% of Total
(Dollars in millions)
LTV ratios:
Less than 65%
$2,061 $3,234 $2,308 $2,069 $3,019 $12,066 $2,111 $26,868 51.5 %
65% to 75%
193 783 494 2,522 1,781 3,914 — 9,687 18.6 
76% to 80%
— — 4 462 174 2,188 — 2,828 5.4 
Greater than 80%
187 181 121 927 1,258 10,134 — 12,808 24.5 
Total
$2,441 $4,198 $2,927 $5,980 $6,232 $28,302 $2,111 $52,191 100.0 %
DSCR:
> 1.20x
$2,110 $3,654 $2,125 $5,213 $5,161 $23,149 $2,069 $43,481 83.3 %
1.00x - 1.20x
138 324 538 295 816 2,661 42 4,814 9.2 
<1.00x
193 220 264 472 255 2,492 — 3,896 7.5 
Total
$2,441 $4,198 $2,927 $5,980 $6,232 $28,302 $2,111 $52,191 100.0 %
The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at September 30, 2025:
Credit Quality Indicator20252024202320222021PriorRevolving LoansTotal% of Total
(Dollars in millions)
LTV ratios:
Less than 65%
$865 $694 $1,239 $2,289 $2,427 $8,949 $1,224 $17,687 92.1 %
65% to 75%
5 55 35 412 250 552 89 1,398 7.3 
76% to 80%
— — — 23 29 6 4 62 0.3 
Greater than 80%
— — — — — 64 1 65 0.3 
Total
$870 $749 $1,274 $2,724 $2,706 $9,571 $1,318 $19,212 100.0 %
The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at September 30, 2025:
Credit Quality Indicator20252024202320222021PriorRevolving LoansTotal% of Total
(Dollars in millions)
Performance indicators:
Performing
$1,285 $2,340 $809 $2,242 $1,709 $6,829 $— $15,214 96.9 %
Nonperforming (1)
5 47 51 90 36 258 — 487 3.1 
Total
$1,290 $2,387 $860 $2,332 $1,745 $7,087 $— $15,701 100.0 %
__________________
(1)Includes residential mortgage loans in process of foreclosure with an amortized cost of $168 million and $140 million at September 30, 2025 and December 31, 2024, respectively.
Schedule of Past Due and Non Accrual Mortgage Loans The past due and nonaccrual mortgage loans at amortized cost, prior to ACL, by portfolio segment, were as follows:
Past DuePast Due
 and Still Accruing Interest		Nonaccrual
Portfolio SegmentSeptember 30, 2025December 31, 2024September 30, 2025December 31, 2024September 30, 2025December 31, 2024
(In millions)
Commercial$1,005 $773 $17 $— $2,233 $1,123 
Agricultural251 341 172 262 92 89 
Residential487 464 22 18 465 446 
Total$1,743 $1,578 $211 $280 $2,790 $1,658 
Disclosure Real Estate and Real Estate Joint Ventures Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:
 September 30, 2025December 31, 2024Three Months
Ended
September 30,		Nine Months
Ended
September 30,
 2025202420252024
Income TypeCarrying ValueIncome
(In millions)
Wholly-owned real estate:
Leased real estate$4,522 $4,283 $90 $88 $268 $255 
Other real estate691 650 86 79 257 204 
REJV
8,719 8,409 10 11 107 (191)
Total real estate and REJV
$13,932 $13,342 $186 $178 $632 $268 
Fair Value, Concentration of Risk
Investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at estimated fair value, were in fixed income securities of the following foreign governments and their agencies:
September 30, 2025December 31, 2024
(In millions)
Japan$17,893 $18,886 
South Korea$6,461 $6,078 
Mexico$4,265 $3,468 
Securities Lending and Repurchase Agreements
Transactions and agreements accounted for as secured borrowings were as follows:
September 30, 2025December 31, 2024
Securities (1)Securities (1)
Agreement TypeEstimated
Fair Value		Cash Collateral
Received from
Counterparties (2)		Reinvestment
Portfolio at
Estimated Fair
Value		Estimated
Fair Value		Cash Collateral
Received from
Counterparties (2)		Reinvestment
Portfolio at
Estimated Fair
Value
(In millions)
Securities lending$11,925 $12,230 $12,160 $11,119 $11,404 $11,202 
Repurchase agreements$3,006 $2,975 $2,952 $3,019 $2,975 $2,925 
__________________
(1)These securities were included within fixed maturity securities AFS, short-term investments and cash equivalents at September 30, 2025 and within fixed maturity securities AFS at December 31, 2024.
(2)The liability for cash collateral is included within payables for collateral under securities loaned and other transactions.
Contractual maturities of these transactions and agreements accounted for as secured borrowings were as follows:
September 30, 2025December 31, 2024
Remaining MaturitiesRemaining Maturities
Cash collateral liability by security type:Open (1)1 Month
or Less
Over 1
Month
to 6
Months
Over 6
Months
to 1 Year		TotalOpen (1)1 Month
or Less
Over 1
Month
to 6
Months
Over 6
Months
to 1 Year		Total
(In millions)
Securities lending:
U.S. government and agency
$2,265 $4,326 $4,085 $— $10,676 $2,987 $4,986 $2,089 $— $10,062 
Foreign government
— 873 330 — 1,203 — 677 493 — 1,170 
Agency RMBS— 60 291 — 351 — 108 64 — 172 
Total
$2,265 $5,259 $4,706 $— $12,230 $2,987 $5,771 $2,646 $— $11,404 
Repurchase agreements:
U.S. government and agency
$— $2,975 $— $— $2,975 $— $2,975 $— $— $2,975 
__________________
(1)The related security could be returned to the Company on the next business day, which would require the Company to immediately return the cash collateral.
Invested Assets on Deposit, Held in Trust and Pledged as Collateral
Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value, and were as follows at:
September 30, 2025December 31, 2024
(In millions)
Invested assets on deposit (regulatory deposits)
$1,600 $1,515 
Invested assets held in trust (external reinsurance agreements) (1)1,464 1,255 
Invested assets pledged as collateral (2)30,585 27,125 
Total invested assets on deposit, held in trust and pledged as collateral
$33,649 $29,895 
__________________
(1)Represents assets held in trust related to assumed third-party reinsurance agreements. Excludes assets held in trust related to reinsurance agreements between wholly-owned subsidiaries of $3.3 billion and $1.9 billion at September 30, 2025 and December 31, 2024, respectively.
(2)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements, repurchase agreements and a collateral financing arrangement (see Notes 5, 16 and 17 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report). For information regarding invested assets pledged in connection with derivative transactions, see Note 12.
Schedule of Variable Interest Entities
The following table presents the total assets and total liabilities relating to investment-related VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at:
September 30, 2025December 31, 2024
Asset TypeTotal
Assets		Total
Liabilities		Total
Assets		Total
Liabilities
(In millions)
Investment funds (primarily other invested assets)
$804 $203 $635 $143 
Renewable energy partnership (primarily other invested assets)59 3 57 — 
Total
$863 $206 $692 $143 
Unconsolidated VIEs
The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at:
September 30, 2025December 31, 2024
Asset TypeCarrying
Amount		Maximum
Exposure
to Loss (1)		Carrying
Amount		Maximum
Exposure
to Loss (1)
(In millions)
Fixed maturity securities AFS (2)$71,097 $71,097 $60,386 $60,386 
OLPI13,918 19,412 13,529 17,991 
Other invested assets1,119 1,347 1,085 1,242 
Other investments (REJV, FVO securities and mortgage loans)
2,218 2,273 1,660 1,701 
Total$88,352 $94,129 $76,660 $81,320 
__________________
(1)The maximum exposure to loss relating to fixed maturity securities AFS and FVO securities is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to OLPI, REJV and mortgage loans is equal to the carrying amounts plus any unrecognized unfunded commitments. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.
(2)For variable interests in Structured Products included within fixed maturity securities AFS, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities generally issued by trusts that do not have substantial equity.
Components of Net Investment Income
The composition of net investment income by asset type was as follows:
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
Asset Type2025202420252024
(In millions)
Fixed maturity securities AFS
$3,689 $3,457 $10,764 $10,100 
Equity securities
4 4 16 18 
FVO securities
99 76 186 183 
Mortgage loans
1,112 1,184 3,355 3,565 
Policy loans
115 116 335 339 
Real estate and REJV186 178 632 268 
OLPI
428 87 772 713 
Cash, cash equivalents and short-term investments
259 299 763 840 
Operating joint ventures
146 92 204 136 
Other
(7)159 332 502 
Subtotal investment income6,031 5,652 17,359 16,664 
Less: Investment expenses
522 571 1,575 1,703 
Subtotal, net
5,509 5,081 15,784 14,961 
Unit-linked investments580 146 851 907 
Net investment income
$6,089 $5,227 $16,635 $15,868 
Net Investment Income Information
Net realized and unrealized gains (losses) recognized in net investment income:
Net realized gains (losses) from sales and disposals (primarily FVO securities and Unit-linked investments)
$92 $65 $237 $199 
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and Unit-linked investments)
514 121 677 840 
Net realized and unrealized gains (losses) recognized in net investment income
$606 $186 $914 $1,039 
Changes in estimated fair value subsequent to purchase of FVO securities and Unit-linked investments still held at the end of the respective periods and recognized in net investment income
$572 $209 $803 $813 
Equity method investments net investment income (primarily REJV, OLPI, tax credit and renewable energy partnerships and operating joint ventures)
$620 $201 $1,125 $687 
Components of Net Investment Gains (Losses)
The composition of net investment gains (losses) by asset type and transaction type was as follows:
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
Asset Type2025202420252024
(In millions)
Fixed maturity securities AFS
$(154)$(157)$(522)$(488)
Equity securities
17 (31)50 (22)
Mortgage loans
(141)(151)(602)(246)
Real estate and REJV (excluding changes in estimated fair value)
47 128 50 175 
OLPI (excluding changes in estimated fair value) (1)
4 4 24 (55)
Other gains (losses)
(9)(57)(47)(28)
Subtotal
(236)(264)(1,047)(664)
Change in estimated fair value of OLPI and REJV
(1)(1)(1)5 
Non-investment portfolio gains (losses)
(88)188 63 (214)
Subtotal
(89)187 62 (209)
Net investment gains (losses)$(325)$(77)$(985)$(873)
Transaction Type
Realized gains (losses) on investments sold or disposed (1)
$22 $(39)$(424)$(369)
Impairment (losses)
(16)(17)(23)(17)
Recognized gains (losses):
Change in ACL recognized in earnings
(254)(150)(685)(231)
Unrealized net gains (losses) recognized in earnings11 (59)84 (42)
Total recognized gains (losses)(243)(209)(601)(273)
Non-investment portfolio gains (losses)(88)188 63 (214)
Net investment gains (losses)$(325)$(77)$(985)$(873)
Net Investment Gains (Losses) Information
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in net investment gains (losses)
$14 $(36)$51 $(23)
Other gains (losses) include:
Gains (losses) on disposed investments which were previously in a qualified cash flow hedging relationship
$(26)$— $(17)$— 
Foreign currency gains (losses)$(9)$170 $136 $5 
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments
Recognized in net investment gains (losses)
$22 $(39)$(424)$(369)
Recognized in net investment income
92 65 237 199 
Net realized investment gains (losses) from sales and disposals of investments$114 $26 $(187)$(170)
__________________
(1)Includes a net loss of $2 million and $46 million for the nine months ended September 30, 2025 and 2024, respectively, for private equity investments sold. For the nine months ended September 30, 2025 and 2024, the Company sold $43 million and $798 million, respectively, in portfolios of investments to a fund for proceeds of
$41 million and $752 million, respectively, in cash and receivables secured by the value of the fund. The Company has entered into an agreement to serve as the asset manager of the fund for which it receives a management fee.
Schedule of Realized Gain (Loss)
The composition of net investment gains (losses) for these securities was as follows:
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
Fixed Maturity Securities AFS2025202420252024
(In millions)
Proceeds$7,502 $6,815 $20,886 $21,273 
Gross investment gains$151 $111 $300 $388 
Gross investment (losses)(208)(228)(730)(898)
Realized gains (losses) on sales and disposals(57)(117)(430)(510)
Net credit loss (provision) release (change in ACL recognized in earnings)(97)(40)(87)22 
Impairment (losses)— — (5)— 
Net credit loss (provision) release and impairment (losses)(97)(40)(92)22 
Net investment gains (losses)$(154)$(157)$(522)$(488)
Equity Securities
Realized gains (losses) on sales and disposals$6 $27 $(34)$25 
Unrealized net gains (losses) recognized in earnings11 (58)84 (47)
Net investment gains (losses)$17 $(31)$50 $(22)