
	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Allowance for credit losses		Fair Value
Fixed maturities:
U.S. Treasuries	$	590	$	2	$	43	$	—	$	—	$	549
U.S. Government agencies and authorities	30		1		—		—		—		31
State, municipalities and political subdivisions	614		—		96		—		—		518
U.S. corporate public securities	8,444		189		864		—		—		7,769
U.S. corporate private securities	5,625		89		205		—		2		5,507
Foreign corporate public securities and foreign governments(1)	2,899		72		207		—		2		2,762
Foreign corporate private securities(1)	2,879		62		55		—		42		2,844
Residential mortgage-backed securities	4,355		51		208		3		—		4,201
Commercial mortgage-backed securities	3,248		5		430		—		—		2,823
Other asset-backed securities	2,888		30		34		—		5		2,879
Total fixed maturities, including securities pledged	31,572		501		2,142		3		51		29,883
Less: Securities pledged	1,506		—		109		—		—		1,397
Total fixed maturities(3)	$	30,066	$	501	$	2,033	$	3	$	51	$	28,486

(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Condensed Consolidated Statements of Operations.


	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Allowance for credit losses		Fair Value
Fixed maturities:
U.S. Treasuries	$	524	$	—	$	52	$	—	$	—	$	472
U.S. Government agencies and authorities	29		1		—		—		—		30
State, municipalities and political subdivisions	697		—		117		—		—		580
U.S. corporate public securities	7,938		124		1,054		—		—		7,008
U.S. corporate private securities	5,275		43		329		—		6		4,983
Foreign corporate public securities and foreign governments(1)	2,729		32		287		—		2		2,472
Foreign corporate private securities(1)	2,693		22		169		—		9		2,537
Residential mortgage-backed securities	3,709		27		261		(4)		—		3,471
Commercial mortgage-backed securities	3,677		4		532		—		17		3,132
Other asset-backed securities	2,779		39		45		—		4		2,769
Total fixed maturities, including securities pledged	30,050		292		2,846		(4)		38		27,454
Less: Securities pledged	1,665		—		149		—		—		1,516
Total fixed maturities	$	28,385	$	292	$	2,697	$	(4)	$	38	$	25,938

The amortized cost and fair value of fixed maturities, including securities pledged, as of September 30, 2025, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date.


	Amortized Cost		Fair Value
Due to mature:
One year or less	$	719	$	714
After one year through five years	3,892		3,875
After five years through ten years	3,800		3,803
After ten years	12,670		11,588
Mortgage-backed securities	7,603		7,024
Other asset-backed securities	2,888		2,879
Fixed maturities, including securities pledged	$	31,572	$	29,883

As of September 30, 2025 and December 31, 2024, the Company did not have any investments in a single issuer, other than obligations of the U.S. Government and government agencies, with a carrying value in excess of 10% of the Company's Total shareholders' equity.

The Company engages in securities lending whereby the initial collateral is required at a rate of at least 102% of the market value of the loaned securities. The lending agent retains the collateral and invests it in high quality liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty to return securities pledged where collateral is insufficient to cover the loss.

In the normal course of business, the Company receives cash collateral and non-cash collateral in the form of securities. If cash is received as collateral, the lending agent retains the cash collateral and invests it in short-term liquid assets on behalf of the Company. Securities retained as collateral by the lending agent may not be sold or re-pledged, except in the event of default, and are not reflected on the Company’s Condensed Consolidated Balance Sheets. This collateral generally consists of U.S. Treasury, U.S. Government agency securities and MBS pools. See Restricted Assets within the Commitments and Contingencies Note to these Condensed Consolidated Financial Statements for information regarding assets pledged and collateral received in securities lending agreements.

The following table presents collateral held by asset class that the Company pledged under securities lending as of the dates indicated:


	September 30, 2025		December 31, 2024
U.S. Treasuries	$	40	$	22

U.S. corporate public securities	496		601

Short-term investments	—		241

Foreign corporate public securities and foreign governments	240		258
Total(1)	$	776	$	1,122

(1) As of September 30, 2025 and December 31, 2024, liabilities to return cash collateral were $747 and $736, respectively, and included in Payables under securities loan and repurchase agreements, including collateral held on the Condensed Consolidated Balance Sheets.

The Company's securities lending activities are conducted on an overnight basis, and all securities loaned can be recalled at any time. The Company does not offset assets and liabilities associated with its securities lending program.


	Nine Months Ended September 30, 2025
	U.S. corporate private securities		Commercial mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Other asset-backed securities		Total
Balance as of January 1	$	6	$	17	$	2	$	9	$	4	$	38
Credit losses on securities for which credit losses were not previously recorded	2		—		—		33		2		37

Reductions for securities sold during the period	(6)		(17)		—		—		—		(23)


Increase (decrease) on securities with allowance recorded in previous period	—		—		—		—		(1)		(1)


Balance as of September 30	$	2	$	—	$	2	$	42	$	5	$	51


	Year Ended December 31, 2024
	U.S. corporate private securities		Commercial mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Other asset-backed securities		Total
Balance as of January 1	$	—	$	9	$	3	$	2	$	3	$	17
Credit losses on securities for which credit losses were not previously recorded	6		9		—		8		1		24

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


Increase (decrease) on securities with allowance recorded in previous period	—		(1)		—		(1)		—		(2)


Balance as of December 31	$	6	$	17	$	2	$	9	$	4	$	38

For additional information about the Company’s methodology and significant inputs used in determining whether a credit loss exists, see the Business, Basis of Presentation and Significant Accounting Policies Note to the Consolidated Financial Statements in Part II, Item 8. of the Annual Report on Form 10-K.

The following tables present available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by investment category and duration as of the dates indicated:


	As of September 30, 2025
	Twelve Months or Less Below Amortized Cost				More Than Twelve Months Below Amortized Cost	Total
	Fair Value		Unrealized Capital Losses			Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses
U.S. Treasuries	$	140	$	3		$	262	$	40	$	402	$	43
U.S. Government agencies and authorities	—		—			—		—		—		—
State, municipalities and political subdivisions	6		1			500		95		506		96
U.S. corporate public securities	518		34			4,135		830		4,653		864
U.S. corporate private securities	205		4			2,494		201		2,699		205
Foreign corporate public securities and foreign governments	167		3			1,201		204		1,368		207
Foreign corporate private securities	73		1			1,181		54		1,254		55
Residential mortgage-backed	256		3			1,189		205		1,445		208
Commercial mortgage-backed	64		1			2,302		429		2,366		430
Other asset-backed	137		2			291		32		428		34
Total	$	1,566	$	52		$	13,555	$	2,090	$	15,121	$	2,142


	As of December 31, 2024
	Twelve Months or Less Below Amortized Cost				More Than Twelve Months Below Amortized Cost	Total
	Fair Value		Unrealized Capital Losses			Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses
U.S. Treasuries	$	304	$	20		$	133	$	32	$	437	$	52
U.S. Government agencies and authorities	14		—			—		—		14		—
State, municipalities and political subdivisions	7		—			562		117		569		117
U.S. corporate public securities	818		35			4,215		1,019		5,033		1,054
U.S. corporate private securities	546		13			2,845		316		3,391		329
Foreign corporate public securities and foreign governments	450		17			1,285		270		1,735		287
Foreign corporate private securities	490		12			1,468		157		1,958		169
Residential mortgage-backed	311		8			1,210		253		1,521		261
Commercial mortgage-backed	24		—			2,751		532		2,775		532
Other asset-backed	93		2			315		43		408		45
Total	$	3,057	$	107		$	14,784	$	2,739	$	17,841	$	2,846

As of September 30, 2025 and December 31, 2024, the Company concluded that an allowance for credit losses was not warranted for the securities above because the unrealized losses are interest rate related. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

The Company performs a regular evaluation, on a security-by-security basis, of its available-for-sale securities holdings, including fixed maturity securities, in accordance with its impairment policy in order to evaluate whether such investments are impaired. Intent impairments were zero and $19 for the three and nine months ended September 30, 2025, respectively. Intent impairments were $1 and $6 for the three and nine months ended September 30, 2024, respectively.

The Company may sell securities during the period in which fair value has declined below amortized cost for fixed maturities. In certain situations, new factors, including changes in the business environment, can change the Company’s previous intent to continue holding a security. Accordingly, these factors may lead the Company to record additional intent related capital losses.

The Company evaluates all debt modifications to determine whether a modification results in a new loan or a continuation of an existing loan. Disclosures are required for loan modifications with borrowers experiencing financial difficulty. For the three and nine months ended September 30, 2025 and 2024, the Company had no material debt modifications that require such disclosure.

The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates mortgage loans based on relevant current information including a review of loan-specific performance, property characteristics and market trends. Loan performance is monitored on a loan specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk.

Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. These ratios are utilized as part of the review process described above.

The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of September 30, 2025 and December 31, 2024, respectively.


	As of September 30, 2025
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2025	$	216	$	297	$	46	$	—	$	—	$	559
2024	163		148		17		—		—		328
2023	91		203		—		—		—		294
2022	260		280		86		—		—		626
2021	239		205		63		—		—		507
Prior	2,918		180		—				2		3,100
Total(1)	$	3,887	$	1,313	$	212	$	—	$	2	$	5,414


	As of December 31, 2024
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2024	$	138	$	131	$	15	$	—	$	—	$	284
2023	96		221		40		—		—		357
2022	239		282		95		—		—		616
2021	240		184		95		—		—		519
2020	184		71		—		—		—		255
Prior	2,500		148		2		—		18		2,668
Total	$	3,397	$	1,037	$	247	$	—	$	18	$	4,699

The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of September 30, 2025 and December 31, 2024, respectively.


	As of September 30, 2025
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total(1)
2025	$	293	$	168	$	84	$	14	$	559
2024	136		93		93		6		328
2023	168		34		87		5		294
2022	336		120		77		93		626
2021	310		25		69		103		507
Prior	2,325		418		269		88		3,100
Total	$	3,568	$	858	$	679	$	309	$	5,414


	As of December 31, 2024
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total(1)
2024	$	161	$	93	$	28	$	2	$	284
2023	118		180		48		11		357
2022	295		101		76		144		616
2021	258		16		97		148		519
2020	207		20		20		8		255
Prior	2,018		219		346		85		2,668
Total	$	3,057	$	629	$	615	$	398	$	4,699

The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of September 30, 2025 and December 31, 2024, respectively.


	As of September 30, 2025
	U.S. Region
Year of Origination	Pacific		South Atlantic		Middle Atlantic		West South Central		Mountain		East North Central		New England		West North Central		East South Central		Total
2025	$	106	$	80	$	150	$	44	$	38	$	62	$	35	$	19	$	25	$	559
2024	58		96		49		65		20		17		8		3		12		328
2023	33		42		16		96		38		37		3		26		3		294
2022	152		86		56		90		108		106		1		7		20		626
2021	102		55		109		59		110		51		11		10		—		507
Prior	806		772		624		201		221		238		61		95		82		3,100
Total	$	1,257	$	1,131	$	1,004	$	555	$	535	$	511	$	119	$	160	$	142	$	5,414


	As of December 31, 2024
	U.S. Region
Year of Origination	Pacific		South Atlantic		Middle Atlantic		West South Central		Mountain		East North Central		New England		West North Central		East South Central		Total
2024	$	58	$	80	$	41	$	57	$	20	$	9	$	7	$	3	$	9	$	284
2023	49		85		12		101		39		39		3		26		3		357
2022	140		122		49		98		89		92		5		1		20		616
2021	95		51		113		93		96		47		9		15		—		519
2020	61		118		17		10		12		15		—		7		15		255
Prior	707		632		619		176		211		134		51		109		29		2,668
Total	$	1,110	$	1,088	$	851	$	535	$	467	$	336	$	75	$	161	$	76	$	4,699

The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of September 30, 2025 and December 31, 2024, respectively.


	As of September 30, 2025
Year of Origination	Property Type
	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2025	$	150	$	270	$	132	$	—	$	4	$	3	$	—	$	559
2024	73		182		57		16		—		—		—		328
2023	121		120		7		14		32		—		—		294
2022	112		262		196		37		9		10		—		626
2021	46		140		190		113		—		10		8		507
Prior	749		777		844		496		47		143		44		3,100
Total	$	1,251	$	1,751	$	1,426	$	676	$	92	$	166	$	52	$	5,414


	As of December 31, 2024
Year of Origination	Property Type
	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2024	$	58	$	154	$	57	$	15	$	—	$	—	$	—	$	284
2023	124		172		13		16		32		—		—		357
2022	79		261		222		35		10		9		—		616
2021	35		128		218		111		—		18		9		519
2020	55		48		56		96		—		—		—		255
Prior	610		713		640		437		67		155		46		2,668
Total	$	961	$	1,476	$	1,206	$	710	$	109	$	182	$	55	$	4,699


	September 30, 2025		December 31, 2024
Allowance for credit losses, beginning of period	$	24	$	26
Credit losses on mortgage loans for which credit losses were not previously recorded	7		1

Increase (decrease) on mortgage loans with an allowance recorded in a previous period	1		—
Provision for expected credit losses	32		27
Write-offs	(11)		(3)

Allowance for credit losses, end of period	$	21	$	24

Commercial mortgage loans are placed on non-accrual status when 90 days in arrears, when the Company has concerns regarding the collectability of future payments or when a loan has matured without being paid off or extended. As of September 30, 2025 and December 31, 2024, the Company had $71 and $26, respectively, of commercial mortgage loans in non-accrual status. The amount of interest income recognized on loans in non-accrual status for the nine months ended September 30, 2025 and the year ended December 31, 2024 was immaterial.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Fixed maturities	$	461	$	420	$	1,388	$	1,252
Equity securities	6		7		14		16
Mortgage loans on real estate	68		58		204		179
Policy loans	5		6		15		16
Short-term investments and cash equivalents	11		11		31		31
Limited partnerships and other	54		26		141		116


Gross investment income	605		528		1,793		1,610
Less: Investment expenses	22		22		66		57
Net investment income	$	583	$	506	$	1,727	$	1,553

As of September 30, 2025 and December 31, 2024, the Company had $5 and $18, respectively, of investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Fixed maturities, available-for-sale, including securities pledged	$	13	$	15	$	(11)	$	(19)
Fixed maturities, at fair value option	(50)		96		(30)		(15)

Equity securities, at fair value	(3)		7		(1)		11
Derivatives	15		(128)		(64)		48
Embedded derivatives within fixed maturities	—		3		7		1
Other derivatives	(1)		1		(1)		1
Standalone derivative	—		(1)		11		—
Managed custody guarantees	2		6		3		6
Stabilizer	5		(6)		10		(7)
Mortgage loans	(2)		(4)		(6)		(1)
Other investments	—		(3)		(14)		—
Net gains (losses)(1)	$	(21)	$	(14)	$	(96)	$	25