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v3.25.4

Investments (excluding Consolidated Investment Entities) (Tables) | 12 Months Ended
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Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Available-for-sale and fair value option ("FVO") fixed maturities | Available-for-sale and FVO fixed maturities were as follows as of December 31, 2025:
| Amortized Cost |  | Gross Unrealized Capital Gains |  | Gross Unrealized Capital Losses |  | Embedded Derivatives(2) |  | Allowance for credit losses |  | Fair Value |  |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries | $ | 663 |  |  | $ | 2 |  |  | $ | 51 |  |  | $ | — |  |  | $ | — |  |  | $ | 614 |  |  |
U.S. Government agencies and authorities | 30 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 31 |  |  |
State, municipalities and political subdivisions | 606 |  |  | — |  |  | 96 |  |  | — |  |  | — |  |  | 510 |  |  |
U.S. corporate public securities | 8,600 |  |  | 177 |  |  | 913 |  |  | — |  |  | — |  |  | 7,864 |  |  |
U.S. corporate private securities | 5,748 |  |  | 86 |  |  | 203 |  |  | — |  |  | 9 |  |  | 5,622 |  |  |
Foreign corporate public securities and foreign governments(1) | 2,926 |  |  | 69 |  |  | 215 |  |  | — |  |  | 2 |  |  | 2,778 |  |  |
Foreign corporate private securities(1) | 2,805 |  |  | 61 |  |  | 49 |  |  | — |  |  | 8 |  |  | 2,809 |  |  |
Residential mortgage-backed securities | 4,489 |  |  | 54 |  |  | 200 |  |  | 1 |  |  | — |  |  | 4,344 |  |  |
Commercial mortgage-backed securities | 3,071 |  |  | 6 |  |  | 401 |  |  | — |  |  | — |  |  | 2,676 |  |  |
Other asset-backed securities | 2,914 |  |  | 27 |  |  | 31 |  |  | — |  |  | 7 |  |  | 2,903 |  |  |
Total fixed maturities, including securities pledged | 31,852 |  |  | 483 |  |  | 2,159 |  |  | 1 |  |  | 26 |  |  | 30,151 |  |  |
Less: Securities pledged | 1,388 |  |  | — |  |  | 127 |  |  | — |  |  | — |  |  | 1,261 |  |  |
Total fixed maturities(3) | $ | 30,464 |  |  | $ | 483 |  |  | $ | 2,032 |  |  | $ | 1 |  |  | $ | 26 |  |  | $ | 28,890 |  |  |
(1) Primarily U.S. dollar denominated. (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 Consolidated Statements of Operations. (3) Includes fixed maturities of approximately $1.4 billion acquired in the first quarter of 2025 related to the acquisition of OneAmerica Financial's full-service retirement plan business. Available-for-sale and FVO fixed maturities were as follows as of December 31, 2024:
| 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 |
(1) Primarily U.S. dollar denominated. (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 Consolidated Statements of Operations.
Investments Classified by Contractual Maturity Date | The amortized cost and fair value of fixed maturities, including securities pledged, as of December 31, 2025, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. MBS and Other 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 | $ | 866 |  |  | $ | 868 |
After one year through five years | 3,695 |  |  | 3,700 |
After five years through ten years | 3,777 |  |  | 3,785 |
After ten years | 13,040 |  |  | 11,875 |
Mortgage-backed securities | 7,560 |  |  | 7,020 |
Other asset-backed securities | 2,914 |  |  | 2,903 |
Fixed maturities, including securities pledged | $ | 31,852 |  |  | $ | 30,151 |
Schedule of Securities Borrowed Under Securities Lending Transactions | The following table presents collateral held by asset class that the Company pledged under securities lending as of the dates indicated:
| December 31, 2025 |  | December 31, 2024
U.S. Treasuries | $ | 52 |  |  | $ | 22 |
U.S. corporate public securities | 495 |  |  | 601 |
Short-term investments and cash equivalents | 16 |  |  | 241 |
Foreign corporate public securities and foreign governments | 199 |  |  | 258 |
Total(1) | $ | 762 |  |  | $ | 1,122 |
(1) As of December 31, 2025 and 2024, liabilities to return cash collateral were $726 and $736, respectively, and included in Payables under securities loan and repurchase agreements, including collateral held on the Consolidated Balance Sheets.
Allowance for Credit Loss on Available-for-sale Fixed Maturity Securities |
Allowance for credit losses
The following table presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the period presented:
|  |  | Year Ended December 31, 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 |  |  | 9 |  |  |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 12 |
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 December 31 |  |  | $ | 9 |  |  |  |  | $ | — |  |  | $ | 2 |  |  | $ | 8 |  |  | $ | 7 |  |  | $ | 26 |
|  |  | 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 |
Schedule of Unrealized Loss on Investments | 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 December 31, 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 | $ | 257 |  |  | $ | 4 |  |  |  |  |  |  |  | $ | 291 |  |  | $ | 47 |  |  |  |  | $ | 548 |  |  | $ | 51 |  |  |  |
U.S. Government agencies and authorities | — |  |  | — |  |  |  |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  |  |
State, municipalities and political subdivisions | 4 |  |  | — |  |  |  |  |  |  |  | 493 |  |  | 96 |  |  |  |  | 497 |  |  | 96 |  |  |  |
U.S. corporate public securities | 568 |  |  | 42 |  |  |  |  |  |  |  | 4,282 |  |  | 871 |  |  |  |  | 4,850 |  |  | 913 |  |  |  |
U.S. corporate private securities | 348 |  |  | 4 |  |  |  |  |  |  |  | 2,334 |  |  | 199 |  |  |  |  | 2,682 |  |  | 203 |  |  |  |
Foreign corporate public securities and foreign governments | 163 |  |  | 4 |  |  |  |  |  |  |  | 1,247 |  |  | 211 |  |  |  |  | 1,410 |  |  | 215 |  |  |  |
Foreign corporate private securities | 70 |  |  | 1 |  |  |  |  |  |  |  | 1,118 |  |  | 48 |  |  |  |  | 1,188 |  |  | 49 |  |  |  |
Residential mortgage-backed | 244 |  |  | 2 |  |  |  |  |  |  |  | 1,170 |  |  | 198 |  |  |  |  | 1,414 |  |  | 200 |  |  |  |
Commercial mortgage-backed | 75 |  |  | 1 |  |  |  |  |  |  |  | 2,243 |  |  | 400 |  |  |  |  | 2,318 |  |  | 401 |  |  |  |
Other asset-backed | 251 |  |  | 3 |  |  |  |  |  |  |  | 260 |  |  | 28 |  |  |  |  | 511 |  |  | 31 |  |  |  |
Total | $ | 1,980 |  |  | $ | 61 |  |  |  |  |  |  |  | $ | 13,438 |  |  | $ | 2,098 |  |  |  |  | $ | 15,418 |  |  | $ | 2,159 |  |  |  |
| 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 |  |  |  |
Mortgage Loans by Loan to Value Ratio | 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 December 31, 2025 and 2024, respectively.
| As of December 31, 2025
Year of Origination | Loan-to-Value Ratios
0% - 50% |  | >50% - 60% |  | >60% - 70% |  | >70% - 80% |  | >80% and above |  | Total
2025 | $ | 387 |  |  | $ | 489 |  |  | $ | 92 |  |  | $ | — |  |  | $ | — |  |  | $ | 968 |
2024 | 180 |  |  | 147 |  |  | 18 |  |  | — |  |  | — |  |  | 345 |
2023 | 90 |  |  | 203 |  |  | — |  |  | — |  |  | — |  |  | 293 |
2022 | 249 |  |  | 254 |  |  | 85 |  |  | — |  |  | — |  |  | 588 |
2021 | 227 |  |  | 185 |  |  | 37 |  |  | 17 |  |  | — |  |  | 466 |
Prior | 2,783 |  |  | 163 |  |  | — |  |  |  |  | 2 |  |  | 2,948 |
Total(1) | $ | 3,916 |  |  | $ | 1,441 |  |  | $ | 232 |  |  | $ | 17 |  |  | $ | 2 |  |  | $ | 5,608 |
(1) Includes mortgage loans of approximately $0.8 billion acquired in the first quarter of 2025 related to the acquisition of OneAmerica Financial's full-service retirement plan business.
| As of December 31, 2024
Year of Origination | Loan-to-Value Ratios
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 |
Mortgage Loans by Debt Service Coverage Ratio | 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 December 31, 2025 and 2024, respectively.
| As of December 31, 2025
| Debt Service Coverage Ratios
Year of Origination | >1.5x |  | >1.25x - 1.5x |  | >1.0x - 1.25x |  | <1.0x |  |  |  | Total(1)
2025 | $ | 736 |  |  | $ | 150 |  |  | $ | 67 |  |  | $ | 15 |  |  |  |  | $ | 968 |
2024 | 161 |  |  | 129 |  |  | 49 |  |  | 6 |  |  |  |  | 345 |
2023 | 168 |  |  | 34 |  |  | 89 |  |  | 2 |  |  |  |  | 293 |
2022 | 337 |  |  | 116 |  |  | 48 |  |  | 87 |  |  |  |  | 588 |
2021 | 313 |  |  | 20 |  |  | 48 |  |  | 85 |  |  |  |  | 466 |
Prior | 2,207 |  |  | 402 |  |  | 245 |  |  | 94 |  |  |  |  | 2,948 |
Total | $ | 3,922 |  |  | $ | 851 |  |  | $ | 546 |  |  | $ | 289 |  |  |  |  | $ | 5,608 |
(1) No commercial mortgage loans were secured by land or construction loans.
| 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 |
(1) No commercial mortgage loans were secured by land or construction loans.
Mortgage Loans by Geographic Location of Collateral | 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 December 31, 2025 and 2024, respectively.
| As of December 31, 2025
Year of Origination | U.S. Region
Pacific |  | South Atlantic |  | Middle Atlantic |  | West South Central |  | Mountain |  | East North Central |  | New England |  | West North Central |  | East South Central |  | Total
2025 | $ | 244 |  |  | $ | 109 |  |  | $ | 238 |  |  | $ | 189 |  |  | $ | 75 |  |  | $ | 33 |  |  | $ | 36 |  |  | $ | 19 |  |  | $ | 25 |  |  | $ | 968 |
2024 | 60 |  |  | 104 |  |  | 49 |  |  | 69 |  |  | 20 |  |  | 17 |  |  | 7 |  |  | 3 |  |  | 16 |  |  | 345 |
2023 | 33 |  |  | 42 |  |  | 16 |  |  | 96 |  |  | 38 |  |  | 36 |  |  | 3 |  |  | 26 |  |  | 3 |  |  | 293 |
2022 | 151 |  |  | 73 |  |  | 55 |  |  | 79 |  |  | 108 |  |  | 94 |  |  | 1 |  |  | 7 |  |  | 20 |  |  | 588 |
2021 | 102 |  |  | 55 |  |  | 97 |  |  | 60 |  |  | 89 |  |  | 51 |  |  | 2 |  |  | 10 |  |  | — |  |  | 466 |
Prior | 764 |  |  | 719 |  |  | 598 |  |  | 190 |  |  | 217 |  |  | 228 |  |  | 60 |  |  | 91 |  |  | 81 |  |  | 2,948 |
Total | $ | 1,354 |  |  | $ | 1,102 |  |  | $ | 1,053 |  |  | $ | 683 |  |  | $ | 547 |  |  | $ | 459 |  |  | $ | 109 |  |  | $ | 156 |  |  | $ | 145 |  |  | $ | 5,608 |
| As of December 31, 2024
Year of Origination | U.S. Region
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 |
Mortgage Loans by Property Type of Collateral | 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 December 31, 2025 and 2024, respectively.
| As of December 31, 2025
Year of Origination | Property Type
Retail |  | Industrial |  | Apartments |  | Office |  | Hotel/Motel |  | Other |  | Mixed Use |  | Total
2025 | $ | 406 |  |  | $ | 403 |  |  | $ | 145 |  |  | $ | 7 |  |  | $ | 4 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 968 |
2024 | 73 |  |  | 197 |  |  | 59 |  |  | 16 |  |  | — |  |  | — |  |  | — |  |  | 345 |
2023 | 121 |  |  | 120 |  |  | 7 |  |  | 13 |  |  | 32 |  |  | — |  |  | — |  |  | 293 |
2022 | 107 |  |  | 247 |  |  | 178 |  |  | 37 |  |  | 9 |  |  | 10 |  |  | — |  |  | 588 |
2021 | 46 |  |  | 137 |  |  | 166 |  |  | 104 |  |  | — |  |  | — |  |  | 13 |  |  | 466 |
Prior | 713 |  |  | 750 |  |  | 779 |  |  | 480 |  |  | 46 |  |  | 141 |  |  | 39 |  |  | 2,948 |
Total | $ | 1,466 |  |  | $ | 1,854 |  |  | $ | 1,334 |  |  | $ | 657 |  |  | $ | 91 |  |  | $ | 154 |  |  | $ | 52 |  |  | $ | 5,608 |
| 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 |
Allowance for Credit Losses for Commercial Mortgage Loans | The following table summarizes activity in the allowance for credit losses for commercial mortgage loans for the periods indicated:
| December 31, 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 | 16 |  |  | 1 |
Increase (decrease) on mortgage loans with an allowance recorded in previous period | 2 |  |  | — |
Provision for expected credit losses | 42 |  |  | 27 |
Write-offs | (11) |  |  | (3) |
Allowance for credit losses, end of period | $ | 31 |  |  | $ | 24 |
Financing Receivable, Past Due | The following table presents the payment status of commercial mortgage loans as of the dates indicated:
| December 31, 2025 |  | December 31, 2024
Current | $ | 5,537 |  |  | $ | 4,673 |
30-59 days past due | — |  |  | — |
60-89 days past due | — |  |  | — |
Greater than 90 days past due | 71 |  |  | 26 |
Total | $ | 5,608 |  |  | $ | 4,699 |
Net Investment Income | The following table summarizes Net investment income by investment type for the periods indicated:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Fixed maturities | $ | 1,855 |  |  | $ | 1,678 |  |  | $ | 1,766 |
Equity securities | 17 |  |  | 19 |  |  | 21 |
Mortgage loans on real estate | 274 |  |  | 234 |  |  | 249 |
Policy loans | 19 |  |  | 20 |  |  | 20 |
Short-term investments and cash equivalents | 40 |  |  | 40 |  |  | 39 |
Limited partnerships and other | 202 |  |  | 159 |  |  | 135 |
Gross investment income | 2,407 |  |  | 2,150 |  |  | 2,230 |
Less: Investment expenses | 89 |  |  | 76 |  |  | 71 |
Net investment income | $ | 2,318 |  |  | $ | 2,074 |  |  | $ | 2,159 |
Realized Gain (Loss) on Investments | Net gains (losses) were as follows for the periods indicated:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Fixed maturities, available-for-sale, including securities pledged | $ | (29) |  |  | $ | (48) |  |  | $ | (31) |
Fixed maturities, at fair value option | (81) |  |  | (167) |  |  | (100) |
Equity securities, at fair value | (2) |  |  | 6 |  |  | 3 |
Derivatives | (30) |  |  | 193 |  |  | 29 |
Embedded derivatives within fixed maturities | 5 |  |  | (6) |  |  | (1) |
Other derivatives | (1) |  |  | 2 |  |  | — |
Standalone derivative | 13 |  |  | (1) |  |  | — |
Managed custody guarantees | 4 |  |  | 4 |  |  | (2) |
Stabilizer | 10 |  |  | (14) |  |  | (1) |
Mortgage loans | (7) |  |  | (1) |  |  | (12) |
Other investments | (12) |  |  | 5 |  |  | 43 |
Net gains (losses) | $ | (130) |  |  | $ | (27) |  |  | $ | (72) |
Gain (Loss) on Securities | Proceeds from the sale of fixed maturities, available-for-sale, and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Proceeds on sales | $ | 4,877 |  |  | $ | 3,510 |  |  | $ | 5,393 |
Gross gains | 43 |  |  | 50 |  |  | 69 |
Gross losses | 83 |  |  | 62 |  |  | 78 |

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