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Investments (excluding Consolidated Investment Entities) (Tables)
12 Months Ended
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 CostGross Unrealized Capital GainsGross Unrealized Capital Losses
Embedded Derivatives(2)
Allowance for credit lossesFair Value
Fixed maturities:
U.S. Treasuries$663 $$51 $— $— $614 
U.S. Government agencies and authorities30 — — — 31 
State, municipalities and political subdivisions606 — 96 — — 510 
U.S. corporate public securities8,600 177 913 — — 7,864 
U.S. corporate private securities5,748 86 203 — 5,622 
Foreign corporate public securities and foreign governments(1)
2,926 69 215 — 2,778 
Foreign corporate private securities(1)
2,805 61 49 — 2,809 
Residential mortgage-backed securities4,489 54 200 — 4,344 
Commercial mortgage-backed securities3,071 401 — — 2,676 
Other asset-backed securities2,914 27 31 — 2,903 
Total fixed maturities, including securities pledged31,852 483 2,159 26 30,151 
Less: Securities pledged1,388 — 127 — — 1,261 
Total fixed maturities(3)
$30,464 $483 $2,032 $$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 CostGross Unrealized Capital GainsGross Unrealized Capital Losses
Embedded Derivatives(2)
Allowance for credit lossesFair Value
Fixed maturities:
U.S. Treasuries$524 $— $52 $— $— $472 
U.S. Government agencies and authorities29 — — — 30 
State, municipalities and political subdivisions697 — 117 — — 580 
U.S. corporate public securities7,938 124 1,054 — — 7,008 
U.S. corporate private securities5,275 43 329 — 4,983 
Foreign corporate public securities and foreign governments(1)
2,729 32 287 — 2,472 
Foreign corporate private securities(1)
2,693 22 169 — 2,537 
Residential mortgage-backed securities3,709 27 261 (4)— 3,471 
Commercial mortgage-backed securities3,677 532 — 17 3,132 
Other asset-backed securities2,779 39 45 — 2,769 
Total fixed maturities, including securities pledged30,050 292 2,846 (4)38 27,454 
Less: Securities pledged1,665 — 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 years3,695 3,700 
After five years through ten years3,777 3,785 
After ten years13,040 11,875 
Mortgage-backed securities7,560 7,020 
Other asset-backed securities2,914 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, 2025December 31, 2024
U.S. Treasuries$52 $22 
U.S. corporate public securities495 601 
Short-term investments and cash equivalents
16 241 
Foreign corporate public securities and foreign governments199 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 securitiesForeign corporate public securities and foreign governmentsForeign corporate private securitiesOther asset-backed securitiesTotal
Balance as of January 1$$17 $$$$38 
Credit losses on securities for which credit losses were not previously recorded— — — 12 
Reductions for securities sold during the period(6)(17)— — — (23)
Increase (decrease) on securities with allowance recorded in previous period— — — (1)— (1)
Balance as of December 31$$— $$$$26 
Year Ended December 31, 2024
U.S. corporate private securitiesCommercial mortgage-backed securities
Foreign corporate public securities and foreign governments
Foreign corporate private securitiesOther asset-backed securitiesTotal
Balance as of January 1$— $$$$$17 
Credit losses on securities for which credit losses were not previously recorded— 24 
Reductions for securities sold during the period— — (1)— — (1)
Increase (decrease) on securities with allowance recorded in previous period— (1)— (1)— (2)
Balance as of December 31$$17 $$$$38 
Schedule of Unrealized Loss on Investments
The following tables present available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by investment category and duration as of the dates indicated:
As of December 31, 2025
Twelve Months or Less
Below Amortized Cost
More Than Twelve Months
Below Amortized Cost
Total
Fair ValueUnrealized Capital LossesFair ValueUnrealized Capital LossesFair ValueUnrealized Capital Losses
U.S. Treasuries$257 $$291 $47 $548 $51 
U.S. Government agencies and authorities— — — — — — 
State, municipalities and political subdivisions— 493 96 497 96 
U.S. corporate public securities568 42 4,282 871 4,850 913 
U.S. corporate private securities348 2,334 199 2,682 203 
Foreign corporate public securities and foreign governments163 1,247 211 1,410 215 
Foreign corporate private securities70 1,118 48 1,188 49 
Residential mortgage-backed244 1,170 198 1,414 200 
Commercial mortgage-backed 75 2,243 400 2,318 401 
Other asset-backed251 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 ValueUnrealized Capital LossesFair ValueUnrealized Capital LossesFair ValueUnrealized Capital Losses
U.S. Treasuries$304 $20 $133 $32 $437 $52 
U.S. Government agencies and authorities14 — — — 14 — 
State, municipalities and political subdivisions— 562 117 569 117 
U.S. corporate public securities818 35 4,215 1,019 5,033 1,054 
U.S. corporate private securities546 13 2,845 316 3,391 329 
Foreign corporate public securities and foreign governments450 17 1,285 270 1,735 287 
Foreign corporate private securities490 12 1,468 157 1,958 169 
Residential mortgage-backed311 1,210 253 1,521 261 
Commercial mortgage-backed24 — 2,751 532 2,775 532 
Other asset-backed93 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 OriginationLoan-to-Value Ratios
0% - 50%
>50% - 60%
>60% - 70%
>70% - 80%
>80% and above
Total
2025$387 $489 $92 $— $— $968 
2024180 147 18 — — 345 
202390 203 — — — 293 
2022249 254 85 — — 588 
2021227 185 37 17 — 466 
Prior2,783 163 — 2,948 
Total(1)
$3,916 $1,441 $232 $17 $$5,608 
(1) Includes mortgage loans of approximately $0.8 billion acquired in the first quarter of 2025 related to the acquisition of OneAmerica Financial's full-service retirement plan business.
As of December 31, 2024
Year of OriginationLoan-to-Value Ratios
0% - 50%
>50% - 60%
>60% - 70%
>70% - 80%
>80% and above
Total
2024$138 $131 $15 $— $— $284 
202396 221 40 — — 357 
2022239 282 95 — — 616 
2021240 184 95 — — 519 
2020184 71 — — — 255 
Prior2,500 148 — 18 2,668 
Total$3,397 $1,037 $247 $— $18 $4,699 
Mortgage Loans by Debt Service Coverage Ratio
The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of December 31, 2025 and 2024, respectively.
As of December 31, 2025
Debt Service Coverage Ratios
Year of Origination
>1.5x
>1.25x - 1.5x
>1.0x - 1.25x
<1.0x
Total(1)
2025$736 $150 $67 $15 $968 
2024161 129 49 345 
2023168 34 89 293 
2022337 116 48 87 588 
2021313 20 48 85 466 
Prior2,207 402 245 94 2,948 
Total$3,922 $851 $546 $289 $5,608 
(1) No commercial mortgage loans were secured by land or construction loans.
As of December 31, 2024
Debt Service Coverage Ratios
Year of Origination
>1.5x
>1.25x - 1.5x
>1.0x - 1.25x
<1.0x
Total(1)
2024$161 $93 $28 $$284 
2023118 180 48 11 357 
2022295 101 76 144 616 
2021258 16 97 148 519 
2020207 20 20 255 
Prior2,018 219 346 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 OriginationU.S. Region
PacificSouth AtlanticMiddle AtlanticWest South CentralMountainEast North CentralNew EnglandWest North CentralEast South CentralTotal
2025$244 $109 $238 $189 $75 $33 $36 $19 $25 $968 
202460 104 49 69 20 17 16 345 
202333 42 16 96 38 36 26 293 
2022151 73 55 79 108 94 20 588 
2021102 55 97 60 89 51 10 — 466 
Prior764 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 OriginationU.S. Region
PacificSouth AtlanticMiddle AtlanticWest South CentralMountainEast North CentralNew EnglandWest North CentralEast South CentralTotal
2024$58 $80 $41 $57 $20 $$$$$284 
202349 85 12 101 39 39 26 357 
2022140 122 49 98 89 92 20 616 
202195 51 113 93 96 47 15 — 519 
202061 118 17 10 12 15 — 15 255 
Prior707 632 619 176 211 134 51 109 29 2,668 
Total$1,110 $1,088 $851 $535 $467 $336 $75 $161 $76 $4,699 
Mortgage Loans by Property Type of Collateral
The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of December 31, 2025 and 2024, respectively.
As of December 31, 2025
Year of OriginationProperty Type
RetailIndustrialApartmentsOfficeHotel/MotelOtherMixed UseTotal
2025$406 $403 $145 $$$$— $968 
202473 197 59 16 — — — 345 
2023121 120 13 32 — — 293 
2022107 247 178 37 10 — 588 
202146 137 166 104 — — 13 466 
Prior713 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 OriginationProperty Type
RetailIndustrialApartmentsOfficeHotel/MotelOtherMixed UseTotal
2024$58 $154 $57 $15 $— $— $— $284 
2023124 172 13 16 32 — — 357 
202279 261 222 35 10 — 616 
202135 128 218 111 — 18 519 
202055 48 56 96 — — — 255 
Prior610 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, 2025December 31, 2024
Allowance for credit losses, beginning of period
$24 $26 
Credit losses on mortgage loans for which credit losses were not previously recorded16 
Increase (decrease) on mortgage loans with an allowance recorded in previous period
— 
Provision for expected credit losses42 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, 2025December 31, 2024
Current$5,537 $4,673 
30-59 days past due— — 
60-89 days past due— — 
Greater than 90 days past due71 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,
202520242023
Fixed maturities$1,855 $1,678 $1,766 
Equity securities17 19 21 
Mortgage loans on real estate274 234 249 
Policy loans19 20 20 
Short-term investments and cash equivalents40 40 39 
Limited partnerships and other
202 159 135 
Gross investment income2,407 2,150 2,230 
Less: Investment expenses89 76 71 
Net investment income$2,318 $2,074 $2,159 
Realized Gain (Loss) on Investments
Net gains (losses) were as follows for the periods indicated:
Year Ended December 31,
202520242023
Fixed maturities, available-for-sale, including securities pledged$(29)$(48)$(31)
Fixed maturities, at fair value option(81)(167)(100)
Equity securities, at fair value(2)
Derivatives(30)193 29 
Embedded derivatives within fixed maturities
(6)(1)
Other derivatives
(1)— 
Standalone derivative
13 (1)— 
Managed custody guarantees(2)
Stabilizer
10 (14)(1)
Mortgage loans(7)(1)(12)
Other investments(12)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,
202520242023
Proceeds on sales$4,877 $3,510 $5,393 
Gross gains43 50 69 
Gross losses83 62 78