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Mortgage Loans on Real Estate (Tables)
 9 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Schedule of Asset and Allowances Mortgage Loans
The Company disaggregates its mortgage loan investments into two portfolio segments: commercial and residential. Commercial mortgage loans include agricultural mortgage loans. The breakdown of mortgage loans on real estate by portfolio segment is as follows:
September 30, 2025December 31, 2024
(Dollars in millions)
Commercial mortgage loans$8,716 $9,576 
Residential mortgage loans2,508 2,696 
Total11,224 12,272 
Allowance for credit losses(134)(155)
Total, net of allowance$11,090 $12,117 
Schedule of Commercial Mortgage Loans by Geographic Region and Specific Collateral Property Type The commercial mortgage loan portfolio is summarized by geographic region and property type as follows:
September 30, 2025December 31, 2024
AmountPercentageAmountPercentage
(Dollars in millions)
Geographic distribution
Pacific$1,974 22.7 %$2,060 21.5 %
Mountain1,391 16.0 %1,678 17.5 %
West North Central254 2.9 %280 2.9 %
West South Central1,287 14.8 %1,443 15.1 %
East North Central865 9.9 %1,012 10.6 %
East South Central135 1.5 %144 1.5 %
Middle Atlantic530 6.1 %591 6.2 %
South Atlantic1,919 22.0 %1,993 20.8 %
New England143 1.6 %133 1.4 %
Other (multi-region, non-US)218 2.5 %242 2.5 %
8,716 100.0 %9,576 100.0 %
Allowance for credit losses(125)(146)
Total, net of allowance$8,591 $9,430 
Property type distribution
Agricultural$361 4.2 %$447 4.7 %
Apartment2,242 25.7 %2,325 24.3 %
Hotel931 10.7 %1,246 13.0 %
Industrial1,860 21.3 %1,859 19.4 %
Office1,274 14.6 %1,425 14.9 %
Parking250 2.9 %326 3.4 %
Retail1,421 16.3 %1,572 16.4 %
Storage140 1.6 %176 1.8 %
Other237 2.7 %200 2.1 %
8,716 100.0 %9,576 100.0 %
Allowance for credit losses(125)(146)
Total, net of allowance$8,591 $9,430 
Schedule of Allowance for Credit Losses
The rollforward of the allowance for credit losses for mortgage loans for the three and nine months ended September 30, 2025 and 2024 is shown below:
20252024
Commercial
Mortgage
Loans		Residential
Mortgage
Loans		Commercial
Mortgage
Loans		Residential
Mortgage
Loans
(Dollars in millions)
Balance, as of January 1$(146)$(9)$(53)$— 
Provision(1)(1)(1)— 
Writeoffs charged against the allowance3 — — — 
Balance, as of March 31(144)(10)(54)— 
Provision15 (3)— — 
Recoveries of amounts previously written off4 — — — 
Balance, as of June 30(125)(13)(54)— 
Provision(2)4 (26)(8)
Writeoffs charged against the allowance2 — — — 
Balance, as of September 30$(125)$(9)$(80)$(8)
The rollforward of the allowance for credit losses for private loans for the three and nine months ended September 30, 2025 and 2024 is shown below:
20252024
(Dollars in millions)
Balance at January 1$(66)$(8)
Provision(11)1 
Balance at March 31(77)(7)
Provision(8)(14)
Writeoffs charged against the allowance
(2)— 
Balance at June 30(87)(21)
Provision(55)(5)
Balance at September 30$(142)$(26)
Schedule of Age Analysis of Loans by Property Type The amortized cost of mortgage loans by year of origination by aging category are shown below:
Amortized Cost Basis by Origination Year
20252024202320222021PriorTotal
As of September 30, 2025:(Dollars in millions)
Commercial mortgage loans
Current$548 $429 $527 $2,063 $1,080 $3,795 $8,442 
30 - 59 days past due1 — — 9 4 — 14 
60 - 89 days past due— — — 40 — 14 54 
Non-accrual— — — 4 5 197 206 
Residential mortgage loans
Current297 314 494 817 195 116 2,233 
30 - 59 days past due3 5 22 30 5 8 73 
60 - 89 days past due2 4 9 26 4 3 48 
Non-accrual2 3 68 63 10 8 154 
Total mortgage loans on real estate$853 $755 $1,120 $3,052 $1,303 $4,141 11,224 
Allowance for credit losses(134)
Total, net of allowance$11,090 
Amortized Cost Basis by Origination Year
20242023202220212020PriorTotal
As of December 31, 2024:(Dollars in millions)
Commercial mortgage loans
Current$487 $649 $2,204 $1,270 $943 $3,736 $9,289 
30 - 59 days past due— 25 4 — 10 48 87 
60 - 89 days past due— — 50 30 — — 80 
Non-accrual— 8 42 16 6 48 120 
Residential mortgage loans
Current294 790 970 222 121 7 2,404 
30 - 59 days past due3 41 45 2 4 — 95 
60 - 89 days past due— 7 20 2 4 5 38 
Non-accrual3 51 76 18 8 3 159 
Total mortgage loans on real estate$787 $1,571 $3,411 $1,560 $1,096 $3,847 12,272 
Allowance for credit losses(155)
Total, net of allowance$12,117