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Private Loans (Tables)
 9 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Schedule of Credit Ratings For Private Loans
The following table summarizes the credit ratings of our private loans:
September 30, 2025December 31, 2024
(Dollars in millions)
A or higher$2,005 $1,443 
BBB1,246 669 
BB and below2,825 710 
Unrated (1)2,311 2,910 
Total$8,387 $5,732 
(1)Due to the nature of private loans, external agency credit ratings may not be readily available. Where appropriate, the Company obtains non-published credit ratings from one or more third-party rating agencies, which are determined based on an independent evaluation of the transaction. For other loans without published or private credit ratings, the Company assigns internal risk ratings, based on its investment selection and monitoring process and policies. These internal risk ratings are categorized as “Unrated” above.
Schedule of Allowance for Credit Losses
The rollforward of the allowance for credit losses for mortgage loans for the three and nine months ended September 30, 2025 and 2024 is shown below:
20252024
Commercial
Mortgage
Loans		Residential
Mortgage
Loans		Commercial
Mortgage
Loans		Residential
Mortgage
Loans
(Dollars in millions)
Balance, as of January 1$(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)